BusinessMirror September 12, 2018

EMPLOYERS, WORRIED BY INFLATION, SEEK FUEL EXCISE TAX SUSPENSION

By Elijah Felice E. Rosales @alyasjah

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HE rising inflation is now sending shivers down the spine of employers, and they are now recommending the suspension of the excise tax on oil to temper the cost of transport and power.

In a statement, the Employers Confederation of the Philippines (Ecop) raised concern over inflation’s shooting up to 6.4 percent in August. The group said it is alarming that the Philippines now has the highest inflation rate in Southeast Asia.

“On a year-to-date basis, inflation is now at 4.8 percent, well above the BSP [Bangko Sentral ng Pilipinas] target of between 2 percent and 4 percent for 2018. Among

A GASOLINE attendant fills up the tank of a customer at a gas station in Manila in this file photo. Reeling from the impact of inflation, partly attributed to the TRAIN law, businessmen are seeking, among others, a possible suspension of the higher excise tax on fuel. ALYSA SALEN

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Wednesday, September 12, 2018 Vol. 13 No. 333

7-month trade gap jumps to $22.49B from $13.06B

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By Cai U. Ordinario

@cuo_bm

HE country’s trade deficit in the January-to-July period jumped to a record $22.49 billion due to weak exports, according to the latest data released by the Philippine Statistics Authority (PSA) on Tuesday.

Figures from the PSA showed that the country’s balance of trade in goods in the seven-month period was nearly twice the $13.055-billion trade deficit posted in the same period of last year.

The PSA told the BusinessMirror that the highest cumulative deficit was recorded in 2016, at

$15.37 billion. The trade deficit even hit below $3 billion in 2010, according to the PSA. The largest monthly trade deficit this year was recorded in May, at $3.69 billion. The second largest was recorded in July, at $3.55 billion. Data from the PSA showed that the smallest was recorded in

March, at $2.53 billion.

Ateneo Center for Economic Research and Development Director Alvin P. Ang and other local economists earlier said a wider trade deficit is bound to further weaken the peso.

The country’s trade deficit widened on the back of weak exports.

$3.69B Exports only grew 0.3 percent in July but export receipts in the seven-month period contracted by 2.8 percent.

However, the National Economic and Development Authority (Neda) said the country’s trade performance is improving despite the contraction in export revenues in the January-to-July period.

Socioeconomic Planning Secretary Ernesto M. Pernia noted that the country’s total trade grew by 17.5 percent, reaching $15.2 billion in July.

HE country’s economic life “can’t always be a bed of roses” but President Duterte said on Tuesday in his tête-à-tête with Chief Presidential Legal Counsel Salvador S. Panelo that the government is ready to ease the pain being felt by ordinary Filipinos due to rising prices of commodities, including rice.

Amid the rice crisis and high inflation being faced by the country, Duterte said he wants to allow more rice imports, as he reiterated his push for the rice tariffication Continued on A8

Teddy Locsin Jr.

FREE FIRE Philippine statement delivered by H.E. Teodoro L. Locsin Jr., Permanent Representative, Philippine Permanent Mission to the United Nations, on September 5, 2018, at the High-Level Forum on a Culture of Peace Opening Session and Plenary Segment—General Assembly Hall, UN Headquarters, New York.

“Mr. President, HE Philippines commends the President of the General Assembly for convening today’s High Level Forum on a Culture of Peace. Without forgetting that the UN’s first task is to mend the peace where it is broken and restore it when it is altogether lost, the task of preventing conflict is what this forum addresses. It echoes the new peace and development road map for our own Bangsamoro Peace Process.

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Continued on A6

TRAIN 2 faces strict Senate scrutiny–Sotto

By Butch Fernandez

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@BNicolasBM

A WORKER is seen at the Manila International Container Terminal. The country’s trade deficit ballooned to $22.49 billion in the January-to-July period, nearly twice the $13.06-billion gap posted in the same period in 2017. NONIE REYES

PESO EXCHANGE RATES n US 53.8540

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Total solutions to half-understood problems

See “Trade gaps,” A2

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The largest monthly trade deficit this year, recorded in May

NFA chief out; Duterte vows to ease inflation pain

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countries in Southeast Asia, we have the highest inflation rate in the region,” the statement read.

“It is expected that the BSP will again increase interest rates during its September meeting, perhaps by as much as 50 basis points. This will only escalate borrowing costs further,” it added.

Employers also expect transport and power costs to go up, as global oil prices remain high. The deterioration of the peso, on the other hand, could only compound the cost problems of employers even more, they said.

However, what worries employers most is the impending response of the labor sector to inflation, which is to file petitions for an increase in minimum wage.

See “Employers,” A2

@butchfBM

ENATE President Vicente C. Sotto III signalled on Tuesday the Palace-endorsed version of the second wave of tax reforms under the Tax Reform for Acceleration and Inclusion bill (TRAIN 2) face rigid scrutiny in upcoming hearings despite its passage in the House of Representatives.

The HOR late Monday passed on third and final reading the administration’s latest major revenueraising measure, which it had christened “Trabaho” bill, to stand for Tax Reform for Attracting Better and High-quality Opportunities.

Sotto told reporters on Tuesday the administration’s original version of TR AIN 2 faces an uphill struggle. “[That] original

[version of] TR AIN 2, mahihirapan sa Senado ’yun [that’s going to see rough sailing in the Senate],” he said, indicating the Senate will come up with a “really rationalized tax bill” excluding the jobgenerating sector, which, Sotto says, has a better chance of getting adopted.

But then again, Sotto added, “we have to look at the House version and see if it is better than what I have filed.”

This developed as Sen. Juan Edgardo M. Angara, chairman of the Ways and Means Committee tasked to review tax bills, confirmed the Senate will not opt to first wait for the House-approved version of the revenue measure before calling Senate hearings to scrutinize the Palace tax proposal.

n JAPAN 0.4847 n UK 70.1610 n HK 6.8607 n CHINA 7.8554 n SINGAPORE 39.0671 n AUSTRALIA 38.3117 n EU 62.4491 n SAUDI ARABIA 14.3588

See “TRAIN 2,” A2

Source: BSP (11 September 2018 )

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BusinessMirror

A2 Wednesday, September 12, 2018

Not just food: Filipinos hurt from rising medical costs 13.1%

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By Cai U. Ordinario

@cuo_bm

PART from food and fuel, Filipinos are spending more for medical care than other Asians this year, according to the results of a survey involving 225 insurers across 62 countries.

Based on the results of the survey, titled “2018 Medical Trends Around the World,” Mercer Marsh Benefits projected that the country’s medical inflation rate will average 13.1 percent this year. The figure was based on the cost of private health-care plans.

This would make health care in the Philippines the most expensive in Asia despite its having a young population, with a median age of 23 years old.

“Aside from the obvious threat to the life span and quality of life of its population, the increase in chronic noncommunicable diseases in the Philippines can become a big economic hurdle,” said Maria Theresa E. A lday, CEO, Mercer Philippines Inc. and Health Business Leader, Marsh Philippines Inc. “The country’s upwardly mobile young population has been one of our country’s key economic drivers. However, if more of them

are getting sick, their long-term treatments will be a financial burden both the pr ivate and public sectors will have to bear,” Alday added.

She said mental-health concerns are also exerting pressure on medical costs this year.

Alday said, however, that there is no telling the prevalence of mentalhealth issues in the country since those who suffer from it do not speak up due to the stigma.

In light of this, she recommended that employers take a more proactive and holistic approach to well-being that recognizes mental health “as one of the essential building blocks to help employees fulfill their potential.”

“Traditional medical insurance designs are mainly based on receiving crisis treatment in a clinic or hospital setting while seldom involve the principal of encouraging a healthy lifestyle. Adding the preventive elements into the de-

The average medical inflation rate for the Philippines in 2018, based on a survey of 225 insurers in 62 countries

sign will help lower the employee health-care cost,” she said.

Other factors seen driving medical inflation rates are supplier increases (such as availability and access to new medical technologies) and changes to health provider fee guides/schedules.

The rise in employee expectations, changes to public/government social security schemes and/or health reform/ legislation may also accelerate medical inflation rate.

“Given how dy namic these factors are, employers need to be smarter about their organizations’ health-care plans, using data and harnessing digital advancements to fine-tune their approach,” said Alday.

The projected medical inflation rate in the Philippines is also higher than the Asian average of 5.6 percent this year and the global average of 9.1 percent.

The report also indicated that the projected average medical inflation rate in Europe is at 7.5 percent; Middle East and Africa,

11.9 percent; and Latin America, 11.5 percent. These figures are also lower than the average for the Philippines.

The country that may see the highest medical inflation this year is Egypt at 20 percent, followed by Brazil at 15.4 percent and countries such as Hungary, Romania, Serbia, and Qatar at 15 percent.

The Philippine data for the survey was obtained from local insurance firms particularly AsianLife and General Assurance Corp., Medicard Philippines Inc., The Insular Life Assurance Co. Ltd. and United Coconut Planters Life Assurance Corporation.

The report asked insurers for information on the rising cost of medical care compared to inflation in each market, as well as the types, costs and frequency of medical conditions that were claimed for by company employees in 2017.

As Mercer’s research parameters for the two reports are different, data from the United States have been excluded from this release. However, according to Mercer’s National Survey of Employer-Sponsored Health Plans 2017, US employers experienced a 2.6-percent increase in the average total health benefit cost per employee in 2017.

Mercer Marsh Benefits is a company that provides clients with a single source for managing the costs, people risks and complexities of employee benefits.

Employers. . .

Continued from A1

“Further, there is anxiety on the part of business that wage boards might even grant an excessive salary hike to show compassion to labor and shift the burden to employers. Granting such a petition will hurt the very engine that fuels economic growth in this country and will not help the more than 2 million jobless, the self-employed and the underemployed,” the statement read.

“Business, too, is equally affected by the inflation arising from the high cost of production, and the wage boards must be cautioned in granting such a non-correctible salary hike. Given all these and the seeming endless distractions and noises from the political front, there is really a basis for concern among employers and investors alike,” it added.

The Ecop argued that the government can enact nonmonetary measures to curb inflation. The surging price of rice, for one, is a supply and logistics issue, it pointed out.

“Rice import restrictions have caused the price of rice over the years to remain high. Equally disturbing is that the supply, and eventually the price, of this commodity are also affected by the smuggling operation in the south,” employers said.

To resolve the rice issue, Ecop told the National Food Authority and the NFA Council “to get its act together immediately” to restore a stable— and free from weevil—supply of the staple nationwide.

Suspend excise tax THE employers’group, as a final resolve, wants the government to suspend excise tax on petroleum products in the next two years. The Tax Reform for Acceleration and Inclusion (TRAIN) law imposed petrol excise tax of up to P6 over the next three years: P1 this year, P2 next year and P3 in 2020.

While it would be difficult and unproductive to reverse TRAIN and delay the implementation of TRAIN 2, the government can consider suspending any further automatic increases in taxes on petroleum products in the coming years, as originally proposed, according to Ecop. “This will temper further increases in the cost of transport and power and most importantly, rein in inflation expectations,” employers said.

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Finance chief: Govt will preserve, grow New Clark City asset

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N line with its job to grow government assets, the Department of Finance (DOF) said it has made the development of the New Clark City as the government’s priority.

Finance Secretary Carlos G. Dominguez III told financial reporters on Monday that one of the government’s priorities is to grow its assets, and that the New Clark City—with estimated total asset value at around $14 billion —is a priority. He said the government has committed to invest P12 billion more for its development.

“It’s obvious, our priority—and we have put money in it—is the Clark Airport and the New Clark City Development. We have invested money, we started the project. We also want to have a better air service for the Metro Manila area. The [New Clark City] value is $14 billion, that’s the estimate of the asset value, so my job is to see [to it that] it increase, not decrease. Why should I put a nuclear plant there?

It [the value] will go down. Those are the decisions we have to make,” Dominguez said.

On Monday the DOF clarified that it is not the cause of delay for the Bulacan International Airport Project, adding that the department was even providing assistance to accelerate its approval.

Dominguez clarified at the second Senate hearing on the August 16 Xiamen Airways airport fiasco that the DOF even provided assistance to help accelerate approval of the Bulacan

Trade gaps. . .

Continued from A1

Total merchandise trade reached almost $100 billion in the January-to-July period, 7.7 percent higher than the same period in 2017.

This can be attributed to the 15.7-percent cumulative growth in imports, which made up 61.2 percent of total trade.

Trade war

NONETHELESS, the government remains concerned about the trade war between the United States and China and views it as a threat to the country’s external trade performance.

The Neda said the trade war between the US and China has resulted in a growing coverage of tariff levies throughout the year, with both countries already imposing an additional 25-percent tariff on $50 billion worth of goods each.

“As the global trade situation becomes less encouraging, improving the overall climate for export development becomes all the more indispensable. Thus, the government needs to fast-track the crafting of the Ease of Doing Business Act’s implementing rules and regulations,” Pernia said.

“Trade war fears have weighed on business sentiment, and we now see softer global activity. With a resolution unlikely in the short

TRAIN 2. . .

Continued from A1

“We will most likely begin hearings [on the TRAIN 2 bill] next week,” Angara told the BusinessMirror, adding:“But we in the Senate will probably scrutinize the measure thoroughly— its effect on jobs, prices, given the state of the economy at present.”

In an ambush interview before convening Tuesday’s session, Sotto reported filing his version of the second TRAIN bill with “emphasis on the reduction of the corporate income tax, from 30 percent to 25 percent —that was the emphasis of my version.”

The Senate President, noting the rationalization issue on tax incentives, also opted to add a provision excluding economic zones “because they are self-generating, all of them being investment-driven.”

He explained that removing the existing tax incentives could trigger negative repercussions. “Pagka inalis natin ang tax incentives nung mga ’yun, medyo mapapasama na naman. Parang ’yung effect na narinig natin sa TRAIN 1 [If we remove those tax incentives, that might have a bad effect again. Like the effect we saw with TRAIN 1]. So I am going to review the House version.”

House vote: 187-14

AT least 187 House members voted in favor of the second tranche of the Duterte administration’s tax reform series, while 14 other representatives voted against the bill.

International Airport Project by providing recommendations like the execution of a joint and several liability agreements, among others.

In a National Economic and Development Authority (Neda) Board meeting in January, the finance chief explained that three issues were raised by the board in line with the project, namely: how will the project affect the Clark International Airport, given the government’s investments in Clark? How will the Bulacan International Airport affect traffic in the area? Do we need additional lanes in the North Luzon Expressway to be constructed? Do we need to change the alignment of the proposed rail system to Clark? Who the proponent really is and what is its actual financial capability?

“Your honors, all airport projects are real-estate projects. The realestate value of the New Clark City is currently $14 billion and government has committed an additional P12 billion. We wanted to know how the Bulacan airport, which is just 65 kilometers away from Clark, will affect the value of the New Clark City, which is by the way, the property of the Filipino people,” he said. Dominguez said the government recognizes the need to accelerate the approval and implementation of airport proposals to ensure that tourists and Filipino citizens do not suffer should an incident similar to the Xiamen Air mishap recur. Rea Cu

term, the dispute is expected to dampen growth in both economies and drag down growth in the wider global economy,” he added.

Pernia said the deterioration in the global economic environment underlines the importance of ensuring that domestic economic fundamentals remain strong.

To boost exports, Pernia said there is a need to “promote forward and backward linkages.” He said this can be done through projects such as the Agribusiness Support for Promotion and Investment in Regional Expositions or Aspire, which integrates marketing development support services to farmers, fisherfolk, and micro, small and medium enterprises, and linking exporters to sources of export financing.

He added that the high cost of domestic and international shipping and cargo handling also needs to be addressed.

“Addressing costs of trade will ensure that imported goods, especially capital and intermediate products, are less expensive and are efficiently utilized in the country’s ‘Build, Build, Build’ program,” he said.

The PSA said the total export receipts recorded by the country’s top 10 market destinations for July reached $4.8 billion, accounting for 82 percent of total exports.

The country’s import bill from the top 10 countries, the data showed, amounted to $7.16 billion, or 76.1 percent of the total in July.

Three congressmen, meanwhile, chose to abstain from the vote.

The approved 102-page bill contained changes based on 80 individual amendments made after the HOR’s second reading of the bill.

Senate passage not ruled out

WHILE expressing reservations, Sotto, however, did not completely rule out the possibility that senators may eventually opt to adopt the House version of the TRAIN 2 bill. “That’s possible, if we like what we see. I will ask Senator Angara to look at it now to speed things up and to increase its chances of passing,” he said in a mix of English and Filipino.

The Senate President gave public assurances that if it is shown “to be beneficial, if it will not redound to additional problems on taxes, or might contribute again to inflation, we will definitely support it.”

Sotto signaled he may even withdraw plans to amend the administration’s original version of the second tax-reform bill. “Yes. After I review it, if we find it substantial...we will probably use the House version as a substitute bill or adopt the House version and archive my amending bill.”

“I will ask Senator Angara to review it first,” Sotto added, even as he allayed concerns raised by Senate President Pro Tempore Ralph G. Recto about the possible “inflationary effects” of the Palace tax bill.

“Hindi naman agad mapapasa ‘yan [That won’t be passed recklessly].”

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House panel: Impeach raps against 7 SC justices ‘insufficient in substance’

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he House of Representatives Committee on Justice on Tuesday dismissed the consolidated impeachment complaint against Chief Justice Teresita Leonardo-de Castro and six associate justices for insufficiency in substance.

At least 23 members of the committee stood up and found the impeachment complaint “insufficient in substance,” and only one found it sufficient.

“The seven consolidated complaints against Chief Justice Teresita Leonardo-de Castro and six members of the Supreme Court (SC) are declared by this committee to be insufficient in substance and thereby dismissed,” House Justice Committee Chairman Salvador Leachon said.

Aside from de Castro, also facing impeachment raps were Associate Justices Noel Tijam, Andres Reyes Jr., Alexander Gesmundo, Lucas Bersamin, Diosdado Peralta and Francis Jardeleza for voting in favor of the ouster of former Chief Justice Maria Lourdes A. Sereno via quo warranto.

The complainants were Albay Rep. Edcel C. Lagman, Ifugao Rep. Teddy B. Baguilat Jr. and Magdalo Rep. Gary C. Alejano.

According to House rules, the requirement of substance is met if there is a recital of facts constituting the offense charged and determinative of the jurisdiction of the committee.

The complainants accused the seven justices of allegedly violating the Constitution, saying they are fully aware that impeachment is the only mode or process of removing impeachable officials, like the Chief Justice.

The justices were also charged with culpable violation of the Constitution because they usurped the constitutional power of the Judicial and Bar Council to vet the qualifications of applications for positions in the Judiciary, and to nominate applicants to judicial positions to the exclusion of both the executive branch and the SC. “The decision of the Supreme Court was not judicious. It was malicious. It was not fair, but capricious.

It was not collegial, but conspiratorial,” Lagman said.

Meanwhile, de Castro, Peralta, Bersamin, Tijam and Jardeleza

were charged with betrayal of public trust for their refusal to inhibit themselves in the adjudication of the quo warranto petition.

The five magistrates testified against Sereno during the impeachment hearings at the lower chamber and approved the quo warranto petition during the oral arguments before the SC. Several lawmakers have manifested that the impeachment complaint should be dismissed for insufficiency in substance.

Angkla Party-list Rep. Jess A. Manalo said the seven justices were bound by their constitutional mandate to decide on the quo warranto petition, noting that proceeding with the impeachment process is a violation of the separation of powers.

“The respondents merely acted within the metes and bounds of judicial power set by the Constitution.

To prosecute justices who have acted within these metes and bounds of judicial power set by the Constitution would be a true violation of separation of powers,” Manalo said.

Cavite Rep. Strike B. Revilla said the five justices, who testified before the House justice committee hearings on Sereno’s impeachment, should not be punished for respecting a co-equal branch of government.

“As resource persons, they helped this committee in performing its constitutional mandate. The five justices had in fact recognized the supremacy of the people, exercised through their duly chosen representatives,” Revilla said.

Misamis Occidental Rep. Henry S. Oaminal argued that if the impeachment complaint succeeds, there will no longer be quorum in the SC and would eventually lead to “political instability” in the country.

“Imagine, Mr. Chair, if this complaint will succeed, then there will no longer be quorum in the Supreme Court and, in effect, it’s as if there will no longer be an SC existing, because it will take time to fill the vacant seats. Where now is the judicial independence and political stability in the country?” Oaminal said.

Oaminal said that, while the complaint is sufficient in form, it is insufficient in substance.

Last week the committee voted and found the impeachment complaint sufficient in form. PNA

SC junks Trillanes’s TRO bid on nullification of amnesty

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By Joel R. San Juan @jrsanjuan1573 & Bernadette D. Nicolas @BNicolasBM

HE Supreme Court (SC) has denied the plea of beleaguered opposition Sen. Antonio F. Trillanes IV for the issuance of an injunction to enjoin authorities from arresting him following President Duterte’s nullification of the amnesty granted to him by the past administration in connection with his involvement in several attempts to overthrow the Arroyo administration.

The decision was reached during Tuesday’s en banc session of the magistrates presided by Chief Justice Teresita Leonardo-de Castro.

At a news br ief ing , newly designated SC spokesman, lawyer Gleoresty Guerra, said the SC merely denied Tr i l lanes’s plea for the issuance of a writ

of preliminary injunction and/ or temporar y restraining order (TRO) enjoining the Armed Forces of the Philippines and the Philippine National Police from arresting him as directed under Proclamation No. 572 issued by President Duterte.

This does not mean, however,

The Department of Environment and Natural Resources (DENR) in Region 6 (Western Visayas) is proposing the construction of 17 sanitary landfills, one each for every congressional district, costing a total of P3.4 billion to address the region’s growing garbage woes.

The proposal excluded Iloilo City which already has its own sanitary landfill in Calajunan, Mandurriao District.

“I’ve already written a letter proposing for the construction of sanitary landfill facilities in Western Visayas. One for each congressional district,” DENR Regional 6 Director Jim Sampulna told the BusinessMirror in an interview.

“Recognizing the needs for the LGUs to construct Sanitary Landfill Facilities in compliance with RA 9003, this Region would like to submit a proposal for the construction of such facilities,” Sampulna said in his letter dated April 6, 2018, addressed to the director of the DENR’s Policy and Planning Service. Jonathan L. Mayuga

special voters’ registration in a.r.m.m. for jan plebiscite DAVAO CITY—The Commission on Elections (Comelec) would hold satellite voters registration in the Autonomous Region in Muslim Mindanao (ARMM) from September 11 to 13 as part of its preparation for the scheduled plebiscite on the Bangsamoro Organic Law on January 21 next year.

The Comelec said special satellite registrations would be held in the central Mindanao provinces of Lanao del Sur, Lanao del Norte, North Cotabato and Maguindanao and in the southwestern island provinces of Basilan, Sulu, Tawi-Tawi.

Similar registrations would be conducted in the cities of Cotabato and Isabela in Basilan. Manuel T. Cayon

comelec tackles request to reset dates of c.o.c. filing

The Commission on Elections (Comelec) is set to tackle today (Wednesday) the request of Congress for it to reset the period of filing of the Certificate of Candidacy (COC) for the May 2019 polls.

Lawmakers on Monday urged the poll body to move the date for the COC filing from October 1 to 5 to October 11 to 17 so they could focus on finalizing the government’s 2019 budget, as well as other priority legislation.

Comelec Commissioner Rowena V. Guanzon said the request will be discussed

that authorities can now implement Duterte’s order to arrest Trillanes, as the Court pointed out that the trial courts in Makati City should be first allowed to hear and resolve the pleadings filed by the Department of Justice (DOJ) and Trillanes with regard to the legality of Proclamation No. 572.

Following the announcement of the SC decision, Malacañang, however, said there is no longer a legal impediment to implement the President’s Proclamation No. 572.

Proclamation No. 572 specifically revoked the Department of National Defense’s Ad Hoc Committee Resolution No. 2 issued on January 31, 2011, that granted amnesty to Trillanes in line with former President Benigno S. Aquino III’s Proclamation No. 75.

Duterte declared “void ab initio” the grant of amnesty to Trillanes under Proclamation No. 75 for his supposed failure to file the official amnesty application form and expressly admit his guilt for the crimes he committed.

“Sen. Trillanes sought to restrain [the] implementation of the Presidential Proclamation No. 572. The Supreme Court denied the application for TRO,” Presidential Spokes-

man Harry L. Roque Jr. during a Palace briefing. “He [Trillanes] had his day in court, and he failed.”

Sought for clarification, Roque stated that this would mean that Trillanes can now be arrested.

“There is no hindrance now to arrest Sen. Trillanes but [the SC decision] doesn’t say [expressly] if would be the case,” Roque said.

The DOJ has filed motions before the Makati Regional Trial Court (RTC) Branch 148 and for the issuance of a hold departure order and an alias warrant of arrest against Trillanes.

Prior to the grant of amnesty, Trillanes and several members of the so-called Magdalo soldiers were charged with a case for coup d’etat before the same court for the Oakwood mutiny in 2003 and a case for rebellion before Makati RTC Branch 150 for the 2007 Manila Peninsula siege.

Both the two cases have been dismissed in 2011 following the grant of amnesty.

However, the DOJ said, since the President has declared void ab initio, or void from the beginning, the grant of amnesty to Trillanes, these cases should be resurrected and resolved immediately

MMDA personnel return road mishap victim’s bag with $79.5K

By Claudeth Mocon-Ciriaco Correspondent

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N act worthy of emulation.

Three Road Emergency Group members of the Metropolitan Manila Development Authority (MMDA) were cited for honesty after returning a sling bag containing $79,500 to a road-accident victim in Taguig City on Tuesday.

MMDA rescue personnel Mariel Bacho, Kristopher Concepcion and Sheena Santillan did not think twice about surrendering the bag containing bundles of dollars— equivalent to more than P4 mil-

lion—to Saint Luke’s Medical Center in Taguig City where victim Thomas Dichavez was rushed.

It was at 3:59 a.m. when the team responded to a road accident involving a SUV and a truck that happened along C-5 Road (Southbound) in Taguig City.

Upon arrival, Bacho said, they found Dichavez inside a Mitsubishi Montero in an inclined position and immediately pulled him out of the damaged vehicle.

Injured Dichavez was conscious but could not speak clearly, said Bacho.

While searching for the victim’s

briefs w. visayas needs p3.4b to build 17 sanitary landfills

Editor: Vittorio V. Vitug • Wednesday, September 12, 2018 A3

by the Comelec en banc on September 12.

Among the main considerations the Comelec executives will consider in deciding on the issue is its possible impact to their preparations for the 2019 polls.

“We have an election calendar that will be affected if we move the date.

If it is possible without delaying our preparations for May 2019, why not?”

Guanzon said. Samuel P. Medenilla

pasig river vies for asia riverprize award The Pasig River has been selected as a finalist in the first-ever Asia Riverprize by the prestigious International River Foundation (IRF) which recognizes and rewards organizations who are making a difference through effective river basin restoration and management.

Coming from a successful campaign in the 2017 Thiess International Riverprize competition, with the Pasig River was hailed as runner-up to the winner, San Antonio River of Texas, USA, the Pasig River Rehabilitation Commission (PRRC) is hopeful of bagging this year’s prestigious IRF Asia Riverprize award.

In a news statement, PRRC Executive Director Jose Antonio E. Goitia said that “the consecutive entries of the Pasig River as a finalist in the 2017 and 2018 Thiess International and Asia Riverprize, respectively, is a testament that the world recognizes the efforts of the Philippine government to restore the Pasig River and its environs since PRRC was established in 1999.” Jonathan L. Mayuga

mayor sara duterte flies to hawaii to seal sisterhood ties DAVAO CITY—This city’s Mayor Sara Duterte-Carpio on Monday arrived in Hawaii to reciprocate a visit of its mayor and to seal the sisterhood agreement made last year.

The city information office here disclosed that Duterte arrived in Kauai County to sign the Friendship Certificate “and show her commitment to the partnership.”

“This visit is an affirmation of the City Government of Davao of our mutual cooperation on matters of tourism and culture, agriculture, and trade and commerce,” Mayor Duterte said in her address in Kauai.

Duterte said the sisterhood agreement “underlined the deepening sisterhood relationship with Kauai because of shared similarities that transcends boundaries, diversity of population and stand on development vis-à-vis the preservation of the gifts of nature.” Manuel T. Cayon

identification card, a bystander who first responded at the accident scene handed them a sling bag, which was found inside the victim’s vehicle.

The team immediately secured the victim’s belongings and rushed him to the hospital.

Bacho said it was only at the hospital when they learned the true worth of the belongings.

The bag was turned over to the security personnel of the hospital to make sure it will be returned to the owner.

According to Bacho, it was not the first time that they returned valu-

ables back to road-accident victims.

Bacho said it is part of the MMDA road-emergency personnel’s training to return recovered items from accident scenes.

“When we saw the bundles of US dollars inside the bag, it never crossed our mind to take it. We are also thankful to the male bystander who found the bag inside the vehicle,” said Bacho.

MMDA Chairman Danilo D. Lim lauded the road-emergency personnel for their exemplary and admirable character of truthfulness.

“We commend our employees for displaying an act of honesty.”

Fortune Life to hold its 8th Values Advocacy Program

T

HE Va lues Advocacy Program (VAP) of Fortune Life Insurance Co. is now on its eighth year of promoting “The Value of Hard Work and Discipline” among Filipino teachers and students. Fortune Life, together with the Department of Education and Marylindbert International, will launch the program’s eigth year at the Bulwagan ng Karunungan, DepEd Central Office in Pasig City today, September 12, at 3 p.m.

Along with the launch of the program, the seventh Ambassador Antonio L. Cabangon Chua Gintong Parangal Para sa EdukasyonGuro Award will be given to Hadja Sarah L. Handang, Dr. Rene Rose M. Labasan, Dominic R. Ocampo, Darwin T. Tadifa and Cesar V. Valondo, who have worked diligently in campaigning the program’s advocacies. Nominees for the said award were chosen from teachers, principals and supervisors who manifested and exemplified commitment and dedication to the values of hard work and discipline.

Among those who will be recognized and be given trophies and

special prizes are the three honorable mention awardees, namely Jerry D. Cruz, Ednalyn E. Fajardo and Jinabelle V. Prieto.

The winners of second Gintong Parangal Para sa Edukasyon Pamumuno includes Dr. Denizon P. Domingo, Dr. Evangeline P. Ladines (Ceso VI), Dr. Joel B. Lopez, Dr. Orlando E. Manuel and Dr. Cecilia E. Valderama. This award acknowledges the achievements of school division superintendents, assistant school division superintendents and administrative officers in the DepEd in areas of positive leadership, hard work and discipline.

DepEd Secretary Leonor M. Briones is guest of honor and keynote speaker. Notable officials from the DepEd and the ALC Group of Companies are expected to join the teacher-awardees and the rest of the VAP supporters in an afternoon of awards and recognition.

A4 Wednesday, September 12, 2018 • Editor: Vittorio V. Vitug

Economy BusinessMirror

www.businessmirror.com.ph

DA warns of possible P13.5-B rice, corn T loss from severe storm Ompong

Rice stockpile down 10-month low as corn inventory grows 75.45%

T

By Jasper Emmanuel Y. Arcalas

@jearcalas

he Department of Agriculture (DA) on Tuesday warned that the country’s rice and corn sectors could lose as much as P13.5 billion with an estimated production loss of more than 400,000 metric tons (MT) if Typhoon Ompong (international code name Mangkhut) slams Northern Luzon farms this week.

Agriculture Secretary Emmanuel F. Piñol said the DA’s Field Operations Office have projected estimates and scenarios on the possible impact of Typhoon Ompong on the rice and corn sectors.

In a worst case scenario, about 893,726 hectares of rice farms in the Ilocos, Cagayan Valley, Central Luzon and the Cordillera Autonomous Regions are bound to be affected by Typhoon Ompong with an estimated total output loss of 156,792.94 MT. The majority of the standing crops planted in the four regions are in their vegetative stage within around 511,276 hectares.

The DA estimates that production loss could be at P7.291 billion in the four regions in a worst-case scenario.

“A moderate projection shows rice crop losses amounting to P3.3 [billion],” Piñol said in a post on his official Facebook page on September 11.

Based on the estimates of the DA, Region 1 could incur the highest losses at P3.332 billion with a production loss of about 57,477.02 MT planted in 262,853 hectares.

In a moderate situation, rice farmers would lose about 65,671.31 MT of produce.

DA data seen by the BusinessMirror showed that if the country loses about 600,000 MT due to calamities in the third and fourth quarters then the country’s total palay output

may settle at 18.84 MMT. The figure is 2.28 percent lower than the 19.28-MMT record-high palay harvest in 2017.

Corn sector

“Also in a worst-case scenario, an estimated 483,000 hectares of corn fields could be affected with a projected crop loss amounting to P6.2 billion,” Piñol said.

The DA projects that corn farmers in Northern Luzon could lose about 257,111.31 MT of produce due to the impending threat of Typhoon Ompong.

Based on the monitoring of the DA, corn planted in about 265,160 hectares, or about 54.84 percent of the total standing crops as of August 31 are already in their

reproductive stage.

Region 1 is projected to suffer the brunt of the possible damages of Typhoon Ompong as it accounted for about 54.36 percent of the total standing crops, according to DA estimates.

In a worst-case scenario, Region 1 could lose 75,545.98 MT of corn planted in about 262,853 hectares with an estimated value of P2.982 billion.

Region 2, the country’s top corn producer, is also seen to incur losses of about P2.97 billion, from the possible destruction of about 201,487 hectares with an estimated output of 166,885.5 MT. “The moderate scenario shows an estimated corn damage amounting to P4.2 [billion],” Piñol said.

In a moderate situation, the DA estimates that corn farms in Northern Luzon could lose 228,286.9 MT. Piñol said he has instructed DA’s field offices in the four regions “to activate their disaster monitoring offices and operate on a 24-hour basis to monitor the effect of the typhoon.”

“The regional offices were also directed to prepare food supplies to be distributed to affected farmers in the aftermath of the typhoon,” he said.

“The threat by Typhoon Ompong on Philippine agriculture shows the vulnerability of the agriculture and fisheries sectors to adverse climatic conditions and climate change. At this point, all that we in the DA and the farmers could do is to pray and prepare for the worst,” he added.

The threat by Typhoon Ompong on Philippine agriculture shows the vulnerability of the agriculture and fisheries sectors to adverse climatic conditions and climate change. At this point, all that we in the DA and the farmers could do is to pray and prepare for the worst.”­—Piñol

he country’s rice inventory at the start of August fell by a fifth to a 10-month low of 1.52 million metric tons (MMT), according to the Philippine Statistics Authority (PSA).

In its monthly inventory report, the PSA said the country’s total rice stockpile as of August 1 declined by 25.01 percent, from the previous year’s level of 2.028 MMT. T his is the lowest r ice i n v e nt o r y h e l d b y t h e c o u nt r y s i n c e S e p t e m b e r 2 0 17 w h e n t o t a l s t o c k p i l e w a s a t 1 .4 2 2 M M T. “[The current inventory] was 23.61 percent lower than last month’s inventory level of 1.99 [million] metric tons,” the PSA said in the report.

About half of the total rice inventor y during the reference period or about 49.08 percent were held by households, while 44.27 percent were in commercial warehouses.

T he buffer stock of the Nationa l Food Author it y (NFA) only accounted for 6.65 percent of the countr y’s tota l inventor y.

Rice stocks held by households reached 746,380 MT, while inventories in commercial warehouses and NFA depositories were at 673,230 MT and 101,150 MT, respectively.

“Relative to the previous year’s rice stocks inventory, a drop of 0.26 percent, 42.51 percent and 6.94 percent were observed in the households, commercial warehouses and NFA depositories respectively,” the PSA said.

“R ice stocks inventor y level in both households and commercial warehouses declined by 24.79 percent and 28.77 percent, respectively in

1.52 MMT The total rice inventory as of August 1, 2018, a 25.01-percent decline from the previous year

comparison to their previous month ’s levels,” the PSA added.

The PSA report noted that the NFA’s rice stockpile nearly doubled from its inventory on July 1 of 53,300 MT due to importation.

Furthermore, the PSA report showed that the country’s total corn inventory as of August 1 expanded by 75.45 percent to 1.221 MMT, from 696,460-MT recorded level last year.

“Also, corn stocks inventory for the period was almost thrice the level in the previous month,” it added.

The country’s corn inventory on July 1 was pegged at 480,860 MT. The PSA said the bulk of the country’s corn inventory or about 94.25 percent were held by commercial warehouses, while the remaining 5.75 percent were from the households.

Corn inventory of commercial warehouses reached 1.151 MMT, while household stocks were estimated at 70,210 MT. “Corn stocks inventory level in commercial warehouses grew by 89.44 percent with reference to last year’s level, while households stocks declined by 15.9 eprcent,” the PSA said.

“Month-on-month, corn stocks inventory level in households increased by 16.51 percent. For commercial stocks, it was almost thrice the July 2018 inventory level,” the PSA added. Jasper Emmanuel Y. Arcalas

Bicol wage board OKs ₧20 to ₧30 pay hike for minimum-wage earners

By Samuel P. Medenilla @sam_medenilla

T

he regional wage board in the Bicol Region has recently issued a new wage order raising the daily pay of minimum-wage earners within the P20 to P30 range.

In a news statement issued on Tuesday, the Department of Labor and Employment (DOLE) said the Regional Tripartite Wages and Productivity Board (RTWPB) in Region 5 came up

with the decision after concluding the necessary public consultations.

“The prevailing socioeconomic conditions of the region, as well as the viability of various business were among those considered by the Board in coming up with the amount,” DOLE Region 5 Director Alvin M. Villamor said.

Once it takes effect, Wage Order RBV-19 will adjust the existing minimum-wage rates in the Bicol region: P290 to P310 (for establishments

employing 10 workers and above); and P280 to P310 (for establishments employing one to nine workers).

Villamor, who chairs the RTWPBRegion 5, explained this will be distributed in two tranches.

“Fifteen pesos [P15] upon the effectivity of the order on September 21, 2018, for all establishments regardless of the number of workers, and another increase of P5 and P15 on May 1, 2019, for those employing 10 workers and above and those employing one to nine workers, respectively,” Villamor said.

He said the measure aims to allow workers in Region 5 to cope with the rising cost of living.

Minimum-wage earners in Region 5 could still get more pay than what is prescribed in the new wage order if their company will implement productivity-based pay schemes.

Villamor said they are encouraging this win-win solution for private firms so they could further boost the performance and, at same time, provide additional income to their employees.

Wage Order RBV-19 will apply to all minimum-wage earners in the private sector in the Bicol region “regardless of their position, designation or status of employment and irrespective of the method by which they are paid.” But the same order will exclude kasambahay or domestic workers, persons in the personal service of another, and workers of duly registered Barangay Micro-Business Enterprises (BMBEs) with Certificates of Authority.

Aside from Region 5, the wage boards in the following region have also issued a new wage order for 2018: Cordillera Administrative Region, Regions 1, 3, 4A, 6, 7, 8, 9, 11, 12, and the Autonomous Region of Muslim Mindanao.

Only the wage boards in the National Capital Region, Regions 2, 4B, 10, and Caraga have yet to adjust their minimum-wage rates this year.

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

The World BusinessMirror

Wednesday, September 12, 2018

A5

Florence could hit with punch not seen in more than 60 years

R

ALEIGH, North Carolina—The last time the midsection of the East Coast stared down a hurricane like this, Dwight Eisenhower was in the White House and Marilyn Monroe and Joe DiMaggio were newlyweds.

Hurricane Florence could inflict the hardest hurricane punch the Carolinas have seen in more than 60 years, with rain and wind of more than 130 miles per hour (209 kilometers per hour). North Carolina has been hit by only one other Category 4 storm since reliable record keeping began in the 1850s. That was Hurricane Hazel in 1954.

In comparison, Florida, which is closer to the equator and in line with the part of the Atlantic where hurricanes are born, off the African coast, has had at least five hurricanes in the past century of Category 4 or greater, including Hurricane Andrew in 1992.

Hazel’s winds were clocked at 150 mph at the North Carolina coast and kept roaring inland. They were only slightly diminished by the time the

storm reached Raleigh, 150 miles inland. Nineteen people died in North Carolina. The storm destroyed an estimated 15,000 buildings.

“Hazel stands as a benchmark storm in North Carolina’s history,” said Jay Barnes, author of books on the hurricane histories of both North Carolina and Florida. “We had a tremendous amount of destruction all across the state.”

Twelve hours after its landfall, Hazel was in Buffalo, New York, and had ripped through seven states with winds still swirling at 100 mph or more.

Few people have experienced the ferocity of a storm like Hazel, which also was blamed for at least 60 deaths in Virginia, Pennsylvania and New York state.

Jerry Helms, 86, was on his honeymoon on a barrier island off the North Carolina coast when Hazel hit on the evening of October 14, 1954.

He and his new bride had been to a roller skating rink and missed the evacuation warnings from police officers who went door to door.

Hazel obliterated all but five of 357 buildings in the beach community now known as Oak Island. The Helmses barely survived.

As the storm crashed ashore, they abandoned their mobile home for a two-story frame house. Before long, it was collapsing under the waves and “the house was falling in, and all the furniture was falling out through the floor,” Helms recalled on Monday.

He thought the roof of a neighboring cinderblock house might be safer, but soon a big wave went over that

house. When the wave went out, the house was gone, Helms said.

“There was another house—a wooden house that was coming down the road more or less—and it had some guy in that thing and he’s hollering for help,” he said.

Helms pushed a mattress through the top-floor window, and they hung on as it bobbed in the raging water.

What lessons is he applying now that a similarly powerful hurricane is coming?

“I didn’t feel like it was going to be bad enough to leave,” Helms said.

“I don’t know. I just felt better about staying here than I did leaving.”

He doesn’t have a safer destination in mind, and having recently broken ribs in a fall, Helms fears getting stuck as thousands abandon the coast.

Meanwhile, Aida Havel and her husband, John, made preparations on Monday to evacuate their home in the Outer Banks village of Salvo, where they’ve lived for about a year.

They are heading about 200 miles inland to their former hometown of Raleigh, where Hurricane Fran hit in 1996. Fran took a similar inland path to what forecasters are calling

for with Florence.

“I had a tree that smashed my car down in my driveway,” Aida Havel said. “Even though that was 22 years ago, I have never gotten over it.”

The throngs of vehicles heading inland demonstrate the big difference between Hazel’s impact and the damage Florence could cause, Barnes said. AP

A6 Wednesday, September 12, 2018 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Rice and politics

A

S early as January 2018, the National Food Authority sounded the alarm about an impending rice shortage, but nobody in the government seemed to heed the warning. The NFA said its stockpile, which consists of imports and palay bought from farmers, had fallen to a precarious level. From the usual 15 days required by the LegislativeExecutive Development Advisory Council, the consultative and advisory body to the President, the food agency’s rice stockpile declined to an alarming three days of national requirement. (See “NFA wants to import rice soon as stockpile good for only 3 days” in the BusinessMirror, January 12, 2018).

When everybody woke up to high rice prices, all accusing fingers pointed to the NFA. Government officials seemed to forget that it was the NFA that sounded the alarm in the first place. Vacillating policy-makers should by now realize how their inaction worsened a critical situation—the spikes in the retail prices of the staple. It did not help that some key personalities in the Duterte administration were reportedly distrustful of NFA chief Jason Y. Aquino.

Their distrust of Aquino may have caused the foot-dragging rush to solve NFA’s rice stockpile problem. Their disinclination to come to NFA’s aid was only matched by their fierceness to examine the agency’s operations under a microscopic scrutiny.

Rice, being a political commodity, attracted the attention of those who wanted some airtime or media attention. The food agency and its officials were crucified purportedly for the errors of their ways, including the way they handled the procurement of palay from Filipino farmers.

The circus that followed after the NFA sounded the stockpile alarm came amid an avalanche of increasing consumer prices partly caused by the implementation of the Tax Reform for Acceleration and Inclusion law.

Merchants conveniently pointed to the TRAIN law as the culprit behind rising prices, saying excise taxes on fuel created a domino effect on the price of manufactured goods and farm products.

In 2017 the NFA’s rice stockpile was nearly wiped out. Despite this, however, the increase in rice prices was minimal, averaging 2 percent during the lean season or the period when palay harvest declines significantly. Retail prices remained steady even after the buffer stock of the food agency went down nearly 90 percent year-on-year toward the end of 2017. This happened because there was no TRAIN law that could be used as an excuse by unscrupulous traders to jack up prices.

The carryover stocks of the NFA starting on January 1 should have forewarned the government of the possibility of a rice price crisis—an economic problem that could have been averted with foresight. Why concerned personalities in the Duterte administration knowingly ignored the lessons of 2017 is anybody’s guess.

Now that the country is faced with a rice price crisis, the government must come up with an economic solution—not just rhetoric. Unless something drastic is done in the remaining months of 2018, the country will continue to deal with spikes in rice prices.

Revamping the NFA and taking care of the country’s food-supply situation are two separate things; the Duterte administration must prioritize one over the other. The government must also consider long-term solutions, such as investing in reliable data on rice consumption. (See “Snapshot of rice-consumption data remains grainy as Pinoys grapple with supply, prices” in the BusinessMirror, August 30, 2018). Effective long-term solutions to the country’s rice situation can only come after accurately assessing the problem.

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Total solutions to half-understood problems Teddy Locsin Jr.

FREE FIRE Continued from A1

‘T

HIS is characterized by the inclusion of all people living in the Muslim autonomous region—not just the Muslim majority but Christians and indigenous—by continuing dialogue not hectoring monologue; by confidence-building in all stakeholders and not just the politically connected; and the selfconfidence of the Christian majority—so rare in other conflicts —to acknowledge the self-identity of our Muslim brothers and sisters as Bangsamoro.

“Our peace process is anchored on the Duterte administration’s 6-Point Peace and Development Agenda, which provides for the meaningful implementation of the agreement with the Moro Islamic Liberation Front towards healing in the Bangsamoro; and completing the implementation of remaining commitments under the Moro National Liberation Peace Agreement to remove the last trace of acrimony.

“It is also guided by the President’s directive to ensure the inclusivity and convergence of the two peace

agreements with the MNLF and MILF into one Bangsamoro Peace Process. We are not addressing the most recent conflict at the expense of the one that started it all and which expired from exhaustion battling a US-backed dictatorship.

“Our end is the reaffirmation of the pledge that one’s word is one’s bond. It is worse to break your word with enemies than with friends. This bond is more important between states and between governments and insurgents, than between individuals who will just walk away from

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each other; while betrayal redoubles the hatred and sanguinary resolve between combatants.

“For Filipinos, promoting a culture of peace is a natural. We have been victims of atrocities in two wars—the first time in the independence we fought for and achieved; which was taken from us by avowed friends of freedom. The second time in a more unlikely scheme to share with the conquered the prosperity of the conqueror’s empire at the point of a samurai sword. “But we never committed mass atrocities no matter the provocation. There is something in the temper of my race that recoils from excess. Most recently, after a successful revolution, we moved on, former friends and enemies, and never looked back in anger.

“The Philippines never adopted

war to teach a lesson, not even internally where the state has the preponderance of power; nor for revenge; but always as a last resort to stop a widening conflict—but always by the most discriminating application of force. We shy away from total solutions to half-understood problems except in the drug war. We tried everything else before now.

“Since 2004 we have cosponsored the GA resolution promoting interreligious and intercultural dialogue.

Differences of views may not be worth the cost of fighting over them; and if you’re sure of the verity of your cause, it should make everyone free and not just you the victor. General Assemby President Miroslav Lajcak is right: truth is the daughter of time; and time will reveal whose side was the better one. Untiring patience will show it; impulsive power buries it deeper in the rubble.

“In the spirit of inclusivity, in the desire for the widest participation, and in the hope of the closest convergence, we want our Bangsamoro people, along with the larger Filipino community, to take ownership of peacebuilding. It’s all our peace; none of it imposed; all of it willingly undertaken. Last week there were bombing attacks in the Bangsamoro. You can’t please everybody. But they will come around. Thank you.”

60-40 deal on PCSO’s charity fund would be fine

✝ Ambassador Antonio L. Cabangon Chua Publisher

“The Philippines never adopted war to teach a lesson, not even internally where the state has the preponderance of power; nor for revenge; but always as a last resort to stop a widening conflict—but always by the most discriminating application of force. We shy away from total solutions to halfunderstood problems except in the drug war. We tried everything else before now.”

A

S the Senate starts to deliberate on the proposed revisions on the Universal Health Care (UHC), we hope the senators will listen to the pleas of the Philippine Charity Sweepstakes Office for a 60-40 deal with the charity fund distribution, and not the initial proposal to remove the whole CF from PCSO. For everyone’s information, the gross sales of PCSO from its lottery products, such as Lotto, Sweepstakes and Small Town Lottery, go to the following: 55 percent goes to the Prize Fund, 15 percent goes to the agency’s Operating Fund (OF), and the remaining 30 percent goes to the CF. Apparently, the withholding tax being paid to the Bureau of Internal Revenue also comes from the CF, or what the PCSO calls Documentary Stamp Tax. However, the agency had to pay an additional 20 percent because of the Tax Reform for Acceleration and Inclusion law.

This is the reason Lotto ticket prices also increased from P20 to P24. The same goes with Sweepstakes prices, from P5 to P6, and the

jackpot prizes from P10,000 above are now taxable.

Lotto players should not blame the Lotto price increase on the PCSO. One good thing, though, is the fact that while taxes continue to increase, which affected the Lotto and other games, PCSO sales still continue to increase. From January to August this year, the agency generated P35.9 billion in revenues, which is still in line with PCSO’s target of P55 billion to P60 billion total sales for 2018.

Unfortunately, with the thrust to simplify the medical assistance by the government for hospitalization, chemotherapy and dialysis treatments, implant and transplant, and many others, the PCSO’s role in

Under a revised UHC, there will be no more queues at the PCSO and no more GLs. No more Individual Medical Assistance Program—the PCSO’s flagship project—probably including AtSource-Ang-Processing desks in partner-hospitals. According to a source, this includes the removal of Endowment Funds from PCSO, which will be downloaded to PhilHealth.

dispensing funds to patients will be removed from the agency.

On the other hand, this is good because patients won’t have to endure the inconvenience of lining up to submit documents to support their request for assistance and receive Guarantee Letters.

Under a revised UHC, there will be no more queues at the PCSO and no more GLs. No more Individual Medical Assistance Program (Imap)—the PCSO’s flagship projec—probably including Asap (At-Source-Ang-Processing) desks in partner-hospitals.

According to a source, this includes the removal of Endowment Funds from PCSO, which will be downloaded to PhilHealth.

Going back to the CF that will be revised in the Senate, PCSO’s CF is divided into two: 60 percent of

which is for Imap and other charity programs, such as Ambulance Donation, Calamity Assistance, Medical and Dental Mission, and others; while 40 percent is for mandatory contributions—which is covered by Republic Act and Executive Orders— of PCSO to almost 28 government agencies like the Philippine Drug Enforcement Agency, Philippine Sports Commission, Commission on Higher Education, among many others.

The 40 percent mandatory contribution won’t stop unless repealed by the Congress.

But here’s the thing, the remaining 60 percent is still being debated in the Senate, and this is the 60 percent of PCSO and 40 percent of PhilHealth I’m talking about.

If you will ask Sen. JV Ejercito, he will listen to the pleas of PCSO because he said the agency has many programs that need funding. Ejercito is the chairman of the Senate Committee on Health and Demography.

Sen. Ejercito is right, let’s not remove the entire charity fund from PCSO or dissolve the entire Charity Assistance Department with almost 200 employees. Where will these employees get sustenance for their respective families if we render them jobless?

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Build an army of ‘economic Financial Stability Report cadres’ for the poor Dennis B. Funa

INSURANCE FORUM

Michael Makabenta Alunan

ON THE CONTRARY

U

NLIKE rich oligarchs, who can afford to hire the best minds to run profitable businesses for them, the poor are left to fend for themselves, even forced to fight each other in the Darwinian “survival of the fittest” free market law of the jungle, which leads us to the need of building an army of “economic cadres” to help empower the poor, not through cash dole-outs, but to develop their capacity to compete fair and square. n Talent within reach by the rich. Some oligarchs are merely grade school or high-school graduates but with deep experiences in life and business. They are partly successful with the help of financial wizards, legal luminaries, technical innovators and marketing geniuses, who are graduates of top universities.

They even contribute in influencing policies that favor these oligarchs, which economists call “rent income” and their indecent moniker “rentiers.”

Some of them evolve into cartels and oligopolies.

In fairness, many oligarchs do laudable projects like supporting scholars among the brightest, whose futures are secured with assured jobs.

Big businesses also enjoy the advantage of easy access to credit, without the need for collaterals, as their names and faces alone are enough to back-up debts. n Learning from advanced countries. In contrast, the poor are disorganized, incapable of mustering economies of scale and not credit-worthy or bankable. It is great to learn from advanced countries, where farmers are wealthy enough with their consolidated numbers into cooperatives and banks like France’s Credit Agricole, Netherlands’ Rabobank, Canada’s mutual cooperatives and the agri co-ops of Japan and South Korea.

Farmers run their own farms and factories managed by university graduates, who know finance, management and marketing, and become both employees and manager-bosses of farmers, thus creating a peculiar partnership between old versus young, learned versus lessschooled, traditional practices versus new systems, etc.

Locally, we have some successful cooperatives, mostly credit cooperatives that have ballooned in size from the blood and sweat of the usurious loans to their members, many of whom remain poor. These cooperatives must integrate to meet their needs by creating new economic pies or physical wealth, rather than lending loans paid from tight individual income sources. n Disorganized, banks and business shy away. Disorganized as individuals, farmers cannot gain economies of scale and become bankable, thus explaining why businesses shy away from farmers.

Neither are banks comfortable lending to risky farmers in the absence of collaterals and their vulnerabilities to vagaries of nature like typhoons. This affects the viability of many small banks, thus the Philippine Deposit Insurance Corp. allowed the closure of 325 banks from 2000 to August 2018 or close to 20 banks padlocked every year, although there are other reasons for their closure, but this means lower lending to farmers.

Amid market imperfections, unscrupulous traders and loan sharks tend to proliferate as markets allow them to exploit farmers and

consumers legitimately.

After all, traders have no loyalty to production as their prophet is profit.

They prefer to earn on margins than on volume production. If it is cheaper to import than procure from farmers, they won’t hesitate. Conversely, farmers want to produce more, which lowers prices benefiting consumers, thus farmers and consumers have this symbiotic relationship. It is the middleman-trader who meddles with this relationship. n Govt affects only top 20 percent farmers? The government’s presence is neither encouraging as its programs only reach effectively the first 1 million farmers. More so, if projects start as mere pilots and are unexpanded. This leaves the remaining over 80 percent unattended, says a study by Rodolfo “RV” Vicerra, former director general of the Congressional Planning and Budget Office. In his simulation studies, he noted that “no matter how good the performance of the first million producers [say 7 to 10 percent], low growth of the next 4.5 million small farmers pulls down the combined average growth.”

Palay procurement, for instance, was only 0.8 percent of palay production from 2013-2017, which cannot influence farm prices upward. In fact, traders buy at P19-25/kilo, higher than government’s P17/kilo support price. Increasing the National Food Authority’s budget for procurement will only mean more losses, so it’s time to explore alternatives.

When we brag of inclusivity but allow agriculture to underperform, we are kidding ourselves. We can neither blame the Department of Agriculture as it could only do so much as society has not given agriculture and farmers their due importance. n Institutionalize organized partnerships. There is no way the poor can break the vicious cycle of poverty, left alone in a free market, where Adam Smith’s invisible hands freely steal his pockets legally.

Instead, develop institutionalized tie-ups with the Tesda, state universities and colleges, big co-ops and nongovernment organizations into helping organize the poor into power production and marketing ventures with strong linkages with agriculture, where two-thirds living in poverty reside. Invest where it will count most, not in price support, but equipping farmers with postharvest equipment, trucking, logistics through their organizations.

Another strategy is mobilizing rural folks through their organizations to build hundreds of thousands of catch-basins or swimming-pool-sized mini dams, employing millions in a construction frenzy even using picks and shovels. These dams can harness rain, prevent soil erosion and downstream floods, serve as an effective climate-change adaptation strategy, but provide upland irrigation, agroforestry development, source of water and fishpond development.

E-mail: mikealunan@yahoo.com

ERRATUM THE first paragraph of John Mangun’s Outside the Box column on Tuesday, September 11, 2018, ‘Sick Man’ of Asia? was printed as follows: “President Duterte came to power as a political veteran but as an outsider by conventional wisdom. While his ratings have come down, he still enjoys majority approval.”

It should have read: “The President came to power as a political veteran but as an outsider by conventional wisdom. While his ratings have come down, he still enjoys majority approval.”

As the paragraph refers to Indonesia, the President being referred to is President Joko Widodo and not President Duterte.

S

INCE the global financial crisis of 2008, financial stability has become a permanent concern for economic managers across the globe. In the Philippines the Financial Stability Coordination Council (FSCC or Council) has been constituted to be on the lookout for systemic financial risks.

The Financial Stability Report (FSR) is a publication of the Council of which the Insurance Commission is a member together with the Bangko Sentral ng Pilipinas, the Department of Finance, Philippine Deposit Insurance Corp. and the Securities and Exchange Commission. It is prepared by the Office of Systemic Risk Management of the BSP which is the technical secretariat of the FSCC. It was released for the first time to the general public in August 2018 and will be released to the public annually thereafter. It is designed to be the communication tool of the Council. It is also

intended to enhance transparency and promote the adoption of global best practices among the macroprudential regulators such as the Insurance Commission. According to the Bank for International Settlements (BIS), “financial stability reports have become the primary and most efficient means of communication of financial stability risks.”

The FSR (covering 2017) is presented with a thematic approach. According to a statement of the FSCC, “the FSR takes a thematic assessment of the various risks that could pose a challenge to the continued growth of the Philippine economy as well as the

Wednesday, September 12, 2018 A7

resilience of the Philippine financial system.” For the 2017 FSR, it focused “on the impact of globally rising interest rates and weaker currencies against the benchmark US dollar as this relates to the repayment, refinancing and repricing of debt.”

Other countries have issued their FSRs to the public, as well. This would include the United States, United Kingdom, the Eurozone, Australia, New Zealand, Japan and South Korea. In the Asean, FSRs are issued by Indonesia, Malaysia, Singapore and Thailand. The central banks of England, Sweden and Norway published their first FSR around 1996. About 65 countries publish an FSR. The FSR reports on the FSCC’s “assessment of the overall risks to the financial market.” A recurring theme in the FSCC is the Systemic Risk Review wherein brewing systemic risks are reviewed and evaluated for intervention. Indeed, financial stability is the main agenda. Identifying “systemic risks” and pursuing “financial stability” are complicated tasks, as these terms are, in fact, largely undefined. According to the 2017 FSR, “with financial markets becoming much more complex and interconnected, systemic risks—however

defined—could originate from different sources while a seemingly contained market dislocation could still escalate into a full-fledged crisis.”

As correctly pointed out in the FSR, “a key lesson from the crisis is that the interconnectedness of financial market elements can amplify the build up of systemic risks once a shock is introduced,” referring to what is known as a contagion. It could also refer to what is known as “black swans” which has been defined as “events which are impossible to predict yet have catastrophic ramifications.” The theory behind the term was pioneered by Nassim Nicholas Taleb. The term emanated from an old belief that black swans did not exist until shocked Europeans discovered black swans in Australia (“All observed swans are white—hence all swans are white”).

The FSCC has identified five underlying risks that it focuses on: macroeconomic risks, credit risks, market risks, liquidity risks and the eventual contagion risks.

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.

Competition: A whole-of-government effort Arsenio M. Balisacan

COMPETITION MATTERS

M

ILLENNIALS and succeeding generations will not be able to recall a time when Philippine businesses and consumers had no choice but to engage in a highly concentrated market characterized by the absence of any significant competitive pressure. The State held inefficiently run monopolies of vital sectors and virtually controlled the entry and expansion of new players through regulations that protected and entrenched dominant players.

These misguided policies inevitably led to the weakening of our global competitiveness, curtailed market dynamism, starved the country of foreign direct investments, limited the growth of productive employment, and deepened inequality in the distribution of incomes and opportunities. Fortunately, economic reforms through trade liberalization, deregulation, and privatization gained some momentum in the 1980s and in the decades that followed. This led to an influx of market players and the much-needed adoption of more efficient technologies and business processes, which, in turn, lowered prices, expanded consumer choices and enhanced product quality.

Today, the upward growth trajectory of our economy suggests that we are reaping the benefits of these reforms. However, we remain hampered by the legacy and unintended consequences of state-instituted and state-enabled controls, including those governing state-owned

enterprises (SOEs). Indeed, various anticompetitive acts and practices in key sectors of the economy have their roots in these state-enabled controls and regulations.

To sustain the growth of our economy in the long term, we need to deepen policy and institutional reforms, including the reform of SOEs. In 2015 Congress enacted the Philippine Competition Act, which gives the Philippine Competition Commission (PCC) a very broad mandate covering all businesses and sectors, including SOEs. Cognizant of the pressing need to deepen industry reforms, legislators designed the PCA to empower the PCC with a gamut of advocacy and advisory functions. Indeed, the Philippine Development Plan (PDP) 2017-2022 reinforced this notion by recognizing competition policy as part and parcel of the government’s strategy toward sustained economic development.

Early on, the PCC recognized that its unilateral pursuit of pro-competitive reforms will yield very little

by way of achieving desired results.

Being a new competition authority in a largely oligopolistic economy, it recognized that effective coordination and advocacy is key to mainstreaming a culture of competition.

This means enlisting competition champions within the government policy-making architecture and obtaining the support of established line-agencies and sector regulators.

Since its inception, the PCC has been active in reviewing economic and administrative regulations. It has advised the Executive branch on the competitive implications of its policies and programs. PCC lawyers and economists regularly attend legislative hearings to provide comments on bills that may influence the competitive behavior of firms in a market. These efforts guarantee that the competition lens will be considered in the crafting of policies and laws.

To avoid jurisdictional conflicts and to harness administrative synergies, the PCC has been coordinating with sector regulators and has executed memoranda of agreement with regulatory bodies, such as the Securities and Exchange Commission, the Bangko Sentral ng Pilipinas and the Insurance Commission.

These agreements include provisions for policy coherence, the streamlining of procedures, and the sharing of information and technical expertise.

Of course, the PCC is aware that many government policies and programs were institutionalized to achieve a desired objective beyond the promotion of market efficiency.

These may include the equitable distribution of incomes, attaining development objectives through industrial policy, or protecting the

environment. This is why competition advocacy can work by having policy-makers utilize the least anticompetitive instrument that meets the policy objective—a potentially win-win situation.

Perhaps, most important, the PCC has been assisting the National Economic and Development Authority in the formulation of the National Competition Policy. The NCP, targeted to be adopted within the year through an executive order, will be a comprehensive framework that steers regulations and administrative procedures to promote effective competition. When adopted, this will be a leap forward in ensuring that businesses and consumers will reap the benefits of market competition.

Sustaining our growth through critical economic reforms will be the country’s key policy challenge in the coming years. Correcting the many inefficiencies caused by highly distortive policies is crucial to leveling the playing field, strengthening the private sector, attracting more investments and encouraging greater innovation.

Indeed, we have come a long way toward unwinding the intricate web created by the misinformed policymaking of decades past.

This herculean task requires nothing less than a whole-of-government effort.

Dr. Arsenio M. Balisacan is the chairman of the Philippine Competition Commission and a professor of economics (on secondment) at the University of the Philippines. Prior to his appointment to the Commission, he served as socioeconomic planning secretary and, concurrently, director general of the National Economic and Development Authority. He also served as dean of the School of Economics in UP Diliman.

Emerging markets hear the mighty dollar roar

By Marcus Ashworth Bloomberg Opinion

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HE first stage of this emerging market currency crisis was all about how the problems of individual nations were spilling over into contagion—but without dollar strength as a factor.

No longer. A nine-year high for US average hourly earnings in Friday’s nonfarm payroll report, combined with the strongest reading for the manufacturing PMI index since 2004, have pushed two-year Treasury yields to levels not seen 2007. Add to this that the Federal Reserve is in no position to back off its quarterly rate-hiking cycle anytime soon or halt its reversal of quantitative easing. As my colleague Shuli Ren has pointed out, the global financial system has to get used to having fewer dollars around.

With this macroeconomic picture, it’s hard to see what can knock the greenback off course.

The emerging market economies that have large current account deficits and rely heavily on dollar funding are most at risk. With rising crude oil prices, those dependent on hydrocarbon imports, which are usually paid for in the US currency, are even more so.

Step forward Argentina, Turkey and South Africa. Of all the developing nations that have suffered serious currency depreciation lately, these are most vulnerable to a renewed bout of dollar strength—their failure to resolve their domestic economic and political problems means the misery will just get piled on.

Turkey last week missed another opportunity to regain some control over its currency by not raising rates immediately after a report showing

inflation accelerated to a 15-year high in August. Even if the central bank raises rates at Thursday’s meeting that would be a case of too little, too late to prompt an about-turn for the lira. Data on Monday showing a drop in second-quarter gross domestic product growth to a 5.2-percent pace, from 7.4 percent in the previous period shows how quickly the economy is deteriorating.

Argentina, which pushed rates up to 60 percent and yet saw no recovery in the peso, is desperate for the International Monetary Fund to accelerate payments on its record $50-billion bailout. The government is resorting to relying on export taxes to narrow its fiscal deficit a year earlier than planned. Taxing the income-generating parts of its fragile economy to balance its books is not a long-term growth strategy.

South Africa’s unexpected slide into recession shows how its political problems have only deepened since the removal of its controversial president, Jacob Zuma, earlier this year. Property prices have fallen by a third as the ruling African National Congress plans to implement land reforms, and the finance minister warned that revenue and growth estimates for the year are likely to be cut.

None of this means that developing countries with less dollar exposure are set up for an easy time. The sinking Russian ruble is a prime example of how other problems can provoke a risk-off flight.

The US economy’s vibrant health will make recovery even harder for weaklings that depend on offshore dollar funding. The contagion in emerging markets is set to take a worrying turn.

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www.businessmirror.com.ph

Exporters to Palace: Don’t blame trade war for inflation

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By Elijah Felice E. Rosales

@alyasjah

XPORTERS on Tuesday fired back at President Duterte and his men in Malacañang for blaming the trade war as the cause of rising inflation, and said the Philippines is far from being hit by the economic tiff.

Sergio R. Ortiz-Luis Jr., president of the Philippine Exporters Confederation Inc., argued the country is not taking any damage from the trade war.

He even argued the Philippines stands to benefit from it, given that investors fleeing the trade conflict might take refuge in the country.

“As of now, I do not see any negative impact on us. At the mo-

ment, I can see there is even an opportunity from the trade war,” Ortiz-Luis said in a news briefing.

The export industry leader was responding to the President’s recent statement that US President Donald J. Trump’s tariffs are to be blamed for the countr y’s r ising consumer pr ices.

He said when Trump increased tariffs and raised interest rates,

“As of now, I do not see any negative impact on us. At the moment, I can see there is even an opportunity from the trade war.”

—Ortiz-Luis

everything went up.

This was echoed by Duterte’s communications officials, in spite of earlier statements from the economic team that the Philippines could even benefit from the trade war. Trade Secretary Ramon M. Lopez in June shrugged off fears that the country is at the short end of the stick with the United States and China going all out in their trade conflict.

“The ongoing trade war by two major economies, [the] US and China, is not seen to have a major impact on the Philippines,”

Lopez said.

O r t i z -Lu i s reiterated t h i s analysis, but clarified he has yet to study the impact of the trade war should it carry on in the long run. “In the future, I do not know how much it will affect us and to what extent,” he said.

“We have a lot of products that could be affected that we do not expect at this time, like electronic parts. We supply China, we buy from China. We supply the US, we buy from the US. I do not know how they will be affected by this,” he added.

However, looking at the present, Ortiz-Luis argued he cannot comprehend how Trump’s protectionist measures significantly weighed on the country’s inflation, which has been ticking upward month after month.

August inflation was recorded at 6.4 percent. This was way above the Central Bank’s target range of 2 to 4 percent.

NDRRMC, DPWH ready relief, equipment ahead of Ompong

By Rene Acosta

@reneacostaBM

T

HE National Disaster Risk Reduction and Management Council (NDRRMC) has prepositioned and also put on standby some P1.7 billion worth of food packs and other relief assistance in preparation for Typhoon Ompong (international code name Mangkhut), which is expected to enter the country’s area of responsibility today.

Ompong, which the government said has the possibility of developing into a super typhoon, directly

threatens extreme Northern Luzon, which is still reeling from the effects of the previous typhoon and the southwest monsoon.

NDRRMC Spokesman Edgar L. Posadas said the standby aid would complement the prepositioned food packs for residents in the provinces of Cagayan, Abra, Isabela, Batanes, Kalinga and Apayao, and the Ilocos provinces. “ The DSWD has ensured the availability of P1.7 billion worth of standby funds and stockpiles, and the prepositioning of food and nonfood items for possible response and

relief efforts,” he said.

The standby assistance would be stocked either in Cauayan City, Isabela, Santa Ana, Cagayan or at Clark in Pampanga. Posadas said the NDRRMC, which is already on red alert, has intensified preparations for a disturbance on the level of Supertyphoon Yolanda, which hit the Visayas in 2013.

Still, he said, the government will determine on Wednesday whether to implement—through local officials in threatened areas—any forced evacuation, which will coincide with the entry of Ompong into the country.

In Cagayan Valley officials have already declared a “no sail and no fishing zone” as of Monday.

The Armed Forces of the Philippines Northern Luzon Command (Nolcom) has alerted all of its units to be prepared for search and rescue operations for the typhoon.

Nolcom commander Lt. Gen. Emmanuel B. Salamat said all ground forces were already deployed for humanitarian assistance and disasterresponse operations.

Air and sea assets from the Air Force and the Navy were also readied for the operations if it is needed.

“Nolcom is working hand in hand with the RDRRMC [Regional Disaster Risk Reduction and Management Councils], OCD [Office of Civil Defense] and other stakeholders in preparing measures and contingency plans for the imminent threats of Typhoon Mangkhut,” Salamat said.

“Nolcom is ready and on standby to extend assistance like disaster response and relief work,” he added.

DPWH prepares MEANWHILE, all Regional and District Engineering Offices of the Department of Public Works and Highways (DPWH) are preparing measures to mitigate possible damage to infrastructure from Ompong.

DPWH Secretary Mark A. Villar issued on Tuesday a memorandum directing the mobilization of DPWH regional and district disaster-response teams nationwide for preparatory activities to ensure structural integrity of vital roads, bridges and high-rise public buildings.

In coordination with Philippine Atmospheric Geophysical and Astronomical Services Administration, OCD Philippine Army, Philippine National Police, local government units and DPWH disaster-response teams with heavy equipment and necessary logistical needs are now deployed along strategic locations to monitor and submit timely situational reports of national roads and bridges every six hours and provide prompt assistance during the onset of typhoon.

All available equipment with operators are prepositioned along vital road sections and close to landslide-prone areas to conduct prompt clearing operations and immediate restoration of collapsed bridges and cut roads and ensure mobility of disaster-response activities.

After the storm hits, these teams are likewise responsible for the initial assessment of damage, as well as the submission of detailed information on damaged structures with cost estimates for the restoration of calamityhit structures.

ELECTRICITY RATES DOWN IN SEPTEMBER Manila Electric Co. has announced that electricity rates for a typical household went down this September by P0.1458 per kilowatthour (kWh). Residential customers consuming 200 kWh will experience a reduction of around P29 in their total electricity bill. Meralco Public Information Office Head Joe Zaldarriaga (in photo) explained that the overall rate decrease in the Meralco bill was due to the downward movement in the generation charge, while Meralco’s distribution, supply and metering charges have remained unchanged for 38 months. To help households gain more savings by managing their electrical consumption, Meralco also gave energy-efficiency tips for its customers—like unplugging appliances when not in use to avoid “phantom load,” turning the aircon to 25 degrees Celsius mid-setting, maximizing natural light during daytime and keeping appliances well-maintained to ensure optimal performance.

NFA chief out; Duterte vows to ease inflation pain

Continued from A1

measure, which converts quantitative restriction into tariffs, which can be used to help the farmers and the country’s agriculture sector. “I have been advocating tariffication; anybody can import,” he said. The President’s statement came after August inflation hit a nine-year-high at 6.4 percent, beating all government expectations.

The rice tariffication bill, which is expected to reduce the price of rice by up to P7 per kilogram, has been passed on third and final reading at the House of Representatives. The Senate Committee on Agriculture and Food vowed on Monday that the Senate will pass the bill within the month after the Economic Development Cluster recommended fast-tracking the measure as one of the nonmonetary inflation busters.

Third telco

Aquino out

ASKED by Panelo on the status of projects under the government’s massive “Build, Build, Build” infrastructure program, Duterte said some projects are continuing while others are not because of ecological questions.

He did not identify which specific project he is referring to, but added he is also concerned about land reclamation for infrastructure projects, as this will destroy marine life. On traffic, the President said he will not pursue asking for emergency powers from Congress to solve traffic. “I don’t want to. I have been prejudged,” he said. But he said the traffic situation cannot be improved without money.

Under the government’s massive infrastructure program, 75 infrastructure projects are expected to be rolled out with a total budget of around P8 trillion to P9 trillion to usher in what the Duterte administration calls the “golden age of infrastructure.”

DUTERTE also announced that he is already seeking the replacement of National Food Authority (NFA) Administrator Jason Y. Aquino, who he said requested to be relieved already, and that he may recommend to Congress the abolition of National Food Authority Council (NFAC).

Aquino has been facing resignation calls for alleged delays in importing NFA rice. “[He] says he is tired, cannot cope, we cannot be in agreement all the time. I will scout for a new one,” he said.

The NFAC, the highest policymaking body of the NFA, Duterte said, “has not done any purpose.”

“It only hinders the operation,” he added. The NFAC abolition first came to light in April.

However, instead of abolishing the NFAC, the council was reorganized with Cabinet Secretary Leoncio B. Evasco Jr. no longer being part of the NFAC, since the NFA has been “transferred” back to the Department of Agriculture (DA).

But until now, no written order has been issued on the transfer of the NFA, Philippine Coconut Authority and Fertilizer and Pesticides Authority to the DA. Despite this, the President was quick to allay fears that there is a rice shortage, saying that it is “artificial” and caused by “man-made manipulations.”

As the August inflation hit a nine-year-high at 6.4 percent, the President also noted that he is not denying that inflation is high and that the government is addressing it.

“I am not denying, because everybody is suffering. We have our own problems. [The inflation rate really keeps rising]. Now as I said, the economic managers are working on it,” he said.

DUTERTE also vowed that the country will have its third telecommunications player by Christmas.

“By Christmas, the people will know who is the third telco player,” he said, noting that he doesn’t believe in the lowest bid rule and that he will select the player with the “best track record.”

He also threatened to take over the selection of the telecommunications player if nothing happens

by November.

“If nothing happens, I’ll take over. I’ll put it under the Office of the President, and I will invite all of the stakeholders here, and I will decide in front of them,” he said, adding that it would just take him 30 minutes to decide after getting the relevant documents.

BBB program

Dare to Magdalo

ASIDE from the economic issues, the President’s address to the nation also came amid the controversy over the President’s proclamation declaring void ab initio the grant of amnesty to Sen. Antonio F. Trillanes IV in relation to Oakwood Mutiny and Manila Peninsula Incident.

He also said he has “evidence” that the Magdalo, the Communist Party of the Philippines and his critics are in “constant communication” in plotting to destabilize or overthrow the government.

“We have the conversation provided by a foreign country sympathetic to us,” he said. “The connection will be shown maybe any day now.” He said he has already asked that it be declassified so that he could show it to everyone.

Editor: Efleda P. Campos

Companies BusinessMirror

Wednesday, September 12, 2018

PNOC to sell banked gas in vast Malampaya field

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By Lenie Lectura

@llectura

HE Philippine National Oil Co. (PNOC) has decided to pursue the sale of the remaining 97.67 petajoules (Pj) of the banked gas in Malampaya, now valued at $700 million (P37.68 billion) to $750 million (P40.37 billion), via a negotiated scheme.

PNOC President Rueben Lista said the PNOC board authorized the PNOC management to enter into comprehensive discussions or negotiations below the Ilijan price with each offer and all other potential offers.

“There is approval for PNOC to conduct another round of publication without setting a specific deadline for the submission of offers. This is to allow multiple offers to come in until such time the proposal/s with the most advantageous terms to PNOC is/are received,” stated a board resolution.

Lista said it would revert to the

PNOC board for approval of the guidelines for a negotiated bid.

The board is chaired by Energy Secretary Alfonso G. Cusi.

The decision to conduct a negotiated bid was reached after two failed bid attempts conducted by the PNOC. During the first auction, three firms—all affiliated with the Lopez group—submitted their formal interest to purchase the banked gas.

Lista said one of the three firms— First Gen Corp., Prime Meridian Power and First Nat Gas—submitted an offer as low as $3.48 per Pj, lower than the floor price of the current Ilijan price pegged at $6.616 per Pj.

This prompted the PNOC to conduct a second round of bidding. However, the PNOC received no offers during the September 3 deadline.

“We will have a board meeting on September 28. We were also told by the DOE [Department of Energy] to explore the possibility of a Swiss challenge,” said Lista, adding that price negotiations “will have to start with Ilijan” price.

The PNOC official expects interests not only from the Lopez group, but also from those who are looking at putting up their respective LNG (liquefied natural gas) facilities and even gas traders.

“For now, the interest comes from two firms. But this does not mean that they are the only ones interested to buy the banked gas.

There are those who are planning to put up LNG power plant. We will write to whomever we think are interested. We do not discount the likes of Shell, Vires, Limay, and gas traders such as Tokyo Gas, Osaka Gas. Meralco may want to participate because it is looking at putting up its LNG. SMC is also one. It just forgot to submit an offer last time,” said Lista.

During a hearing of the House

Black Arrow opens warehouse facility in Parañaque to better serve e-customers

By Lorenz S. Marasigan @lorenzmarasigan

H

OMEGROW N log istics company Black Arrow Express has opened up a larger warehouse facility that will cater to the increasing demand for shipping needs brought about by the growing e-commerce industry.

Allan R. Brizuela, the company’s president, said moving the company’s operations to the new facility located in Parañaque will allow the company to accommodate five times more shipping orders when compared to its previous office.

The space is a three-story building with an enclosed space of 18,200 square meters (sq m) and another

Smart makes 1st voice call via Wi-fi in Cebu

M

OBILE services provider Smart Communications Inc. has made the first voice call via Wi-fi using the native phone dial in Cebu, a company official said on Tuesday.

Smart Senior Vice President for Network Planning and Engineering Mario G. Tamayo said calling via Wi-fi allows for an extended network coverage, as this helps close patches where mobile phone signal is intermittent or absent.

“As we invest in future-proofing our network, we are continuously innovating to add more communication options for our customers,” he said.

The company partnered with Huawei Technologies Inc. for the development of the said technology.

Tamayo said this initiative is part of the P58billion capital expenditures program that parent company PLDT Inc. has allotted for 2018.

So far, Smart has installed over 3,900 new LTE base stations across the country to expand LTE coverage and to lay the ground for LTE-Advanced, which can provide even greater capacity and speeds to users with capable smartphones.

“We will continue to strengthen and revolutionize our network so that we can deliver relevant services such as Wifi Calling and VoLTE [voice over LTE], as well as voice/video over 5G in the near future,” he added. Lorenz S. Marasigan

7,500 sq m for parking. The new building is designed specifically to service the orders made from ecommerce sites.

“This move is just the first step toward bigger things planned for Black Arrow Express,” Brizuela said. “By 2019, we aim to house the first fully automated cross-sorter, which will improve operations even further.”

The new headquarters, he added, aims to address the growing volume of deliveries, while improving operational efficiencies, which includes faster sorting and deliveries for products housed within the warehouse.

The facility also has direct ramp access to the second floor for faster

loading of packages and parcels in trucks and for riders. The proximity to the airport and accessibility to major highways will also vastly improve transit to provinces.

Currently, the company has 2,000 riders placed in 33 hubs across the country, catering to only 50,000 deliveries per day. Optimized, these can accommodate as many as 100,000 deliveries per day.

Black Arrow Express caters to numerous areas all over the country.

“We are fully committed to improving the lives of Filipinos by providing a reliable and cost-effective service,” Brizuela said. “With our new facility, we will be looking into increasing our customer support and satisfaction.”

SM Prime to open biggest shopping mall in Bicol

S

HOPPING mall operator SM Prime Holdings Inc. on Tuesday said it will open its newest mall, SM City Legazpi in Albay province later this week, the company’s biggest in the region.

SM said its new mall has a gross floor area of 88,000 square meters.

“To date, this is the company’s biggest mall in the Bicol region. Together with SM City Naga in Camarines Sur, this new lifestyle destination in Bicolandia will elevate the malling experience of both the locals and tourists with offerings from top local and global brands,” SM Prime President Jeffrey C. Lim said in a statement.

SM’s new mall will open with 85 percent of space leaseawarded and has three levels of shopping, dining and en-

tertainment concepts led by its department store, supermarket, appliance center and brands, such as Ace Hardware, Our Home, Watsons, Surplus, Sports Central, Bata Shoes, Miniso, Body Shop, Uniqlo and Banco de Oro. The mall will feature green architecture, and the glasswalled SM Food Hall that overlooks Mayon Volcano.

The mall will also have SM Cyberzone and six moviehouses. It has a parking slot for 922 vehicles.

To d ate, SM P r i me h a s opened three new malls in the first half of 2018 one each in Imus, Cavite; Urdaneta, Pangasinan; and Telabastagan, Pampanga.

The company is scheduled to open another mall in Ormoc, Leyte, in the last quarter of the year. VG Cabuag

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of Representatives Committee on Energy in July, PBA Rep. Mark Aeron Sambar raised concern about the PNOC’s inability to sell its banked gas.

“We can find a balance here. We’re not telling you to sell of 97.6 petajoules at a low price nor do we want you to wait for the perfect contract.

If you’re going to wait for that baka ilang beses na nagpalit ng leadership sa PNOC naghihintay pa rin tayo,” Sambar was quoted as saying.

The utilized banked gas accumulated when the 1,200-megawatt Ilijan power plant failed to fully utilize its contracted gas mainly due to dispatch constraint at the time when the plant was just in its initial years of operations.

Lista had said that part of the banked gas was sold to Power Sector Assets and Liabilities Management Corp. for P937,000 for 4.61Pj and to Shell Philippines for P2.3 billion for P6.33 Pj. Sambar filed House Resolution 1737, urging PNOC and the DOE to disclose their plans for disposing of the banked gas.

Okada owner to do backdoor listing at PSE

By VG Cabuag

T

@villygc

HE m ajor it y ow ner of Okada Manila may do a backdoor listing at the Philippine Stock Exchange (PSE) using the shares of Asiabest Group International Inc., a holding firm that has no operations.

In its disclosure, Asiabest said a group of its shareholders and Tiger Resort Asia Ltd. have already signed a share-purchase agreement for the sale of 200 million shares for about P646.5 million.

Shares of Asiabest were suspended from trading on Tuesday morning and were last traded at P41.10 per share.

The said amount of shares that Tiger will buy will amount to about two-thirds of Asiabest’s outstanding shares of 300 million.

According to rules, Tiger will have to make a tender offer for the rest of the shares being held by other minority owners.

The said move will pave the way for Tiger’s backdoor listing, which occurs when a privately held company takes over a publicly listed company.

Tiger is a Hong Kong corporation and is currently the majority shareholder of Tiger Resort Lei-

sure and Entertainment Inc., the owner of Okada Manila.

“The sale shall be effected by way of special block sale through the PSE on November 12 or at a date which may be mutually agreed upon by the parties,” Asiabest said.

“Soon after this agreement, Tiger shall conduct a tender offer to be completed prior to closing date,” it added.

Okada Manila, named after Japanese gambling magnate Kazuo Okada, which owns Tiger, was the third integrated resort and casino to open in Entertainment City in Parañaque. It has the biggest property among the three other players.

Asiabest, formerly AGP Industrial Corp., was registered with the Securities and Exchange Commission on October 23, 1970, as an investment holding company.

In 2011 the SEC approved its application for quasi-organization and equity restructuring, thereby substantially wiping out its deficits and allowing the company to raise additional capital needed for investments.

In September 2011 its board of directors ratified the sale of all the company’s share of stock and interest in its subsidiaries.

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Companies BusinessMirror

Wednesday, September 12, 2018

PSE STOCK QUOTATIONS

September 10, 2018

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

ASIA UNITED 59.5 59.8 58.05 59.8 57.95 59.8 11760 695696 674601.5 BDO UNIBANK 119 119.3 120.2 120.2 116.6 119.3 2264210 268606852 -101400699 BANK PH ISLANDS 87.6 87.65 89.1 89.1 87.15 87.65 2505280 219674585.5 -142771215 CHINABANK 30.6 30.8 30.8 30.9 30.55 30.6 843800 25817280 -6509650 EAST WEST BANK 13.74 13.8 14.34 14.34 13.7 13.74 699900 9647888 -2420662 METROBANK 70 70.2 69.5 70.05 68.6 70 3850340 268596802.5 -151654289.5 PB BANK 11.58 11.8 11.58 11.58 11.58 11.58 700 8106 PHIL NATL BANK 46.6 46.95 47.95 47.95 46.25 46.6 51300 2405555 150810 PHILTRUST 104.7 109.9 105 105 104.7 104.7 150 15744 RCBC 27.5 27.65 27.65 27.75 27.6 27.65 40700 1126155 -14200 SECURITY BANK 190 190.1 191.5 192 190 190.1 414980 78902008 12994966 UNION BANK 75.25 75.5 73.2 75.25 73.1 75.25 10650 790349.5 350788 BRIGHT KINDLE 1.62 1.7 1.68 1.7 1.62 1.62 109000 177480 -1700 BDO LEASING 2.5 2.59 2.49 2.5 2.49 2.5 30000 74800 COL FINANCIAL 16.32 16.44 16.42 16.44 16.32 16.44 67400 1100556 FERRONOUX HLDG 4 4.06 4.06 4.07 3.96 4.06 160000 639920 FILIPINO FUND 8.65 9 8.63 8.63 8.63 8.63 600 5178 IREMIT 1.65 1.66 1.57 1.65 1.57 1.65 92000 150250 MEDCO HLDG 0.54 0.56 0.58 0.59 0.54 0.54 3626000 1995790 NTL REINSURANCE 1.01 1.02 1.02 1.03 1 1.02 939000 958260 PHIL STOCK EXCH 192 194 194 194 192 192 2130 409850 125390 SUN LIFE 1810 1859 1810 1810 1810 1810 245 443450 VANTAGE 1.18 1.25 1.19 1.19 1.18 1.18 450000 531200

INDUSTRIAL ALSONS CONS 1.18 1.23 1.24 1.24 1.18 1.23 330000 398900 ABOITIZ POWER 36.1 36.25 37 37 36.05 36.25 1678500 60732890 1288995 BASIC ENERGY 0.22 0.23 0.22 0.23 0.215 0.23 420000 93110 ENERGY DEVT 7.05 7.06 7.03 7.06 7.03 7.05 6619900 46666799 2753513 FIRST GEN 16.18 16.24 16.38 16.42 16.12 16.18 1830300 29659416 -23826852 FIRST PHIL HLDG 65 65.1 65.5 65.5 64.55 65.1 857240 55614706.5 650313.5 PHIL H2O 5.65 5.7 5.96 5.98 5.5 5.7 663300 3873404 2239980 MERALCO 377.2 379 380 380 373 379 112010 42363132 -9690428 MANILA WATER 23.95 24.55 24 24.55 23.85 23.95 1102100 26446405 -15646475 PETRON 9 9.05 9 9.05 8.93 9.05 766300 6900677 122700.0003 PETROENERGY 3.83 3.99 4.01 4.01 3.62 3.99 95000 372020 PHINMA ENERGY 1.01 1.02 1.06 1.06 1 1.02 3636000 3684320 -2877860 PHX PETROLEUM 11.12 11.4 11.1 11.44 11.1 11.4 4300 47912 PILIPINAS SHELL 53.55 54.5 53.5 54.9 53.5 53.55 622610 33516173 -10667389 SPC POWER 5.65 5.73 5.75 5.8 5.65 5.65 283100 1610534 1130 AGRINURTURE 16.8 16.96 17.1 17.1 16.8 17 792600 13379922 730072 CNTRL AZUCARERA 18.04 19.2 19.74 19.74 19 19.2 8900 169682 CENTURY FOOD 13.92 13.96 14 14 13.9 13.96 467700 6526494 -5933090 DEL MONTE 7.38 7.5 7.52 7.52 7.38 7.4 11100 82495 15040 DNL INDUS 10.16 10.18 10.2 10.24 10.12 10.18 412600 4192826 -364216.0003 EMPERADOR 7.28 7.29 7.3 7.32 7.26 7.29 106200 773784 -77227 SMC FOODANDBEV 93.95 94 97.75 97.75 93.7 94 938310 88426142 -20283336.5 ALLIANCE SELECT 1.05 1.06 1.07 1.08 1.03 1.05 6424000 6722540 -48900 GINEBRA 30.15 30.2 30 30.7 30 30.2 517000 15550590 JOLLIBEE 277.8 278.4 280.8 281 277.6 278.4 799990 223707636 43280044 MAXS GROUP 12 12.06 12.2 12.2 11.8 12 420200 5047278 -425698 PEPSI COLA 2.04 2.09 2.05 2.1 2.04 2.1 105000 215450 SHAKEYS PIZZA 12.54 12.62 12.7 12.7 12.5 12.54 24400 306874 50328 ROXAS AND CO 2.4 2.45 2.41 2.45 2.41 2.45 33000 80510 RFM CORP 4.8 4.83 4.83 4.83 4.8 4.8 44000 211260 201600 SWIFT FOODS 0.125 0.129 0.126 0.126 0.124 0.124 4590000 571750 -568020 UNIV ROBINA 152.1 153 144.9 153.4 144.9 153 2849860 428048780 128695442 VITARICH 2.16 2.17 2.14 2.2 2.13 2.16 8600000 18660180 -10770 VICTORIAS 2.45 2.51 2.45 2.45 2.45 2.45 9000 22050 12250 CONCRETE A 68.3 72.6 69 72.6 69 72.6 50 3486 CONCRETE B 80.25 89.95 80.25 80.25 80.25 80.25 50 4012.5 CEMEX HLDG 3.13 3.14 3.13 3.19 3.11 3.13 1089000 3408320 -556410 DAVINCI CAPITAL 5.05 5.21 5.15 5.15 5.15 5.15 2000 10300 EAGLE CEMENT 15.76 15.8 15.92 15.92 15.8 15.8 116900 1854838 -8074 EEI CORP 9.3 9.35 9.7 9.7 9.35 9.35 186200 1743438 -1382160 HOLCIM 7.12 7.15 7.16 7.19 7.15 7.15 230800 1651048 -1205490 MEGAWIDE 17.38 17.4 17.5 17.5 17.34 17.4 510600 8885424 -7341430 PHINMA 8.01 8.35 7.95 7.95 7.95 7.95 4000 31800 TKC METALS 1.03 1.06 1.09 1.09 1.02 1.03 328000 340990 VULCAN INDL 2.17 2.18 1.9 2.19 1.88 2.18 56457000 115342240 -1076290 CROWN ASIA 1.78 1.8 1.8 1.8 1.78 1.78 85000 152060 28800 EUROMED 1.6 1.72 1.6 1.6 1.6 1.6 105000 168000 MABUHAY VINYL 3.11 3.2 3.08 3.22 3.08 3.22 9000 28390 PRYCE CORP 5.86 5.92 5.9 5.9 5.9 5.9 1200 7080 INTEGRATED MICR 12.54 12.56 13 13 12.48 12.56 1811800 23074310 3315828 IONICS 2.09 2.12 2.11 2.15 2.09 2.11 563000 1184800 4180 PANASONIC 6.71 6.92 6.72 6.72 6.71 6.71 1000 6716 SFA SEMICON 1.68 1.69 1.7 1.7 1.67 1.69 340000 569390 CIRTEK HLDG 34 34.25 33.8 34.25 32.9 34.25 1298300 43993455 -25561240

HOLDING & FRIMS ABACORE CAPITAL 0.405 0.41 0.415 0.42 0.405 0.405 15970000 6540500 ASIABEST GROUP 41 41.1 43.4 46 39.15 41.1 1356900 57436230 1553370 AYALA CORP 908 914 917 918 891 914 645370 585541405 -157487225 ABOITIZ EQUITY 52.25 52.5 53.05 53.05 51.9 52.5 1953910 102304900.5 19675852 ALLIANCE GLOBAL 13.12 13.14 13.36 13.36 13.04 13.14 7594500 100259888 -1149568 ANSCOR 6.02 6.09 6.02 6.02 5.97 6.02 8500 50912 ANGLO PHIL HLDG 0.91 0.92 0.9 0.94 0.9 0.92 82000 75240 ATN HLDG A 1.37 1.38 1.39 1.4 1.36 1.37 7207000 9870080 ATN HLDG B 1.37 1.38 1.4 1.4 1.37 1.38 1334000 1841980 690000 COSCO CAPITAL 5.97 5.98 5.99 6 5.96 5.98 1160200 6939818 -3035491 DMCI HLDG 12.44 12.68 12.6 12.68 12.16 12.68 2367400 29608064 11617868 FILINVEST DEV 7 7.15 7.15 7.15 7 7.15 13100 91910 GT CAPITAL 887.5 889 870.5 890 859.5 889 93400 82066910 -8238580 HOUSE OF INV 5.69 5.8 5.9 5.9 5.76 5.76 16000 92500 JG SUMMIT 56.8 57.35 57.6 57.6 55.75 57.35 1828880 103311674 26354820 JOLLIVILLE HLDG 5.06 5.07 5.07 5.07 5.06 5.06 2400 12160 LODESTAR 0.6 0.62 0.62 0.62 0.6 0.62 151000 90880 LOPEZ HLDG 5 5.01 5.09 5.12 4.98 5 1467900 7357798 224845 LT GROUP 16.48 16.54 16.98 16.98 16.14 16.54 2464700 40,594,368( 21,041,909.9996) MABUHAY HLDG 0.64 0.65 0.62 0.66 0.6 0.65 6622000 4227140 173400 METRO PAC INV 5.32 5.35 5.3 5.35 5.11 5.35 13627300 71941134 -10511064 PACIFICA 0.038 0.039 0.038 0.039 0.038 0.038 1600000 61300 PRIME ORION 2.64 2.65 2.67 2.69 2.65 2.65 1113000 2962190 143300 PRIME MEDIA 1.17 1.19 1.25 1.25 1.17 1.17 645000 762830 REPUBLIC GLASS 2.6 2.79 2.6 2.6 2.6 2.6 38000 98800 SOLID GROUP 1.43 1.44 1.45 1.46 1.42 1.43 348000 497700 SYNERGY GRID 380 415 385 385 385 385 50 19250 SM INVESTMENTS 938 950 935 954 920 950 228990 215187110 7589840 SAN MIGUEL CORP 175 175.9 177 177 170.5 175.9 380660 66114626 -8262901 SOC RESOURCES 0.78 0.79 0.79 0.79 0.77 0.78 56000 43920 TOP FRONTIER 289 295 290 298.6 289 295 260 76596 -2950 WELLEX INDUS 0.33 0.335 0.34 0.34 0.33 0.335 3470000 1152800 ZEUS HLDG 0.202 0.22 0.205 0.205 0.202 0.202 960000 194810 84840

PROPERTY ARTHALAND CORP 0.72 0.73 0.73 0.73 0.71 0.73 630000 457910 8640 ANCHOR LAND 12.62 13.14 12.68 12.68 12.68 12.68 2000 25360 AYALA LAND 42 42.1 42.1 42.8 41.5 42 12866000 542351820 -111023035 ARANETA PROP 2.05 2.11 2.08 2.08 2.08 2.08 15000 31200 BELLE CORP 3.02 3.05 3 3.2 3 3.02 3925000 11967970 -380100 A BROWN 0.95 0.96 0.96 0.97 0.95 0.96 764000 729470 19200 CITYLAND DEVT 0.94 0.95 0.96 0.97 0.93 0.95 463000 437230 19000 CROWN EQUITIES 0.22 0.222 0.227 0.227 0.22 0.222 2930000 647960 CEBU HLDG 5.4 5.62 5.5 5.55 5.42 5.42 3500 19020 CEB LANDMASTERS 4.49 4.53 4.49 4.57 4.46 4.54 245000 1100680 -191940 CENTURY PROP 0.435 0.44 0.435 0.445 0.435 0.44 31370000 13831550 -2832700 DOUBLEDRAGON 24.2 24.25 24.5 24.55 24.15 24.25 313700 7621960 -3275275 DM WENCESLAO 8.85 8.89 8.67 8.91 8.67 8.9 192600 1697634 10680 EMPIRE EAST 0.57 0.59 0.57 0.6 0.57 0.6 86000 49500 -20519.9999 EVER GOTESCO 0.114 0.118 0.118 0.118 0.118 0.118 20000 2360 FILINVEST LAND 1.48 1.49 1.47 1.5 1.45 1.49 432175000 635316540 -30420 GLOBAL ESTATE 1.19 1.2 1.19 1.21 1.18 1.19 419000 499230 8990 HLDG 7.41 7.59 7.6 7.6 7.39 7.59 1104300 8323080 -1544986 IRC PROP 2.32 2.34 1.95 2.42 1.94 2.34 87259000 187919260 908200 CITY AND LAND 0.9 0.93 0.91 0.91 0.89 0.9 182000 163140 44500 MEGAWORLD 4.34 4.35 4.4 4.41 4.31 4.35 27933000 121530620 -53043690 MRC ALLIED 0.65 0.66 0.66 0.66 0.64 0.66 24486000 15908330 PHIL ESTATES 0.455 0.46 0.465 0.465 0.45 0.455 1850000 843800 PRIMEX CORP 3.96 3.98 4.04 4.17 3.98 3.98 8060000 32751950 -968970 ROBINSONS LAND 21 21.35 20.75 21.35 20.25 21.35 1507700 31303130 -12422525 PHIL REALTY 0.46 0.465 0.46 0.47 0.46 0.46 1150000 529600 4600 ROCKWELL 1.99 2 1.99 2 1.99 1.99 155000 308870 SHANG PROP 3.19 3.2 3.22 3.22 3.18 3.19 73000 234630 22470 STA LUCIA LAND 1.12 1.16 1.16 1.16 1.12 1.16 988000 1131710 116000 SM PRIME HLDG 36.5 36.7 36.6 37.2 35.85 36.5 11438400 416375650 -5648500 STARMALLS 7.12 7.13 7.24 7.35 7.1 7.12 950300 6792841 -20613 SUNTRUST HOME 0.77 0.81 0.77 0.81 0.77 0.81 11000 8510 VISTA LAND 6.24 6.25 6.3 6.38 6.21 6.25 2993000 18752657 -2848410

SERVICES ABS CBN 22.4 22.65 22.8 22.8 22.1 22.65 289300 6528970 GMA NETWORK 5.45 5.46 5.48 5.48 5.42 5.46 29500 160771 GLOBE TELECOM 2104 2108 2104 2126 2080 2104 106280 223817590 47553550 PLDT 1403 1404 1420 1420 1404 1404 63680 89757190 -50882115 APOLLO GLOBAL 0.044 0.045 0.047 0.047 0.044 0.045 31800000 1431100 4500 DFNN INC 8.46 8.88 8.45 8.88 8.45 8.88 137200 1181036 881640 IMPERIAL 2.1 2.2 2.25 2.32 2.11 2.11 67000 143600 ISLAND INFO 0.12 0.122 0.123 0.124 0.121 0.121 1990000 242660 ISM COMM 2.84 2.85 2.95 2.95 2.79 2.85 3883000 11016570 -141350 JACKSTONES 3.45 3.78 3.34 3.93 3.31 3.78 232000 838590 19450 NOW CORP 7.79 7.8 8.03 8.11 7.8 7.8 2924300 23240112 283309.9997 TRANSPACIFIC BR 0.59 0.6 0.63 0.63 0.59 0.6 33622000 20302690 -374820 PHILWEB 4.92 4.93 5.06 5.1 4.92 4.93 795100 3973477 -1278.9997 2GO GROUP 13.1 13.3 13.44 13.44 13.3 13.4 1800 24068 ASIAN TERMINALS 13.5 13.68 13.68 13.68 13.68 13.68 25000 342000 -0 CEBU AIR 73 74.1 73.7 74.5 72.8 74.1 151710 11175265.5 -4327247.5 CHELSEA 6 6.02 6.17 6.19 5.99 6 2059200 12424262 -1801169 INTL CONTAINER 91.45 92 92.85 93.05 90 92 841600 77077977.5 24525552.5 LBC EXPRESS 14.7 15.18 14.7 14.7 14.7 14.7 10500 154350 LORENZO SHIPPNG 1.01 1.03 1.03 1.03 1.03 1.03 65000 66950 MACROASIA 18.74 18.78 19 19 18.6 18.78 318800 5,994,456( 2,950,088.0001) METROALLIANCE A 1.93 1.95 2.02 2.02 1.9 1.95 287000 553310 PAL HLDG 8.87 9 9.3 9.3 8.9 8.9 25100 223680 HARBOR STAR 3.25 3.26 3.44 3.44 3.14 3.26 2769000 8950590 403810 BOULEVARD HLDG 0.062 0.063 0.063 0.063 0.062 0.062 16030000 996890 -528240 WATERFRONT 0.76 0.77 0.76 0.78 0.74 0.76 3021000 2296840 110150 IPEOPLE 12 13.5 12 12 12 12 300 3600 STI HLDG 0.78 0.79 0.82 0.83 0.78 0.79 9044000 7261990 424740 BERJAYA 2.46 2.48 2.82 2.82 2.42 2.48 9217000 23611780 169200 BLOOMBERRY 9.23 9.24 9.33 9.34 9.06 9.24 4002800 36936709 -5405685 PACIFIC ONLINE 10.98 11 10.98 10.98 10.98 10.98 500 5490 LEISURE AND RES 3.91 3.95 3.97 3.97 3.86 3.95 1179000 4601900 -1447140 MANILA JOCKEY 5.15 5.24 5.24 5.24 5.15 5.19 23700 122690 MELCO RESORTS 6.9 6.91 7.04 7.05 6.89 6.9 21519500 149014571 1140435 PREMIUM LEISURE 0.9 0.91 0.86 0.94 0.86 0.9 36310000 32737250 1151010 TRAVELLERS 5.16 5.17 5.13 5.18 5.09 5.16 2208500 11369853 -248730.9997 METRO RETAIL 2.69 2.7 2.7 2.72 2.69 2.7 104000 280820 -10780 PUREGOLD 44.85 45 44.45 45 44.1 45 2002900 88991570 -23065925 ROBINSONS RTL 79.5 80.45 81 81 78.2 79.6 5386360 435419328.5 -44928669.5 PHIL SEVEN CORP 107.5 109.2 109.4 109.4 107 107.5 210 22835 SSI GROUP 2.26 2.27 2.14 2.26 2.12 2.26 6413000 14223260 206110 WILCON DEPOT 10.7 10.72 10.8 10.86 10.58 10.72 4580400 49023132 -26108390 APC GROUP 0.48 0.485 0.49 0.49 0.48 0.48 2310000 1110950 67900 EASYCALL 23 23.15 24.3 24.3 23 23 72500 1695830 -32480 GOLDEN BRIA 303.2 316 306 317 301 316 6220 1915608 IPM HLDG 7.5 7.8 7.83 7.83 7.8 7.8 12000 93900 PAXYS 3.63 3.64 3.52 3.63 3.52 3.63 46000 165750 PRMIERE HORIZON 0.395 0.4 0.42 0.42 0.395 0.4 7800000 3141600 SBS PHIL CORP 8.07 8.15 8.02 8.15 8 8.15 62100 498790

MINING & OIL ATOK 19 19.8 20 20 18.1 19.8 19600 384000 -91620 APEX MINING 1.51 1.52 1.52 1.54 1.51 1.52 440000 666630 7650 ABRA MINING 0.0024 0.0025 0.0025 0.0025 0.0024 0.0025 128000000 319300 ATLAS MINING 3.25 3.4 3.25 3.26 3.25 3.25 35000 113790 -9760 BENGUET A 1.2 1.35 1.2 1.2 1.2 1.2 70000 84000 BENGUET B 1.28 1.43 1.28 1.28 1.28 1.28 7000 8960 COAL ASIA HLDG 0.3 0.31 0.3 0.31 0.3 0.31 220000 67600 CENTURY PEAK 1.93 1.94 1.93 1.94 1.93 1.94 252000 488430 DIZON MINES 7.45 7.58 7.58 7.68 7.45 7.45 3000 22632 FERRONICKEL 1.95 1.96 1.95 1.97 1.94 1.96 1399000 2727780 -867800 GEOGRACE 0.248 0.249 0.241 0.25 0.238 0.248 4980000 1217470 LEPANTO A 0.121 0.122 0.122 0.122 0.122 0.122 160000 19520 LEPANTO B 0.128 0.131 0.128 0.128 0.128 0.128 70000 8960 MARCVENTURES 1.36 1.37 1.38 1.38 1.37 1.37 37000 50950 2760 NIHAO 1.1 1.16 1.18 1.18 1.1 1.16 18000 20190 NICKEL ASIA 4.85 4.86 4.93 4.94 4.8 4.86 539000 2613980 -315760 OMICO CORP 0.68 0.69 0.63 0.72 0.61 0.68 11154000 7639850 -43200 ORNTL PENINSULA 1.27 1.28 1.26 1.28 1.23 1.27 1242000 1564170 PX MINING 4.04 4.05 4.04 4.05 4.03 4.05 259000 1047130 -230450 SEMIRARA MINING 29.2 29.5 29.45 29.9 28.8 29.5 4598800 133902330 -94284290 UNITED PARAGON 0.0077 0.008 0.0079 0.008 0.0075 0.0079 45000000 343000 ORNTL PETROL A 0.012 0.013 0.014 0.014 0.012 0.013 97400000 1269500 ORNTL PETROL B 0.013 0.014 0.013 0.013 0.013 0.013 12700000 165100 PHILODRILL 0.012 0.013 0.012 0.012 0.012 0.012 46200000 554400 PHINMA PETRO 4.66 4.7 4.45 4.83 4.33 4.7 1235000 5754940 36800 PXP ENERGY 14.12 14.3 14.38 14.78 14 14.12 1241300 17854930 882638

PREFFERED AC PREF B1 AC PREF B2 ALCO PREF B FGEN PREF G GLO PREF P GTCAP PREF A MWIDE PREF PNX PREF 3A PCOR PREF 2A SMC PREF 2B SMC PREF 2C SMC PREF 2D SMC PREF 2F SMC PREF 2G SMC PREF 2H

490 500 100.7 100.6 496 950 99.1 99.5 1011 76.3 79.05 75 75.55 75.4 75.5

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

21.9 5.25

502.5 501 101.5 106 500 974.5 100 100 1042 77.25 79.95 75.2 75.6 75.9 77

490 502 101.5 100.9 500 950 100 99.65 1011 76.3 79.1 75 75.6 75.4 75.5

490 502 101.5 100.9 500 950 100 100 1011 77.25 79.1 75 75.6 75.4 75.5

490 502 100.7 100.5 498 950 100 99.5 1011 76.3 79 75 75.6 75.35 75.5

490 502 100.7 100.5 498 950 100 100 1011 77.25 79.05 75 75.6 75.35 75.5

980 80 2000 8400 5500 620 740 52180 500 275820 134650 2410 45820 2000 200

480200 40160 202906 845240 2744000 589000 74000 5208236 505500 21045854.5 10637877.5 180750 3463992 150750 15100

9950 -

22.05 5.35

22.2 5.25

22.2 5.35

21.9 5.25

21.9 5.35

147700 5100

3262935 26785

-3262935 -

WARRANTS LR WARRANT

2.58

SMALL & MEDIUM ENTERPRISES ITALPINAS 6.4 XURPAS 2.56

2.59

2.49

2.6

2.4

2.59

411000

1008290

-

6.41 2.59

6.79 2.68

6.84 2.68

6.32 2.55

6.4 2.59

4025400 1981000

25983038 5131190

141419 125610

EXHANGE TRADE FUNDS FIRST METRO ETF

113.2

113.5

113.2

113.7

112.1

113.5

12050

1361684

-

www.businessmirror.com.ph

IPC offers app to improve health industry in PHL

By Roderick L. Abad

I

Contributor

@rodrik_28

P-CONVERGE Data Center Services Inc. (IPC), a local cloud services pioneer and a unit of ePLDT, announced its offering of a new service meant to enhance patient care and manage treatment.

“With Health Cloud, we are putting the patient first,” said Niño Valmonte, IPC director for marketing and digital Innovation.

This app is designed to improve patient relationships by streamlining the health-care process and providing customized plans.

Because of this, medical professionals can perform their functions smoothly and carry out utmost efficient care to each patient.

Both the doctors and patients can use its plethora of functions to access data, ranging from the

latter’s profile to the health-care timeline and caregiver network.

It also has a two-way messaging feature that makes communication between users easier, on any channel and device.

Health Cloud integrates data from multiple sources—electronic medical records, medical devices, even wearables—into a single dashboard to store all information about the patient in one place.

Given this, health workers have a holistic view of the patient’s medical condition and enhances their col-

SL Agritech marks first rice harvest in Marawi demo farm

I

N line with its commitment to help rehabilitate war-torn Marawi, SL Agritech, the major hybrid-rice producer in the country, celebrated the first harvest festival in the 50-hectare technology demonstration farm planted with SL hybrid-rice seeds. The milestone was also witnessed by Go Negosyo and the local government unit of Lanao del Sur together with Maranao farmers.

The intervention was part of the rehabilitation efforts for the warstricken Marawi City and the agribusiness development of the entire province. SL Agritech provided the technology and financing for the 50-hectare demo with total value amounting to P1.5 million. Technical assistance was also provided during the entire cropping season.

Classes and farmers’ meeting were conducted to educate the farmers on the proper crop management practices of SL hybrid-rice seeds.

Lanao del Sur, which covers Marawi, was identified by the Philippine Statistics Authority (PSA) as the top province with highest poverty incidence per family. The province’s average rice yield was only 3.73 metric tons per hectare predominantly using inbred rice varieties, which was proven to be insufficient to feed the entire province with more than 1 million population. The demo farm

will help the farmers of Lanao to adapt to a new technology, which will help them double their production and ultimately improve their way of living.

“We want to bring the message to the people of Marawi that there’s hope. SL Agritech will put in the money for this techno-demo to inspire hope,” said SL Agritech Corp.

Chairman Dr. Henry Lim Bon Liong during the signing of the memorandum of agreement early this year.

“Our technicians are all over Mindanao. Their marching order is to help the farmers of Mindanao to be a catalyst of change through the use of modern farming technology that will bring progress and economic growth in the rural community,” he said.

Two weeks after the festival, the farmers started to reap the fruits of their labor and the results were beyond their expectations.

One of the remarkable recorded yields was 7.63 metric tons, almost double their previous yield.

Land owner Alanoding Seba said he was extremely impressed with the performance of the SL varieties and promised to continue planting the same seed even after the pilot project. “This increments will really help us a lot.

We can now pay for our debts and save some for the next cropping season,” he said.

Sanofi-Aventis PHL sponsors forum on latent TB infection to solve resilient disease

S

PEAKING before participants of this year’s annual convention of the Philippine Coalition Against Tuberculosis or PhilCAT, an initiative by Sanofi-Aventis Philippines, Dr. Aamir Khan, an epidemiologist and executive director of Interactive Research and Development based in Karachi, Pakistan, said that even if health systems were able to find and instantly treat every new case of tuberculosis or TB, the epidemic would still not be stopped.

“People who are already infected will continue to become future TB disease cases and spread the disease further. Shrinking that reservoir of

people who are infected with TB is the only way to stop the epidemic,” he reminded his audience.

He said that, aside from protecting people from exposure to TB bacteria, there should be a campaign to treat people who have been exposed to TB with preventive therapy.

An effective strategy, Khan said, is to screen people who live or work in settings with a higher active TB exposure risk so that they can be treated and protect others from infection.

This year PhilCAT is campaigning to strengthen a campaign to identify those who have latent TB infection and give them prompt treatment.

laboration with other care providers.

As a result, it encourages intelligent care collaboration with features that help provide smarter care decisions, allow medical professionals to work together to provide faster service and early intervention.

“By offering a tool that provides everything care providers need for the management and treatment of patients, they get to skip timeconsuming processes and just focus on providing the necessary care the patient needs,” the top official said.

This technology hosts services that convert data into actionable insights and help drive better outcomes for both health-care providers and patients.

It keeps the information secure in the cloud through Shield, a tool that easily encrypts and proactively protects data against suspicious use.

Every user of this app benefits from this by undergoing two-factor authentication and complying to rigorous log-in policies.

The amount of information it

MUTUAL FUNDS

offers to each user depends on the level of access granted by the administrator so as to keep sensitive information safe and secure.

Care providers who will benefit from the Health Cloud include caregivers, nurses, pharmacists, and doctors who are involved in the care and treatment of patients in hospitals, clinics, and other wellness centers.

Likewise, it is a tool that centralizes stored information, making data accessible to the different branches or divisions of health institutions that use the app, as appropriate.

With this app, both health professionals and patients are given a broad view of the individual care journey from initial consultation to treatment, wellness and beyond.

Health Cloud was developed

by Salesforce, one of the top customer relationship management platforms worldwide.

As its Gold Cloud Alliance partner, IPC is authorized to resell Salesforce products, as well as train and support Philippine-based clients on their usage 24/7.

September 11, 2018

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 257.21 -7.23% 1.18% 2.56% -12.27% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.4627 -11.25% 5.91% 3.3% -8.4% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 4.0085 -8.37% 2.61% 1.28% -12.72% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.9124 -9.33% N.A. N.A. -10.29% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.8401 N.A. N.A. N.A. N.A. FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 5.311 -5.67% 0.8% 1.53% -11.67% MBG EQUITY INVESTMENT FUND, INC. * ****** 115.16 N.A. N.A. N.A. N.A. ONE WEALTHY NATION FUND, INC.* 0.8462 -12.12% N.A. N.A. -14.76% PAMI EQUITY INDEX FUND, INC.* 50.2322 -5.48% 2.5% N.A. -10.92% PHILAM STRATEGIC GROWTH FUND, INC.* 521.28 -6.65% 0.96% 0.92% -11.42% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.2732 -4.41% 2.72% N.A. -9.34% PHILEQUITY FUND, INC.* 37.2751 -3.26% 3.31% 4.31% -9.3% PHILEQUITY PSE INDEX FUND INC.* 5.0558 -5.11% 3.25% 4.61% -10.9% PHILIPPINE STOCK INDEX FUND CORP.* 843.85 -5.24% 3.01% 4.34% -10.77% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.8679 -5.57% 0.24% N.A. -10.26% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 4.1374 -4.36% 2.7% 3.01% -9.67% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.9735 -5.23% 3.07% N.A. -10.96% UNITED FUND, INC.* 3.552 -1.89% 4.13% 2.79% -8.79% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* *** 112.7098 -4.42% 4.23% N.A. -10.52% ATRAM ASIAPLUS EQUITY FUND, INC.** $0.9957 -5.07% 4.29% 1.22% -10.16% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.2822 7.86% N.A. N.A. 1.34% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.6737 -7.02% -2.21% -1.1% -10.19% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.2445 -6.05% 1.17% 1.08% -8.65% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.557 -4.12% -1.33% -1.59% -7.69% GREPALIFE BALANCED FUND CORPORATION* **** 1.3356 -5.51% N.A. N.A. -8.2% NCM MUTUAL FUND OF THE PHILS., INC* 1.8552 -3.36% 1.21% 0.97% -6.89% PAMI HORIZON FUND, INC.* 3.5704 -6.1% -0.23% -0.05% -8.87% PHILAM FUND, INC.* 15.9576 -6.61% -0.38% -0.05% -9.11% SOLIDARITAS FUND, INC.* ******** 2.0795 -4.17% 1.29% 2.82% -7.25% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.7034 -3.6% 0.83% 1.43% -7.33% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.9439 -4% 0.53% N.A. -7.49% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03502 -3.1% -0.31% 2.81% -2.99% PAMI ASIA BALANCED FUND, INC.* $0.9711 -3.78% 3.43% -0.2% -7.25% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.6408 3.89% 5.53% 3.82% -0.32% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0865 -0.81% N.A. N.A. -2.31% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 340.9 1.46% 1.71% 1.63% 1.12% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8623 -1.35% -1.13% -0.23% -1.59% COCOLIFE FIXED INCOME FUND, INC.* 2.9257 5.4% 5.33% 5.32% 3.67% EKKLESIA MUTUAL FUND INC.* 2.1189 -0.11% 1.04% 1.03% 0.79% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2189 -0.05% -0.05% 0.25% 0.12% GREPALIFE FIXED INCOME FUND CORP.* P 1.5817 -1.6% -1.53% -1.48% -1.73% PHILAM BOND FUND, INC.* 3.898 -5.31% -1.48% -0.69% -3.75% PHILEQUITY PESO BOND FUND, INC.* 3.468 -0.72% -0.52% 0% -1.05% SOLDIVO BOND FUND, INC. * 0.8922 -4.6% -1.88% N.A. -3.36% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7693 0.24% 0.14% 0.41% -0.28% SUN LIFE PROSPERITY GS FUND, INC.* 1.5361 -0.63% -0.31% -0.26% -0.88% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $444.79 -0.11% 2.31% 3.3% -0.26% ALFM EURO BOND FUND, INC. * Є213.25 0.25% 1.32% 1.74% -0.22% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1196 -1.24% 1.1% 2.12% -1.28% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0248 -1.2% 0.68% N.A. -0.8% GREPALIFE DOLLAR BOND FUND CORP.* $1.7039 -5.36% -0.09% 1.88% -3.82% 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* $1.0342 -5.03% -1.04% -2.06% -3.66% PHILAM DOLLAR BOND FUND, INC.* $2.1609 -4.31% 0.84% 3.22% -4% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0568297 -1.01% 0.97% 2.19% -0.65% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.9002 -5% 0.87% 2.35% -3.74% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 119.69 2.26% 1.63% 1.44% 1.77% PHILAM MANAGED INCOME FUND, INC.* 1.1725 1.71% 0.34% 0.35% 1.3% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2063 2.34% 2.1% 1.35% 1.75% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0097 N.A. N.A. N.A. 1.1%

* - 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

Treasury rejects bids as investors try to jump BSP’s gun vs inflation

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HE Bureau of the Treasury (BTr) rejected on Tuesday all bids in its latest auction for Treasury bonds (T-bonds) as investors attempted to guess how monetary officials would move with a faster-pace inflation rate.

Deputy Treasurer Erwin D. Sta. Ana told reporters the auction committee has rejected all bids on offer P15 billion for the reissued 10-year T-bond since the average annual rate for the security would have gone up by 129 basis points if

the BTr fully awarded the P12.737billion bid.

“Bids came in much higher than what we have expected given our initial survey from the GSEDs [Government Securities Eligible Dealers] and based on where the

security is actually trading on,” Sta. Ana said on September 11.

“Hence the decision to fully reject.”

The average annual rate would have settled at 7.640 percent, increasing by 129 basis points, compared to the previous auction rate of 6.350 percent for the security.

“The last time we awarded for this security was May and, reasonably, there [were] already several rate increases from the Central Bank in the past couple of weeks.

And the market is reportedly expecting another one from the [monetary authorities]. So, those must be taken into account,” he added.

Sta. Ana explained that investors are on a ‘wait-and-see stance’ as to what the Bangko Sentral ng Pilipinas (BSP) will do after its

Security Bank gives P875-M loan to PhilCement

S

ECURITY Bank has inked a P875-million loan agreement w it h Ph i lCement , Phinma Group’s cement unit, to partially fund the construction of PhilCement’s cement terminal in Mariveles, Bataan, which is set to be completed in the third quarter of 2019.

The five-year fixed-term loan agreement is aligned with the current administration’s “Build, Build, Build” agenda. Security Bank is the

sole financial institution involved in funding the project.

At the signing, Security Bank was represented by SVP Yvonne Joanna P. Marcelo (from left); EVP and Wholesale Banking Segment Head Eduardo M. Olbes; and President and CEO Alfonso Salcedo Jr. PhilCement was represented

by President and CEO Eduardo Sahagun; Chairman Victor del Rosario; and Treasurer and

Director Roberto Lavina.

The Security Bank is widely recognized for its product innovation and customer-focused financial solutions.

Headlining the bank’s prestigious citations are its “Best Digital Bank Philippines 2017” recognition from London-based Capital Finance International and “Best Bank Philippines 2018” award from pioneer financial magazine Global Finance.

Understanding the causes of inflation

I

T seems that the favorite topic nowadays is the August inflation rate of 6.4 percent which is at a nine-year high, and to the common masses, the impact of such a high inflation rate on their daily lives. The government is citing international events, such as the increasing global prices of petroleum products, as the primary cause of our high inflation rate. If that was indeed the case, our other Asean neighbors should be similarly affected and see a spike in their inflation rates, as well. Alas, this is not so, the Philippines now has the highest inflation rate, overtaking the inflation rates of our other Asean neighbors that used to be higher than ours.

So what happened that caused this inflationary trend? If you were to look at the inflation chart, the upward movement started at the beginning of this year when the first phase of the tax-reform package went into effect.

Naturally, when you tax basic commodities, such as fuel, coal, sugar and so on, the effect is inflationary. This is because they directly impact the price of basic commodities. Supposedly, the additional tax revenues that will be raised will be used for the “Build, Build, Build” program of the government.

However, when consumers are faced with higher prices, there is a tendency for a decline in consumption because they could either no longer afford the product or consciously cut down on the

FINEX FREE ENTERPRISE George S. Chua demand to stay within their budgetary constraints. This means that the projected tax collections may also not be achieved by the government.

The Philippine peso exchange rate has also devalued by about 8 percent from the start of this year and is adding to the inflationary pressures, causing a further increase in the price of commodities. There is an argument that the peso devaluation is a good thing since it promotes exports and gives our OFW beneficiaries more bang for the foreign currency they receive. No doubt exporters and OFW beneficiaries will receive more pesos for the foreign exchange they receive, but the question is, will they actually be getting more? After all, prices of domestic goods, both local and imported, have also gone up, thereby eroding at least some, if not completely negating the foreign-exchange gains. If the peso devalued by 8 percent against the US dollar since the start of the year, this benefit is offset against the inflation

rate, which is now at 6.4 percent.

It should be noted that in 2017 total OFW remittances only reached $28.1 billion while our total GDP was at $313.6 billion, indicating that a far greater number of Filipinos suffer every time that the peso devalues. Since the Philippines is also a net importing country, meaning we have a balance of trade deficit, having a weaker peso definitely contributes to the rising prices of consumer goods.

Inflation also slows down economic growth since interest rates are directly correlated to inflation rates. Think about it, as interest rates moves up, the consumer lending rates moves up also, making it more difficult for borrowers to meet their monthly amortizations for their auto loans, housing loans and other consumer loans. This would result in a slowdown in demand since people will hold off on their major purchases. Similarly, companies that have a higher borrowing cost, will have to pass this on to the prices of their products and services, resulting in additional price increases which, in turn, add to inflation.

Understanding the causes of inflation is one thing but knowing how to stop it is another matter altogether.

Sometimes, inflation is like opening Pandora’s Box: once the bad things get out, there is no putting them back in.

Com me nt s m a y b e s e nt to georgechuaph@yahoo.com.

Monetary Board policy meeting on September 27, among others, in line with the undersubscription of the bids for the T-bond auctioned off on Tuesday.

“Well it could be several different factors but it could be that participants are still waiting for what’s [going to] happen in the next couple of days, [whether there will be] another hike. And the Fed [Federal Reserve System] is also moving this month, I mean that is based on the report,” he said.

“Maybe they are just waiting for other events.”

Monetary authorities in August announced a 50-basis-point hike to their overnight reverse repurchase interest rate. The hike also came on the heels of two 25-basispoint hikes made in the May and June monetary-policy meetings of the BSP, making it the third consecutive meeting for the year with a rate hike action from the country’s central monetary authority. Rea Cu

Wednesday, September 12, 2018

B3

Tariff body holding hearings on MFN rates for deboned chicken and turkey meat

By Cai U. Ordinario @cuo_bm

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HE Tariff Commission will hold a public hearing on the proposed retention of the current Most Favored Nation (MFN) tariff rates on mechanically deboned or separated meat (MDM) of chicken and turkey next week.

The hearing on September 19, will be on MDM of chicken and frozen meat and edible offal of turkey not cut in pieces.

Also included are MDM of turkey as well as meat cuts and edible offal of turkeys, frozen, other than livers or MDM. “The tariff rates on subject articles are being implemented in accordance with Executive Order 23, s. 2017. EO 23 provides that the current tariff rates on subjected articles are applicable until June 30, 2020, or until such time that a law amending certain provisions relating to rice tariffication in Republic Act 8178 is enacted, whichever comes first,” Tariff Commission Chairman Marilou P. Mendoza said in the Notice of Public Hearing released on Tuesday.

The MDM of chicken and frozen meat has an MFN rate of 5 percent between January 2018 to June 30, 2020. But starting July 1, 2020, the tariff rate for these products will revert to 40 percent.

The MFN rate for edible offal of

turkey not cut in pieces for both inquota and out-quota under EO 23 is 20 percent. However, by July 1, 2020, the tariff rates will be at 30 percent for in-quota and 35 percent for out-quota.

The MFN rate for MDM of turkey is at 5 percent under EO 23 but

by July 1, 2020, the rates for inquota will be 30 percent and outquota, 40 percent.

The rates for meat cuts and edible offal of turkeys, frozen, other than livers or MDM, is at 20 percent under EO 23. But by July 1, 2020, the in-quota rates will be 30 percent and out-quota rate will be 40 percent.

Earlier, the Philippine Association of Meat Processors Inc. (Pampi) cautioned the government against reverting the tariff on MDM to 40 percent as this would cause prices of processed meat products to spike.

Pampi argued that prices of canned meat products and hot dogs would increase by as much as 17 percent once the current tariff on MDM of 5 percent reverts to its 2012 level.

MDM is a widely utilized raw material in production of processed meat products, such as hot dogs and meat loaf.

Pampi said the meat processing industry’s import of MDM last year reached 189.1 million kilograms, 12.09 percent higher than the 168.7 million kg recorded volume in 2016.

B4 Wednesday, September 12, 2018

FROM CEBU TO ILOILO, THE ISUZU 4x4 XTREME XPERIENCE CONTINUES TO BRING FUN AND EXCITEMENT

F

UELED by the success of the Isuzu 4x4 Xtreme Xperience in Cebu City in August, Isuzu Philippines Corp. (IPC) now brings its interactive4x4publicexhibitionattheFestiveWalk MallattheIloiloBusinessParkinMandurriao,Iloilo City, from September 21 to 23.

The highlight of the weekend remains to be the 4x4 Xtreme Xperience action ramp wherein brave volunteers/passengers experience riding a 4x4 3.0-liter Isuzu D-Max up and down a two-storyhigh steep, narrow metal ramp.

The Isuzu 4x4 Xtreme Xperience, which opens to the public at 12 noon until 10 p.m., has been expanded to include more fun and engaging activities for all members of the family, such as the 12-station “Consumer Journey”. Special activities include a dance competition, performances by Isuzu brand ambassadress, actress and singer Maja Salvador on September 21, and rapper Gloc 9 will close out the Xtreme Xperience on the night of September 23.

Isuzu enthusiasts also have a chance to view the accessorized versions of the Isuzu D-Max and Isuzu mu-X, and test-drive the Isuzu mu-X powered by the RZ4E engine.

Promos and discounts exclusive to the Xtreme Xperience are also offered in the three-day event.

Admission to this weekend event is free. The Isuzu 4x4 Xtreme Xperience is organized in partnership with Isuzu Iloilo, Globe Telecom and Pilipinas Shell.

For more information, visit www.isuzuphil.com.

SUN LIFE GREPA ENCOURAGES WELLNESS AND PREPARATION FOR HEALTH EMERGENCIES

E

NJOYING life at its fullest is one of the many goals that we want to share with our loved ones. With this in mind, more people are now aware about preparing against any unexpected health challenges because, even when we are at our best, critical illness could strike when least expected.

“A health crisis affects more than just a person’s body,” says Richard S. Lim, president of Sun Life Grepa Financial Inc. (Sun Life Grepa). “That person’s family may have to carry the financial burden of ensuring the treatment and recovery of the patient. Without adequate financial protection, medical emergencies can set the family back from their goals and dreams. This is especially true when the person involved is the family’s breadwinner.”

To help address this concern, Sun Life Grepa now offers Sun Grepa Fit and Well, a comprehensive critical-illness insurance product that provides guaranteed cash benefits in case of a person’s diagnosis with any of the 114 illnesses covered by the plan. It is a pioneering product in the country that addresses the key stages of a client’s health journey: Prevention, diagnosis, treatment and rehabilitation (PDTR).

What’s more, clients availing Sun Grepa Fit and Well also enjoy life-insurance coverage until the age of 100, so their families remain secure no matter what happens.

“At Sun Life Grepa, we believe that preparing for health emergencies is equally important in a person’s journey to achieve financial security,” Lim adds. “We understand how

an unforeseen illness can drain a family’s resources that’s why we are offering them the opportunity to help themselves cope during difficult times, and enable them to continue pursuing their goals and dreams for a brighter future. Sun Grepa Fit and Well’s focus on the PDTR ideology ensures that the client gets the best, most comprehensive health care possible.”

To ensure that more people can enjoy the benefits of the plan, Sun Grepa Fit and Well can be paid in 10, 15, or 20 annual installments. Semiquarterly, quarterly and monthly payment modes are also made available to make the plan more affordable.

Clients can also boost their coverage by availing themselves of Sun Grepa Fit and Well Plus or Sun Grepa Fit and Well Advantage. In both variants, clients will receive 5 percent of their face amount for 8 consecutive years, as early as in the age of 65. Additional benefits to cover expenses related to hospitalization, follow-up specialist visit, home recovery and palliative care have also been added in the Sun Grepa Fit and Well Advantage variant.

Sun Grepa Fit and Well policyholders automatically become a Gold members when they sign up in the “GoWell” wellness community. GoWell offers relevant health, fitness, and wellness information and free fitness events to Filipinos who wish to live healthier lives.

For more information on Sun Grepa Fit and Well, visit www.sunlifegrepa.com.

GARDENIA SPREADS A NEW DELIGHTFULLY DELICIOUS GOODNESS

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IDS nowadays are fast thinkers that moms are even rendered speechless with their wittiness. Another school year has begun, and moms will most probably encounter again half-eaten—or worse, untouched— lunchboxes. But kids now are more expressive of their opinion about food. “I don’t like the food,” “It does not look delicious,” “My seatmate’s lunchbox is better,” and so on goes the kids without batting an eyelash when asked about their uneaten, untouched food. Thus, moms are left with the challenge to look for new ideas to make their kids’ snacks more meaningful, relevant and tasty.

But don’t fret. Moms can now get their hands on a

delightful chocolate spread that will magically turn their kids’ mealtime into something they will look forward to every day. Gardenia Delicia chocolate spread is now available in the market and, seriously, it is the stuff dreams are made of! It uses only premium, quality cocoa with unique flavors coming from trusted suppliers from all over the world, which makes Delicia’s flavor truly rich and delectable. Its milkiness makes it a delicious and delightful spread that even kids with discriminating palates will truly love. Every bite is definitely heavenly and outstandingly delightful. And here’s a better news: Gardenia Delicia is available in two exciting flavors: Hazelnut, which adds an extra nutty twist; or the classic and well-loved milky chocolate. Best of all, Gardenia Delicia Chocolate Spread is reasonably priced at only P99 for every 200-gram bottle.

This makes it a preferred choice for Moms since it won’t put a large dent in their budget. Gardenia Delicia chocolate spread is definitely made more affordable compared to other brands in the market.

With Gardenia Delicia, moms now have another option to give more delight to their kids, by spreading delightfully delicious goodness on everything they could get their hands on—bread, pancakes, fruits, oats and simply whatever their kids wish to munch on. The more creative the meal is, the greater the variety of foods kids eats. Anything with a spread of Gardenia Delicia will always be a hit!

WOMEN OFFER A DIFFERENT AND BROADER PERSPECTIVE ON LEADERSHIP—IMEE MARCOS

‘W

E are more caring, more collaborative, patient and inclusive; we are more listening and integrative; we bring mercy and passion to everything that we do, and we exploit our gifts to the fullest.”

Thus, said Ilocos Norte Governor Imee Marcos before a women’s convention in Lucena City on August 17, urging them to empower themselves and keep in mind that “the best Filipino is a Filipina.”

In contrast to the commanding and dominating brand of leadership by men, women are more consultative, but strong and decisive, nonetheless.

“Ang kababaihan ang siyang magbibigay ng makabagong liderato sa bagong milenyo,” she said. “Kung ang lalaki ay laging nagsasabi na kailangan maging malakas, matatag at matapang; ang babae ay nag-aaruga, nakikinig at kinokunsulta ang bawat sektor upang malaman ang niloloob at

nilalaman ng damdamin ng bawa’t isa,” she added.

Governor Marcos remarked that multitasking was virtually invented by women. “Alam naman natin na iba’t-iba ang papel ng kababaihan—habambuhay nagbabago, simula ng [mag-] anak ka, hanggang mag-asawa at maging nanay ka at maging lola. Hindi pa nagagawa at naiimbento ang salitang multitasking, ginagawa na ng mga kababaihan,” she said.

She also stressed that the voice of women must be heard in the crafting of laws and policies of the government.

“Tayong mga babae ay may sariling kaisipan, ibang kinaluluklukan na konteksto, at ibang pananaw sa iba’t-ibang problema. Iba kasi ang ating nararanasan at ginagampanan,” she said. “Wala nang mas tatatag pa kaysa kababaihan. Pinatatag tayo ng ating iba’t ibang papel sa buhay, at diyan tayo humuhugot ng lakas kahit na madalas ay hindi tayo nasusuklian.”

THE LASALLIAN SCHOLARUM GRANT FOR PRINT MEDIA NOW CALLS FOR PROPOSALS

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HE Lasallian Scholarum Grant for Print Media is awarded to broadsheet and/or magazine journalists who wish to develop a full-length feature on youth and education in the Philippines.

The successful grantee/s will receive a seed fund of P30,000 at the 15th Lasallian Scholarum Awards on April 2019. They are required to present the finished product on the 16th Lasallian Scholarum Awards on April 2020. The feature article should also be published by the grantee/s’ media company within a year after receiving the fund.

Only two entries per cycle will be given grants.

Content of the feature must be thoroughly researched. The finished product must be at least 1,500 words in length.

HOUSE AND LOT FOR SALE

Lot area: 40 square meters Floor area: 62 square metes Marilao, Bulacan Contact details: 0917-3101170/0917-8061170

The following print journalists are eligible to receive the Lasallian Scholarum Grant for Print Media. Applicant/s must be: At least 18 years of age, have Filipino citizenship, and currently working in a professional capacity, for a Philippine-owned newspaper or magazine.

Please note that non-governmental organizations, charity, and public-service announcements are not eligible for submission.

No joining fees will be collected. Interested journalist/s must submit two copies of the following in a sealed short brown envelope: Professional bio or résumé, recommendation letter from the media network, thorough project proposal and description not exceeding 10 pages. Format is 1.5 spaces, short bond paper with one-inch margins on each side.

Submissions open on September 3 and close on January 31, 2019. Please submit all entries in a sealed brown envelope to: The Lasallian Scholarum Grants, 21st floor, Brother Andrew Gonzalez FSC Hall, De La Salle University. For inquiries and e-mail submissions, please send PDF copies of all requirements at lasallianscholarumawards@ gmail.com with the subject Lasallian Scholarum Grants for [PRINT MEDIA], [SURNAME], [FIRST NAME].

Editor: Jun Lomibao • mirror_sports@yahoo.com.ph

Sports BusinessMirror

Wednesday, September 12, 2018

C1

LET THE CHASE BEGIN! NOVAK DJOKOVIC is now fast catching up with those ahead of him in the rankings.

AP

SERENA WILLIAMS argues with the chair umpire during her final match against Naomi Osaka. AP

B H F The Associated Press

N

EW YORK—Now that Novak Djokovic has the same number of Grand Slam titles as his childhood idol, Pete Sampras, it’s realistic for him to start thinking about chasing the only two men ahead of him, Roger Federer and Rafael Nadal.

If Djokovic is reluctant to speak publicly about the idea of going from his current total of 14 to Nadal’s 17 or Federer’s 20, the Serb’s coach isn’t.

“The 14 is a number. I mean, it’s amazing: 14!” Marian Vajda said last Sunday night with a giddy chuckle, his eyes wide, after Djokovic got there with a 6-3, 7-6 (4), 6-3 victory over Juan Martin del Potro in the US Open final.

“Years ago, I would say that Rafa and Roger went too far from him, you know? Too [far] ahead of him with the Grand Slams. Now I have a feeling he’s [catching] up with them,” Vajda continued, slapping the back of his right hand on his left palm for emphasis.

“He’s so close now, three from Rafa and six—OK, six is still unbelievable—away [from] Roger.”

“Amazing” is a perfect word for this trio, which is rightfully back atop the rankings for the first time in three-and-a-half years, with Nadal at No. 1, Federer at No. 2 and, as of Monday, Djokovic at No. 3.

They have combined to win 47 of the past 55 major championships, dating to the 2005 French Open.

That’s 85 percent. Quite a contrast to the current state of the

women’s game, where eight players won the past eight majors.

Here’s another way to think about it all: When Sampras beat Andre Agassi in the 2002 US Open final, in what would turn out to be Pistol Pete’s last professional match, it not only established a new record for men’s Slam trophies at 14, it also was two more than anyone else in history had managed to collect.

And now? Sampras has been equaled or surpassed by three players—and it’s only 16 years later.

Matching him was meaningful to Djokovic, whose earliest memories of tennis involve watching Sampras on TV at Wimbledon.

“There is a lot of significance of me being, now, shoulder-toshoulder in terms of Grand Slam wins with him. It’s truly incredible when you think about it. I watched him win one of his first Wimbledon championships, and I grew up playing and thinking that one day I’ll be able to do what he does,” Djokovic said. “To actually be here, it’s a dream come true.”

Agassi, who finished with eight majors, and Sampras used to credit each with making the other better.

Same goes for the Big 3 of today (with all due respect to Andy Murray, he of the three majors plus two Olympic singles gold medals, it really isn’t a Big 4).

“Maybe 10 years ago, I would say I’m not so happy to be part of this era with Nadal and Federer. Actually, today I am. I really am. I feel like these guys, rivalries with these guys, matches with Federer and Nadal, have made me the player I am, have shaped me into the player I am today,” Djokovic said, his shiny silver US Open trophy

resting a few feet away.

“I have utmost respect for what they have achieved on the court, but also the champions, role models, they are off the court. I think we have pushed each other to the limit every time we get to play each other. For me, that was always an ultimate challenge: to play Nadal or Federer anywhere,” Djokovic continued. “I had to figure out early in my career, when I was losing most of the big matches @ the Grand Slams against them, what it takes for me to actually kind of improve and develop my game to be able to challenge them, to be able to start winning against them when it matters the most. I think that was one of the most important, so to say, moments and periods of my life, my tennis career, my development. I owe it to them.”

The other beneficiaries: tennis fans.

And now the world gets to watch the next phase of this and wonder: How many more majors can Federer, 37 and coming off a fourth-round exit at the US Open, add to his total? What about Nadal, 32, who retired from his semifinal at Flushing Meadows because of pain in his right knee, a problem off-and-on for years?

After Djokovic, 31, watched them increase their advantages over him while he went more than two years without a major, hampered by an injured right elbow that required surgery in February, he now got his game in order. He showed off all of his court-covering, foe-frustrating, defense-to-offense skills down the stretch on the way to his third US Open title, claiming the last 16 sets he played.

As Vajda put it: “Back at his best.”

Let the chase begin.

Serena’s no ‘Angry Black Woman’ N

EW YORK—When Serena Williams told the umpire at the US Open final that he owed her an apology, that he had stolen something from her, and then she got penalized for her words, Breea Willingham could relate to her frustration and anger.

Willingham isn’t a tennis star, but she is a black woman. She and others like her say Williams’s experience resonates with them because they are often forced to watch their tone and words in the workplace in ways that men and other women are not.

And if they’re not careful, they say, they risk being branded “Angry Black Woman.”

“So much of what she experiences we experience in the workplace, too,” said Willingham, a professor of criminal justice at the State University of New York at Plattsburgh. “As black women...we’re expected to stay in our lane, that lane that has been created for us. Any time we step out of that lane, then we become a problem.”

The stereotype of the Angry Black Woman is alive and well, said Felicia Martin, 36, a federal employee who lives in Brooklyn. She recalls once seeing a white female coworker cursing and throwing things and not facing repercussions, while she’s been told to calm down for expressing her own upset in a normal tone of voice.

“If I’m upset about something, I should get to express that to you,” Martin said.

During Saturday’s championship loss to Naomi Osaka, Williams got a warning from the chair umpire for violating a rarely enforced rule against receiving coaching from the sidelines.

An indignant Williams emphatically defended herself, denying she had cheated.

A short time later, she smashed her racket in frustration and was docked a point.

She protested that and demanded an apology from the umpire, who penalized her a game.

Many people, black women among them, echoed Williams’s contention that she was punished while men on the tennis circuit have gotten away with even harsher language.

“A lot of things started going through my head in that particular situation. You know, first and foremost, what was going to be said

about her the next day? The typical angry black woman, you know...when she really was just standing up for herself and she was standing up for women’s rights,” said former tennis champion Zina Garrison, who is black.

“A woman, period, is always, when we speak up for ourselves, then you have the situation where people are saying, you know, they’re too outspoken. They’re acting like a man, all of that. But then a black woman on top of that, the angry black woman, who does she think she is?”

Martin and others pointed to a cartoon by an Australian artist as the clearest example of the stereotype facing black women. Mark Knight of Melbourne’s Herald Sun depicted Williams as an irate, hulking, big-mouthed black woman jumping up and down on a broken racket. The umpire was shown telling a blond, slender woman—meant to be Osaka, who is actually Japanese and Haitian—”Can you just let her win?”

“I was deeply offended. This is not a joke,” said Vanessa K. De Luca, former editor in chief of Essence magazine, who wrote a column about the US Open furor.

The cartoonist “completely missed the point of why she was upset,” De Luca told The Associated Press. AP

IF NOVAK DJOKOVIC IS RELUCTANT TO SPEAK PUBLICLY ABOUT THE IDEA OF GOING FROM HIS CURRENT TOTAL OF 14 TO RAFAEL NADAL’S 17 OR ROGER FEDERER’S 20, THE SERB’S COACH ISN’T.

ITF DEFENDS

UMPIRE

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ONDON—The International Tennis Federation (ITF) is defending the chair umpire who gave Serena Williams three code violations during the US Open final, saying his “decisions were in accordance with the relevant rules.”

Williams was cited by Carlos Ramos three times last Saturday during her 6-2, 6-4 loss to Naomi Osaka: for getting coaching signals; for breaking her racket, which cost her a point; and for calling Ramos a thief, which cost her a game.

Last Sunday the tournament referee docked Williams $10,000 for “verbal abuse” of the chair umpire, $4,000 for being warned for coaching and $3,000 for breaking her racket.

The ITF said in a statement on Monday that Ramos’s citations were “reaffirmed by the US Open’s decision to fine Serena Williams for the three offenses.”

The governing body of tennis added that: “Ramos undertook his duties as an official according to the relevant rule book and acted at all times with professionalism and integrity.” AP

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Business

Wednesday, September 12, 2018

PVF TAPPED FOR B’PINOY

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Spo

HE Philippine Volleyball Federation (PVF) will provide technical officials in the Batang Pinoy National finals that kicks off on Satuday at the Athletic Bowl in Baguio City.

“We are happy to announce that the PVF is once again allowed to fulfill its mandate in the grassroots development of volleyball. This is one big step toward regaining our recognition as a working national sports association,” PVF President Edgardo “Tito Boy” Cantada said.

Cantada also expressed gratitude to PVF Secretary-General Gerard Cantada, Managing Director Rustico Camangian and Philippine Sports Commission Executive Director Atty. Guillermo Iroy for sealing the agreement.

“By allowing the PVF to conduct the volleyball competitions in the Batang Pinoy, our association gets its long overdue recognition as a working national sports association,” said Cantada, referring to their membership bid in the Philippine Olympic Committee.

The PVF, through its chairman Mikey Arroyo and the support of Tanduay Sports, have been going around the country to provide young volleyball players sport equipment.

So far, the PVF has provided less privileged young players, through their respective schools, some 50,000 volleyballs and hundreds of nets.

“We’ll meet again, in Baguio City, and there they will see how the PVF conducts a good volleyball competition,” Cantada said.

U.P. EYES CROWN U

NIVERSITY of the Philippines (UP) has the momentum, the crowd and—hopefully the breaks—as it goes for a sweep against a beleaguered Far Eastern University (FEU) side for a first-ever crown in the Premier Volleyball League Collegiate Conference Season 2 at the Filoil Flying V Center in San Juan on Wednesday night.

The Lady Maroons expect a big comeback from the Lady Tams in Game Two of their best-of-three title series but with the fired-up troika of Isa Molde, Marian Buitre and Roselyn Rosier and the fans ready and raring to go again, the Diliman-based school could be heading to a dream championship.

Gametime is at 6:30 p.m.

With Molde, Buitre and Rosier drawing inspiration from the crowd and outplaying the entire FEU squad in the last three sets, UP hacked out an unexpected 14-25, 22-25, 26-24, 25-18, 15-5 victory late Sunday to move closer to ending a long quest for a volley crown.

UP last won a University Athletic As-

sociation of the Philippines volleyball crown way back in 1982.

“I was surprised. They were all cheering, the whole crowd. Everywhere I look around, there were [UP] fans.

Where do they come from? I think from Diliman, yeah?” said UP Coach Godfrey Okumu in jest.

“But it’s great. I really admire the fans. It gives me the drive, the purpose to serve the community and the people who love the game,” he added.

The Lady Maroons, who drew a combined 45 points from Molde, Buitre and Rosier and 11 and nine markers from AIe Gannaban and Genn Layug, respectively, could also be looking at facing the Lady Tams sans one of their main weapons as ace Celine Domingo remains a doubtful starter following her late exit in the series’ opener.

Domingo, a superb all-around player, was forced to leave early in the fifth set after sustaining a knee injury.

She never returned and the Lady Tams yielded the game, which they are heavily fancied to win.

Domingo finished with nine hits, four aces and three blocks with her

continued absence sure to further bolster the Lady Maroons’ title drive.

Still, the Lady Tams are going all out to force a sudden death, with skipper Kyle Negrito guaranteeing a big FEU comeback although she would need the support of the rest of the team—among them Lycha Ebon, Heather Guino-o, Jerrili Malabanan and Jeanette Villareal—to stop and frustrate the Lady Maroons.

FEU Coach George Pascua is also confident of his wards’ chances.

“I know my team. Like we did against UST [in the semis], I hope we’ll win Games Two and Three,” said Pascua.

Meanwhile, National U also shoots for a sweep of the men’s crown as it tangles with UST at 12 noon after the 10 a.m. duel between FEUand Adamson for third.

The Bulldogs battled back from a set down and repulsed the Tigers, 21-25, 25-23, 25-18, 25-17, in Game One, while the Tams turned back the Falcons, 20-25 23-25 29-27, 25-16, 1510, to zero in on third place honors in the league organized by Sports Vision and backed by Mikasa and Asics.

SKATEBOARDING gold medalist Margielyn Didal (left) and BMX cycling bronze medalist Daniel Caluag strike a pose at the Rizal Memorial Sports Complex as skateboarding federation head Monty Mendegoria expounds on the plans for Mendegoria’s bid for the Tokyo Olympics.

DIDAL’S P TO TOKYO M ARGIELYN DIDAL’S path to the Tokyo 2020 Olympics have practically been paved just two weeks after she won the Philippines’s fourth gold medal in the Jakarta Palembang 18th Asian Games.

And the path—just like skateboarding’s street track—is circuitous and demanding.

First stop for the 19-year-old Cebuana is the Exposure competition set on November 3 and 4 in San Diego, California. The Exposure is an all-women championships and, according to Skateboarding Association of the Philippines President Monty Mendigoria, is a perfect launching ramp for Didal.

“About 90 percent of the participants in the Exposure are all Olympics material and there, we can already scout Marie’s potential rivals in Tokyo,” Mendigoria told the BUSINESSMIRROR on Tuesday at the Rizal Memorial Sports Complex, where Didal met up with Jakarta Asiad BMX cycling bronze medalist

Daniel Caluag, who just flew in from Los Angeles.

Didal, Caluag—the country’s sole gold-medal winner in the Incheon 2014 Asiad—and the other medalists in Jakarta and Palembang will receive their incentives from the government in formal ceremonies in Malacañang on Wednesday.

Mendigoria said Didal could be programmed for a two-month training in San Diego before heading home and hone herself up for the tough Street League series that starts in January in Rio de Janeiro, Brazil.

In between, Didal could have a side trip to Sydney for the X-Games—but that, Mendigoria explained, would depend on whether the Australia competition would be a qualifier for Tokyo 2020.“We don’t want her to burn out,” said Mendigoria, who stressed that the Street League offers dozens of competitions all over the world with Nanjing hosting the Asian leg later in 2019.

AL MENDOZA alsol47@yahoo.com

THAT’S ALL

OSAKA’S FAIRY-TALE RISE TO FAME

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AOMI OSAKA is now the toast of not only talent-starved Japan but of a tennis world teeming with hopefuls hungering for support and recognition, as well.

By winning the US Open on Monday, she became the first Japanese to win a Grand Slam.

She succeeded after failures by fellow Japanese Ai Sugiyama and Kimiko Date, now both retired.

Sugiyama was No. 8 in the world in 2004 and Date No. 4 in 1995.

So, let’s go biopic, for once.

Osaka, only 20, is nothing but fairy-tale stuff once again.

She is the daughter of a Japanese and a Haitian-born New Yorker.

Tamaki, Naomi’s mother, and Leonard Francois fell in love as students in Sapporo, Hokkaido.

When Tamaki’s father disapproved of their romance—in keeping with Hokkaido tradition of arranged marriages, calling Leonard a disgrace to the family—the couple eloped to Osaka. That’s where Naomi was born in 1998.

The family moved to the US when Naomi was barely three years old.

Leonard became transfixed with Richard Williams after watching Venus and Serena Williams on TV win in the French Open.

Richard retired as a salesman and succeeded in making her daughters Venus and Serena become world tennis champions. He even had them enrolled in French language lessons.

Even though Leonard didn’t play tennis (Richard did little tennis), he resolved to make Naomi and Mari, Naomi’s sister, become world

orts

sMirror

Wednesday, September 12, 2018

RED LIONS SURVIVE SCARE S

AN BEDA held fort late in the game to survive Letran, 74-68, in the National Collegiate Athletic Association Season 94 seniors basketball tournament on Tuesday at the Filoil Flying V Centre in San Juan City.

Bong Quinto and JP Calvo conspired in a 28-point assault by the Knights in the final quarter to turn an 18-point deficit into a slim 68-69 gap with 16.8 seconds left.

Luckily for the Red Lions, Donald Tankoua grabbed a key offensive rebound in the next possession that paved the way to consecutive free by of Jomari Presbitero to seal the game.

Tankoua, the Finals Most Valuable Player last season, had 19 points, nine rebounds and three blocks as San Beda remained in second place with 11 wins against a single loss.

Red Lions Head Coach Boyet Fernandez slammed his players’ complacency.

“I hope they realize that the game is not yet over until the final buzzer,” Fernandez said.

“It was really tough to give up 28 points in the fourth quarter. If we lost this game, I would

blame myself because I gave some players the chance to play but they simply didn’t want to step up,” he added Robert Bolick added 13 points and five assists, while Javee Mocon registered a double-double of 12 points and 11 rebounds for San Beda.

Quinto was again outstanding with 19 points, five rebounds, four assists and three steals. Calvo made to 16 points and five rebounds for Letran, which fell to a 7-4 record.

With Bolick fouling out, San Beda went to Franz Abuda, who split his charities, and Presbitero at crunchtime. Bonbon Batiller clanked a three that further dashed the Knights’ hope of completing a dramatic fightback.

After a closely fought first half where they led by just three points, 35-32, the Red Lions threw a defensive blanket on the Knights in the third quarter to post a 60-42 advantage entering the final period.

San Beda made it a 69-45 lead, but the cruise the Red Lions expected did not materialize.

Ramon Rafael Bonilla

SAN BEDA’S Robert Bolick drives against Letran’s John Quinto. ALYSA SALEN

Enriquez leads winners in Zambo tennis tourney

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PATH O SET

YDNEY EZRA ENRIQUEZ enhanced a promising tennis career by posting two more victories in the Sindangan leg of the Palawan Pawnshop Palawan Express Pera Padala (PPS-PEPP) age group tennis circuit, completing a rare sweep of the threeleg Zamboanga del Norte swing last Monday.

The 16-year-old Enriquez, unranked in her age group, worked her way up

with a string of lopsided victories then trounced Princess Gom-os, 6-2, 6-1, in the finals. The Salug, Zambo del Norte ace then repeated over Gom-os, 6-3, 7-5, to nail the 18-under crown, thus matching her feats in the Liloy and Salug stops of the Group 2 tournament presented by Dunlop.

Enriquez capped her big week in the event hosted and sponsored by Mayor Nilo Florentino Sy by winning the girls’

‘RUN FOR ENERGY’ CARES A

Mendigoria said World Skate, the international federation for skateboarding, has mandated the Street League to do the world rankings to determine qualifiers for the Olympics.

For Tokyo 2020—where skateboarding will make its debut just like in the Asian Games two weeks ago—80 qualifiers from all over the world will vie for four gold medals—20 men and as many women in street, and exactly the same number for the park competitions.

But for the rest of Asia—with Japan getting two automatic slots as hosts—only one would be available for each discipline.

“That makes qualifying for the Olympics very tight,” Mendegoria said. “But our goal is to give Margie the best training possible—bring her to Brazil because it’s there where you find the highest level of skateboarding.”

S part of its corporate social responsibility efforts, the PTT Run for Clean Energy Year 2 will allot a portion of its proceeds for the environmental programs of the PTT Philippines Foundation.

This was announced by Vittaya Viboonterawud, director for Commercial Fuel and Lubricants, PTT Philippines, and Piyapoom Seechang, Business Development executive, PTT Philippines, during the Philippine Sportswriters Association Forum.

The PTT officials formally announced the conduct of the race set on September 16 at the Cultural Center of the Philippines Grounds in the forum held on Tuesday the Tapa King Restaurant in Cubao.

“PT T plays an active role in the community and has been an advocate of efforts to preserve the environment. For years, we conduct mangrove planting and do livelihood assistance program through shrimps and crabs dispersal as part of our community-development program and environmental advocacies,”

Viboonterawud said.

The Thai officials were accompanied in the forum by Subterranean Ideas Project Manager Matt Ardina and Race Manager Glenndale Atmosfera.

Registration for the run will end on Thursday at Chris Sports Outlets at SM City Manila, SM Mall of Asia and SM City North Edsa.

On-site registration will also be accepted an hour before the race categories. Interested runners may also call telephone numbers 09186002411 (Smart), 09953248315 (Globe) and 9759584 (landline) for more details.

The run is backed by PTT Lubricants, Cafe Amazon, Wish 107.5, Chris Sports, Milcu, Leslie’s Corp., ChloRelief, Lubie, Coca-Cola, La Filipina, Emilio Aguinaldo College, Maynilad, Herbalife, Vegemore, Science in Sport, Medicard Foundation, Ripples Daily, Gold Seas, Maynilad, the BusinessMirror and the BusinessMirror Health and Fitness Magazine, Village Connect, Philippine School of Business Administration, Mariano Marcos High School Batch 1991 and Saint Dominic College.

tennis champions, too.

“The blueprint was already there,” said Leonard in an interview with the New York Times (thanks again Sir Vince Socco, for sharing the article). “I just had to follow it.”

Leonard, aided by instructional books and DVDs, would soon make Naomi and Mari hit hundreds, then thousands, of balls per day.

“I don’t remember liking to hit the ball,” Naomi recalled. “The main thing that I wanted was to beat my sister.” But each time they played, Naomi always lost, usually at 6-0.

“For my sister, it wasn’t competition, but for me, it was,” said Naomi. “Every day, I’d say, ‘I’m going to beat you tomorrow.’”

In 2006 the family moved to South Florida to go full time tennis. Home-schooled on the side.

Twelve years later, Naomi is 2018 US Open champ at the expense of her idol, Serena.

Mari is No. 350 in the world, unfortunately hobbled by injuries. Playing a key role in Naomi’s early success is Sascha Bajin, her German coach of Serbian descent, who was Serena’s hitting partner for eight years.

Bajin said: “Naomi’s weapons are just as big as Serena’s. She’s not afraid of center stage, either, and that’s why I believe she has greatness within her.”

Aside from Bajin, Naomi has Abdul Sillah as a conditioning coach. Sillah subjects Naomi to three-minute drills of baseline rallies that last 10 times longer than an average exchange in a match.

“That’s for endurance on legs and lungs burned without affecting the pace and placement of the athlete’s groundstrokes,” said Sillah.

Two years ago, Serena declared that Osaka was “very dangerous.”

In 2017 Osaka dismantled defending champion Angelique Kerber in the first round of the US Open 6-3, 6-1.

In March Osaka, now armed with a 120-mileper-hour serve, won at Indian Wells in California, beating three current and former world No. 1s for her first WTA title. Those upsets shot her up from No. 28 to No. 17 in August.

Just three days later, she beat Serena in the first round of the Miami Open.

“I kind of wanted to impress her,” Osaka said.

There is bitterness for Leonard toward the United States Tennis Association, whom he accused of not giving much importance on his children’s early career.

So, at age 13, Leonard made Naomi play for Japan. Even as Naomi’s grandfather had told Tamaki, 10 years earlier, that “tennis is a hobby and not a profession.”

Naomi said up to this day: “I don’t necessary feel like an American. I wouldn’t know what that feels like.”

With Osaka’s rise to fame, the Japan Tennis Association, facing a talent drought for years, had just gotten a huge opportunity. The 2020 Tokyo Olympics is just around the corner.

Osaka loves listening to music.

“I am superstitious,” said Osaka. “If I win, I keep listening to the same song. I only change it when I lose.”

Osaka, who is unusually tall for a Japanese at 5-foot-11, was listening to Kendrink Lamar on her headphones on her way to her finals US Open date with Serena.

Sponsors are now lining up for Naomi’s attention, Japan being a nation obsessed with star appeal. Osaka’s Adidas contract is expiring in December.

Ken Nishikori, Japan’s other tennis male star, has earned a $33-million sponsorship, according to Forbes, surpassing even Nadal and Djokovic. Only Federer is ahead of Nishikori.

Looking back, Tamaki, in support of her husband’s hope to make Naomi a world-class fighter, made sushis and balled rice for the kids’ snacks and meals during training breaks at the Evert Tennis Academy in Boca Raton, Florida.

Dutiful parents. A gifted child that plays every day and who joins tournaments around the world at every opportunity.

Is there a better formula for success than that?

While perennial whipping boy University of the Philippines started with a big bang by routing University of the East in the UAAP basketball blastoff, Adamson did something bigger by shooting down defending champion Ateneo. Do we have a genuine thrill big time in the league’s 81st season? Fingers crossed.

THAT’S IT

18-under doubles plum in partnership with Faith Virgo as they edged Gom-os and Angel Refaja, 8-6.

“Enriquez’s hard work and determination should inspire the other youngsters and the yearlong, nationwide PPS-PEPP circuit will continue to provide the stage for them,” Palawan Pawnshop President and CEO Bobby Castro said. Nilo Ledama also pulled off a three-title romp in the boys’ side

of the event sanctioned by the Unified Tennis Philippines, made up of PPSPEPP, Cebuana Lhuillier, Wilson, Toby’s, Dunlop, Slazenger and B-Meg, beating Nash Agustines, 7-5, 6-2, in the 16-under finals and crushing John Baje, 6-0, 6-1, for the 18-under diadem.

The Pagadian City ace later teamed up with Jessy Elumba to rout top seed Agustines and Lex Estillore, 8-3, in the 18-under doubles championship.

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MAROONS SEEK VICTORY NO. 2 VS. BLUE EAGLES

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NIVERSITY of the Philippines (UP) will try to prove that its opening game victory was no fluke as it takes on Ateneo in the University Athletic Association of the Philippines Season 81 men’s basketball on Wednesday at the Smart Araneta Coliseum.

The Fighting Maroons showed an early glimpse of what they could accomplish with a beefed up roster when they humiliated the University of the East Red Warriors, 87-58, on opening day on Saturday.

Bright Akhuetie, the Nigerian transferee from University of Perpetual Help, scored 15 points and added 18 rebounds to tow the Katipunan-based school to a 29-point rout of the Red Warriors. The huge win could be a warning signal for the Blue Eagles, who absorbed a 70-74 beating at the hands of the Adamson University Falcons last Sunday.

The heavyweight match is set at 4 p.m.

Far Eastern University hopes to make it two in a row when it battles University of Santo Tomas at 2 p.m.

Only on his first game with UP, Akhuetie dominated the court and got adequate support from Paul Desiderio—who had 12 points, 10 rebounds and three assists.

Juan Gomez de Llano was as impressive with his 16 points and seven rebounds for the Fighting Maroons.

Ateneo was not as lucky in its first match when Adamson University took them down in a nail-biting finish. Matt Nieto tried everything he could with his 21 points, but got limited support from the rest of the team.

Ateneo came in as the heavy favorites after a busy offseason spent on international exposures and domination of local tournaments.

Ramon Rafael Bonilla

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Wednesday, September 12, 2018

DIEGO MARADONA surprises the international soccer world last week by signing a deal to manage Dorados, which is in the lower half of Mexico’s second division. AP

Sports BusinessMirror

HE’S DIEGO, THAT’S WHY THE 57-YEAR-OLD HAS PUBLICLY STRUGGLED IN THE PAST WITH DRUG AND ALCOHOL ADDICTION, AND ANALYSTS CRITICIZED HIS CHOICE OF CLUB IN A CITY CONSIDERED THE HEART OF THE SINALOA CARTEL, ONE OF MEXICO’S MOST POWERFUL DRUGSMUGGLING GANGS.

www.businessmirror.com.ph

Tokyo supports daylight time for Olympics

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OKYO—The head of the 2020 Tokyo Olympics says he favors moving to daylight saving time so sports events can be held in cooler temperatures.

Yoshiro Mori says “we can use this opportunity of the 2020 Tokyo Olympics for the government to make a bold decision. I have asked the government to seriously consider it.”

Mori is the president of the local organizing committee. He was speaking on Tuesday at the opening of meetings with representatives of the International Olympic Committee.

Mori’s support for moving the clocks forward in Japan comes after a deadly heat wave this summer in Tokyo. It has also met strong opposition.

Mori turned down suggestions of switching the games to October when temperatures are cooler. The 1964 Tokyo Olympics were held in October. He says contracts have been signed, “and we must abide by our commitments.”

Scheduling of many popular Olympic events in dominated by lucrative television contracts, particularly with the American network NBC. The networks want events to take place at advantageous times for their audiences. For Tokyo, this could move swimming times to the morning so they can be view live in the evening in the United States, as happened in Beijing during the 2008 Olympics.

There is some local resentment of scheduling events to accommodate foreign broadcasters. AP

WOLVES SNATCH DENG

M FANS of Alianza Lima fight with members of an evangelical church (yellow helmets) outside of the soccer club’s stadium in Lima, Peru, on Monday. AP

B C R The Associated Press

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ULIACAN, Mexico—Argentine soccer legend Diego Maradona said on Monday that he has left his off-the-pitch issues behind as he was formally introduced as the new coach of Mexican second-tier club Dorados de Sinaloa.

Visibly jovial during a news conference at a luxury hotel in the Sinaloa state capital, Culiacan, Maradona assured Dorados fans that he didn’t come to Mexico for a vacation.

“We are all judged, and we think we have the word of truth, but how many people are there here who do worse things than us and don’t end up in any newspaper?” Maradona said. “I came here to work, and I came to give my heart.”

Maradona surprised the international soccer world last week

by signing a deal to manage Dorados, which is in the lower half of Mexico’s second division. The 57-year-old has publicly struggled in the past with drug and alcohol addiction, and analysts criticized his choice of club in a city considered the heart of the Sinaloa cartel, one of Mexico’s most powerful drug-smuggling gangs.

But Maradona said his partying days are in the past.

“Emotionally, I feel that I’m in the best moment of my life. I am well with my children and only a minor problem with an ex,” he said, laughing.

“I want to give Dorados what I lost when I was sick.... I have been for about 14 years, and today I want to see the sun, and I want to go to sleep at night,” Maradona continued. “Before, I didn’t go to sleep, and I didn’t even know what a pillow was. That’s why I accepted the offer from Dorados.”

Maradona, one of the sport’s all-time greats, was suspended by

TIGHT FIX Oakland Raiders running back Marshawn Lynch carries the ball into the end zone for a touchdown as Los Angeles Rams linebacker Cory Littleton (58) tries to stop him during the first half of their National Football League game against the Los Angeles Rams in Oakland, California, on Monday. The Rams won. 33-13. AP

Fifa after testing positive for cocaine in 1991 and also tested positive for doping during the 1994 World Cup. He was later hospitalized in 2000 and in 2004 for heart problems attributed to cocaine use.

His erratic behavior captured headlines this summer at the World Cup in Russia, where he made an obscene gesture with both middle fingers after Argentina scored a late winner to defeat Nigeria, 2-1.

He was also seen pulling his eyes into slants while gazing at a South Korean fan, and was captured on video in a seemingly inebriated state.

Maradona’s contract with Dorados is reportedly worth $150,000 a month, which would make him the second-highest paid coach in the country, despite previous uneven results.

He took the Argentine national squad to the quarterfinals at the 2010 World Cup, and later managed Al Wasl and Al-Fujairah clubs in the United Arab Emirates.

“They say I have not won titles, but I have a promotion, man,” Maradona said in reference to Al-Fujairah’s ascension to the top flight in UAE. “Don’t put zeros when you talk about my career as coach.”

Maradona resigned from Al-Fujairah in April after failing to earn automatic promotion, which comes with finishing in the top two spots; the club later won a playoff without him on the bench to ascend to the first division.

He accepted a role as honorary president for the Belarus premier team Dinamo Brest in July before promptly departing for Argentina.

“I am going to talk now to the people of Culiacan and tell them that we did not come for fun, we did not come for vacation,” Maradona said. “We came to work and to lend a hand to the boys. If the people are with us, and with what I can inject emotionally for the players, it is going to be hard to beat us.”

His debut with Dorados comes on September 17, at home against Cafetaleros de Tapachula. Soccer fans in Lima, Peru, meanwhile, clashed with members of an evangelical church on Monday in a dispute over who owns a sprawling plaza in front of the main entry to a stadium. Hundreds of members of The Upper Room church wearing yellow construction helmets arrived in buses early in the day and began painting walls, covering over images of famed players from Alianza Lima, one of Peru’s most historic clubs.

Soccer fans soon arrived, and the two sides clashed. Police used tear gas to break up the confrontation.

Police Chief Gaston Rodriguez said two of the fans were detained, and one of the church members was injured.

The club said in a news release that it has owned the plaza for 40 years. But church attorney Sandro Balbin said the church has been the registered owner of the property since 2016.

The area is now used for concerts, parking and a gathering place for fans. The Upper Room, which has thousands of members across the country, wants to hold worship services there.

INNEAPOLIS—The Minnesota Timberwolves have signed free agent forward Luol Deng, the latest former Chicago Bulls player to reunite with Coach Tom Thibodeau.

Deng’s one-year deal is for the minimum salary of $2.4 million for a player with his experience, according to a person with knowledge of the contract who spoke to The Associated Press on condition of anonymity because the team does not release terms.

Deng will join former Bulls teammates Jimmy Butler, Taj Gibson and Derrick Rose in Minnesota. They all played for Thibodeau with Chicago, too.

Just two seasons into a four-year, $72-million contract with the Los Angeles Lakers, Deng was waived on September 1 in a buyout move that allowed them to spread the final season of that albatross deal over a three-year span of the salary-cap limit.

The contract was a remnant of the administration of former Lakers basketball boss Jim Buss and general manager Mitch Kupchak, the duo that was dismissed seven months after handing out hefty deals to Deng and center Timofey Mozgov that didn’t pan out.

Deng appeared in 56 games during his first season with the Lakers, but he played in just one game in 2017-2018 with Magic Johnson and Rob Pelinka in charge of the front office. He appeared in the opener before dropping out of the rotation and eventually spending long stretches away from the team, an awkward fit for Coach Luke Walton’s fast-paced system. Deng requested a buyout or a trade, but the Lakers found no takers for the 33-year-old and didn’t want to absorb the salary-cap constraint of waiving him during the season.

Deng debuted with the Bulls as a 19-year-old in 2004, when the native of South Sudan was the seventh overall pick in the draft out of Duke. Deng played 10 seasons for Chicago, including three-and-ahalf for Thibodeau, but Minnesota will be his fifth team in six years.

The 6-foot-9, 220-pound Deng has a career average of 15.0 points per game on 45.5 percent shooting from field-goal range, to go with 6.1 rebounds per game. He was picked for two All-Star games during his time with the Bulls and has participated in the postseason seven times, once with the Miami Heat.

With the Wolves, who ended a 13-year absence from the playoffs last spring, Deng will likely be more of a spare player for locker room support than a significant contributor on a team with a glut of forwards. Behind Andrew Wiggins and Gibson are Anthony Tolliver and rookie Keita Bates-Diop.

Though the assembly of “Timber-Bulls” by Thibodeau has become an Internet meme, all of the ex-Chicago veterans have performed well since they arrived in Minnesota. Butler was an All-Star in his first season, and Gibson gave the starting lineup a major upgrade with his toughness, rebounding and scoring while playing in all 82 games. Even Rose, the 2011 NBA Most Valuable Player award winner who hasn’t been the same since then, provided valuable minutes off the bench.

Restricted free agent forward Rodney Hood, meanwhile, has resigned with the Cleveland Cavaliers.

Hood joined the Cavaliers at the trade deadline last season, coming over from Utah. The 6-foot-8 Hood was offered a $3.4-million qualifying offer from Cleveland in June and agreed to sign it over the weekend.

He’ll be an unrestricted free agent next summer.

Hood made 11 starts and played in 21 regular-season games for Cleveland, averaging 10.8 points and 2.6 rebounds. In 17 playoff games, he averaged 5.4 points and 1.8 rebounds as the Cavaliers made it to the Finals for the fourth year in a row.

He began the postseason in Coach Tyronn Lue’s starting lineup but lost playing time and then caused some drama when he refused to enter a blowout win.

Hood could have a larger role this season following LeBron James’s departure as a free agent. AP

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Provident God

ROVIDENT God, You empowered Saint Clare to dedicate herself to You in prayer and service to the sick. Fill us with Your spirit as we pray: Teach us Your ways, Oh God. You remove our transgressions; renew efforts at reconciliation between nations in conflict. You show compassion on Your children; empower parents to guide their children with patience, care and wisdom. You remember Your covenant; deepen our love for You and for one another. May God animate us to live our days in love, by the working of the Holy Spirit. 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

BOX OFFICE: WITH ‘THE NUN,’ WARNER BROS.’ WINNING STREAK CONTINUES D3

Wednesday, September 12, 2018

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Apple can avoid tariffs by shifting production to US By daVid KoeniG The Associated Press US President Donald J. Trump concedes that some Apple Inc. products may become more expensive if his administration imposes “massive” additional tariffs on Chinese-made goods, but he says the tech company can fix the problem by moving production to the United States. “Start building new plants now.

Exciting!” Trump said on Saturday in a tweet aimed at the Cupertino, California-based company.

This week Apple said that a proposed new round of $200 billion in additional tariffs on Chinese imports would raise prices on some of its products, including the Apple Watch and the Mac mini.

The company is highly exposed to a trade war between the United States and China. It makes many of its products for the US market in China, and it also sells gadgets including the iPhone in China, making them a potential target for Chinese retaliation against the Trump tariffs.

Trump tweeted on Saturday that “Apple prices may increase because of the massive Tariffs we may be imposing on China—but there is an easy solution where there would be ZERO tax, and indeed a tax incentive,” if the company made its products in the US instead of China.

Apple didn’t immediately respond to a request for comment. The company has not announced plans to move manufacturing from China to the US.

In its letter this week to the Office of the US Trade Representative, Apple said that “because all tariffs ultimately show up as a tax on US consumers, they will increase the cost of Apple products that our customers have come to rely on in their daily lives.”

The company said tariffs would hit “a wide range of Apple products,” including computers, watches, adapters, chargers and tools used in its US manufacturing, repair and data centers. Apple said the tariffs would raise the cost of its US operations and put it at a disadvantage to foreign rivals.

The White House has accused China of stealing US intellectual property and forcing American companies to share their technology with Chinese companies. The tariffs would pressure China to stop

IN this January 15, 2004, file photo, Google cofounders Larry Page (left) and Sergey Brin pose for a photo at their company’s headquarters in Mountain View, California.

Twenty years after Page and Brin set out to organize all of the Internet’s information, the search engine they named Google has morphed into a dominating force in smartphones, online video, e-mail, maps and much more.

that behavior, the administration has said. Apple said “it is difficult to see” how tariffs would advance the government’s goal.

The presidential tweet is the latest salvo in a dispute between the Trump administration and companies that fear tariffs will hurt their business.

The Trump administration has imposed tariffs of $50 billion on imports from China, mostly equipment and material used by manufacturers.

CEO Tim Cook said in July that those measures had no effect on Apple. The company is concerned, however, about the Trump administration’s proposal to add 25-percent duties on another $200 billion in Chinese goods, including a wider assortment of consumer-related items.

UNLIMITED WI-FI JOY AT THE SHANG

AP

As Google turns 20, questions over whether it’s too powerful

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By miChaeL LiedtKe The Associated Press

AN FRANCISCO—Twenty years after Larry Page and Sergey Brin set out to organize all of the Internet’s information, the search engine they named Google has morphed into a dominating force in smartphones, online video, e-mail, maps and much more.

That resounding success now has regulators and lawmakers around the world questioning whether the company has become too powerful as its ubiquitous services vacuum up sensitive information about billions of people hooked on its products.

Google’s search engine remains entrenched as the Internet’s main gateway, and its digital advertising business is on pace to generate about $110 billion in revenue this year. Much of that revenue now flows through Google’s Android operating system, which powers 80 percent of the world’s smartphones. Google also runs the biggest video site in YouTube, the most popular Web browser in Chrome, the top e-mail service in Gmail, and the maps that most people use to get

around. Not bad for a company that started 20 years ago on Friday with an initial investment of $100,000.

Google and its sibling companies operating under the umbrella of Alphabet Inc. are now worth $800 billion.

Although Google wouldn’t comment for this story, the company has repeatedly pointed out that its mostly free products are so widely used because people like them.

Google’s success often draws comparisons with Microsoft. By 1998, the year Google started, US regulators had become so concerned about Microsoft’s power through its Windows operating system that they had begun to explore a forced breakup. Although Microsoft remained intact, the multiyear battle with the US government and other disputes with European regulators hobbled and distracted Microsoft, helping to propel the rise of Google and Apple.

Google is now confronting the same potential fate.

“Google is in the government’s crosshairs,” said Ken Auletta, who was given inside access to the company while writing his 2009 book, Googled: The End of the World As We Know It. “This company once had a certain glow to it, but it is losing its halo.”

Just this past week, Google raised hackles in Congress by refusing to send Page or its current CEO, Sundar Pichai, to a hearing on Russian manipulation of Internet services to sway US elections.

Congressional officials left an empty chair while top executives from Facebook and Twitter appeared.

Offended lawmakers derided Google as “arrogant.”

The European Commission already has imposed fines totaling $7.8 billion after concluding the company had unfairly used its search engine to highlight its own services and illegally bundled together its products in Android.

Google has denied any wrongdoing, but that hasn’t discouraged European regulators from looking into other possible abuses. US President Donald J. Trump and some US regulators are now raising the possibility of opening new investigations into Google’s business and privacy practices five years after the Federal Trade Commission decided the company was mostly complying with the laws.

It all paints a picture of a company that may spend the next decade fighting to protect the empire it built during its first two decades. n

OLX official media partner of Cebu Auto Show 2018 THE world’s leading online classifieds platform, OLX is joining the prestigious Cebu Auto Show (CAS) 2018 to be held from September 14 to 16, from 10 am to 8 pm, at the SM Seaside City Cebu’s Sky Hall.

“We at OLX are happy to team up with Worldbex Services International, a leading exhibition and events company that has been staging motor shows in Manila and Cebu for years,” says Raffy Montemayor, OLX Philippines general manager. “It’s exciting to be part of the biggest car show in the region, where the automotive market is vibrant. On the OLX platform, around 3,000 auto listings are posted per month in Cebu.

We’re glad to be present in the Queen City of the South alongside a valuable partner.”

“It is a delight to have a global company and premier online buy-and-sell platform OLX onboard as a partner for CAS. Together, we are pushing the boundaries of auto trade presentation in the Visayas region,” says JR Ang, Worldbex Services International marketing director.

Visitors of the OLX booth will get a chance to win exciting prizes and take home freebies. Download the OLX app and register onsite. Participate in the games or join the raffle by following the OLX PH Facebook page (www.facebook.com/olxph/) and OLX

PH Instagram account (www.instagram. com/olxph/). Take a photo at the OLX wall and upload it on your social-media accounts with the hashtag #OLXatCAS2018. Raffle winners will be selected every day.

The 11th Cebu Auto Show, one of the regional events by Worldbex Services International, will have a total of 44 booths by seven automobile brands, two motorcycle brands, and auto

parts and car accessories sellers. Admission is free. For information, visit Cebu Auto Show’s Facebook page.

PREMIER shopping and lifestyle destination Shangri-La Plaza matches its broad selection of stores, dining options and services with fast, reliable and—better still—free Wi-Fi now available 24/7 to mallgoers, providing unlimited connection all day, every day.

This gives guests the convenience of checking their e-mail and social-media accounts, chatting with friends via messaging apps, and sharing pictures and posts about their visit to The Shang in real time.

“Wi-Fi accessibility is a necessity in today’s world,” says Lala Fojas, general manager and EVP. “Besides keeping us informed, the Internet allows us to stay connected not just with the people who matter in our lives but with the rest of the world. Providing fast and reliable Wi-Fi service in the mall makes each visit to the Shang all the more enjoyable and complete.”

With this service, fashion-savvy and beauty-addicted millennials now have a world of shopping advice and resources at their fingertips. As they scour the boutiques and brands at the mall for the best and trendiest finds, they can ask their whole barkada for their opinions on their group chat, create Instagram surveys to decide between purchases, search for online reviews and swatches on their lipsticks of choice, and even post their #OOTDs right away.

Meanwhile, whether you’re running a quick errand during your coffee break or looking for a quiet corner to work on a presentation, you can always stay connected thanks to The Shang’s free Wi-Fi all day. Busy executives from nearby offices can keep tabs on their e-mail or send quick reminders while they’re at the mall. You can even choose any of the great restaurants as a satellite workspace, and even hold meetings (in person or via Skype) in your favorite coffee houses.

At The Shang, Viber conversations never have to stop, moms can share photos and videos of their little ones as they play, TV junkies can catch up on the Netflix shows their friends are already talking about, and shopaholics can show off their latest wares on social media.

To access free Internet at The Shang, simply connect to the Wi-Fi network #Shangri-La Plaza on your mobile phone or gadget. Enter and verify your mobile number, select All Day Access to Wi-Fi, type out the information requested in the Register page, then tap the “I Agree” button. For succeeding visits to the mall, tap the “Go” button to access Wi-Fi service.

For more information, call 370-2597/98 or visit www. facebook.com/shangrilaplazaofficial.

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Pet Corner BusinessMirror

Wednesday, September 12, 2018

Protect birds by reining in cats

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By Katherine Roth The Associated Press

LTHOUGH some cat owners still let their pets roam free, the felines are a leading cause of bird mortality, and bird and cat proponents agree that both species are safer if cats are reined in.

The good news is that cat owners are, increasingly, keeping their felines enclosed.

“The cat realm is catching up to the dog realm in this,” says Danielle Bays, community cats program manager for The Humane Society of the United States. The number of cats kept indoors has increased dramatically in recent years, she says.

Cats kill an estimated 2.4 billion birds in the

United States and Canada every year, according to researchers from the Smithsonian and the US Fish and Wildlife Service. Worldwide, they’ve contributed to the extinction of dozens of species of birds, researchers say. Besides birds, cats also are a serious threat to many small mammals and other wildlife.

“The single best way to protect birds from cats is to keep cats indoors. This is safe for birds and other wildlife as well as safer for the cats. Indoor cats are less susceptible to disease, vehicle collisions, or attack from a larger predator,” says John Rowden, director of community conservation for the National Audubon Society.

Bays says the Humane Society doesn’t see it as a cat-versus-bird debate, but as a win for both groups.

“We promote keeping cats indoors, on a leash or in

the festival with them.

The couple heard that dogs are good pets to help heal from post-traumatic stress, Joseph Johnson said, and they picked out a Labradoodle named Jax. The comfort dog was for themselves and their two children, who weren’t at the concert but saw the news coverage and knew their parents had been shot at.

“He was such a blessing,” Joseph Johnson said of Jax. “He gave us something to look forward to. I really believe Jax was a big part of our healing.”

Early Sunday they heard gunshots.

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Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Ryan Potter, 23; Emmy Rossum, 32; Jennifer Hudson, 37; Benjamin McKenzie, 40.

an enclosure. We find more and more people opting for walking cats on a leash, or putting in a catio,” says Bays. Catios are screened-in outdoor enclosures, often featuring shelves or ramps, intended as safe outdoor areas for pet cats. Catios vary widely in size and style, and some even have room for people, too. There are catio kits and building designs available online.

Bays says catios are a good option for cats who dash out the door at every opportunity.

They don’t have to be fancy. “Even a windowbox catio can be helpful,” she says. “There are also portable, pop-up catios, and catios for apartment balconies.” When Bays and her coworkers built a catio in her backyard, she says, the neighbors were fascinated and joined in to help.

“There are still some people who insist their cats should roam free. But it’s important to remember that people also used to let their dogs roam free. It’s no longer common for pet dogs, and cat owners are also coming around to that,” Bays explains.

“We don’t allow dogs to be feral, and that goes for cats as well,” adds Grant Sizemore, director of invasive species programs at the American Bird Conservancy, a nonprofit organization devoted to conserving native birds and their habitats.

The organization’s national Happy Cats Happy Birds initiative is one of a number of national resources designed to benefit both populations. The initiative focuses on outreach, education and advocacy to keep cats contained.

The Humane Society’s Community Cats Program also works to reduce the number of cats roaming wild. The program is designed to “humanely trap, neuter and return” stray cats to the area where they were picked up. The cats are given an ear clip—a visual identifier that they’ve been spayed or neutered and vaccinated.

“The idea is that over time, the population will be reduced humanely, protecting wildlife as well as cats,” Bays says. “When we get people in a community involved in monitoring the situation, we can spot kittens and new cats as soon as they show up.”

She urges anyone who spots stray cats to contact a shelter or the Community Cats Program.

In addition to keeping cats from roaming, Rowden says people can help native bird populations by planting native plant species and keeping outdoor lighting to a minimum, especially during seasonal migrations. “Audubon’s Plants for Birds database is a tremendously helpful resource for anyone who wants to help birds. Simply by putting in their ZIP code, users can get a list of plants native to that region, along with the birds they’ll attract and shelter, as well as local Audubon resources to help with any questions or plant sourcing,” he explains. n

Family that survived Vegas attack says comfort dog was shot BELLINGHAM, Washington—A Washington state family that survived the mass shooting last year at a Las Vegas concert says a neighbor shot and killed the dog they got to deal with stress and anxiety from the attack.

The neighbor was cited by police for recklessly firing a gun and declined to comment. The Bellingham Herald reported that Lona and Joseph Johnson were at the Route 91 Harvest Music Festival in October when a gunman shot and killed 58 people and injured hundreds of others.

Among the wounded was their cousin, Melinda Brockie, who attended

www.businessmirror.com.ph

They say a neighbor in their rural northwest Washington community shot and killed Jax. The Whatcom County Sheriff’s Office said it cited the neighbor, 49-year-old Odin Maxwell, for recklessly discharging a firearm. The sheriff’s office reported that Maxwell said the dog had been chasing his chickens. Investigators turned up no evidence that any chickens had been hurt.

Maxwell, a workers compensation lawyer in Bellingham, declined to comment to The Associated Press on Thursday.

The Johnsons said they had not had any previous dealings with Maxwell, and Joseph

Johnson said a nephew even returned one of Maxwell’s chickens unharmed after it came onto their property only days before the dog was shot.

He said the couple is considering suing Maxwell. They also plan to host a 5K run for people with their dogs to raise awareness about animal cruelty.

“We’re pretty upset and hurt right now,” Lona Johnson said. “It triggered a lot of PTSD for our family. We’re still trying to deal with what happened in Las Vegas, and then this happened. Everybody who knows us knows how important Jax was to us.” AP

HAPPY BIRTHDAY: Make noise if you don’t like what’s happening. You have a voice and some pretty good ideas that can change the way things unfold this year if you share your input. Trust in your knowledge, experience and ability to get things done instead of waiting for someone else to take over. Make this your year to excel. Your lucky numbers are 2, 14, 23, 26, 35, 41, 44.

a

ARIES (March 21-April 19): Consider every angle before you decide to make a change.

Don’t let temptation get the better of you. Stand firm when dealing with responsibilities and assigning who will take care of what. Avoid insult or injury by distancing yourself from unpredictable individuals.

HHH

b

TAURUS (April 20-May 20): Use your resources and imagination to help deal with anyone who poses a problem for you.

Have your facts straight and ready to share with anyone tempted to make your life difficult. HHH

c

GEMINI (May 21-June 20): Keep busy. Idle time will lead to disagreements and face-offs with people who want to make you look bad.

Concentrate on what you want to accomplish, and don’t let criticism or complaints tempt you to say something you’ll end up regretting. HHH

d

CANCER (June 21-July 22): Make changes that will bring you comfort or add to your convenience. How you handle situations involving peers will make a difference in your career choices in the not-too-distant future. HH

e

LEO (July 23-Aug. 22): Temptation will be your downfall. Don’t make changes that are costly or not fully considered. Be willing to do the work yourself. Minor mishaps will occur if you get into an argument with someone looking for a fight.

HHHH

f

VIRGO (Aug. 23-Sept. 22): Set up meetings, discuss plans and make changes that will further your cause, purpose or plans. Getting along with others will help you gain support. Listen attentively and work diligently to secure your position, reputation and relationships with important people. HHH

g

LIBRA (Sept. 23-Oct. 22): Take on only what you know you can handle. It’s better to do one job perfectly than to do several adequately. Focus on precision, detail and substance.

Don’t let complaints and criticism get to you. HHH

h

SCORPIO (Oct. 23-Nov. 21): Don’t get angry; be proactive. If something doesn’t sit right with you, do something about it.

Don’t let anyone push you or take advantage of you.

Do whatever it takes to maintain your integrity and your reputation. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Finish what you start and leave nothing undone.

Taking care of your responsibilities will make it difficult for anyone to complain or make you look bad.

Don’t trust hearsay or get involved in gossip. HHHH

j k

CAPRICORN (Dec. 22-Jan. 19): Test the water before taking a risk that may not be in your best interest. Trust in yourself and the plans you feel will bring you the best returns. HHHH AQUARIUS (Jan. 20-Feb. 18): You’ll get fired up easily if someone causes you emotional stress. Calm down; listen to all sides of a situation before making an adjustment.

Moderation and keeping the peace will be in your best interest. Walk away from erratic individuals. HH

l

PISCES (Feb. 19-March 20): Set your sights high and make your intentions clear.

You can make a lot of progress if you are open about the end result you want to see take place.

A personal relationship will improve if you make a promise. HHHHH BIRTHDAY BABY: You are progressive, industrious and intense.

You are innovative and insightful.

‘placement test’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Plotting group 6 Pond organism 10 Ancient Egyptian bird 14 Avoid some syllables 15 Water vehicle 16 Worst possible attendance 17 Be a family man X 2?

20 U-turn from more 21 Somerset House display 22 Carpenter pencil’s lack 23 Deli concoction 24 Eating rats?

25 Witch’s laugh 29 Program errors 30 Personal emanations 31 One direction 32 Mass-ive place?

36 Be competitive in a race 39 Freight-car hopper 40 Party mix morsels 41 Event locale 42 Singer Redding 43 Attacks from all sides

4 Holy Roman and others 4 48 Man in a big house?

49 Earth mover?

50 Thing measured in cups 51 Biting pest 55 Not use your head?

58 Spot to be marooned 59 Unrivaled rating 60 Music source 61 Famed loch 62 Litter’s littlest 63 Like tough hills to climb DOWN 1 Prison unit 2 Safe nautical direction 3 Prejudice 4 Is mathematical 5 Animal’s pasture 6 Cancel like Nasa 7 Ill-mannered one 8 Talk it up 9 Talk it up how?

10 Newish relative 11 Idaho’s capital

2 Extrapolate 1 13 Lifeline readers 18 Valley or vale 19 Pitching stats 23 Used a Breathalyzer 24 Sudden wind blasts 25 Wallet contents 26 Common vehicle 27 Malleted food 28 Deck out in the ring?

29 Thai bills 31 Sewing cases 32 Planet of the ___ 33 French door feature 34 Bunny tail 35 Barely gets by 37 Time between WWI and WWII 38 Not bumpy at all 42 Cookie brand 43 Wild pig 44 Small and delicate 45 Alaskan creature 46 Burial garments 47 Takes it easy

8 Olive oil container 4 50 German city 51 Act or deed 52 Employ a big dipper 53 Lake near Progressive Field 54 Riding piggyback 56 Person nearly finished with a puzzle 57 Brief time measures Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Wednesday, September 12, 2018

A SPINOFF of a character seen in The Conjuring 2 and set in 1952 Romania, The Nun scared off Crazy Rich Asians to take the No. 1 spot in the North American boxoffice chart, pulling in an estimated $53.5 million on its opening weekend.

BLIND SPOT BRUCE C.

READY FOR A REVELATION

WHILE many issues related to LGBTQA have already been settled in different countries, that’s not the case in the Philippines, particularly in show business.

Here, it’s still acceptable to call an actor “gay” in a mocking manner. That said, sometimes you can’t blame actors and actresses for keeping their sexuality a secret. They don’t want to be mocked. The young actor doesn’t deny that he’s gay. If you meet him in person, he doesn’t try to act manly at all. He has told his fans that he’s gay. The only problem is that his home studio and his management have told him to lie low in terms of his sexuality. This actor was caught in a cuddling session with a more famous colleague in the past. Nothing happened beyond that but it’s just surprising that they had a thing.

SLEEPING HER WAY TO THE TOP

THIS executive likes to tell people that she’s busy with work. But where she works, she is known as the woman who slept her way to the top; as the person who doesn’t hesitate to use sex to get what she wants.

In between her last two boyfriends, the executive managed to squeeze in a short affair with a married politician, who financed some of her trips abroad. The politician is married to a beautiful and accomplished woman, who should receive a medal for being a loyal and patient wife. The executive, on the other hand, hasn’t been exposed because she has connections and her company is powerful.

With ‘The Nun,’ Warner Bros.’ winning streak continues

A FAMILY OF MOOCHERS

THE celebrity’s wife and her family will be his undoing, if rumors are to be believed. The wife’s family has no source of income and the actor has to support them. This is on top of the debts incurred because of their grand wedding. This is all okay if the celebrity and his wife have steady work but they don’t.

You’d imagine that the celebrity would tell his wife and her family that money doesn’t grow on trees, so to speak, but he can’t. Some say this is the celebrity’s karma for cheating on his ex and dumping her.

NOT A GOOD ENDORSER

THE actor is handsome, has a great physique and all other physical attributes that, technically, would make him a big star. But he’s still not a star or even a sought-after endorser. That’s because as an endorser, the actor, to put it mildly, sucks. He has to be reminded to post his endorsements on social media. If he does post, the captions are done haphazardly and without any love or loyalty to the brand that he endorses. He has been dropped by one or two brands that he used to endorse for this reason.

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By Lindsey Bahr The Associated Press

OS ANGELES—The horror movie The Nun has topped the domestic box office in its first weekend, scoring a best for the Conjuring franchise and another win for Warner Bros.

Studio estimates on Sunday say the Demian Bichir and Taissa Farmiga-led film brought in $53.5 million from 3,876 North American theaters. Internationally, it banked $77.5 million for a massive $131-million global debut. The movie, a spinoff of a character seen in The Conjuring 2 and set in 1952 Romania, cost only $22 million to produce.

Before The Nun, the largest opening in the Conjuring universe, which includes the Annabelle films, was The Conjuring’s $41.8 million launch.

“The subject in the title The Nun just gets a bigger broader audience,” said Jeffrey Goldstein, Warner Bros.’ president of domestic distribution.

Opening weekend audiences were heavily

Hispanic (35 percent), according to exit polls, and significantly higher than other films in the series.

The Conjuring, for instance, attracted a 17 percent Hispanic audience.

This marks the fifth consecutive weekend that a Warner Bros. movie has held first place domestically, following in the successful footsteps of Crazy Rich Asians and The Meg. It’s also the fourth that the studio has held the first and second place spots which is the first time this has happened in the industry in over 25 years. The last time was in 1989 when Universal Pictures had Sea of Love, Uncle Buck and Parenthood.

“The calendar has 12 months and 52 weeks,” Goldstein said of the industry-leading streak.

“We had gotten a fair amount of criticism for what our release schedule looked like in the summer, but I kept on saying it’s not about summer, it’s about the whole year.”

The Nun effectively scared Crazy Rich Asians into second place for the first time in its four-week run.

The rom-com added $13.6 million, bringing its total North American earning to $136.2 million.

Third place went to the R-rated Jennifer Garner revenge movie Peppermint, from STXFilms, which debuted on a par with expectations to $13.3 million.

“Peppermint was a movie that was meant to give a completely different option to The Nun,” said Paul Dergarabedian, a senior media analyst for box office tracker comScore. “The Nun was just this overwhelming juggernaut.”

And holdovers rounded out the top 5 with The Meg in fourth with $6 million and Searching in fifth with $4.5 million.

Despite The Nun’s strong performance, the weekend is down nearly 30 percent from last year when It scored a record-breaking opening, but the

year overall is still up 9.5 percent.

“Look out,” Dergarabedian said. “This could be the biggest box office year ever.”

Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore.

Where available, the latest international numbers for Friday through Sunday are also included.

1. The Nun, $53.5 million ($77.5 million international) 2. Crazy Rich Asians, $13.6 million ($5.6 million international) 3. Peppermint, $13.3 million ($1.4 million international) 4. The Meg, $6 million ($11.3 million international) 5. Searching, $4.5 million ($7.5 million international) 6. Mission: Impossible—Fallout, $3.8 million ($38.6 million international) 7. Christopher Robin, $3.2 million ($2.5 million international) 8. Operation Finale, $3 million 9. BlacKkKlansman, $2.6 million ($3.7 million international) 10. Alpha, $2.5 million ($6.3 million international).

Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore: 1. The Nun, $77.5 million 2. Mission: Impossible—Fallout, $38.6 million 3. The Meg, $11.3 million 4. Searching, $7.5 million 5. Ant-Man and the Wasp, $7 million 6. The Equalizer 2, $6.5 million 7. Alpha, $6.3 million 8. Mamma Mia! Here We Go Again, $5.9 million 9. Hotel Transylvania 3: Summer Vacation, $5.8 million 10. Incredibles 2, $5.7 million. n

Jessica Soho underscores value of ‘The Story’ as she receives Gawad Plaridel Award REFERRING to herself as “a promdi, or a small town girl, who made good,” GMA News’s prized anchor Jessica Soho underscored the value of “The Story” as she humbly accepted her Gawad Plaridel Award for Journalism, conferred to her by the University of the Philippines on August 29. She is the first UP College of Mass Communication alumna to receive the award.

Speaking emotionally in front of an audience comprised of students from various universities, UP officials and many members of Soho’s GMA News and Public Affairs family, Soho said she cannot overemphasize enough how The Story is the reason why she is in media.

“The Story is what we’re really here for, the reason for our being, if you will, and what we should all continue working hard for—to get it right,” she shared. “Some people may think there is a dichotomy or a difference between being a Filipino and being a journalist but I don’t. I am both: I am a Filipino journalist and I am not torn between public interest and the truth,” Soho said.

She added that through the years, she learned the value of upholding the truth no matter what. And that defending the integrity of The Story is now, more than ever, crucial. “We need more of this in these perilous times when journalism and journalists are under attack by those who try to discredit us and undermine our credibility,” she said.

She pointed out that fake news is just a deliberate distortion of truth and reality, and that what’s scary is that fake news has been weaponized and has become so powerful.

But she was quick to say that there is hope. “The

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GMA News’s Jessica Soho was conferred the Gawad Plaridel Award for Journalism by the University of the Philippines on August 29. Soho is the first UP College of Mass Communication alumna to receive the award.

PHOTO COURTESY OF UNIVERSITY OF THE PHILIPPINES

only antidote to fake news is The Truth. The Story.”

As such, she urged millennials in the audience to fight fake news by being more discerning. “Don’t believe anything just because it’s been repeated or retweeted or liked a million times. It is never a popularity contest. The truth is determined not by algorithms but by facts and facts alone.”

Soho currently anchors GMA News TV’s flagship newscast State of the Nation with Jessica Soho (SONA). She also hosts the top-rating magazine show Kapuso Mo,

SOHO (second from left) receives the Gawad Plaridel Award for Journalism from the University of the Philippines.

In photo, as well, are (from left) Dr. Nicanor Tiongson, professor emeritus, UP Film Institute; Dr. Michael Tan, chancellor, UP Diliman; Dr. Elena Pernia, dean, UP College of Mass Communication; and Dr. Jose Wendell Capili, assistant vice president for Public Affairs, and director of UP Office of Alumni Relations.

Jessica Soho on GMA and is the chief correspondent/ host of the investigative news magazine program Brigada on GMA News TV. Soho—who is widely regarded as the mosttrusted and most-awarded broadcast journalist in the country—becomes the 14th person to receive the UP Gawad Plaridel, joining the ranks of Eugenia DuranApostol (2004), Pachico Seares (2008) and Jose Lacaba (2013). She also recently received the History Maker Award during History Con 2018 for her significant

contribution to the nation’s life and culture.

Aside from being the first Filipina recipient of the highly acclaimed George Foster Peabody Award, Soho is also the first and only Filipino broadcast journalist to have been nominated and to have won the bronze medal in the prestigious New York Festivals “World’s Best TV and Films” Competition in the Best News Anchor category.

She is a seven-time recipient of the Most Trusted News Presenter Award of Reader’s Digest Asia.

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Wednesday, September 12, 2018

www.businessmirror.com.ph

For luxury groups, a changing landscape FROM left: FamilyMart Vice President of Operations Norio Suwa, Starlite Ferries Inc. Chief Operating Officer Irwin Montano, FamilyMart General Manager Roald Johann Yap and Starlite Pacific Master Capt. Eugenio Catiwa

YOUR favorite one-stop shop opened its first stores at sea in three Starlite Ferries—MV Starlite Pioneer, MV Starlite Pacific and MV Starlite Jupiter.

FamilyMart sets sail with Starlite Ferries EMBARK on a hassle-free journey and experience waves of fun and excitement as FamilyMart (www. familymart.com.ph) partners with Starlite Ferries to serve passengers aboard.

Your favorite one-stop shop opened its first stores at sea in three Starlite Ferries—MV Starlite Pioneer, MV Starlite Pacific and MV Starlite Jupiter. Starlite is one of the top choices of passengers across the country because of its excellent customer-centered, safe, comfortable, and eco-friendly marine transport service. As a company accredited by the International Maritime Organization, compliant with the International Safety Management Code since 2001, it continues to go the extra mile in giving the best marine transportation service to its passengers.

The new Starlite Ferries FamilyMart stores provide passengers with a wide array of food and household brands, which they can enjoy while traversing Luzon and the Visayas by the sea.

By Elizabeth Paton & Vanessa Friedman New York Times News Service

O

N a sunny day in June, scores of suited men and women found themselves in a low-rise building on the outskirts of Florence, Italy, walking by bright handpainted murals of birds of paradise, wildflowers and dreamy-eyed women wearing turbans, t-shirts and rhinestone-encrusted sunglasses.

The location? The new Gucci ArtLab. The occasion?

An investor day for Kering, Gucci’s parent company, with Marco Bizzarri, the chief executive of Gucci, taking on a starring role in front of the assembled crowd. His topic: A master plan to make Gucci the largest luxury brand in the world.

“It’s not a question of if,” he said, “but when.”

The brand had just posted record annual sales of €6.2 billion ($7.1 billion) in 2017, a 45-percent increase from the prior year. Now it planned to reach €10 billion in annual sales and a 40-percent operating margin by 2019.

To do so, Kering, which has holdings in fine jewelry and watches as well as fashion, confirmed a wider strategy already under way to narrow its focus to five of its premium houses: Gucci, Saint Laurent, Balenciaga, Alexander McQueen and Bottega Veneta.

The implications of such a shift are becoming increasingly clear. They reflect not only a strategic housecleaning at Kering, but also the quiet reorganizations that have been taking place at LVMH Moët Hennessy Louis Vuitton and Richemont, as the world’s three biggest luxury groups prepare for what may be a new stage of acquisitions and consolidation.

“This moment signals the end of an important chapter for Kering,” said Thomas Chauvet, head of European luxury goods equity research for Citibank.

“After almost 30 years of asset rotations and churning through their portfolio, they have reinvented themselves as a pure luxury player.”

This change in focus has expressed itself in a flurry of hirings, firings and asset disposals over the first part of this year, as Kering reorients its focus away from small and midlevel brand acquisitions—“they have realized these brands need a lot of help and do not move the profit needle at all,” said Chauvet—and toward their Big Five.

First, in January, came the long-anticipated spinoff of the German sports brand Puma, a clear step toward a long-term commitment to luxury that was welcomed by shareholders. Next, in March, it was announced that after a 17-year partnership British designer Stella McCartney would buy back the 50-percent stake that Kering owned in her namesake fashion business. And earlier this month, days after Bottega Veneta said that it had parted ways with longtime creative director Tomas Maier in favor of a 32-year-old unknown, Daniel Lee, Kering

confirmed that it was in talks to sell its 51-percent stake in Christopher Kane back to the British designer and that Maier’s namesake business would cease operations.

These moves followed the divestiture of Sergio Rossi in 2015, and, analysts said, suggest that Brioni, the Italian menswear brand, and Altuzarra, the American womenswear brand in which Kering has a minority stake, might well be next.

“I see it likely that these moves may be a preamble to more meaningful luxury-focused M&A down the road,” Luca Solca, head of luxury goods research at Exane BNP Paribas, wrote in an e-mail, referring to the Kane, Maier and McCartney news.

Recently Richemont, the Swiss luxury group that now owns 17 upscale brands such as Cartier, Van Cleef & Arpels and Montblanc, has disposed of smaller, underperforming labels like Shanghai Tang and Lancel and made a series of key strategic purchases to ramp up its digital retail network. Earlier this month it announced the completion of its takeover of the luxury e-commerce site Yoox Net-a-Porter after an offer of €2.8 billion, along with a deal to buy Watchfinder, a preowned premium watch specialist that sells online and through boutiques.

And LVMH—by far the most dominant of the conglomerates with around 60 brands encompassing

not only fashion, jewelry and cosmetics but also wines and spirits and a market capitalization of €140.4 billion, more than twice the size of either Kering and Richemont—completed the equivalent of a cabinet reshuffle of the menswear lines in its major fashion houses, moving Kim Jones from Vuitton to Dior Men, hiring streetwear star Virgil Abloh as artistic director of Louis Vuitton menswear, and shifting Kris Van Assche from Dior Homme to Berluti.

The moves have increased speculation about avenues for growth.

“As an investor, if you buy Kering right now, you are basically buying Gucci and a fundamentally fashion-focused stock which is more prone to cyclical ups and downs: It remains a risk for investors worried about putting all their eggs in one basket,” said Erwan Rambourg, global co-head of consumer and retail research at HSBC. “If you buy LVMH, you get a buy into a much more balanced and diversified portfolio with a greater spread across product categories.”

Hence the belief in the market that, although the Kering group share price has grown by more than 35 percent this year, its chief executive, François-Henri Pinault, could now be looking for bigger luxury assets with which to capture investor interest, bolstered by recent changes to the French tax code that have improved flexibility around corporate deal-making. n

Pass it on: Booking.com CEO shares insights LAWRENCE CHUA AND SABRINA NG WIN MR. AND MS. G.A.O.C. AT RWM MR. and Ms. Chinatown 2018 candidates Lawrence Chua and Sabrina Ng were awarded Mr. and Ms. GAOC during the Cultural Costume Competition held recently at the Resorts World Manila (RWM). Awarded for their winning smiles, both candidates will become ambassadors of GAOC—the premier dental implant center in the country.

The Mr. and Ms. Chinatown pageant aims to promote the Filipino-Chinese culture, an advocacy shared by GAOC. Photo shows Lawrence Chua (right), Sabrina Ng (left) with Dr. Mary Elizabeth Marigomen from GAOC.

IN “Pass It On,” the Associated Press beat reporters ask executives to share experiences and insights that will resonate with anyone managing a business.

Dee-Ann Durbin recently spoke with Gillian Tans, CEO of Booking.com, which rivals Airbnb for the most listings of rentable homes and hotel rooms—and even has some treehouses available.

Most of its nearly 29 million listings are in Europe, but the company is eyeing growth in the US and China.

Their conversation was condensed for clarity and brevity.

What advice would you give your younger self about managing people or running a business?

I truly believe taking risks are what helped me get to where I am today. When I made the decision to join Booking.com it was based on my belief that the Internet was going to

fundamentally disrupt the travel industry.

GILLIAN TANS, CEO of Booking. com

What have you learned about problem-solving over the years?

We nurture a test-and-learn culture of entrepreneurialism at Booking.com that empowers people to dare to try new things and to not be afraid to fail. Every mistake is an opportunity to learn.

When you take away the fear of making a mistake, it creates an amazingly free and open environment for true innovation and creativity.

How do you manage work-life balance?

Technology has made it easier to stay in touch with my family on the road and, when I am not traveling, I try to stay present when I am home— biking with my kids to school in the mornings before going to the office, enjoying meals together and just discussing the day. AP

Facts about fats COMMERCIAL diets that claim fats are good flavor enhancers and are satisfying, especially when you are on a low-carbohydrate diet, have become popular recently. But nutrition experts warn that most fats can have bad effects on your health.

Here are some facts why fats should be limited or avoided. n BAD FAT VS. GOOD FAT. Fats can be classified into different types. The most dangerous type is trans fats, by-products of a process called hydrogenation.

Healthy oils are transformed into solids to keep them from becoming stale. Trans fats are found in margarine, butter, shortening, lard, baked goods and even fast-food French fries. Any amount of trans fats is not good for your health.

Saturated fats are common in most diets. They are found in red meat, coconut oil, commercially prepared

baked goods, whole milk and other whole milk dairy products. Excessive amounts of saturated fats can also be bad for your health.

Monounsaturated and polyunsaturated fats are considered “good” since they are healthier for the heart. These fats are liquid at room temperature and are found mostly in fish, vegetables, seeds and nuts (almonds, cashews, peanuts and pecans). n FATS CAN CAUSE BAD BREATH. The goal of some fad diets is to get the body into the state of ketosis, a metabolic process where you burn stored body fat for fuel. By eating more fats and very little carbohydrates, the body uses fat for fuel since there is little carbohydrate to burn.

As the body burns fat, it produces ketones in the liver. Ketones are chemical substances that the body makes when it does not have enough insulin in the

blood. When the ketones reach a certain level, the body is in ketosis.

However, when discharged, the ketones stick to urine and breath and give off a bad smell. n FATS CAN LEAD TO KIDNEY STONES AND GOUT. Many low-carbohydrate, high-protein, high-fat diets can increase the amount of protein and uric acid in the body. While the diet itself has not resulted in an increase or decrease in kidney stones, doctors are seeing a new development: patients are eating more meat and fish, which can increase their calcium and uric acid levels and acidify their urine. This may lead to kidney stones. High levels of uric acid can cause gout. n FATS CAN INCREASE THE RISK OF HEART DISEASE. Too much saturated or trans fat may increase inflammation and blood cholesterol levels. This can,

in turn, increase the risk of heart diseases, stroke and Type 2 or adult-onset diabetes, especially when combined with refined carbohydrates. n FATS ARE LINKED TO OBESITY. Fat contains more calories per gram than protein or carbohydrate, so it contributes more to weight gain and, eventually, obesity. Excess weight or obesity can rob you of self-confidence. The social pressure for people to look thin or sexy may create feelings of insecurity, even depression, among those who are overweight.

The bottom line: Fats have been linked to many health risks. Knowing how to separate the good from bad fats can make a difference. Take everything in moderation and stay healthy by exercising regularly and eating a well-balanced diet consisting of fruits, vegetables, lean protein and whole grains. AP

BusinessMirror E1 | Wednesday, September 12, 2018 • Editor : Tet Andolong

CEBU Exchange

Arthaland to embark on major expansion

By Rizal Raoul S. Reyes @brownindio

M

Contributor

AJOR property boutique developer Arthaland Corp. will expand its footprint in the immediate future, according to one of the company’s major executives. “We will be increasing the amount of projects in the next five years,” said Christopher Narciso, the recently appointed executive vice president for project and business development during a business roundtable held at the Bonifacio Global City.

Right now, Narciso pointed out that the boutique developer is focusing on the residential market as it has received warm market response from its past project.

Earlier, it has developed the Arya Residences, a high-end two-tower sustainable condominium development. Arya has the distinction of being the first residential highrise in the country to be registered under the US Green Building Council’s Leadership in Energy and Environmental Design program with the certification goal of Gold. Moreover, Arya Residences is the benchmark development of the Philippine Green Building Council’s Berde (Building for Ecologically Responsive Design Excellence) program.

Narciso said he joined Arthaland because he was looking forward to do green projects as part of his environmental advocacy.

“I’ve always wanted to do sustainable projects, and that was part of the lure of coming to Arthaland,” said Narciso. Sustainable

practices and green buildings have been growing for the last couple of years in the office landscape. “I believe that sustainable practices and green buildings are here to stay,” he added. Narciso further said; “Greenconstruction is going to be a way of life in the future and Arthaland is continuously making their mark in that industry, it is a privilege to be a part of this evolution in our country.”

He said Arthaland will continue to raise the bar in the development of sustainable and green buildings as it will be utilizing better technologies in its future projects.

Arthaland is also working on its first horizontal development project in Laguna. Right now, he said Arthaland is currently evaluating the prospects of acquiring new properties to boost its landbank outside Metro Manila.

Narciso is also bullish that Arthaland will expand its portfolio and will continue to maintain the culture of a boutique green property developer. He said each project will

ARTHALAND Corp. EVP Chris Narciso

ARTHALAND Century Pacific Tower

be unique to the specifications of each location. The designs will consider the functionality of the space in terms of the lifestyle need of the occupant and have comprehensive support services needed to fully utilize each space. Arthaland will also continue to incorporate innovation and technology into its developments and property management.

“We don’t change and evolve for the sake of change, we change for the better and enhance things to provide solutions to the lifestyle and work needs of the occupants of our properties,” said Narciso.

Narciso has a 20-year experience in the industry with 100 hectares of projects and 32 buildings developed under his belt. Further, he oversaw the development of more than a thousand residential homes across major CBDs and other provinces all over the Philippines. He has had extensive experience with being part of the leadership team

of the most recognizable real-estate corporations in the country. But this year, he is placing major bets on sustainable real estate by joining Arthland Corp. as its new executive vice president for project and business development.

Narciso has always believed that each project should provide a lifetime of appreciating value and pride for its owners. “I approach each project as if I would be an owner and resident. So, there’s a little bit of me in each of the projects I’ve done.”

He sees real-estate development as a very noble profession because every project, one way or another, is an addition to the city skyline and nation-building.

“It gives us the opportunity to go to each and every property and evaluate it based on its intrinsic qualities and its surroundings. If you went there with a cookie-cutter approach, it’s hard or impossible to provide that level of quality.”

Business

E2 Wednesday, September 12, 2018

MAKATI POBLACION REGENTRIFIED!

MIKKO BARRANDA, cochairman of the YLG, addresses the assembled attendees at the first stop, Commune Café+Bar

GROUP photo of the attendees at Lokal Hostel with proprietor Don Bautista

THE heads of Young Leaders Group with Robert Abano, Angeline Yapyuco, Emmanuel Javier, Mikko Barranda and Nelson Roquero with Ian Paradies (fourth from left)

ATTENDEES pose with Ian Paradies at the interior of Polilya

Amor Maclang

FIRST DIBS IN REAL ESTATE

I

N a recent eight hour, four bar crawl, I found myself reveling at how Makati had truly made it as an entertainment destination.

I remember when we came up with this campaign together with Ayala Land stalwart Iris Josef (Mediano), Make it Happen, Make it Makati, our hope was for Makati to be a truly 24/7 city and the entertainment landscape was a very important pillar.

Of this four legged crawl, three was in Makati, from my favorite speak easy, ABV, to newly minted Agimat Foraging Bar to my former favorite restaurant Fig and Olive now bar, NoKal. The clubbing capital still contin-

ues to be in Bonifacio Global City, no doubt, but Makati has really reclaimed dining and entertainment status.

Just recently, the young leaders of the real-estate sector did a study tour that would cement that proposition.

The Young Leaders Group (YLG) Philippines recently concluded their Architects in Action: Poblacion tour on August 29, gave attendees a chance to walk and interact at the fast commercializing district in Makati. With the focus on preserving culture and heritage amid

rapid modernization, entrepreneurs and local business owners shared their insights on establishing in an emerging area.

The tour began at Commune Café+Bar, with the owner Rosario Juan sharing how the concept began.

“Initially we were located in Salcedo, back in 2013,” she said. They had to move shop to Poblacion a few years after. The move proved to be fortuitous. “We were in the right place at the right time.”

Other establishments shared the same sentiments, including Lokal Hostel, Z Hostel and Coreon Gate Internet Café. The timing allowed for them to meet rising demand of the clientele that composed of young office workers, expatriates and tourists. The sudden metamorphosis from a sleepy bedroom community, nightclubs and other entertainment options transformed the Barangay of Poblacion to the most happening place in the metropolis.

Don Bautista of Lokal Hostel compared Poblacion to Sydney’s King Cross and Hong Kong’s Lan Kwai Fong, areas teeming with nightlife and youthful revelry. His vision was to allow his hostel to service all kinds of visitors who go to the area, whether first timers or returning customers.

Meanwhile, more recently opened stops such as Polilya and Agimat Foraging Bar and Kitchen, are also enjoying Poblacion’s infamy as a nightlife destination. “Poblacion in Makati is the new place to be in Metro Manila—receiving more than the regular share of buzz and socialmedia posts than most other places in the metropolis,” Arch. Joel Luna

opined in a write up regarding the district. He describes the community as cool, hip, hot and youthful.

“It naturally exhibits characteristics that many developments and commercial districts either aspire for or avoid—one that became popular by word of mouth, one that has an identifiable sense of place, one that defines and is defined by a unique microculture, vibe, crowd and attitude: if you don’t like it, then this is not for you.”

Ian Paradies, co-owner of Polilya was proud of the clientele his establishment attracted. “You can walk in and see at the bar lawyers and people on suits sit beside guys on their tsinelas and on the lounge you will see a barkada of my lola.”

He was also insistent on continuous improvements to their space.

They were already doing renovations even in their first year in business.

“It doesn’t mean that even we are already successful that we will stop pouring money to the business.” In this day and age with the obsession with social media and Instagrammable locations, Paradies’s views may prove to be fruitful to keep Polilya relevant.

The tour’s last stop was at the recently opened Fyre Rooftop Lounge, where the tour group had signature cocktails while Fyre’s Chef Mikel Zaguirre of Locavore fame discussed with the group about the Poblacion community. “When we were constructing, owners of other establishments visit us to check on us. They are very welcoming.” He shared that they were in communication with the other players in the area, sharing insights and best practices.

THE culminating tour stop at the Fyre Rooftop Lounge

Even Poblacion’s challenges gave way to an opportunity. “Since customers know parking is difficult, they leave their cars far from Poblacion and they just walk around.

Walking really adds to the excitement of getting around,” he added.

For Mikko Barranda, cochairman of the YLG the event was representative of true collaboration and how community building could bring different brands together to create a product bigger than its own.

“The property tour was a good opportunity to not only visit different establishments but also learn and meet the people behind the success of Poblacion. We believe that to fully understand the transformation and sustainability of the place we need to hear from all stakeholders, such as hostel owners, café, watering holes, architects and even residents and learn from their firsthand experience.”

The YLG is a subset of the Urban Land Institute (ULI) Philippines, an international, membershipbased nonprofit research and education organization whose mission is to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide.

Barranda is firm in his belief that the recently successful tour could be considered a debut of the caliber of events people could continue to expect from the newly reenergized ULI Young Leaders Group. Recently they have put together a YLG board composed of active members of the organization under 35.

One of the board members, Nelson Roquero, the principal architect

of Nara Architecture Studio was among those who spearheaded the Poblacion tour, a way to showcase a thriving local community that has allowed establishments to succeed without compromising its original neighborhood dwellers. “The tour was able to communicate the critical role of a united business community with support from the local barangay to ensure that evolving land uses such as Poblacion’s, from residential use to infill commercial use, undergo a regulated and monitored transformation that adheres to policies and standards,” Roquero said. “This kind of property tour allows us here at the ULI Philippines and YLG to share insights from a local standpoint, and we’re excited to do more activities like this in the future.”

Angeline Yapyuco of Ayala Land Inc. is Barranda’s cochairman for the YLG. Other members of the board are Emmanuel Javier, director of Elazegui Estates Development Corp., Harly Geraldine Pow, managing director of Wellworth Properties and Development Corp. and Robert Abano, AVP for marketing at Asia Landbest Properties Inc. “Our board is composed of realestate practitioners from different facets of the real-estate spectrum who aim to deliver holistic events that truly build value,” Barranda said. The YLG Philippines has ambitious plans for the coming months, intent on expanding their network’s growth. There will be networking events, social hours featuring successful industry leaders under 35 and more property tours to come. For more information, visit asia.uli.org.

Calle Bistro opens in North Manila E VER Group of Cos. subsidiary Everscapes recently unveiled its latest development, Calle Bistro—a new lifestyle strip along Commonwealth Avenue poised to become a home away from home for families and groups on the lookout for Great Eats, an exciting food and beverage adventure.

Built to complement the group’s Ever Commonwealth, Calle Bistro hosts more than a dozen of distinct

food spaces that range from Chinese to Filipino restaurants, cafés and wine bars. Calle Bistro’s perfect mix of stores create the ideal community where customers can dine, meet, relax and enjoy a variety of flavors and experiences with family and friends from breakfast to afterdinner drinks.

“As the newest food destination north of Manila, Calle Bistro offers a variety of culinary options

for the large neighborhood along Commonwealth Avenue, from dine to chill. As a brand, Calle Bistro is family-oriented, sincere and down to earth. We aim to create not just a space for food, but a community through Calle Bistro where people gather for Great Eats and Great Meets—to exchange stories, make memorable moments and enjoy the best of life without driving too far away from their homes,” said Chie

Arao-Santos, corporate marketing manager of Ever Group of Cos. Stores that have opened include Starbucks, Gerry’s Grill, ELM’s Kapihan and Bar, Hap Chan and Macao Imperial Tea. Soon, stores such as Tim Hortons, After Twelve Bar, Cook the Bread and Teriyaki Boy will join the roll, including JT’s Manukan Grille, Adobo Connection, Sisig Society, Ima’s Kitchen and PUB Express.

sMirror

Wednesday, September 12, 2018 E3

Parañaque residents to benefit from city’s ₧15-million socilized housing project

By Roderick Abad

T

@rodrik_28

WO hundred more homeless residents of Parañaque stand to benefit early next year from the P15-million social housing project of the local government, dubbed “Bagong Parañaque Homes III,” in C-5 Extension in Barangay La Huerta.

According to Mayor Edwin Olivarez, the identified recipients, who will soon get their respective certificates of ownership, are mostly residing near the runway of Ninoy Aquino International Airport and Airport Village in Barangay Moonwalk.

The remaining beneficiaries are long-time informal settlers, whose shanties are in danger zones, riverbanks, creeks and those with court demolition orders in several barangays in District I. Earlier, the local chief executive handed over 204 houses to beneficiaries of “Bagong Parañaque Homes II,” which sits on the same location as the upcoming residential project.

Apart from the turnover of these dwelling units, which formed part of Olivarez’s birthday celebration on August 14, three other major undertakings of the mayor were revealed.

These are the new Materials Recovery Facility, the City Motorpool and the Animal Shelter—all near the housing project.

Each of the awarded units was given for free. Only the land cost, on the other hand, will be payable to the city government on installment basis.

The affordable-housing initiative is a model of two-story condominium, which maximizes the use of scarce and costly land in the city. It comprises of 3-hectare land owned by the local government.

Public Information Office Chief Mar Jimenez said that it can accommodate around 1,000 housing units once it becomes fully developed.

Since the project started in 2015, he noted that the families who have benefited are families from Bacass, Hotiveros in Barangay San Antonio,

ABOUT 600 informal settlers living along the banks of Parañaque were relocated at the newly constructed two-story midrise buildings in cooperation with the Habitat for Humanity, Rotary Club International and Gawad Kalinga. Mayor Edwin Olivarez was assisted by his wife Janet, Vice Mayor Rico Golez, Parañaque Rep. Eric L. Olivarez, Councilor Marvin Santos and Father Edrian Lasin, who blessed the facility; Director Jose Patalinhug III, Department of Science and Technology-National Capital Region regional director; Engr. Oscar Fernandez, local housing board head; Bernie Amurao, city environment and natural resources head; and PIO chief Mar Jimenez, alongside city officials.

Balicanta in Barangay Don Bosco, and Icarna in Moonwalk.

Initially, a total of 144 housing units were awarded to the residents of “Bagong Parañaque Homes I” in April of the same year.

The construction of houses was made through the effort of the Parañaque City Hall, with the help from Department of the Interior and Local Government, Rotary International District 3830 Rotary Homes Foundation Inc. and Couples for Christ-Ancop Tekton Foundation Inc. It was also implemented by Habitat for Humanity Philippines and South Metro Manila iHome Foundation Inc., a National Housing Authority-accredited nongovernment implementing builder.

Megaworld to build JPMorgan Chase Bank’s new ‘green’ headquarters

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A GOLFER’S HAVEN A

FTER a stressful workweek dealing with chaotic traffic and other woes of city living, most people just want to spend a relaxing weekend in the company of family and friends. Few, however, can beat the enthusiasm of avid golfers for finding the perfect getaway, one that exudes the luxury and elegance of a premier mountain resort community and provides access to a championship golf course set amid breathtaking views.

This is why Tagaytay Highlands has become the favorite weekend destination of golfers and their families, where they spend time with other residents and guests who share the same passion for the sport.

Tagaytay Highlands is home to Asia’s most exciting golf course, the Tagaytay Highlands Golf Club, in which man-made ingenuity seamlessly blends with the natural terrain and lush greens of the Tagaytay landscape.

And then there’s the Tagaytay Midlands Golf Club, an equally challenging 18-hole championship golf course set amid abundant greenery and a perfect vantage point of the Taal Lake and Volcano. Witness the perfect view while starting your first tee or while having lunch with family at the Midlands Golfers Lounge.

At the end of a long and fulfilling

day and a round of golf, residents can then recharge in the comforts of their own home at Horizon Terraces or Vireya, two of Tagaytay Highlands’s most favored residential developments that are in close proximity to the Tagaytay Midlands Golf Club.

An urban escape amid nature at horizon terraces

RESIDENTS who long for a weekend retreat closer to nature can find the perfect home at Horizon Terraces.

This 3.2-hectare community boasts of a contemporary Asian design aesthetic in its Garden Villas and Garden Suites, which are laid out, terrace-style, to afford postcard-pretty views of the Taal Lake and Volcano, the distant Mount Makiling, the Midlands Golf Course, and its own lush central park.

The Garden Villas are threebedroom townhouses of 136 to 154 square meters (sq m) masterfully designed for large, close-knit families who long for a quick disconnect from the urban frenzy. Each living space is complemented by large glass windows and sliding doors to maximize natural light, cool breeze and refreshing views. The ground floor in each unit features a multifunctional den that may be converted into an entertainment area or a guest room.

The Garden Suites are perfect for

growing families and individuals.

These well-planned one- and twobedroom units range from 43 to 68 sq m in size highlighted by large panel sliding windows that maximize natural lighting and ventilation and an expansive balcony to enjoy views.

A mountainside paradise at Vireya

FAMILIES who prefer to dwell in a tropical haven can choose Vireya, the first and only tropical resort community in Tagaytay Highlands where the cool mist of the mountains complements with the vibrant warmth of the tropics.

Satisfy your distinct leisurely pursuits amid the mountainside tropics with exclusive amenities that can be found within Vireya.

Enjoy memorable moments at the Pavana, Vireya’s central amenity with a pavilion and swimming pool, or unwind in relaxation at the Ammanya Massage Point. Spend serene afternoons with nature at Vireya’s pocket parks or gardens, such as the Cala Mira, Leafwing, Herb Garden and Garden Patio. Or lounge in your favorite spot at the first neighborhood Treehouse in Tagaytay Highlands. Residents can also maintain a fit and active lifestyle through the jogging paths.

NE’S commitment to progress runs parallel with the pledge to promote a sustainable future.

This is what Megaworld, the Philippines’s largest developer and lessor of office spaces, continues to champion today as it gets construction works underway for the new Philippine Global Service Center of JPMorgan Chase Bank, N.A., the leading global banking and financial services provider.

The 25-story, build-to-suit office building is strategically located along 38th Street corner ninth Avenue in Uptown Bonifacio. Designed by United Kingdom-based award-winning architectural firm Broadway Malyan, the tower has secured its application for LEED Gold certification and will feature highly efficient office floors and innovative building design technology once completed.

Offering an estimated 70,000 square meters of gross leasable area, it is the country’s biggest single office lease transaction in terms of total space leased to a single company and transaction value.

“Megaworld is proud to build the new home of JPMorgan Chase in Fort Bonifacio as it consolidates its existing Metro Manila operations under one roof—all in a state-of-the-art, prime and green office tower right at the heart of the booming Uptown Bonifacio. This multibillion peso deal with a single company is the biggest in the country’s office leasing industry,” said Jericho P. Go, senior vice president, Megaworld.

The iconic tower is slated to be completed in 2021 and will be ready for full operations by 2022.

A strategic milestone for Megaworld and JPMC

“MANILA continues to be a major strategic hub for JPMorgan Chase.

Through this landmark development,

we are able to consolidate our presence to one location, enabling us to bring our Manila-based employees together, facilitating increased collaboration while also demonstrating our commitment to providing them with various career opportunities within the firm,” said Raoul R. Teh, chief executive officer for the bank’s Philippine Global Service Center.

The new development will stand a few meters away from the future Uptown Transport Hub beside Kalayaan Avenue, the proposed Skytrain monorail system that connects Taguig’s Fort Bonifacio to Makati, as well as the future Kalayaan Station of the Mega Manila Subway and the Fort Bonifacio Bus Rapid Transit System.

“We are excited to be part of this new development that sets new benchmarks for sustainability and reaffirms our global efforts to maintain exceptional working environments with only the best-in-class infrastructure and facilities for our employees,” said Jun L. Nepomuceno, Asia Pacific head of the bank’s Global Real Estate team.

Megaworld remains as the country’s largest developer of office spaces with a leasable office portfolio of around 1.2 million square meters to date. It has already completed 54 office towers across the Philippines, particularly in key growth areas in Metro Manila, Cebu, Iloilo, Laguna and Davao.

Entrepreneur BusinessMirror

E4 Wednesday, September 12, 2018

www.businessmirror.com.ph

Copperazo: More than just a business

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By Carlo Brix Sioting | Special to the BusinessMirror

INCE time immemorial, accessories have been an integral part of human beings’ adornment, an indication of their wealth, social status and individual taste.

Gold, silver, and their alloy, as well as diamonds and other precious stones are favored as fashion pieces.

With its rich natural resources, the Philippines has used these precious metals as basic elements in jewelry.

Of late, with their innate creativity and imagination, local craftsmen have begun using copper, a malleable metal, in creating works of art and jewelry. One such artisan is Edwin Padillo, 38, a public relations practitioner, social worker, writer and craftsman. He is also taking a master’s degree in Social Work at the University of the Philippines in Diliman, Quezon City. He is also father to an eight-month-old Lhasa Apso female he calls Boondie.

His business is called Copperazo, a play on the words “copper” and the Filipino word kapiraso meaning “pieces.” All the products are handmade locally with copper wires, semiprecious stones, leather, glass beads and recyclable materials.

He sells his earrings, ear cuffs, bangles, bracelets, rings, necklaces and pendants in bazaars, fairs, special events and online—Facebook, Instagram and the Web. He calls his creations #WearableArt. The pieces are hand-made by Edwin himself in collaboration with his local crafters and grounded artists from Baguio, Tacloban and Dumaguete.

“You don’t call them workers; you call them crafters. Right now, I have two in Baguio; I have a community in

COPPERAZO owner Edwin Padillo gestures during an interview. JAYMIE DELA CRUZ

Tacloban and I partnered with a social enterprise in Dumaguete where I source my beads,” Edwin said.

“I craft. My brother and my nephew also craft. It’s not a big company, it’s a very small company, it’s a super microenterprise,” he added.

In 2012 the business was passed on to Edwin by a friend.

“I design. My crafters do, too.

We get inspirations from what’s the trend. Artistically, I don’t want to limit their imagination and creativity by simply saying what I think is always right. In my experience, the

tastes of people are really different so there will be times when the designs I don’t really like would sell more to the public. So you just have to trust your crafters,” he said.

Edwin said his business has a niche market.

“Basically, we target those who are working because the price range is not that low, though it’s not that high either. A lot of my friends tell me our products are way cheaper than competition. I’d like to make it that way because I still want people to buy it.”

“Most of my buyers are working women in their 30s, 40s or even in their 60s. They are mostly mothers and titas because they have the money. But what I really like about my buyers is they appreciate art. They are artistically inclined because they

In my experience, the tastes of people are really different so there will be times when the designs I don’t really like would sell more to the public.”—Pabillo

How Jack Ma became role model for China’s start-up generation

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ONG before he became China’s most globally prominent business figure, Jack Ma was just an English teacher trying to persuade his friends that they would one day buy things over the Internet.

His vision changed China. As Ma makes plans to leave Alibaba Group Holding Ltd., his legacy will be an enduring one. He did far more than just create and build an e-commerce juggernaut into the most valuable company in Asia, impressive as that may be.

He showed that an innovative private enterprise could thrive under a Communist Party regime once hostile, and still at times suspicious, of ambitious capitalists. To a remarkable degree, his path-breaking success created a model that gave rise to a technology industry that rivals Silicon Valley, propelling a Chinese economy on track to eclipse that of the United States.

Ma is now China’s richest man, worth about $40 billion, and a headliner at global talking salons like Davos. At the same time, he’s complied with—and fiercely defended—his country’s ruling party even as it exerts ever tighter control over media, the internet and any hint of dissident speech. He’s gone so far as to praise the stability of one-party rule and chastise Western companies like Google that objected to China’s censorship practices. His approach demonstrated how entrepreneurial success can coexist with the Communist regime, paving the way for a new wave of start-ups.

“He’s been a role model for our generation,” said Peiran Wei, a 36-year-old who says he had the confidence to cofound a start-up, an app developer called VideoUP, in large part because of Ma and Alibaba.

Jack Ma’s personal story is now the stuff of schoolyard legend. He was born in 1964 to traditional Chinese musician-storytellers in Hangzhou, an ancient capital known for its historic sites and natural beauty. He honed his English by hanging around the town’s main hotel to practice with tourists.

After working as a teacher, Ma turned to business, starting Alibaba.com in 1999 with 17 cofounders. He wasn’t the most technically savvy entrepreneur, nor would he claim the smartest.

But he proved an inspiring leader who could rally his forces to fight foreign intruders or articulate a vision for modernizing China’s economy.

JACK MA

“Intelligent people need a fool to lead them,” he once said. “It’s easier to win if you have people seeing things from different perspectives.”

Alibaba has brought e-commerce to remote villages of China and expanded into artificial intelligence, health care and Hollywood movies. Less than 20 years after its founding, the business that Jack and his cofounders built is valued at $420 billion, more than any of the older state-backed enterprises in his country.

“He started his company with 18 people in an apartment and even today whenever I pass that place I think of him,” said Wei, who is also from Hangzhou. “It’s a 20-year-old apartment complex that doesn’t look posh but I still get inspiration from it.”

One of the first to see the promise of Ma was Japan’s Masayoshi Son. His SoftBank Group Corp. led a $20-million investment in Alibaba in 2000 and now holds a stake worth about $120 billion.

“He had no business plan, zero revenue,” Son said of Ma on The David Rubenstein Show. “But his eyes were very strong. I could tell from the way he talked, he has charisma, he has leadership.’’

It was Alibaba’s record-setting initial public offering that altered the country’s tech industry for good. Ma and team raised $25 billion, more than any other company before or since, a wake-up call for venture capitalists that there were fortunes to be made on the country’s start-ups.

appreciate this kind of methods and techniques. That’s why the hashtag is Wearable Art.” Edwin said among the three online sites, Facebook has the highest concentration of people buying the products. “We also sell in bazaars because we need to be visible, but most of the time, bazaars are expensive so medyo lugi because of the rent. As much as possible, I would try every weekend only, but not the whole month.”

His products are amazingly functional and beautiful. His rings have an adjustable feature that fits every buyer’s size and shape. The idea is ingenious as Edwin learns that the number of their plus-sized customers is increasing.

Venturing into jewelry was not really what Edwin set out to do.

The impact was immediate. Beijing-based smartphone maker Xiaomi Corp. raised venture funding a few months after the IPO at the highest valuation in the world, at $46 billion. It was soon surpassed by Uber Technologies Inc., but the floodgates were open. Venture deals in China rose from $4.4 billion in 2013 to $16.6 billion in 2014 and reached $62.6 billion in 2017, according to the market research firm Preqin. This year, China is on track to surpass the US in both venture capital raised and IPOs. “The China start-up scene wouldn’t exist in the same way without Jack Ma,” said William Bao Bean, a Shanghai-based partner at venture capital firm SOSV. “The celebrity of Jack Ma and the success of Alibaba made start-ups an acceptable career choice, which has fueled one of the biggest technology markets in the world.”

Ma wasn’t just successful. He broke the mold for China’s business leaders, typically faceless chiefs running mammoth state-owned enterprises like PetroChina and China Mobile. He dressed up like Michael Jackson and tried the moon walk. He wore a 3-foot feather Mohawk and makeup to perform at a company party. And he dispensed Yoda-like axioms that were collected in dozens of management books.

“To many he’s the face of China’s Internet—no one really knows what Pony Ma looks like,” said Bean, referring to the chief executive officer of Tencent Holdings Ltd. In that role, Ma would occasionally criticize his home country, including for its pollution problems, a potentially dangerous proposition given the power of the ruling party. But especially under current President Xi Jinping, he was forced to quiet his independent voice and often defended the government’s practices against its critics.

“Facebook and these companies, if they come here they have to follow the rules and laws,” said Ma in December. “Google, they left—we did not kick them out. When you do business in any country you have to follow the rules and laws.”

Mark Natkin, managing director of Beijingbased Marbridge Consulting, said business leaders including Ma have faced pressure to support the government under Xi, who has emerged as the country’s most powerful leader since Mao Zedong. Bloomberg News

“Actually, as a businessman, I would want to venture into food because I know how to cook and that’s actually my dream. But Copperazo found me. A friend wanted me to try jewelry crafting using copper wire. I got the hang of it and actually, became good at it,” he said.

“What made the business fulfilling for me was the discovery that I am artistic,” he said. “I became a self-taught crafter by just watching tutorial videos on Youtube and reading manuals.”

He said he would eventually want to go into export, but he admitted he needed to be more confident about his capability and his products.

“One time, I looked at a competitor’s products. I got depressed because her jewelry pieces were gorgeous. But then, she was an artist who studied design in college,” he said.

“I now have buyers from overseas. Hopefully, before I reach the age of 40, I will no longer have to be in a 9-to-5 job,” he said.

Copperazo accessories are available in Market Liberty, second floor, Evia Lifestyle Center in Las Piñas City.

Sheryl Barrozo: The hand behind Sendang’s Cakes market success

By Rizal Raoul S. Reyes @brownindio Contributor

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HE wants to be a full-time mother but has to help augment the family income so she thought of establishing her own business.

With a limited capital and no idea of what business to put up with, Saint Paul’s University Quezon City alumna Sheryl Barrozo, the hand behind Sendang’s Cakes, drew inspiration from her late mother’s mamon recipe that she used to bake for her children’s afternoon snack.

Barrozo recalled that the idea started when she accidentally discovered her mom’s old oven in their house at the Provident Village in Marikina City. She brought the oven for repair and her aunt e-mailed her the mamon recipe of her mother, which she found in one of her notebooks.

Skills wise, it was not difficult for Barrozo to perform baking chores because she worked as her mother’s assistant during her past baking sessions. And so, Sendang’s Cakes was launched in 2013.

“It’s simply nostalgic. I wanted to recreate the mamon she made so my kids could also taste it, but I don’t know how and she was not able to pass it on to me.

So, I took short baking courses here and there but to no avail. I just kept learning, posting photos and earning at the same time. Fortunately, a cousin of mine had the recipe written in index cards which was really a great help to develop a better quality,”Barrozo told the BusinessMirror in a recent interview.

Barrozo adopted a cautious attitude in building the business. She also made sure that the products that she sells are really delicious and has value for money.

Furthermore, she beefed up her techniques of the trade to become more competitive by taking baking courses.

She admitted it was not easy because 80

percent of studying was based on actual baking chores.

Although it was financially challenging because she was just starting, Barrozo took additional courses from Sylvia Reynoso Gala to hone her baking skills.

To manage her funds efficiently, Barrozo had to maintain the quality of her cakes and mamon to ensure the money keeps on coming so she can pursue additional baking courses.

Barrozo admitted being an entrepreneur involves blood, sweat and tears. With limited capital, Barrozo admitted it was not a walk in the park for Sendang’s in its fledgling years. Nevertheless, she was determined not to ask additional assistance from her husband in building the business. “I slowly made my way in acquiring the right equipment through profit. I chose the bigger equipment because it provides bigger output in a shorter span of time,” she said.

During her first year, Barrozo worked on a lighter pace having just one or two orders per month with only December as the peak month. Later, it became incremental, especially in her third year and fourth and fifth years, when orders came on a weekly basis. “Since I am still building the business, Sendang’s is on a start-up basis,” she said.

Marketing Sendang’s cakes and mamon was another challenge for Barrozo.

Since she had very limited resources, Barrozo utilized a marketing strategy based on posting products online at appropriate times.“I sold my products after dinner or before midnight where a lot of people will crave for sweets,” she recalled.

She also tapped her showbiz connection by selling products initially to former beauty queen and actress Alma Concepcion. Moreover, her products get exposure and promotion on It’s Showtime when one of the hosts is celebrating his birthday and she is the cake sponsor.