BusinessMirror September 17, 2019

REMITTANCES REBOUND IN JULY TO $2.6B By Bianca Cuaresma @BcuaresmaBM

T FILIPINO workers from the Middle East join passengers waiting for their luggage at the Naia Terminal 1 in this 2019 file photo. The volume of cash sent by Filipino migrant workers grew the fastest in nine months in July, Central Bank data showed. The $2.581 billion in cash remittances in July was $180 million higher than the $2.401 billion sent home in the same month last year. NONIE REYES

HE volume of cash sent by Filipino migrant workers grew the fastest in nine months in July, recovering from the remittance contraction seen in the previous month. Data published by the Bangko Sentral ng Pilipinas (BSP) late Monday showed a 7.5-percent rise in the country’s remittances in July, allaying fears of a slowdown in one of the country’s largest dollar sources. Filipino migrant workers sent $2.581 billion in cash remittances

in July alone, $180 million higher than the $2.401 billion sent home in the same month last year. The 7.5-percent growth in remittances was a turnaround from June’s performance, where Filipino migrant workers sent less money back home. June’s 2.9-percent contraction marked the largest decline of overseas Filipino workers’ (OFW) cash transfers for 2019. On a cumulative basis, cash remittances for the first seven months of the year hit $17.2 billion, 3.9 percent higher than the $16.6 billion recorded in the

same period last year. Broken down, cash remittances from land-based and sea-based workers increased by 2.5 percent to $13.4 billion and 8.9 percent to $3.8 billion, respectively.

Top source: US

BY country source, the US registered the highest share of overall remittances for January to July 2019 at 36.8 percent. It was followed by Saudi Arabia, Singapore, the United Arab Emirates, the United Kingdom, Japan, Canada, Hong Kong, Germany and Kuwait. See “Remittances,” A8

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A broader look at today’s business n

Tuesday, September 17, 2019 Vol. 14 No. 342

DOE meeting oil firms on Saudi attack fallout T

By Lenie Lectura @llectura & Jovee Marie N. dela Cruz @joveemarie

HE Department of Energy (DOE) will meet local representatives of oil companies this week to discuss ways to deal with the possible adverse impact on pump prices of the drone attacks on Saudi Aramco’s facilities, described as the single worst massive disruption to oil markets. This, as oil posted its biggest ever intraday jump to more than $71 a barrel after a strike on a Saudi Arabian oil facility removed about 5 percent of global supplies, an attack the US has blamed on Iran. Related story in World, page A9,

“Oil prices post biggest jump after attack on Saudi facility.” “The DOE is set to meet with oil companies this week to look into the sufficiency of inventory levels. The impact to prices, if any, may be felt by Tuesday next week.

That is, if there will indeed be an adverse impact. To date, the DOE reiterates that the impact of the incident is still premature,” said the agency. The DOE was urged by the chairman of the Senate energy

“Unforeseen external disruptions on the oil supply chain, such as what happened in Saudi Arabia, can create massive disruptions in our local transportation and power sector. The Philippines has been importing 33.7 percent of its crude oil from Saudi Arabia as of 2018.”— Gatchalian

committee “to put energy security at the forefront of its energy direction by diversifying our oil supplier portfolio in the wake of the attacks,” claimed by Iranianbacked Yemeni Houthi rebels. “Doing so would insulate consumers from price volatility,” added Sen. Sherwin Gatchalian. See “DOE,” A2

P25.00 nationwide | 4 sections 28 pages | 7 DAYS A WEEK

PHL, CHINESE FIRMS INK $1.1-B BUSINESS DEALS By Elijah Felice E. Rosales @alyasjah

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HILIPPINE and Chinese firms on Monday signed $1.1 billion worth of business deals in another show of strong bilateral relations between two economies clashing over maritime territory. Local firms secured multimillion-dollar trading contracts with Chongqing-based companies at the Philippines-China (Chongqing) Trade and Investment Forum in Pasay City. A total of nine deals amounting to over $1.1 billion were closed at the event. Chongqing Hongjiu Fruit Co. Ltd. entered into a $1-billion contract with Davao-based Eng Seng Food Products, while Qhongqing Lifan Industry (Group) Import and Export Co. Ltd. signed a $30.01-million deal with Mitsukoshi Motors Phils. Inc. Also, Kingling Motors Philippines Inc. finalized a $30-million agreement with parent Qingling

₧4.5-B confidential, intel fund of OP backed

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HE chairman of the House Committee on Appropriations on Monday defended the Office of the President’s budget for confidential and intelligence funds, which account for more than half of the entire budget of the OP for next year. During plenary deliberations on the P8.2-billion budget of the OP for 2020, Davao City Rep. Isidro Ungab, the panel chairman, said the P4.5 billion has been allotted for the President’s confidential and intelligence funds. As Commander in Chief of the Armed Forces of the Philippines (AFP), the President “needs resources to defend the country’s national security,” Ungab stressed. He said Duterte will use his 2020 confidential and intelligence funds for the government’s fight against drugs, criminality, insurgency and terrorism.

PESO EXCHANGE RATES n

“The President, as Commander in Chief of the AFP, needs intelligence and confidential information in the performance of his duty in order to effectively, efficiently, and precisely plan all intensified efforts to suppress threats against national security, terrorism, campaign against illegal drugs, insurgency and transnational crimes,” said Ungab. “I think it is only proper and fitting that we provide the amount as requested by the Office of the President in order for the OP to be able to deliver effectively and efficiently the needs of the country,” he added. Of the OP’s P8.2 billion for 2020, P6.7 billion is for maintenance and other operating expenses (MOOE), P1.1 billion for personnel services and P427 million for capital outlay. The OP’s 2020 budget is higher than See “Intel fund,” A2

Motors Co. Ltd., while Yingang Motorcycle Philippines Ltd. Inc. and Chongqing Loncin Import and Export Co. Ltd. inked a $21.13-million deal. QSJ Motors Phils. Inc. also secured a $21.75-million contract with PT. Sokonindo Automobile. Strategic cooperation agreements were signed at the forum between the China Council for the Promotion of International Trade Chongqing Subcouncil and the Federation of Filipino Chinese Chambers of Commerce and Industry Inc.; and Develop Century International Logistics Co. Ltd. and Sincerity International Service Corp. Moreover, Hyundai Motor Group, Beijing Hyundai Motor Co. Ltd. and Hyundai Asia Resources Inc. entered into a memorandum of understanding. Chongqing Panhua Steel Plate Co. Ltd., the Philippine Economic Zone Authority and San Miguel Corp. also signed an MOU. See “Business deals,” A8

Dar: ASF an outbreak but not epidemic By Cai U. Ordinario @caiordinario

& Bernadette D. Nicolas

T FORWARD-LOOKING Christmas décors now hang in the vicinity of Araneta Center in Cubao, Quezon City, more than 90 days before Christmas. The Philippines is reputed to have one of the longest Christmas celebrations in the world. And the run-up to that celebration usually starts early, too, as seen here. NONOY LACZA

@BNicolasBM

HE Department of Agriculture (DA) on Monday said African swine fever (ASF) has not reached epidemic level in the Philippines, as only farms in several areas in Bulacan and Rizal were struck by the virus. Agriculture Secretary William D. Dar said the ASF episodes may be considered an outbreak, but not an epidemic. “[I am appealing] to the media and the general public not to ignite fears regarding ASF, as unverified and unvalidated reports could cause

US 51.8350 n JAPAN 0.4822 n UK 64.6953 n HK 6.6254 n CHINA 7.3226 n SINGAPORE 37.7421 n AUSTRALIA 35.5744 n EU 57.4228 n SAUDI ARABIA 13.8197

Continued on A2

Source: BSP (16 September 2019 )

News

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A2 Tuesday, September 17, 2019

₧110B set aside for 3-year pay hike for state workers

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By Jovee Marie N. dela Cruz

@joveemarie

HE Duterte administration will spend P110 billion for the salary increase of the government employees, including nurses and teachers, in the next three years, a leader of the House of Representatives said on Monday. House Ways and Means Chairman Joey Salceda said the salary increase will be part of the proposed Salary Standardization law (SSL) 5. According to Salceda, this SSL 5 has been programmed within the organic capacity of the government and needs no new taxes to underwrite. “The SSL 5 will raise civil servant salaries by 15 percent over

three years,” said Salceda, citing the study commissioned by the Governance Commission for Government-Owned and -Controlled Corporations and the Department of Budget and Management. Under the 2020 budget, Salceda said the government provides P32 billion in wage increase and P4 billion for miscellaneous benefits, to be part of the first tranche of the

“The adjustments will preserve and somewhat improve the purchasing power of civil servants, considering the consumer price inflation of 3.4 percent over the past three years.” —Salceda

SSL 5. Salceda added the government will allot a total of P36.630 billion for the second tranche, and P36.753 billion for the third tranche of the SSL 5. “It will favor SG [Salary Grade] 1 to 17 with higher increases, while those in SG 18 to 33, including the President and congressmen, will receive lower increases,” he said. “The adjustments will preserve and somewhat improve the purchasing power of civil servants, considering the consumer price inflation of 3.4 percent over the past three years [2016 with 1.8 percent, 2017 with 3.2 percent and

2018 with 5.2 percent] and forward estimates for three-year inflation of 2 percent to 4 percent per year,” Salceda added. Earlier, Budget Secretary Wendel Avisado said the agency will propose an SSL bill to Congress this September. The budget secretary said the government did not give another round of increase for uniformed personnel for 2020, because their salary was already adjusted this year. While the fund for the proposed salary increase is already included in the P4.1 trillion national budget for 2020, House Committee on Appropriations Chairman Isidro Ungab said it will only be implemented once the Joint Resolution is passed by Congress. “The first-tranche funding requirements for the SSL 5 is already included in the 2020 budget. It will be implemented once the Joint Resolution is approved,” Ungab said.

Dar: ASF an outbreak but not epidemic irreversible damage to the country’s P260-billion swine industry,” Dar said in a statement. The DA chief noted that small backyard raisers account for two-thirds, or 65 percent of the industry. Both Dar and Bureau of Animal Industry Officer in Charge Ronnie Domingo said the ASF outbreaks in Rizal and Bulacan have been contained. Dar said 7,416 pigs in the 1-kilometer radius in Rizal and Bulacan have already been depopulated, following the “1-7-10” protocol of the DA to manage, contain and control the spread of the disease. He said continuous strict surveillance is being conducted in areas near ASF-infected barangays in Rizal and Bulacan. Dar said the death of hogs will not affect the supply and prices of pork in the market, stressing that the ASF is confined and specific in certain areas only and not in the entire country.

Other measures

IN a radio interview on Monday morning, Domingo said the DA will meet with local officials and backyard hog raisers to enlighten them about the disease. He said the DA will set up checkpoints in affected areas to ensure that live animals passing through these areas have the necessary veterinary health certificate permits. As for meat products, Domingo said these must be accompanied by meat inspection certificates to ensure that the products are ASF-free. Personnel from the BAI, an attached agency of the DA, have been deployed to slaughterhouses and on alert. Only healthy animals will be accepted in these slaughterhouses. He also said the DA and BAI have launched an education campaign for hog raisers. The ASF is highly contagious and fatal to hogs as there is no known vaccine developed to fight

the disease, which was first detected in 1920, according to Domingo. Citing studies on ASF, he said the symptoms do not immediately appear until the virus has multiplied. The symptoms only become evident when the hog is already dead or when the animal is about to die. Domingo also debunked the claims of some hog raisers that their animals died of hog cholera. “When we tested the pigs from Rizal for hog cholera, the result was negative. That’s a laboratory test. When we tested it for ASF, the result was positive.”

‘Not premature’

MALACAÑANG does not believe that the DA spoke too soon when it said that the hog disease had been contained even after dead pigs were found in a Quezon City creek and Marikina River a few days ago. The discovery of the dead pigs came days after the DA announced that the “mystery” hog disease that killed pigs in Bulacan

Continued from A1

and Rizal was ASF. “The DA investigated the incident so its statement is based on its findings. As far as the [DA] is concerned, the agency can handle it properly. If there are isolated cases in one place, then the DA will take care of that,” said Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo. The DA has also refuted the announcement made by Quezon City Mayor Joy Belmonte that the dead hogs found in a creek in the city tested positive for ASF. The agency said the blood samples will still be sent to World Organisation for Animal Health-accredited laboratory in the United Kingdom for confirmatory testing. On Sunday, DA Spokesman Noel O. Reyes told CNN Philippines Belmonte’s announcement was not incorrect but was simply “too early.” Belmonte, however, insisted that the figures she cited came from the BAI.

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1,000 Marikina residents to benefit from P27-M lot

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T least 1,000 residents of Marikina City will benefit from the 3 hectares of land acquired by the city from Philippine Deposit Insurance Corp. (PDIC) for P27 million. Mayor Marcelino Teodoro said that they were able to purchase the land in Barangay Tumana, after 27 years of legal battle, from the PDIC, which is the liquidator of the Admiral United Savings Bank. In 1984, AUSB bank was closed by the Bangko Sentral ng Pilipinas (BSP). PDIC said that a private corporation which formerly owned the lot in Barangay Tumana insisted ownership over the property, causing the long litigation. AUSB foreclosed the property after the private corporation failed to pay its debt. On Monday, the mayor and PDIC President Roberto Tan went to Barangay Tumana for the turnover of the final deed of sale of the lot. It was witnessed by the beneficiaries. “We will be subdividing and awarding it to individual families who are al-

DOE. . .

Continued from A1

In a statement on Monday, Gatchalian said, “Unforeseen external disruptions on the oil supply chain, such as what happened in Saudi Arabia, can create massive disruptions in our local transportation and power sector.” In fact, he noted, “the Philippines has been importing 33.7 percent of its crude oil from Saudi Arabia as of 2018, making [Saudi Arabia] the top supplier of crude oil in the country.” On Sunday, the DOE convened an emergency meeting with members of the energy family (DOE-Electric Power Industry Management Bureau; DOE- Oil Industry Management Bureau; NEA; NPC; PNOC; and PNOC-EC) at the DOE’s headquarters in Taguig City. “We are seeking to ensure that the energy family will be sufficiently prepared to face the potential impact of this unfortunate incident, if any, on the country,” the DOE reported in a statement on Monday. “Rest assured that the DOE, together with the entire energy family, is closely monitoring the situation, and will keep the public properly informed of developments on the matter,” the agency said. It added, that it “is closely monitoring developments in the international markets until the last trading day on Friday to fully assess any impact on the prices.”

Shell, Petron react

Brexit. . .

Continued from A8

Tourist arrivals in Myanmar surged in the first six months of 2019 after modest growth in 2018. Cambodia, the Philippines and Vietnam enjoyed continued solid results. Among the larger destinations, Malaysia is back to positive figures with an increase in numbers from short- and medium-haul markets. Thailand showed weaker performance after several years of solid growth with a drop in visitors from China, its main source market, but an increase in arrivals from India. Indonesia reported positive figures and is looking to boost tourism under the “10 new Balis”plan. Arrivals in Sri Lanka were affected in the second quarter following the Easter Sunday attacks.

Cautious outlook CONFIDENCE in global tourism remains positive yet cautious with signs of more moderate growth for the remainder of the year, according to the latest UNWTO Confidence Index. This is reflective of the International Monetary Fund’s World Economic Outlook update of July 2019, wherein global economic growth is projected at 3.2 percent for 2019, improving to 3.5 percent in 2020, although 0.1 percentage point lower for both years than in the April 2019 WEO forecast. “Prolonged uncertainty about Brexit, intensified trade and technological tensions between the United States and China, and rising geopolitical challenges may take a toll on business and consumer confidence in certain countries or regions,” said the UNWTO. This will likely lead consumers to “adopt a wait-and-see attitude, which could affect travel bookings. As an indirect impact, the depreciation of the pound sterling and a slower UK economy could lead to rising demand for more price competitive destinations outside the European Union,” the organization noted.

Towers. . .

Continued from A8

China, he explained, “has two laws: the National Intelligence Law of 2017 and the Counter-Espionage Law of 2014. And in both laws, organizations—private organizations and citizens—should cooperate in gathering of intelligence information by the state. So right there, the China telco is an organization. It is a Chinese company. What if the Chinese government says, ‘Oh, you have access there. You are mandated to turn over information to us because we have the Counter-Espionage Law and we have the National Intelligence Law.‘”

Intel fund. . .

Continued from A1

the P6.7-billion allocation it received this year. “We believe that we have to give the muchneeded resources to the Office of the President in order to meet these present exigencies,” said Ungab. “As the government plans ahead with its foresight and with its proper military police planning, the insidious forces are also planning another kind of approach. So the President must be updated, abreast, and I believe we should grant this request,” he added. During the plenary deliberations, Bayan Muna Party-list Rep. Ferdinand Gaite questioned the 400-percent increase in the OP’s intelligence and confidential funds. Ungab said confidential and intelligence funds are based on the coordinated and

The senator will raise the matter in the budget hearings before the telco towers are installed inside the camps. “We’re currently going through the budget debates in the Senate. That’s the good thing with having three branches of government. We approve the budget, the Executive presents it to us in defense. So during the budget debates, for the Department of National Defense and the AFP, we will raise this. We will ask clarificatory questions regarding this deal. And we will look into this because we are funding the AFP, DND. You know, the sort of information that telcos [inside camps] may gather is not a small matter—troop movement, conversations…meetings, national security briefings.”

integrated intelligence estimates of local and foreign situations, which are needed to carry out the President’s policies against criminality. Earlier, the Makabayan bloc also questioned the biggest presidential pork in history, noting “some reports say, amounts to P1.7 trillion, or more than a quarter of the P4.1-trillion budget.” The bloc said such “pork” is all under the Special Purpose Funds (SPF) which did not specify the purpose. The President and his alter egos have direct control of the funds under the proposed General Appropriations Act. “It is incumbent upon Congress to scrutinize the national budget especially the SPF because it is classified as a humongous lump sum, and, therefore, pork barrel,” the bloc said. “President Duterte just said that he would veto any pork in the national budget. He should set an example and veto this as well,” it added. Jovee Marie N. dela Cruz

PILIPINAS Shell, for its part, said Monday afternoon that it is also closely monitoring the situation in Saudi Arabia and the world markets. “We are saddened by the unfortunate incident. We hope that no one was injured and that the situation will soon be brought under control. Rest assured that Pilipinas Shell will exert all effort to ensure continuous supply of fuel to the motoring public and all our customers,” said company Media Manager Cesar Abaricia. Petron Corp. also assured the public that there will be no supply disruption, saying it has adequate supply to support domestic requirements. “Petron Corporation regrets the recent attacks made on Saudi Aramco’s refinery facilities, affecting oil output on an international scale. We are closely monitoring the situation and hoping that normalcy will be restored soon,” it said. Gatchalian said the DOE, in tandem with the local oil industry suppliers, should formulate a contingency plan that will temporarily replace Saudi oil in the short term until supply is normalized. “The DOE should also ensure that oil companies and refiners comply with the required minimum inventory of 15 days and 30 days, respectively, to cushion the impact of this disruption,” the energy panel chief added.

Unbundled data AT the House of Representatives, a party-list lawmaker aired concern

ready occupying the said area,” Teodoro said. According to Teodoro, the subdivided lots will be sold for the same price it was acquired, which is for only P799. For his part, the PDIC president said the depositors of Admiral Bank will now get paid, thanks to the Marikina LGU. He is referring to the excess amount not covered by the insurance of PDIC, or those who deposited more than P500,000. Since Teodoro took office in 2016, some 1,500 land titles have been awarded to former informal settlers. The mayor said that the Marikina LGU does not want to rely only on the Social Housing Finance Corp. (SHFC), and so is acquiring private properties to give to residents so the latter can become legitimate landowners. He said their main priority is to move the residents living in danger zones to safer grounds where they can live with dignity and with no fear of demolition.

Claudeth Mocon-Ciriaco

that without the unbundled data of oil prices in the country, there may be exorbitant oil price hikes. Bayan Muna Rep. Carlos Isagani Zarate called for an immediate hearing on House Resolution 9 directing the House Committee on Energy to conduct an inquiry on the alleged predatory pricing and/or overpricing of oil products hidden by their unbundled oil prices. Zarate, citing media reports, said Iranian-backed Houthis group in Yemen claimed responsibility for attacks that shut two plants at the Abqaiq facility, the heart of the Saudi oil industry, which will cut the kingdom’s production by about 5.7 million barrels per day, more than half of the kingdom’s output or 5 percent of global supply from the world’s biggest crude exporter. He said this resulted in oil price hikes estimated at Gasoline P1.40 to P1.60 per liter, Diesel P0.70 to P0.80 per liter, and Kerosene at P0.90 to P1.00 per liter. “The problem with this is that without the unbundled data on oil prices, how can the public know that these are not overpriced? Just like in electricity and water, the public has a right to know how fuel prices are determined so that they can be vigilant against overpricing and market abuses,” said Zarate. “While everyone knows the cost of fuel in the international market, no one, even government knows the cost after fuel is landed in our ports. The bombing could be used by fuel companies as justification to overprice since it has remained unbundled until today,” added the lawmaker. In House Resolution 9, Zarate said the people deserve a full and transparent explanation from oil companies as to the formula in computing higher fuel prices in their area. “For one, if prices can be lowered in Mindanao or other parts of the country, then, there is no reason why prices in the rest of the country cannot be lowered as well,” he said.

Biggest oil-price jump IN an extraordinary start to trading on Monday, London’s Brent futures leapt almost $12 in the seconds after the open, the most in dollar terms since they were launched in 1988. Prices have since pulled back about half of that initial surge of almost 20 percent, but were still heading for the biggest advance in almost three years. For oil markets, it’s the single worst sudden disruption ever, and while Saudi Arabia may be able to return some supply within days, the attacks highlight the vulnerability of the world’s most important exporter. They also add further political risk to prices, raising the specter of more destabilization in the Middle East and the threat of US retaliation against Iran. “We have never seen a supply disruption and price response like this in the oil market,” said Saul Kavonic, an energy analyst at Credit Suisse Group AG. “Political risk premiums are now back on the oil market agenda.”

With a report by Bloomberg

The Nation BusinessMirror

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DND chief ‘blindsided’ on deal to install Chinese telco facilities in military camps? By Bernadette D. Nicolas

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@BNicolasBM

EFENSE Secretary Delfin N. Lorenzana may be unaware of the military’s deal with Chinese-linked third major telco player Dito Telecommunity to install facilities inside military bases in the country, Malacañang said on Monday. Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo also said Lorenzana, who appears to have been “blindsided” by the development, has vowed to look into the matter and submit his findings to the Palace. “The DND [Department of National Defense] secretary texted me about it and he said he doesn’t know anything about it and he is going to investigate and ask the concerned people involved in the deal so we’ll wait for his findings,” Panelo told reporters in a briefing on Monday. Sen. Francis Pangilinan has raised concern over the agreement that was signed last week by the military and Dito Telecommunity Corp., formerly Mislatel, composed of China Telecom and Udenna Corp. The senator also said the Chinese government might order China Telecom to turn over information from the Philippines in compliance with the 2017 National Intelligence law and the 2014 Counter-Espionage law. (See related story on page A8) But should the concerns on national security about the deal were proven to have basis, can the Armed Forces of the Philippines (AFP) back out from the deal? Panelo said, “Certainly. If it involves national security, then this government can do something about it.” However, Pangilinan also pointed out

that both Lorenzana and National Security Adviser Hermogenes Esperon Jr. have raised concerns over the influx of Chinese workers in the country. Lorenzana earlier cited the location of Philippine Offshore Gaming Operators near military camps, saying these would be easily configured for covert Chinese security operations, especially intelligence information gathering. Mea nwh i le, A FP Spokesm a n Br ig. Gen. Edga rd A reva lo on Su nd ay a s sured the public that there is nothing to wor r y about the A FP ’s dea l w ith the third major telco player. Arevalo explained that allowing the third telco player to build facilities in the military camps doesn’t necessarily mean that they will be physically colocated with AFP’s communications facility. He said they are just providing the venue where they will be able to lend them relative security and best locations to propagate communications signals, adding that the military also has a similar arrangement with Globe Telecom and Smart Communications. Under the agreement, the AFP will determine specific locations with its rental value for use of Mislatel in the installation and management of its communication sites without undermining the operations of affected AFP units. The telecommunication firm is also required to furnish all equipment, labor and materials necessary to effect the colocation of its facilities and shoulder all expenses in connection with or incidental to the colocation and payment of all taxes, permits, licenses and other charges.

Editor: Vittorio V. Vitug • Tuesday, September 17, 2019 A3

POEA keeps close watch on 1,409 OFWs in Congo amid Ebola outbreak By Samuel P. Medenilla @sam_medenilla

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HILIPPINE labor authorities are now keeping a close watch on the status of hundreds of overseas Filipino workers (OFWs) in Congo amid confirmed reports of Ebola virus disease (EVD) outbreak in the African country. Last month, the World Health Organization (WHO) said an EVD outbreak was declared in Congo after reporting the death of 2,000 people, and another 3,000 infected by the deadly disease. In a news statement posted in its web site, Philippine Overseas Employment

Administration (POEA) said it is now coordinating with the Department of Health and its Bureau of Quarantine, the Bureau of Immigration and the Civil Aeronautics Board for contingency measures against EVD. “The Philippine government is closely monitoring the situation of the Ebola virus disease in the Democratic Republic of the Congo following its declaration by the World Health Organization as Public Health Emergency of International Concern [PHEIC],” POEA said. Based from POEA data, a total of 749 OFWs and 660 OFWs were deployed in Congo in 2016 and 2017, respectively.

To recall, the government implemented a deployment ban in Liberia, Guinea and Sierra Leone in 2014 due incidents of EVD in the three West African states. Currently, POEA has yet to issue a deployment restriction in Congo. Labor Secretary Silvestre H. Bello III, who chairs the POEA governing board, said they will first wait for the recommendation of the Department of Foreign Affairs (DFA) before deciding on the matter. “We have no Polo [Philippine Overseas Labor Office] there so we will rely completely on DFA for information [about our OFWs],” Bello told reporters in an interview.

AFP opens sea, land, air interoperability exercise By Rene Acosta

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@reneacostaBM

HE Armed Forces of the Philippines officially opened on Monday its joint exercise “DAGIT-PA” at the AFP Education, Training and Doctrine Command at Camp Aguinaldo. DAGIT-PA, which stands for “DagatLangit-Lupa,” is an AFP-wide exercise aimed at enhancing interoperability among the Philippine Navy, Philippine Air Force and Philippine Army. It is geared to level up existing exercises by integrating the AFP’s Special Operations Forces, Cyber Group and reservists.

“This year’s reiteration of the AFP Joint Exercise will help us strengthen our territorial defense capabilities and our conduct of internal security operations,” said Brig. Gen. Francisco Mendoza, AFP assistant deputy chief of staff for education and training. “The AFP chief of staff wants to ensure that we have the capability to apply the unilateral defense plan and AFP joint operating concept among many others to ensure the effectiveness of our troops when operating in a joint operations environment,” he added. More than 1,500 soldiers, including reservists and selected AFP wide support and separate units are participating in the

exercises, which include air and maritime interdiction operations in Palawan; amphibious landing in Zambales; airfield seizure and military operations in urban terrain in Nueva Ecija; and combined arms live fire exercise in Tarlac. The events will focus on capabilities development in maritime security, military operations in urban terrain and amphibious operations. The exercise traces its roots from the Navy Air Force interoperability exercise dubbed as “DAGIT” which features air-sea battle concept training which started in the early 2000s.

A4 Tuesday, September 17, 2019 • Editor: Vittorio V. Vitug

Economy BusinessMirror

DOF chief: PHL has everything to gain from China’s Belt and Road Initiative

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By Cai U. Ordinario

@caiordinario

HE Department of Finance (DOF) has expressed full support for China’s Belt and Road Initiative (BRI), saying the country’s “Build, Build, Build” (BBB) initiative mirrored the goal of the Maritime Silk Road. In a news statement, Finance Secretary Carlos G. Dominguez III said the BRI is the “single largest enterprise in human history” and is bound to “reshape the global economy for the new century.” As such, Dominguez said it offers vast economic opportunities for all countries within and outside the region. It will also bring Asian economies closer together. “Enhanced trade will encourage more efficient investment flows. Improved connectivity will enhance the inclusiveness of our growth patterns. We have everything to gain from this,” Dominguez said during the Philippines-China Trade and Investment Forum held Monday at the Conrad Manila Hotel in Pasay City. Dominguez said that just like the BRI, the country’s own BBB initiative offers opportunities for businesses within and outside the Philippines. The BBB is considered the centerpiece of the Duterte administration and could offer Chinese businesses economic opportunities. Dominguez also recognized the assistance

“Enhanced trade will encourage more efficient investment flows. Improved connectivity will enhance the inclusiveness of our growth patterns. We have everything to gain from this.” —Dominguez

of the Chinese government, saying that the loans and grants extended by China allowed the country to build dams, bridges and railways. “I encourage you to look closely and find the opportunities that might suit your business interests. We hope you will partner with us and help achieve the ultimate goal of freeing our people

from underdevelopment,” Dominguez said. Apart from the BBB, Dominguez said China has been a key trade partner of the Philippines. In 2018, China was the Philippines’s biggest trading partner with a total trade of $52 billion, which is 15 percent higher than the 2017 level. Further, Dominguez said foreign direct investments from China to the Philippines reached $634 million in 2018, a 185-percent increase from the previous year. Dominguez said the visit of a large delegation of Chongqing senior officials and businessmen underscores the growing people-to-people relations and improving prospecting for “mutually rewarding business partnerships” between the Philippines and China. “We look forward to even closer cooperation as we build the best possible future for our two peoples,” Dominguez said. “Much credit will have to be given to the foresight of both President Xi Jinping and President Rodrigo Duterte.” The forum was attended by around 100 business leaders from the industrial city of Chongqing located in southwest China. Also at the forum were Chen Min’er, secretary of the Chongqing Municipal Committee of the Communist Party of China; Chinese Ambassador to the Philippines Zhao Jianhua; Guo Yezhou, vice minister of the International Department of the CPC Central Committee; Wu Cunrong, executive vice mayor of the Chongqing Municipal People’s Government; and Wang Fu, secretary-general of the CPC Chongqing Municipal Committee. Sen. Aquilino Pimentel III, Energy Secretary Alfonso G. Cusi and House members Wes Gatchalian and Lord Allan Jay Velasco were also at the forum.

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Manila and Tokyo ink mining cooperation pact By Jonathan L. Mayuga @jonlmayuga

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HE Philippines and Japan recently signed a landmark mining cooperation agreement that is expected to boost the minerals development sector in the two countries. A memorandum of cooperation (MOC) was signed on August 16 in Tokyo between Minister Yoshihiko Isozaki of the Ministry of Economy, Trade and Industry (Meti) of Japan and Department of Environment and Natural Resources (DENR) Undersecretary for Policy, Planning and International Affairs Jonas R. Leones on behalf of Environment Secretary Roy A. Cimatu. In a news statement, Cimatu said he expects a more efficient and environmentally sustainable mining in the country with the signing of the MOC agreement with Japan. “We are gradually entering into a new realm and climbing greater heights when it comes to mining with this cooperation with the Japanese government,” Cimatu said. The MOC aims to promote and carry out cooperative activities toward sustainable mining in both countries. The agreement came into effect from the date of signing until 2022. Under the agreement, the two countries agreed to support each other in promoting sustainable development in their respective mining and mineral resources sectors. Both countries are hoping to strengthen their ties through regular dialogues and cooperation in the areas of mining policy on exploration, development and

operation; information sharing on supply-demand trends; and best practices of sustainable development and operation in mining. Other areas of concern are security in exploration, development, and operation of mines; appropriate environmental impact assessment; and improvement of investment environment to attract more investors to the mining sector. In line with the MOC, the Philippines’s Mines and Geosciences Bureau (MGB) and the Japan Oil, Gas and Metals National Corp. (Jogmec) entered into a memorandum of understanding (MOU) for environmental cooperation covering the fiscal year 2019. MGB and Jogmec agreed to undertake measures to protect the environment and rehabilitate the areas affected by mining operations, as provided for in the MOC signed by the DENR and Meti. Under the MOU, a total of 15 personnel from the MGB central and regional offices will be sent to Japan to undergo an 11-day training on mine pollution control and environmental policies to be administered by Jogmec. The training will be held in two batches: October 2019 and January 2020. The MOU was signed by MGB Acting Director Wilfredo Moncano and Jogmec Executive Vice President Hajime Ikeda. Japan, once a world-class producer of metals now has 5,000 suspended and abandoned mines throughout the country and Jogmec has been rehabilitating mines and working on mine pollution control since the 1970s.

The Philippines will improve data privacy standards for business! some background information:

What is the Apec-CBPR? The system is a voluntary certification mechanism that allows certified companies to transfer data (inter and intracompany) in a safe manner across Apec economies. There are presently eight participating economies: the United States, Mexico, Japan, Canada, Singapore, South Korea, Australia and Taiwan.

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By Henry J. Schumacher

URING a briefing on Asia-Pacific Economic Cooperation-Cross Border Policy Rules (Apec-CBPR) system last Thursday, National Privacy Commissioner Raymund E. Liboro announced the following actions and concerns: The Philippines signed up to be the ninth country in the Apec-CBPR system. Once approved, the country will need accountability agents to certify companies; The National Privacy Commission (NPC) plans to launch the Philippine Privacy Trust Mark before the end of the year; The NPC and the Personal Data Protection Commission of Singapore signed a memorandum of understanding on cooperation in personal data protection. They have agreed to share best practices in data protection and to combine efforts in cross-border data flow, such as the Apec-CBPR; The Philippines will take an active role in leading and harmonizing data privacy regulations in Asean and Asia; One of the biggest concerns in the Philippines is business data negligence where data breaches due to carelessness happen. “Being hacked is not a crime, but being negligent is;” and added Privacy is now becoming a differentiator among businesses as Filipinos and international clients are more likely to choose a company that is more trustworthy when it comes to data. In this context, it may be worthwhile to provide

Why are the Apec-CBPR important for business? Personal data and its free movement are the foundation of digital innovation and economic growth in the coming years. For the Philippines, given the country’s ambition to be a major player in the data/ information economy, creating trust online and in other digital activities is crucial. With expanding large volumes of data and information transmitted online, the CBPR system also facilitates undesirable activities, such as cybercrime. Apec-CBPR is helpful for businesses as it provides a road map for companies to set their own internal rules and procedures that meet the system’s standards for data protection. It gives businesses the flexibility to design company policies that meet their own needs, while ensuring adequate compliance with privacy rules across international markets. How do companies become certified? Once the Philippines formally joins CBPR, it needs to establish the certification mechanism most appropriate to the domestic environment which includes selecting accountability agents who will certify companies. The Apec-CBPR certification mechanism consists of; Self-assessment and submission of relevant documents; Compliance review by accountability agents, recognition and acceptance; and Compliance and enforcement by accountability agents and the National Privacy Enforcement Authority which is the NPC in the Philippines. When will the system take effect for the Philippines? As the Philippines formally expressed its intent to join the system in August this year, it is trusted that the official acceptance to join the existing eight economies will come before the end of the year or early 2020. There is no doubt in my mind that NPC Chairman Liboro is a man on the move, seeing himself in the driver’s seat to push and implement privacy standards here and abroad. Please inhale his above statement: “Being hacked is not a crime, but being negligent is,” in other words: you and your company will not get away with negligence in data privacy protection in future! You better act now. If assistance is needed, let us know. You can contact me at schumacher@eitsc.com.

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Tuesday, September 17, 2019 AA5

Power shortage threatens Luzon grid as some power plants, Malampaya go on scheduled maintenance shutdown in Oct

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By Lenie Lectura

@llectura

OME 600 megawatts (MW) to 900 MW of power-generating capacity will be shaved off from the Luzon grid next month due to scheduled maintenance shutdown of some power plants, a top official of the Manila Electric Co. (Meralco) said Monday. Meralco President Ray Espinosa said the scheduled maintenance shutdown of various power plants that supply the utility firm will coincide with the four-day maintenance shutdown of the Malampaya natural gas facility, which also supplies 40 percent of Meralco’s requirement. “We have alerted the DOE [Department of Energy] already that there are scheduled outages already in October as early as the first week. Within the first week, 600-900 megawatts will be out. That’s scheduled but still, its good to have enough supply,” said Espinosa. Data from Meralco showed that Ilijan unit 1 (600 MW) will be on scheduled maintenance shutdown from October 3 to 15. The same plant will also produced less capacity from October 16 to 18. Other power plants that are on scheduled shutdown next month are the 20-year-old Sual 2 (500 MW) from October 19 to November 17; San Lorenzo Module 50 (250 MW), from October 26 to 30. The Malampaya gas facility, meanwhile, will not be able to supply Meralco from October 12 to 15. The gas facility fuels the following

gas plants: the 1,000-MW Santa Rita, the 500-MW San Lorenzo, the 1,200MW Ilijan, the 97-MW Avion and the 414-MW San Gabriel. Meralco partly sources its requirements from the Santa Rita, San Lorenzo, San Gabriel plants of First Gas Corp. and from South Premier Power Corp.’s Ilijan plant. The utility firm does not have a powersupply agreement with First Gen’s Avion plant. Meralco head of utility economics Lawrence Fernandez said the company is in coordination with the different power plants that use Malampaya gas for fuel. During the shutdown, Santa Rita, San Lorenzo and San Gabriel will be ready to run on liquid fuel so that their capacities will continue to be available to the grid. The Ilijan plant, meanwhile, will be on maintenance shutdown during the Malampaya shutdown. “We understand that the maintenance shutdown activity will span four days and that half of the period will be over the weekend,” he said. Meanwhile, a DOE official said the Malampaya shutdown is “not critical.”

RTC judge in Korean businessman’s slaying inhibits self from case By Joel R. San Juan

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@jrsanjuan1573

HE trial court judge handling the case involving the killing of South Korean businessman Jee Ick Joo has recused himself from further hearing the case after initially denying the prosecution’s motion for him to inhibit. Angeles City Regional Trial Court Branch 56 Judge Irin Zenaida Buan denied last July 31 the motion filed by the Department of Justice (DOJ) panel of prosecutors seeking her inhibition. Judge Buan denied their motion two months after it was filed last May but since they have yet to receive information about its denial, they decided to file a second motion, which was acted favorably this time by the judge. The second motion was filed also upon orders of Justice Secretary Menardo Guevarra and Prosecutor General Benedicto Malcontento. Aside from the prosecution, accused Police Chief M/Sgt. Ricky Sta. Isabel and Jerry Omlang filed separate motions also asking her to inhibit. “The allegations/arguments of the movants readily reveal their inner disposition toward the Presiding Judge clearly signifying their discontent to the latter’s rulings, as well as their obstinate belief that the Presiding judge cannot remain impartial in trying these cases,” Judge Buan said. “To insists on trying these cases despite a continuing call for recusal will already conjure an erroneous image of a judge holding on to a case under a continuous cloud of doubt,” she added. Judge Buan said inhibiting from

the case is most prudent recourse so as not to stall the proceedings. In filing the motion for inhibition, the prosecution noted Judge Buan’s actions and order which it said indicates partiality in favor of accused Police Col. Rafael Dumlao and his coaccused in the case. It specifically cited her persistence to file pleadings from both parties despite the opposition of the prosecution who contend that the proceedings be deferred pending the issuance of the order on the motion for inhibition. In allowing Dumlao to post bail, the trial court noted that the testimonies of witnesses Choi Kyung-jin, wife of Jee, and househelp Marisa Dawis-Maorquicho, did not mention about the participation of Dumlao in the crime. Judge Buan said the ruling allowing Dumlao to post bail is without prejudice to its later determination of guilt since more evidence will still be presented by the prosecution during the trial proper of the case. Dumlao is facing charges of kidnapping for ransom with homicide, kidnapping and serious illegal detention, and carjacking. Aside from Dumlao, Police Chief M/Sgt. (formerly SPO3) Ricky Sta. Isabel and Gerry Omlang, the DOJ also charged Gerardo “Ding” Santiago, owner of the Gream Funeral Services in Caloocan City where the body of the victim was brought and Villegas for kidnapping for ransom with homicide case. Villegas, however, was tapped by the prosecution as state witness while Santiago’s liability was downgraded to mere accessory.

“We are coordinating with the system operator, the National Grid Corp. of the Philippines. They have suggestions. It’s not critical because demand is not that big in October. It will be well managed. There are gas plants that will run on diesel, condensate,” said DOE Director Mario Marasigan who was present during the power-supply agreement (PSA) signing of Meralco’s 500-MW contract capacity with power producers. DOE Assistant Secretary Redentor Delola, in a text message, said the Luzon grid will have sufficient reserves for the rest of the year due to decreasing demand and additional capacities from new power plants coming online. For Luzon, he cited the 300-MW Masinloc expansion project set to commence this month and the 500-MW San Buenaventura Power Ltd. (SBPL) project of Meralco Power Gen Corp. Both are expected to inject power to the grid this month. SBPL is a partnership between MGen and New Growth BV, a wholly owned subsidiary of Electricity Generating Public Co. Ltd. (EGCO Group) of Thailand. However, SBPL’s 455-MW coal-fired power plant in Mauban, Quezon, has hit a snag.

The country’s first coal-fired power plant to use supercritical technology was supposed to start commercial operation last September 15. The electricity to be generated by the P56.2-billion plant will be sold to Meralco, the country’s largest distribution utility, under a 20-year power-supply agreement. Meralco was actually expecting this power plant to supply its requirement starting next month. Espinosa said SBPL is one of the plants listed under Meralco’s contingency plans when the Malampaya gas facility is on shutdown. “We have contracted plants but this San Buenaventura is very important, it will at 455-MW net capacity and you know supply is always tight, so we need additional capacity,” he said. However, Meralco was lacking a permit from the Energy Regulatory Commission (ERC). “We were targeting San Buenaventura to go online, commercial operation date on September 15. But the ERC has not yet issued the provisional authority to operate and the COC [certificate of compliance]. Without those, San Buenaventura cannot go online and supply power,” said Espinosa. When asked to elaborate about the permits, Espinosa said, “the ERC asked a ques-

tion regarding the water use.” “The water rights have been issued in favor of Meralco by the National Water Regulatory Board and once it is in the hands of a qualified Filipino, it can be used by anyone already. We were really surprised about this. We have actually asked [DOE] to help us also to resolve the issue of water rights,” said Espinosa. This year’s Malampaya scheduled maintenance shutdown will cover technical work at offshore platform (West Philippine Sea) and at onshore gas plant (Batangas); repair of equipment; installation of critical spare parts; check of instrumentation and controls. “The shutdown will allow engineering maintenance works at both onshore gas plant and offshore platform,” said Shell Philippines Exploration BV (SPEx). “We are aiming to make shutdown duration as short as possible to minimize impact to natural gas supply. This shutdown is relatively short compared to previous ones.” The Malampaya consortium is composed of SPEx, with a 45-percent stake; Chevron Malampaya Llc., also with a 45-percent stake; and PNOC-EC (Philippine National Oil Co.-Exploration Corp.), which holds the remaining 10 percent.

A6 Tuesday, September 17, 2019 • Editor: Angel R. Calso

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editorial

Not safer nor safe

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-CIGARETTES have been gaining popularity over the last few years in the country because they have been marketed as a safer alternative to traditional cigarettes—long established by science as harmful to people’s health. Recent events in the United States, however, seem to call into question if “safer” actually means safe. United States President Donald J. Trump has proposed the banning of e-cigarettes and vaping products as federal health officials investigate 450 cases of severe lung illness and even deaths (six people as of this writing) associated with their use. Across 33 US states and one US territory, people claim to have suffered shortness of breath, chest pains, coughing, nausea, vomiting and fever after using vape products. Both the American Medical Association and the US Centers for Disease Control and Prevention have urged the American public to stop using e-cigarettes. Even before these cases, a report by the US Surgeon General had already called vaping (the popular term for using e-cigarettes) by kids and young people “a serious public health threat,” a view that was seconded by the American Heart Association. While US health officials have not yet found a definitive cause for said vaping-related illnesses and deaths—with some vape defenders noting that the victims possibly put in substances that are not normally used for vaping— these incidents should be closely tracked as we ascertain the safety of, and the best way of regulating, e-cigarettes in our own country. On August 20, the House of Representatives approved on third and final reading House Bill 1206, increasing the excise taxes on alcoholic drinks, as well as electronic cigarettes and vaping products, the latter by P40 to P60. However, even if the measure is enacted, would the higher taxes be enough to discourage vaping among our citizenry, especially teenagers who are picking up the habit in increasing numbers? Should the Philippine government not consider further restricting and regulating the sale of e-cigarettes and vaping products, perhaps, even ban their use as an extreme option, until the deaths and illnesses in the US are fully explained, just to be safe? The Sin Tax Coalition and Action on Smoking and Health stressed the need to protect Filipinos from vaping, which they said poses significant hazards to health. Maricar Limpin, Action on Smoking and Health executive director, said the vaping-related health cases in the US “must serve as an impetus to regulate the consumption of these products in the Philippines, to help limit the potential catastrophic health outcomes that come with their use.” The Department of Health, in a press release in July, had warned the public about harmful chemicals in some vaping products, such as nicotine, ultrafine particles, carcinogens, heavy metals and volatile organic compounds. “Results generated from peer-reviewed studies show that e-cig juices contain high levels of addictive nicotine, which can result in acute or even fatal poisoning through ingestion and other means. In addition to nicotine addiction, cases of nicotine toxicity of epidemic proportion in children have been documented in other countries with increasing prevalence of e-cigarette use. E-cigarette aerosol that users and bystanders breathe and exhale also contain harmful and potentially harmful substances, including secondhand aerosols [SHA],” the DOH then said. The DOH called for regulating vapes for both content and safety, even as e-cigarette products are now being sold almost everywhere over the counter, in vaping shops that have sprouted across the country like sari-sari stores, offering flavors like bubble gum, cotton candy and others that appear targeted to lure young people. In a recent advisory, the Food and Drug Administration urged all government hospitals to report injuries and illnesses arising from the use of e-cigarettes and vaping products. Indeed, the government should conduct a more systematic review of regulations concerning the production and sale of e-cigarettes, even while it determines the sound policy on taxing them. If the safety of e-cigarettes cannot be categorically ensured, if there are even hidden dangers or adverse effects that users should worry about, then the government must act accordingly to protect the public.

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Connecting the dots

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This new crisis in the oil markets has great implications for the Philippines. But China is the world’s largest importer of crude oil, so skyrocketing oil prices is potentially an immense problem for China. Is there any chance that China could become more “cooperative” with the Philippines to develop oil resources in the West Philippine Sea?

It is the fast-changing world of real news that is much more interesting. The problem is that we really cannot focus on all the information at once, as I have said in the past. For example, the focus is on the “USChina trade war” while Japan and South Korea are still fighting a war that supposedly ended a hundred years ago when Japan completely took over the Korean Peninsula. The US and President Donald J. Trump apparently started another trade war with victim China, and according to the many local experts, China is winning that war. The problem is that there does not seem to be any definition of “winning” other

The WTO just ruled on a case against Airbus, saying the company had benefited from illegal state subsidies. One EU official said that the confidential WTO decision gave the US the right to collect between $5 billion and $8 billion in tariff revenues. Another said the maximum sum is closer to $10 billion. Washington has previously said it would follow through with tariffs if it won the case and has prepared a list of EU exports worth about $21 billion. These situations are more directly connected than just the words “trade” and “tariffs.” The EU response to increased WTO sanctioned tariffs by the US may quiet China’s demand that its issues with the US be brought before the WTO. The US may take a less aggressive attitude

John Mangun

OUTSIDE THE BOX

IVING in the second decade of the 21st century has been both absolutely enjoyable and fascinating. Forget about all this “fake news” stuff that has been around since at least 1835. That is when the New York Sun newspaper published “settled science” that eminent scientist John Herschel was reported to have seen on the moon through “the world’s most powerful telescope goat-like creatures with blue skin and a temple made of polished sapphire”. than no one is reasonably able to say, “Trump is winning.” However, there is another “trade war” brewing on the other side of the globe. Reports are circulating that Washington is reportedly preparing to announce tariffs on billions of euros of goods from the European Union. This comes as the World Trade Organization has ruled in favor of the US that the European Union has been illegally subsidizing its companies’s international trade. This is the same WTO that China says should slam the US for putting additional tariffs on Chinese goods.

with China if it gains trade concessions from the EU. Or it could be exactly the opposite for both of those possible scenarios. The problem is that it is difficult for people and government policymakers to connect the dots if we are used to, and more comfortable with, “dots” that are labeled “1,” “2,” “3” and so on. This new crisis in the oil markets has great implications for the Philippines. But China is the world’s largest importer of crude oil, so skyrocketing oil prices is potentially an immense problem for China. China gets most of its oil from Russia and a slightly lesser amount from Saudi Arabia. But the only country that can make up the supply shortage from a collapse in Saudi output is the United States, now a net oil exporter and the largest producer in the world. Is there any chance that China could become more “cooperative” with the Philippines to develop oil resources in the West Philippine Sea? Not only is nothing what it appears to be in the 21st century. But we can no longer be like a hunting dog following a single scent on the trail. E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

Aramco attacks show company entanglement in Saudi politics

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By Aya Batrawy | The Associated Press

UBAI, United Arab Emirates—The weekend drone attack on the world’s largest crude oil processing plant in Saudi Arabia that dramatically cut into global oil supplies is the most visible sign yet of how Aramco’s stability and security is directly linked to that of its owners—the Saudi government and its ruling family. The strikes, which US Secretary of State Mike Pompeo blamed on Iran despite staunch denials by Tehran, led to suspension of more than 5 percent of the world’s daily crude oil production, bringing into focus just how vulnerable the company is to Saudi Arabia’s conflicts outside the country’s borders, particularly with regional rival Iran. That matters greatly because Aramco produces and exports Saudi Arabia’s more than 9.5 million barrels of oil per day to consumers around the world, primarily in Asia. It also comes as the state-owned company heads toward a partial public sale. To prepare for an initial public offering, the company has recently taken steps to distance itself from the Saudi government, which is controlled by the Al Saud ruling family.

The plan to list part of Aramco is key to Crown Prince Mohammed bin Salman’s economic diversification efforts that are aimed at preparing the kingdom for a future less reliant on oil exports for revenue. As he races to overhaul the economy, he’s also led Saudi Arabia as its defense minister into a war in Yemen that appears to have made the kingdom, and by extension Aramco, more vulnerable to attacks. Iranian-backed Yemeni rebels claimed the predawn attacks on Saturday, although there are questions about whether the drones were launched from Yemen. Saudi Arabia has been at war with the Houthi rebels in Yemen since early 2015, but this is by far the most infrastructurally devastating attack inside the kingdom since the conflict began.

Eurasia Group notes that Saudi Arabia’s air defense systems are designed to defend against traditional threats but are ill equipped to tackle asymmetrical aerial threats from drones. The attacks targeted Abqaiq processing facility and the Khurais oil field. Abqaiq is home to the world’s largest oil processing facility and crude oil stabilization plant, where oil is made safe for transport on ships. Aramco’s handling of the incident is being watched closely, particularly amid reports of a local listing of 1 percent of the company as soon as November. The public first learned of the attacks from residents of the area who uploaded videos and photos of the massive fires at the processing facility in the eastern city of Buqyaq. It wasn’t until 22 hours later that Aramco issued its own statement, acknowledging its plants had been attacked and that daily production of 5.7 million barrels of crude had been disrupted. Aramco CEO Amin Nasser was quoted in the brief statement as saying work was under way to restore production and a progress update would be provided in around 48

hours. The Wall Street Journal cited Saudi officials as saying a third of output would be restored on Monday, but a return to full production may take weeks. What commodity traders are most looking for now is how long the suspension of production will last. Aramco has not said what that timeframe might be. Crude oil futures shot up 9.5 percent to $60 after trading opened Sunday evening in New York, a dramatic increase. The sustainability of the rally will hinge on an assessment of the magnitude and duration of the supply shortfall, said Vandana Hari, founder of Singapore’s Vanda Insights. Hari said potential investors in Aramco are going to be looking at the company’s transparency and communication practices in this current crisis. “Having said that, it’s clear that Aramco does not operate independently from the government and is not free to manage its own messaging,” she said. The loss of more than 5 percent of the world’s oil supply—no matter for how many days—is not an See “Aramco,” A7

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Attribution of input taxes to zero-rated sales

‘What price freedom’? Manny F. Dooc

TELLTALES

Fulvio D. Dawilan

TAX LAW FOR BUSINESS

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NEW principle in relation to the value-added tax (VAT) refund system is emerging to the effect that only input taxes directly attributable to the zero-rated sales may be the subject of a claim for refund, and that if a taxpayer is engaged in purely zero-rated sales, the recovery of input taxes through refund is not available. I say this is a new principle because there is no similar interpretation espousing similar view in previous decisions by the Courts. The proponents of this principle take refuge in the very provision of Section 112(A) of the Tax Code, which provides for the rules governing the refund of input taxes attributable to zero-rated sales. There is no argument that for an input tax to be refundable under the said provision, one of the requisites is that it must be attributable to zero-rated or effectively zerorated sales. As such, if the input taxes are incurred for transactions or activities that are not related to zero-rated sales, these cannot be the subject of a refund. The confusion lies in the interpretation of the word “attributable.” The proponents interpret this to mean that the input taxes should be directly attributable to zero-rated sales. They argue that refundable input taxes must be used in the manufacture or exportation of zero-rated sales. They further claim that the second proviso in Section 112(A) provides for the proportional allocation of the input taxes if the claimant taxpayer is engaged in both zero-­rated or effectively zerorated and taxable or exempt sales. Accordingly, if the taxpayer is only engaged in zero-rated sales and does not generate output taxes against which input taxes incurred can be utilized, the provision does not apply and the taxpayer’s option to apply for refund is not available. With all due respect, I take exception to this interpretation. The law does not refer to the words “directly attributable” or “used in zero-rated sales” in describing the input taxes that may be the subject of a refund. The refundable input taxes as described in the law pertain to creditable input taxes attributable to zero-rated sales to the extent that they had not been applied against output taxes. And what are the sources of these input taxes that may be the subject of a refund? That is more clearly articulated in Section 110 of the Tax Code. Generally, the said provision allows all input taxes incurred in relation to a taxpayer’s business to be creditable against output taxes. These include input taxes incurred or paid on importation or local purchases of goods, properties or services, including lease or use of properties. These creditable input taxes are not limited to those incurred in the purchase of goods used in the manufacture of products. In fact, these include input taxes on purchases of services. Input taxes on purchases of goods for conversion into or intended to form part of finished products is just one of them. In short, the law does not discriminate against input tax incurred on a purchase that does not form part of the taxpayer’s product. All input taxes are creditable without distinction as to where the related purchase was used. There is no exclusion or inclusion rule for input taxes by reason of the use of the related purchase. There is only a need to classify input taxes when a taxpayer has transactions subject to VAT and not subject to VAT, otherwise, referred to as mixed transactions. In such case, a taxpayer shall be allowed to claim input taxes (a) that are directly attributed to transactions subject to value-added tax, and (b) a ratable portion of any input tax which cannot be directly attributed to either activity. Thus, for a taxpayer with mixed transactions, there are two types of input taxes that may be used as credit against output taxes— (a) those that are directly attributed to VATable transactions (including transactions which are zero-rated) and

those that are allocated for the reason that the input tax cannot be directly identified to either type of sale. This applies only in mixed transactions. If the taxpayer is not engaged in mixed transactions, there is no need to apply this rule and the totality of the input taxes shall all be attributed to that single type of sale. Thus, the input taxes of a taxpayer engaged solely in zero-rated sales are all attributable to his zero-rated sales. The apportionment of input taxes on mixed transactions is best illustrated in the examples provided in Section 4.110-4 of Revenue Regulations 16-05. Based on this rule, a VAT-registered person who is also engaged in transactions not subject to VAT shall be allowed to recognize input tax credit on transactions subject to VAT as follows: 1) All the input taxes that can be directly attributed to transactions subject to VAT may be recognized for input tax credit; and 2) if any input tax cannot be directly attributed to either a VAT taxable or VAT-exempt transaction, the input tax shall be pro-rated to the VAT taxable and VAT-exempt transactions and only the ratable portion pertaining to transactions subject to VAT may be recognized for input tax credit. The illustrations clearly show that all input taxes incurred by a taxpayer are attributed for each type of sale by using the above rule, that is, by direct identification and those that cannot be directly identified with a specific type of sale is attributed through allocation based on the amount for each type of sale. With respect specifically to zero-rated sales, the input taxes attributable to such sales are computed in the same manner. In essence, the input taxes attributable to zero-rated sales consist of both (a) the input tax directly attributable to such sale and (b) the ratable portion of the input tax not directly attributable to any activity (input tax attributable to zero-rated sales = input tax directly attributable + ratable portion of input tax not directly attributable to any activity). And the table summarizing these illustrations also classified these input taxes under the column for “Input VAT for Refund.” Clearly, the input taxes that may be the subject of a refund may refer either to the input taxes directly attributable and those allocated to zero-rated sales. This is the essence of Section 110 of the Tax Code, including Subsection (B), which gives the taxpayer the option to apply for a refund and further referring to Section 112 for compliance with the other refund rules. The input taxes described as refundable under Section 112 are the same as the input taxes described in Section 110. The second proviso of Section 112 merely echoes the same allocation rule. And it does not limit the refundable input taxes only to those directly attributable to zero-rated sales. The only limitation is that they were not applied against output taxes. Neither does the refund option exclude those purely engaged in purely zero-rated sales. The allocation rule simply does not apply to them. The author is the managing partner of DuBaladad and Associates Law Offices (BDB Law), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at fulvio.dawilan@ bdblaw.com.ph or call 403-2001 local 310.

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HAT price are you willing to pay to get inside a football stadium to watch your favorite team play? In Iran, women are barred from entering a sports stadium, which is exclusively reserved for men. Sahar Khodayari, dubbed the “Blue Girl” for rabidly rooting for her football team wearing blue jerseys, was arrested for trying to enter the venue where her team was playing last week. She dressed as a man to sneak into the game. Her family bailed her out but she stayed three more days in jail since she was arrested on a weekend. Upon her release, she burned herself to death in front of the authorities. Saddened by the incident, one twitted that “one day, one of the capital city’s largest stadium will be called Blue Girl. A day when even if we are not around, our grandchildren will remember what a difficult path we went through to achieve our most basic human right.” Ironically, the stadium was named Azadi, which means “freedom” in Farsi. “What price freedom”? Friedrich Nietzsche once said that no price is too high to pay for the privilege of being free. This tells us how much we take for granted the rights we enjoy that other people in

another clime regard as a matter of life or death. nnn

NINOY AQUINO’S statue, which once stood in the corner of Quezon and Timog Avenues in Quezon City, will be relocated to a more suitable place after its base was damaged during a road-clearing operation. Mayor Joy Belmonte, whose family had been a close associate and staunch supporter of both Ninoy and Cory, has decided to transfer the statue to another place subject to the agreement of the revered couple’s children. It was reported, however, that the former president wanted it moved to the Ninoy Aquino Parks and Wildlife Center, aptly named to honor our national hero, while Kris has identified the Ayala-owned Manila Seedling Bank. Personally,

Tuesday, September 17, 2019 A7

I favor following former President Noynoy’s idea. The NAPWC is a government site consisting of 23.8 hectares designed “to be a worldclass ecotourism destination and a venue for biodiversity conservation and education on Philippine endemic and rare wild flora and fauna.” It is found at the heart of the city and provides educational opportunities for nature trippers and lovers of wildlife. Just like the Arroceros forest, dubbed “lung” of Manila, the NAPWC is the “heart” that takes care of our wildlife and the “brain” for providing us valuable learning experiences about nature and our ecosystem. I’m sure Ninoy, a man of action, would be delighted to be at the center of all these activities. And if we truly value his martyrdom, the government and the private sector should pool their resources and further develop NAPWC, with Ninoy’s statue marking the place, and convert it into a hallowed ground like the Lincoln Memorial and the Washington Monument, popular landmarks of the US capital, where people can converge. nnn

THE government is on track to get all packages of the proposed comprehensive tax reform approved by 2020. This is the ambitious goal of the DOF led by Secretary Carlos G. Dominguez III. During the first half of PRRD’s term, his administration has succeeded in legislating the first two packages: The TRAIN approved

Dilatory gridlock in Congress

vehicles, 8 percent are cars, 3 percent are sport-utility vehicles, 3 percent are trucks, and the rest are categorized as “others.” The motorcycle industry has consistently expanded in recent years, including smuggled ones, as shown by the unusual average yearly sales growth of around 20 percent. Motorcycles without sidecars got the biggest slice of the two-wheeler units at 9,836,623 and motorcycles with sidecars totaled 1,312,053. The LTO released this figure during its first consultative meeting for the Republic Act (RA) 11235 or the Motor Crime Prevention Act. The number of motorcycles with delinquent registration has ballooned to 12.28 million as shown by the LTO records based on engine size: from 100cc to 200cc engines, a total of 10,359,005 motorcycles have expired LTO registration or 86.2 percent of the total figure; below 100cc engines: 1,625,759 motorcycles or 13.5 percent; and above 200cc engines: 31,537 motorcycles or 0.3 percent. The LTO said a big bulk of these delinquent registrations was obviously a product of procrastination on the part of the motorcycle owners who sold or gave away their bikes,

but ignored or delayed the process of ownership transfer. Some even adopted a “wait and see” attitude, holding on to their LTO documents while the debates on the doble plaka law continued. Under RA 11235, it is the responsibility of the motorcycle owner to register his bike with the LTO within five days from the date of acquisition. The owner must also report the sale or disposition of his motorcycle to the LTO. Violators face the penalty of imprisonment ranging from four months to four years to six months to six years as defined under the Revised Penal Code (RPC). Or, the violator shall be made to pay a fine of P20,000 up to P50,000—or both fine and jail term. In the event that the motorcycle is not registered with the LTO and was used in the commission of a crime, the owner faces maximum punishment under the RPC or special penal laws. This would result in bigger penalties and longer jail terms. This means the new owner needs to re-register his unit with the LTO before he can avail of the new license plates and to avoid the hefty penalties and jail time. Currently, the penalty for driving without a valid or with an expired LTO registration is at P10,000. No imprisonment, period. As the figures were shown on a wide screen, the riders were dumbfounded. Again, imagine the economic opportunities lost on all of the above? On the issue of education, how many of our drivers understand the meaning of broken lines, solid lines, double solid line, local and international traffic signs? “Roughly one-third of the drivers do not understand all of the above,”

said a police traffic law enforcer and an agent of the LTO. “This is so because these drivers do not go through the normal process of taking the written exam and the actual driving test required by law,” they said, adding that what these drivers do is buy their licenses from fixers who are in contact with unscrupulous LTO officers. Related to the above is the issue of lack of enforcement not only of the country’s traffic rules and regulations but also the inability of authorities to strictly implement road safety, road courtesy, wayward pedestrians, undisciplined cyclists and motorcycle drivers. Equally important to look into is engineering: Metro Manila, for instance, has approximately a road network of 5,000 kilometers, minus 1,000 of roads under repair, flooded, occupied and blocked by squatters, therefore, impassable. Edsa remains the most congested road in the National Capital Region with vehicles of various sizes passing though this highway account for 13.6 percent of the average daily traffic of 2.7 million vehicles, with cars comprising two-thirds of the volume of traffic in Edsa. Our policy-makers should look into why there’s a continuing importation of second-hand motor engines of various sizes, second-hand vehicles and the non-enforcement of the 15-year phase-out period for old and dilapidated vehicles, trucks and trailers. Unfortunately, the emergency power meant to solve the traffic jam in the metropolis is itself stuck in the dilatory traffic jam in Congress.

trillion, but many estimates put it at closer to $1.5 trillion. Ranjith Raja, a lead analyst at Refinitiv, said a major disruption to Aramco’s processing plant will have an effect on the company’s ability to meet client expectations and contract requirements. Already, ship-tracking data shows some 16 tankers that can carry 2 million barrels of crude anchored off Saudi Arabia’s eastern coast until further notice. About four ships are loaded each day from Saudi Arabia’s main eastern port, but since the attack, only two have been loaded and left their docks, Raja said. The security and stability of Saudi

Arabia as one of the world’s largest and most vital oil producers was emphasized by United States President Donald J. Trump in a call with the crown prince “to offer his support” to the kingdom after the attacks. The US Energy Department has also said it stands ready to release crude from its Strategic Petroleum Oil Reserves if necessary to offset any disruptions to oil markets. Energy expert Ellen Wald said despite this setback and threats to Saudi Arabia’s security, “Aramco is secure.” “It has incredible built-in redundancies in its oil infrastructure and stored oil to compensate for any

outages,” said Wald, who is president of Transversal Consulting and author of “Saudi Inc.” about Aramco. “In addition, Aramco has vast stores of oil both in Saudi Arabia and elsewhere in the world that it can and is drawing on to ensure that all of its customers receive their oil shipments on time,” she added. Malik of Tellimer said the attacks provide Aramco with an opportunity to demonstrate its resilience by minimizing disruption to customers. “In terms of the timing of the IPO, this event is unhelpful but only very optimistic and opportunistic pricing of the deal would have ignored this risk,” he said.

Cecilio T. Arillo

DATABASE

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F President Duterte is asking for an emergency power to solve the crippling traffic problem in the metropolis, particularly along Edsa, it must be for good reason.

Why? Because Congress—the House and the Senate—has not come up with a cohesive plan to deal simultaneously with the four elements of traffic. These four elements are economics, education, enforcement and engineering. Because traffic has a correlation to the economic life of the nation, it is important to have a closer look at the implication of traffic to the economy. The Japan International Cooperation Agency (Jica) early this year released data showing that the country loses P3.5 billion a day in economic opportunities or P1.095 trillion in one year due to the Metro’s traffic gridlock, which turns investors away. This includes wasted oil and gasoline, lost work hours, lost business opportunities due to delays and missed costly deadlines. As of March 2019, the Land Transportation Office (LTO) reported that the number of motor vehicles—cars and motorcycles combined—registered in its database has reached 26.33 million. The number of registered motorcycles already reached 18.8 million, or a whopping 71 percent of the total motor vehicles in the country. Of the total figure, 15 percent of the registered MVs are utility

Aramco. . .

Continued from A6

internal Saudi matter, she said. “It is the whole world’s concern. With that in view, the official communication on the matter has fallen woefully short so far.” Hasnain Malik, head of equity strategy research at the Tellimer investment research and advisory firm, said the attacks demonstrate the security risks “which should be baked into the valuation of Aramco.” The Saudi crown prince has set Aramco’s valuation at around $2

in 2018 and the Tax Amnesty Act of 2019 enacted in February 2019. The General Amnesty Act, however, was vetoed by the President pending the repeal of the Bank Secrecy Act for effective implementation of the tax laws. Late last month, the House Ways and Means Committee has approved the 4th package, HB 304 or Passive Income and Financial Intermediary Taxation Act, that seeks to reduce the taxes imposed on passive income or the Pifita. Among others, it will harmonize the business taxes and the imposition of uniform 2-percent premium rate on life insurance, pre-need, pension and HMO. For the nonlife insurance policies, the current 12-percent VAT shall be replaced by a 5-percent premium tax. During my time as Insurance Commissioner, we had proposed to do this but our economic managers did not support it then. Last week, the same Committee approved the 3rd Package, which will amend the country’s real property valuation system by adopting a single valuation base for taxation and other purposes. The other components of the tax-reform package are also being deliberated and the House leadership has given assurance that they will all be favorably acted upon in due time. Soon the battleground will shift to the Senate and it will be up to its leadership and the heads of the concerned committees to demonstrate that they are also equal to the challenge and deserving of the President’s trust.

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

A8 Tuesday, September 17, 2019

www.businessmirror.com.ph

Senate poised to review Chinese towers in camps

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By Butch Fernandez

@butchfBM

PPOSITION Sen. Francis Pangilinan aired misgivings on Monday over an Armed Forces of the Philippines’s (AFP) deal to host a Chinese telco tower right inside military camps. “Our Armed Forces forges a contract with a company that has a China telco for a partner, to set up telco towers right inside military camps,” Pangilinan pointed out in a televised interview. “It’s

like the right hand doesn’t know what the left hand is doing. Why is this so?” the senator wondered aloud. See related story in Nation, page A3, “DND chief ‘blindsided’

on deal to install Chinese telco facilities in military camps?” The issue, he stressed, should not be taken lightly. “Having Chinese telco involvement in our military camps is no joke,” said Pangilinan, citing similar cases abroad. In Australia, the United States, Japan, and New Zealand, “they banned Huawei, the Chinese company with 5G, because the concern was that the Chinese government will use information passing through their system in order to push the interests of China,” Pangilinan noted. Asked about the legality of the AFP deal, the opposition senator said this is another issue. “What’s the basis for this deal?

Where is the contract? Is there payment made here? Can a private company and the Armed Forces of the Philippines enter into this kind of contract? You know there is a limit to what big business should be allowed to do.” He, however admitted they have, yet, to check if the original telco duopoly of Smart and Globe have towers installed inside military camps. “This we have to find out. But of course, that’s the concern. The national security concern.” In the same interview, the senator cited, for instance, China laws that require private Chinese firms to cooperate in “intelligence gathering.” See “Towers,” A2

Brexit, trade tensions affecting global tourism By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

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CONOMIC uncertainty and geopolitical tensions appear to be affecting tourism patterns all over the world. In the latest Tourism Barometer of the United Nations World Tour-

LOW PRESSURE AREA ESTIMATED AT 895 KM EAST NORTHEAST OF BASCO, BATANES LOW PRESSURE AREA ESTIMATED AT 280 KM WEST OF IBA, ZAMBALES SOUTHWEST MONSOON AFFECTING CENTRAL AND SOUTHERN LUZON AND WESTERN VISAYAS as of 4:00 pm - September 16, 2019

ism Organization (UNWTO), international tourist arrivals (overnight visitors) grew by 4.4 percent to 671 million in the first half of the year. The growth, however, represents a slowdown from the 5.4-percent increase recorded in 2018, and 7.1-percent rise in 2017. The rise in tourist arrivals this year was led by the Middle East (up

8 percent) and Asia and the Pacific (up 6 percent). International arrivals in Europe grew by 4 percent, in line with the world average, while Africa (up 3 percent), and the Americas (up 2 percent) saw more moderate growth. “So far, the drivers of these results have been a strong economy, affordable air travel, increased air connectivity and enhanced visa

facilitation,” said the UNWTO in a news statement. “However, weaker economic indicators, prolonged uncertainty about Brexit, trade and technological tensions and rising geopolitical challenges, have started to take a toll on business and consumer confidence, as reflected in a more cautious UNWTO Confidence Index,” the organization added. The UNWTO is responsible for promoting responsible, sustainable, and universally accessible tourism. Over 120 countries, including the Philippines, gathered in Saint Petersburg, Russia from September 9 to 13, for the organization’s 23rd General Assembly. The UNW TO recognized Chef Margarita Fores and the Masungi Georeserve for their contributions to gastronomy tourism and sustainable tourism, respectively. (See, “PHL chef, conservation area recog nized at UN W TO meet,” in the BusinessMirror, September 13, 2019.) Chinese tourists continued to drive the visitor arrivals in many destinations, rising by 14 percent in terms of the number of trips abroad. But the UNWTO noted that “spending on international travel was 4 percent lower in real terms in the first quarter. Trade tensions with the United States, as well as the slight depreciation of the yuan, may influence destination choice by Chinese travelers in the short term.” The United States was the world’s second-biggest spender, up by 7 percent, supported by a strong dollar. In Europe, spending on international tourism by France (up 8 percent) and Italy (up 7 percent) was robust, though the United Kingdom (up 3 percent) and Germany (up 2 percent) reported more moderate figures. Among the Asian markets, Japan’s outbound tourists spent the most, rising by 11 percent in the first half of the year, while South Korea spent 8-percent less, “partly due to the depreciation of the Korean won.” In third place was Australia, which spent 6 percent more on international tourism. Japan, which used to be a top source market for tourists in the Philippines, only sent 326,907 visitors in the first half of the year, and spending only $306.35 million. Aggressive promotion efforts by the Department of Tourism and the Tourism Promotions Board meant to energize the market have yet to bear fruit. In Asia-Pacific, inbound tourists in Southeast Asia grew a robust 5 percent, “but was somewhat less bullish than in previous years as Chinese outbound travel to some destinations in the subregion slowed down, though outbound demand from India was up,” the UNWTO noted. See “Brexit,” A2

GROUPS SET RALLIES MARKING MARTIAL LAW ANNIVERSARY By Samuel P. Medenilla

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@sam_medenilla

EMEMBERING the lessons of martial law is now more crucial than ever as atrocities committed during that time are now being repeated by the current administration, a religious leader said on Monday, as various groups geared up for the commemoration of the September 21, 1972, declaration. National Council of Churches in the Philippines (NCCP) Pastor Rev. Irma M. Balaba issued the statement on Monday to stress the importance of marking former President Ferdinand Marcos’s declaration of martial law. Balaba recalled how NCCP’s general secretary together with other staff were arrested for helping vulnerable sectors of society. “This has happened not only before. It is now being done under the current regime,” Balaba said in a press conference of the United People’s Action (UPA) in Manila on Monday. Balaba said this is the reason UPA will be joining the multisectoral demonstration on Friday to show opposition to alleged human-rights violations,

particularly victimizing critics of the administration. “Silence may momentarily protect us, but not forever. So beloved community of faithful and member churches of the National Council of Churches in the Philippines, let us raise our anguish and voices to the heavens and public places of our lands,” Balaba said. Like Balaba, former Chief Justice and UPA member Maria Lourdes Sereno also noted of the rise of criminality and brazen disregard for the rule of law. “The poor became poorer. Dissenters including the young were tortured, killed, disappeared and the nation gradually succumbed to the lost hope. This is all a matter of fact,” said Sereno, reading the joint UPA statement. “It is by actively remembering this past heroism that we could save the light of this nation,” she added. Sereno said the UPA demonstration, a day before the 47th anniversary of the Marcos martial-law declaration, will include participants from civil society and faith-based groups. She said it will be held from 3 p.m. to 6 p.m. at the Rizal Park in Manila.

Oil firms raise prices on global crude hike

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IL firms raised pump prices Tuesday morning as international crude prices rose last week. Gasoline prices increased by P1.35 per liter, diesel by P0.85 per liter and kerosene by P1 per liter. “These reflects movements in the international oil market,” the oil companies said in separate advisories. Petron Corp., Pilipinas Shell, PTT Philippines, Phoenix Petro-

Business deals. . . In his keynote speech, Finance Secretary Carlos G. Dominguez III said “a more forward-looking policy toward China” is being implemented by the government, one that looks at the benefits that can be generated from warmer ties between the two economies. “We look forward to more partnerships at the ground level, at the level of individual enterprises and shared wealth creation. The opportunities that unite us are far greater than the issues where we might have some differences,” Dominguez said. For over three years under President Duterte’s leadership, the government has set aside the arbitral ruling negating Beijing’s “excessive” claims in the South China Sea even as China stepped up militariza-

Remittances. . . Continued from A1

The combined remittances from these countries accounted for 78.1 percent of total cash remittances from January to July 2019. In an earlier response to the BusinessMirror’s query, ING Bank Manila economist Nicholas Mapa said remittances are expected to pick up toward the end of the year. Mapa said remittance flows remain “very healthy” and are “more

leum, Seaoil Philippines and Petro Gazz all implemented their respective price adjustments at 6 a.m. of Tuesday. The oil-price increase comes after three consecutive weeks of price cuts on pump products. Last week, local oil firms rolled back gasoline by 50 centavos per liter, diesel prices by 10 centavos and kerosene by 25 centavos. Lenie Lectura

Continued from A1

tion, reclamation and exploration activities in the area. Duterte only invoked the arbitral ruling in his bilateral meeting with Chinese President Xi Jinping in August. However, Xi refused to recognize the legal victory of the Philippines. Last year merchandise trade between the Philippines and China rose by nearly 21 percent to $30.83 billion, from $25.48 billion in 2017, based on data from the Philippine Statistics Authority. Investments from China also jumped to P50.69 billion last year, from P2.33 billion in 2017. This accounted for more than one-fourth of the P178.96-billion approved investments from foreign sources during the year. consistent than any other type of flows” and thus, they will continue to provide good support for the Philippine peso. “There will be months of ups and downs but by the end of the year, [overseas Filipinos’] remittance growth should settle right at 3 percent to 4 percent and will help the PHL chase 6-percent growth by year-end,” Mapa said. Mapa said in the coming months, the Philippines can expect increased flows of remittances, particularly as the so-called ber months approach.

www.businessmirror.com.ph

The World BusinessMirror

Iran says no Trump-Rouhani meeting at United Nations

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UBAI, United Arab Emirates—Iran says a meeting between the presidents of the United States and Iran on the sidelines of the UN General Assembly later this month is not on the agenda. Foreign Ministry Spokesman Abbas Mousavi said on Monday “this meeting will not happen” and called reports about a potential face-to-face between President Donald J. Trump and Hassan Rouhani as mere “speculation.” However, the US has said it will remain open for talks with Iran. Trump tweeted Sunday: The Fake News is saying that I am willing to meet with Iran, “No Conditions.” That is an incorrect statement (as usual!) The tensions roiling the Persian Gulf escalated following a weekend attack on major oil sites in Saudi Arabia that US alleged Iran was responsible for—charges that Tehran denies. Yemen’s Iranian-backed Houthi rebels have claimed they tar-

geted a Saudi processing facility and oil filed with drones. Global energy prices have spiked after an attack on the heart of Saudi Arabia’s oil infrastructure as Trump warned Iran that America was “locked and loaded” to respond to an assault it alleges Tehran orchestrated. Benchmark Brent crude gained nearly 20 percent in the first moments of trading Monday before settling down to 10 percent higher. A barrel of Brent traded up $6 to $66.28. US benchmark West Texas crude was up around 9 percent. Yemen’s Iranian-backed Houthi rebels claimed the attacks on Saturday. However, the US released satellite images overnight on Monday shows the fire came from either Iraq or Iran. Iran has denied being involved in the attack, though it comes amid heightened tensions over Tehran’s unraveling nuclear deal with world powers. AP

Gold rallies on concern Saudi Arabia attack may presage wider conflict

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OLD and other precious metals rallied after a strike against Saudi Arabian oil facilities raised the possibility of retaliatory US military action in the Middle East. Investors are seeking haven assets at the start of a week that will also see critical policy decisions from central banks including the Federal Reserve. Gold jumped as much as 1.6 percent as investors gauged the ramifications from the assault against the world’s top oil exporter, and palladium hit a fresh record. Secretary of State Michael Pompeo blamed Iran for the disruption; that charge was rejected by Tehran. Bullion hit a six-year high this month as slowing growth and the United States-China trade war drove central bank easing, with geopolitica l tensions play ing a secondary role aiding prices. After reducing rates in July, the Fed is poised to cut again at its September 17 and 18 meeting. Following the strike over the weekend, President Donald J. Trump said the US is “locked and loaded depending on verification” that Iran staged the attack, raising the specter of a military response. “This is a major facility that’s

been attacked and if there’s any further escalation, then the gold price will rally harder,” David Lennox, an analyst at Fat Prophets, said by phone. “I don’t know what the US will do: they’re locked and loaded,” he said, adding Trump is an “unknown quantity.” Spot gold advanced 0.9 percent to $1,502.58 an ounce at 9:12 a.m. in London, while silver gained as much as 3.2 percent to $17.9938 an ounce and palladium touched a fresh high of $1,627.94 an ounce. Platinum also rose. Heading into this week, gold holdings in exchange-traded funds had shrunk on signs that relations between Beijing and Washington were at last starting to thaw. The holdings fell 17.2 tons last week, the biggest weekly loss in tonnage terms since March 1, but they’re still near the highest level since 2013. “Gold and silver should be significant beneficiaries of the expected rush to safety, and the impending rounds of central bank rate cuts this week,” Jeffrey Halley, a senior market analyst at Oanda Corp., said in a note. “A continued escalation of tensions, or a move into outright hostilities in the Middle East, could see a $1,600 handle sooner rather than later.” Bloomberg News

Editor: Angel R. Calso • Tuesday, September 17, 2019 A9

Oil prices post biggest jump after attack on Saudi facility

tion of full capacity at Abqaiq takes weeks. That would rattle oil markets further and cast a shadow on Aramco’s preparations for what could be the world’s biggest initial public offering. It’s also set to escalate a showdown pitting Saudi Arabia and the US against Iran, which backs proxy groups in Yemen, Syria and Lebanon. Iran-backed Houthi rebels in Yemen claimed credit for the attack, but US President Donald J. Trump and Secretary of State Mike Pompeo have already pointed the finger directly at Iran.

‘Locked and loaded’

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IL posted its biggest ever intraday jump to more than $71 a barrel after a strike on a Saudi Arabian oil facility removed about 5 percent of global supplies, an attack the US has blamed on Iran. In an extraordinary start to trading on Monday, London’s Brent futures leapt almost $12 in the seconds after the open, the most in dollar terms since they were launched in 1988. Prices have since pulled back about half of that initial surge of almost 20 percent, but were still heading for the biggest advance in almost three years. For oil markets, it’s the single worst sudden disruption ever, and while Saudi Arabia may be able to return some supply within days, the attacks highlight the vulnerability of the world’s most important exporter. They also add further political risk to prices, raising the specter of more destabilization in the Middle East and the threat of US retaliation against Iran. “We have never seen a supply disruption and price response like this in the oil market,” said Saul Kavonic, an energy analyst at Credit

Suisse Group AG. “Political risk premiums are now back on the oil market agenda.” The dramatic move in oil reverberated around financial markets. Haven assets including gold and Treasury futures surged on concern over the geopolitical fallout from the attacks. Currencies of commodity-linked nations including the Norwegian krone and the Canadian dollar also advanced. US gasoline futures jumped almost 13 percent before paring their increase to around 8 percent. State energy producer Saudi Aramco lost about 5.7 million barrels per day of output on Saturday after 10 unmanned aerial vehicles struck the world’s biggest crudeprocessing facility in Abqaiq and the kingdom’s second-biggest oil field in Khurais. The disruption surpasses the loss of Kuwaiti and Iraqi petroleum

output in August 1990, when Saddam Hussein invaded his neighbor. It also exceeds the loss of Iranian oil production in 1979 during the Islamic Revolution, according to the International Energy Agency. “The vulnerability of Saudi infrastructure to attacks, historically seen as a stable source of crude to the market, is a new paradigm the market will need to deal with,” said Virendra Chauhan, a Singaporebased analyst at industry consultant Energy Aspects Ltd. “At present, it is not known how long crude will be offline.” On the New York Mercantile Exchange, West Texas Intermediate futures were frozen for about two minutes after the scale of the move delayed the market opening. They were 8 percent higher at $59.31 a barrel as of 8:04 a.m. in London. Saudi Arabia can restart a significant volume of the halted oil production within days, but needs weeks to restore full output capacity, people familiar with the matter said. The kingdom—or its customers—may use stockpiles to keep supplies flowing in the short term. Aramco could consider declaring itself unable to fulfill contracts on some international shipments—known as Force Majeure—if the resump-

TRUMP, who said the US is “locked and loaded depending on verification” that Iran staged the attack, earlier authorized the release of oil from the nation’s emergency reserves. The IEA, which helps coordinate industrialized countries’ emergency fuel stockpiles, said it was monitoring the situation. “No matter whether it takes Saudi Arabia five days or a lot longer to get oil back into production, there is but one rational takeaway from this weekend’s drone attacks on the Kingdom’s infrastructure­— that infrastructure is highly vulnerable to attack, and the market has been persistently mispricing oil,” Ed Morse, Citigroup Inc.’s global head of commodities research, wrote in a research note. Brent jumped more than 19 percent to $71.95 a barrel on ICE Futures Europe, its biggest gain in percentage terms since 1991. In the ensuing hours, it pared that advance to trade 8.8 percent higher at $65.50 a barrel. The global benchmark crude could rise above $75 a barrel if the outage at Abqaiq lasts more than six weeks, Goldman Sachs Group Inc. said in a note. Trading in WTI was frozen for a few minutes because of a so-called circuit breaker, which is triggered by a gain of more than 7 percent. When they finally opened, futures jumped as much as 15.5 percent to $63.34, the most since 2008. The attacks “set the stage for a Monday morning mini-massacre of any market participants holding short positions or bearish expectations,” said John Driscoll, chief strategist at JTD Energy Services Ltd. in Singapore. The “price move was exacerbated by the unprecedented magnitude of the outage on the world’s key supplier and the potential for escalation of geopolitical skirmishes involving the US, Saudi Arabia and Iran.” Bloomberg News

Violence flares after Hong Kong protesters defy police ban

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ONG KONG—Police fired chemical-laced blue water and tear gas at protesters who lobbed Molotov cocktails outside the Hong Kong government office complex on Sunday, as violence flared anew after thousands of pro-democracy supporters marched through downtown in defiance of a police ban. A mixed crowd of hardcore protesters in black and wearing masks, along with families with children, spilled into the roads of the Causeway Bay shopping belt and marched for over 2 kilometers (1.2 miles) to the central business district. Some waved United States and British flags, while others carried posters reiterating their calls for democratic reforms. Police had turned down a request by the Civil Human Rights Front to hold the march, but the demonstrators were undeterred, as they’ve been all summer. “I feel this is our duty. The government wants to block us with the ban, but I want to say that the people will not be afraid,” said one protester,

AN anti-government protester throws back a tear gas canister fired by the police during a demonstration near Central Government Complex in Hong Kong on Sunday, September 15, 2019. Police fired a water cannon and tear gas at protesters who lobbed Molotov cocktails outside the Hong Kong government office complex on Sunday, as violence flared anew after thousands of prodemocracy supporters marched through downtown in defiance of a police ban. AP PHOTO/KIN CHEUNG

Winnie Leung, 50. The march disrupted traffic, and many shops, including the Sogo department store in Causeway Bay, one of Hong Kong’s largest department

stores, closed their doors. Protesters burned Chinese flags and tore down banners congratulating China’s ruling Communist Party, which will celebrate its 70th year

in power on October 1. In familiar scenes, some protesters smashed glass windows and surveillance cameras at a subway station exit. Hundreds of protesters later targeted the government office complex, throwing bricks and gasoline bombs through police barriers. Police responded by firing volleys of tear gas and using water cannon trucks to spray chemicallaced water as well as blue liquid that helped them identify offenders, in a repeat of confrontational scenes from the last several weeks of the protests. Protesters retreated but regrouped in the nearby Wan Chai neighborhood, setting fires outside a subway station exit and on the streets. They fled again after riot police advanced and the cat-andmouse battles went on for a few hours before calm returned. Police fired tear gas again later in the nearby North Point area after protesters obstructed traffic after brawling there earlier with pro-government supporters.

Hospital authorities said eight people were injured throughout the day, including three in serious condition. The protests were triggered in June by an extradition bill that many saw as an example of China’s increasing intrusion and at chipping away at Hong Kong residents’ freedoms and rights, many of which are not accorded to people in mainland China. Hong Kong’s government promised this month to withdraw the bill, which would have allowed some criminal suspects to be sent to mainland China for trial, but protesters have widened their demands to include direct elections for the city’s leaders and police accountability. More than 1,300 people have been arrested amid increasing clashes between protesters and police, who demonstrators have accused of abuses. The unrest has battered Hong Kong’s economy, which was already reeling from the US-China trade war. It is also seen as an embar-

rassment to Beijing, which has accused foreign powers of fomenting the unrest. Earlier Sunday, hundreds of protesters waved British flags, sang “God Save the Queen” and chanted “UK save Hong Kong” outside the British Consulate as they stepped up calls for international support for their campaign. With banners declaring “one country, two systems is dead,” they repeated calls for Hong Kong’s former colonial ruler to ensure the city’s autonomy is upheld under agreements made when Britain ceded power to China in 1997. Demonstrators held similar rallies September 1 at the British Consulate and last weekend at the US Consulate. On Saturday, pro-democracy protesters and supporters of the central government in Beijing clashed at a Hong Kong shopping mall and several public places. Police arrested more than a dozen people and hospital authorities said 25 were injured. AP

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In the ad material of Notice of filing of Application for Alien Employment Permits published on August 28, 2019, the Company name and address of Mr. Chan, Ting Kwan and Mr. Zeng, Wanru should have been read as TOPJUAN CONSULTING INC. Located at Imet BPO Metropolitan Park Metrobank Ave.,, Roxas Blvd. Brgy. 076, Pasay City, Metro Manila and not as published. If you have any information / objection to the above mentioned application/s, please communicate with the Regional Director thru Employment Promotion and Workers Welfare (EPWW) Division with Telephone No. 400-6011.

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

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Chinese steelmaker Panhua seeks exemption from Peza exporting rule

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By Elijah Felice E. Rosales @alyasjah

HINESE steel manufacturer Panhua Group Co. Ltd. is asking for an exemption from the export requirement mandated from firms operating in economic zone firms, as it plans to supply steel for projects listed under the government’s infrastructure program. Philippine Economic Zone Authority Director General Charito B. Plaza on Monday said Panhua is

lobbying before President Duterte for an exemption from Peza’s export requirement rule. The Chinese

firm is investing $3.5 billion for an integrated steel mill to be located within the Phividec Industrial Estate in Misamis Oriental. For a manufacturer to be eligible for Peza registration and fiscal incentives, it must be involved in a production, assembly or processing activity resulting in the shipment of at least 70 percent of its output; therefore, only 30 percent can be sold locally. “Panhua is lobbying before the President, along with other agencies, to increase its domestic sales allowance. Panhua’s activity is mainly export, but, at the same time, is asking for a higher domestic sales allowance because we need steel,” Plaza said in an interview with reporters. Panhua is seeking the 180-degree

turn of the export requirement rule, making its production 70 percent for domestic sale and 30 percent for shipment, Plaza explained. She said increasing the domestic sales allowance of an economic zone firm is allowed in some cases, especially if the product/s it is making has little to no domestic counterpart at all. Plaza also said this is part and parcel of the government’s strategy to substitute imports with locally made items in a bid to reduce the country’s trade deficit. Chairman and CEO Xinghua Li confirmed Panhua is eyeing to supply steel for projects listed under the “Build, Build, Build” program. With an estimated production capacity of 10 million metric tons

Developers advised to slow down in building office spaces for Pogo By VG Cabuag @villygc

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EVELOPERS have been advised to slow down the building of office spaces for the business-process outsourcing (BPO) industry by about 30 percent to moderate the risk posed by the Chinese-led Philippine offshore gaming operators (Pogo). David Leechiu, CEO of Leechiu Property Consultants, said developers should limit building office spaces to 700,000 square meters per year from the current 1 million square meters, a huge chunk

of which are just being gobbled up by the Chinese Pogos. This way, he said, the risk posed by the sudden pullout of the Pogo will be minimized. Pogos usually pay 1.5 years in advance payment and down payment of six months. If a Pogo pulled out immediately, possibly on change of policy, real-estate owners should have ample time to look for a replacement. Based on the property consultant’s monitoring of the total Philippine office take-up of 1 million square meters, Pogos accounted for 386,000 square meters, or 34 percent of take-up while the IT-BPM sector

recorded 355,000 square meters. In Metro Manila, Pogo take-up was at 375,000 square meters, more than double from the same period last year. Leechiu said Pogos now take up some 12 percent of the entire BPO market in the country, and that there would be a significant impact if they were taken out of the picture. From just 200,000 square meters before President Duterte assumed office, Pogos now occupy some 1.3 square meters of office space, a growth of more than six times in a span of just three years. The Pogo industry annually, however, generates $8.3 billion in

salaries, now exceeding the IT-BPM industry’s $6.2-billion contribution. “The Pogo industry is also a notable driver for the residential market which generates an annual housing rental income of $641 million,” Leechiu said. “Pogos have taken up substantial space in key Metro Manila business districts and other areas since they first established facilities in the country in 2016. Bay City accounts for 502,000 square meters or 36 percent of total Pogo footprint in the country. It is followed by Makati City at 20 percent; Alabang, Cavite and Quezon City,” he said.

PAL named ‘4-Star Major Airline’ by Apex

A PAL plane is parked at the Naia Terminal 2 in this BusinessMirror file photo. The flag carrier was recently named a “Four-Star Major Airline” by Airline Passenger Experience or Apex, an international industry organization with an airline ratings program based solely on certified passenger feedback. NONIE REYES

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HE Airline Passenger Experience or Apex—an international industry organization which carries out an airline ratings program based solely on certified passenger feedback—recently named flag carrier Philippine Airlines as a Four-Star Major Airline. The airline ratings were created

based on neutral, third-party passenger feedback and insights gathered through Apex’s partnership with TripIt from Concur, the world’s highest-rated travel-organizing app. Apex CEO Dr. Joe Leader stated, “More than 1.4 million flights were rated by passengers across nearly 600 airlines from around the world.

Only a small, single-digit percentage of these airlines reached the prestigious Apex Four Star Airline status while an even smaller number reached the monumental Apex Five Star Airline level. All of us at Apex take extraordinary pride in giving full power to airline passengers as the ultimate source of

validated truth in airline ratings worldwide.” The rating period was from July 2018 to July 2019. This year’s Apex Official Airline Ratings recognizes airlines in four categories: Global Airlines, Major Airlines, Regional Airlines and Low Cost Carriers. Recto Mercene

(MMT), the Panhua facility in Misamis Oriental can manufacture steel slabs, galvanized steel, among other steel products, Li said. He added the firm will assess how steel demand in the Philippines will change over time, as this will define how much investments are needed for its next projects. The integrated steel mill in the Phividec economic zone is just the first of three phases, and the entire project is expected to be fully operational within six years. Based on the Global Steel Trade Monitor, the Philippines is the world’s 17th largest importer of steel. Last year the country’s steel imports jumped 12.34 percent to 9.1 MMT, from 8.1 MMT in 2017, as the gov-

ernment’s infrastructure program hits full swing. Since Duterte took power, steel requirement jumped more than double from 4.2 MMT in 2015, to 9.1 MMT in 2016, to 9.5 MMT in 2017, the monitor reported. In spite of ballooning demand, there are only three major steel manufacturers in the Philippines: SteelAsia Manufacturing Corp., Stronghold Steel Corp. and Treasure Steelworks Corp., the last two being subsidiaries of listed TKC Metals Corp. SteelAsia has a yearly production capacity of 2.1 MMT, mostly rebars, and Treasure Steelworks 300,000 MT, mainly billets—that’s short of the country’s requirement even when they are combined.

Meralco sets revised TOR for 1,200MW deal after failed bid

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HE Manila Electric Co. (Meralco) will turn over to the Department of Energy (DOE) on Tuesday the revised terms of reference (TOR) for a power supply contract with 1,200 megawatt (MW) greenfield capacity and publish the bid invite this week. Meralco President Ray Espinosa said after the signing of power supply agreements (PSA) Monday afternoon that the utility firm will amend the TOR since the September 10 bid auction was declared a failure, with only one bidder submitting bid documents. “May mga babaguhin [There will be changes]. We will present that to the DOE. Once it is cleared, then we will publish our notice and invite within the week. We want to be able to conclude this well within November or the latest in December,” said Espinosa. Atimonan One Energy Inc., a wholly-owned subsidiary of Meralco PowerGen Corp., the power generation arm of Meralco, emerged as the lone bidder at the September 10 auction. Panasia Energy Inc. submitted a letter last August 28, informing the Third Party Bids and Awards Committee (TPBAC) of its withdrawal of participation in the bidding process. Mariveles Power Generation Corp. submitted a similar letter last September 10. First Gen Corp./First Gen Ecopower Solutions failed to arrive and submit its documents. Meralco will rebid a 20-year power supply contract for 1,200MW greenfield capacity. Greenfield power plants are those built from scratch. Espinosa said their bidding terms would be enhanced in hopes of accommodating more power generation firms to participate in the auction. “This is a nontechnology issue. We made sure it’s fuel-neutral, so it can be gas or coal. Our only requirement is high-efficiency, lowemission,” or which “gas can easily comply with and cope with the newer technology.” Meanwhile, Meralco signed Monday PSAs with First Gen Hydro Power Corp., Phinma Energy Corp. and South Premiere Power Corp. (SPPC) for the supply of 500 MW mid-merit capacity for five years, starting December 26, 2019. First Gen’s contract capacity is

for 100 MW with an all-in headline rate (VAT inclusive) of P5.1908/kWh and computed all-in Levelized Cost of Energy (LCOE, VAT inclusive) of P5.3989/kWh. Phinma Energy’s contract is for 110 MW at all-in headline rate (VAT inclusive) of P5.5858/kWh and computed all-in LCOE (VAT inclusive) of P5.5858/kWh. SPPC’s contract is for 290 MW and has an all-in headline rate (VAT inclusive) of P5.5347/kWh and computed all-in LCOE (VAT inclusive) of P5.7527/kWh. The auction, via competitive selection process, was held last September 11 in accordance with the DOE Circular requiring distribution utilities (DUs) to procure power through CSP. According to Espinosa, “The resulting prices from the CSP are significantly lower than their average generation cost today of around P5.88 per kWh (VAT inclusive). The results of today’s signing for 500 MW are expected to save consumers P4.4 billion annually for the next five years. This is equivalent to a rate reduction of around P0.13 per kWh for consumers, starting December 26, 2019. This is the second CSP for Meralco, which successfully signed 1,200 MW of baseload capacity last September 13. Earlier, Meralco signed PSAs with Phinma Energy, SPPC and San Miguel Energy Corp. for the supply of 1,200 MW brownfield capacity. They will supply Meralco starting December 26, 2019, until December 26, 2029 During the signing, SMC President Ramon Ang said, “Actually we were hesitant to join the bidding. There’s no fuel pass-on, the risk is high. But I know [Espinosa] was trying to protect the consumer.” Phinma Energy President Eric Francia added, “The most important thing is that the consumers are benefitting. So it’s up to us to manage that risk. It’s not easy, but hopefully this sets the new normal. I’m hopeful that the rest of the sector will follow and really deliver very positive benefits to the Filipino consumer.” Along with the results of first successful CSP, consumers are projected to enjoy total savings of around P13.86 billion per year, or a rate reduction of P0.41 per kWh. Lenie Lectura

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PCC fines Huawei smartphone maker, semiconductor supplier

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By Elijah Felice E. Rosales

@alyasjah

HE Philippine Competition Commission (PCC) has imposed a penalty of over P700,000 on the manufacturer of smartphone Huawei and a Dutch semiconductor supplier for filing their merger notification late by almost 200 days. In a commission decision dated August 28, the PCC approved Chinese Wingtech Technology Co. Ltd.’s buyout of Dutch Nexperia Holding BV amounting to P14.3 billion. However, the firms were fined P716,150 for the late notification of their transaction, which the PCC said applies to their business presence in the Philippines. Citing its rules on mergers, the PCC said parties whose transactions meet the thresholds are required to notify the agency within 30 days of their definitive agreement.

Wingtech’s acquisition of Nexperia’s assets was finalized in October of last year. However, the firms only submitted their notification on May 6, or 194 days after the signing of their definitive agreement, according to the competition body. The PCC still proceeded with the review and approved the deal allowing Wingtech to take sole control over Nexperia from Beijing Jianguang Asset Management Co. Ltd., Hefei Jian Guang and Wise Road Capital Ltd., but penalized the parties for violating the deadline.

Axelum cuts IPO maximum price

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OCONUT product manufacturer and exporter Axelum Resources Corp. on Monday said it cut the maximum offer price for its initial public offering to P5.72 per share. The said ceiling price cut reduced its offer size to P6.46 billion from the previous P7.7 billion at its maximum price of P6.81 per share. Axelum plans to sell up to 700 million primary shares and up to 430 million secondary shares. The final offer price will be announced on September 20. The offer period will run from September 24 until September 30, with the target listing date on October 7. Axelum, which will carry the trading sym-

bol AXLM, is the second of three IPOs that have been approved by regulators so far this year. “By updating the maximum offer price, we aim to optimize investors’ interest and appetite in our local stock market, include more investors while still maintaining funding for our strategic plans,” Axelum president Henry Raperoga said. The net proceeds from the primary offer will be used to fund the company’s strategic acquisitions, expand its domestic and international distribution networks, install new manufacturing facilities for new products, and improve and expand the company’s existing manufacturing facilities. VG Cabuag

The PCC ruled the transaction will not result in the substantial lessening of competition in the smartphone manufacturing market since Wingtech has no business operations in the country. On the other hand, Nexperia Philippines, Nexperia’s subsidiary here, acts as a manufacturer of semiconductor items and poses no competition harm since all of its products are exported and, therefore, do not compete with local goods, the PCC added. Buying firm Wingtech is a contract manufacturer for smartphone giants Huawei Technologies Co. Ltd. and Xiaomi Corp. Acquired party Nexperia is engaged in the development, production and sale of semiconductor chips used in mobile devices, vehicles, among other electronic products. It is a semiconductor component maker that was spun off from NXP Semiconductors. The PCC said Wingtech and Nexperia did not contest its findings on the late notification, and they were provided until October

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12, or 45 days after the issuance of the commission decision, to settle the penalty. The competition body is appealing to firms, including multinationals with business presence in the Philippines, to exercise due diligence toward timely regulatory compliance. It is also asking the public to report to the agency information on qualified mergers and acquisitions that may not have been notified to the PCC. The PCC said notification and review of big-ticket transactions are two separate but sequential processes mandated under the law, and they cover local and international transactions as long as the parties involved are doing business in the Philippines. The qualified transactions are required to undergo competitive assessment to identify how they can move or alter the market they are operating in. The PCC added it is mandated to conduct competitive assessment to ensure these mergers will not harm the interest of consumers.

September 16, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 259.98 2.01% -1.02% 0.34% 3.08% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.585 10.3% 4.36% 1.75% 10.01% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.0473 2.03% -1.95% -1.06% 3.7% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9729 8.04% N.A. N.A. 7.98% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8651 3.42% N.A. N.A. 5.41% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.4821 3.94% 0.52% 0.44% 3.96% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A,6 0.8807 4.7% -3.47% N.A. 5.26% MBG EQUITY INVESTMENT FUND, INC. -A 117.84 2.29% N.A. N.A. 1.44% PAMI EQUITY INDEX FUND, INC. -A 52.632 5.86% 1.01% N.A. 6.92% PHILAM STRATEGIC GROWTH FUND, INC. -A 547.14 6.01% -0.03% 0.24% 6.29% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3258 4.74% 0.89% 1.39% 5.73% PHILEQUITY FUND, INC. -A 38.9508 5.53% 1.66% 1.32% 6.33% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0421 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.3473 6.86% 1.5% 2.22% 7.83% PHILIPPINE STOCK INDEX FUND CORP. -A 892.73 6.89% 1.38% 2.15% 7.76% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9269 7.77% 0.77% N.A. 7.78% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.327 5.42% 1.17% 1.49% 6.61% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0258 6.45% 1.34% N.A. 7.49% UNITED FUND, INC. -A 3.7334 6.09% 2.94% 2.66% 6.64% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 119.6922 7.25% 2.17% 3.2% 8.08% ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.9685 -2.44% 2.65% -1.3% 4.24% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.3031 1.2% 8.24% N.A. 17.91% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.6701 0.25% -2.64% -2.48% 1.14% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.3174 3.86% -0.71% 0.28% 4.9% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6743 5.42% 0.59% -1.02% 5.16% GREPALIFE BALANCED FUND CORPORATION -A 1.3561 2.22% N.A. N.A. 3.97% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.969 6.56% 0.99% 1.3% 6.83% PAMI HORIZON FUND, INC. -A 3.8252 7.85% 0.1% 0.68% 8.38% PHILAM FUND, INC. -A 17.1119 7.83% 0.12% 0.55% 7.57% SOLIDARITAS FUND, INC. -A 2.1586 4.36% 0.64% 1.61% 4.32% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.9099 6.18% 0.82% 1.15% 7.08% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 1.0267 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 1.0182 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 1.0158 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9936 5.7% 0.47% 0.59% 7.8% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03838 9.47% 2.18% 2.37% 8.73% PAMI ASIA BALANCED FUND, INC. -A $0.9915 3.28% 2.46% -0.93% 8.51% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.7774 3.43% 6.08% 2.94% 14.17% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.1162 4.59% 3.72% N.A. 10.51% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 353.78 3.74% 2.2% 2.3% 3% ATRAM CORPORATE BOND FUND, INC. -A,1 1.9151 2.97% 0.05% 0.1% 3.01% COCOLIFE FIXED INCOME FUND, INC. -A 3.0815 5.26% 5.31% 5.26% 3.54% EKKLESIA MUTUAL FUND INC. -A 2.2055 3.94% 1.22% 2.07% 3.58% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.3371 5.37% 1.39% 1.58% 5.99% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6079 1.79% -1.22% 0.34% 2.78% PHILAM BOND FUND, INC. -A 4.3045 10.35% 0.63% 2.07% 9.81% PHILEQUITY PESO BOND FUND, INC. -A 3.7389 7.8% 1.37% 1.6% 6.31% SOLDIVO BOND FUND, INC. -A 0.9503 6.33% -0.21% N.A. 6.63% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.0207 9.26% 2.08% 2.66% 9.22% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6726 9% 1.55% 2.2% 8.62% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $464.51 4.41% 1.89% 2.84% 3.59% ALFM EURO BOND FUND, INC. -A Є220.16 3.25% 1.31% 1.56% 3.52% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1972 6.93% 2.05% 2.5% 6.35% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0258 4.03% 1.06% N.A. 4.03% GREPALIFE DOLLAR BOND FUND CORP. -A $1.7166 0.81% -1.64% 0.53% 1.56% PAMI GLOBAL BOND FUND, INC -A $1.0972 6.27% -0.16% -1.19% 5.88% PHILAM DOLLAR BOND FUND, INC. -A $2.4127 11.52% 2.07% 3.66% 11.14% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0600338 5.62% 1.88% 2.04% 5.32% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.1527 8.78% 1.15% 2.99% 9.77% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 124.54 4.04% 2.61% 2.06% 3.03% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.022 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2376 5.56% 2.33% 1.42% 4.71% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2537 3.9% 2.79% 2.17% 2.83% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0322 2.21% N.A. N.A. 1.6% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. D - IN NET ASSET VALUE PER UNIT (NAVPU). 1 - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018. 2 - ADJUSTED DUE TO STOCK DIVIDEND ISSUANCE LAST JUNE 5, 2018. 3 LAUNCH DATE IS JANUARY 3, 2019. 4 - LAUNCH DATE IS JANUARY 28, 2019. 5 - LAUNCH DATE IS FEBRUARY 1, 2019. 6 - RENAMING WAS APPROVED BY THE SEC LAST OCTOBER 12, 2018 (FORMERLY, ONE WEALTHY NATION FUND, INC.). "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

September 16, 2019

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

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

142.1 94.35 25.85 12 69.5 46.55 57.4 27.5 203.2 59.65 1.15 18.5 5.42 1.26 0.44 750 0.94 179.7 1820

142.4 94.4 25.9 12.02 69.6 46.65 58 27.6 205.6 60 1.21 18.6 5.47 1.27 0.45 755 0.97 180.8 1830

142.5 94.3 25.9 12.12 70 46.8 57.5 27.7 205.4 60 1.21 18.6 5.25 1.24 0.44 755 0.97 181 1820

142.7 94.4 25.9 12.12 70.25 46.8 57.75 27.7 206 60 1.21 18.6 5.54 1.26 0.44 765 0.97 181 1820

141.3 94 25.85 11.9 69.45 46.55 57.4 27.5 203.2 59.6 1.21 18.6 5.2 1.24 0.44 755 0.97 180 1820

142.4 94.35 25.85 12 69.6 46.55 57.4 27.6 205.6 59.6 1.21 18.6 5.47 1.26 0.44 755 0.97 180 1820

1157800 1650280 173800 885200 2376410 163600 12480 42000 240780 26260 1000 2900 876000 71000 100000 320 56000 3590 50

164885458 155595911 4499845 10549786 165495712.5 7644635 718438 1156420 49321324 1565492 1210 53940 4680892 88980 44000 243400 54320 646652 91000

INDUSTRIAL

-28654297 61227602.5 -3265990 888356 -21537847 -1588100 -703488 -640800 15477628 894000 -0 18000 -

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

1.3 40 0.241 26 81.9 372 22.1 5.36 4.37 2.83 10.88 35 7.22 15.82 92.05 16.36 14.16 6.05 9.16 7.19 91.1 0.69 49.9 224 8.31 14.2 0.189 2.04 11.9 1.77 5.1 2.06 0.124 168.2 1.3 2.42 72.8 78 2.75 5.85 15.44 10.36 13.64 19.04 9.01 1.15 1.3 111.3 2 1.6 5 3.4 5.1 31.9 2.4 8.58 1.57 5.03 1.1 10.28

1.32 40.35 0.246 26.1 82 374 22.3 5.4 4.45 2.84 10.98 35.1 7.24 15.9 107.9 17.28 14.28 6.07 9.19 7.2 92.5 0.71 50 224.6 8.32 14.28 0.19 2.05 12 1.81 5.15 2.1 0.127 168.4 1.31 2.5 75.45 80.5 2.76 6.13 15.5 10.46 13.66 19.08 9.19 1.16 1.31 115.5 2.09 1.73 5.01 3.53 5.2 32.65 2.44 8.7 1.59 5.29 1.13 10.3

1.3 38.9 0.245 26 82.5 366 22.2 5.5 4.39 2.98 11 34.7 7.25 15.9 90.75 16.22 14.02 6.05 9.12 7.19 90.2 0.69 52 222.8 8.33 14.46 0.189 2.15 12.1 1.79 5.1 2.1 0.124 168.5 1.32 2.42 72.8 80.5 2.74 6.14 15.46 10.5 13.8 19.28 9.2 1.15 1.35 115.6 2.07 1.74 5 3.47 5.3 32.25 2.45 8.94 1.56 5.23 1.15 10.6

1.31 40.35 0.246 26.25 82.5 374 22.3 5.65 4.5 2.98 11 36 7.25 15.98 107.9 16.72 14.28 6.05 9.2 7.22 92.5 0.71 52 225 8.33 14.5 0.189 2.16 12.1 1.83 5.1 2.1 0.124 169 1.33 2.42 75.6 80.5 2.78 6.14 15.5 10.54 13.8 19.28 9.2 1.2 1.35 115.6 2.09 1.74 5 3.54 5.3 32.25 2.45 8.94 1.6 5.23 1.15 10.6

1.3 38.5 0.241 26 81.8 363.2 22.05 5.35 4.37 2.82 10.88 34.7 7.22 15.8 90.75 16.14 14.02 6.04 9.05 7.19 90 0.69 49.2 222.6 8.33 13.52 0.189 2.02 11.76 1.72 5.1 2.08 0.124 167.4 1.28 2.42 72 78 2.7 6.13 15 10.36 13.66 19.04 9.1 1.11 1.29 110.2 2.06 1.73 4.99 3.47 5.07 31.9 2.4 8.51 1.56 5.2 1.07 10.06

1.3 40.35 0.241 26 82 374 22.3 5.36 4.45 2.84 11 35 7.24 15.9 107.9 16.72 14.16 6.05 9.19 7.2 92.5 0.71 49.9 224 8.33 14.28 0.189 2.05 12 1.81 5.1 2.08 0.124 168.2 1.3 2.42 75.5 80 2.75 6.13 15.48 10.46 13.66 19.04 9.1 1.16 1.3 115.5 2.09 1.73 5 3.53 5.1 32.2 2.44 8.7 1.59 5.2 1.13 10.28

120000 4495700 1350000 1420000 195160 208780 313700 10685600 62000 31605000 56000 1955200 31500 29900 20 4700 492800 12700 375100 111600 177850 420000 126180 442140 4500 942600 50000 13943000 3173300 965000 12100 31000 400000 836140 6957000 13000 450 720 2006000 4200 1200900 299500 1202100 147300 6400 969000 1808000 1610 595000 12000 16700 14000 73800 4900 9492000 210900 16000 62800 801000 776000

156120 178139705 326420 37035065 16000812.5 77201360 6942735 58363783 271590 91393160 615058 68786300 227842 474826 1986.5 76876 6974870 76780 3432846 803429 16276504 292660 6320390.5 98746422 37485 13102608 9450 28728440 38058972 1717720 61710 64500 49600 140687697 9083560 31460 32692.5 57690 5514160 25786 18562742 3117932 16446978 2816786 58369 1104750 2364170 185911 1235990 20770 83499 49010 379109 157645 23019060 1831842 25360 327240 863510 7959758

-133920 71856030 19505820 -8010551 26993990 -81370 2030769 2530220 -10968920 7250 43734 132826 -75572 1110157.9997 -609842 -7556498 3549926.5 -8722012 -3127026 5263980 -21910928 2100 -625589 -1409800 31460 -880170 11576012 677070 -10176278 1281254 -20259.9999 -248440 -450019.9998 1730 74060 9619820 470511 -216852

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

0.88 13.5 902.5 54.7 12.7 3.63 6.91 0.78 1.2 1.23 6.84 9.12 13.52 4.6 0.23 907 74.35 5.52 5.22 5.3 0.5 4.5 14.4 0.64 5.1 0.038 1.34 2.98 1.29 395.2 1011 170.9 0.84 228.2 0.23 0.24

0.89 13.8 907 54.75 12.76 3.64 7.04 0.8 1.24 1.26 6.85 9.15 13.68 4.65 0.242 919 74.5 5.99 5.79 5.94 0.52 4.52 14.44 0.65 5.11 0.039 1.37 3.16 1.32 449.8 1015 172 0.85 233 0.236 0.248

0.91 13.94 908 53.55 12.7 3.6 7.05 0.8 1.26 1.24 6.9 9.2 13.5 4.64 0.23 920 74.45 5.38 5.22 5.2 0.53 4.54 14.44 0.61 5.13 0.038 1.32 2.91 1.29 449.8 1017 174.8 0.85 230 0.229 0.235

0.92 13.94 910.5 54.7 12.8 3.67 7.05 0.8 1.26 1.24 6.9 9.2 13.76 4.65 0.242 920 74.5 5.99 5.22 5.2 0.53 4.55 14.5 0.65 5.15 0.038 1.37 2.98 1.29 449.8 1025 174.8 0.85 233 0.236 0.248

0.88 13.48 900 53.05 12.42 3.58 7.05 0.78 1.19 1.23 6.84 9.05 13.5 4.6 0.23 900.5 72 5.38 5.22 5.2 0.5 4.5 14.36 0.61 5.05 0.038 1.32 2.91 1.29 449.8 1011 170.9 0.84 230 0.229 0.235

0.88 13.8 907 54.7 12.76 3.64 7.05 0.78 1.22 1.23 6.85 9.12 13.68 4.6 0.242 919 74.5 5.99 5.22 5.2 0.52 4.5 14.44 0.65 5.11 0.038 1.37 2.98 1.29 449.8 1015 170.9 0.84 233 0.236 0.248

12466000 25200 221230 1378220 3173900 6385000 200 527000 2833000 200000 705400 5950300 42800 25000 70000 70760 1573560 10000 1200 800 36000 268000 1005600 159000 12175600 2600000 49000 11000 36000 90 238930 129860 155000 230 260000 710000

11130280 342176 200026990 74956486.5 40244860 23162340 1410 413620 3437860 246190 4835665 54353883 585046 115270 16220 64584210 116169176 53922 6264 4160 18150 1214290 14520096 100610 62117656 98800 66190 32500 46440 40482 242693835 22290121 130250 52970 59610 172640

125840 -32265760 9351578 17646450 -481890 -246190 -2509647 -12173428 -47950 4181715 13382403.5001 1198 -683650 1346838 11057403 -6800 -55266695 1116140 -

HOLDING & FRIMS

PROPERTY

ARTHALAND CORP 0.89 0.9 0.92 0.92 0.89 0.89 1732000 1553160 -9900 AYALA LAND 49.65 49.9 49.9 49.9 48.85 49.9 7923900 391599700 38478025 ARANETA PROP 1.86 1.97 1.97 1.97 1.97 1.97 10000 19700 BELLE CORP 2.17 2.18 2.2 2.22 2.17 2.17 494000 1077400 -976720 A BROWN 0.84 0.85 0.85 0.85 0.85 0.85 298000 253300 CROWN EQUITIES 0.219 0.227 0.219 0.219 0.219 0.219 210000 45990 CEBU HLDG 5.88 6 6 6 5.88 5.88 10100 59400 CEB LANDMASTERS 4.78 4.79 4.81 4.83 4.76 4.78 280000 1341380 -546480 CENTURY PROP 0.55 0.56 0.56 0.57 0.55 0.56 15857000 8834060 -80850 CYBER BAY 0.395 0.4 0.4 0.4 0.4 0.4 50000 20000 DOUBLEDRAGON 21.45 21.6 21.65 21.7 21.45 21.45 145300 3124990 -216320 DM WENCESLAO 9.34 9.38 9.34 9.4 9.32 9.34 17600 164732 11208 EMPIRE EAST 0.455 0.46 0.455 0.46 0.45 0.46 210000 95250 EVER GOTESCO 0.121 0.13 0.123 0.123 0.121 0.121 300000 36320 FILINVEST LAND 1.65 1.66 1.66 1.66 1.63 1.65 6846000 11268910 -3592740 GLOBAL ESTATE 1.24 1.25 1.27 1.29 1.22 1.24 1231000 1558880 8990 HLDG 15.22 15.26 15.26 15.26 15.22 15.26 436200 6651282 -558190 PHIL INFRADEV 1.49 1.5 1.48 1.51 1.48 1.5 1225000 1830890 -313250 KEPPEL PROP 4.14 4.7 4.04 4.04 4.04 4.04 1000 4040 MEGAWORLD 5.17 5.18 5.16 5.18 5.09 5.18 8105400 41664584 20705334 MRC ALLIED 0.315 0.32 0.315 0.32 0.31 0.315 3010000 940750 -31500 PHIL ESTATES 0.445 0.45 0.45 0.45 0.45 0.45 50000 22500 -22500 PRIMEX CORP 2.05 2.07 2.09 2.09 2.04 2.08 210000 432090 ROBINSONS LAND 25.2 25.3 25.1 25.45 25.1 25.3 2748500 69367795 -46491905 PHIL REALTY 0.39 0.4 0.395 0.395 0.39 0.39 270000 105950 ROCKWELL 2.36 2.39 2.35 2.37 2.35 2.36 61000 143980 SHANG PROP 3.35 3.38 3.35 3.36 3.35 3.36 16000 53660 33500 STA LUCIA LAND 2.41 2.44 2.46 2.49 2.4 2.44 220000 539940 SM PRIME HLDG 34.5 34.65 34.35 34.65 34.1 34.65 7937900 273013420 -14256330 STARMALLS 5.63 5.8 5.83 5.83 5.63 5.63 220900 1265493 SUNTRUST HOME 0.92 0.94 0.93 0.93 0.93 0.93 74000 68820 VISTA LAND 7.66 7.69 7.7 7.7 7.65 7.69 2088800 16040525 -7692043 SERVICES ABS CBN 19.88 19.9 20 20.1 19.86 19.9 169300 3370162 GMA NETWORK 5.28 5.31 5.27 5.35 5.26 5.31 265400 1412666 GLOBE TELECOM 1938 1949 1955 1961 1930 1949 24025 46704645 -5349765 PLDT 1175 1180 1200 1200 1155 1175 102215 119746965 -5578845 DFNN INC 6 6.27 5.8 6 5.8 6 3000 17830 ISLAND INFO 0.112 0.113 0.113 0.113 0.112 0.112 230000 25960 ISM COMM 5.32 5.33 5.52 5.52 5.3 5.32 2977400 15977788 -154414 NOW CORP 3.44 3.45 3.5 3.5 3.43 3.45 1526000 5270890 345000 TRANSPACIFIC BR 0.355 0.36 0.365 0.38 0.35 0.36 43290000 15938100 -21850 PHILWEB 3.32 3.35 3.42 3.42 3.28 3.35 871000 2892680 -70310 2GO GROUP 10.3 10.36 10.4 10.4 10.2 10.3 11500 119010 CHELSEA 7.04 7.05 7.28 7.28 7 7.05 3068200 21635727 -129551 CEBU AIR 91.5 91.55 93.5 93.5 89.2 91.5 536560 49011780.5 -20879529.5 INTL CONTAINER 135.9 137.2 132.5 137.2 131.2 137.2 1378640 184528782 73280512 LBC EXPRESS 14 14.34 14.02 14.36 14 14.36 1400 19756 1436 LORENZO SHIPPNG 0.92 0.94 0.93 0.94 0.92 0.93 360000 335700 MACROASIA 19.74 19.76 19.64 19.8 19.64 19.76 173100 3417398 654604 METROALLIANCE A 1.2 1.29 1.29 1.29 1.2 1.2 11000 13560 METROALLIANCE B 1.28 1.5 1.55 1.55 1.48 1.48 5000 7590 1550 PAL HLDG 8.21 8.25 8.4 8.4 8.2 8.2 9500 77963 HARBOR STAR 1.75 1.76 1.77 1.81 1.74 1.76 1561000 2740400 ACESITE HOTEL 1.61 1.65 1.61 1.67 1.6 1.66 5000 8150 -1670 BOULEVARD HLDG 0.056 0.058 0.057 0.058 0.056 0.056 11710000 660150 DISCOVERY WORLD 2.07 2.14 2.23 2.23 2.07 2.07 76000 157520 4140 WATERFRONT 0.68 0.69 0.67 0.69 0.67 0.69 530000 357840 CENTRO ESCOLAR 6.8 6.97 6.79 6.8 6.79 6.8 2400 16312 FAR EASTERN U 900.5 915 900 919 900 910 220 200090 9190 IPEOPLE 9.28 9.47 9.49 9.49 9.48 9.48 200 1897 STI HLDG 0.69 0.7 0.7 0.7 0.69 0.69 276000 191980 BERJAYA 2.48 2.5 2.5 2.51 2.46 2.5 266000 660710 BLOOMBERRY 11.08 11.32 11.4 11.44 11.08 11.08 625800 7000100 -1635668 PACIFIC ONLINE 2.84 2.89 2.91 2.91 2.85 2.85 44000 125510 LEISURE AND RES 3.31 3.35 3.32 3.33 3.29 3.33 173000 573320 MANILA JOCKEY 3.45 3.46 3.4 3.46 3.38 3.45 42000 144080 3460 PREMIUM LEISURE 0.72 0.73 0.72 0.73 0.72 0.72 2010000 1447440 -107280 TRAVELLERS 5.46 5.47 5.46 5.47 5.46 5.46 4337700 23683843 -12858846 METRO RETAIL 2.5 2.53 2.57 2.59 2.5 2.53 960000 2438180 -126530 PUREGOLD 42.65 42.7 42.8 42.85 42.45 42.7 1521500 64929830 13191435 ROBINSONS RTL 79.9 80.5 79.9 80.5 78.55 80.5 876170 70178691 30051912.5 PHIL SEVEN CORP 140 143.5 140 140 140 140 348830 48836200 -0 SSI GROUP 2.88 2.9 2.9 2.93 2.87 2.88 1509000 4360340 1190770 WILCON DEPOT 16.44 16.46 16.62 16.7 16.42 16.44 4871500 80425378 21414272 APC GROUP 0.57 0.58 0.57 0.59 0.57 0.57 2923000 1673390 EASYCALL 10.3 10.38 10.52 10.52 10.26 10.3 147900 1540276 GOLDEN BRIA 435 438 426 435 426 435 180 77400 IPM HLDG 5.04 5.2 5.05 5.05 5.04 5.04 9900 49975 PRMIERE HORIZON 0.57 0.58 0.59 0.6 0.57 0.57 19349000 11171100 -338210.0001 SBS PHIL CORP 9.08 9.36 9.19 9.36 9.08 9.36 48400 442536 MINING & OIL ATOK 11.98 12.46 12.9 13 12 12.5 19900 250398 APEX MINING 1.23 1.24 1.23 1.25 1.23 1.23 2139000 2647670 -1250 ABRA MINING 0.0016 0.0017 0.0017 0.0017 0.0017 0.0017 175000000 297500 -210800 ATLAS MINING 2.57 2.6 2.65 2.65 2.57 2.57 16000 41440 -38790 COAL ASIA HLDG 0.28 0.285 0.28 0.285 0.28 0.285 830000 232600 CENTURY PEAK 2.68 2.7 2.69 2.7 2.68 2.68 849000 2280680 DIZON MINES 8.01 8.02 8.09 8.09 7.85 8.02 12700 100796 FERRONICKEL 1.8 1.81 1.73 1.8 1.69 1.8 47948000 84510690 16873390 GEOGRACE 0.222 0.227 0.223 0.227 0.221 0.227 700000 157420 LEPANTO A 0.11 0.112 0.11 0.11 0.109 0.11 780000 85790 LEPANTO B 0.11 0.111 0.11 0.111 0.11 0.11 2110000 232230 2200 MANILA MINING A 0.0099 0.01 0.0099 0.0099 0.0098 0.0099 94000000 925400 MANILA MINING B 0.011 0.014 0.011 0.014 0.011 0.014 103800000 1293600 1100 MARCVENTURES 1.19 1.2 1.18 1.21 1.18 1.2 130000 154570 NIHAO 1.11 1.13 1.14 1.14 1.11 1.14 76000 86610 NICKEL ASIA 4.29 4.3 4.38 4.42 4.25 4.29 9497000 41057200 -1206190 OMICO CORP 0.485 0.495 0.485 0.485 0.485 0.485 20000 9700 ORNTL PENINSULA 0.88 0.89 0.89 0.9 0.85 0.89 891000 785850 34800 PX MINING 4.02 4.04 4.14 4.14 3.98 4.02 245000 996070 SEMIRARA MINING 23.3 23.95 23.75 23.95 23.05 23.95 15713100 369384605 1087395 UNITED PARAGON 0.0064 0.0067 0.0064 0.0064 0.0064 0.0064 6000000 38400 ORNTL PETROL A 0.011 0.012 0.012 0.012 0.012 0.012 86000000 1032000 ORNTL PETROL B 0.012 0.013 0.012 0.012 0.012 0.012 17500000 210000 PHILODRILL 0.011 0.012 0.012 0.012 0.011 0.011 18600000 209700 -143000 PHINMA PETRO 9.62 9.67 10.08 10.5 9.57 9.62 2474100 24402553 175372 PXP ENERGY 12.7 12.8 13 13.06 12.56 12.7 3436300 44151938 634606 PREFFERED AC PREF B1 503 506 504 505 504 505 200 100980 AC PREF B2 500.5 505 504 504.5 504 504.5 950 478810 DD PREF 100.9 101.7 100.9 100.9 100.9 100.9 900 90810 SMC FB PREF 2 990 997 997 997 997 997 100 99700 GTCAP PREF A 970 992 980 992 967 992 1010 978180 GTCAP PREF B 972 980 980 980 980 980 30 29400 LR PREF 0.98 0.99 0.99 0.99 0.99 0.99 3659000 3622410 PNX PREF 3B 108 109 109 109 109 109 20 2180 PCOR PREF 3B 1062 1079 1080 1080 1080 1080 10 10800 SMC PREF 2C 78.1 78.95 78.95 78.95 78.95 78.95 8540 674233 SMC PREF 2D 75.5 76 75.9 75.9 75.6 75.6 10400 788940 SMC PREF 2E 75.65 76.5 76 76.2 75.5 75.65 224530 17035026 SMC PREF 2F 76.25 78 78 78 78 78 3000 234000 SMC PREF 2G 76 77.95 76.55 76.55 76 76 2170 164982 SMC PREF 2H 75.6 76.95 76.95 76.95 76.95 76.95 3000 230850 SMC PREF 2I 76.55 76.95 76.55 76.95 76.55 76.95 8700 666025 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

18.64 5.11

18.98 5.12

18.64 5.13

18.64 5.13

18.6 5.12

18.64 5.12

107800 65400

2007216 335187

WARRANTS LR WARRANT

1.66

SMALL & MEDIUM ENTERPRISES ITALPINAS 7 KEPWEALTH 12.76 XURPAS 0.97

1.71

1.72

1.72

1.65

1.65

10000

16600

-

7.02 12.9 0.98

6.19 12.44 0.98

7.03 13.36 1

6.06 12.4 0.97

7 12.76 0.97

5797300 3650600 4321000

39362313 47308664 4239680

-873418 -6300 -1950

EXHANGE TRADE FUNDS FIRST METRO ETF

119.2

-68960 -

119.8

119.6

119.8

118.7

119.8

8280

989130

4792

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Credit bureau allows borrowers to correct inaccuracies in report

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NDIVIDUAL borrowers who obtained credit reports from the credit information system (CIS) may now correct online any inaccuracy in their report. In a statement on Monday, the Credit Information Corp. (CIC) issued a circular allowing borrowers to file disputes or corrections on any erroneous, incomplete, or outdated credit information reflected in the online report. The CIC said Circular 2019-01, titled “Guidelines on the Online Dispute Resolution for Disputers Who Obtained Credit Reports Generated from the Credit Information System,” is part of its mandate to provide access to reliable, standardized information on credit history and financial condition of its borrowers. “This is another milestone for the CIC because this time, borrowers are given the opportunity to dispute, correct or rectify

any inaccuracies on their credit report,” CIC President and CEO Jaime Casto Jose P. Garchitorena said. The CIC said the circular is aimed to facilitate the standardized reporting of accurate and detailed credit information given the complete requirements from disputers. To avail of the new service, disputers must have a Credit Report-Transaction Reference Number in order to proceed with filing disputes through the CIC Online Dispute Resolution System at http://www.creditinfo.gov. ph/dispute/. “Through this platform, there is no need for any face-to-face interaction with the CIC or with the lender,” Garchitorena added. Disputes are classified in the circular as simple, complex, or highly technical, depending on the number of working days the resolution will take. Bianca Cuaresma

IC lets insurers join local capital market

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HE Insurance Commission (IC) issued guidelines providing for the rules and limitations on securities borrowing and lending (SBL) transactions by insurance companies and professional reinsurers. In a statement on Monday, the IC announced that Insurance Commissioner Dennis B. Funa signed Circular Letter 2019-45 in an effort to allow insurers to participate in the local capital market. To qualify as an admitted asset, SBL transactions of an insurance company must be approved by the IC, which shall not exceed 5 percent of the total admitted assets of a life insurance company or 10 percent of the net worth of a nonlife insurance or professional reinsurance company. The IC had previously issued rules on securities borrowing and lending transactions in 2014 but was later on deferred due to the issues raised on repurchase agreements, including SBLs. “With the issuance of this circular, insurance companies are now given additional investment channel to diversify their investment portfolio and to actively participate in capital market development,” Funa said. With the new guidelines in place, securities that will be the subject of an SBL transaction shall be limited to securities listed in the Philippine Stock Exchange, or those

issued by the Bureau of the Treasury or the Bangko Sentral ng Pilipinas, and the lending period shall not exceed two years from the date of the execution of the SBL Confirmation Notice. Also, insurers and professional reinsurers are required documentation, valuation, collateral management, record keeping and reporting requirements. For collateral management, the new set of guidelines will also limit the following: acceptable collaterals for SBL transactions to peso denominated cash; irrevocable and negotiable letters of credit issued by a commercial bank; bonds and other instruments of indebtedness issued by the government; bonds, debentures or other instruments of indebtedness of any solvent corporation or institution existing under Philippine laws; securities listed in the PSE and/or any other combination thereof. Funa said that insurance companies may take advantage of engaging in SBL transactions to gain additional returns on their investment portfolios by loaning out securities that are not actively traded. “In view of the next tranche in the increase of minimum net worth requirement for insurance companies as prescribed under the law, [insurers] may increase their yield by engaging in SBL transactions,” Funa said. Bianca Cuaresma

The ‘bers’ are here

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HE ghost month is over. It is the month when the traditional Chinese delay making decisions related to money and marriage for fear of bad luck. Everyone can breathe a sigh of relief as the hungry ghosts are back into their lower realm. Now the “bers” are here. Any investors who hear that statement will surely redeem all his equity investments since it means that all the stock prices will go down by at least 20 percent. What the bers—not bears—are, are the months ending in –ber. Actually as early as the first day of the first ber month, I already heard some famous songs of Jose Mari Chan, which is expected to be repeatedly played until the end of the year. The ber months mean Christmas time is just around the corner and, of course, a lot of employees are already expecting their bonuses. The problem is, they are already thinking of where the money will be spent on even before reaching their wallet. In my 25 years of being employed, my former boss was very good to distribute our bonuses during Chinese New Year. It will mean that the money received will not be spent unnecessarily anymore. Even when the distribution was changed to December, I have already formed the habit of not spending my bonus anymore. Assuming I need to spend, I made sure that I will be getting a small slice. Actually, I saved and invested majority (if not all) of the bonuses I received during my employment. Let us assume that my yearly bonus was P10,000 net and invested consistently. In 25 years, I would have invested a total of P250,000. Now, let us assume that my investment yields an average of 4 percent a year. It means that my investment will be giving me P10,000 a year. That is the same as the bonus I received but with the difference that I am no longer employed and I need not report to office everyday just to qualify for the full bonus. The bonuses I saved before will now earn me the same without exerting any effort. How can anyone do what I did before? Spend less to free up excess cash. Below are tips on how to do it: 1. Do not panic. When people know they are about to receive extra income, their mind starts to panic and think of where to splurge. A lot of people even get loan and spend in advance before the actual money comes. Money was already spent even before it came. A good idea

Edmund Lao

PERSONAL FINANCE is to pretend no extra money is about to come. With that mindset, our mind will not be in the spending mode. 2. Make a list and check it twice. If there is a need to spend, make a list and buy in advance when price is still low. Aside from malls, there are tiangges where the items are a lot more affordable. Money spent unwisely is money lost forever. One can always review and edit the list to minimize the expenses. 3. Set your budget. It is best to allocate a certain percentage of your money so that there will be money saved and invested. Setting a budget will tell us where we want the money to go instead of wondering where it all went. 4. Check for bargain sales. As early as possible scout for shops that offer big discounts especially this season. Be patient and do not be a victim of impulse spending. Learn to compare price of the same items from different shops before buying. When I buy an item, I always buy it on the third time after I check the price from a different store. 5. Credit-card promo. Credit-card companies give promos during this season where one can get more benefit using the card for purchase. Make sure to treat the credit card as part of the cash received. Bear in mind that even if a credit card is used, one has to follow his budget plan since he has to pay it later. One must not spend beyond the plan as he might even be charged interest if he fails to pay the whole amount on time. Spending for gifts need not be expensive. Anyone can be creative while spending less. Homemade food products can be more meaningful for the receiver. Sometime paying a visit will suffice as this is a time for bonding. Time is the most precious gift one can give, because in giving his time, one is giving a part of himself. This may be the best Christmas gift one can give. Edmund Lao is registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 79th RFP program this October 2019. To inquire, e-mail info@rfp.ph or text <name><email> <RFP> at 0917-9689774.

Tuesday, September 17, 2019 B3

T-bills auction oversubscribed as investors see more rate cuts

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By Cai U. Ordinario @caiordinario

HE Bureau of the Treasury (BTr) has awarded P12.983 billion on offer in latest Treasury bills (T-bills) auction amid low rates on the back of strong liquidity in the market. The BTr said the auction was oversubscribed with total bids reaching P35.1 billion, more than twice the offering. National Treasurer Rosalia V. de Leon told reporters after the auction on Monday that rates have gone down, especially in light of pronouncements from the Central Bank that the Monetary Board would cut interest rates and the reserve requirement ratio (RRR) sometime in the fourth quarter. “We also saw that, in terms of rates, they’re even lower than the current secondaries, except [in

the] one year. That’s why we also made a partial award. We don’t want that it would also trend higher than the secondary [market],” de Leon said. Secondaries refer to the buying and selling of preexisting investor commitments to a new buyer. “Of course, given the two tenors, they are all going down following the pronouncements of [Bangko Sentral ng Pilipinas, or BSP] Governor [Benjamin E.] Diokno that there is also room for the Monetary Board to cut policy rates and also even the

RRR,” she added. She also quoted Diokno as saying monetary authorities will be monitoring developments related to the recent attack on the oil fields of Saudi Arabia and its impact on prices. While the government of Saudi Arabia has made pronouncements that they are already trying to restore oil production levels to normal, these developments, according to de Leon, will likely be included in the discussions at the monetary policy meeting next week. “The Governor has already made a forward guidance of the direction for policy rates and also in terms of additional liquidity that will be flushed into the system if ever they cut the RRR again sometime during the fourth quarter,” the National Treasurer said. “And, of course, we have a maturity. We have a redemption of about, I think, P12 billion. So that’s additional liquidity flow into the system.” The 91-day and 182-day Tbills fetched averages of 3.07 percent and 3.42 percent, lower than previous auctions and

prevailing market rates. The 364day T-bills capped at an average of 3.666 percent. The 91-day T-bills was awarded P4 billion, with bids amounting to P11.9 billion. Total rejected bids reached P7.9 billion. The 182-day T-bill was awarded P5 billion, with bids amounting to P12.75 billion. Total rejected bids reached P7.75 billion The 365-day T-bill was awarded P3.983 billion, with bids amounting to P10.403 billion. Total rejected bids reached P6.42 billion. The BSP earlier moved to ease its monetary-policy stance with a main policy rate cut, as gross domestic product registered a slower growth in the first half of the year and as inflation rate for July remained tepid. The Monetary Board recently decided to cut the interest rate on the BSP’s overnight reverse repurchase facility by 25 basis points to 4.25 percent. Further, the interest rates on the overnight deposit and lending facilities were reduced to 3.75 percent and 4.75 percent, respectively.

B4 Tuesday, September 17, 2019

Air21 leads in Fda compliance for Pharma supply chain

Pag-IBIG Loyalty Card Plus now available in Cebu

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FTER the initial release of the Pag-IBIG Loyalty Card Plus in NCR in August, Pag-IBIG Fund is launching the new and improved version of the Loyalty Card in Cebu and making it available in more areas in the Visayas. Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti unveiled on September 9 the new Pag-IBIG Loyalty Card Plus. “The new and improved Pag-IBIG Loyalty Card Plus can now be used as a cash card. Now, our borrowers can receive the proceeds of their multi-purpose loans, MP2 dividends, and other benefits through the Loyalty Card Plus. This is in line with the call of President Duterte for government to use electronic means to make transactions easier and faster. And as always, card holders will still enjoy the rewards and big discounts from our more than 300 partner establishments. With discounts ranging from 5 to 50 percent, cardholders can save on groceries, fuel, tuition fees, hospital bills, medicines, and even restaurant and travel expenses,” Moti said.

He added that the Loyalty Card Plus can now also be used as a debit card for cashless transactions and is equipped with an EMV chip - the same technology used in debit and credit cards – to ensure security of transactions. To enable the cash card feature of the Loyalty Card Plus, Pag-IBIG Fund partnered with two of the biggest names in the banking industry. The Fund inked deals with Union Bank of the Philippines and Asia United Bank, both of which issue the Pag-IBIG Loyalty Card Plus. The agency is

looking to partner with more banks in the future to bring even more improved services to members. “We also made availment of the card more convenient for our members. The PagIBIG Loyalty Card Plus is now printed on site, which means members can get their card instantly in the Pag-IBIG Fund branch where they apply. We will make the card available in more areas across the country in the coming weeks. By October, the Loyalty Card Plus should be available nationwide,” Moti said.

Resorts World Manila inks partnership with ABSCBN for proper electronic waste management

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BS-CBN Foundation declared Resorts World Manila (RWM) as the country's first green integrated resort (IR) after it signed up for the foundation's Waste Electrical and Electronic Equipment (WEEE) project on September 9 at the ballroom of Hilton Manila. RWM Chief Operating Officer Stephen Reilly was on hand to host officials of the Foundation as well as its proponents from Envirocare Management Precision, Inc. (EMPI), and the Department of Environment and Natural Resources (DENR). “This is our second partnership with the ABS-CBN Foundation, with Bantay Langis being the first last May,” shared Reilly. “RWM remains committed to attaining positive results in our mutual efforts towards sustainable development. We

certainly consider partnerships such as this as win-win strategies for all stakeholders, as we all move forward in creating more viable solutions that curb the adverse effects of electrical and electronic wastes,” he added. Through the project, all of RWM’s electrical and electronic equipment refuse will be collected, treated and recycled by the foundation’s DENR-accredited transporter and recycler, Envirocare Management Precision, Inc. Funds from the waste materials will then be donated to ABS-CBN Foundation’s Bantay Kalikasan program that includes the protection of the La Mesa Watershed, the Green Initiative ecotourism projects, and the preservation of key biodiversity areas in the country. “Resorts World Manila is the first, truly green Integrated Resort in the Philippines,”

DIY hair care treatments, anyone?

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T’S not called the crowning glory for nothing – our hair is more than what meets the eyes. According to psychologists, the role hair plays is a form of identity and self-expression. It frames the face and it becomes a prominent part of first impressions. To help you get that healthy hair amidst external conditions, here are some tips and a couple of tricks that you can easily do to resolve these 5 most common hair problems that Filipinos encounter: Shampoo Residue a.k.a “tirang shampoo.” It is usually the unsightly white flakes on your hair and sometimes even on your shoulders.These “invisible flakes” may come occasionally, but instead of applying another chemical-based product on your hair, you may try a simple home remedy like apple cider vinegar. This DIY hair remedy is getting popular for its natural way of removing product residues. Just dilute it with water, apply onto scalp and allow to sit for a minute or two then rinse thoroughly. Scalp Odor. It occurs when you have overactive sweat and oil glands on your scalp. You can use lemon or tomato juice or both to combat the bacteria that are causing your hair to smell bad. Lemon can also combat dandruff, one of the many causes of a smelly scalp, while tomato pulp exhibits antibacterial properties that

can help in getting rid of the odor-causing bacteria on your scalp. But the faster way to do it is to wash your scalp and hair with an anti-dandruff shampoo like Head & Shoulders Cool Menthol. Frizzy hair. We can attribute the unwanted curls and frizz to humid eather. Incorporating coconut oil in your haircare routine is a good idea buthaving a hair product that gets you is still the best way to go. Look for a shampoo or conditioner product that contains added moisturizers to cleanse and restore dry, frizzy hair and leave it 100% dandruff-free and luscious, just like Head & Shoulders Supreme shampoo and conditioner with its luxurious Moroccan Argan Crème active ingredient. Dandruff. When the skin cells on the scalp shed more quickly than usual, dandruff flakes usually fall off. There are a lot of ways to prevent this from happening: stress management, healthy diet, reduce your hair care products, and use an antidandruff shampoo that can address your scalp’s needs. Head & Shoulders is equipped with Magnetic Lifting Foam that lifts away dandruff, itch, and oil while keeping your hair moisturized. Oily Scalp. Men’s scalp loses more moisture and releases more sebum than women. If you’re into looking for simple and easy solutions to address this, baking soda is your go-to home remedy but for a

said Johanna Santos, ABS-CBN Foundation’s Project Director. Aside from Reilly, other signatories for the Waste Electrical and Electronic Equipment Recovery Project for RWM are ABS-CBN Foundation’s Chief Finance & Services Officer Angelita Lara; and Envirocare Management Precision, Inc. President & CEO Ariel M. Entico. Also present during the MOA signing are OIC - Chief Environmental Monitoring and Enforcement Division Engr. Jane Borromeo, RWM’s Environment and Pollution Control Compliance Manager Marnie Pebrada; ABS-CBN Foundation Marketing Head Paul Vincent Mercado; ABS-CBN Foundation Project Director Johanna Santos; and Envirocare Management Precision, Inc. Vice President Reno Entico. For more information on the WEEE recovery project, go to https://corporate. abs - cbn.com/lingkodkapamilya/ bantay-kalikasan. Know more about Resorts World Manila’s corporate social responsibility projects by visiting www. rwmanila.com. Present during the MOA signing are, from left: Hotel Okura Manila-PCO, Chief Engr. Macarthy Olaveria; Sheraton Manila Hotel GM Anna Liza Vergara; Envirocare Management Precision, Inc. President & CEO Ariel M. Entico; RWM Chief Operating Officer Stephen Reilly; ABSCBN Foundation Chief Finance & Services Officer Angelita Lara; Holiday Inn Express GM Elpidio Beloso; and Hilton ManilaPCO, Engr. Austin Cabrido.

hassle-free solution, start a healthier haircare habit or grab this ULTRA solution over-the-counter anti-dandruff shampoo. Head & Shoulders Ultra Men Old Spice leaves you a dandruff-free hair that contains ingredients that deeply purifies, balances oily scalp and reduces scalp itch with a manly scent.

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OTAL Logistics Solutions Provider, Airfreight 2100, Inc., more popularly known as AIR21 is the first and only logistics provider to have received from the Food and Drug Administration (FDA) its own License to Operate (LTO) amongst companies handling drug products in the pharmaceutical supply chain in the Philippines in May 2019. AIR21 was able to achieve this by deploying resources in its operations and making adjustments accordingly in order to meet the FDA’s stringent requirements successfully. With this FDA-issued LTO, AIR21’s clients and customers can be assured that products that go through AIR21’s warehousing, transportation and delivery systems are fully compliant with government regulations in handling pharmaceutical items. This LTO is in addition to its other world-class certifications in Good Storage and Distribution Practices (GSDP) and ISO 9001:2015 Quality Management Systems (QMS) further solidifying AIR21’s leading position as a premier provider of logistics services and solutions in the industry. AIR21 has continuously been making significant investments and upgrades to its temperature-controlled logistics assets that further assures customers and clients that their temperature and time-sensitive products are handled properly throughout the temperature-

controlled supply chain for pharmaceutical products. This means that the quality and integrity of pharmaceutical products is maintained through adequate controls in storage and transportation activities, as they occur across the distribution process. AIR21 is continuously upgrading its facilities, fleet, and personnel, to include temperature controlled warehouses, multi-temperature capable & Euro-4 compliant vans, and employing licensed pharmacists on-site. AIR21 has been servicing the logistics needs of the pharmaceutical industry for more than 15 years already as it continues to follow the highest standards for quality, compliance and process management. AIR21 is also licensed to operate at the Philippine Export Zone Authority (PEZA) and Special Economic Zones such as Clark and Subic Bay. “AIR21 is a part of the Lina Group of Companies (OneLGC) with business interests in logistics and supply chain management, IT solutions, industrial waste management, and business process outsourcing. “Further to this, AIR21, through its’ affiliate companies in OneLGC, can seamlessly assist client companies in the importation, transport, and distribution of imported, as well as local pharmaceutical products, among other items,” says OneLGC Chief Commercial Officer, Reuben ‘Beng’ Pangan.

2019 Agrilink, Foodlink and Aqualink Trade Exhibit to feature Unahco, 30 agribusinesses and food organizations

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GRILINK, Foodlink and Aqualink has established itself as the biggest internationally recognized and most participated agribusiness exhibition in the Philippines. Now on its 26th year, the exhibit on October 3-5, 2019 at the World Trade Center, Roxas Blvd., Pasay City. The event will feature local and international products and technologies, live animal and plant displays, as well as technical workshops and investment forums. It is supported by the Department of Agriculture, as well as its regional units and allied agencies. For 20 consecutive years now, UNAHCO . (Univet Nutrition and Animal Healthcare Company), has been actively supporting the Foundation for Resource Linkage and Development, Inc. (FRLD) in mounting the annual agri event. Unahco, the leading manufacturer and distributor of the country’s most popular and fast-selling animal nutrition and healthcare products namely Pigrolac, Early Wean, Mamapro, Sarimanok, Vetracin, Jectran, Latigo, Bexan, Bacterid and Apralyte, will be one of the major sponsors of Agrilink Unahco believes in FRLD’s mission to gather under one roof all stakeholders to establish linkages and facilitate information and technology transfer to expedite the growth of the agriculture and animal industries. Turning 53 years on October 16, 2019, Unahco has remained steadfast in its commitment to help animal raisers as well as agri farmers by

providing them with quality feed, veterinary and agricultural products that will help them improve their farm efficiency, increase productivity, profitability and sustainability. Unahco products bear the seal of quality and have passed ISO and Halal Certification. Pigrolac/Univet will hold two seminars on Biosecurity Measures for the Control of Pathogens and “Pig Nutrition and Management to Promote Immunity” on on October 3 while Sarimanok Feeds will hold a seminar on October 5 from with the topic “Hitik na Hitik Golden Egg Business Opportunities sa PagIitik” with Dr. Rene C. Santiago and Sarimanok Itik Raisers as resource speakers. Agrilink is a highly effective venue to touch base with crop farmers, animal raisers, farm owners, dealers, veterinarians and government technicians. For free seminar participation, visitors can pre-register their attendance through www.agrilink.org or its official Facebook page at facebook.com/agrilinkPH. In photo, Antonio V. Roces - FRLD president (right) together with Ricardo C. Alba -Unahco president and chief operating officer, shook hands to seal their enduring partnership, together with officers, from left: Edwin C. Mapanao, assistant vice-president for cluster III; Rommel T. Samson, chief finance officer; Dante I. Nacar, DVP for corp. planning / Pigrolac operations; Glen Eric L. Ibañez, DVP for technical services and Clint B. Escondo assistant vice-president for swine cluster.

Insular Health Care launches pre-paid group health and insurance plans for women-owned MSMEs

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NSULAR Health Care (IHC), the HMO subsidiary of Insular Life, has launched a new pre-paid group health and insurance coverage called “InLife EntrePinay” that’s specifically tailored for women entrepreneurs. “We created this product for women entrepreneurs to encourage them to provide group health coverage and life insurance benefits to their employees. While the product is really for all, “InLife EntrePinay” is specifically designed to what women business owners would like to have, either for themselves, or for their employees,” said InLife Executive Vice President and IHC President and CEO, Noemi G. Azura. InLife Entrepinay comes in three prepaid plans or packages: Ruby, Emerald and Diamond. The plans include basic annual physical examination, one-time outpatient and/or inpatient care coverage on medical emergencies, face-to-face and on-the-phone medical consultations, and dental benefits and maternity assistance InLife EntrePinay comes in three affordable pre-paid plans: Ruby starts at P4,000 annually per employee; Emerald starts at P5,800

annually per employee; and Diamond starts at P8,000 annually per employee. Emerald plan has a one-time emergency inpatient care due to accidents while the Diamond plan has a one-time emergency inpatient care coverage due to accidents, viral and, or bacterial illnesses. Emerald and Diamond plans also include maternity assistance of up to P7,000 and up to P10,000, respectively. Ruby plan includes life insurance coverage of P100,000 for accidental causes only, while Emerald and Diamond plans include life insurance coverage of P50,000 for accidental or natural causes. Emerald and Diamond plans further add P50,000 coverage for accidental death and dismemberment. EntrePinay was developed as part of Insular Life’s InLife Sheroes Program which is focused on empowering Filipino women. “Our mission is to empower a million Filipinas in the next three years through four focus areas: financial education, health and wellness, women-specific solutions, and access to social and business networks,” Ms. Azura said.

Sports BusinessMirror

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

Tuesday, September 17, 2019

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TRAVEL WOES AT CHINA WORLD CUP

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EIJING—Fiba will look at adjusting travel demands on teams at the next World Cup, after this tournament in China led to many complaints about the distances that nations participating in the knockout stages had to cover without much time to prepare for games. Some teams faced major travel challenges at the tournament’s most crucial time. And multiple nations argued that the semifinal-game winners—Spain and Argentina—benefited from having two days off before those matchups, while semifinal losers Australia and France had only one day. Fiba contended that playing a tournament-record 92 games in 16 days across eight cities meant some logistical headaches were inevitable. And with the next World Cup in 2023 set to be spread out over three countries—Indonesia, Japan and the Philippines— more challenges are likely then, as well. “After having experienced it, on paper sometimes it looks perfect,” Fiba SecretaryGeneral Andreas Zagklis said. “Then you see the imperfect aspects of it. These are the things we’re ready to improve in the future.” Serbia Coach Sasha Djordjevic, who resigned from his national team on Saturday, said the rest factor should be equal going forward. He also thought cramming so many games into such a short time span affected the quality of play as the tournament went along. “Give the same conditions to all the competitors to have the same rest days, the same conditions to compete,” Djordjevic said. “After 15 days of games and games and game, and back to back...you need that rest to give your best basketball.”

MUY BIEN,

ESPAÑA! MARC GASOL GOT TO BASK IN A CHAMPIONSHIP CELEBRATION FOR THE SECOND TIME IN THREE MONTHS—AND THIS TIME, HE DID IT FOR HIS COUNTRY. TOURNAMENT MOST VALUABLE PLAYER RICKY RUBIO SCORED 20 POINTS, SERGIO LLULL ADDED 15 AND SPAIN WON THE WORLD CUP FOR THE SECOND TIME BY TOPPING ARGENTINA, 95-75, ON SUNDAY.

MARC GASOL scores 14 for Spain, which never trailed and added the 2019 crown to the one it claimed in 2006. AP

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B T R | The Associated Press

EIJING—Marc Gasol looked to the sky as confetti fell, some sticking to his massive shoulders, and then cradled and kissed the giant golden chalice that goes to the World Cup champions. He’s getting good at hoisting trophies. Gasol got to bask in a championship celebration for the second time in three months—and this time, he did it for his country. Tournament Most Valuable Player Ricky Rubio scored 20 points, Sergio Llull added 15 and Spain won the World Cup for the second time by topping Argentina, 95-75, on Sunday. “We weren’t the most talented team,” Rubio said. “We weren’t the bigger team. Put anything you want, but we were the team with the biggest heart and we showed it tonight and we showed it during the whole tournament.” Gasol scored 14 for the winners, who never trailed and added this crown to the one it claimed in 2006. And for him, 2019 will go down as a year the likes of which few others have enjoyed. The Toronto Raptors center becomes the second player to win a National Basketball Association title and a Fiba world gold medal in the same year, joining Lamar Odom—who did it for the Los Angeles Lakers and USA Basketball in 2010. Gasol also became the 19th to win either an NBA or Women’s NBA crown along with a gold medal, either of the Olympic or World Cup variety, in the same year. The first 18 all did it for the US. This time, Vamos España!

“NBA champion and a World Cup champion as well,” Gasol said. “What can I say? How does it sound to you? I feel very fortunate to be in this position and be able to play this game and help these guys be part of history of Spanish basketball.” Llull and Rudy Fernandez—the team captain, the one who initially got to accept the Naismith Trophy—went to cut down the nets shortly after the final buzzer. Gasol carried the game ball to the gold-medal ceremony, and Spanish fans wept in the stands during the national anthem. Gabriel Deck scored 24 points for Argentina (8-1), which got off to a slow start and played uphill the rest of the way. Luis Scola was held to eight points, shooting one for 10 from the floor. “We’re sad right now. We’re very sad,” Scola said. “But I feel confident, in hours, we’ll be able to look back and be very proud. They just played better than us. They were better. They deserved to win. They were the better team in the game and the tournament.” Spain led 43-31 at intermission, after putting together a 14-2 run to open the game and a 17-1 run later in the half. “This is basketball,” Argentina Coach Sergio Hernandez said. “If you play better than the other team, you win the game. And Spain was the best team today.” Scola, even at 39 years old still Argentina’s best player throughout the tournament, didn’t get on the scoresheet until he made a pair of free throws with 2:57 left in the third quarter. But they only cut the Spain lead to 19, and by then the Argentinian fans who stood, sang and chanted for much of the game were relatively quiet. The day belonged to Spain.

And the year belongs to Gasol. “It’s unbelievable,” Gasol said.

TIP-INS

■ ARGENTINA: This was the third Fiba World Cup medal for Argentina, making it the fifth nation with that many after the United States (12), Yugoslavia (10), the Soviet Union (eight) and Brazil (six). Another four nations have two medals, including Spain. Argentina fell to 2-8 all-time against Spain in World Cup or Olympic competition. ■ SPAIN: It was also a double-title year for Spain Coach Sergio Scariolo; he’s an assistant on Nick Nurse’s staff in Toronto. Marc Gasol said there will be a celebration in Madrid early this week, and then he’ll return to his Barcelona home to pack before heading to Toronto to prepare for camp. Spain won the rebound battle, 47-27.

ALL-TOURNAMENT TEAM

JOINING Ricky Rubio on the all-tournament team were Gasol, Scola, France’s Evan Fournier and Serbia’s Bogdan Bogdanovic.

DIGNITARIES

AMONG those in attendance: Chinese basketball legend Yao Ming, NBA Commissioner Adam Silver and Deputy Commissioner Mark Tatum, International Olympic Committee President Thomas Bach, Fiba ambassador and five-time NBA champion Kobe Bryant, plus Tony Parker and Manu Ginobili—both four-time NBA champions with San Antonio.

FRANCE BEATS AUSTRALIA IN BRONZE-MEDAL PLAY

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EIJING—France has another bronze medal in the World Cup to go with one it won in 2014—a measure of its world basketball status. Australia still has none. Not a single medal in the Olympics, and now it’s also been shut out at the World Cup. France defeated Australia, 67-59, on Sunday to take the third-place game as the World Cup wraps up a two-week run across China. The Boomers are 0-4 in Olympic bronze-medal games, and now 0-1 in the World Cup—previously known as the world championship. Nando de Colo scored 19 to lead France with 16 from Evan Fournier. Joe Ingles had 17 for Australia with 15 from Patty Mills.

Utah Jazz center Ruby Gobert, who scored 21 against the United States in a quarterfinal victory, scored only two points—but the French prevailed anyway, and will be the only medal-winning team from 2014 to win another this year. “It means everything,” Gobert said of the bronze. “Obviously it’s not the one we wanted. We all know that. But being able to come back—we’re the only team that was on the podium five years ago and on the podium now. So it shows our heart, shows the commitment we have and we’re only going to get better from that.” Australia led for the entire game until France inched ahead 47-46 on two free throws with 9:01 left in the game. France continued to surge with Australia looking run down—much

like its loss in the semifinals against Spain. “Once we came back in the third quarter we could see that the game had changed,” France Coach Vincent Collet said. “Australia was still there with the score, but it was not the same game.” Collet credited his guards for upping the pressure out front, and the big men dominating the boards. Australia built a 40-25 lead to open the third quarter. But then France finally awakened and cut the lead to 46-42 after three quarters with de Colo, Fournier and Vincent Poirier carrying the scoring load heading into the deciding final quarter. France held Andrew Bogut to five points and Matthew Dellavedova to four, another big

reason for the win. Australia Coach Andrej Lemanis cited fatigue late in the game as a factor, which he said explained 19 turnovers. “France also made some shots they needed to make and made some plays that gave them a bit of momentum. It got away from us a little.” Fournier sympathized with his Australian counterparts, mentioning names like Bogut and Dellavedova. “I know those guys and it’s awful for them,” he said. “But that’s definitely what we didn’t want, to finish the tournament feeling like [crap] like that. We finished third before and it felt great. This one is kind of different because we felt like we could have done better.” AP

U.S.A. STRUGGLE

ANDREAS ZAGKLIS was asked about his reaction to many top National Basketball Association players not making the trip to China for the World Cup, which is one of the reasons why the US—which had won the last two titles at the event—finished only seventh in China, its lowest finish ever at a World Cup or Olympic event. “It’s not our job to put together the roster of any of the 32 teams,” Zagklis said. “We set the stage, the conditions for all the teams and then each national federation has its own way of approaching the players and having them commit to play for the national team.” Zagklis also said many nations, with the exception of the US and Canada, brought most of their top NBA players.

BOGUT PROBE

AUSTRALIA center Andrew Bogut complained loudly and profanely after his team’s semifinal loss to Spain, calling Fiba a “disgrace” and alleging that a call late in regulation against the Boomers cheated them of a spot in the gold-medal game. Australia lost to Spain in double overtime. Bogut played in Sunday’s bronze-medal game, which Australia lost to France, but Fiba will still complete an inquiry into what he said and may take disciplinary action. “We do have a very specific set of regulations and a set of principles,” Zagklis said. “Where these lines are crossed, we have a disciplinary procedure and, in this case, there will be a disciplinary procedure.”

OLYMPIC QUALIFYING

THERE will be 24 teams competing next year for the last four available spots in the men’s basketball tournament at the 2020 Tokyo Olympics. The US, Spain, France, Argentina, Nigeria, Iran, Australia and the host Japanese have already grabbed eight of the 12 slots in the field. Zagklis said Fiba doesn’t plan to take long before announcing dates and sites for the four six-team tournaments that will decide those spots. The winner of each of those tournaments qualify for Tokyo. Interested nations will have the right to bid to host one of the qualifiers, and will have to pay a hosting fee if selected. Zagklis said the tournaments will take place on multiple continents, since both Fiba and the International Olympic Committee want the game exposed to as many parts of the world as possible. AP

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Tuesday, September 17, 2019

JET AND JP SHOW CLASS IN QUIRINO WAKEBOARD PARK DECAWAKE Clark Cable Park’s Jet Brigance topped the open men wakeboard category and CamSur Watersports Complex’s JP Canuto ruled the open men wakeskate division of the recent First Invitational Wakeboarding Competition at the world-class Quirino Watersports Complex in the Quirino capital of Cabarroguis. Larry Sacabon of Quirino and Jon Dimacali of Republic Wakepark finished second and third place behind Brigance in the event that lured more than 80 players from the country’s top wakeparks. Regi Causing and Renan Turiano, both from Republic Wakepark, wound up second and third, respectively, in the open men wakeskate division of the inaugural tournament that was part of the Panagdadapun Festival marking the 48th provincial founding anniversary. Jerome Javaluyas of Lago de Oro Wakepark captured the men’s division, while Shaina Alva of Pradera Verde dominated the women’s class of the advance wakeboard competition. Charles Villegas of Pradera Verde and Justine Buendia of Republic Wakepark, meanwhile, conquered the men’s and women’s divisions of advance wakeboard. Republic Wakepark of Nuvali in Laguna hauled seven medals to emerge overall champion, followed by the Quirino host park with five medals, Pradera Verde and Decawake Park with two each, and Lago de Oro and CamSur with one apiece. The Philippine wakeboard team to the 30th Southeast Asian Games also conducted demonstrated exhibition runs and were impressed by the tournament-quality and tension of the cables. Started in 2007 by then-Gov. Dakila Carlo Cua, the Quirino WaterSports Complex is a 9.5-hectare fullsize cable park and boasts of 450-meter wakeboard cable, a 2.5-hectare lagoon and a deck area of 251 square meters. It also has a winchpark for beginners with a 100-meter cable and 3,000-sq m lagoon.

‘NO GOVT SUPPORT’ T OKYO—The mayor of a town in northeastern Japan that will host Olympic soccer games says his city has received no funding from the central government that has promised to use the 2020 Tokyo Olympics to help in the reconstruction of the region. The Japanese government and Tokyo 2020 organizers are hoping to use the Olympics to showcase Japan’s recovery from the 2011 earthquake and tsunami. Several Olympic events, including soccer and baseball, will be held in northeastern Japan. But with less than a year to go before the opening ceremony, Yutaka Kumagai, the mayor of Rifu in Miyagi Prefecture, says his city has seen no funding from the central government. “There is no help from the government, we don’t have any budget from them, none,” Kumagai said on Saturday. “Tokyo 2020 is said to be a symbol of the reconstruction but when it comes to the budget, we don’t have any budget from the Olympic games here in Rifu.” Kumagai made the comments during a media tour of Miyagi Stadium, a 49,000seat facility in Rifu that will host men’s and women’s football at the 2020 Olympics. About 50,000 people are still displaced in the Tohoku region as of August, according to the Reconstruction Agency. Yoshiaki Suda, the mayor of Onagawa in Miyagi Prefecture, concurred with Kumagai. Like Rifu, Onagawa is a coastal city that sustained heavy destruction. “We haven’t received any subsidy, even ¥1, from the central government,” Suda said. “Whatever we do for the venues, for

the hospitality for the Olympics, we have to do ourselves.” Some media reports have made the claim that the Olympics have hampered the reconstruction efforts, taking workers away from the region to help with construction in Tokyo. Japan is one of the most earthquake- and tsunami-prone areas in the world. On March 11, 2011, a 9.0-magnitude quake offshore caused a tsunami that triggered meltdowns at the Fukushima nuclear power plant. The quake and tsunami heavily damaged coastal neighborhoods in northeastern Japan and took more than 18,000 lives. Tokyo, which projected total costs of about $7.5 billion in its winning bid for the games in 2013, is reportedly spending about $20 billion to prepare the city to host the games. A group of anti-Olympic activists, many from outside Japan, have held small protests and other events this summer under the Japanese title “Han-gorin no Kai”—which translates roughly to No Olympics.

They oppose Olympic spending, which they say cuts into budgets for housing and environmental issues. They also call for more money to rebuild Fukushima prefecture located northeast of Tokyo. Organizers say Fukushima is a main focus of the Olympics, staging baseball, softball and soccer games there to persuade the world the area is safe. Tokyo organizers have faced a series of hurdles as they prepare to host the games. In August, Tokyo’s summer heat forced an Olympic women’s triathlon qualifying event to be shortened because of high temperatures that are likely to impact next year’s games. Tsunekazu Takeda, the head of the Japanese Olympic Committee, was forced to quit earlier this year when he was implicated in a vote-buying scheme to land the games. He has denied wrongdoing, but acknowledged he signed off on about $2 million that French investigators allege went to buy votes. AP

FORUM ON SUPERLIGA THE coming Philippine SuperLiga (PSL) Invitational will be discussed in Tuesday’s Philippine Sportswriters Association (PSA) Forum at the Amelie Hotel Manila. PSL Chairman Philip Ella Juico and President Dr. Ian Laurel lead the panel of guests appearing in the 10 a.m. session along with the coaches, team managers and players of the eight competing teams. Seeing action in the league’s final conference for the season

are Petron, PLDT, Foton, Marinerang Pilipina, Generika-Ayala, Cignal, Sta. Lucia and F2. The weekly forum is presented by San Miguel Corp., Braska Restaurant, Amelie Hotel, and the Philippine Amusement and Gaming Corp. The session is livestreamed via the PSA Facebook page www.facebook.com/ PhilippineSportswritersAssociation and aired on a delayed basis over Radyo Pilipinas 2 from 1 to 2 p.m. and 6:30 p.m.

OLD Hickory Bourbon’s Miguel Novillo Astrada hits the ball during a polo match against Bendabout at Bendabout Farm on Sunday in McDonald, Tennessee. AP

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5TH PLARIDEL CUP UP OCTOBER 4

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HE fifth edition of the Plaridel Cup golf tournament tees off October 4 at the Camp Aguinaldo Golf Club in Quezon City. Golf enthusiasts among media practitioners, communicators and their friends will be vying for bragging rights, trophies and corporate-sponsor giveaways. Tee-off time will be at 7 a.m. Play format is sequential. Registration is still ongoing. Interested golfers may sign-up by contacting Samahang Plaridel through Nelly Lumbaca at mobile no. 0920-9286498 or sending an e-mail to apjsamahangplaridel@ gmail.com. The Plaridel Cup is an annual sports event of the Association of Philippine Journalists–Samahang Plaridel Foundation Inc., the professional group of veteran journalists, publishers, editors in chief and communicators that promotes high ethical standards among local media, according to the professional standards set by Filipino patriot Marcelo H. del Pilar. This year’s Plaridel Cup is being supported by First Orient International Ventures Corp., Cebu Pacific, Hotel Sogo, Ayala Land Inc., Globe Telecommunications, Philippine Amusement and Gaming Corp., Reyes Hair Cutters, Sen. Cynthia Villar, Asia Brewery Inc. and Sterling Paper Group of Cos. Golfers from corporate sponsors and other companies are welcome to join the tournament. On top of trophies, last year’s participants brought home exciting raffle prizes and giveaways.

Beermen, Elite, KaTropa vying in Macao Terrific 12

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AN Miguel Beer, Blackwater and TnT Katropa mix it up with some of the best ball clubs around Asia in the Terrific 12 tournament that kicks off on Tuesday at the Tap Seac MultiSports Pavilion in Macao. The Beermen, Elite and Katropa departed for the former Portuguese territory on Monday for the weeklong meet that features nine other squads from the Chinese Basketball Association (CBA), Korean Basketball League (KBL) and the J League of Japan. Each team is allowed to field two imports in the event annually organized by Asia League Ltd. The Philippine Basketball Association (PBA) grand slam-seeking Beermen, reinforced by Desmine Wells and Lester Prosper and five-time PBA Most Valuable Player June Mar Fajardo, see action in the 7 p.m. main game on opening day against the Zhenshen Aviators led by 7-foot-2 former Chinese national team member Li Muhao and imports Pierre Deshawn and former NBA player Shabazz Nagee Muhammad. Fajardo is coming off his stint with Gilas Pilipinas in the Fiba World Cup in China along with the Katropa duo of Troy Rosario and Roger Pogoy. San Miguel Beer is bracketed in Group B with Zhenshen and defending champion Ryukyu Golden Kings. Blackwater opens hostilities at 3 p.m. when it goes up against two-time KBL champion Seoul SK Knights. The Elite will have Marqus Blakely and Alex Stepheson as imports, while the Knights will be parading Aaron Haynes and Jameel Warney, who briefly played for the Dallas Mavericks. Joining the Elite and Knights in Group A are the Chiba Jets. Bannered by former NBA player KJ McDaniels and one-time Mighty Sports reinforcement McKenzie Moore, the Katropa will have their hands full against title contender Liaoning Flying Leopards. The former CBA champion Leopards are led by Chinese national team members Guo Ailun and Zhao Jewel and will be powered by two former NBA players, Lance Stepheson and Salah Mejri. Guo and Zhao were part of the Chinese team that saw action in the Fiba World Cup, while Mejri was a key player of the Tunisia national team which blasted Gilas Pilipinas in the classification phase, 86-67. TnT, Liaoning and Nigata Albirex Basketball are bunched together in Group D. Group C meanwhile, is composed of the Zhejiang Guansgsha Lions, Utsunomiya Brex and Jeonju KCC Egis. The top team in each group will advance to the semifinals.The tournament offers a $150,000 prize money to the champion.

Tuesday, September 17, 2019

JARAULA EYES REPEAT R

EYMON JARAULA has the momentum plus some edge in local knowledge as he sets out for back-to-back title drive in the International Container Terminal Services Inc. (ICTSI) Del Monte Championship, which reels off on Wednesday at the Del Monte Golf Club in Manolo Fortich, Bukidnon. Bristling with confidence coming off a breakthrough win—in playoff fashion—over one of the country’s winningest players, Jaraula hopes to hoist another trophy on Saturday although he remains wary of his chances against practically the same field he had bested at Pueblo de Oro. “I feel good and I believe I can win at Del Monte where I used to train,” said Jaraula, who pulled off a couple of brilliant putts to stun Tony Lascuña on the second sudden death hole on Saturday. “But Del Monte is a bit tougher than Pueblo since there are tricky holes, including the tight par-4 No. 17.” He added that a 14-under total at the mountaintop course could net one the crown in the P2.5-million championship serving as the seventh leg of the 10th season of the ICTSI-sponsored Philippine Golf Tour (PGT) and second of four tournaments making up the Mindanao swing. “But there are a lot of good players so I really have to work hard to win again,” added the 27-year-old Jaraula, referring to, among them, his fellow Del Monte players, led by Noel Langamin, who anchored the team’s PAL Interclub romp in 2011, along

REYMON JARAULA brings his act to Manolo Fortich in Bukidnon.

with Magno Arancon and Leonard Lofranco and the Miñoza brothers Paul and Peter along with reigning Philippine Open champion Clyde Mondilla. Lascuña, for one, is going all-out to nail the win that has eluded him the last two years, his runner-up effort at Pueblo could hit at a successful campaign this week following a number of top 5 finishes and a couple of third place efforts in his last few events in the circuit organized by Pilipinas Golf Tournaments Inc. A host of others are also due for a big finish, including Ira Alido, who placed fifth at Aboitiz Invitational and joint third at Pueblo, Jhonnel Ababa, Michael Bibat, Zanieboy Gialon, Joenard Rates, Elmer Salvador, Rupert Zaragosa and Jay Bayron, who is out to atone for his final round foldup last week. Upstaged by local top guns at Pueblo with only Thai Kammalas Namuangruk breaking into the top 10, the foreign contingent toughened up for another crack at the crown won by American Nicolas Paez with Tawan Phongpun and Pachara Sakulyong joining Namuangruk in the roster along with Peter Stojanovski of Macedonia, South African Luke Trocada, American Sean Talmadge, Park Jun Sung of Korea and Dutch Guido van der Valk, winner of this year’s PGT kickoff leg in Cebu. Meanwhile, a select group of pros test the tight, challenging layout one last time in today’s (Tuesday) pro-am where they will be paired with guests and officials of the event’s chief backers, including ICTSI, Custom Clubmakers, Meralco, Champion, Summit Mineral Water, K&G Golf Apparel, BDO, Sharp, KZG, PLDT and MY Shokai Technology Inc.

WORK FOR 2023 FIBA WORLD CUP ON T

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HE task of organizing the 2023 Fiba World Cup has now been ceremonially transferred to the Philippines and cohosts Indonesia and Japan during the 2019 Fiba World Cup final between eventual champion Spain and Argentina on Sunday in Beijing. With the ceremonials done, it’s down to serious business for the cohost countries, especially for the Philippines which was represented in Beijing by Samahang Basketbol ng Pilipinas (SBP) Chairman Emeritus Manuel V. Pangilinan.

Pangilinan, along with Erick Thohir of Indonesia and Yuko Mitsuya of Japan, accepted the Fiba flag from former National Basketball Association player and Chinese great Yao Ming. Also present in the ceremony was Fiba Ambassador Kobe Bryant, Philippine Basketball Association Chairman Ricky Vargas and SBP Executive Director Sonny Barrios. In a series of tweets, Pangilinan said the job is about to start and that several committees will be put up to handle the task. “We’re on our way, we’re bringing home the Fiba flag 2023 with us. The journey begins tonight. A huge honor and privilege for SBP,

and great pride for our people,” Pangilinan wrote. “Thank you so much to all of you for your support—you inspire us, and give us the energy and spirit to keep trying.” He continued: “Now the work begins, starting with the local organizing committee, the local steering committee with Japan and Indonesia.” The former SBP president said he also wanted to keep serious track on the formation of the national team for the 2023 World Cup. The national squad, under Coach Yeng Guiao, finished winless at the bottom of the 32-nation tournament. In the aftermath of the disastrous

campaign, Guiao resigned and calls for a more solid basketball program emerged. With these developments, Pangilinan wishes the Filipinos to support the hosting. “In bringing all this effort to fruition in 2023, and in showing what we Filipinos can offer the world, I ask for your prayers and help for the SBP,” he said. The three nations will share the hosting of matches in the knockout stages. The Mall of Asia Arena and Smart Araneta Coliseum are expected to be the primary venues, while the Philippine Arena in Bocaue, Bulacan, will be the venue for the final.

50-team MY Football League kicks off Saturday

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HE best of Philippine youth football will be showcased in the National Capital Region Football Association (NCRFA) Manila Youth Football League (MY Football League) which opens on Saturday at The British School Manila. The tournament will feature 50 teams, including The British School Manila, Makati Football Club, De La Salle Zobel, Tanauan, Atheltico Diliman, G8, Manila Japanese Football Club, Tuloy sa Don Bosco, Angono Rizal and RAYA FC. Guided by Fifa Grassroots, the NCRFA League was formed to create a program that will bring together as many people as possible through the league and its

patrons. It is designed to reach out to the young and create a process that connects them to the future. For the tournament, the grass pitch will be named “Simon Mann Field,” while the turf pitch will be named “Don Jones Field.” The father and son duo of Tomas and SeLu Lozano of pioneer youth club Makati FC has created a league whose thrust is growing the sport. Tomas Lozano has been bringing Makati FC to Gothia Cup in Sweden to represent the Philippines for 37 consecutive years. Through NCRFA, it aims to elevate the level of youth tournaments locally as what the club

have experience abroad. “We see how the grassroots have developed in the Philippines through the years and rebranding NCRFA to Manila Youth Football League amplifies our thrust of growing the game,” Tomas Lozano said. “We hope that through Manila Youth Football League we will be able to bring together as many people as we can. People from all walks of life through the sport that we all love.” The matches will be held on October 5, 12 and 26, with the semifinal and final to be played on November 9. There will be two other tournaments in March and May 2020.

YOUTH football will be showcased in the tournament.

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STAGS TARGET SHARE OF NO. 2 IN ‘NC’ HOOPS

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AN Sebastian College aims for a share of the second spot when it battles University of Perpetual Help in the National Collegiate Athletic Association Season 95 seniors basketball tournament on Tuesday at the Filoil Flying V Centre in San Juan City. The Golden Stags, who at 7-3 won-lost trail the San Beda Red Lions (11-0) and Lyceum of the Philippines University Pirates (8-3), seek their eighth win for a tie for the No.2 spot when they face the Altas (3-7) at 12. College of Saint Benilde (6-4) and Mapua (4-6) clash at 2 p.m. while Jose Rizal University (4-7) takes on Arellano University (2-9) at 4 p.m. One of the hottest teams in the tournament, San Sebastian bagged its fifth consecutive victory after beating Saint Benilde, 83-67, last Thursday. Allyn Bulanadi had a career-high of 32 points for the Stags, who used a lethal second half blitz against the skidding Blazers. Coach Egay Macaraya hopes that his team continues its impressive streak and move closer to the Final Four. “Our first goal is to make it to the Final Four. I hope everybody is healthy so that we could play with the same intensity in our defense and offense,” Macaraya said. “We want to sustain this run in our remaining games.” Bulanadi is expected to be the main man for San Sebastian, along with RK Ilagan, Alvin Capobres and JM Calma. Perpetual Help, meanwhile, is on a twogame losing streak following its recent 74-89 setback to Lyceum. The troika of Edgar Charcos, Tonton Peralta and Ben Adamos is sure to provide firepower for the Altas’ push for a spot in the semifinals. Ramon Rafael Bonilla

Rio silver medalist Diaz leads PHL lifters in worlds

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IO de Janeiro Olympics silver medalist Hidilyn Diaz leads nine other Filipinos seeing action in the International Weightlifting Federation World Championships in Pattaya, Thailand, that kicks off on Monday. Joining Diaz in the Tokyo 2020 qualifying event are Olympian Nestor Colonia, Mary Flor Diaz (45 kg), Elien Rose Perez (49 kg),Margaret Colonia (59 kg), Elreen Ann Ando (64 kg), Kristel Macrohon (71 kg) for women and John Ceniza (55 kg), Dave Pecaldo (61 kg), and Jeffrey Garcia (73 kg) for men. Ramon Solis and Greg Colonia are coaching the team supported by the Philippine Sports Commission. “We are quite happy to see these kids battle the best lifters in the world. This will be a stepping stone for them who aspire to join the Tokyo Olympics 2020 and also for Paris Olympics 2024,” weightlifting head Monico Puentevella said. “All these years, we only brought Hidilyn and Nestor to these qualifiers and the past Olympics. But now, we have 10 lifters. We’re on our way,” he added. This same group will represent the country in the 30th Southeast Asian Games this November.

U.E.’S SUERTE, UST’S LAURE SHARE WEEKLY CITATION

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NIVERSITY of the East’s (UE) brandnew gunner Rey Suerte was named the Collegiate Press Corps University Athletic Association of the Philippines (UAAP) Player of the Week, and so was University of Santo Tomas’s (UST) Eya Laure as the Sports Vision Premier Volleyball League Press Corps Player of Week. The 23-year-old Suerte exploded with a season-high 31 big points— back-to-back treys in the last 15.4 seconds—on top of seven rebounds and three assists to hoist UE out of the rut with a thrilling 89-88 breakthrough victory against De La Salle in the Season 82 men’s basketball action on Saturday. “One word—Suerte. Luck. It was a risk we took, but big-time players just make big-time plays,” said UE active consultant Lawrence

Chongson on the Red Warriors’ prized recruit. “We badly needed a victory and I kept myself on a positive note,” Suerte said. “I just want to keep on pushing to help the younger players on the team. After dealing with an ankle injury that had her sidelined for months, Eya regained her lofty spot as the UST’s main scoring option. The now healthy UAAP Season 81 Rookie of the Year delivered the goods that helped the Tigresses sweep the eliminations. Laure finished with a personal conference-best 20 points in UST’s 25-21, 25-23, 22-25, 25-23 victory over Arellano University last Saturday in Group B of the Collegiate Conference. The power-hitter played an all-around game as she filled the stats sheet with 17 kills,

two aces and a kill block to go with 10 digs as UST swept the five-game group stage and set up a best-of-three semifinals showdown with Season 81 Finals tormentor Ateneo. But more than anything else, Laure needed that kind of explosion to regain her confidence after a long layoff to recuperate from a left ankle injury she sustained during last season’s UAAP Finals. Laure, who has averaged 15.3 points in three games of action for UST, also needed to build momentum before she embarks on the biggest stage in her young volleyball career—a tour of duty with the national team to the 30th Southeast Asian Games. The UST sophomore flew to Thailand on Sunday to join the nationals in their buildup for the inaugural Asean Grand Prix in Nakhon Ratchasima from September 20 to 22.

ADAMSON University’s Mar Prado and University of the Philippines’s Mika de Leon jostle for the rebound during their game on Sunday at the Mall of Asia Arena. The Lady Falcons won, 100-74.

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ROGLIC FLIES SLOVENIAN Primoz Roglic claims one of cycling’s biggest prizes, winning the three-week Spanish Vuelta. AP

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ADRID—Less than a decade ago, Primoz Roglic was flying through the air on a pair of skis with no thoughts of ever being earthbound on a bike. On Sunday the Slovenian claimed one of cycling’s biggest prizes, winning the three-week Spanish Vuelta. Roglic only took up cycling in 2012 after he gave up on ski jumping. He quit his first love following a harrowing crash when he lost control early in a jump, slammed into the ramp and twisted and tumbled the rest of the way down. He found that two wheels pegged to the road were a perfect match for his slim but athletic build and became one of cycling’s rising talents given his superb time trial performances and his ability to hang with the best climbers in the mountains. Now he must be counted among its best and a contender for its biggest prize: the Tour de France. Roglic won the Vuelta after wearing the red leader’s jersey for the final 11 days, finishing more than two minutes ahead of world champion and former winner Alejandro Valverde. It was his first Grand Tour win after the 29-year-old was fourth in the 2018 Tour de France and third in the Giro d’Italia in June. He also won the six-day Basque Country Tour in 2018 and the weeklong Tirreno-Adriatico in March. Following custom, riders respected the leader’s lead on the 21st and last stage when the race made its traditional finish in Madrid. Roglic was flanked by yellow-clad Jumbo-Visma teammates as they arrived in the Spanish capital. “Thanks to everyone who was involved at the end in this big result,” Roglic told the cheering crowd from the top of the podium in the city center. A small group of Slovenian fans waved their country’s flag. He showed his toughness by never flagging through the

climb-heavy Vuelta, even when Valverde’s Movistar and a strong Astana team led by Miguel Ángel López tested him again and again. Roglic was supported by a deep JumboVisma team that included Steven Kruijswijk, Robert Gesink and Sepp Kuss, but he still had to prove he could do it alone when they were dropped by Movistar’s and Astana’s fiercest attacks in the mountains. Roglic was considered the prerace favorite, after other top riders such as Tour winners Egan Bernal and Geraint Thomas and last year’s Vuelta winner Simon Yates opted not to compete in the race. He handled that pressure and took charge of the race on Stage 10, when he dominated the individual time trial, overtaking then leader Nairo Quintana by three minutes. He established a nearly two-minute gap over Valverde that he protected with aplomb the rest of the way. Unflappable and with an impenetrable expression, Roglic never let Valverde or López get away on their attacks, sticking to their back wheels or not losing his cool and catching up when they eventually faltered. Finally, on Sunday’s slow jaunt to Madrid he allowed himself to relax, smiling while chatting with other cyclists. “I have no words for this,” Roglic said. “It gives an indescribable feeling. This victory is not only my most beautiful win, but it is also the biggest win for cycling in Slovenia.” Fabio Jakobsen of Quick Step sprinted to win the flat 106-kilometer ride that started in Fuenlabrada. The 39-year-old Valverde, who won the Vuelta a decade ago, finished the race second. Another Slovenian, Tadej Pogacar, completed the podium after a breakout race for the 20-year-old rider that included three stage wins. AP

SEATTLE’S Omar Narvaez hits a ball off the top of the wall in the bottom of the 10th inning that is ruled a home run by umpires. AP

MLB ‘REGRETS’ MISCOMMUNICATION AMONG UMPIRES IN MARLINS’ VICTORY

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EATTLE—Major League Baseball (MLB) has expressed “regret” over a miscommunication that resulted in a 2-1 loss for the Chicago White Sox against the Seattle Mariners on Saturday night. Seattle’s Omar Narvaez hit a ball off the top of the wall in the bottom of the 10th inning that was ruled a home run by umpires. The ball did not clear the fence, and had a replay review been conducted, Narvaez would have been awarded a double and the game would have continued tied at 1. “In last night’s game there was conversation between the umpires and the White Sox as to the procedure for potentially reviewing two different aspects of the game-ending play,” MLB said in a statement Sunday. “There was then a misinterpretation regarding Chicago’s desire to have any aspect of the play reviewed. We regret that this miscommunication resulted in not reviewing the home run call on the field.” White Sox Manager Rick Renteria said he immediately asked umpires to review the homer, and they then went to the headset used to communicate with replay officials. When Renteria and the umpires reconvened, they asked if Renteria wanted to challenge whether Narvaez had touched home plate amid his celebrating teammates. Renteria mistakenly thought this meant officials had ruled the ball cleared the fence and declined to challenge whether Narvaez touched home, because he had already seen on replays that he had. Renteria agreed there was a “miscommunication or misunderstanding.” It’s unclear what the umpires discussed on the headset. MLB declined to make the crew available before Sunday’s game, instead issuing the statement. AP

Flock with loving care

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EAR God, You tend Your flock with loving care. In hope we pray: Shepherd us in love, oh God. For peace in the world, unity in the Church and respect among people. For travelers, pilgrims and all who serve in public transportation. For teachers, doctors, nurses and emergency medical technicians. May God enrich our lives with every blessing of the Spirit and give us the peace of Christ. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

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A ROOM designed by Maggie Griffin, who says homeowners often hang ceiling fixtures too high, especially over dining tables. It’s important that they be low enough to illuminate the room, and that overhead light is balanced by light from table lamps. PHOTOS: AP

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room designed by Bunsa which uses overhead LED lighting on dimmers that can offer a soft glow or brighter light, depending on the time of day and needs of the homeowner.

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CIRCLES: UNDERSTANDING THE CENTER OF THE CENTER D4

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5 ways the right lighting can elevate your home By melissa raywortH The Associated Press

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HEN you shop for a new sofa or another piece of furniture, it’s not hard to envision how it might look in your living room. And if you’re considering a new wall color, you can test pretty simply with swatches. But shopping for lighting can be more complicated. It’s easy to fall in love with the design of a light fixture or lamp, notes interior designer Maggie Griffin, but how will it illuminate your space? How will it work with the lighting you already have? And which variety of light bulb will provide the kind of light you need? Here, three interior design experts—Griffin, founder of the Atlanta-based Maggie Griffin Design; Jennifer Bunsa of Bunsa Studio Interiors and cofounder of WorkRoom Miami; and Caitlin Murray, founder of Los Angeles’s Black Lacquer design—offer advice on choosing the best lighting for any room, and on navigating the range of new lightbulbs and light-emitting diode technology.

GET GLOWING ALTHOUGH many people worry about having enough light, the biggest challenge is usually avoiding glare, says Bunsa. Many houses have lights in the ceiling which flood a room with light. Make sure those are on a dimmer, and then add other fixtures and lamps that offer a softer glow. Rather than choosing a fixture that functions like a spotlight, Bunsa says, “I always try to shop for things that are more like glowing globes that are a little bit warmer.” “Lighting can make you uncomfortable if it’s too bright,” she says. Griffin agrees: For a more appealing effect, she says, you might choose a fixture with several bulbs that give off softer light, rather than just one very bright bulb. And when choosing bulbs, consider their color temperature. “The goal for really good LEDs is to mimic incandescent lighting,” Bunsa says. “Incandescent lighting is on the warmer side of the Kelvin scale—2700-3000 Kelvin.” Bulbs in the 4000 K range, she says, give very cold light. “It makes a space feel a lot warmer if you go with the warmer color temperature,” she says. FRAME ONE AREA LIGHTING can draw attention to your favorite art or

furnishings, says Griffin, and create a strategic pool of light in one part of a room. For a client in Atlanta, she added sconces to the sides of kitchen cabinets to give light both practical and beautiful around the kitchen sink. She also suggests hard-wiring some light fixtures into bookcases to showcase items on the shelves and bring an extra glow. Murray takes the same approach, using sconces to frame certain areas in a room and bring a bit of intimacy to parts of a large room. DON’T HANG TOO HIGH GRIFFIN says people usually err on the side of hanging lights too high, rather than too low. Sometimes in a living room that has a high ceiling, “there’s this big, great looking chandelier,” she says, but “it’s hung so high you wonder, ‘What does it actually illuminate?’” Instead, aim to hang fixtures low enough to “make the room feel more cozy and intimate,” Griffin says. Bunsa says this is especially important around dining tables and kitchen islands: “If it’s a space where you’re going to be sitting and having a conversation,” she says, “make sure people’s faces are lit” rather than having light looming above them.

CONSIDER CURB APPEAL HOW does your home’s lighting appear to those approaching your front door? Although many people focus on privacy and might add plantation shutters or blinds to front windows, it’s important to step outside and consider the effect, says Griffin. Try placing a table near a front window, she says, and put a lamp on it that gives a warm glow easily seen from outside. INJECTING A CHANGE OF STYLE USING a mix of vintage and modern light fixtures and lamps can make a room more appealing and shake up its style, Murray says. A vintage lamp or fixture “adds character and soul, and makes it feel not so cookiecutter,” she says, and rewiring an old piece is more environmentally sustainable than buying new. Griffin agrees: “Don’t get hung up on matching your lights,” she says, “especially if you’re doing a renovation or new build.” A blend of styles, she says, “is far more interesting than the way they used to do it, where they picked out the matching set.” Experimenting with a range of styles, she says, “gives you a chance to let your personality shine through.” n

Reasons to rediscover The Podium THERE’S so much to rediscover and explore at The Podium, which officially showcased its new expansion on September 10. A joint venture between BDO Unibank and Singapore’s Keppel Land Ltd.—with a design team that consists of Arquitectonica, mall designer; FSL & Associates, architect; Design Coordinates Inc., project manager; and DDT Konstract Inc., general contractor—the mall is redefining comfort and luxury with its sleek, sophisticated design, and extraordinary selection of retail, dining, wellness and leisure offerings. When The Podium first opened in 2002, it celebrated the good life with its elegant design, upmarket stores and specialty restaurants. With that, it became the hub of memorable embassy events, concerts and art exhibits. Today, as part of the mixed-use Podium Complex, the new Podium mall is redefining the Ortigas Business District skyline together with its other components: The BDO Corporate Tower and The Podium West Tower. Here are some reasons why it is worth revisiting and rediscovering. n IT IS AN ARCHITECTURAL MASTERPIECE. With its innovative, functional and streamlined design, The Podium presents a careful composition of spaces, volumes, colors and light. The exterior exudes visual lines that are designed to be eye-catching with greens that wrap the structure. n IT’S A BREATH OF FRESH AIR. Lush garden walls wrap the mall’s façade offering a refreshing welcome to visitors. The monumental 2,000-square-meter green wall is the largest in the country with over 6,500 plants which help cool and purify the property’s environment. By incorporating green initiatives and sustainability with its sleek, sophisticated design, The Podium has received prestigious awards and citations: the LEED Gold Mark (Core & Shell) precertification by the US Green Building Council, and the Green Mark Gold Award by Building and Construction

CUBI, the iconic sculpture by Philippine National Artist Arturo Luz, was originally commissioned for a modernist building designed by National Artist Leandro Locsin for Benguet Corp. It was a prominent presence in the Ortigas district in the 1980s and continues to be an attraction in the Podium Complex.

Authority of Singapore. n THERE’S MORE FUN AT THE TOP. Designed as a large curvilinear pod with views over ADB Avenue, the mall’s Roof Deck complements the rectilinearity of the building’s façade in the same way the two towers form contrast and complement each other. The 800-seat capacity multifunction The Podium Hall aims to become the latest venue for shows, product launches and corporate events. n PRESENTING A RESTAURANT RENAISSANCE. Rediscovering The Podium also means trying out its tasteful selections of specialty restaurants, food halls and takeaway nooks. These include the modern Spanish tapas

THE Podium’s exterior is both visually striking and functional. Lush garden walls wrapping the structure offer a refreshing welcome to visitors. The monumental green wall is the largest in the country, with over 6,500 plants that help cool and purify the property’s environment.

bar Las Flores; New York City’s acclaimed Wolfgang Steakhouse; the first Salvatore Cuomo café named after the renowned Italian chef; Nikkei, a Japanese-American ceviche and sushi bar; Paradise Dynasty, home of the famed eight-flavor xiao long bao; and Niu by Vikings, featuring a extravagant buffet spread. Flagship shops of Japan’s Bake Cheese Tarts, Hong Kong’s Xing Fu Tang milk tea, and the world famous Ben’s Cookies offer delicious takeaways; while the Corner Market serves as the mall’s food hall featuring unique and hip dining options. There are also plenty of luxe offerings for some retail

THE Podium’s interiors present a careful composition of spaces, volumes, colors and light.

therapy, including upscale multi-brand lifestyle shops, including Assembly, Cul de Sac, and @ Tokyo, which offers a uniquely Japanese shopping experience with its row of stores laid out like a shopping street in Tokyo; plus top global brands, such as Omega, Breitling, Swarovski, Dior, Estee Lauder, Kiehl’s and Jo Malone. Moreover, there are prestige wellness services, including Electric Studio, Manila’s first indoor cycling boutique; Options Studio, Asia’s premier Pilates and movement center; Yoga+, a holistic wellness center and studio; and Kinetix Lab, a premium strength and conditioning facility. Meanwhile, The Spa and Barre 3 offer complete wellness services.

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New Atwood novel ‘The Testaments’ revisits dystopian world CANADIAN author Margaret Atwood speaks during a press conference at the British Library to launch her new book The Testaments in London on September 10. AP

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CELEBRITIES BORN ON THIS DAY: Danielle Brooks, 30; Jimmie Johnson, 44; Doug E. Fresh, 53; Kyle Chandler, 54. HAPPY BIRTHDAY: Don’t take anything for granted this year. Live in the moment and plan your actions with precision. Invest more in yourself and what you need to do to get ahead or to gain peace of mind. Take part in events and activities that will broaden your awareness and help you gain perspective regarding what you can do to improve your life. Your lucky numbers are 5, 11, 21, 23, 26, 38, 42. ARIES (March 21-April 19): Keep busy, don’t leave anything unfinished and most of all, try not to get into an emotional discussion with someone who doesn’t share your opinions. Make positive changes that will boost your morale and raise your confidence. HH

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TAURUS (April 20-May 20): Bring it on, make things happen and do your own thing. Plenty is within reach, so don’t waste your time getting annoyed. Spend more time following your dreams. Personal gains, romance and positive actions should be your priorities. HHHHH

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GEMINI (May 21-June 20): Don’t take anything or anyone for granted. A money matter won’t turn out as expected. Stay on top of what others do and how your money is spent. Youngsters or someone who wants something from you will try to manipulate you. HHH

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CANCER (June 21-July 22): Do things differently for a change. Let routine slip and try something new. You will enrich your life. Your imagination will take you on a journey that leads to adventure and a greater appreciation for life, love and longevity. HHH

e handmaids. Intriguingly, the dominant color of The Testaments, splashed on the book’s cover and ad campaign, is bright green. “There are some new costume choices in the book,” Atwood said. “These kinds of regimes are very big on outfits.” The Testaments is sure to be one of the year’s biggest books, and the months leading up to its publication were surrounded by secrecy—and security. Atwood said she and the publishers were targeted in cyber attacks aimed at stealing the manuscript. Publisher Penguin’s tight prepublication procedures were slightly compromised when Amazon sent some customers copies early. Amazon apologized for the “technical glitch.” The book was launched with Harry Potter levels of hype: midnight festivities in British book stores, a press conference for international journalists and a celebrity-studded evening gala broadcast to 1,300 movie theaters around the world. The novel is on the shortlist for the prestigious

Booker Prize—Atwood’s sixth time as a Booker finalist. She has won the prize once (for The Blind Assassin in 2000), along with a slew of other awards including Canada’s Governor General’s Award and the PEN/Pinter free-speech prize. She’s long been considered a favorite for the Nobel Prize for Literature. When British writer Kazuo Ishiguro won in 2017, he said “I apologize to Margaret Atwood that it’s not her getting this prize.” Atwood was introduced at a news conference Tuesday as a “literary rock star.” Atwood, who turns 80 in November, said she is “pleased and grateful,” but unfazed. “I think this kind of thing can be quite ruinous for a 35-year-old,” she said. “Because where do you go from there? In my case, I think we know the answer.” She has no immediate plans for another installment, but has not ruled out a third trip to Gilead. “I never say never to anything, because I have said ‘never’ and been wrong,” Atwood added. n

LEO (July 23-Aug. 22): Follow your heart and make a point to engage in something that will fire you up and bring out the passion that will help you bring about change. Be who you are, not what someone else wants you to be. HHHHH

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VIRGO (Aug. 23-Sept. 22): Take a trip down memory lane and you’ll discover something wonderful about the life you live. Don’t be fooled by those trying to make you feel flawed or those using emotional tactics to manipulate you. HH

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LIBRA (Sept. 23-Oct. 22): You’ll gain strength through doing things for yourself. Don’t wait for someone to push you or use sarcasm to goad you into doing what you signed up for. A change will do you good. HH

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SCORPIO (Oct. 23-Nov. 21): Strength is an attribute you have in spades. Take hold of whatever situation you face and use your skills and experience to bring about positive change. Helping others will in turn bring you good fortune and well-deserved opportunities. HHHH

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SAGITTARIUS (Nov. 22-Dec. 21): Take a look around before you make a move. Someone will feed you false information or try to charm you into something you should probably walk away from. HHH

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CAPRICORN (Dec. 22-Jan. 19): Focus on positive changes, improvements at home and at work and doing whatever you can to simplify your life. Don’t let anger consume you or cause you to make a mistake that can end in physical or emotional injury. HHH

First illustrated book on Filipino cuisine released IT was time to set the table and join the fiesta as RPD Publications released Káin Ná!, the Philippines’s first illustrated book on Filipino cuisine. Written by veteran culinary historian Felice Prudente Sta. Maria and Singaporean cookbook aficionado Bryan Koh and illustrated by Mariel Ylagan Garcia, Káin Ná!— which means “let’s eat” in Filipino—explores the diverse variety of cookery and dining essentials spanning different regions of the country. The book is divided into 12 chapters that explore and introduce a more in-depth look into the holistic dining experience of the Filipino larder, such as, Almusal (breakfast), Lutong Bahay (home cooking), Meryenda (afternoon delights), Lutong Kalsada (street food), Panghimagas (desserts), Pulutan (bar chow), Pang-Pista (festival food), Inumin (beverages), Sa Panaderyá (bakery

By Eugenia Last

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By Jill Lawless The Associated Press

ONDON—Margaret Atwood often gets asked if The Testaments, her sequel to The Handmaid’s Tale, is set in a dystopian world. “Let us hope so,” she said drily. The Canadian author noted as her new novel was published with a ferocious blast of publicity that several US states recently enacted laws to limit women’s reproductive rights. She likened it to the extreme control over women in Gilead, the theocratic future United States where both The Handmaid’s Tale and The Testaments are set. “If you look at the legislative moves made by a number of different states within the United States, you can see that some of them are almost there,” Atwood said at London’s British Library during a publication-day news conference. When The Handmaid’s Tale was published in 1985, some readers found the idea of a fundamentalist state supplanting the democratic US far-fetched. Now, with authoritarianism on the rise around the world, it strikes many as eerily prescient. Atwood said she wasn’t a prophet, just observant. “In 1985, people were already saying these kinds of things,” Atwood said. “[Politicians] were talking about what they would like to do in the United States if they had the power. And now they do have the power.” Atwood said she long resisted revisiting the world of The Handmaid’s Tale because she didn’t think she could recapture the voice of narrator Offred, a “handmaid” compelled to bear children for a powerful man. The success of the Emmy Award-winning Handmaid’s Tale television series starring Elisabeth Moss—and renewed interest in the novel from the TV drama—may have helped change the writer’s mind. The Testaments is set about 15 years on from where The Handmaid’s Tale ends with Offred fleeing to an undetermined future. It has three narrators, including Aunt Lydia, one of Gilead’s fearsome enforcers, who features in both book and series of The Handmaid’s Tale. The author said the follow-up tells the story of “the beginning of the end” of Gilead. The TV series that first aired in 2017 has helped make Atwood’s Gilead a cultural touchstone. Demonstrators at women’s rights protests routinely don the red cloaks and bonnets of the show’s

Today’s Horoscope

finds), Kakanin (rice treats), Mga Sawsawan (dipping sauces), and a section on ingredients key to the Filipino larder. Each chapter contains a short explainer about the section, and is accompanied by hand-painted illustrations to enhance the experience. When asked about the reason behind the birth, conceptualization and creation of this book, the authors said, “Filipino food plays a critical role in the foundation and imminent education of Philippine history. While there are many well-known dishes beloved by the populace, little is known beyond the usual favorites like adobo, sinigang and lechon. Launched August 31, the book explores the country’s gastronomic culture and shines the spotlight on these heart-made selections. The book is supported by Asia Society Philippine Foundation Inc.

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AQUARIUS (Jan. 20-Feb. 18): Protect against insult, injury or poor choices. Don’t be a follower. Be brave enough to set your own path and to say no to those trying to coerce you into something that can set you back physically, financially or emotionally. HHH

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PISCES (Feb. 19-March 20): You’ve got all the right moves, so what’s the holdup? Trust and believe in what you are capable of doing. Set your standards high and live up to your expectations. HHHH BIRTHDAY BABY: You are intelligent, practical and courageous. You are adaptable and popular.

‘fantastic beasts’ BY BRIAN THOMAS The Universal Crossword/Edited by David Steinberg

ACROSS 1 A phoenix rises from them 6 The Farewell director Wang 10 Sticker not suitable for little kids? 14 Indian yogurt dip 15 Privy to 16 Healthful berry 17 Hugger from the deep? 19 Savanna group 20 End of a countdown 21 “As I was going to St. ___...” 22 Giant Manning 24 Warrior pose, e.g. 26 Stage, as a famous battle 30 Bedazzled big cat? 33 Fruits that British sailors used to prevent scurvy 36 What dough does 37 Hullabaloo 38 Forget to mention 39 Could not abide 40 Ketogenic ___ 41 One-third of a Cuban dance 42 Filleted 43 Gloves fit them like a glove

4 Lizard in a loose robe? 4 47 Swirls in optical illusions 48 Far from skillful 51 GameCube successor 52 Piddling 54 Baseball stat or history period 56 Ms. Pac-Man’s place 59 Gruesome camp raider? 62 Off base, possibly: Abbr. 63 Seniors’ lobby 64 ___ & Gabbana 65 Film winds around it 66 Sign gas 67 Does as one’s told DOWN 1 With the bow 2 Traditional Finnish bath 3 Ducks under the covers, maybe 4 Takeoff guess: Abbr. 5 Steinbeck’s birthplace 6 Board game with pink pegs 7 Les Etats-____ 8 Part of L.A. 9 Like good advice, too often 10 Dip for a kebab

1 Nail, as a test 1 12 Coal transport 13 Joke around 18 Actress Rachel Wood 23 “Shall we?” response 25 Be a lookout for, e.g. 26 San Fernando Valley neighborhood (SEARED anagram) 27 “Here we go ___!” 28 Surrendered 29 Gaits slower than canters 31 Upright relatives? 32 Soda bottle size 33 Bicycle theft deterrents 34 “Gotcha” 35 Little Havana’s Florida city 39 Troublemaker 40 Many a Lego factory employee 42 ___ B’rith 43 Kind of list for a significant other 45 George who created Big Brother 46 Birth announcement possibility 49 Us director 50 Dick of old comics 52 Spanish surrealist Joan

3 Network airing court proceedings? 5 55 Fierce Greek god 56 Scratch, perhaps 57 Amazement 58 Orange Muppet 60 Carly ___ Jepsen 61 Move up and down

Solution to yesterday’s puzzle:

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‘It’ is tops again; ‘Hustlers’ full of flash at box office

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By Andrew Dalton The Associated Press

OS ANGELES—It wasn’t quite enough to take down Pennywise the clown, but Jennifer Lopez and the scheming strippers of Hustlers topped even the high expectations they brought to the weekend box office. It: Chapter Two brought in $40.7 million in the US and Canada to keep the top spot in its second week and has earned a total of $153.8 million, according to studio estimates Sunday. The original, the biggest September release ever, had earned more than $200 million at the same point two years ago. Hustlers, riding stellar reviews, film-festival buzz and Oscar talk for Lopez, earned $33.2 million, a record for a film from STX Entertainment, which was launched less than five years ago. The film, budgeted at just $20 million, became the rare recent hit that was neither a sequel nor a reboot nor part of a series. It was also the biggest opening ever for a live-action Lopez film, and had numbers comparable to costar Constance Wu’s hit Crazy Rich Asians, whose long-term box-office success could be a model for Hustlers. “This is exactly the kind of movie that every studio dreams of producing, because it’s going to be profitable, prestigious and a long-term performer,” said Paul Dergarabedian, senior media analyst for comScore. “A lot of original type movies that are

non-franchise non-sequels, many of them have had a rough go this year. This is a nice counterbalance to that.” Based on a New York Magazine piece, Hustlers, written and directed by Lorene Scafaria, tells the true story of a group of New York City strippers who, put out by the recession’s effects on their Wall Street patrons, start a side con that involves drugging their wealthy marks and running up exorbitant credit-card bills that they get a cut of. “We didn’t look at it as a stripper movie,” said STX Motion Picture Group Chairman Adam Fogelson. “We looked at it as a crime movie, not unlike something like Wolf of Wall Street.” Even with its buzz, industry projections had the film making about $25 million over the weekend, but it appealed to an even wider audience than expected. “It definitely skewed female as we always expected, but it was very diverse as far as ethnic groups, and it brought in a broad range of ages for an R-rated film,” Fogelson said. And with its strong word-of-mouth and the forthcoming season of awards and end-of-year top 10 lists, it could keep bringing in the dollar bills for months. “This is a movie that everyone is talking about,” Fogelson said. Angel Has Fallen, starring Gerard Butler, was a distant third with $4.4 million, and has brought in $60.4 million in its four weeks of release. The week’s other new release, The Goldfinch, landed with a thud, bringing in just $2.6 million. The adaptation of Donna Tartt’s acclaimed 2013 novel, starring Ansel Elgort, got reviews as dreary as those of Hustlers were strong. It: Chapter Two was hardly a slouch, despite underperforming compared to the 2017 original. Bringing in more than $150 million in two weeks during usually-dead September is a rare achievement. “It’s a massive number,” said Dergarabedian. “The It franchise has now done over a billion dollars worldwide. That first film was really lightning in a bottle.” 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. It: Chapter Two, $40.7 million ($47 million international) 2. Hustlers, $33.2 million ($4.5 million international) 3. Angel Has Fallen, $4.4 million ($4.9 million international) 4. Good Boys, $4.3 million ($1.8 million international) 5. The Lion King, $3.6 million ($6.9 million international) 6. Fast & Furious Presents: Hobbs & Shaw, $2.8 million ($8.1 million international) 7. Overcomer, $2.7 million 8. The Goldfinch, $2.6 million ($985,000 international) 9. The Peanut Butter Falcon, $1.9 million

10. Dora and the Lost City of Gold, $1.85 million ($4.4 million international). Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore: 1. It: Chapter Two, $47 million 2. Detective Conan: The Fist of Blue Sapphire, $25.4 million 3. Bad Guys: Reign of Chaos, $19 million 4. The Last Wish, $18.7 million 5. The Legend of Hei, $14.5 million 6. Downton Abbey, $11.7 million 7. Tazza: One-Eyed Jacks, $11 million 8. Ne Zha, $9.9 million 9. Once Upon a Time...in Hollywood, $8.4 million. 10. Fast & Furious Presents: Hobbs & Shaw, $8.1 million.

RIDING stellar reviews, film-festival buzz and Oscar talk for Jennifer Lopez, Hustlers earned $33.2 million, a record for a film from STX Entertainment, which was launched less than five years ago.

Understanding the center of the center Continued from D4 oceanographers, geophysicists and microbiologists. O’Callaghan managed to film life unfold 4-km below sea level. The footage from the two expeditions were made into a film, titled Centre of the Centre, the centerpiece of the exhibition that is a 20-minute, three-channel HD color video with sound. The piece takes viewers into underwater life, flourishing not only with extremophiles but with also hydrothermal vents that propel gases, along with minerals, corals, plants: an entirely different world where life is purported to have begun and continues to persist. Glass-Kantor added that the setting is also where gas from the Earth’s core of

450 degrees is meeting 4-degree water. “At that point, in which the gas meets the water, neither is gas nor water. It’s a stage in between,” she said. The in-between stage is another thought O’Callaghan presents in the exhibit through hanging glass sculptures, called Respire, Respire (formation). The installations serve as a metaphor of a trance state wherein the transparency and reflection of the material play with the luminosity of projected images. By using metal on glass, the pieces also represent pushing an entity to its limits. In that pushing, O’Callaghan said, transcendence occur, and with it, possibly, life. The hanging glass sculptures doubles as objects for ritual, activated

by performers with choreographed breathing techniques as part of O’Callaghan’s third presentation, an act, titled “Respire, Respire” (states). The performance explores how we can use our bodies to create the conditions of change, of altered states of consciousness. The patterned breathing of the performers ranges from cathartic to orgasmic. O’Callaghan has brought the performance across the globe, but added local touches to the version at MCAD. Filipino musicians, coupled with a whole array of instruments, created what she describes as energy and texture that’s peculiar to the Philippines. Along with O’Callaghan in What Lies Within are three international artists who are, likewise, presenting their works in

the country for the first time. French filmmaker Laurent Grasso is showing his creation for the 2018 Sydney Biennale, titled OttO, in which he attempts to grasp the invisible, particularly the magnetic energy emanating from what is considered as sacred grounds among aborigines of Australia. Meanwhile, English artist Suzanne Treister brings viewers inside the head of her fictional character, a London-based trader named Hillel Fischer Traumberg, who has made an extensive connection between trading in the global market and plants. Last, Pamela Rosenkranz of Switzerland scatters around the space’s entrance and in a refrigerator PET

bottles. Gathered from around the world, the bottles are filled with pigmented silicone, which mostly represent the median skintone of the people in its place of origin, including Korea, Indonesia, Thailand and the Philippines. This serves as a metaphor to the human body being distilled. “Pamela’s works are found at the start of the show, but it’s actually the end of the exhibit, because I wanted it to end in the beginning,” Cruz said. “We go through breathing, through energy, plants, altered states of consciousness, then we end up in the body.” What Lies Within is on view until December 1. It is MCAD’s last exhibition for the year, with the next one scheduled in February. n

❶ KIM DE LEON ❷ SHAYNE SAVA ❸ DINGDONG

DANTES (third from left) with the successful products of StarStruck: (from left) Katrina Halili, Kris Bernal, Jennylyn Mercado, Yasmien Kurdi and Mark Herras

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Kim de Leon, Shayne Sava are new ‘StarStruck’ winners THE conclusion to the seventh season of GMA’s original reality-based artista search may have been rained on last Sunday night, but the audience inside Studio 7 of the GMA Network Complex in Quezon City erupted in cheers as StarStruck declared Kim de Leon and Shayne Sava as the new Ultimate Male and Female Survivor respectively, bringing to a close a months-long search of what the multimedia giant hopes to be the next big stars in its stable of talents. Kim and Shayne emerged as winners after a series of eliminations and the so-called Final 4 Survivors face-off last Sunday, besting 19-year-old Lexi Gonzales from Manila and 16-year-old Allen Ansay from Camarines Sur. Needless to say, 19-year-old Kim from Batangas and 17-year-old Shayne from Rizal were beyond thrilled about

their victory. Hosted by Jennylyn Mercado, the first-ever StarStruck winner, and top GMA star Dingdong Dantes, StarStruck 7 unfolded as a two-part “Final Judgment” special where 12 “Avengers” and StarStruck “Graduates” returned to participate in the competition, which was adjudged by the socalled StarStruck council—Heart Evangelista, Jose Manalo and Cherie Gil—along with the general public. The judges’ votes comprised 50 percent of each hopeful’s total score, while the other 50 percent will come from audience votes. Kim garnered an impressive 97.4 percent score over Allen’s 95.2 percent, while Shayne pulled in a 96.9 percent score versus Lexi’s 94.8 percent. The finals night also saw special guests in Aicelle Santos,

who wowed the audience with a musical showcase; and the phenomenal Alden Richards, who performed with the remaining four finalists. As an aside, yesterday saw the premiere of Alden’s new prime-time series The Gift, which commanded the eyeballs of the legion of fans that support the actor, who recently won the Asian Star Prize from the Seoul International Drama Awards 2019, and scored a blockbuster hit in Hello, Love, Goodbye. Alden costars in the drama with Elizabeth Oropesa, Jean Garcia, Jo Berry, Rochelle Pangilinan, Martin del Rosario and Mikee Quintos. Viewers from across the globe can catch their favorite GMA shows via the network’s international channels GMA Pinoy TV, GMA Life TV and GMA News TV International. The program guide is available at www.gmapinoytv.com.

❹ ALDEN RICHARDS

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Art

BusinessMirror

Tuesday, September 17, 2019

D4

www.businessmirror.com.ph

Understanding the center of the center FOUR international artists present their works in the Philippines for the first time in MCAD’s ongoing exhibit, What Lies Within: Centre of the Centre. Among them is Mel O’Callaghan from Australia, who simulates the trance state through hanging glass sculptures.

CIRCLES JT NISAY

jtnisay@gmail.com

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N 1988, the New South Wales government in Australia purchased the famed 820-specimen mineral collection of Albert Chapman (19121996), a cabinet maker by profession and a worldrenowned mineralogist on the side. Chapman’s family was left with a few pieces following the transfer of the collection that the Australian Museum tagged as a “national treasure” and “of international significance.” Mel O’Callaghan, Chapman’s granddaughter, picked up from the family’s possession a mineral that was several million years old. It looked like a heart, and inside it was water. O’Callaghan’s mind raced. What if I open the mineral and release the water? The water would most likely contain bacteria that no longer exists in the world as we understand it, which most likely could alter the forms of the body, of genetics, of forms of science. She eventually began to wonder how—with the millenniums-old moist that was presumably there at the creation of life on earth—did life exactly start. What is the meaning of it? What is in the center of it all? The idea supplies the premise of the ongoing exhibition at the Museum of Contemporary Art and Design (MCAD) of De La Salle-College of Saint Benilde, titled What Lies Within: Centre of the Centre. The show first acknowledges the blind spots with regards to our knowledge of the human psyche and the world in general, then probes into the unknown without pretending to offer answers—not the ones we already know anyway. Instead, it presents truths about the contemporary world. “Without entering the spaces of magic, trickery, fantasy or fairy stories, the works of the artists in this exhibition employ evidence-based methods to arrive at expansive forms of psychic, ontological and otherworldly modes of understanding humanity,” MCAD Manila Director Joselina Cruz writes in the exhibit guide. Cruz curated the show alongside Artspace Sydney Director Alexie Glass-Kantor. What

Lies Within, according to Glass-Kantor, has been in the works for years after Cruz was invited to a residency program in Sydney to look at ways that could create greater connections between the Philippines and Australia. They also intended to advocate for dialogue around the ideas that are occupying artist practices in the region and globally. Glass-Kantor introduced Cruz to O’Callaghan, who presented her the idea of life from the water in the found mineral. Trained in visual arts and architecture, and working across film, performance and installation between Paris and Sydney, O’Callaghan is part of the exhibit with a three-piece presentation

about genesis, composed of a large-scale video work, hanging glass sculptures and a performance. At the time of her discovery and contemplation about life’s beginnings from the ancient water, O’Callaghan was working on a global solo show, which, coincidentally, also inspired her thoughts of new life and regeneration. “Everything kind of coalesced,” the artist said. She took the happenstance as a sign to pursue the idea further. O’Callaghan deep-dived in her pursuit and also literally at Verde Island Passage in Batangas, the so-called Center of the Center of Marine Biodiversity in the World. Together with

acclaimed underwater macro photographer, Batangas native Dennis Corpuz, she filmed the area and captured on camera nudibranchs, which are casually called sea slugs that live to depths well over 700 meters. “But I still felt that I had to go deep, I had to keep going,” O’Callaghan said. “Scientists believe that all life began there and that led me on this huge journey.” The determined artist found herself spending a month in the Pacific Ocean on an oceanographic research vessel with a 20-person science team of

Continued on d3

Unleashing the Filipino creative TRACING its humble beginnings in 1984, the annual Metrobank Art and Design Excellence (MADE) was conceived by late Metrobank Group Founder and Chairman Dr. George S.K. Ty at a time when the nation was in the throes of an economic crisis and sociopolitical unrest. The Filipino people were in search for meaning and hope beyond the uncertainties at that time. While many took their struggles to the streets, Dr. Ty discovered much promise and potential in Philippine visual arts as an alternate creative bullhorn for people to be heard. Thirty-five years since, MADE has continued to be a platform for the discovery of the most passionate and creative visionaries in the country. To date, the Metrobank Foundation Inc. (MBFI) has recognized more than 400 creative visionaries serving as drivers behind the transformational and uplifting power of visual arts in nation-building. A majority of them are now carving significant names in the local and even international art scenes. “The dawn of this annual art tilt can be traced back to an aspiration that took hold 35 years ago: to provide a platform for Filipino artistry to flourish. Over the years, MADE has evolved to become a formative platform that enables emerging artists to translate their ideas into masterpieces,” shares MBFI President Aniceto Sobrepeña in a message. This year’s theme, “Unleash,” reflects MBFI’s continuing advocacy to seek out and exalt Filipino visionaries—young individuals who bring vibrancy to the evolving art scene whether they are working with a blank canvas or a space waiting to be transformed. A new batch of MADE awardees is set to be awarded on September 19 at the Le Pavillon, Metropolitan Park in Pasay City. Two Grand Awardees will receive financial assistance worth P500,000 and the Mula glass trophy designed by 2009 Metrobank Prize for Achievement in Sculpture awardee Noell El Farol. Meanwhile, three other finalists

for the Oil/Acrylic on Canvas and Watermedia on Paper Categories, Painting Recognition Program, will be given Special Citations for their remarkable artworks.

MADE PAINTING RECOGNITION PROGRAM Grand Awardee Oil/Acrylic on Canvas Category Title: Evanescing Lives from the Homeland Artist: Jayme Emille C. Lucas TARLAC City-based artist Jayme Emille C. Lucas is the Grand Awardee for the Oil/ Acrylic on Canvas Category. Emerging from the tradition of Social Realism, Evanescing Lives from the Homeland conveys a powerful snapshot of farmers. Deeply influenced by “the kind of environment” that Lucas lives in and to other places where Lucas has been, the work shows the farmers not involved in their backbreaking labor but confronting the gaze of the viewer. Arrayed on a clearing and against the tall stalks of a sugarcane plantation, the three central figures embody a palpable posture of defiance, ready to tell their

plight. Of different ages, they belong to three generations, which suggests how farming is passed on unbroken along familial lines and how the cycle of poverty becomes entrenched.

What makes this work haunting and urgent are the ghostly emanations of those who have passed on but continue to influence the living to continue the struggle. Intensifying the uncompromising stance of the farmers is the sky, with its churning dark clouds which threaten rain. The symbolism of the impending rain is two-fold: it conveys the nourishment of the Earth or its devastation. Rendered “like a photo taken from the past being forgotten inside an old photo album misplaced and lost in the house,” the winning-work makes certain that the story of struggle and resistance of farmers continues to be told. A graduate of Bachelor of Arts major in Advertising from Tarlac State University, 22-year-old Lucas works as a freelance artist. She hopes to hold an exhibition one day and to create a mural art in an elementary school in

Hacienda Luisita which can serve as inspiration to students. GRAND AWARDEE Watermedia on Paper Category Title: Existence of Blue Artist: Christian Jame F. Maglente TWENTY-THREE-YEAR-OLD Grand Awardee Christian Jame F. Maglente deals with the timely issue of mental health, which seems to disproportionately besiege young people who are still trying to gain a foothold in life. The “blue” in the title points at the literal color of the painting’s background, while, at the same time, alluding to the “blues,” which is an informal term for extreme sadness or depression. Depicted in a depressive state, the central figure, mirrored on his left and right sides, crouches on top of a column, as he is consumed by a tumult of thoughts and feelings. His confused interior reality is expressed as an explosion of pigments interspersed with skulls and skeletons, which symbolize the figure’s contemplation of mortality and death. Occasionally, in this complex Web of a struggle made visible, flames shoot up, which may be read as a wish for destruction. But fire is also a cleansing agent. Just like the phoenix, the figure may be undergoing a process of purification in order to achieve health, balance and stability. It is also a comforting notion that the background against which this metaphorical conflagration transpires is a light shade of blue, the color of dawn, of new beginnings. Through its painfully lyrical examination of the mind in crisis, the work renders in concrete terms the struggle that attends a breakdown and makes a compelling case for intervention. A graduate of Fine Arts major in Painting from Eulogio Amang Rodriguez Institute of Science and Technology, Maglente plans to create a masterpiece like no other and wishes for other people

to have an appreciation about art. This year’s MADE Painting Recognition Final Board of Judges was chaired by artist and Green Papaya Projects art director Norberto “Peewee” Roldan. Members of the Board included multimedia artist Katrin de Guia, 1989 MADE Grand Awardee Antonio “Tony” Leaño, curator Andrick Caesar “Ricky” Francisco, and visual artist Albert Avellana. For over three decades now, MADE has set the benchmark among the country’s art competitions, raising the general public’s appreciation for the arts through exhibits and lectures, and has long served as the career launch pad of the country’s most admired contemporary artists and sculptors. Among its past awardees are Elmer Borlongan, Mark Justiniani, Jan Leeroy New, Salvador “Buddy” Ching and Andres Barrioquinto. n With words from renowned poet, art critic and MADE-Alice Guillermo Art Criticism Awardee Carlomar Daoana.