BusinessMirror September 21, 2018

MEDIA PARTNER OF THE YEAR

UNITED NATIONS

2015 ENVIRONMENTAL MEDIA AWARD LEADERSHIP AWARD 2008

BusinessMirror A broader look at today’s business

www.businessmirror.com.ph

n

Friday, September 21, 2018 Vol. 13 No. 342

H1 oil import bill up 32.8% on high prices, weak peso

By Lenie Lectura

T

@llectura

HE country’s net oil import bill in the first half of the year amounted to $5.678 billion, up by 32.8 percent from $4.277 billion in the same period a year ago, mainly on account of higher oil prices in the world market. Bigger import volumes and a weak peso were also factors.

Net oil import is the difference between the country’s net imports and exports.

The oil import bill from January to June this year stood at $6.31 billion, up by 34.4 percent from first half 2017’s $4.69 billion. “This was

attributed to the combined effects of higher import cost and increased import volume of crude oil vis-à-vis last year,” the DOE explained.

The total product import cost averaged $74.812 per barrel vis-àvis $57.962 per barrel in the same

period last year.

Also a factor is the foreign-exchange rate. The peso was weaker during the period, averaging 51.974: $1 compared to 49.928:$1 in the same period last year.

Of the total imports, 53.8 per-

cent comprised finished products and 46.2 percent was crude oil.

About 90 percent of the total crude mix was sourced from the Middle East, of which 37.7 percent came from Saudi Arabia, the top supplier of crude oil in the country.

Next is Kuwait with a 24.6-percent share of the total crude mix,

PHL HAS CAPACITY, NEEDS RIGHT POLICIES, IN SHIFT TO 4TH IND’L REVOLUTION

By Elijah Felice E. Rosales @alyasjah

INGAPORE—The right economic policies will fast-track the Philippines’s transition to the fourth industrial revolution, according to energy and automation multinational Schneider Electric.

In a news briefing here at Marina Bay Sands, Schneider Electric Zone President for East Asia and Japan Tommy Leong argued that the Philippines can expedite its transition to digitization only if the government focuses on it. He added the country has the capacity to expand digitally given its being an exporter of electronic products and semiconductors.

“The Philippines and Vietnam are very much alike. They have good economic expansion, good economic growth, and I believe, like Vietnam, the Philippines can

T

HE additional rice imports of the Philippines could exceed 250,000 metric tons (MT) to increase the availability of low-cost rice sold by the National Food Authority (NFA) and cut high retail prices.

Agriculture Secretary Emmanuel F. Piñol, who is also chairman of the NFA Council (NFAC), told the BusinessMirror that President Duterte has instructed him “to do whatever is necessary to ensure there is enough NFA rice in the market.”

“We can expect more imports [this year]. The instruction of the President is to fill the warehouses [of the NFA],” Piñol said when asked if he would propose more imports on top of the 250,000 MT initially approved and will arrive in November.

“The President has given me the leeway to make decisions, especially after the onslaught of Typhoon Ompong. We will have to make sure provinces affected by the typhoon would have enough rice for the next four months,” he added.

The agriculture chief is cognizant of the possibility that farmers’ income may be hurt by the influx of NFA rice in the market as this could pull down the farm-gate price of palay. He

PESO EXCHANGE RATES n US 54.0600

See “Rice,” A2

adapt to the fourth industrial revolution at a faster pace,” Leong said.

Citing the case of China, Leong explained any country can opt to digitize its economy if the government applies its political will to it.

See “PHL,” A2

House says on track in deliberations on budget

“The President has given me the leeway to make decisions, especially after the onslaught of Typhoon Ompong. We will have to make sure provinces affected by the typhoon would have enough rice for the next four months.”—Piñol

@jearcalas

The Philippines and Vietnam are very much alike.

They have good economic expansion, good economic growth, and I believe, like Vietnam, the Philippines can adapt to the fourth industrial revolution at a faster pace.”

—Tommy Leong

See “Oil import,” A2

PHL could import more rice to ease high prices

By Jasper Emmanuel Y. Arcalas

BUSINESS NEWS SOURCE OF THE YEAR

P25.00 nationwide | 5 sections 28 pages | 7 DAYS A WEEK

$5.678B S The Philippines’s net oil import bill from January to June, up by nearly a third from the $4.277 billion in the first half of 2017

2016 EJAP JOURNALISM AWARDS

By Samuel P. Medenilla @sam_medenilla

D

A TANKER that carries fuel is reflected on the side mirror of a motorcycle in Makati City on September 20. The Department of Energy reported that the country’s net oil import bill in the first half of the year amounted to $5.678 billion, up 32.8 percent from $4.277 billion in the same period a year ago, mainly on account of higher oil prices in the world market. NONIE REYES

ESPITE the two-day delay in its budget deliberations, the House of Representatives is still on track in finishing deliberations for the P3.757-trillion budget for 2019.

Majority Leader Rolando G. Andaya Jr. explained they were able to address the backlog by holding “productive” marathon sessions.

In the first day of the resumption of budget deliberations on Monday, the Lower House held an 18-hour nonstop session.

It then approved the budget of the Department of Education (DepEd), Department of Social Welfare and Development (DSWD), Department of

n JAPAN 0.4815 n UK 71.0727 n HK 6.8909 n CHINA 7.8913 n SINGAPORE 39.4945 n AUSTRALIA 39.2638 n EU 63.1096 n SAUDI ARABIA 14.4148

See “Budget,” A2

Source: BSP (20 September 2018 )

News

BusinessMirror

A2 Friday, September 21, 2018

GMA, who opened up mining in 2004, backs tax on sector

S

By Jasper Emmanuel Y. Arcalas @jearcalas & Jonathan L. Mayuga @jonlmayuga

PEAKER Gloria MacapagalArroyo on Thursday vowed to pass a law that would allow the government to earn more revenues from the mining industry, as part of President Duterte’s priority legislative agenda.

Arroyo declared this at the Committee on Ways and Means hearing on the unnumbered Substitute Bill to House Bills 422 and 7994, titled “An Act Establishing the Fiscal Regime for Mining Industry.”

During the hearing, the House leader recalled that Finance Secretary Carlos G. Dominguez III, through a text message to Gloria Tan Climaco, said passage of such law is not a priority of the finance department but of Arroyo. Arroyo said she responded to Climaco by saying: “Excuse me. I’m the one who opened up the mining industry in 2004 and it is my priority to kill the industry?”

Nonetheless, A r royo stood firm that the House of the Representatives would give priority to the passage of a law improving the revenue sharing scheme between the government and the mining industry, as Duterte ordered. The imposition of a royalty fee is among the key provisions of the second batch of reforms under the Comprehensive Tax Reform Program, but mining leaders have warned that this will not necessarily boost the government’s bottomline but merely end up killing some companies and dampening investments.

Arroyo said at the House hearing, “In the meantime, I have this instruction to the House from the President’s Sona [State of the Nation Address]. And I’ve said when I became Speaker, my job is to carry out his legislative agenda.”

Furthermore, Arroyo gave the finance department—Dominguez in particular—three days to submit their position paper on the substitute bill or else the upper chamber would push through with its own consolidated version.

“Now, since you’re all here, since it is not [Dominguez’s] priority, he just stated it verbally, but it is the President’s priority as he said in the Sona, therefore, we will come up with a mining bill. Unless the

Budget. . .

DOF communicates with us in three days’ time, we will make our own,” she said.

“Well, my main concern, anything with plus revenue is acceptable, because we are raising revenues. Second, if we don’t hear from the DOF in three days’ time, I’ve already sent to the Chairman of the Committee two very rough submissions that, I hope the technical working group, subject to style, will make as a substitute bill,” she added.

Arroyo also made clear that her position on the proposed bill is to tax mining operations regardless of whether they are within or outside the mineral reservations.

In fact, Arroyo said, the position that the Department of Envinronment and Natural Resources (DENR) transmitted to her is to “to include the royalty fees on mining firms operating outside mineral reservations.”

“Our proposal is if it’s a mineral reservation, if it’s [Financial or Technical Assistance Agreement], if it’s mining firm, they all pay royalty, the same royalty; that’s my proposal unless I hear from the DOF,” Arroyo said.

“I will ask the industry, talk to the DOF, otherwise we make our own. Talk to the DOF and let the DOF come back with a new draft in three days’ time, otherwise we do our own. Anyway it’s not your priority, it’s only the President’s priority,” Arroyo added.

Open-pit mining

FURTHERMORE, Arroyo said she wants a provision included in the bill that would “explicitly” prohibit open-pit mining across all types of minerals and firms practicing such methods would pay corresponding taxes.

“So I would like to incorporate a second portion of our draft bill to define ‘open-pit mining’ as a violation of DAO [department administrative order] of 2018-19,” she said.

Continued from A1

Agrarian Reform (DAR), Department of Trade and Industry (DTI), the National Economic and Development Authority (Neda) and Office of the Ombudsman, as well as the over 100 state colleges and universities.

He said this is on top of exhaustive debates on the budget proposal of said government agencies.

Andaya said this was pursuant to the instruction of House Speaker Gloria Macapagal-Arroyo for them to complete budget deliberations on schedule.

“The Speaker wanted all interpellation on agencies scheduled for the day to be finished on time,” Andaya said in a statement.

In a separate statement, the House Appropriations committee chairman, Rep. Karlo Alexei B. Nograles, vowed to heed Arroyo’s instruction.

“We will do what is necessary to finish the budget on time, even if it means working until the wee hours of the morning,” Nograles said.

Even though they are pressed for time, Nograles said all lawmakers will still be able to scrutinize the National Expenditure Program (NEP) next year.

The House of Representatives earlier postponed its budget deliberations due to disagreements on what budget system will be used and the issue on the alleged P55-billion “pork barrel” in the NEP. The Makabayan bloc called on colleagues, meanwhile, to put to use the pork-barrel fund for social welfare services.

“We are also pushing for the rechannelling of the pork barrel directly to public hospitals, basic and tertiary education and housing projects for the poor so that they can give free services,” the group said.

“Now, since you’re all here, since it is not [Dominguez’s] priority, he just stated it verbally, but it is the President’s priority as he said in the Sona, therefore, we will come up with a mining bill. Unless the DOF communicates with us in three days’ time, we will make our own.”—Arroyo

“So I have a proposed provision that says ‘open-pit mining, as defined here in this Act, is prohibited and any mining tenement that will not comply with DAO shall take steps to comply with the DAO within a period allowed by the DENR. And within that period, they must pay an excise tax of such and such an amount which is the one you were saying was ‘prohibitive’ or that will kill the industry,” she added.

Arroyo explained that the DAO 2018-19 did not use the word openpit mining and instead described the mineral extraction method, as DENR Secretary Roy A. Cimatu wanted to be “very diplomatic.”

“So that will be my proposal. If we do not hear from the DOF in three days’ time, I will ask Madam Chair for a technical working group to revise the substitute bill, only in accordance to these two provisions,” she said.

Chamber of Mines

EARLIER, the Chamber of Mines of the Philippines (COMP) said the country may lose billions of pesos in investments if the government pushes through with a proposed additional royalty fee on mining operations.

The DOF is proposing to slap 5-percent royalty rate on mining operations outside mineral reservations (OMR), which is only imposed on mines within MRs. The DOF said estimated revenues, once the 5-percent royalty is imposed on OMRs alone in 2019, would reach around P1.83 billion; and P1.94 billion by 2020, P1.86 billion in 2021, P2.50 billion by 2022 and P3.16 billion by 2023.

Cimatu vowed to continue holding talks with various mining stakeholders to promote responsible mining in the Philippines.

At the Gala Night of the on-going Mining Philippines 2018 happening at the Sofitel Hotel in Pasay City on Wednesday night, Cimatu mingled with mining industry’s stakeholders after delivering a brief message.

Earlier this week, Congress decided to reallocate the P55 billion to other departments, including the Department of Public Works and Highways (DPWH), which got P31 billion.

SUC funding TWO senators vowed on Thursday to ensure that the P16-billion annual allocation for State Universities and Colleges (SUC) in the proposed 2019 national budget will stay intact.

“I hope it is adequate, if not, we will provide a supplemental budget for SUCs,” Sen. Juan Edgardo Angara said after presiding over the Senate Finance Subcommittee hearing on the SUCs budget for next year. “We will add to their budget if needed,” Angara told reporters after the hearing..

He explained they simply want to ensure that there will be no hitch in the government’s shift to free tuition program.

Sen. Miguel F. Zubiri, who attended the hearing, also assured the SUCs, educators and students that the Senate panel chaired by Angara “is committed to even increase the budget of SUCs.” “I also commit to help SUCs build school buildings,”Zubiri added, telling SUC officials he will also sponsor passage of a funding bill for addditional SUCs classrooms. “You find the lot and I will help fund contruction of schoolbuilding,” Zubiri added. “I am here to help SUCs.” Angara begged off from providing the funding details still being worked out, but said he agreed with Zubiri “that we need to fund requirements of SUCs.” Angara added that Sen. Joel Villanueva had also affirmed his commitment to support SUCs in the upcoming plenary deliberations on the 2019 national budget. With Butch Fernandez

PHL. . .

Cimatu said he was personally asked by Duterte to represent him in the event.

It was a first for a DENR secretary to attend the annual Gala Night, a formal dinner which highlights the interaction of top executives from member-companies of the COMP, which represents the largest mining operators in the country.

With a theme “Strategic Synergies: Communicating the Gains of Responsible Mining,” the threeday annual Mining Philippines 2018 gathered hundreds of mining industry’s stakeholders amid a period of uncertainty.

The industry’s large-scale operators are steel reeling from what they described as a “policy storm” with the previous DENR leadership of Regina Paz L. Lopez, an anti-mining advocate who recommended the closure or suspension of more than two dozen large-scale miners a week before her rejection by the Commission on Appointments in April last year.

Lopez had also canceled 75 inactive Mineral Production Sharing Agreements (MPSA) and one Financial and/or Technical Assistance Agreements (FTAA) to protect the country’s water sources from what she calls environmentally destructive development projects.

All eyes are now on Cimatu as DENR secretary and cochairman of the Mining Industry Coordinating Council (MICC), which is set to come up with a recommendation on various appeals to reverse Lopez’s alleged anti-mining policies and orders.

In his brief speech on Wednesday night, Cimatu vowed to continue discussions with the mining industry to ensure the successful implementation of environmental and mining laws.

He said he will continue to learn more about the mining law, both large-scale and small-scale mining, conceding that antimining sentiments intensified anew because of the recent landslide in Benguet Corp.’s abandoned mining tenement, particularly the Antamok mine site in Barangay Ucab, Itogon, Benguet, that small-scale illegal miners had taken over.

He then promised to be stricter in regulating small-scale mining and ensuring their compliance with regulations on human and environmental safety, such as health and sanitation, the prohibition on the use of mercury and containment of tailings.

Continued from A1

“If you look at how China became digital, they actually jumped to digitization, skipping some processes of the third industrial revolution,” he said.

“With the right economic policies, right initiative, right government reforms, digitization can be achieved. The Philippines can do just the same,” Leong added. The Schneider Electric official also shared he was at the World Economic Forum (WEF) last week, where Philippine Trade Secretary Ramon M. Lopez discussed the country’s response to the fourth industrial revolution.

At the WEF, Lopez played down fears that digitization might result in thousands of workers being displaced. He said it is to the contrary, as the transformation of an economy might even generate more employment opportunities.

“Rather than replacing people and bringing down employment, technology creates new, higher-paying jobs. For example, the entry of ATMs was expected to replace bank tellers and bring down employment figures, but business and employment growth continued and there were just adjustments in the nature of jobs,” Lopez said. At the WEF, countries reportedly agreed to shift government transactions to online, as well as reskill their people to adapt to recent global economic changes.

Oil import. . .

Continued from A1

followed by the UAE, Qatar and Oman with 18.6, 6.2 and 2.6-percent share, respectively.

The Philippines also sourced oil from Russia, equivalent to an 8.4-percent share.

On the other hand, the country’s petroleum exports earnings for the period rose by 51.5 percent from $417.8 million in the first half last year to $633.1 million this year.

www.businessmirror.com.ph

‘Trabaho’ bill has little impact on revenue–Fitch

By Bianca Cuaresma

F

@BcuaresmaBM

ITCH Solutions—the research arm of the Fitch Group —said on Thursday the Philippines’s second tax-reform package is likely to yield little results, based on their early assessment.

“We expect the bill to have negligible impact on revenue collection in the near-term, while the longer-term reduction will likely be offset by the rationalization of tax incentives and other revenue enhancing measures contained in subsequent packages of the Comprehensive Tax Reform Program,” Fitch Solutions said.

“We are therefore maintaining our forecast for the Philippines’ budget deficit as a share of GDP to come in at 2.9 percent in 2018 and average 2.6 percent from 2019 to 2027,” it added.

The House of Representatives just this month approved on third and final reading House Bill 8083, or the second package of the Comprehensive Tax Reform Program.

The bill was passed with 187 lawmakers voting in favor, 14 against and three abstaining. The bill, renamed in the House as Tax Reform For Attracting Better and HighQuality Opportunities (Trabaho), is meant by its crafters to encourage investments by bringing down the corporate income tax (CIT) rate.

However, its provisions to “modernize” investment tax incentives is viewed with alarm by certain business groups.

“In terms of the CIT rate, the reduction will not kick in until 2021. After which, the reduction will be at an average of 1 percent per year over the next eight years, suggesting a very gradual path. The government expects a loss of P62.0 billion in revenue upon the lowering of CIT in 2021, and according to our forecast, this will represent just 1.5 percent of the expected revenue collection that year,” Fitch said.

Rice. . .

Continued from A1

gave assurances that the hike in the government’s purchase of imported rice is just a “temporary solution” and that the NFA would “properly calibrate” its imports next year.

He said he will meet with NFA officials on Friday to determine the remaining budget of the agency for rice imports and that he will also start “cracking the whip.”

Piñol made his pronouncements after Ompong damaged about 474,838 hectares of rice farms in Northern Luzon, which had an estimated output volume of 558,441 metric tons (MT).

The volume was sufficient to supply the country’s rice demand for 17.45 days at a national daily requirement of 32,000 MT, based on the computation of the BusinessMirror.

The NFAC, which Piñol now chairs after the President recently issued Executive Order 63, is the highest policy-making body of the food agency.

Mocha. . .

Continued from A12

Officials, Civil Code of the Philippines, Cybercrime Prevention Act, the Magna Carta for Persons with Disability and the United Nations Convention on the Right of Persons with Disabilities.

Earlier this week, the tandem of Uson and blogger Drew Olivar drew flak for the recent video posted at the “Mocha Uson Blog” Facebook page.

The controversial video was posted by Uson even though a memorandum was earlier issued to her by the Presidential Com-

While CIT rates are one of the considerations of potential investors when they look to relocate their businesses, we believe that more of them are deterred by the poor business environment caused by red tape and corruption, as well as poor infrastructure conditions.”

—Fitch Solutions “Moreover, the Trabaho also seeks to trim tax incentives that are offered to investors, making them more selective and less encompassing, and this will likely offset some of the loss in revenue from lower corporate taxes,” it added.

The international think tank is not persuaded that the bill could spur investments in the economy.

“While CIT rates are one of the considerations of potential investors when they look to relocate their businesses, we believe that more of them are deterred by the poor business environment caused by red tape and corruption, as well as poor infrastructure conditions. According to the WEF Global Competitiveness Index 2017/18 report, ‘inefficient government bureaucracy,’ ‘inadequate supply of infrastructure’, and ‘corruption’ are the top three obstacles that businesses reportedly face when doing business in the Philippines, while ‘tax rates’ ranks fifth,” Fitch Solutions said.

“Moreover, the lowering of CIT rate is so gradual that it will take until at least 2025 before they fall in line with regional levels,” it added.

Higher buying price

PIÑOL said he would push for an increase in the NFA’s support price to P20 per kilogram (kg) to allow the agency to buy more palay from farmers during the main harvest.

The agriculture chief said he would also propose to the NFAC to disallow traders and farmers’ cooperatives from bringing in fancy varieties of rice that are more expensive under the minimum access volume (MAV) scheme.

“They sell the fancy rice for P55 per kg to P58 per kg, which has an adverse effect [on the market]. It actually sets the trend in pricing,” he said. “Now, given that Jasmine and long-grain rice are sold at higher prices, the local [varieties] follow suit,” he added.

Under the present guidelines of the NFA for MAV importation, private traders are allowed to import well-milled, 25 percent brokens or better. Piñol floated the idea after he visited the Commonwealth Market on Thursday morning, where he found out that imported rice sold at the retail level are 5percent brokens. With a report from Butch Fernandez

munications Operations Office for previous miscues.

According to Communications Assistant Secretary Ana Marie Banaag during the budget deliberations at the House of Representatives, the memorandum—issued by Communications Undersecretary Lorraine Badoy—was to remind Uson of the conduct and ethical standards for public officials.

Uson and Olivar have since apologized to the deaf community for their actions in their latest controversial video.

However, the offended community did not accept their apologies and want the two to be penalized for their actions. Bernadette D. Nicolas

www.businessmirror.com.ph

The Nation BusinessMirror

DFA chief thanks intl community’s help after Ompong destruction

T

HE Department of Foreign Affairs (DFA) on Thursday conveyed the Philippine government’s appreciation and gratitude to the support and assistance offered by the international community to victims of Typhoon Ompong.

“In the spirit of true bayanihan in times of crisis, and as proof of our being a ‘friend to all, enemy to none,’ we are heartened by the expression of support we have received from the international community,” Foreign Affairs Secretary Alan Peter S. Cayetano said.

The DFA secretary said Australia, France, Canada, China, Israel, Japan, New Zealand, Singapore, South Korea, Switzerland, Thailand, the United Kingdom and the United States were among those that have offered humanitarian assistance for those affected by Ompong, which left a trail of destruction when it swept through Northern Luzon last weekend.

International organizations like the Asean Coordinating Centre for Humanitarian Assistance on Disaster Management (AHA Center), the European Union and United Nations agencies such as the UN Office for the Coordination of Humanitarian Affairs, the UN Children’s Fund and the World Food Programme have also expressed their willingness to provide assistance to typhoon victims.

“On behalf of those who were affected

by Typhoon Ompong, we express our gratitude for this support, and we will make sure that the Filipino resilience and ability to bounce back after a crisis will

shine through,” Cayetano stated.

Aside from immediate humanitarian assistance, he added, the Philippines has also received offers for post-disaster rehabilitation of affected agricultural areas.

As the lead agency for the Philippine International Humanitarian Cluster, the DFA has also activated the Philippine Humanitarian Assistance Registry, where details of offers of assistance shall be recorded, as well as the needed resources for disaster operations from the different response clusters headed by various government agencies.

The DFA also said it will continue to extend P5,000 in cash assistance to overseas Filipino workers (OFWs) whose flights were canceled.

According to DFA Undersecretary for Migrant Workers Affairs Sarah Lou Y. Arriola, a total of P680,000 was distributed to 136 OFWs at the Ninoy Aquino International Airport and the Clark International Airport from Saturday to Monday.

Affected inbound and outbound OFWs can personally claim the cash assistance at the DFA’s Office of Migrant Workers Affairs at the DFA Main Office in Pasay City and in DFA consular offices nationwide from 8 a.m. to 4 p.m. until September 28.

To claim the cash assistance, affected OFWs must submit their passport, airline tickets showing their original date of departure; reissued ticket showing new date of departure; employment contract; and overseas employment certificate. RectoMercene

Editor: Vittorio V. Vitug • Friday, September 21, 2018 A3

New landslide kills 15, buries houses in Cebu

N

AGA, Philippines—A massive landslide buried dozens of homes near a central Philippine mountain on Thursday, killing at least 15 people and sending rescuers scrambling to find survivors after some sent text messages pleading for help.

The slide surged down on about 30 houses in two rural villages after daybreak in Naga City in Cebu province, Roderick Gonzales, the city police chief, told The Associated Press (AP) by telephone as he helped supervise the search and rescue. Seven injured villagers were rescued from the huge mound of earth and debris.

Some victims still managed to send text messages after the landslide hit, Gonzales said, adding elderly women and a child were among the dead.

Naga City Mayor Kristine Vanessa Chiong said by telephone that at least 64 people remained missing.

“We’re really hoping we can still recover them alive,” she said.

The landslide hit while several northern Philippine provinces were still dealing with deaths and widespread damage wrought by Typhoon Mangkhut, which pummeled the agricultural region last Saturday and left at least 88 people dead and more than 60 missing. A massive search was still under way for dozens of people feared dead after landslides in the gold-mining town of Itogon in the north.

Cebu province was not directly hit by Mangkhut but the massive typhoon helped intensify monsoon rains across a large part of the archipelago, including the central region, where Naga City lies about 570

kilometers southeast of Manila.

Rescuers there were treading carefully in small groups on the unstable ground to avoid further casualties.

“We’re running out of time. The ground in the area is still vibrating.

We’re striking a balance between intensifying our rescue efforts and ensuring the safety of our rescuers,” Naga City Councilor Carmelino Cruz said by phone.

Cristita Villarba, a 53-year-old resident, told AP by phone that her husband and son were preparing to leave for work when the ground shook and they were overwhelmed by a roar.

“It was like an earthquake and there was this thundering, loud banging sound. All of us ran out,” Villarba said, adding she, her husband and three children were shocked but unhurt.

Outside, she saw the house of her elderly brother, Lauro, and his family was buried in the landslide.

“Many of our neighbors were crying and screaming for help. Some wanted to help those who got hit but there was too much earth covering the houses, including my brother’s,” she said.

More than a dozen people live in her brother’s home, mostly his family and grandchildren, she said, adding that many small houses in her community got hit.

A few days ago, Villarba said she felt sorry for the landslide victims in the country’s north.

“I had no idea we will be the next,” she said.

It’s not clear what set off the landslide, but some residents blamed limestone quarries, which they suspect may have damaged and caused cracks in the mountainside facing their villages. Villarba said a light rain stopped when the landslide hit and there was no rain on Wednesday.

The quarry nearest the landslide-hit villages was abandoned about a year ago, but a company still runs a government-authorized quarry not far away and villagers also profit from the limestone business, Angeline Templo, an assistant to the mayor, said by phone.

More than 300 villagers were evacuated for safety as search and rescue work continued, Templo said.

Naga is a coastal city with a population of more than 100,000. AP

A4 Friday, September 21, 2018 • Editor: Vittorio V. Vitug

Economy BusinessMirror

DTI eyes safeguard measure amid rise on cement imports 4,391%

T

By Elijah Felice E. Rosales

@alyasjah

RADE Secretary Ramon M. Lopez has initiated an investigation to determine whether the government should impose a safeguard measure on cement, as imports of the construction commodity rose in significant volumes in the past years to the detriment of the domestic industry.

An industry review by the Department of Trade and Industry (DTI) reported that the volume of cement imports increased continuously in absolute terms from 2013 to 2017, which is also the period that will be probed by the agency. The increases compared with the previous years are 70 percent in 2014; 4,391 percent in 2015; 549 percent in 2016 and 72 percent last year.

The DTI review also pointed to an augmentation in cement’s share

of imports during the period, from 0.02 percent in 2013 to 15 percent in 2017. This has apparently damaged the local cement industry, whose market share declined in spite of a larger market size.

“From having a small share in the domestic market from 2013 to 2015, the share of imported cement grew to 8 percent and 13 percent in 2016 and 2017, respectively. While the domestic industry’s sales revenue increased from 2013 to 2016, it went down by

MWSS inks agreement with Daegu officials on wastewater management

T

HE Duterte administration is moving to improve Metro Manila’s overall sewerage coverage and wastewater management system as part of its effort to enhance water sufficiency and security.

In a recent news statement, the Metropolitan Waterworks and Sewerage System (MWSS) announced that it has signed a memorandum of understanding (MOU) with the Daegu Metropolitan City in a special ceremony at the Korea International Water Week in Daegu Exco on September 12.

MWSS Administrator Reynaldo V. Velasco signed the MOU with Daegu City Mayor Young Jin-kwon calling for mutual cooperation to meet head-on challenges and opportunities that threaten the water supply system in the two metropolitan cities.

The MOU signing was part of the 2018 Korea International Water Week hosted by Daegu Metropolitan City, where Velasco also served as one of the featured speakers at the 2018 International Water Business Workshop where he talked about water security and wastewater management, as well as the relevance of the MWSS-Daegu tie-up.

Both leaders acknowledged the need to form an intercity network by developing the best solutions for common water problems and integrated water management.

Daegu is South Korea’s third-largest city and the MOU is a welcome development for the Philippine water supply industry, particularly MWSS, amid closer bilateral ties forged during the June 2018 visit of President Duterte to Korea.

The MOU calls for the two parties to work together to develop technical solutions to address water resources-related challenges; develop the water industries in MWSS service areas as well as in Daegu; and strengthen cooperation among water institutions in cities and municipalities covered by MWSS and in Daegu. Jonathan L. Mayuga

The highest percentage rise in cement import registered in 2015

P11.1 billion in 2017, a decline of 12 percent,” the review read.

Also, domestic cement firms recorded growth in earnings of 6 percent in 2014, 15 percent in 2015 and 8 percent in 2016. However, as interest and taxes went up, their earnings went down by 49 percent last year.

The review also claimed that the weighted landed cost average of cement imports is lower than the average selling price of the domestic product, resulting to price undercutting of about 14 percent.

This, the review added, caused cement manufacturers to reduce prices by almost 10 percent to compete with cheaper import cement. It concluded then that the increase in the volume of imported cement preceded the serious

injury to the industry last year.

“The conditions of competition show that the market share of locally produced cement was essentially displaced during the period of investigation, as the share of imports in the domestic market significantly increase,” it read.

Citing Section 6 of the Safeguard Measures Act, the trade chief can initiate a motu proprio probe if there is evidence that increased imports of a product substantially harm its domestic counterpart. The trade chief, however, has to consider the impact on political and economic condition and the capacity of the domestic industry to provide for the prevailing demand if he decides to apply a safeguard measure.

Safeguard measures can be implemented by any World Trade Organization member to protect a specific industry from an increase in imports of any product causing serious injury to its local counterpart. One safeguard measure the government can apply under the law is to increase the tariff on the imported product.

Neda chief underscores need to ‘future proof’ economy, achieve growth goals

By Cai U. Ordinario

@cuo_bm

C

OPING with so-called Fourth Industrial Revolution is key to achieving poverty and growth targets, according to the National Economic and Development Authority (Neda).

In his speech at the recent fourth Annual Public Policy Conference (APPC) 2018, Socioeconomic Planning Secretary Ernesto M. Pernia underscored the need to future-proof the economy to attain its economic and development goals.

Pernia said this can be done by prioritizing efforts for the advancement of science, technology and innovation systems and society, and formulate sustainable road maps on selected disruptive technologies that will be useful in the near future.

“We must therefore not lose our momentum despite the onslaught of the rapidly changing environment and unnecessary distractions to boot. We must future-proof our economy, given the complex confluence of pressures from rapidly changing technologies, urbanization, climate change, protectionism and conflict-driven extremism in some parts of the world, as well as political cacophony both local and international,” Pernia said.

The Neda chief also said there is a need to upgrade the country’s capabilities to produce and utilize technologies through capacity building and beef up of research and development programs.

Pernia also said the “government must not stifle innovation” albeit, encourage it. He added, however, that citizens must be protected against cybercrimes, unintended job losses,

greater inequality and disillusionment as the nature of work changes.

“Frankly speaking, let us not kid ourselves into thinking that we know exactly what the world will look like by year 2040. We don’t, and that is the most challenging part in this planning exercise. But what we do know are the aspirations of Filipinos by then that is, a strongly rooted, comfortable and secure life for all,” Pernia said.

On Tuesday Pernia said that despite the recent typhoon and the high inflation experienced by Filipinos, the country’s poverty targets remain achievable.

However, Pernia admitted that the typhoon and high commodity prices will dampen the government’s efforts in bringing down the country’s poverty rate to 14 percent by 2022, from 21.6 percent in 2015.

The Philippine Statistics Authority (PSA) is currently in the process of conducting and collating the data for the Family Income and Expenditure Survey (FIES) for 2018 which will be released next year. The FIES is the basis for the country’s poverty and hunger incidence monitoring efforts.

The Neda also believes the country will still achieve upper middle-income status by next year.

Pernia said that even if per capita income only grows 4.4 percent, instead of 4.9 percent in recent years, the country will still be able to enter upper middle-income status by 2019.

He said the per capita income in the Philippines is just below $3,900, which is the low end of the World Bank’s classification of around $3,900 to $12,100 for upper middle-income countries.

C5-South Link Expressway on track for 2019 completion–MPT South

T D.I.C.T. FETES P.I.T.C. EXECS During its 45th anniversary celebration at the Philippine

International Convention Center on September 7, the Philippine International Trading Corp. (PITC) was feted by the Department of Information and Communications Technology (DICT) for its efficient and effective procurement service and support to ensure the success of the implementation of the DICT’s Provincial Wi-fi Infrastructure Network project. Shown in photo are DICT Acting Secretary Eliseo M. Rio Jr. (from left), PITC President and Chief Executive Officer Dave M. Almarinez, PITC Vice President Atty. Ma. Victoria C. Magcase, PITC Vice President Christabelle P. Ebriega, PITC Department Manager Atty. Maria Gudelia C. Guese and PITC OIC-VP Myra Chitella T. Alvarez.

HE construction of the first phase of the P10-billion C5-South Link Expressway is on track to meet its scheduled completion set for the first quarter of 2019, a ranking official from Metro Pacific Tollways South Corp. (MPT South) said on Thursday.

Luigi L. Bautista, the company’s president, said the project, a 7.7-kilometer, six-lane segment that will seamlessly connect C-5 to the ManilaCavite Toll Expressway (Cavitex), is progressing as scheduled.

“When completed, the road will provide motorists from Parañaque, Las Piñas and Cavite direct access to C-5,” he said.

The project is expected to benefit roughly 50,000 motorists, as it will decongest Sales Road in Pasay and Edsa, cutting travel time from Parañaque, Las Piñas and Cavite to Taguig to as short as 20 minutes.

Bautista noted that his group will also be launching girders that will cross the at-grade portion of Skyway and South Luzon Expressway (Slex).

“This is a critical activity of the project and we expect substantial completion after the girders are installed,” he said.

This may have an adverse effect on traffic.

“We would like to seek the understanding and patience of all motorists using the Skyway and Slex between Nichols Toll Plaza and Bicutan. We… advise them to plan their trips and look for alternative routes,” he said.

There will be a partial closure of Skyway and Slex during off-peak hours, as it is necessary to position and install the girders. Lorenz S. Marasigan

www.businessmirror.com.ph

PHL foreign meat purchase bill grew to record 27.91% in last 7 months–BAI data

By Jasper Emmanuel Y. Arcalas @jearcalas

T

HE country’s meat imports this year is on track to hit a new record high, as total volume from January-to-July posted a 27.91-percent growth driven by higher demand for protein and processed meat products.

Bureau of Animal Industry (BAI) data obtained by the BusinessMirror showed that the country’s meat purchase abroad during the sevenmonth period reached 461,119.972 metric tons over the 360,409.857 MT a year ago.

The figure is just 230,342.592 MT away from matching the 691,462.564 MT total imported meat volume in 2017, which was the highest in the country’s history.

“Our imports are really higher this year with population growth as the main driver. The country is growing, hence food intake is growing as well,” Philippine Association of Meat Processors Inc. Executive Director Francisco J. Buencamino told the BusinessMirror.

“Then the hog sector had a disease problem so there’s thinner supply, hence, importation would grow,” Buencamino added.

Furthermore, Buencamino said, the local meat processing industry is still keeping up with its 10-percent to 12-percent annual growth rate driven by higher demand for affordable processed meat products.

Based on the BAI data, the country’s imports of chicken, pork, beef and carabeef during the seven-month periodposteddouble-digitexpansions.

Pork imports accounted for almost half, or about 46.75 percent, of the total meat purchased abroad.

Pork imports widened by 31.78 percent to 215,605.149 MT, from 163,602.583 MT recorded volume a year ago.

About 77.83 percent of the total volume, or about 127,336.342 MT, were other parts of pork, which are

used by meat processors, such as fats, skins and offals.

Chicken meat was second-top imported animal protein as it accounted for 34.5 percent of the total volume.

Chicken meat imports expanded by 27.65 percent to 159,067.268 MT, from 124,605.514 MT a year ago.

Likewise, about 72.79 percent of the country’s chicken meat imports during the seven-month period were poultry products used by meat processors in manufacturing canned meat and hot dogs.

Mechanically deboned meat (MDM) of chicken alone accounted for 71.39 percent of the total poultry meat imports.

Chicken MDM imports grew 21.37 percent to 113,572.894 MT, from 93,575.918 MT a year ago.

On the other hand, imports of chicken leg quarters ballooned by 39.53 percent to 35,629.029 MT, from 25,535.571 MT recorded volume last year.

Furthermore, the country’s beef imports reached 63,413.188 MT, 15.45 percent higher than the 54,925.357 MT recorded volume last year.

Likewise, imports of carabeef, or indian buffalo meat, rose by 33.33 percent to 23,034.367 MT from 17,276.404 MT. Carabeef is also utilized by meat processors to produce processed meat products such as corned beef and hot dogs.

“It does appear that the general trend of import is up. I suppose the consumers’ acceptance of frozen meat continues to go up. This is seen all over the world,” Meat Importers and Traders Association President Jesus C. Cham earlier told the BusinessMirror.

Cham said the growing demand for frozen meat by consumers could be driven by the improvement in their purchasing power as they had more disposable income due to the tax exemptions stipulated in the Tax Reform for Acceleration and Inclusion law.

Govt urged to take lead role in promoting mining

By Jonathan L. Mayuga @jonlmayuga

T

HE Mines and Geosciences Bureau (MGB) on Thursday urged the government to take the lead role in promoting the country’s mining industry sector.

At the same time, the MGB, the government’s mining regulatory body, said mining companies should intensify information, education and communication programs with various stakeholders.

Speaking during the Mining Philippines 2018 Conference and Exhibition at the Sofitel Hotel in Pasay City, MGB Assistant Director Danilo Uykieng said that the government and its private mining contractors should work hand in hand to communicate with the larger stakeholders.

He said as partners, the government and the mining industry should be more engaging. “It is timely that we have to communicate more often. We have to engage not only with regulators but directly to communities. If they understand, they will not ask questions,” he pointed out.

Uykieng represented MGB Director Wilfredo Moncano and presented the government’s policy direction toward mining sustainability.

As part of MGB’s effort to develop the sector, the agency is now pushing for policy changes, such as the lifting of the moratorium on mineral exploration, he said.

“We do believe that exploration should always be the first entry into mining. Without it, we can’t determine our mineral potentials and where mining existing operations should be going,” Uykieng said.

“We want to balance things. The

government is a business partner and a regulator,” he added.

During the conference, Johannes Raadsma, chairman of Philippine Gold Processing and Refining Corp., agreed that there is really a need to allow exploration in the Philippines to drive the mineral sector’s sustainability.

“We have mineral resources that we don’t track. The potential is much greater. How do we get to that potential? The Philippines is one of the largest and well-endowed countries in the world without exploring and proper exploration,” Raadsma said.

She noted that the country, which still has billions of dollars worth of untapped mineral resources, only hosts 50 operating metallic mines, consisting of 30 nickel mines, eight gold with silver as co-product, four copper with gold and silver as co-products, three chromite and five iron mines.

These are in addition to the numerous small-scale gold mining operations across the country. “With the Philippines’s long history and experience in mining, it has demonstrated its very rich potential for copper, gold, nickel, chromite and other metallic minerals through the commercial operation of numerous mines,” the MGB earlier said.

In its estimates, the MGB said that aside from being one of the world’s largest nickel-producer, the country’s total estimated gold reserves in 2016 also stood at 1.9 billion metric tons (MT) with an average grade of 0.16 grams per ton, while silver has 1.7 billion MT with an average grade of 1.27 grams per ton. Copper reserves, on the other hand, were estimated to be around 1.8 billion MT, while iron and nickel have reserves of 116 million MT and 116.14 million MT, respectively. Chromite’s reserves stood around 47.3 million MT.

The World BusinessMirror

www.businessmirror.com.ph

U.S. SEEKS TO JUMP-START TALKS WITH N. KOREA AFTER SUMMIT

U

N I T E D States Secretar y of State Michael Pompeo called on Wednesday for a new round of talks with North Korea with the goal of ridding the North of nuclear weapons by the end of Donald J. Trump’s first term, saying he was heartened by progress made at a summit this week between the two Koreas.

In a news statement, Pompeo said the US welcomed Kim Jong Un’s promise to dismantle a missile test site—under the eye of international inspectors— and move to shutter North Korea’s main Yongbyon nuclear production site if the US takes what the North calls “corresponding measures.”

Pompeo signaled that reciprocation may be coming. “On the basis of these important commitments, the United States is prepared to engage immediately in negotiations to transform US-DPRK relations,” Pompeo said, referring to North Korea by its formal name, the Democratic People’s Republic of Korea.

Pompeo invited North Korean Foreign Minister Ri Yong Ho to meet him in New York next week on the sidelines of the United Nations General Assembly and for North Korean officials to meet his envoy for the issue, Stephen Biegun, starting a process

toward denuclearization by 2021 and a “lasting and stable peace regime on the Korean Peninsula.”

That’s language that both sides have used to describe a treaty to end the Korean War, which was never formally declared over. North Korea has sought such an accord, but the US has been reluctant to do so for fear it would add to pressure to remove the thousands of American troops stationed in South Korea.

The US announcement followed two days of talks between Kim and South Korean President Moon Jae-in, the first visit by a South Korean leader to Pyongyang, the North Korean capital, in 11 years. While both sides hailed progress, the talks only provoked further debate over the question that has bedeviled outsiders all along: Whether North Korea, after years of broken promises, is genuinely prepared to give up its nuclear weapons.

Both Pompeo’s statement and the agreement Moon and Kim signed in Pyongyang left wide room for interpretation and raised doubts about whether the two sides were talking past each other. For example, Pompeo’s statement said the US welcomed a

T

OKYO—Japanese Prime Minister Shinzo Abe was reelected as head of his ruling Liberal Democratic Party in a landslide victory on Thursday, paving the way for up to three more years as the nation’s leader.

Abe handily defeated his sole challenger, Shigeru Ishiba, a former defense minister. Abe won 553, or about 70 percent, of 807 votes.

The decisive victory may embolden Abe to pursue his longsought revision to Japan’s USdrafted pacifist constitution, although the hurdles remain high and doing so would carry political risks. “It’s time to tackle a consti-

Police: Motive unknown in Wisconsin shooting

M

A5

Japan’s Abe reelected as party head, to stay on as PM for another 3 years

A WOMAN is escorted from the scene of a shooting at a software company in Middleton, Washington, on Wednesday. Four people were shot and wounded during the shooting in the suburb of Madison, according to a city administrator. STEVE APPS/WISCONSIN STATE JOURNAL VIA AP

IDDLETON, Wisconsin—Authorities said they still don’t know why an employee at a Wisconsin software company went to his office with a pistol and extra ammunition and began firing on his colleagues, seriously injuring several, before he was fatally shot by police.

Midd leton Pol ice C h ief C huc k Foulke said the shooting happened on Wednesday morning at WTS Paradigm. Officers were alerted to an active-shooter situation at 10:26 a.m. and arrived to find a man armed with a semiautomatic pistol and extra ammunition. The man fired at officers before he was shot, and he later died at a Madison hospital.

Foulke said four officers fired their weapons within eight minutes of getting the call, preventing more bloodshed.

“I think a lot less people were injured or killed because police officers went in and neutralized the shooter,” Foulke said.

Foulke released few details about the suspect: that he was an employee of WTS Paradigm and lived in nearby Madison.

The chief said he didn’t know if victims were targeted, adding that investigators were following all leads.

“We have reason to believe the suspect was heavily armed with a lot of extra ammunition, a lot of extra magazines,” Foulke said.

Judy Lahmers, a business analyst at WTS Paradigm, said she was working at her desk when she heard what sounded “like somebody was dropping boards on the ground, really loud.” Lahmers said she ran out of the building and hid behind a car.

S he s a id t he b u i l d i n g ’s g l a s s e nt r a nc e d o or w a s s h at t e re d .

Friday, September 21, 2018

“I’m not looking back, I’m running as fast as I can. You just wonder, ‘Do you hide or do you run?’” she told The Associated Press.

She said she knew one coworker had been grazed by a bullet but was OK. She didn’t have any other information about the shooting but said it was “totally unexpected. We’re all software people. We have a good group.”

WTS Paradigm Marketing Manager Ryan Mayrand said in a news statement on Wednesday evening that the company was “shocked and heartbroken” and was working to set up counseling for workers. He asked the media to respect the privacy of the workers, particularly those who were among the victims.

University Hospital in Madison confirmed on Wednesday evening that it was still treating three victims from the shooting, saying one was in critical condition and two were in serious condition.

Pol ice conduc te d a se cond a r y search of the office building after the shooting to ensure there were no more victims or suspects—and officers discovered some people still hiding in the building, which also houses Esker Software.

Gabe Geib, a customer advocate at Esker Software, said he was working at his desk when he heard what “sounded like claps.” He said he then saw people running away from the building at “full sprint.”

“We knew at that point that something was going down. A ton of people were running across the street right in front of us,” he said.

Geib said he and his colleagues were still huddled in their cafeteria, away from windows, more than an hour after the shooting. AP

tutional revision,” Abe said in a victory speech. “Now the fight is over.”

“Let’s work together to make a new Japan,” he added.

Abe also said he is determined to use his last term to pursue his policy goals to “sum up” Japan’s postwar diplomacy to ensure peace in the country.

The 63-year-old Abe has been prime minister since December

LIBERAL Democratic Party President Shinzo Abe (right), waves with former Defense Minister Shigeru Ishiba after the ruling party presidential elections at its headquarters in Tokyo on Thursday.

Abe handily defeated his sole challenger Shigeru Ishiba. AP

2012. He has cemented control of his party and received support from conservatives for bringing stability and continuity to economic and diplomatic policies. With a third term as party leader, Abe is poised to become Japan’s longest-serving leader in August 2021.

Abe has said he is determined to push for a revision to the US-drafted 1947 constitution, a decades-old pledge of the Liberal Democratic Party since its

foundation in 1955 and a goal that none of Abe’s predecessors has been able to achieve.

Many conservatives see the constitution as a humiliation imposed on Japan following its World War II defeat.

While Abe won 80 percent of parliamentarian votes Thursday, support from regional rank-andfile party members was 55 percent, though it was within earlier projections. AP

A6

Friday, September 21, 2018

The World BusinessMirror

Jack Ma backpedals on vow to create 1 million jobs in US

A

LIBABA Group Holding Ltd. cofounder Jack Ma said his promise to create 1 million jobs in the US is impossible to fulfill because of the US-China trade war, a setback in one high-profile effort for deeper cooperation between the world’s two largest economies.

Ma, China’s richest man, made the remarks in an interview in the state-owned Xinhua news service, saying the pledge made to President Donald J. Trump is no longer feasible because of the unstable trade situation. Ma and Trump met in January 2017 to discuss how adding small and medium-sized US businesses to Alibaba’s platform would boost employment.

Ma has grown increasingly critical of the trade battle between the US and China, warning that it will damage businesses around the world. On Tuesday he cautioned China’s business and political leaders to prepare for the conflict to last 20 years, beyond the Trump presidency, as the two countries battle for economic supremacy.

“The promise was made based

on China and the US having a collaborative and friendly relationship,” he said in the Xinhua interview. “The situation now has completely destroyed our premise, so it can no longer be completed.”

Ma also said in the interview

MA ANDREY RUDAKOV/BLOOMBERG

that he will keep making efforts to push for the healthy development of bilateral trade ties. He said that trade is not a weapon and shouldn’t be used for wars.

On Thursday Ma said weakness in the economic outlook is “problematic” for the company.

“The economic outlook is not

The promise [to create 1 million jobs] was made based on China and the US having a collaborative and friendly relationship. The situation now has completely destroyed our premise, so it can no longer be completed.”—Ma

perfect of course, and it will last longer than people expect,” Ma said at the World Economic Forum in Tianjin. “If you look at the government conference papers, every year they say we have complex problems in the economy.”

Tensions have escalated this week as China vowed to retaliate against US plans to levy tariffs on about $200 billion in Chinese goods. China said it will impose retaliatory tariffs against $60 billion of US goods, ranging from meat to wheat and textiles.

“Short term, business communities in China, US, Europe will all be in trouble,” Ma said on Tuesday, during a speech at Alibaba’s investor day in Hangzhou. “This thing will last long. If you want a short-term solution, there is no solution.” Bloomberg News

www.businessmirror.com.ph

Ex-PM Najib Razak faces new corruption charges in Malaysia

K

UALA LUMPUR, Malaysia—Malaysia’s detained for mer Pr ime Minister Najib Razak will face at least two dozen fresh charges of abuse of power and money laundering over the multimillion-dollar looting of a state investment fund, police and the anti-graft agency said on Thursday.

Najib was detained by the antigraft agency on Wednesday over the transfer of $681 million into his bank account and was expected in court later on Thursday. Najib, who has since been transferred into police custody, has called the case political vengeance.

National deputy police chief Noor Rashid Ibrahim said in a news statement that 21 charges prepared against Najib involve receiving, using and transferring of illicit funds. Najib will also face several charges under Section 23 of the Malaysian Anti-Corruption Commission Act, according to the anti-graft agency. It didn’t give details, but the section deals with the abuse of power.

Najib was earlier charged with multiple counts of criminal breach of trust, corruption and money laundering over the scandal at the 1Malaysia Development Berhad (1MDB) fund, just months after his shocking electoral defeat. He has pleaded not guilty and his trial is due to start next year.

Najib set up 1MDB when he took power in 2009 to promote economic development, but the fund amassed billions in debts and is being investigated in the US and several other countries for alleged

cross-border embezzlement and money laundering.

The 1MDB scandal first broke in 2015 when leaked documents showed that $681 million was transferred into Najib’s bank account, leading to massive street rallies calling on him to resign.

Najib fired critics in his government, including a deputy prime minister and the attorney general, and muzzled the media to try to survive the fallout.

A new attorney general cleared Najib in January 2016, saying it was a political donation from Saudi Arabia’s royal family and most of it had been returned—an explanation that was met with widespread skepticism.

US investigators say Najib’s associates stole and laundered $4.5 billion from the fund, some of which landed in Najib’s bank account. Public anger over the 1MDB scandal eventually led to the ouster of Najib’s long-ruling coalition in May 9 polls and ushered in the first change of power since Malaysia’s independence from Britain in 1957.

The new government reopened investigations stifled under Najib’s rule and barred him and his wife from leaving the country. Police also seized jewelry and hundreds of handbags and other valuables estimated at more than 1.1 billion ringgit, or roughly $273 million from properties linked to Najib.

The police have said investigations show that $972 million had been transferred to Najib’s bank account from three companies linked to 1MDB. AP

Oil climbs as US refiners, exporters erode stockpiles

O

IL jumped after US refiners and exporters eroded domestic stockpiles, sending them to a fresh three-year low.

Futures settled 1.8 percent higher on Wednesday in New York. At a time of year when American refiners typically shut equipment for maintenance work, processing rates last week remained more than 10 percentage points above year-earlier levels, the Energy Information Administration said. Meanwhile, overseas demand for US oil expanded for a second week wh i le impend ing sa nct ions curbed orders for Iranian crude.

“We’re near the top of the bull market,” said Michael Lynch, president of Strategic Energy & Economic Research. “That relatively strong inventory report has made people worry

more about oil supply this fall and winter.”

Under pi nn i ng h igher oi l prices is the specter of farreaching US sanctions intended to isolate the Iranian regime.

Crude prices will trade above $80 a barrel during the fourth quarter amid strong global demand growth and declining Iranian exports, according to HSH Nordbank AG. West Tex as Inter med iate crude for October delivery rose $1.27 to close at $71.12 on the New York Mercantile Exchange.

Brent for November settlement added 37 cents to close at $79.40 on the ICE Futures Europe exchange. T he contract traded at a $8.63 premium to W TI for the same month after rising above $10 earlier this month.

American crude inventories

declined by 2.06 million barrels last week, the EIA said. The withdrawal came in 18 percent below the 2.5 million median estimate of analysts in a Bloomberg survey.

T he EI A a lso reported that US crude ex ports rose to 2.37 million barrels a day, the highest since July. W TI’s deep discount to Brent has enticed buyers to purchase the A merican grade. Meanwhile, supplies at the key storage hub in Cushing, Ok lahoma, and n at ionw ide ga sol i ne stoc kpiles also declined.

Other oil-market news: Gasoline futures rose 0.8 percent to $2.0207 a gallon. BP Plc. is replacing its head of US oil trading with a senior trading executive from Singapore, as it shuffles senior personnel in the division. Bloomberg News

Crypto hackers steal $60M from Japanese exchange Zaif

H

ACKERS stole $60 million of digital coins from a Japanese exchange, the latest in a string of thefts that have kept many institutional investors war y of putting their money into cryptocurrencies.

T he t hef t of Bitcoin, Monacoin a nd Bitcoin C a sh f rom Za i f, a n e xchange owned by Osakabased Tech Bureau Corp., occ u r red l ast week a nd was disclosed by Tech Bureau in a statement issued on Thursday. About ¥2.2 billion, or roughly $19.6 million, of stolen coins belonged to the exchange and the rest was client money.

V i r t u a l c u r re nc y e xchanges have suf fered at least fou r major hac k s this year, one reason professiona l money ma nagers have l a rgely steered c lea r of t he ma rket even

a s i nd iv idu a l i nvestors pi led in.

Japan is home to two of history’s biggest known crypto hacks, the Mt. Gox debacle of 2014 and the theft of nearly $500 million in digital tokens from Coincheck Inc. in January.

The country’s regulators, who h ave g ive n c r y pto markets a stamp of approval by rolling out a registration system for exchanges, have come under growing pressure to ensure that the venues are secure.

Bitcoin was little changed at $6,399 as of 9:34 a.m.

Tokyo time, underscoring that crypto investors have become increasingly inured to cyberthefts. The biggest digital coin has lost more than half its value this year, following a 15-fold gain in 2017.

W it hd raw a l s a nd de posits were halted as Zaif

rebuilds its system, with the exchange unable to say when they will resume.

Te c h Bu re au ple d ge d to compensate users who lost assets in the hacking, and immediately sig ned an agreement with a Fisco Ltd. unit to aimed at receiving ¥5 billion in financial support in exchange for selling the majority of the company. Tech Bureau didn’t give further details of how the hack happened, citing a cr imina l invest i g at ion t h at h a s b e e n launched into the breach.

Za if was among t he exchanges ordered by Japan reg u lators to improve their operations in a crackdown that followed the Coincheck hack. Zaif is ranked by Coinmarketcap.com as the 35th-large s t c r y pto c u r re nc y e xchange by reported traded volume. Bloomberg News

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Friday, September 21, 2018

A7

Govt urged: Prioritize FTA with South Korea

F

By Jasper Emmanuel Y. Arcalas

@jearcalas

ILIPINO banana growers and exporters renewed their call for the government to prioritize the forging of a free-trade agreement (FTA) with South Korea to remove the tariffs slapped on Philippine Cavendish.

The Pilipino Banana Growers and Exporters Association (PBGEA) said there should be no let-up in government efforts to pursue an FTA with South Korea, as Philippine Cavendish could lose market share to bananas from Central American nations due to Seoul’s high tariffs.

“We [urge] Malacañang to immediately and seriously look at the plight of the country’s second-largest agricultural export being charged with atrociously high import tariffs in South Korea,” PBGEA Executive Director Stephen A. Antig said in a statement on Thursday.

Trade Secretary Ramon M. Lopez met earlier this month with South Korean Trade Minister Kim Hyunchong to appeal anew for the reduction of tariffs on Philippine banana. “[We] renewed the request to lower

tariff on our banana exports for greater market access in South Korea. [We had an] open discussion, and we are considering options on a better process moving forward, either bilateral trade throughapreferential trading arrangement or under Asean-Korea,” Lopez said in a text message to reporters.

South Korean Ambassador to the Philippines Han Dong-man said the only way Seoul can reduce the tariffs slapped on Philippine banana exports is through the Regional Comprehensive Economic Partnership (RCEP).

Han said the conclusion of the RCEP remains as the “priority avenue” for Seoul to cut the 30-percent tariff on Philippine banana exports. The RCEP is a regional trade agreement involving 16 countries, including South Korea.

“We will try to reduce the tariff with the accomplishment of the RCEP.

If they conclude the RCEP, then we can have whatever free-trade agreement [FTA] where we can reduce such tariff,” Han said during the BusinessMirror Coffee Club forum in Makati City last month.

“This is a very important issue for me because Davao and Mindanao, where the bananas are coming from, is the hometown of President Duterte,” Han added. He also said that the share of Philippine bananas in the South Korean market has declined to 80 percent from 90 percent due to the influx of cheaper bananas from Central American countries, which enjoy lower tariffs.

However, the PBGEA said awaiting the conclusion of the ambitious RCEP to settle the tariff issue with South Korea would be “very tedious” for the local industry.

“The route of RCEP will be far too long and circuitous. Multilateral discussions on this trade pact started in 2012 and are still going on. Who knows when it will be done?” Antig said.

“Philippine banana exporters are already battling it out in South Korea with competitors granted concessionary import tariff rates. We cannot afford to wait while this happens. This issue must be immediately taken up

on a bilateral basis and specific to bananas,” he added.

Antig said “time is of the essence for the Philippine banana exporters and the government in this campaign to eliminate the high tariff in South Korea.”

“Peru banana exporters have been enjoying zero tariffs as early as 2015.

By 2020, barely 15 months from now, other suppliers like Colombia will enjoy zero tariffs, while Philippine bananas are still imposed a 30-percent tariff,” Antig said.

“A bilateral agreement between Manila and Seoul is the only way for the country’s banana exports to have a fighting chance against competition in South Korea,” he added.

Cheaper sugar to help govt curb rising inflation

I

N support of the Duterte administration’s call for businesses to help address the rising inflation, the sugar industry, with the support of the Universal Robina Corp. (URC) through its Sugar division, is making available sugar at reduced prices.

URC’s sugar products are available under the Robinsons Supermarket’s house brand Supersavers in all of the supermarket chain’s 160 branches nationwide.

Sugar industry officials recently visited the supermarket’s Robinsons Galleria branch.

Philippine Sugar Millers Association Inc. (PSMA) Executive Director Francisco Varua; PSMA Deputy Director for Legal Affairs Cocoy Barrera; Sugar Regulatory

Administration (SRA) Administrator Hermenegildo Serafica; Rene Cabati, URC Sugar and Renewables Business Unit general manager; Rolex Beltran, SRA deputy administrator, joined the visit. Anthony Laping, Robinsons Supermarket Galleria store manager, met the sugar industry officials.

The Economic Development Cluster (EDC) had earlier recommended a number of measures, including the removal of adminstrative constraints and nontariff barriers to importing sugar to boost local supply.

The EDC made several nonmonetary measures targeting food items after the August inflation rate surged to a nineyear high of 6.4 percent.

A8

Friday, September 21, 2018

Banking&Finance BusinessMirror

www.businessmirror.com.ph

Govt to issue ₧50-billion Marawi bonds

T

By Rea Cu @ReaCuBM

HE government is eyeing to issue some P50 billion in Marawi bonds by October this year in support of rehabilitation efforts for the Islamic city laid siege to by terrorists for five months in 2017, according to Task Force Bangon (Rise) Marawi Head Eduardo D. del Rosario.

According to del Rosario, who is also the chairman of the Housing and Urban Development Coordinating Council (HUDCC), the government is eyeing to float the Marawi bonds next month which is expected to raise around P50 billion to P60 billion, subject to market conditions.

“Our target is about P50 [billion] to P60 billion [for the Marawi bonds]. It depends on the National Treasury and the Department of Finance. They will determine how much will be needed. If in the first salvo, after the two-month marketing period, we have already achieved the desired result, then we’ll have that as our accomplishment for the issuance of the Marawi bonds,” del Rosario said during a news conference on Thursday at the Makati Diamond

Residences.

He pointed out that the rehabilitation of the areas outside of ground zero would entail a budgetary requirement estimated to be at P47.2 billion, lower than the previous P51.65-billion estimate under the Bangon Marawi Comprehensive Rehabilitation and Recovery Program (BMCRRP).

The timetable for the rehabilitation of the most affected areas in Marawi City was seen to take three years, while the reconstruction of areas outside ground zero would take until the end of President Duterte’s term or in June 2022.

“It will just take three years, so the rehabilitation for the most affected areas would be completed

by December 2021. For the areas outside ground zero, this includes the physical and not physical inter-

HOUSING and Urban Development Coordinating Council (HUDCC) Chairman Eduardo D. del Rosario (right) fields questions at a press conference in Makati City on Thursday, discussing updates on the Marawi rehabilitation and housing sector performance. Also at the briefing are (from left) National Home Mortgage Finance Corp. ) President Dr. Felixberto U. Bustos and HUDCC Secretary-General Atty. Falconi V. Millar, CPA. ALYSA SALEN

ventions as well as the psychosocial interventions, it will be until the end of the President’s term in June of 2022,” he added.

He added that the total cost or rehabilitation for ground zero itself, or the most affected area, would be around P15 billion.

He explained that the groundbreaking for the reconstruction of the most affected areas in Marawi City, initially slated on Septem-

ber 19 this year, may commence either later this month or earlyOctober, depending on the President’s schedule.

T he BMCR R P out lines the projects, programs and activities which the government will implement from 2018 to 2022 to help rebuild the lives of displaced fami lies and the reconstr uction of the areas affected by the Marawi siege.

Del Rosario explained that apart from the issuance of Marawi bonds, the sources of funding for the rehabilitation of the city would also come from the General Appropriations Act (GAA), as well as foreign aid pledges.

“That [the Marawi bonds] will fill the shortfall of either the GAA or the foreign aid that has been committed but hasn’t arrived. But the estimate as of today is P50

Sun Life sees 7 percent An association and its value inflation in PHL after A Typhoon Ompong There’s a strong possibility inflation will hit that high.

Even before the storm, prices have been moving higher, especially for rice and oil.”—Enriquez

By Cecilia Yap & Ditas Lopez Bloomberg News

S

EVEN percent inflation in the Philippines could be around the corner.

More than half-a-million metric tons of paddy rice were wiped out by Typhoon Ompong (international code name Mangkhut) last weekend, adding pressure to rice prices, which are already at a record. Michael Enriquez, chief investment officer at Sun Life of Canada Philippines Inc., forecast inflation of as high as 7 percent in September, from 6.4 percent last month, which was the fastest pace since 2009.

“There’s a strong possibility inflation will hit that high,” Enriquez said. “Even before the storm, prices have been moving higher, especially for rice and oil.”

The typhoon couldn’t have come at a worse time for the Philippines, with soaring inflation and a currency slump of more than 7 percent against the dollar this year, prompting the Central Bank to hike interest rates by 100 basis points since May. Pressure started at the beginning of the year with higher oil prices and tax increases on fuel and quickly moved to rice because of supply shortages. Rice is the staple food in the country and is the second-largest item in

the consumer basket.

The agriculture department estimated that 558,441 metric tons, or P11.45 billion ($212 million) worth of rice ready for harvest have been lost, while other crops like corn were also destroyed.

Import measures ING Groep N.V. warned that rice prices, which have risen more than 20 percent this year, will soar even more. Inflation may be higher than 6.5 percent in September, Nicholas Mapa, senior economist, said in a note on Wednesday. The September data is scheduled to be released on October 5.

Government officials are rushing to implement measures which include easing importation of rice and sugar, but the impact on prices may only start after October, Sun Life’s Enriquez said.

Inflation will peak this quarter and start easing in the next few months, Central Bank Deputy Governor Diwa C. Guinigundo said this week. Bangko Sentral ng Pilipinas has pledged to deliver strong action at its September 27 policy meeting.

The typhoon’s blow on food supply is happening at a time when oil is anticipated to go up and inflation pressure will probably last even beyond September, said Rachelle Cruz, an analyst at AP Securities Inc. in Manila.

S a member of the Washington, D.C.-based American Society of Association Executives (ASAE), I get published resources regularly to enhance my skills on association governance and management.

Every August ASAE holds its annual meeting and exposition where around 6,000 participate in various plenary sessions and educational tracks, as well as in an exhibition where thousands of suppliers and service providers for associations are showcased.

This year’s event was held in Chicago from August 18 to 21.

Though I did not attend the gathering of association professionals, I received a daily feed of the event through the “Association Adviser” e-newsletter from USbased Naylor Association Solutions. In the e-newsletter, Sarah Sain quoted keynote speaker Yancey Strickler and wrote: “Financial value is not the only value worth seeking, and Strickler said associations are in a unique position to help redefine what we, as a society, value, whether that’s

Association World Octavio Peralta

community, family, knowledge, love, security, the environment or any other defining purpose.”

Strickler, who cofounded the pioneer crowdfunding web site Kickstarter nearly a decade ago and served as its CEO for almost four years, shared how the company has made it a point to put people and purpose over profits.

Since its inception, the site has changed the way creative projects are made by allowing ideas (from Cards Against Humanity to Oculus Rift to 11 Oscar-nominated films) to exist for no other reason than because people want them.

Kickstarter became a Public Benefit Corporation (PBC) in 2015, which means it operates for the benefit of society and commits to the public good. While the company can help anyone

PBCOM offers LTNCD

T

HE Philippine Bank of Communications (PBCOM) has announced the start of its offering period to issue Long Term Negotiable Certificate of Time Deposits (LTNCD) in an effort to further boost its strategic initiatives and meet its growth prospects moving forward. This will be the maiden issuance for the Lucio Co-led Bank, which marked almost eight decades in the banking business earlier this month.

Mr. Co has been a strategic partner of the Bank since 2014. The funds will be used for general corporate funding with an emphasis on longterm lending.

PBCOM is targeting to raise about P2 billion, from this exercise although it has Bangko Sentral ng Pilipinas approval to issue up to P5 billion. The offer period for the initial tranche will run from

September 17 until September 28.

The LTNCDs will feature a term of five years and six months with an indicative rate of 5.375 percent to 5.625 percent and payable quarterly.

The rate will be finalized at the end of the offering period and will be exempt from the 20 percent withholding tax to individual investors if held for more than five years. Minimum investment size is P50,000, followed by increments of P10,000.

ING Bank N.V. (Manila Branch) and the Development Bank of the Philippines have been appointed to act as joint lead arrangers, joint book runners and selling agents for the transaction. PBCOM will also act as a selling agent.

The instrument will be listed in the Philippine Dealing and Exchange Corp. platform.

bring an idea or project to life, Strickler notes that in reality, entrepreneurship rates are half of what they were 40 years ago.

The reason: most businesses are more focused on financial maximization—in other words, decisions are based on what will make them the most money.

Strickler instead encouraged the audience to ask themselves three questions to find their value and drive decision-making: 1. Why do you exist?

2. What’s different about you?

3. What’s success for you?

“Through these three questions, associations can then articulate their own defining purpose and defend the values of others around them. It’s only through this shared interest and concern that we’ll really succeed in the future,” added Strickler.

Associations in the country can learn from this bit of advice from Strickler. In my column here on February 23, 2017, entitled, A ssociation’s Pur pose and Mission, I mentioned that the fundamental argument for

billion in costs,” said Felixberto U. Bustos Jr., president of the National Home Mortgage Finance Corporation (NHMFC).

Sought for comment on the Marawi bond issuance in October, National Treasurer Rosalia V. de Leon said that the issuance of the security will be triggered “subject to approximations and market backdrop.”

The Bureau of the Treasury (BTr) earlier said that the Marawi bond issue will take the form of retail Treasury bonds and will be made available online so that overseas Filipino workers can also participate in the exercise.

In May this year, the Philippine government with officials from Japan signed a ¥2-billion (about P472.47 million at current exchange rates) grant agreement to support ongoing efforts for the reconstruction and rehabilitation of the war-torn capital of the province of Lanao del Sur. That agreement was signed

by Finance Secretary Carlos G. Dominguez III, on behalf of the Philippines, and Yoshio Wada, chief representative in the Philippines of the Japan International Cooperation Agency, on behalf of Japan.

Dominguez earlier said the Philippine government has, so far, identified 902 priority projects and activities for the rehabilitation and recovery of Marawi City and its surrounding areas with close to half of the funding to be drawn from the National Disaster Risk Reduction and Management Project Fund.

why members and leaders of associations must know by heart its crystal-clear purpose is for strategy and direction’s sake. If you do not know your purpose or reason for being, then you will not know what to do and where to go. This is as basic as it can get.

The column contributor Octavio Peralta is concurrently the secretary-general of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) and CEO and founder of the Philippine Council of Associations and Association Executives (PCAAE).

PCAAE is holding its Sixth Associations Summit on November 23 and 24, at the Subic Bay Exhibition and Convention Center.

The event is hosted by the Subic Bay Metropolitan Authority and supported by the Tourism Promotions Board (TPB). PCAAE enjoys the support of ADFIAP, TPB and the Philippine International Convention Center.

E-mail: obp@adfiap.org

$300 million of Security Bank’s $1-B MTN program drawn down

S

ECURITY Bank Corp. (SBC) has issued $300 million of 4.500 percent in Senior Unsec ured Fi xed R ate Notes (Notes) due September 2023 as a drawdown of its $1-billion medium-term note (MTN) program. This follows a successful road show to meet with London, Singapore and Hong Kong investors on September 4 and 5, 11 and 12, 2018.

Proceeds of the Notes will be used to extend term liabilities, expand funding base, improve liquidity gaps, to fund investment and other general corporate purposes.

Book momentum was strong from the onset with orders totaling close to $1.1 billion at the peak covering the intended sizing 3.7x. After pricing at the tight end

of final guidance, the order book was in excess of $800 million from 68 accounts.

The offering was distributed to high-quality investors with 55 percent allocated to global fund and asset managers, 20 percent to insurance companies, and the rest went to banks, private banks and other investors.

By geog raphy, 73 percent was a l located to accounts in Asia and 27 percent to accounts in Europe.

The transaction is expected to settle on September 24.

The Notes will be listed on the Singapore Stock Exchange and are expected to have an Issue Rating of Baa2 by Moody’s.

Citigroup, CLSA, MUFG, and UBS are the joint book runners for the transaction.

The Regions BusinessMirror

A9

Editor: Dennis D. Estopace • Friday, September 21, 2018

Govt pitches ‘BBB’ to potential investors

C

By Ashley Manabat | Correspondent

APAS, Tarlac—A group of local and regional bank analysts, portfolio strategists and economists visited the developments and ongoing construction at New Clark City here on Wednesday upon the invitation of the Investor Relations Office (IRO) of the Bangko Sentral ng Pilipinas (BSP).

The visit was part of the government’s campaign to drum up awareness of the country’s boldest infrastructure agenda, dubbed as the “Build, Build, Build” (BBB) program.

Around 50 people, coming mostly from the banking industry, comprised the latest group to tour the site organized and hosted by the Bases Conversion and Development Authority (BCDA).

They were welcomed at the construction site by BCDA President and CEO Vivencio B. Dizon, who gave an overview of the Phase 1A of the development of the New Clark City that will be the venue for the 2019 Southeast Asian (SEA) Games.

Details of the plans and projects were provided through separate presentations delivered by top executives from investors, including Alloy MTD Philippines President Mico David and Arch. Royal Pineda.

Presentations on developments in the Clark Freeport Zone were later delivered

by Clark Development Corp. Executive Rodem Perez and Clark International Airport Corp. official Darwin Cunanan at the newly opened Clark Marriott Hotel.

Before heading to Manila, the guests were given a quick tour of the construction of the Clark International Airport’s new terminal building, which is expected to accommodate additional 8 million passengers annually.

“We are in exciting times. The Philippines is undergoing massive infrastructure transformation, pushing the economy toward its next stage of development, and we are eager to take everyone onboard in this journey,” Dizon said.

New Clark City will be the country’s first

smart, green and resilient city. It is expected to be a major alternative growth hub outside Metro Manila. It covers an area of about 9,450 hectares.

Currently being constructed is Phase 1A, which is about 40 hectares and is targeted to be completed by September 2019.

Phase 1A will house the National Government Administrative Center (NGAC) and a world-class Sports Complex as the venue of the SEA Games next year.

The NGAC will be a location for government offices and a housing village for government workers.

The Sports Complex will include a 20,000-seat capacity Athletic Stadium, a 2,000-seat capacity Aquatic Center and 1,000-seat capacity Athletes Village. The sports facilities will be used next year during the Philippines’s hosting of the 2019 SEA Games from November to December 2019.

Various commercial and industrial areas will be constructed in the succeeding phases of New Clark City.

New Clark City is owned by the BCDA and is being developed with private-sector partners, including MTD Philippines and Filinvest.

According to BSP-IRO Director Elizabeth Victoria Medina-Navarro, “Inviting stakeholders to witness for themselves actual unfolding and realization of the BBB program is an effective way to demonstrate the government’s commitment and political will to increase country competitiveness and to harness the Philippines’s potential as a major investment site, not only in the region, but in the world.”

Cavite now included in HNCP for ‘Big One’ through Viper

T

HE Vulnerability and Impact Reduction to Earthquake (Viper) project has included Cavite in the Harmonized National Contingency Plan (HNCP) for the “Big One,” a 7.2-magnitude movement of the 100-kilometer West Valley Fault with Intensity 8 ground shaking.

The groundwork for this was based on the Metro Manila Disaster Risk Reduction and Management Council’s Oplan Metro Yakal Plus, which was conceived in 2010 through the Greater Metro Manila Area Risk Analysis Project and previous data from the Metro Manila Earthquake Impact Reduction Study.

According to the Philippine Institute of Volcanology and Seismology, the Valley Fault System indicated that the Big One will pass through the dense Metro Manila area and its neighboring provinces.

Viper was realized through a consortium composed of the Provincial Government of Cavite-Office of Public Safety, the Adventist Development and Relief Agency (Adra) and the Humanitarian Leadership Academy (HLA) to identify key actions to better prepare the province for the impacts of the earthquake, and to strengthen its Humanitarian Coordination Model.

In May Cavite Gov. Jesus Crispin Remulla signed a memorandum of agreement with Adra Philippines Country Director Tom Pignon and HLA Philippines Director Diosdado Waña formally including Cavite in the HNCP for the Big One. The project, which was funded by Adra Czech Republic, Adra International, Provincial Government of Cavite and HLA, officially ended in June.

Under the HNCP, the local disaster fund shall provide local government units (LGUs) equipment to help with the rescue of casualties and collapsed structures. Each city, municipality and barangay takes primary responsibility for response operations and evacuation centers in their immediate areas. They are also tasked to implement their own response plans in coordination with their city or province disaster risk reduction and management office.

The National Disaster Risk Reduction and Management Council (NDRRMC) reported that the effects of a 7.2-magnitude earthquake include: damaged buildings, homes and other infrastructure; damaged power lines and fire

breakouts; broken water supply; faulty communication lines and human casualties.

Pignon, in an interview with the BusinessMirror, stressed that disaster countermeasure is crucial to curbing any kind of casualties that such crisis may bring. He said, “There is still more work that needs to be done and I don’t think we can ever be completely prepared, but coming up with a contingency plan is a key step to facing disasters and emergencies.”

Viper has three stages and Adra headed its overall management. Stage 1 was the development of a contingency plan, facilitation of an effective regular monitoring of the project implementation, including the conduct of postactivity assessment to measure the achievement of the project, among others.

For Stage 2, the HLA provided technical assistance through the services of a competent local service provider to assist and participate in the project management team meetings and other consultations related to project implementation.

The provincial government, through its Provincial Disaster Risk Reduction and Management Office (PDRRMO), handled Stage 3, which was the actual implementation of the developed contingency plan. The PDRRMO also ensured the dissemination of information regarding the status and updates of the project implementation to program beneficiaries and other relevant stakeholders, including the preparation of the Annual Investment Plan, among other significant tasks provided in the agreement.

“Viper has brought together the LGU of Cavite and various agencies to say, ‘If that disaster happens, this is going to be our role, this is how we can work together to reduce the impact of the earthquake and for us to recover much sooner.’ A lot of work has been done on the national level focusing on how to respond to disasters within Metro Manila, and so it is our role as a humanitarian agency residing in Cavite to bring that here,” Pignon said.

“The last Big One happened about 450 years ago and that could mean that it might happen tomorrow, or in 10 or 20 or 30 years’ time. We can never predict when. What we do know is that we need to be prepared when it finally happens,” he added. Pauline Joy M. Gutierrez

A10 Friday, September 21, 2018 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

The debt/currency disaster

I

T was not too long ago that countries like the Philippines were categorized as “Third World.” A few years later, the Third World had progressed to “underdeveloped” and now most of those—like the Philippines—have reached “emerging markets” classification.

The interesting thing is that, while we appreciate not being considered “Third” out of three in the economic race, the difference between then and now is the amount of foreign debt. The “Third World” was supposed to be lifted to the heights of prosperity by taking advantage of the loans offered by the Western financial institutions like the International Monetary Fund.

But the road to economic paradise became a rocky path to economic disaster.

The Western lenders can accurately blame government corruption, and inefficient use of funds. However, nobody at the time seemed to care that the drunk was getting behind the wheel of his car and killing someone on the road. As long as the bill was paid, everything was good. Poverty in the countries that borrowed heavily increased. But the lending banks’ profits never seemed to suffer.

Here we are some 20 years after the debt/currency-fueled Asian financial crisis and there are several countries that should probably be called Third World once again.

There are three situations that are creating the “perfect” storm. Since 2009, global interest rates have fallen to a level that is the lowest in literally 5,000 years. You want to see a group of people get drunk? Offer 50-percent off on beer and also “Buy 1, Take 1.”

The emerging market countries could not contain themselves in the quest to show economic growth. They had to borrow some of that cheap money. In the Philippines the foreign-denominated debt went from $65 billion in 2009 to $80 billion in 2012. Vietnam’s debt is up 300 percent.

That total is for both the public and private sector. But if a private company defaults, they go out of business. If the government gets into debt problems, the people suffer.

The low interest rates were a result of the Western nations’ central banks monetary policy to try to stimulate their economies. Those low rates have distorted lending and borrowing and are coming to an end. The time of “cheap” loans is over. The significance of this is that governments rarely if ever actually pay off a loan like ordinary people do. Governments borrow money and then when the loans come due, they borrow to pay off the first loans.

Borrowing now, however, is more expensive than just two years ago.

Therefore, any new loans to pay the old loans—even if the same nominal amount—is actually increasing the total amount of debt obligation due to higher rates.

The most obvious lesson that should have been learned from 1997, if your income is in local currency and your debt is paid in foreign currency, is that the exchange rate risk is huge. This applies to both the public and private sector. There were several companies in the Philippines that went broke in 1997 because of their foreign debt.

The US dollar is generally appreciating because the perceived risk is lower in the US than in Europe and elsewhere. Argentina raises its interest rates to 60 percent to help keep the currency from collapsing, which also raises domestic borrowing which causes more people to move out of the Argentine peso, causing the currency to depreciate more. It is a vicious cycle.

For the time being, the Philippines is not part of that cycle. But we the people must remain vigilant against government foreign-funded borrowing. It is our future the government would be borrowing against.

Since 2005

BusinessMirror A broader look at today’s business

Impatient with democracy James Jimenez

SPOX

I

NCLUDING today, there are eight days left for people to see to their voter registration status. Most will be first-time voters, a category that includes both those who are just turning 18 and those who are already older than that but who, for one reason or another, haven’t registered to vote yet.

Some will be reactivators— people who, as a consequence of failing to vote in two successive national elections, have had their voting status deactivated. There are also those who will be seeking to transfer their voting records, i.e., people who used to vote in one place but now are planning to cast their ballots elsewhere. And then there are those who simply want to amend the details of their voter registration records, those who are just now regaining their political rights. It’s not a homogenous group by any stretch of the imagination.

Just to illustrate: at the special satellite registration event in Cotabato City last week, held in conjunction with the upcoming

Achieving true universal health care Sonny M. Angara

✝ Ambassador Antonio L. Cabangon Chua

BETTER DAYS

Founder Publisher Editor in Chief Associate Editor News Editor Senior Editors

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

Online Editor Social Media Editor

Ruben M. Cruz Jr. Angel R. Calso

Creative Director Chief Photographer

Eduardo A. Davad Nonilon G. Reyes

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

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

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines.

Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025.

(Advertising Sales) 893-2019; 817-1351, 817-2807.

(Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

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

plebiscite on the Bangsamoro Organic Law, I saw people as young as 16 years old (turned away, of course, for being underaged) to 109 wanting to get registered; most of them, even the older ones, were first-time voters, while a significant number claimed to have voted last when the now Mayor of Manila aspired for the highest office in the land. All told, over three days in Cotabato City, more than 800 people turned up to enlist as voters at the special registration event; throughout the region, more than 11,000—all of them in addition to the thousands more being signed up at the same time all over the rest of the country. With numbers like that, is it any wonder that the

Commission on Elections expects there to be more than 60 million registered voters eligible to vote in the 2019 national and local elections?

To say that this bodes well for our democratic way of life is to belabor the obvious. Unfortunately, it is equally obvious that far too many people are getting impatient with the ways of democracy. And others seem bent on trivializing the role of elections, in favor of quick fixes.

The problem, as I see it, is that impatience with democracy leads people to believe that it would be a good idea to circumvent elections; to substitute mass movements for the will of the people as expressed in elections—the consent of the governed. This is true for “people power” movements which run roughshod over the Constitution, just as it is true for Constitutional impeachments or deliberate and purposeful declarations of revolutionary governments. Regardless of the motivations behind them, all these methods, in effect, attempt to substitute the will of some for the consent of the governed, all in the name of a more perfect government. But that argument misses the point.

Democracy has never promised perfect government, or the best

F

ORTY years ago, delegates from 135 countries, including the Philippines, met at an international conference in what is now Almaty, Kazakhstan, under the former USSR. There, they signed the first global declaration affirming “primary health care” as key to upholding every person’s right to a healthy life.

Many consider this “Alma-Ata Declaration” among the critical public health milestones of the 20th century, signaling a global commitment to make quality health care universally accessible by bringing it down to the community.

My late father, Sen. Edgardo J. Angara, helped tremendously in this effort. Next to education, health was one of his main advocacies, having helmed the Senate Committee on Health as early as his first term in 1987.

Among the health-related laws he authored, the most critical was perhaps the measure providing for a nationwide health insurance policy and establishing the Philippine Health Insurance Corp.

(PhilHealth) in 1995. This law laid out the groundwork for the government’s ongoing efforts at

attaining true universal healthcare coverage.

Less than a year before he ended his last term, my father cast another crucial vote in favor of universal health care. On December 2012 he voted for the bicameral report on higher excise taxes on alcohol and tobacco products, which would be enacted as Republic Act 10351.

This law marked a sea change in the country’s efforts at realizing “health care for all,” providing the billions that allowed the government to expand health insurance coverage to a little more than 90 percent of the population. What some may not know was that the fight for the law was so close in the Senate, that its ratification was approved on a difference of only one vote.

Today’s Senate also contributed to this effort. As part of the

package of tax reforms the Senate passed last year, the excise tax on cigarettes was raised to P35 (from June 2018 to December 2019) and will be raised to P37.50 starting January 2020. This represents a magnitude of change, considering that less than a decade ago, the cheapest excise tax smokers had to pay was only P3 per pack.

Still, the fight for true universal health care continues. Debates now rage, led by the Senate Health Committee Chairman Sen. JV Ejercito, on SBN 1896 or the Universal Health Care for All Filipinos (UHC) Act—a measure which I coauthored and cosponsored.

One objective of this measure is to make checkups, x-rays and laboratory tests, including mental health consultations, cancer risk screenings and even certain medicines, free for all Filipinos. By making such services readily accessible, we hope to induce a change in attitudes among our people—who only go to see a doctor when their sicknesses are already very grave or at advanced stages.

The UHC bill is also envisioned to cause a paradigm shift from curative to preventive interventions across the public health system— a hallmark of the “primary health care” envisioned in the Alma-Ata Declaration. We want to nip the sicknesses in the bud so to speak, by getting more of our countrymen into the habit of seeking

of all possible governments. The guarantee of democracy has always just been that the people would be governed by people chosen by the people. And the only way of determining the choice of the people is through suffrage. This is not what happens in an uprising, however, clad that uprising might be in the trappings of “popular democracy.”

Eschewing elections is typically justified as a necessary step to win (or win back) democracy. But true democracy is not a prize to be won at the end of a struggle. It is a continuing state that is always in danger of falling apart—a temporary respite from the sickness that is tribalism, constantly at risk of relapse. And because I am aware of the ease with which democracy can be transformed into something other, I do tend to cling to those beliefs (corny or unpragmatic as some might say they are) that are, at their root, a rejection of all the trappings of nondemocracy.

So, even at this late date—or perhaps precisely because of the lateness of the hour—I renew my call for people to come to the registration centers to ensure that they can be a part of true democracy as sovereign voters from whom the leaders ultimately derive their authority to lead.

immediate medical help.

An ounce of prevention would definitely provide substantial relief to Filipino families more than a pound of cure, given the skyrocketing costs of treatment and hospitalization. The same is true for the state, considering it spends significant resources on treating hemodialysis (PhilHealth’s top payout between 2013 and 2017) and on deaths caused by heart disease, neoplasms or cancerous tumors, pneumonia, strokes, diabetes and hypertension (which are the top 6 causes of death according to 2016 PSA data). All are preventable.

One issue needs to be settled, however. The Department of Health (DOH) needs an extra P60 billion to P80 billion on top of the P200-billion 2019 budget they’re slated to receive just to implement the UHC bill on the first year alone.

Clearly, the government will need to channel more of its resources into implementing this measure, which President Duterte certified as urgent. In the same way that concerted action helped make tertiary education universally accessible, extra effort will be needed so that another fight for universal health care is won.

Sen. Sonny M. Angara was elected in 2013, and is now the chairman of the Senate Committees on Local Government, and Ways and Means.

Email: sensonnyangara@yahoo.com| Facebook, Twitter & Instagram: @sonnyangara.

Opinion BusinessMirror

www.businessmirror.com.ph

Friday, September 21, 2018 A11

Saving the planet doesn’t Silenced September (For Manong Pempe) mean killing growth

I

By Noah Smith |

Bloomberg Opinion

N the 19th and 20th centuries, a few countries got fabulously rich. These included most of Europe, parts of East Asia, some small oil producing states and parts of the former British Empire. In recent decades, more of the world—large parts of China, portions of India, Southeast Asia and part of Latin America—have joined the rich world, thanks to an unprecedented explosion of global growth. But for large swathes of the world, life remains a grinding daily struggle. Women in poor countries spend hours every day carrying water. Hundreds of millions of people contract malaria every year. Almost a billion people still defecate outdoors.

The obvious solution to lifting these people out of poverty—without inflicting poverty on some of those who have already escaped it—is economic growth. But there is a small but vocal group of environmentalists telling us that growth is no longer possible—that unless growth ends, climate change and other environmental impacts will destroy civilization. Writing in Foreign Policy, anthropologist Jason Hickel declares: Once we reach the limits of efficiency, pursuing any degree of economic growth drives resource use back up.… Ultimately, bringing our civilization back within planetary boundaries is going to require that we liberate ourselves from our dependence on economic growth—starting with rich nations.

Hickel cites analyses by the United Nations Environment Program and others showing that even big improvements in resource efficiency, encouraged by very high carbon taxes, will be unable to halt overall resource use or global carbon emissions. But this evidence doesn’t support Hickel’s conclusions, which rely on several misconceptions about the nature and the importance of growth.

First, Hickel doesn’t seem to grapple with the fact that most economic growth now happens in countries that are relatively poor. The International Monetary Fund estimates that from 2010 to 2015, emerging markets and developing countries were responsible for about 70 percent of global output and consumption growth, while advanced economies were responsible for the rest. The World Bank’s forecasts for 2017 to 2019 are similar: China’s contribution to global growth will be double that of the US, and India’s will be larger than that of the entire euro zone.

The same is true of greenhouse-gas emissions. Since about 1990, emissions from the US and EU have fallen, while emissions from developing countries, especially China and India, have exploded: In 2017 the International Energy Agency estimated that the growth in energy-related carbon emissions in China and the rest of developing Asia was more than five times the growth in the European Union, while US emissions declined.

In other words, if Hickel and others stop economic growth, it won’t be rich countries that bear the brunt of the change. It will be poor and middle-income countries like India and China. African countries that are still desperately poor will not even get their chance.

Hickel tries to avoid this outcome

by declaring that “We can improve people’s lives right now simply by sharing what we already have more fairly,” but even total global redistribution—which is, of course, far outside of the realm of political and logistical possibility—would afford the average person a standard of living only slightly better than that now enjoyed in China. A realistic amount of redistribution would do far less for the global poor—meaning they’d be the ones on the hook in a zero-growth world.

The second thing that Hickel leaves out is the connection between growth and fertility. Once countries pass percapita GDP of $10,000, fertility rates rapidly drop to or below the replacement rate of 2.1 children per woman.

Halting growth now would leave most African countries trapped well below that magic level, meaning their population growth—and thus, the world’s population growth—would continue without limit. That, in turn, would eventually overwhelm the world’s resources—if not in terms of the climate, then certainly in terms of fresh water and food.

Fortunately, Hickel and the zerogrowth environmentalists ignore a third crucial factor—technology. In rich countries, growth has shifted somewhat from physical things to digital services, which require much less energy consumption. Even more important, green energy, especially solar power, has progressed by leaps and bounds: In many regions, wind and solar are already cheaper than coal power, and electric vehicles are rapidly becoming more common. This incredible technological progress means that rich countries could see a renewable-powered electrical grid and fully electrified transportation before the century is out. More important, cheap renewable energy means that poor countries in Africa and South Asia will be able to follow a different, cleaner path to industrialization without sacrificing living standards. Ultimately, technological progress will be much more important for limiting global resource use than the energy-efficiency measures Hickel considers.

In the movie Avengers: Infinity War, the supervillain Thanos kills off half the universe in a misguided attempt to prevent resource overuse. The zerogrowth environmentalists are embracing a solution only slightly less destructive. Thanos’s better course would have been to use his vast powers to provide the universe with renewable-energy technology that would let them get rich—and lower their fertility rates— without destroying the environment.

Environmentalists in the real world should take that approach, as well.

Tito Genova Valiente

ANNOTATIONS

O

N paper and in history, it was September 21. It reached Naga on the 23rd.

It was Saturday. The morning was quiet because the radio, the tiny contraption that accompanied the breakfast and the early mornings of the people in our small city, was quiet. The voice of local broadcaster Rufo Tuy, noted for his colorful and flamboyant use of the Bikol language, was not heard that morning.

In some radio stations, instrumental music and classical music were being played.

I left home and arrived in the old Jesuit college for the Saturday ROTC formation. Our officers were there but they did not seem to have any activity for us. We were lined up but there were no drills.

Everyone was talking about the radio. And the silence, the absence of words.

It was almost nine in the morning when our company officer faced us. Martial law has been declared. We could all go home now. There will be no classes. Please wait for further announcements.

Was there fear among us? Did we feel anxious?

We were 16, 17 years old. We were shy, sometimes reckless. We were ready for any kind of universe.

I do not remember bidding goodbye to anyone. We were a different generation.

My mother would tell us when the Second World War was declared, there was sadness in the farewells said to teachers and classmates. They knew some, or many, of them would not see each other anymore.

Generations have lucid ideas about world wars. No generation in the 1970s knew what martial law was all about. There was a president who would become a dictator. He would be astute about his regime.

He promised New Society and asked

artists to compose music for the new dispensation. Music was the new untruth but it was a scheme carefully manufactured by the sad genius of this man and his wife.

Music and culture were all over the land. It was as if a new world came with the hundreds of presidential decrees, each decree anointing a person, each decree elevating the Lady to the “Firstness” beyond compare. Poets and musicians were recruited to sing for and about her.

Temples of her design were built to house her constricted notion of the Filipino soul and arts.

It was conjugal, the cruelty that swept the land.

Recall now how a declaration was kept hidden from the Republic. The dictator’s critics were caught first before they were informed that a world was already invented—legalized and lexicalized—so they would be kept silent.

Some 46 years from that day in September, I still am thinking what happened between the 21st and 23rd. How did the regime maintain the quiet as it began the persecution of people and initiating the death of freedom? They

were good in infamy. They were first-class in evil.

From that early morning of the silenced radio, the years went on.

We were back in the school. There was pretense in the air. The media and the announcers were back. Loud was the radio again, but it was loud for the sake of loudness.

Was there freedom? Yes, according to one writer. You are free to write anything so long as you are ready to fight for it. She had connections to the Palace. Other than her trenchant prose, that connection was her other gift.

We would discover our other gifts. There was the gift of compromise that was rewarded with promises. We also discovered a hitherto unheard of gift—the gift of acquiescence. The world could go on so long as we were allowed to go on. The events unfolded as we looked the other way, and listened to the Siren song of an island that was drifting far and far away.

Youth was not only wasted on the young; Youth was a wasteland.

Youth, the hope of whatever Land, was not allowed any land or any earth to dream.

The first year of the declaration was a phantasm of parades to remind everyone of the glorious past.

The dictator was cunning to dig the past because the present was bleeding. The Lady was even more ambitious as she ransacked Hellenic ideals by regaling everyone with the good, the true and the beautiful. She

Bloomberg Opinion

P

RIME Minister Shinzo Abe won a leadership vote of his ruling party on Thursday, bolstered by Japan’s longest stretch of economic growth in a generation.

His Abenomics program has coincided with a global upswing that’s helped the country break out of a decades-long deflationary malaise, fueled corporate profits and supported the stock market.

Abe did enough to retain the top job in the Liberal Democratic Party, but he hasn’t delivered on some of his early policy goals, despite a strong position in parliament. Debt keeps rising,

demographic problems abound and women are yet to crack open the glass ceiling into management.

The charts below show some key areas of success, and where more work is needed.

Massive monetary stimulus, flexible fiscal policy and a favorable global environment helped the economy expand at an average annual pace of 1.3 percent in real terms over the first five years of Abenomics. That’s still short of Abe’s own goal of 2 percent. His ¥600 trillion ($5.4 trillion) target for gross domestic product in 2020 also looks out of reach, particularly with a sales-tax hike looming in 2019.

While Abe doesn’t want to say

E-mail: titovaliente@yahoo.com.

The wounds will be healed through faith Rev. Fr. Antonio Cecilio T. Pascual

SERVANT LEADER

F

OR the Lord is strong and always faithful. He rules the stormy area and calms its angry waves (Psalm 89:8-9).

My dear brothers and sisters in Christ, as we pray for our personal intentions, our priests and consecrated persons, and our leaders in the government, let us also include in our prayers our kababayan in various provinces of our country, who are currently recovering from the aftermath caused by the recent Typhoon Ompong.

We in Caritas Manila and Radio Veritas 846 are appealing for prayers and Divine protection, and for donations in cash and in kind for the relief and rehabilitation needs of our suffering kababayan in Northern Luzon.

As children of God, we must be

a good shepherd to our brothers and sisters by means of giving our hands to help them. “God loved us and chose us for His own. So then, we must clothe ourselves with compassion, kindness, humility, gentleness and patience” (Colossians 3:12).

During this time, our Lord Jesus Christ is calling us to offer ourselves to Him by means of charity and generosity as “the generous will be blessed, for they share their food with the poor” (Proverbs 22:9) because “whoever is kind to the poor lends to the Lord, and He will reward them for what they have done” (Proverbs 19:17).

Let us take this opportunity, my dear children of God, to bring hope and joy to the sorrowful and devastated hearts of our brothers and sisters. Let us be an instrument to show the grace and light of God through our generosity.

Donations can be offered online through http://ushare.unionbankph. com/caritas/, via any branch of Cebuana Lhuillier (free of charge), or by bank deposit: Account Name: Caritas Manila Inc. Bank of the Philippine Islands— Savings Account No.: 3063-5357-01 Banco de Oro—Savings Account

Abe and the global upswing: Charting Japan’s economic recovery

By Paul Jackson

went statistical by inventing the dictum of smiles as the indicator of the well-being of children. She drew circles and triangles on the white board as technocrats copied them because there was no other way of surviving her presence.

We lived through the disappearance of brothers, sisters, wives, husbands, fathers, mothers, grandparents, even children. The disappeared were muted. Silence was a motif of this epic of dictatorship.

I was back for a semester in the old Jesuit college when one night, a student knocked on the door of my classroom. I excused myself to ask what he wanted to tell me. A friend wants to see you. He says you have not seen each other for a long time.

Excusing myself from class, I went to the other end of the corridor. I could not see anyone until I realized there was a shadow near the bench at the old acacia tree. I approached the old man, for he looked old. He was wearing a buri hat. He extended his hand. Old friends do not shake hands, I nervously said to myself. But I reached for his hand when I saw that it was trembling.

Homer. It was almost a whisper. He was Homer, indeed. Gangly and gentle—perhaps the gentlest of all my classmates—he looked old. The last time I heard he was missing.

How are you? Visit me when you can.

I am home with my parents.

With some high-school friends, we visited Homer. He was visibly distraught but happy to see us. His hands were shaking and he kept telling us how kind were the military men who kept him.

A month from that visit, Homer passed on.

Homer was lucky. He had a real death. For my generation, our dying began that day in September. We are still dying.

I cannot also grieve for those years, which began in 1972. I cannot grieve because we are still dying.

In silence.

it too loudly, given sensitivities with the US, the weaker yen that’s accompanied the Bank of Japan’s stimulus has been a huge benefit for the nation’s international competitiveness. Exporters have reaped profits and there’s been a record influx of tourists from overseas. The weaker yen has also come at a price, with Gov. Haruhiko Kuroda buying so many bonds and other securities that the BOJ’s holdings are now almost as big as the economy itself, creating a whole new set of problems.

The central bank has given up on predicting when Japan will reach 2-percent price growth, and in July took measures to shore up its program for the long haul.

In the meantime, the stimulus is squeezing commercial banks, distorting bond and equity markets and adding to unease about Japan’s heavy debt load. A modest improvement in wage growth offers hope that a targeted cycle of higher pay, consumption and prices may gain traction.

Hefty earnings, especially for big exporters, have spurred capital investment by companies betting on a brighter future. And there are signs that enterprises focusing on the domestic economy are also investing more. Stock-market gains reflect the renewed optimism in Japanese businesses. That’s also provided a windfall for individuals who invested in Japanese

equities, fueling some high-end consumption, along with complaints. A criticism leveled at Abenomics is that it’s helped wealthy people in Japan’s cities get richer, while regular wage earners and residents of regional areas continue to struggle.

Economic growth has reduced unemployment to the lowest levels in more than two decades. Yet the increasing number of jobs available for each job seeker owes as much to Japan’s aging and shrinking population as it does to Abe’s drive to reenergize the economy.

And the prime minister’s program has done little to slow the demographic slide or address the debt burden that will be carried by

No.: 5600-45905 Metrobank—Savings Account No.: 175-3-17506954-3 For proper acknowledgment of your tithes and donations, kindly fax copy of deposit slip to 563-9306 or e-mail a scanned copy to caritas_manila@yahoo.com. Please indicate your name and complete address.

Donors may also call Caritas Manila landline 563-9311, 562-0020 up to 25 or drop off donations at the Caritas Manila head office at 2002 Jesus Street, Pandacan,Manila or at Radio Veritas on West Avenue corner Edsa, Quezon City.

Thank you and may the Almighty God bless your generosity.

To know more about Caritas Manila, visit www. caritasmanila.org.ph. For your donations, call our DonorCare lines 563-9311, 564-0205, 09997943455, 0905-4285001 and 0929-8343857. Make it a habit to listen to Radio Veritas 846 in the AM band, or through live streaming at www.veritas846.ph. For comments, e-mail veritas846pr@ gmail.com.

future generations.

Gains in the number of women participating in the labor force warrant some celebration, but there’s still more to be done. The percentage of female board members for companies listed on the benchmark Topix index has tripled during Abe’s tenure, but is still only 4.2 percent.

A goal of making 30 percent of managers women by 2020 has been scaled back.

The LDP leadership vote took place on Thursday afternoon. Abe’s sole opponent, Shigeru Ishiba, had emphasized the need to prioritize social security reform, regional growth and fiscal prudence ahead of the prime minister’s planned efforts to change the constitution.

2nd Front Page BusinessMirror

A12 Friday, September 21, 2018

www.businessmirror.com.ph

SBMA setting up Subic airport for international flights

S

By Henry Empeño | Correspondent

UBIC BAY FREEPORT—Hoping to regain Subic’s lost glory as a major port for commercial airlines, the Subic Bay Metropolitan Authority (SBMA) is now setting up a multimillion rehabilitation program to procure various landing instruments and communications systems for the Subic Bay International Airport (SBIA).

SBMA Chairman and Administrator Wilma T. Eisma said the agency started refurbishing the SBIA with a new P51-million Automated Weather Observation System (Awos), which provides continuous, real-time information on weather conditions.

“The Awos is already installed and operational, which is why Subic is now ready to accommodate planes because its communications and night-time capability are fully functioning,” Eisma said.

She added that the capability of the Subic airport was tested just

recently when it landed flights from Bangkok that were diverted from Clark Airport.

Built in 1951 as the US Navy’s Naval Air Station Cubi Point, Subic airport was converted into a commercial airport when SBMA took over the former American base in 1992. Retrofitted with a $12.6-million passenger terminal, it formally opened in 1996 as the SBIA, and later became the Asia One hub of the American cargo giant Federal Express.

The SBIA is said to have topped the 100,000 passenger count star-

FIVE passenger planes of the Far Eastern Air Transport in Taiwan are seen parked at the SBIA apron in this file photo, as they take shelter from Typhoon Sepat on August 18, 2007.

ing 1997 and in 1998 handled around 1,000 international and 6,000 domestic flights. Passenger record, however, dwindled in the following years until it also lost its major client when FedEx moved its hub to China in 2009.

The government lately took a second look at the Subic airport, as it sought to address the long-standing congestion problem at the Ninoy Aquino International Airport.

Eisma said the government has now allocated some P502 million

Mocha sued before Ombudsman for video

M

EMBERS and supporters of a group championing the rights of persons with disability (PWD) have filed a case against Assistant Secretary Mocha Uson with the Ombudsman over a video she posted that was seen as making fun of the sign language for the deaf.

Sought for reaction, Malacañang said that if the Ombudsman so decides against her, it will order the dismissal of the controversial executive, who was hired mainly

for her vaunted social media following (claimed: 5 million followers), but who has sparked controversy left and right for several blunders.

Right now, there is no dismissal order from the Palace for Uson, according to Malacañang. “Well, let’s wait for the decision of the Ombudsman,” Presidential Spokesman Harry L. Roque Jr. said.

“The Ombudsman can already order the dismissal of anyone in the government, because it is both an

administrative and a criminal case.

The Palace will respect the process.

If the Ombudsman will order the sacking [of Uson], we will not object to that.” On Thursday members and allies of the PWD community filed a complaint against Uson at the Ombudsman over a controversial video supposedly mocking the sign language.

Uson was charged with violations of the Code of Conduct and Ethical Standards for Public See “Mocha,” A2

for various landing instruments and communications systems, with funds from the Procurement Service of the Department of Budget and Management (DBM-PS).

She said the DBM-PS will also bid out the component projects that will include air-ground VHF radio communication system, area navigation design, Doppler very high frequency omni-directional range for homing aircraft, airfield ground lightings, movement area ground signages, airport rescue

and firefighting vehicles, air passenger boarding bridges, and automatic dependent surveillancebroadcast equipment.

Eisma added that some P232 million worth of equipment will also be needed for the airport.

These include x-ray machines, closed-circuit telev ision, ambulance, sweeper truck, f light information display system, fire detection and alarm system, aerial platform, and pickup trucks and passenger vans.

According to SBIA Manager Zharrex Santos, the Subic airfield can accommodate almost all types of modern aircraft at more than 20 movements per hour because of its 2,744-meter runway with effective width of 45 meters.

It also has ramps and aprons that could take in 24 wide-body aircraft for parking at any given time, while two passenger tubes at the terminal building can process 700 passengers per hour, Santos said.

The Subic airport proved its capability as a major diversion airport in December 1995, when an aircraft got stuck at the Ninoy Aquino International A ir port and international flights were diverted here. This was repeated in August 2008 when it sheltered 37 various aircraft, 19 of which were passenger planes from Taiwan, because of Typhoon Sepat.

Eisma said that aside from the rehabilitation program, the SBMA is also arranging for other commercial operations at the Subic airport, including maintenance repairs for Gulf Stream, flying school for the Philippine Airlines, Subic-MacauSubic flights for Royal Air, as well as for China Eastern Airlines.

LANDBANK TOLD: GO BACK TO FIRST MISSION OF HELPING FARMERS

P

RESIDENT Duterte wants the Land Bank of the Philippines (LandBank) to go back to its original mandate of helping farmers and not burden them with too many requirements that are hard to comply with, Malacañang said.

This was revealed by Presidential Spokesman Harry L. Roque Jr. when asked about what transpired during the President ’s meeting with LandBank officials on Wednesday.

“The President’s [order] to LandBank is to go back to its original mission and vision. LandBank grew and became a sophisticated universal bank [so the President wants it] to go back to its original mandate, help farmers even though they lack the needed requirements,” he said, adding that LandBank even requires a feasibility study.

The meeting supposedly happened on the same date of the re-

lease of an executive order on the reorganization of the National Food Authority Council (NFAC) and the restoration of the National Food Authority under the Department of Agriculture.

LandBank was retained as a member of the council but the Development Bank of the Philippines was removed.

“It is important that the bank be reminded that they are there to provide instant credit for the farmers, for those who want to plant and for those who are victims of disasters,” he said. “That’s what he wants to remind them, especially that in times of disaster like the [ Typhoon] Ompong, giving immediate help is a must,” Roque added, noting the President does not want officials to “insist on a long list of requirements like any other [universal] bank would do so.”

Under Republic Act 3844, or the Agricultural Land Reform Code, the LandBank was created to finance the acquisition and distribution of agricultural estates for division and resale to small landholders, as well as the purchase of the landholding by the agricultural lessee.

In 1973 LandBank was revitalized because it was deficient and inadequate in capitalization and in organization structure to meet the implementation requirements of agrarian reform. It was also granted universal or expanded commercial banking powers and was established with a social mission of spurring countryside development.

According to its web site, LandBank is by far the largest formal credit institution in the rural areas. It also ranks among the top 5 commercial banks in the country in terms of deposits, assets and loans.

Bernadette D. Nicolas

Alternate routes set as ML, Alay Lakad to shutter roads

T

HE Metropolitan Manila Development Authority (MMDA) and Manila District Traffic Enforcement Unit (MDTEU) advised motorists to take alternate routes on Friday and Sunday (September 21 and 23) as several roads in Manila will be closed for events marking the declaration of martial law.

Starting 6 a.m. onwards on Friday, the following roads will be closed for Talakayan sa Mapayapang Paggunita ng Martial Law event: ■ North and Southbound lane of Roxas Boulevard from Katigbak to Pres.

Quirino Avenue; ■ Eastbound lane of TM Kalaw from Ma. Orosa to Taft Ave.; ■ East and Westbound lane of TM Kalaw from M.H Del Pilar to Roxas Blvd.; and ■ UN Ave. cor. Roxas Blvd. service road Motorists are advised to take the following alternate routes on Friday: All vehicles coming from the northern part of Manila intending to utilize the stretch of Roxas Blvd. southbound lane coming from Delpan Bridge-Pier Zone shall turn left to P. Burgos to their point of destination.

All vehicles utilizing the westbound lane of TM Kalaw going to Roxas Blvd. shall turn left to MH Del Pilar to point of destination Vehicles coming from Mabini St.

utilizing the eastbound lane of TM Kalaw going to Taft Ave. shall turn left to Ma. Orosa to point of destination. Vehicles coming from the southern part of Manila utilizing the northbound lane of Roxas Boulevard shall turn right to Pres. Quirino Ave. to point of destination.

Meanwhile, the following roads will be closed at exactly 4 p.m. on Sunday, September 23 for Alay Lakad Para sa Kabataan 2018 event: ■ North and Southbound lane of Roxas Blvd. from Anda Circle to P. Ocampo; ■ P. Burgos from Roxas Blvd. to Lagusnilad east and westbound; ■ TM Kalaw from Roxas Blvd. to M.H. del Pilar westbound; ■ Finance Rd. from P. Burgos to Taft Ave. both lanes; ■ Stretch of Ma. Orosa from P. Burgos to TM Kalaw north and southbound lane; and ■ Westbound lane of Ayala Blvd. from Romualdez to Taft Ave. Motorists are advised to take the following alternate routes on Sunday: All vehicles coming from Romualdez intending to utilize the stretch of Ayala Blvd. shall go straight to N.A Lopez, left to San Marino to point of destination.

All vehicles coming from southern part of Manila intending to utilize the stretch of Roxas Blvd. northbound lane shall turn

right to P. Ocampo, left to Taft Ave. All public-utility vehicles traveling along A. Mabini shall turn right to P. Gil ,or may either go straight and turn right to TM Kalaw, left to Taft Ave. to point of destination.

All vehicles coming from northern part of Manila intending to utilize the stretch of Roxas Blvd. southbound lane coming from Delpan Bridge-Pier Zone shall take A. Soriano, go straight to Magallanes Drive, right to P. Burgos, straight to Lagusnilad (Taft Avenue) to point of destination.

All vehicles coming from Binondo (Jones Bridge) going to Intramuros area shall turn right to Magallanes Drive, while vehicles coming from Sta. Cruz (McArthur Bridge) and Quiapo (Quezon Bridge) intending to proceed to Intramuros area shall turn right to Victoria St. to point of destination.

During the said period, all cargo trucks traveling Osmeña Highway are advised to turn right to Pres. Quirino Ave., straight ahead to Nagtahan, AH Lacson, Yuseco St. crossing Jose Abad Santos straight to Raxabago, Capulong to point of destinations.

On the other hand, all cargo trucks intending to utilize the southbound truck route coming from Pier area shall take R-10 Northbound, then turn right to Capulong straight to Yuseco St. to AH Lacson Ave. to point of destination.

Claudeth Mocon-Ciriaco

Companies BusinessMirror

Editor: Efleda P. Campos

Friday, September 21, 2018

B1

DICT bans firms with huge govt loans from bidding for third telco spot

T

By Lorenz S. Marasigan @lorenzmarasigan

HE government is barring parties with outstanding liabilities to the government from joining the bid for the third telco spot, the latest amendments to policy guidelines for the selection process showed.

Memorandum Order 003 - 2018 issued by the Department of Information and Communications Technology (DICT) said participants with contested supervision and regulation, and spectrum users liabilities as of October 1 will not be allowed to join the election process for the major telco spot. This allows entities engaged in smaller telco operations to pay for their outstanding liabilities before submitting their proposal to the government.

Based on a document from the National Telecommunications Com-

mission (NTC), there are about 97 telcos with legal franchises for telco services. As of September, all of them have a combined total liability of P1.4 billion in supervision and regulation fess. To date, only P12.47 million has been paid of the said total.

The list also includes companies under the wings of PLDT Inc. and Globe Telecom Inc., the two major players in the industry. Companies or entities that have a tinge of linkage to either of the two are barred from joining the selection process.

The third player is expected to be

named by December. The government is at the onset of the “legal process” for the selection of the new major player in the telco market.

Bid documents for the third telco spot will be available on September 26. Bid submission will be scheduled about one or two months after.

In selecting the new major player, the government will base its decision on the highest committed level of service for five years. It is a pointsbased system that will take into account commitments on national population coverage, minimum aver-

age broadband speed, and capital and operational expenditures.

Local groups interested in the third telco spot are Philippine Telegraph and Telephone Corp., Now Corp. Converge ICT Solutions Inc., EasyCall Communications Philippines Inc., Transpacific Broadband Group International Inc. and TierOne Communications International Inc. Foreign groups that have so far signified their interest are: China Telecom, Korea Telecom, LG+, Vietnam Telecom, Telenor, AT&T and a Japanese telco provider.

Tiger Resort’s backdoor listing seen to continue despite Okada’s protests

T

By VG Cabuag @villygc

HE backdoor listing of Tiger Resort Leisure and Entertainment Inc., the operator of Okada Manila, is set to continue despite the claim of Japanese gambling tycoon Kazuo Okada that he still owns a third of the company.

In a disclosure to the Philippine Stock Exchange (PSE), Asiabest Group International Inc. said it plans to sell two-thirds of the company to Hong Kong-based Tiger Resort Asia Ltd. for about P646.5 million. Certain

controlling holders of Asiabest, comprising about 200 million shares, sold their ownership for P3.23 per share.

Asiabest said Universal Entertainment Corp., which owns Tiger Asia, intends to do a backdoor list to enable it to list the shares of Okada Manila.

“However, at the current time, the detailed benefits expected to be accrued to ABG may not yet be quantified or determined as ABG has no information on the backdoor listing plan of Tiger. UEC did not elaborate further on the impact of the transaction and mentioned

that should any matter that merits disclosure arises in the future,” the company said in its comprehensive disclosure on the deal.

Japanese gambling tycoon Kazuo Okada claimed that he still owns a third of Tiger Resort and that the deal does not have his approval.

Okada, through his lawyers, wrote the PSE to state that he regained control of his own firm Okada Holdings Ltd., which owns 34.41 percent in both Tiger Asia and Tiger Resort, Leisure and Entertainment Inc., the local firm that runs Okada Manila.

Tiger Resorts operates Okada Manila, the

$1.5-billion resort and casino in Entertainment City.

“Mr. Okada has now regained control of Okada Holdings Ltd. Thus, the acts of the ‘would-be directors’ of Tiger Asia to enter into the supposed share purchase agreement are without any authority,” the Japanese tycoon said in his letter to the PSE. The said letter was sent through his lawyers.

“In this regard, may we respectfully request your good office to order ABG [Asiabest] to do a full disclosure of its share purchase transaction with Tiger Asia in order that the

public will be fully informed, and Mr. Okada will be able to take the necessary steps to protect his interests in Tiger Asia,” he said.

Okada Holdings is a company that Okada himself founded in 2010 to serve as the holding company for all Universal Entertainment Corp.’s shares owned by members of Okada’s family.

Okada Holdings controls 68 percent of UEC, which owns 99.99 percent of Tiger Asia and Tiger Resort.

Late August Okada filed with an intracorporate suite with the Regional Trial Court

in Parañaque against Tiger Asia and Tiger Resort. It sought for the nullification of Okada’s removal as shareholder and director, which he said was illegally done.

Last week Asiabest said in a disclosure to the PSE that a group of its shareholders and Tiger Asia already signed a share purchase agreement for the sale of two-thirds of Asiabest’s outstanding shares of 300 million.

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

B2

Companies BusinessMirror

Friday, September 21, 2018

PSE STOCK QUOTATIONS

September 20, 2018

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

ASIA UNITED 59 59.25 59.8 59.8 58.25 59.25 13690 812915 794548.5 BDO UNIBANK 112 112.1 112.2 113.8 111.8 112 1275290 143023319 -44935616 BANK PH ISLANDS 79.4 79.5 81.3 83.2 78.9 79.5 4959940 396778377.5 -208398806.5 CHINABANK 29.95 30 30.1 30.25 29.95 30 44000 1321140 EAST WEST BANK 12.6 12.64 12.66 12.84 12.6 12.64 2527600 32110244 -24715348 METROBANK 64.85 64.9 66.1 67 64.8 64.9 5532940 362,325,308( 108,207,852.9997) PHIL NATL BANK 43.3 43.6 43.9 43.9 43.25 43.3 179400 7780390 1870490 RCBC 25.5 26.1 26.05 26.15 25.5 25.5 209600 5387575 -4417085 SECURITY BANK 169 170 172 173.4 169 169 1163330 197627012 -23652954 UNION BANK 66.85 67 67 67.5 66.5 66.85 57100 3814277.5 -1118352.5 BRIGHT KINDLE 1.47 1.53 1.5 1.53 1.46 1.53 61000 89670 -24900 COL FINANCIAL 16.1 16.2 16.4 16.4 16.4 16.4 500 8200 FERRONOUX HLDG 4.22 4.28 4.3 4.3 4.2 4.28 271000 1148390 -86000 IREMIT 1.5 1.58 1.51 1.51 1.5 1.5 45000 67610 MEDCO HLDG 0.52 0.54 0.55 0.55 0.51 0.54 1089000 566580 NTL REINSURANCE 0.99 1 1 1 0.99 0.99 242000 239820 37620 PHIL STOCK EXCH 188.8 194 190 192 189 189 2620 497422 17055

INDUSTRIAL ALSONS CONS 1.18 1.19 1.16 1.19 1.15 1.19 833000 960090 ABOITIZ POWER 35.05 35.45 35.6 36.2 35.05 35.45 1902600 67606170 -21258555 BASIC ENERGY 0.216 0.218 0.215 0.22 0.215 0.216 410000 88470 ENERGY DEVT 7.05 7.06 7.05 7.07 7.05 7.05 2013700 14202242 -7373725 FIRST GEN 16.92 16.98 17.1 17.1 16.78 16.98 1310000 22237966 -13332088 FIRST PHIL HLDG 64.9 65 65 65.1 64.8 64.9 1015480 66005993.5 80236 PHIL H2O 5.25 5.3 5.07 5.53 5 5.37 209400 1075885 MERALCO 360.2 361 365 365.6 360 361 175730 63730570 10454780 MANILA WATER 23.7 23.95 23.5 23.6 23.35 23.45 125500 2949460 -286480 PETRON 8.75 9.01 8.9 9.01 8.75 9.01 1444400 12956820 -289349 PETROENERGY 4.02 4.1 4.1 4.12 4.02 4.09 70000 283840 PHINMA ENERGY 1 1.01 1.01 1.01 1 1 499000 499960 PHX PETROLEUM 11 11.14 10.88 11.16 10.56 11 60400 656090 PILIPINAS SHELL 52.7 52.8 53.45 53.5 52.4 52.7 417930 22180956 -3781811.5 SPC POWER 5.65 5.66 5.75 5.75 5.65 5.66 42400 239985 -39029 AGRINURTURE 18.04 18.1 18.08 18.1 17.7 18.1 1946000 34990846 5840522.0003 CNTRL AZUCARERA 17.5 17.86 18.26 18.88 17.86 17.86 500 9152 CENTURY FOOD 13.3 13.8 13.2 13.68 13.18 13.68 4617100 61169042 -0 DEL MONTE 6.58 7.19 7.35 7.35 6.55 6.56 81600 570809 29105 DNL INDUS 10 10.04 10.2 10.2 10 10.04 1321200 13239464 1733811.9997 EMPERADOR 7.03 7.04 7.02 7.12 6.99 7.04 1391300 9778960 -3249896 SMC FOODANDBEV 93.8 94.45 95.5 95.7 93.8 94.45 572680 54329645 16448850.5 ALLIANCE SELECT 1.05 1.06 1.18 1.23 1.06 1.06 31780000 36136720 -92900 GINEBRA 28.15 28.2 28.3 28.5 28.2 28.2 54200 1531540 JOLLIBEE 264 265 272 272 258 264 542930 142660632 -72997630 MAXS GROUP 11.4 11.46 11.68 11.68 11.38 11.46 169300 1940598 -340362 MG HLDG 0.178 0.187 0.178 0.187 0.178 0.187 200000 36020 8900 PEPSI COLA 1.89 1.9 1.97 1.97 1.85 1.9 254000 489720 -82830 SHAKEYS PIZZA 12.16 12.2 12.2 12.2 12.18 12.2 16500 201248 -79280 ROXAS AND CO 2.64 2.65 2.59 2.65 2.59 2.65 1170000 3062840 RFM CORP 4.8 4.9 5 5 4.8 4.8 11000 53000 SWIFT FOODS 0.124 0.13 0.13 0.13 0.124 0.124 210000 26130 UNIV ROBINA 144.1 144.2 144 146.2 142.8 144.1 1453700 209387725 111543456 VITARICH 2.02 2.03 2.07 2.12 2.01 2.02 5614000 11667200 20720 VICTORIAS 2.43 2.45 2.44 2.44 2.44 2.44 30000 73200 48800 CEMEX HLDG 2.98 3 3.01 3.02 2.94 3 2758000 8201790 150719.9997 EAGLE CEMENT 15.1 15.12 15.48 15.48 15.12 15.12 244000 3693192 EEI CORP 8.9 8.91 9.05 9.1 8.9 8.91 1020800 9235988 -24435 HOLCIM 7.05 7.07 7.12 7.12 7.02 7.07 162100 1146073 MEGAWIDE 16.66 16.68 16.8 16.9 16.68 16.7 721500 12124980 -946868 PHINMA 8.5 8.59 8.5 8.62 8.5 8.5 19900 169210 TKC METALS 1 1.01 1.01 1.01 1 1.01 197000 197640 VULCAN INDL 2.17 2.18 2.35 2.45 2.18 2.18 29217000 67304030 648850 CHEMPHIL 193.3 229.8 193.3 193.3 193.3 193.3 30 5799 CROWN ASIA 1.73 1.74 1.74 1.74 1.73 1.73 10000 17360 LMG CHEMICALS 4.82 4.84 4.84 4.84 4.84 4.84 43000 208120 MABUHAY VINYL 2.95 3.23 3.08 3.23 3.03 3.23 71000 216290 124640 PRYCE CORP 5.8 6 5.8 5.8 5.8 5.8 37800 219240 -8700 INTEGRATED MICR 11.52 11.54 11.6 11.7 11.3 11.54 1580700 18277060 11984514 IONICS 1.98 2 2 2 1.98 2 434000 861090 PANASONIC 5.8 6.17 6.23 6.23 5.16 5.79 17400 101837 SFA SEMICON 1.45 1.55 1.56 1.56 1.43 1.45 702000 1021000 -158190 CIRTEK HLDG 33 40 31.95 40 31 40 970400 38190320 -1937740

HOLDING & FRIMS ABACORE CAPITAL 0.39 0.395 0.4 0.41 0.39 0.395 12310000 4922850 28350 AYALA CORP 885.5 886 906 909 885 886 391720 350531915 -109676725 ABOITIZ EQUITY 45.9 45.95 46.45 47.9 45.95 45.95 1560300 72327530 26653360 ALLIANCE GLOBAL 12.3 12.34 12.36 12.44 12.26 12.34 1835200 22637292 -1092300 ANSCOR 6.02 6.1 5.97 6.04 5.97 6.04 10500 63094 61900 ANGLO PHIL HLDG 0.89 0.93 0.94 0.94 0.94 0.94 1000 940 ATN HLDG A 1.3 1.31 1.33 1.34 1.3 1.3 6883000 9050350 ATN HLDG B 1.3 1.33 1.34 1.34 1.3 1.3 681000 904220 33130 COSCO CAPITAL 5.85 5.86 5.77 5.85 5.77 5.85 263200 1531166 811342 DMCI HLDG 12.14 12.18 12.6 12.6 12 12.18 2392900 29477486 -4312822 FILINVEST DEV 6.93 7.1 7.1 7.1 6.91 6.92 12400 87696 FORUM PACIFIC 0.203 0.205 0.205 0.205 0.205 0.205 10000 2050 GT CAPITAL 810 820 820 832.5 805.5 820 29620 24205400 -9627650 HOUSE OF INV 5.65 6 5.7 5.7 5.7 5.7 22400 127680 JG SUMMIT 52.1 53 52.05 53.45 52.05 52.1 778540 40863033 -3021612.5 LODESTAR 0.57 0.6 0.61 0.61 0.57 0.6 66000 38200 LOPEZ HLDG 4.86 4.9 4.9 4.95 4.86 4.86 167000 818670 59500 LT GROUP 15.68 15.84 15.98 16 15.66 15.84 403700 6377178 -337258 MABUHAY HLDG 0.6 0.62 0.63 0.63 0.6 0.61 5343000 3222580 2029800 METRO PAC INV 4.97 5 5.18 5.2 4.86 5 31007500 153897833 -27882225 PACIFICA 0.038 0.039 0.041 0.041 0.038 0.038 50100000 1923600 83600 PRIME ORION 2.53 2.55 2.6 2.6 2.52 2.53 379000 964190 PRIME MEDIA 1.19 1.2 1.22 1.22 1.2 1.2 253000 303800 SOLID GROUP 1.34 1.35 1.35 1.35 1.33 1.35 63000 84150 SYNERGY GRID 348 357 348 348 348 348 20 6960 SM INVESTMENTS 890 890.5 895 910 888.5 890 241000 215141465 -13605855 SAN MIGUEL CORP 165.5 169 167.2 169 165 169 283500 47534600 -7561500 TOP FRONTIER 277 278 281 282 278 278 7660 2143380 -1048580 WELLEX INDUS 0.265 0.27 0.3 0.305 0.26 0.265 15400000 4318250 53300 ZEUS HLDG 0.196 0.219 0.203 0.203 0.2 0.2 110000 22080 10050

PROPERTY ARTHALAND CORP 0.7 0.72 0.71 0.71 0.7 0.7 191000 134210 ANCHOR LAND 12.3 12.5 12.5 12.5 12.5 12.5 70000 875000 AYALA LAND 40 40.25 40.5 41.2 39.9 40 7033900 282407955 -64575545 ARANETA PROP 2 2.1 2.1 2.1 2.1 2.1 18000 37800 BELLE CORP 2.75 2.76 2.85 2.85 2.74 2.76 1621000 4541890 -4291790 A BROWN 0.82 0.84 0.87 0.88 0.8 0.84 10866000 9060360 1671140 CITYLAND DEVT 0.91 0.92 0.91 0.91 0.91 0.91 59000 53690 CROWN EQUITIES 0.226 0.228 0.232 0.232 0.226 0.228 2280000 521370 CEBU HLDG 5.38 5.42 5.38 5.38 5.37 5.37 2000 10755 CEB LANDMASTERS 4.34 4.45 4.38 4.47 4.27 4.45 586000 2584720 -13169.9999 CENTURY PROP 0.435 0.44 0.435 0.445 0.43 0.435 5610000 2445800 -26150 CYBER BAY 0.39 0.415 0.395 0.395 0.39 0.39 820000 320450 DOUBLEDRAGON 21.8 21.85 21.1 22.9 21 21.85 481500 10409480 3115260 DM WENCESLAO 8.49 8.5 8.7 8.74 8.49 8.49 458400 3943579 EMPIRE EAST 0.55 0.56 0.57 0.58 0.55 0.56 506000 285380 -59279.9999 FILINVEST LAND 1.42 1.43 1.42 1.45 1.42 1.43 1074000 1537990 245730 GLOBAL ESTATE 1.13 1.14 1.16 1.17 1.13 1.13 2069000 2360990 8990 HLDG 7.26 7.48 7.39 7.49 7.25 7.49 2337400 17159892 -2967400 IRC PROP 2.19 2.2 2.37 2.45 2.2 2.2 40525000 93989640 -21046400 MEGAWORLD 3.97 3.98 4.13 4.2 3.98 3.98 23781000 96181970 -38306440 MRC ALLIED 0.67 0.68 0.67 0.7 0.65 0.67 71756000 48141680 -135760 PHIL ESTATES 0.44 0.445 0.44 0.45 0.44 0.44 1990000 884200 -57450 PRIMEX CORP 4.02 4.04 4.18 4.3 4.02 4.02 2046000 8424470 455190 ROBINSONS LAND 19.86 19.9 19.8 19.96 19.76 19.9 2089300 41464090 -9470310 PHIL REALTY 0.41 0.42 0.44 0.44 0.4 0.42 3370000 1412650 -4400 ROCKWELL 1.94 1.95 1.95 1.95 1.91 1.95 285000 551150 98110 SHANG PROP 3.18 3.19 3.18 3.19 3.17 3.18 132000 419920 STA LUCIA LAND 1.14 1.15 1.16 1.16 1.13 1.15 97000 111490 1130 SM PRIME HLDG 36.1 36.95 36.5 37.15 36.05 36.95 7877400 290337625 8914230 STARMALLS 6.55 6.56 6.95 7.1 6.56 6.56 702200 4771067 273002 SUNTRUST HOME 0.77 0.79 0.79 0.79 0.79 0.79 17000 13430 VISTA LAND 6.25 6.29 6.24 6.29 6.24 6.29 2830800 17762873 -8515229

SERVICES ABS CBN 20.1 20.8 20.8 21.35 20 20.1 83800 1726925 GMA NETWORK 5.33 5.37 5.44 5.44 5.3 5.37 144200 773081 MLA BRDCASTING 16.36 17.38 16.36 16.36 16.36 16.36 100 1636 GLOBE TELECOM 2162 2176 2200 2222 2156 2162 77990 169708230 87459180 PLDT 1400 1404 1424 1426 1395 1400 71265 100313430 -16051620 APOLLO GLOBAL 0.045 0.046 0.046 0.046 0.044 0.045 19400000 867400 DFNN INC 8.5 8.82 8.5 8.82 8.4 8.82 99200 853928 ISLAND INFO 0.112 0.113 0.114 0.114 0.112 0.113 940000 105950 ISM COMM 2.77 2.84 2.92 2.92 2.72 2.84 3463000 9778020 -346690 JACKSTONES 3.4 3.5 3.4 3.57 3.4 3.57 19000 64770 NOW CORP 7.04 7.05 7.18 7.25 7.05 7.05 2165300 15409768 463449 TRANSPACIFIC BR 0.5 0.51 0.51 0.53 0.5 0.5 33430000 17275110 -242700 PHILWEB 4.45 4.5 4.7 4.7 4.44 4.5 537000 2430200 2GO GROUP 11.8 11.9 11.8 12 11.8 11.9 17400 206830 CEBU AIR 71.5 71.95 70.8 72 70.75 71.5 91710 6529845 -4869911 CHELSEA 5.9 5.91 6.23 6.24 5.86 5.9 754600 4503729 1075917 INTL CONTAINER 92.55 92.7 92.2 93.5 92.1 92.7 287800 26663740 8274711.5 LBC EXPRESS 14.32 14.96 14.32 14.32 14.32 14.32 600 8592 LORENZO SHIPPNG 0.92 0.94 0.92 0.95 0.91 0.92 427000 390490 MACROASIA 16.42 16.48 16.68 16.68 16.34 16.48 2694400 44470444 7385612 METROALLIANCE A 1.6 1.67 1.72 1.72 1.54 1.6 168000 277370 METROALLIANCE B 1.46 1.7 1.77 1.77 1.75 1.76 8000 14110 -8850 PAL HLDG 8.53 8.8 8.8 8.8 8.8 8.8 2200 19360 HARBOR STAR 2.37 2.38 2.45 2.55 2.36 2.38 3498000 8473820 125280 ACESITE HOTEL 1.4 1.45 1.4 1.4 1.4 1.4 9000 12600 BOULEVARD HLDG 0.061 0.062 0.061 0.062 0.06 0.061 19600000 1193540 DISCOVERY WORLD 2.26 2.33 2.33 2.33 2.26 2.26 15000 34040 WATERFRONT 0.68 0.7 0.7 0.72 0.68 0.68 5071000 3541650 -681180 CENTRO ESCOLAR 7.55 7.96 7.55 7.55 7.55 7.55 100 755 FAR EASTERN U 900.5 918.5 910 919 910 919 1170 1072080 IPEOPLE 12.14 13 13.28 13.3 13 13 23000 300198 STI HLDG 0.61 0.62 0.63 0.64 0.59 0.61 25447000 15507000 -3078350 BERJAYA 1.84 1.88 1.99 2.04 1.82 1.85 7555000 14533790 110369.9997 BLOOMBERRY 8.05 8.08 8.12 8.35 8.02 8.05 4567000 37,132,226( 9,964,715.9997) PACIFIC ONLINE 10.66 11 11 11.02 11 11.02 17100 188260 LEISURE AND RES 3.55 3.57 3.65 3.72 3.55 3.57 1536000 5546850 -868150 MANILA JOCKEY 5.95 5.99 5.8 6 5.8 5.99 201300 1202140 -299400 MELCO RESORTS 6.99 7 7.04 7.05 6.99 6.99 20257600 142050492 -35201903 PREMIUM LEISURE 0.89 0.9 0.92 0.94 0.88 0.89 19421000 17566320 -133890 TRAVELLERS 5.16 5.17 5.15 5.16 5.12 5.16 2250300 11565901 -1024429 METRO RETAIL 2.45 2.47 2.61 2.61 2.4 2.45 837000 2081940 -1360 PUREGOLD 44.2 45 44.25 45 43.85 45 267700 11925755 -2432385 ROBINSONS RTL 79 80 81.95 81.95 78 80 1359230 108461470 -22798665 PHIL SEVEN CORP 101.9 102 102.8 102.8 102 102 120410 12283775 -33554 SSI GROUP 2.13 2.14 2.15 2.2 2.14 2.14 4023000 8668890 2137600 WILCON DEPOT 10.4 10.46 10.4 10.48 10.4 10.46 4021500 41998250 -7485058 APC GROUP 0.465 0.47 0.49 0.49 0.465 0.465 5720000 2701600 EASYCALL 19.02 19.48 19.1 19.5 19.02 19.02 25500 490576 GOLDEN BRIA 308 311 310 314 310 314 40 12440 IPM HLDG 7.75 7.8 7.8 7.8 7.8 7.8 5000 39000 PAXYS 3.21 3.48 3.31 3.31 3.3 3.3 53000 175230 132300 PRMIERE HORIZON 0.395 0.4 0.43 0.435 0.39 0.395 11860000 4791650 270150 SBS PHIL CORP 7.67 8.04 7.69 8.04 7.68 8.04 21500 167560

MINING & OIL ATOK 16.5 17 18.08 18.08 16.8 17 13400 228386 APEX MINING 1.49 1.5 1.52 1.56 1.5 1.5 2444000 3694300 ABRA MINING 0.0024 0.0025 0.0024 0.0024 0.0024 0.0024 25000000 60000 ATLAS MINING 3.16 3.18 3.2 3.2 3.16 3.16 155000 491010 -25280 BENGUET A 1 1.1 1.14 1.14 1.14 1.14 3000 3420 CENTURY PEAK 1.93 1.94 1.93 1.94 1.92 1.93 774000 1494190 DIZON MINES 7.19 7.2 7.21 7.33 7.18 7.2 42800 309142 -21990 FERRONICKEL 1.91 1.92 1.93 1.94 1.9 1.92 3440000 6602580 -11520 GEOGRACE 0.203 0.204 0.203 0.205 0.203 0.203 1140000 231980 LEPANTO A 0.114 0.117 0.118 0.12 0.11 0.117 4750000 546210 LEPANTO B 0.12 0.121 0.122 0.124 0.119 0.12 2180000 263880 -26400 MANILA MINING A 0.0072 0.0075 0.0075 0.0075 0.007 0.0072 54000000 383700 MANILA MINING B 0.0073 0.0077 0.0075 0.0075 0.0074 0.0074 6000000 44500 MARCVENTURES 1.2 1.23 1.28 1.28 1.2 1.23 353000 442190 64000 NIHAO 1.05 1.09 1.07 1.1 1.06 1.09 87000 92750 NICKEL ASIA 4.46 4.49 4.49 4.5 4.45 4.46 240000 1072310 -98310 OMICO CORP 0.68 0.7 0.67 0.73 0.66 0.7 6681000 4717630 -109000 ORNTL PENINSULA 1.11 1.12 1.27 1.27 1.1 1.12 10654000 12522510 -499990 PX MINING 3.51 3.6 3.77 3.77 3.49 3.51 6359000 22564440 -6728720 SEMIRARA MINING 26.95 27 27.9 28.2 26.95 27 2111600 57642065 -35714270 UNITED PARAGON 0.0071 0.0078 0.0066 0.0085 0.0066 0.0085 35000000 266900 ORNTL PETROL A 0.012 0.013 0.013 0.013 0.013 0.013 200000 2600 ORNTL PETROL B 0.012 0.013 0.012 0.012 0.012 0.012 1700000 20400 PHILODRILL 0.011 0.012 0.011 0.012 0.011 0.012 8400000 96600 PHINMA PETRO 3.76 3.79 3.99 4.07 3.76 3.76 307000 1190320 -11970 PXP ENERGY 15.48 15.5 15.62 16.26 15.48 15.5 2484600 39514538 1009282

PREFFERED HOUSE PREF A AC PREF B1 AC PREF B2 GLO PREF P GTCAP PREF A LR PREF PNX PREF 3A PCOR PREF 2A SMC PREF 2C SMC PREF 2D SMC PREF 2F SMC PREF 2H

95.25 485.4 495.2 490 960 1.03 100 1011 78.15 72 70.3 67.05

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

19.88 5.17

99.9 492 502 493 974 1.04 102 1042 79.45 75.95 75.3 75.2

95.3 485 495.2 495 960 1.01 102 1011 78.15 75 75 75.2

99.9 485 502 495 974 1.01 102 1011 78.15 75 75.4 75.2

95.1 485 495.2 490 960 1.01 102 1011 78.15 75 75 75.2

99.9 485 502 493 974 1.01 102 1011 78.15 75 75 75.2

1600 14580 20 3020 8880 1000 150 50 11570 2000 123300 71700

152358 7071300 9972 1485930 8524940 1010 15300 50550 904195.5 150000 9292505 5391840

-357145.5 -

20 5.2

20 5.18

20.1 5.18

19.88 5.18

19.88 5.18

94800 77900

1893106 403522

-1891101 -362600

WARRANTS LR WARRANT

2.33

SMALL & MEDIUM ENTERPRISES ITALPINAS 6.38 XURPAS 2.08

2.34

2.4

2.4

2.31

2.31

398000

934280

35550

6.4 2.09

7.48 2.14

7.86 2.15

6.3 2.06

6.4 2.08

15007500 944000

107769553 1980420

212456 47850

EXHANGE TRADE FUNDS FIRST METRO ETF

108.1

108.3

109.7

110

108

108

47630

5168502

11995

www.businessmirror.com.ph

Royal Air to mount 5 domestic destinations via Clark airport

By Ashley Manabat

C

Correspondent

LARK INTERNATIONAL AIRPORT—Starting November 12, five new daily flights to Puerto Princesa, Cebu, Caticlan, Tagbilaran and San Vicente, Palawan, will be operated by Royal Air via this airport.

In a statement on Monday, Royal Air Charter Service Inc., a Philippine-registered air carrier, said it will be mounting daily direct flights from this airport to

the said destinations after being given the authority to operate as a commercial scheduled airline with both domestic and international flights by the Civil Aeronautics

Board (CAB) on July 26.

“These new destinations promoting tourist attractions in the southern Philippines will definitely draw in more foreigners wanting to visit the country via Clark,” said Alex Cauguiran, president of the Clark International Airport Corp.

(CIAC).

The air carrier will be using the British Aerospace (BAe) AVRO 146-100 aircraft, a four-engine 97-seater regional airliner, for its daily services.

Beginning November 12, daily flights between Clark and Puerto Princesa depart at 7 a.m. and arrives at 10 a.m. The Caticlan flight departs at 11 a.m. and arrives at 1:10 p.m. Tagbilaran service

leaves at 2:10 p.m. and arrives at 5 p.m. San Vicente, Palawan, service leaves at 7 a.m. and arrives at 9:30 a.m.; and the Cebu service leaves at 10:30 a.m. and arrives at 1:10 p.m.

CRK currently hosts 436 flights per week with 274 domestic and 162 international flights, and records an average of 7,000 passengers daily.

As of September 17, this airport has already serviced 1.8 million passengers.

Royal Air was established on August 22, 2002, and provides domestic and international nonscheduled airline and cargo services to Manila, Batanes, Cauayan, Cebu, Laoag, Kalibo, Maconacon, San Vicente (Palawan), Macau and Clark starting November this year.

Pokhara Junket Casino opens in Clark

C

LARK FREEPORT—The first of its kind junket casino is now open in this free port. Pokhara Junket Casino was formally opened on Wednesday at the ground floor of the Xenia Hotel here.

Amid the typical gaming experience offered by casino establishments here, Pokhara dares to differ by developing a fresh market for junket players, agents and operators.

During its formal opening, Pokhara said it is committed to rendering exceptional service establishments through its highly proficient team members who vow to promote great value to its patrons within its spacious mass gaming floor, six exquisitely designed VIP rooms and nightly live entertainment.

“We are aligned with the Bases Conversion and Development Authority’s [BCDA] positioning of Clark as being renowned in Asia, if not internationally, as we aim to bring in international patrons for an exciting gaming experience,” said Angel Rosas, Pokhara spokesman. “As an effect, this is also

forseen to help boost business in the area.”

Catering to purely foreign gaming patrons, Pokhara is strategically located less than five minutes away from the Clark International Airport. This new establishment promises a luxurious experience to players of good taste with 15 gaming tables ranging from Baccarat, Super 6, Blackjack, Pontoon and Roulette.

To widen its exclusive foreign market reach, the Pokhara management formed a partnership with Hana Tour, the largest travel and tour service provider in South Korea with 29 branches in major cities around the world.

Meanwhile, its strong relationship with Xenia Hotel commits to providing “first-rate facilities and impeccable service to guarantee a stay of absolute convenience.”

PJC is owned and managed by seasoned businessmen in various fields, with experienced gaming consultants to boot. The operation is regulated and monitored by the Philippine Amusement and Gaming Corp.

Ashley Manabat

The Medical City secures court order to protect hospital’s daily operations

T

HE Medical City (TMC) said the Regional Trial Court in Pasig City has ruled in favor of the board of directors of Professional Services and other petitioners, by issuing a temporary restraining order (TRO) that authorizes the newly appointed management team to continue to perform its daily duties.

The court ruling recognizes the actions taken by shareholders at a special stockholders’ meeting held on September 13, 2018 in accordance with TMC’s bylaws, where 230 shareholders representing 74 percent of the shareholdings in TMC were present and a vote was held to elect a new board of directors and CEO for 2018-2019.

The order, which took effect immediately, will remain in place until October 7, 2018. Hearings on the application for a preliminary

injunction will take place in the intervening period.

Commenting on the latest developments, Dr. Eugenio Jose F. Ramos, TMC CEO, said, “Providing outstanding patient care and ensuring that our doctors, nurses and other colleagues can operate in a safe and harmonious working environment, are critical priorities for the new, revitalized management team of TMC. The court order puts the divisions of the past few months behind us and is an important step forward that will enable us to drive much-needed improvements to the business, promote greater collaboration, and increase transparency across our network, unifying the TMC family around a shared goal to create a world-class medical healthcare group that the Philippines can be proud of."

briefs PEPOA CONCERNED OVER MINING GRANT GIVEN TO MMC

THE Private Electric Power Operators Association expressed concern over the franchise application of More Minerals Corp. (MMC), a mining company that reportedly wants to take over Panay Electric Co., which has been operating in Iloilo City for 95 years now, while MMC, according to Pepoa President Ranulfo Ocampo, does not have the track record or the experience in running an electric distribution utility. Lenie Lectura

PHL OFFICE MARKET DEALS HIT RECORD-HIGH 1.4 MILLION SQ.M. AS OF SEPTEMBER 2018

AMID the continued growth in capital and lease values in the Philippines, the office segment of the real-estate industry remains robust as it posted a record-high 1.4 million square meters (sq m) of aggregate workspace transacted as of this month, indicating a strong demand, Leechiu Property Consultant bared on Tuesday. The company said the country’s constant competitiveness is comparable to its neighbors in the region. Roderick L. Abad

MUTUAL FUNDS

September 20, 2018

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 247.49 -13.34% -0.99% 1.2% -15.59% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.4236 -14.7% 4.02% 2.2% -10.85% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 3.8527 -14.1% 0.76% -0.05% -16.11% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.8846 -12.07% N.A. N.A. -13.02% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.8139 N.A. N.A. N.A. N.A. FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 5.1096 -11.66% -1.58% 0.38% -15.02% MBG EQUITY INVESTMENT FUND, INC. * ****** 114.61 N.A. N.A. N.A. N.A. ONE WEALTHY NATION FUND, INC.* 0.8192 -15.97% N.A. N.A. -17.48% PAMI EQUITY INDEX FUND, INC.* 48.2085 -12.08% 0.06% N.A. -14.51% PHILAM STRATEGIC GROWTH FUND, INC.* 501.98 -12.74% -1.22% -0.2% -14.7% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.2334 -10.34% 0.65% N.A. -12.17% PHILEQUITY FUND, INC.* 35.9279 -9.57% 1.04% 3% -12.57% PHILEQUITY PSE INDEX FUND INC.* 4.8506 -11.91% 0.79% 3.01% -14.51% PHILIPPINE STOCK INDEX FUND CORP.* 809.5 -12.05% 0.51% 2.71% -14.4% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.8389 -11.26% -1.87% N.A. -13.26% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 3.9896 -10.69% 0.39% 1.61% -12.89% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.9339 -11.99% 0.63% N.A. -14.58% UNITED FUND, INC.* 3.444 -7.93% 1.76% 1.39% -11.56% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* *** 108.2376 -11.2% 1.72% N.A. -14.07% ATRAM ASIAPLUS EQUITY FUND, INC.** $0.9958 -6.14% 4.07% 0.73% -10.15% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.2908 7.7% N.A. N.A. 2.02% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.639 -10.51% -3.12% -1.74% -12.05% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.1944 -9.46% 0.19% 0.39% -10.69% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.4871 -8.42% -3.14% -2.42% -10.21% GREPALIFE BALANCED FUND CORPORATION* **** 1.302 -9.51% N.A. N.A. -10.51% NCM MUTUAL FUND OF THE PHILS., INC* 1.8236 -6.38% -0.01% 0.29% -8.48% PAMI HORIZON FUND, INC.* 3.4889 -9.82% -1.55% -0.73% -10.95% PHILAM FUND, INC.* 15.6138 -10.17% -1.67% -0.77% -11.07% SOLIDARITAS FUND, INC.* ******** 2.037 -7.66% 0.02% 1.94% -9.15% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.6113 -7.92% -0.67% 0.44% -9.63% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.9242 -7.8% -0.79% N.A. -9.42% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03505 -2.94% -0.28% 2.57% -2.91% PAMI ASIA BALANCED FUND, INC.* $0.9671 -5.11% 3.15% -0.79% -7.63% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.6638 4.17% 5.56% 3.7% 0.31% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0912 -0.39% N.A. N.A. -1.89% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 341.36 1.67% 1.81% 1.69% 1.26% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8604 -1.67% -1.06% -0.21% -1.69% COCOLIFE FIXED INCOME FUND, INC.* 2.9296 5.45% 5.35% 5.32% 3.81% EKKLESIA MUTUAL FUND INC.* 2.121 0.37% 1.11% 1.13% 0.89% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2168 0% 0% 0.14% 0.03% GREPALIFE FIXED INCOME FUND CORP.* P 1.5755 -1.92% -1.65% -1.59% -2.11% PHILAM BOND FUND, INC.* 3.9098 -4.52% -1.37% -0.63% -3.46% PHILEQUITY PESO BOND FUND, INC.* 3.4648 -1.02% -0.48% -0.08% -1.14% SOLDIVO BOND FUND, INC. * 0.8932 -4.16% -1.74% N.A. -3.25% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7586 -0.22% 0.06% 0.27% -0.66% SUN LIFE PROSPERITY GS FUND, INC.* 1.5312 -0.89% -0.33% -0.31% -1.19% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $445.1 0.12% 2.28% 3.21% -0.19% ALFM EURO BOND FUND, INC. * Є213.18 0.53% 1.38% 1.72% -0.25% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1202 -1.17% 1.11% 2.08% -1.23% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0248 -1.2% 0.68% N.A. -0.8% GREPALIFE DOLLAR BOND FUND CORP.* $1.7003 -4.81% -0.21% 1.7% -4.02% MAA PRIVILEGE DOLLAR FIXED INCOME FUND, INC. N.S. N.S. N.S. N.S. N.S. MAA PRIVILEGE EURO FIXED INCOME FUND, INC. ЄN.S. N.S. N.S. N.S. N.S. PAMI GLOBAL BOND FUND, INC* $1.0321 -4.68% -1.13% -2.27% -3.86% PHILAM DOLLAR BOND FUND, INC.*

$2.1662 -3.73% 0.9% 3.03% -3.77% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0568595 -0.99% 0.96% 2.14% -0.6% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.894 -4.52% 0.76% 2.23% -3.94% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 119.72 2.26% 1.63% 1.42% 1.79% PHILAM MANAGED INCOME FUND, INC.* 1.1733 1.75% 0.36% 0.37% 1.37% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2071 2.35% 2.11% 1.34% 1.82% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0102 N.A. N.A. N.A. 1.15%

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

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

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

Editor: Efleda P. Campos

World Companies BusinessMirror

Friday, September 21, 2018 B3

Fox-Comcast battle to buy Sky to be settled by auction in UK S

Stocks advance as Treasuries steady; dollar slips on Thursday

L

ONDON—British regulators said the corporate battle between 21st Century Fox and Comcast to take over broadcaster Sky will be settled by auction.

The Takeover Panel, an independent regulator, said since neither company has declared its offer final, an auction procedure is expected to commence at 5 p.m. on September 21 and end during the evening of September 22.

Comcast has put down a £26-

billion ($34.3 billion) offer for Sky. Fox has bid £24.5 billion for 61 percent of the satellite broadcaster it does not own.

The panel will make an announcement setting out the prices of the offers at the end of the auction. AP

New iPhone no help to assembler as Hon Hai slides down rankings

T

HE contrast between Apple Inc.’s ascension to a $1-trillion stock and the share performance of its biggest iPhone assembler just got even starker.

Hon Hai Precision Industry Co. has surrendered its position as Taiwan’s second-biggest stock after six years. Concern is mounting for some Taiwanese Apple suppliers, which are struggling to adjust to a new dynamic of higher-priced iPhones because their revenue relies on the

number of devices sold.

Hon Hai has slipped behind Formosa Petrochemical Corp., the island’s only publicly traded oil refiner, which has a market cap of NT$1.32 trillion ($43 billion), according to data compiled by Bloomberg. Taiwan Semiconductor Manufacturing Co., the world’s biggest contract chipmaker, has a value of NT$6.74 trillion.

Apple unveiled its new iPhone XS and XS Max devices earlier this

month, though preorders are weaker than those for the iPhone X, according to Rosenblatt Securities Inc. Taiwan’s Apple suppliers have seen their share prices fall as shipment growth has stagnated.

Hon Hai has slumped 38 percent since hitting a record price in the middle of last year and is trading at its lowest level relative to the MSCI ACWI/Information Technology Index since 2002.

Investors are shifting funds to

defensive stocks like Formosa Petrochemical because of macro uncertainties including the China-US trade war, said Reliance Securities Investment Consultant Co. Vice President Richard Lin. The downward trend could continue for Hon Hai, Capital Investment Management Corp. Vice President Alan Tseng said. “Apple suppliers are bearing the risks of possible disappointing sales of the new iPhones,” he said. Bloomberg News

Car shopping online hits critical mass as Carvana comes to NYC

A

S much as anyone, New Yorkers understand the urgent need for a corned-beef on rye, a bottle of tequila or even a six-pack of dress socks. In this day and age, virtually anything a city dweller could want can be summoned to the door, post haste.

Including a used, royal blue Jaguar F-Type.

As of Thursday, Carvana has that one covered. The five-year-old online marketplace just started selling and delivering cars in the Big Apple, the 78th US city in its budding digital dealership. The first machines to ship will be packaged on delivery trucks in oversized takeout bags, which makes for great marketing (just picture all the soup-dumplings that could fit in one of those.)

“We’re presenting a new way to do something—the second-biggest purchase in a person’s life,” said Carvana cofounder Ryan Keeton.

“It’s just like Amazon—the best experience, the best product, the best price.”

The New York expansion won’t

upend the world of Manhattan carbuyers or even Carvana investors, but it does represent a tipping point in the $1-trillion business of buying and selling cars in America. Armed with Internet reviews and pricing minutiae, consumers are finally opting en masse to negotiate and buy their rides online, without ever kicking a tire or taking a test drive.

Carvana, which went public in May 2017, claims to be the fastestgrowing car dealer in the country, period. In the second quarter of this year, it was selling about 250 vehicles a day and posting a profit of close to $2,200 per vehicle. It has about 11,000 machines listed on its platform and roughly one in five of its customers begin and close their car purchase on a smartphone.

The start-up offers pretty much everything a traditional car dealer does, including financing and warranties, plus a seven-day return window. This moment is, in essence, the company’s de facto test drive. The share of buyers that return a vehicle over that period is in

the mid single-digits, according to Keeton, and of those who send it back, roughly half end up buying a different Carvana car.

Carvana said its clear cost advantage over old-school dealers is that it doesn’t need slick showrooms or slippery sales staff. Its New York operation comprises two warehouses where it can fix, clean and photograph cars, with a few folks ready with flat-beds to shuttle machines out to buyers on-demand, like a steady stream of two-ton pizzas.

“Our technology scales infinitely,” Keeton explained. “And our ability to grow and open these markets is capital-light.”

Ironically, the shift to online marketplaces is being catalyzed by those very old-school auto dealers. Carvana was launched in 2012 by DriveTime Automotive Group, a privately held, Phoenix-based consortium of traditional car stores. Carvana isn’t totally virtual—it still pairs up with dealers on service contracts, leases garage space from DriveTime and pays to use its two corporate jets. But for a tra-

ditional dealership like DriveTime, Carvana is a digital skunkworks—a hedge on the future.

A similar alliance was forged last week on the West Coast. Lithia Motors, an Oregon-based chain of dealers with $10 billion in annual revenue, led a $140-million investment round in Shift Technologies, a digital car dealership focused on Los Angeles, San Francisco and nearby Silicon Valley.

“It’s about doing things however, wherever and whenever our customers desire,” Lithia CEO Bryan DeBoer said. “Many of the consumers—especially Gen-Yers and millennials—are thinking: ‘I don’t need to go to a dealer.’”

At the moment, some 82 percent of Lithia sales start with an online inquiry. Still, only 5 percent of the company’s customers actually end up doing the entire transaction online. The stake in Shift ought should change that quickly—the company expects to collect roughly $145 million in revenue this year on about 8,500 vehicles sold. Bloomberg News

39-year-old founder’s fortune jumps to $5.3 billion after IPO Aston Martin valued at $6.7B in IPO pricing

W

ANG XING, founder of Meituan Dianping, has seen his net worth surge to $5.3 billion after the initial public offering (IPO) of the food delivery giant.

Meituan shares closed at HK$72.35 on Thursday, 5.3 percent above the HK$69 price of the IPO. After Hong Kong’s second-biggest technology listing of the year, the unprofitable company has a market value of $50.9 billion, making it worth more than General Motors Co. Wang has aggressively built Meituan through deals and expansion, turning what started as a Groupon Inc.-type service into one that now spans food reviews, hotel bookings and a host of other online services. The IPO will help fund its increasingly costly battle for customers in China, where it’s up against Alibaba Group Holding Ltd. in food delivery and Didi Chuxing for ride-hailing and bike-sharing.

“We all have to approach them like an Amazon. I don’t believe they will be profitable in the short term,” Ben Harburg, managing partner of MSA Capital and an investor before the IPO, told Bloomberg TV. “We understand what they are trying to do with this, we think there will be patience. They might suffer with the share price in the short term but in the long term this can be a massive,

massive business.”

Meituan raised $4.2 billion in its IPO and has yet to say if it will exercise a green-shoe option to sell more stock.

Wang, 39, is the latest in a recent rush of newly minted Chinese billionaires as founders take their start-ups public. Five tech IPOs have helped at least 16 people ring up a combined $48 billion of net worth at the time of the IPOs, according to data compiled by the Bloomberg Billionaires Index. That includes founders of smartphone maker Xiaomi Corp. and Colin Huang, who is now worth $11.9 billion after the successful listing of his e-commerce platform Pinduoduo Inc. Backed by Tencent Holdings Ltd., Meituan’s clash with Alibaba has caused both to spend billions to seize control of China’s $1.3-trillion food delivery and online services industry. Meituan lost $2.9 billion in 2017, partially on changes in the value of its preferred stock, but also reflecting the brutal battle to win over consumers with subsidies.

Yet, even without the accounting adjustment, its operating loss last year was 3.8 billion yuan ($555 million). In the four months ended April, revenue surged 95 percent to 15.8 billion yuan, while its loss almost tripled to 22.8 billion yuan, which includes the impact of acquiring unprofitable bike-sharing

start-up Mobike.

“We have our largest core business, food delivery, that’s growing super fast and it’s also very close to break even,” Wang said in an interview with Bloomberg TV. “We are going to become profitable in our more mature business and the same time invest in our new initiatives.”

Meituan increased its market share of food delivery orders by 2 percent in the past three months, he said. The company is seeking to move up the value chain of food, including helping restaurants source ingredients.

The IPO trails only the $5.4 billion raised by Xiaomi for technology IPOs in Hong Kong this year. Meituan’s market value is now larger than the smartphone maker.

Wang founded Meituan.com in 2010 as a group-buying site before a 2015 merger with Dianping, which provided reviews of restaurants and other local businesses. Wang will remain controlling shareholder, according to Meituan’s prospectus.

Meituan is the second company to list with weighted-voting rights in Hong Kong after Xiaomi. The city’s market regulators tweaked rules this year to try and attract more of China’s tech darlings, which like Alibaba have previously favored the US. Bloomberg News

L

ONDON—Aston Martin Lagonda, the maker of James Bond’s favorite sports car, plans to raise as much as £1.27 billion ($1.67 billion) when it sells shares to investors for the first time.

The luxury carmaker says it will sell a 25-percent stake for b e t we e n £17. 5 0 a nd £22.50 a share, valuing the company at as much as £5.07 billion ($6.7 billion). Aston Mar tin said on T hursday the exact price would be set around October 3.

The company said Daimler will remain a shareholder and won’t reduce its 4.9-percent stake for 12 months.

Aston Martin CEO Andy Palmer said the share sale “will provide investors with a fitting opportunity to participate in our future success.”

The carmaker was founded in London in 1913 and is headquartered in Gaydon. AP

TOCKS climbed on Thursday as traders awaited the latest twists on global trade and digested Treasury yields approaching their highest level this year. The dollar remained under pressure.

The Stoxx Europe 600 Index gained along with US futures and most equities in Asia, as China was said to be planning to cut the average tariff rate it charges on imports from the majority of its trading partners as soon as next month. The yield on 10-year Treasuries was steady, holding well above the 3-percent mark after approaching its highs for the year on Wednesday. The greenback weakened after a report said the US and Canada are unlikely to reach a deal on Nafta in Washington this week, while the pound strengthened after August retail sales came in higher than expected.

Equity markets have so far remained resilient in the face of rising bond yields, suggesting investors are comfortable with the outlook for corporate earnings and global growth even as borrowing costs rise along with trade tensions. Ahead of the Fed meeting next week some other central banks top the agenda, with Norway’s policy-makers raising interest rates for the first time in seven years as the SNB kept deposit rates unchanged. The ECB’s Peter Praet speaks later in New York.

Elsewhere, emerging-market assets continued to rally off the lows seen earlier this month, while oil held above $71 a barrel on declining stockpiles. The krone slumped as investors saw the central bank’s rate trajectory as dovish, while the Swiss franc fluctuated.

Here are some key events coming up this week: European PMIs are due on Thursday. August data on US existing-home sales on Thursday will

show whether purchases declined for a fifth straight month, which would be the longest streak since 2013-2014. The Organization of the Petroleum Exporting Countries and its allies meet in Algiers this weekend.

These are the main moves in markets:

Stocks THE Stoxx Europe 600 Index rose 0.5 percent as of 10:54 a.m. London time, hitting the highest in more than two weeks. Futures on the S&P 500 Index rose 0.1 percent. The UK’s FTSE 100 Index increased 0.2 percent to the highest in more than two weeks.

Germany’s DAX Index gained 0.4 percent. The MSCI Emerging Market Index jumped 0.5 percent. The MSCI Asia Pacific Index climbed 0.2 percent.

Currencies THE Bloomberg Dollar Spot Index dipped 0.2 percent to the lowest in more than seven weeks. The euro increased 0.3 percent to $1.1708.

The British pound gained 0.5 percent to $1.3213, the strongest in more than two months. The Japanese yen rose less than 0.05 percent to 112.23 per dollar.

Bonds THE yield on 10-year Treasuries climbed one basis point to 3.07 percent, the highest in more than four months. Germany’s 10-year yield fell one basis point to 0.48 percent. Britain’s 10-year yield dipped one basis point to 1.6 percent. Italy’s 10-year yield declined four basis points to 2.809 percent.

Commodities WEST Texas Intermediate crude climbed 0.6 percent to $71.52 a barrel, the highest in almost four years. Gold fell 0.1 percent to $1,203.14 an ounce. Bloomberg News

B4 Friday, September 21, 2018

IPG MEDIABRANDS PURSUES STRATEGIC ALLIANCE WITH HEALTH-TECH COMPANY TO SAVE SIGHT, EMPOWER LIVES PLATINUM GROUP METALS CORP. PARTNERS WITH TESDA TO PROVIDE BEAUTY CARE SKILLS TRAINING Platinum Group Metals Corporation (PGMC), the largest single lateritic-mine exporter in the world, recently conducted a beauty-care skills training in partnership with the Technical Education and Skills Development Auhtority (Tesda) to residents of Surigao del Norte. A total of 73 participants coming from the following barangays, namely, Barangays Cabugo, Wangke, Panatao, Sapa, Magallanes, Daywa, Tayaga, Bagakay and Ladgaron, and underwent training on the basics of nail care, which includes how to perform manicure and pedicure, and the proper care for tools and materials used by nail technicians. They also learned how to perform hands spa and foot spa. The trainees were also provided their own tools and equipment to jump-start their home-based business right after the training. The project is under PGMC’s Social Management Development Program. In the photo, together with the training recipients, are (seated from left) kagawad Analiza Galaura of Barangay Sapa; Barangay chairman Evelyn Palulay of Barangay Tayaga; Barangay chairman Aida Bertudazo of Barangay Sapa; Barangay chairman Reneboy Intema of Barangay Magallanes; Barangay chairman Roberto Bayugbog of Barangay Ladgaron, PGMC Community Relations Manager Alex C. Arabis, Tesda Especialist 2 Joselito Ecoben of Surigao del Norte and Jessamor E. Celeste.

COOL SPACE Cozy ambiance, good food and unbeatable service makes Baccus Lounge a perfect place to host any event. Accented with minimalist, yet classy furnishings, this lounge can hold maximum of 50 persons. Our team can turn any event into unforgettable occasions—be it a cocktail party, intimate dinner, debut, weddings, birthdays, anniversaries, business meetings, conferences, product launching or any celebration that requires more personalized services and intimate atmosphere. Located on the sixth-floor level of Midori Clark Hotel and Casino, a premier hotel in Central Luzon known for its modern-Zen ambiance and luxurious amenities.

E-mail us at reservations@midorihotel.com/sales@midorihotel.com

I

PG Mediabrands, the globa l media arm of Interpublic Group, has announced a regional pro bono collaboration with Plano. The young health-tech company launched late last year with a mission to save sight and empower lives.

Following extensive scientific research, Plano has developed an empowering app to help manage excessive and inappropriate device usage by children and mitigate

the associated onset of myopia (shortsightedness), with as many as 80 percent to 90 percent of young adults in major Asian cities now suffering from the disorder. The number of people with myopia is expected to increase to 5 billion by the year 2050 (half the world’s population) if adjustments are not made to current lifestyle trends .

Said by Leigh Terry, chief executive officer of IPG Mediabrands Asia Pacific, “As

a part of an industry that delivers marketing messages for brands in an increasingly digital world, we support the uptake of emerging technology. However we also undertake to acknowledge the wider impact and responsibility of doing so.”

At a network level, IPG Mediabrands have aligned to support Plano on a pro bono basis, protracting their growth and development into markets across Asia Pacific and beyond, through a combination of strategic partnerships, media, expertise and awareness driving corporate social responsibility.

Said by Naomi Michael, head of marketing and communications for IPG Mediabrands, “As a part of our Work That Matters program and via a variety of initiatives rolled out over the next 12 months, this partnership will unite our 3,000 people across Apac with opportunity to directly contribute to a positive societal shift that ca n be tangibly felt and will have a lasting impact.”

The innovative Plano that proactively prevent and correct these issues works in the background of phones and tablets. It is the first of its kind to provide a suite of childsafety functions, while using science-based features to help modify behavior in children to reduce myopia-related risk factors and encourage healthier device usage.

Sports BusinessMirror

C1

| Friday, September 21, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

‘PRETTY TALL ORDER’

NAOMI OSAKA signs autographs for fans after defeating Dominika Cibulkova during the second round of the Pan Pacific Open in Tokyo on Wednesday. AP

By Doug Ferguson

A

The Associated Press

TLANTA—Tiger Woods is facing long odds of capturing the FedEx Cup and the $10-million bonus.

That’s all relative this year.

Just having his own parking spot at East Lake, being back at the Tour Championship for the first time since 2013, even feeling lost during a practice round because the nines were flipped, were all reminders that his greatest accomplishment this year was being part of the 30-man field.

“I think the season itself has been amazing, to be able to have played this well,” Woods said on Wednesday. “I didn’t know how many tournaments I’d play in, and next thing you know, here I am in the Tour Championship.... To have come back from where I’ve come back from and to get here has been a pretty tall order.”

He didn’t make it in 2014 because of his first back surgery and his ill-advised attempt to return too early.

He missed the entire FedEx Cup playoffs in 2015 when he couldn’t chip the ball onto the green from 20 feet away early in the season, and then his back started acting up late in the season. He missed all of 2016 while recovering from two more back surgeries, and all but one Professional Golfers’ Association (PGA) Tour event in 2017 because of a fourth back surgery.

Never mind that Woods is at No. 20 in the FedEx Cup standings, having started no worse than No. 3 in his four previous FedEx Cup finales.

This is one tournament where it’s more

WAWRINKA

S

AINT PETERSBURG, Russia—Stan Wawrinka kept his injury comeback on track with a hard-fought win over Karen Khachanov to reach the quarterfinals of the Saint Petersburg Open on Wednesday.

Wawrinka saved two set points in each set on his way to winning 7-6 (10), 7-6 (1) over the fourth-seeded Khachanov, who at No. 24 is ranked 64 places above Wawrinka.

Wawrinka’s quarterfinal opponent will be either defending champion Damir Dzumhur or Guido Pella.

Second-seeded Fabio Fognini’s tournament ended quickly as the Italian lost his opening match, 6-3, 6-4, to Martin Klizan in one hour and 15 minutes.

Also on Wednesday, fifth-seeded Roberto Bautista Agut beat qualifier Luca Vanni, 7-5,

about the start than the finish.

“It’s great to have accomplished one of the goals I set out at the beginning of the year: to make it back to East Lake to be part of the Tour Championship and part of these top 30 guys,” he said. “I’ve exceeded a lot of my expectations and goals because so much of it was an unknown.”

The only thing left to cap off a remarkable comeback would be a trophy.

This is his last chance.

That still probably wouldn’t be enough for Woods to win the FedEx Cup for the third time—no one else has won it more than once.

The better odds are with the top five seeds—Bryson DeChambeau, Justin Rose, Tony Finau, Dustin Johnson and Justin Thomas— who only have to win the Tour Championship to take home the richest bonus in golf.

Thomas has even more at stake. No one, not even Woods, has won the FedEx Cup in successive years. Thomas was runner-up at East Lake a year ago, which was enough for him to move past Jordan Spieth and capture the cup.

“I’m excited to have an opportunity to do something that no one has ever done, which is pretty cool,” Thomas said. “I’m not sure if it was true or not, but I heard that no one had been in the top five after winning the FedEx Cup.” It’s true.

Woods never followed a FedEx Cup title with a top-five seed because he was recovering from knee surgery in 2008, and he was putting his personal life back together in 2010. Spieth won in 2015 and was No. 7 going into the Tour Championship the following year.

Spieth didn’t make it back this year,

finishing at No. 31 after a poor week at the BMW Championship.

It was an example that even some of the best in the world can’t bank on making it back to East Lake without playing great golf.

Woods was good enough, and better than he thought.

He was in the mix on the back nine at the last two majors. He came to the 18th hole at Innisbrook needing a birdie to tie for the lead. He had six finishes in the top 10.

And the number that means the most might be the tournaments he played. The Tour Championship is his 18th event, his busiest schedule to date since 2012.

Woods first showed signs of back trouble in the final round of the 2013 PGA Championship, though he revealed on Wednesday that his back first started acting up a year earlier in the Ryder Cup at Medinah, and that he asked to play as late as possible.

“That’s the only wave I’ve ever missed,” said Woods, who sat out the Saturday morning session, and ended up halving the last of 12 singles matches as Europe rallied from a fourpoint deficit to win.

East Lake is only part of the reward. Woods will be on the charter on Sunday night to France for his first Ryder Cup since 2012. He finished 11th in the standings and was an easy choice as a captain’s pick by Jim Furyk.

Spieth is the only American on the Ryder Cup team not at East Lake. For the other 11, along with six players on the European team, the focus is on the FedEx Cup and its $10-million prize this week, followed by a cup with no prize at all next week.

Wawrinka reaches quarters in Russia 6-2, in their first-round match.

Canadian 19-year-old Denis Shapovalov, seeded seventh, won 7-6 (3), 6-2 against qualifier Adrian Menendez-Maceiras. He’ll meet Matteo Berrettini of Italy in the second round for the opportunity to play Klizan in the quarterfinals.

Playing his last tournament before retirement, Russian veteran Mikhail Youzhny prolonged his career by at least one more match with a 7-6 (6), 6-4 win over Mirza Basic.

Youzhny, a former top-10 player with 10 tour titles to his name, goes on to meet Bautista Agut in the second round.

In Seoul, top-seeded Jelena Ostapenko beat Lara Arruabarrena, 6-3, 6-3, to advance to the second round of the Korea Open on Wednesday.

Ostapenko, the 2017 French Open

champion, broke her opponent five times while notching up 32 winners to 29 unforced errors.

“She’s a very good player and very consistent,” Ostapenko said. “Today was a good match for me, especially for the first round because first rounds are always tough.”

Also, second-seeded Kiki Bertens beat Luksika Kumkhum, 7-6 (7), 6-2.

Sixth-seeded Hsieh Su-wei defeated Stefanie Voegele, 6-2, 6-1, and Evgeniya Rodina outlasted No. 8 Kirsten Flipkens, 6-4, 4-6, 7-5.

At Guangzhou, China, fifth-seeded Yulia Putintseva defeated Sabine Lisicke, 6-3, 6-3, to reach the quarterfinals of the Guangzhou Open. Also, seventh-seeded Vera Lapko overpowered Deniz Khazaniuk, 6-2, 7-5. AP

OSAKA POWER IN JAPAN T

OKYO—Naomi Osaka’s homecoming couldn’t have gone much better.

Playing in her first tournament since winning the US Open, third-seeded Osaka impressed her Japanese fans on Wednesday with a powerful 6-2, 6-1 win over Dominika Cibulkova to reach the quarterfinals of the Pan Pacific Open.

Osaka was in control of the second-round match from the outset, breaking Cibulkova’s serve in the first game at a sold-out Tachikawa Arena.

“My first match [since the US Open] in Tokyo felt really special,” Osaka said. “I didn’t really feel pressure, I felt more excitement because I knew that a lot of people were watching this match. I felt really grateful.

“I’m just grateful I could play in front of you guys and want to thank everyone for their support.”

The local favorite raced out to a 4-0 lead before Cibulkova finally held to win her first game. Osaka hit three aces to close out the first set.

She broke her opponent three more times in the second set to win in just over an hour, hitting 25 winners to just nine unforced errors.

Osaka became the first Japanese player to win a Grand Slam singles title when she upset 23-time Grand Slam champion Serena Williams on September 8 in New York.

Two years ago Osaka lost in the Pan Pacific final to Caroline Wozniacki, who is the top-seeded player this year.

Osaka was born in Japan to a Haitian father and Japanese mother. They were both in attendance on Wednesday.

The shy 20-year-old Osaka, who has spent most of her life in the United States and lives in Florida, has been in the spotlight both on and off the court since returning to Japan last Thursday.

Japanese Prime Minister Shinzo Abe took to Instagram to praise Osaka’s accomplishments and the rising star also appeared at a sumo match.

Osaka signed a three-year contract last week with Japanese carmaker Nissan—no financial details were released—and she is reportedly close to landing a large deal with Adidas, perhaps in the range of $10 million.

The US Open title was worth $3.8 million in prize money.

Osaka also has endorsement agreements with Japanese sporting goods company Yonex, noodle maker Nissin Foods, Citizen Watch and satellite broadcaster Wowow.

Cibulkova has been in the midst of a resurgence since reaching the quarterfinals of Wimbledon and upsetting former No.1 Angelique Kerber on the way to the second week of the US Open, but she couldn’t make a dent in the Osaka serve.

“It wasn’t a match I was proud of,” Cibulkova said. “I just couldn’t find my rhythm. She was serving so well. I felt I was in control of some rallies, but it was too hectic.”

In other matches, American qualifier Alison Riske upset former No. 1 Garbine Muguruza, 6-1, 6-2, and Karolina Pliskova defeated Daria Gavrilova, 4-6, 6-4, 6-4. Caroline Garcia beat Anastasia Pavlyuchenkova, 6-2, 2-6, 7-5.

Osaka will next face the winner of the match between Anett Kontaveit and Barbora Strycova.

The world No. 7, who served 10 aces, said she is pleased with her game despite all the distractions of the past 10 days.

“As a whole I can say I played maybe, like, 80 percent,” Osaka said. “For me I never know the limit of what level I can go to.” AP TIGER WOODS is proud to be back at East Lake for FedEx Cup finale. AP

Spo

Business

C2 Friday, September 21, 2018

DUATHLON PRINCESS

By Ramon Rafael Bonilla

B

AGUIO CITY—Nicole Marie del Rosario pedaled and ran her way to three gold medals in cycling and duathlon to emerge as the princess of endurance sports in the Batang Pinoy National Championships on Thursday.

The hilly terrain and the cold weather could not break the heart of the 15-year-old pride of Cebu province, who topped the girls’ 13-15 duathlon event in 28 minutes and 58 seconds at the Baguio City Athletic Bowl.

Already a winner in cycling’s criterium and massed start earlier in the games. Del Rosario returned to action later on Thursday in the race-against-the-clock individual time trial also of cyling with a time of 10 minutes and 29 seconds for her fourth gold medal in the games organized by the Philippine Sports Commission.

“I feel blessed and happy. I just did my best because I wasn’t really sure about my competitors,” del Rosario said. “The route was quite challenging because it was uphill all the way. It was also hard for my legs because I came from duathlon.”

Del Rosario was a hands-down favorite to win the triathlon event on Wednesday, but the Grade 9 student at the University of San Carlos battled hypothermia and settled for fifth place.

The kids from the “Queen of the South” also made their presence felt in with Catherine Angeli Yu (10:35.19) and Moira Frances Erediano (10:35.87) completing the

girls’ duathlon podium.

Jeanna Cañete made it a double for the day for Cebu by topping the girls’ 12-13 time trial. She also won the criterium and massed start races.

Karatekas from Cebu province also delivered three golds in kumite at SM Baguio—Janina Narboada (10-11 girls, -140 cms), Trexie Joy Ogoc (10-11 girls, +140 cms) and Precious Avegail Belicario (12-13, -150 cms).

Jason Jabol of Dasmariñas City had his own hat-trick by anchoring his team to the boys’ 4x1000-mter relay gold.

The 15-year-old rising star teamed up with Jherwin Ricaforte, Charles Antones and Lord Angel Santos to win in 44. 83 seconds—they beat teams from Pangasinan (46.03 seconds) and South Cotabato (46.24 seconds).

International Master-elect Daniel Quizon also of Dasmariñas City collected 4.5 points on four wins and a draw to clinch the gold medal in the 15-under standard event in the five-round chess tournament.

Quizon’s vast international experience was a big factor for the 13-year-old as he edged Jave Mareck Peteros of Cebu City (3.5 points) and Reishi Boy Polan of Tubigon, Bohol (three points).

Laguna province and Baguio City, meanwhile, went toe-to-toe in the medal standings. Laguna had 18 golds, five silvers and 13 bronzes, while Baguio City amassed 17 golds, 28 silvers and 32 bronzes.

The overall champion stands to receive a cash reward of P3 million, while second and third places will bring home P2.5 million and P2 million, respectively.

CONVINCING WIN BY 3-YR-OLD FILLY IN SAN LAZARO

D

NORTHPORT’S Rashad Woods loses his balance against Blackwater’s John Paul Erram (7) and Emil Renz Palma during their game on Wednesday night.

NONOY LACZA

GIN KINGS BATTLE ELITE B

ARANGAY Ginebra San Miguel and Blackwater clash in battle of unbeaten leaders in the Philippine Basketball Association Governors’ Cup on Friday at the Smart Araneta Coliseum.

Action fires off at 7 p.m. with the Elite challenging the reigning titlist but undermanned Gin Kings. Both teams are 3-0 won-lost in the conference.

Winless Columbian Dyip (0-5), meanwhile, goes for an upset against San Miguel Beer (1-1) in the second game at 4:30 p.m.

Enjoying its best start since joining the league

in 2014, Blackwater will bank on its renewed confidence under Head Coach Bong Ramos.

The team came from 16 points down in the first quarter to topple NorthPort, 113-111, two nights ago.

“What’s good here heading into the game against Ginebra is we’re in a situation [of character building]. It will be another test of character and we need it,” Ramos said.

Ramos took over Leo Isaac last conference and has since put composure into the Elite system.

“The momentum is with us going there

against Ginebra. We’ll try our best. Maybe we can salvage a win, we’ll see what my players can bring against Ginebra,” Ramos added.

The Gin Kings will be without Jervy Cruz (bone spur), Joe Devance (knee) and Sol Mercado (knee). But the biggest blow is Greg Slaughter, who will be out until October because of a left ankle injury he sustained last month.

Down four men, Cone asked the rest of his wards to step up.

“We need to be better. We’re doing what we can to survive and win games,” Cone said.

Ramon Rafael Bonilla

ALFREDO SANTOS (second from right), owner of winning horse Disyembreasais, raises his trophy during the awards ceremony of the Lakambini Stake Race at the San Lazaro Leisure Park in Carmona, Cavite, last Sunday. Santos is joined by trainer Edwin Vitalli, who received the Breeder’s Trophy on behalf of Leonardo Javier Jr., and jockey JB Cordova (with his kids), together with MJC Assistant Manager J-Fel Cuevas (left), racing manager Ding Magboo and Philippine Racing Commission Chairman Andrew Sanchez (right).

ISYEMBREASAIS made her move in the final 200 meters and pulled off a two-length victory in the 2018 Philippine Racing Commission (Philracom) Lakambini Stake Race at the Manila Jockey Club’s San Lazaro Leisure Park in Carmona, Cavite, last Sunday.

With a guaranteed top purse of P900,000 on the line, Disyembreasais played it patiently by following her game plan before unleashing a burst of speed in the last 200 meter to rule the stakes race for locally born three-year-old fillies that have participated in past Philracom races.

It was all part of the plan, according to winning jockey Jordan (JB) Cordova after he steered the Alfredo Santos-owned filly to its second stakes race victory for the year—sixth overall in 2018. She clocked one minute and 14 seconds to rule the race that carried a guaranted total prize of P1,500,000.

“The plan—with trainer Edwin Vittali— was to take it easy at the start before pouring it all as the race progresses,” said Cordova after the 1,600-meter race.

“Disyembreasais is comfortable in this distance, especially when she sees her rivals jockeying for position at the front,” added the 36-year-old jockey.

The James Albert Dichaves-owned Ava’s Dream and rider JP Guce finished second and settled for the runner-up purse of P337,500, while Polilio Island, ridden by JA Guce and owned by Wilbert Tan, came in third for P187,500.

Talitha Koum, owned by George Raquidan, with RG Fernandez on the reins, placed fourth and pocketed P75,000 after a quick lead right from the start but slowly faded in the stretch.

Philracom Chairman Andrew Sanchez handed the trophies to the winners, led

by AR Santos and trainer Vitalli, who received the Breeder’s Purse of P60,000 on behalf of Disyembreasais winning breeder Leonardo Javier Jr. The other winners in the 12-race Manila Jockey Club Inc. on Sunday schedule were Above the Knee (Race 1), Sky Hook (Race 2), Wild Grass (Race 3), Reconstruction (Race 5), I Love Jane (Race 6), Mighty Pride (Race 7), Hot and Spicy (Race 8), Run and Gun (Race 9), Pride of Laguna (Race 10), Barrio San Jose (Race 11) and Brown Sister (Race 12).

Two major stakes race are set in October—the Second Leg of the Philracom Juvenile Fillies and Colts Stakes Race on October 14 and the Sampaguita Stakes Race on October 28.

This will be followed by the Ambassador Eduardo M. Cojuangco Jr. Cup, MARHO Racing Event and First Leg of 3YO Open Challenge Series on November 4, and the Third Legs of the Juvenile Fillies Stakes Race and Juvenile Colts Stakes Race on November 18.

Red Lions prevail; Codinera quits as Chiefs coach

R

OBERT BOLICK put on a scoring clinic in the third quarter as San Beda overpowered Emilio Aguinaldo College (EAC), 76-57, on Thursday to continue to haunt unbeaten leader Lyceum of the Philippines University in the 94th National Collegiate Athletic Association seniors’ basketball tournament at the Filoil Flying V Centre in San Juan City.

Bolick erupted with 12 of his 20 points in the third quarter when the Red Lions turned a close game into a rout.

It was the reigning back-to-back champion’s sixth consecutive win and 12th overall against a loss. They stood half a game behind the unscathed Pirates.

The Generals succumbed to their 10th loss against two wins.

Allyn Bulanadi, meanwhile, unleashed his best scoring game as San Sebastian College turned back a stubborn Jose Rizal University, 82-75, to remain in the Final Four hunt.

Bulanadi, 21, finished with a career-high 27 points, including 10 in the first quarter, when the Stags raced to a fast 23-9 start and eight in the final period when they overcame repeated comebacks by the Heavy Bombers to nail their third consecutive win and fourth overall against nine setbacks.

The win resuscitated the Stags’ dying Final Four bid but they have to sweep their last five games to stay in contention.

The Heavy Bombers fell to their 11th setback against two triumphs and are out of the race.

Jerry Codinera, meanwhile, resigned as Arellano University coach after the Chiefs could only win four of 11 games so far in the season.

Junjie Ablan will take over on the interim basis. He was the Chiefs’ first coach when the school joined the league in 2009 as a guest team.

Codinera went 52-31 in four-and-a-half seasons with the Chiefs that was highlighted by finals stints in 2013 and 2015.

SAN Sebastian College’s Allyn Bulanadi (5) and Michael Calisaan (7) gang up on Jose Rizal University’s Mark Mallari. NONOY LACZA

orts

sMirror

Friday, September 21, 2018

Sotto, Vargas, Panlilio, Reyes lead PSA Golf Cup participants

PLATINUM SPONSOR

Raphael Simpao Jr. (center), chairman of Security Bank Foundation, and Dr. Rosalind Wee (right), wife of Philippine Ambassador to Indonesia Lee Hiong Tan Wee, sign the contract making Security Bank one of the Platinum sponsors of the 13th Highlands Ladies Cup set on September 29 at Tagaytay Midlands.

With them are organizing Tagaytay Highlands Ladies Chapter members (from left) Marissa Vergara, Faye Celones and Deenna Mendiola.

MARIELLE TEE bucks a double bogey on the 16th hole to salvage a 73 for Southwoods, which finished the day with 154 points.

S

S’WOODS HANGS ON M

ANILA Southwoods hung on to a slim three-point lead over defending champion Pradera Verde on Thursday, promising a thrilling weekend in the 13th Philippine Airlines (PAL) Ladies Interclub golf team championships

at the Rancho Palos Verdes Golf and Country Club in Davao City.

Marielle Tee bucked a double bogey on the 16th hole to salvage a oneover par 73 for Southwoods, which finished the day with 154 points.

Aside from Tee’s 53 points, Southwoods drew 51 from Laurea Duque and 50 from Samantha Dizon. Sunshine Baraquel did not count with 46.

Pradera Verde rode on Malaysian Ika Nasser’s 53 points, Annyka Pineda-Cayabyab’s 52 and Eliza Mae Kho’s 51 to cut Southwoods’s overnight lead with 156 points. Vinisha Gunaseelan

failed to count with 50.

Cayabyab, 14, drained a difficult 8-foot putt to save par on the final hole.

Southwoods captain Claire Ong was happy to retain the lead.

“It’s good that we have the options. At least we’re still in the lead.

That’s what we want, and who knows?” said Ong. Despite trailing halfway through the 72-hole event, Pradera skipper Norman Sto. Domingo remained confident of victory.

“Whatever the outcome would be tomorrow, whether we are on top or not, I feel we’re going to win. About four to five strokes,” said Sto. Domingo, who plans to reserve Asian Games

C3

champion Yuka Saso and Nasser in the final round.

In the Founders division, Lady Eagles Australian Golfers 1 shot the day’s best round—158 points—to share the lead with overnight leader Del Monte with 274 apiece.

The Australians leaned on Kelsey Benett’s 58 and Taylor Dunn Newlin’s 55 to catch Del Monte, which managed 138 points.

Major sponsors for the 13th PAL Ladies Interclub include Airbus, Bombardier, People Asia, UM Broadcasting Network and Primax Broadcasting Network.

Other sponsors are TFC, Mastercard, Resorts World, Seda Hotel, SM Supermalls and Banco de Oro. Donors are Asia Brewery and Philippine National Bank.

The results: Championship: Manila Southwoods, 310; Pradera Verde Golf Club, 307.

Founders: Lady Eagles Australian Golfers 1, 274; Del Monte, 274; Alabang Country Club 1, 257; Negros Occidental, 254; Orchard, 234; Wack Wack, 224.

Sportswriters: Aguinaldo, 227; Tagaytay Highlands, 226; Pueblo de Oro, 220; Rancho Palos Verdes 1, 212; Lady Eagles Australian Golfers 2, 200; Manila Golf, 200; Camp John Hay, 185; Eagle Ridge, 183; Fairways and Bluewater, 177; Alta Vista, 168; Iloilo, 140.

Friendship: Rancho Palos Verdes 2, 192; Orchard, 179; Apo, 168; Bacolod, 166; Alabang 2, 161; Victorias, 136.

ENATE President Tito Sotto and former Gilas Pilipinas Coach Chot Reyes will see action in the revived Philippine Sportswriters Association (PSA) Golf Cup presented by Manila Southwoods, San Miguel Beer and the Philippine Sports Commission on Tuesday at the Legends course in Carmona, Cavite.

The 18-hole event that aims to raise funds for the PSA’s medical projects for its members has gathered great support from the sports community.

Leading the guests is Sotto, who represented the Philippines in several international tournaments as a bowler, counting the World Cup. Tee-off time will be at 7 a.m. shotgun style, with the tournament using the System 36 method of scoring and staking championship trophies in several divisions, including the overall title where Sotto, Reyes and pro star Kiefer Ravena will be eligible to win.

Richard Gomez, the chef de mission of the Philippines’s successful Asian Games campaign in Jakarta last month, has also been invited, together with Barangay Ginebra Coach Tim Cone and NLEX Assistant Coach Jojo Lastimosa.

Ricky Vargas and Al Panlilio, representatives of the PLDT and Meralco franchises in the PBA, are also set to play with TNT KaTropa and the Meralco Bolts supporting the noble project as major sponsors.

A round-trip ticket to the US courtesy of Philippine Airlines will be staked as holein-one prize.

Also backing the project are Sunrise Events Inc., Rain or Shine, Mighty Sports, Philippine Golf Tour, Bong Lopez, Luigi Tabuena and Forest Hills.

THE youngest coach in Champions League history—Julian Nagelsmann—draws his debut game. AP

C4

Sports BusinessMirror

| Friday, September 21, 2018

mirror_sports@yahoo.com.ph Editor: Jun Lomibao

NO RONALDO, NO PROBLEM

CRISTIANO RONALDO reacts after getting a red card. AP

By Graham Dunbar

G

The Associated Press

ENEVA—Real Madrid managed to win easily in the Champions League without Cristiano Ronaldo. So did Juventus, after its superstar signing was tearfully sent off within 30 minutes.

Three-time defending champion Madrid eased to a 3-0 win over Roma on Wednesday, with Francisco “Isco” Alarcon scoring from the kind of free kick only Ronaldo got to take in his nine years with the club.

Ronaldo, making his Juventus debut in a competition he has won five times, also had a new experience—getting a red card against Valencia for tangling with Jeison Murillo.

Seemingly frustrated that Murillo went to ground too easily, Ronaldo reached down to tug or ruffle the defender’s hair.

German referee Felix Brych did not have access to a video review but showed a red card after consulting his assistant behind the goal.

It was Ronaldo’s first sending off in 154 games in the competition and left him in tears.

Still, Juventus went on to win 2-0, scoring twice from penalties despite designated spot-kick taker Ronaldo not being there. Miralem Pjanic scored both times.

Elsewhere, one of the favorites to dethrone Madrid this season, Manchester City, lost at home and Manchester United won away to further dispel its uneasy start to the season.

City was lackluster in a 2-1 loss to Lyon, while rival United had little trouble winning 3-0 at Swiss champion Young Boys.

It could have been tricky for Real Madrid. No Ronaldo on the field, no Zinedine Zidane in the dugout, and facing Roma, a semifinalist last season.

But it was business as usual for the 13-time European champion under new coach Julen Lopetegui.

Isco, Gareth Bale—who seemed sure to leave if Zidane stayed—and Mariano Diaz got the goals.

Bale finished off an accurate pass by Luka Modric, and goalkeeper Keylor Navas kept a clean sheet after being preferred to new signing Thibaut Courtois.

Also in Group G, CSKA Moscow trailed 2-0 at halftime, but a stoppage time penalty from Nikola Vlasic made it 2-2 at Czech champion Viktoria Plzen.

A troubled opening half hour for Juventus in Valencia saw Mario Mandzukic and Sami Khedira miss clear chances before Ronaldo left the field in tears.

Just before halftime, Joao Cancelo hit the crossbar with a shot and was then fouled by a high boot to the face while chasing the rebound.

YOUNGEST COACH STARTS WITH DRAW

IN Kharkiv, Ukraine, the youngest coach in Champions League history drew his debut game on Wednesday as Hoffenheim’s game at Shakhtar Donetsk finished 2-2.

The 31-year-old Julian Nagelsmann had to wait just six minutes to see his team score a first Champions League goal as Florian Grillitsch put Hoffenheim 1-0 up.

However, Shakhtar responded with a solo effort from Ismaily in the 27th as the Brazilian charged down the left flank before leaving defender Havard Nordtveit sprawling as he cut inside and placed a shot inside the far post.

Nordtveit restored Hoffenheim’s lead with a header in the 38th after a corner and teammate Andrej Kramaric came close to scoring a third in the second half. However, Maycon’s long-range shot in the 81st minute for Shakhtar meant the teams shared the points in Group F after a frantic finish in which Hoffenheim held off a Shakhtar onslaught.

Nagelsmann, who turned 31 in July, took over at Hoffenheim in February 2016 at the age of 28 and qualified the team for the Champions League last season for the first time in its history by finishing third in the Bundesliga.

He’s a month younger than Belarusian Viktor Goncharenko was when he coached BATE Borisov against Real Madrid in the Champions League in 2008.

While Hoffenheim traces its history back to 1899, it’s a young club at the elite level. The team languished in the German amateur leagues before software billionaire Dietmar Hopp began to put large sums into the club starting from 2000, taking it to the Bundesliga in just eight years.

NJ probes FanDuel refusal to pay $82K on wrong odds

A

TLANTIC CITY, New Jersey—New Jersey gambling regulators are investigating whether FanDuel’s sports book should pay out more than $82,000 to a man who was given exorbitant odds for the Denver Broncos to win Sunday against the Oakland Raiders.

Anthony Prince of Newark made his bet and was handed a ticket at incredible 750-1 odds with about a minute left in the game, as the Broncos trailed by two points on their final drive. Denver kicked a field goal with six seconds left to win, 20-19, capping a second-half comeback that started with the Broncos down 12-0.

FanDuel says its system should have calculated his odds at 1-6, meaning a bettor would have to wager $600 in order to win $100.

Prince bet $110 on the Broncos but was stopped when he went to collect from FanDuel’s betting window at the Meadowlands Racetrack in East Rutherford, New Jersey.

“They said, ‘Oh, we can’t honor this ticket,’” Prince told News12 New Jersey, which first reported the story. “I said, ‘Why? This is fair and square.’ They said the system had a glitch in it and they’re not obligated to pay for glitches.”

FanDuel said in a statement that its system malfunctioned and it is not obligated to pay out on an obvious error.

“A small number of bets were made at the erroneous price over an 18 second period. We honored all such bets on the Broncos to win the game at the accurate market price in accordance with our house rules and industry practice, which specifically address such obvious pricing errors,” FanDuel said in its statement. “We have reached out to all impacted customers and apologized for the error.”

How the matter is handled could have far-reaching effects on the budding sports betting industry in New Jersey at a time when new sports books are opening in some other states and lawmakers throughout the country consider whether to also jump in for the potential tax revenue. New Jersey challenged a federal ban and won a US Supreme Court decision in May that cleared the way for gambling on games to expand beyond Nevada.

The idea that player money and winnings would be protected and regulated by the state has been a major selling point among sports betting supporters who contrasted legal gambling with shady offshore betting sites where players often have little recourse in disputes.

But gambling regulators also have policies in place to void obvious errors in sports bets. AP

John the Baptist to prepare

D

EAR God, You sent John the Baptist to prepare the way for Christ through preaching and repentance.

We praise You and pray: Guide us along the path of life, Oh God. Protect those who are fleeing from danger of any kind, and bring them to safe shelter. Strengthen and empower Christians who suffer persecution for their faith.

Grant mercy and peace to those who die of terminal illness and have the courage to accept their situation. May God bless us with the wisdom to know that the sufferings of the present are nothing compared with the glory revealed in Christ Jesus. Amen.

GIVE US THIS DAY SHARED LUISA M. LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life BusinessMirror

GAB FAB: ‘M BUTTERFLY’ TO ASSIST A MIX OF BENEFICIARIES D4

Friday, September 21, 2018

D1

Stormy Daniels’ ‘Full Disclosure’ is one of the books Trump doesn’t want you to read By aLeXanDRa aLteR & Jim RUtenBeRG New York Times News Service

I

N her new memoir, Full Disclosure, Stormy Daniels cites a statement that President Donald J. Trump’s former lawyer, Michael Cohen, asked her to sign, denying she had a sexual encounter with Trump. “If indeed I did have a relationship with Donald Trump,” the statement read, “trust me, you wouldn’t be reading about it in the news, you would be reading about it in my book.”

Daniels, a pornographic actress and director whose legal name is Stephanie Clifford, later alleged the statement she was told to sign was false. She maintains she did have an affair with Trump, and was threatened into silence.

But it was true in one respect. People will soon be reading about it in her book.

Full Disclosure, which St. Martin’s Press will publish on October 2, contains few new bombshells, but it is likely to rattle the White House nonetheless. In the memoir, Clifford gives a vivid, detailed account of her encounter with Trump in 2006 and its messy aftermath. Her book comes out just weeks before the November midterm elections, potentially bringing her story back into the headlines as Democrats and Republicans fight over control of Congress.

The news media has covered Clifford’s story heavily for the better part of 2018, since the news that Cohen paid her hush money first broke toward the start of the year.

What began as a tale about money paid to silence a porn star alleging an affair with a major presidential candidate went on to become a full-fledged campaign finance scandal. Cohen pleaded guilty last month to illegally paying Clifford—far in excess of the legal donation limits—to protect Trump’s election

prospects, saying he was acting at Trump’s direction.

The book does not add many new details to the basic facts of the legal case, though Clifford does raise questions about efforts to shut down the publication of her story after she made arrangements to sell it to In Touch magazine in 2011. Trump was also contemplating a presidential run that year.

For all the exposure Clifford has had in the news media, she does provide a far more detailed account of her tryst with Trump, which he denies.

On Tuesday The Guardian published an article summarizing some of the book’s most salacious passages and revelations, including her claim that her sexual encounter with Trump ranked as “the least impressive sex I’d ever had.”

Clifford writes that in making an offer to have her on his reality-competition show The Apprentice during his courtship of her, Trump said he would help her cheat to avoid losing the “challenges” the show staged to pare the contestants. As she has noted previously, he did not make good on his promise to get her onto the show.

She reports that during one visit with Trump— while watching a Shark Week documentary—Trump fielded a call from Hillary Clinton, whose 2008 bid for the presidency Trump supported. Clifford also shared new details about Trump’s genitalia, which caused a predictable stir on Twitter on Tuesday.

The White House press office did not respond to a request for comment.

Full Disclosure is the latest damaging tell-all book in a succession of them, coming just after Omarosa Manigault Newman’s Unhinged: An Insider’s Account of the Trump White House and Bob Woodward’s Fear: Trump in the White House, which sold more than 1.1 million copies in its first week.

Trump’s presidency has proved to be an

unexpected boon for the publishing industry, which has unleashed a barrage of juicy insider accounts. In a typical presidency, pundits and journalists have to wait years for administration insiders to spill the details. Out of either deference or self-preservation, government officials often hold off until a new administration is in place to offer their insider account. But the chaos and turmoil within the Trump administration has upended the usual Washington publishing cycle, as disgruntled ex-staff members and officials who have been pushed out or resigned churn out books at a breakneck pace, at least by the normally glacial standards of publishing.

Many of these accounts have shot to the top of the best-seller lists, often after the White House disputes the revelations or threatens legal action, prompting a fresh round of news coverage.

“The ideal thing is to have a book that Trump attacks, because that all but guarantees you best-seller status,” said Matt Latimer, a literary agent and copartner at Javelin, which represents James Comey.

In the heated competition for the next political blockbuster, Macmillan, which owns St. Martin’s, Henry Holt and Flatiron Books, among other imprints, has often prevailed. The company has published Michael Wolff’s Fire and Fury, which has nearly 3 million copies in circulation, and former Federal Bureau of Investigation (FBI) Director James Comey’s A Higher Loyalty, which has sold more than 1 million copies.

On Tuesday St. Martin’s announced it had acquired a book by former FBI deputy director Andrew McCabe, who has been a regular target of Trump’s ire on Twitter. McCabe’s book, The Threat: How the FBI Protects America in the Age of Terror and Trump, is due out this December, and covers his role in leading politically sensitive investigations into Clinton’s use of

a private e-mail server and Russia’s efforts to sway the 2016 presidential election.

Publishers have had to become more nimble to stay relevant at a chaotic and hyperpartisan moment.

“The challenge that it poses is that the news cycle changes every day; it’s like a pingpong match trying to figure out where the country’s attention is going to be,” said Jennifer Enderlin, executive vice president and publisher of St. Martin’s.

“No matter the volatility of the news cycle, there are some authors and books that will make the public stop and pay attention, and we think we have two of them,” she added, referring to Clifford’s and McCabe’s forthcoming books.

“It seems fair that they get to tell their story, since Trump has the biggest megaphone in the country and he gets to say all kinds of things about them.”

Clifford’s fall book publicity tour and possible presence on best-seller lists could serve as reminders to voters of the allegations of infidelity surrounding Trump—as well as the campaign improprieties related to them that resulted in the felonious campaign finance violations to which Cohen pleaded guilty.

Then again, Clifford’s allegations against Trump are clearly already baked into voter impressions of him at this stage, and some political strategists did not expect the book to significantly alter perceptions of him in ways that would change the dynamic of the fall campaign.

“For Trump supporters, they’ve processed it and they’ve come to their own conclusions on it; for people who don’t like Trump, they’ve also processed it,” said Russ Schriefer, a Republican political strategist involved in several races this fall. “It adds to the sideshow quality of it, but I don’t think it’s really going to affect voters that much.” n

D2

Society BusinessMirror

Friday, September 21, 2018

www.businessmirror.com.ph

z

Today’s Horoscope

THE Fashion Designers Association of the Philippines after the curtain call

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Alfonso Ribeiro, 47; Nancy Travis, 57; Bill Murray, 68; Stephen King, 71.

HAPPY BIRTHDAY: Stability comes at a price. Look at your options and know your boundaries. Change can be good as long as you stick to a budget and don’t allow anyone to interfere. Turn this into a year of planning and putting things in place. Look at the big picture instead of grasping for immediate results. Time is on your side. Your lucky numbers are 7, 18, 21, 28, 35, 44, 48.

a

ARIES (March 21-April 19): Keep money matters in perspective. Joint ventures aren’t likely to go smoothly if you cannot agree on a budget that fits both your needs. Take your time and spend less to avoid an awkward situation that can damage a good relationship. HHHH

b

TAURUS (April 20-May 20): Bring about change that will improve your relationships, not hinder them. Refrain from exaggerating a situation to grab someone’s attention. You’ll be left backtracking if you can’t deliver on the promises you’ve made. Stick to what’s possible and practical. HH

ROWELL PANLILIO with model April Tanhueco

She said yes D ESIGNED to be elegant with a special touch of glamour, Crowne Plaza Manila Galleria’s “Journey of Yes to Forever” was held at the Grand Ballroom on September 1. The hotel’s team of event professionals turned the Grand Ballroom into a completely different setup, showcasing the most sought-after wedding suppliers and partners around—from event styling and coordination, cakes, souvenirs, jewelry, photography, videography and more.

The occasion commenced with a ribbon-cutting led by Crowne Plaza Manila Galleria’s Executive Committee with the special participation of Bong Regala and the Fashion Designers Association of

c

GEMINI (May 21-June 20): Take pride in what you do. An innovative approach to your work will help you overcome a learning curve. Don’t let what others do confuse you or cause insecurities. Trust and believe in your abilities, not someone else’s. HHHH

WILMA DOESNT with FDAP President Gil Granado

d

the Philippines (FDAP) headed by President Mr. Gil Granado. The lobby was filled with Regala’s Crowne Bridal Photo Gallery showcasing 12 beauty queens.

The bridal couture featured were created by FDAP members, including Hoho Alidio, Frederick Berches, Cathy Mora-Capistrano, Mary Anne Casanova, Russ Cuevas, Leonardo Dadivas, Danika Damo, Maricris de la Peña, Ramil Estrope, Albert Fontanilla, Gil Granado, Cheena Ng Lio, Rex Nicdao, James O’Briant, North Ortiz, Rowell Panlilio, Dave Lee Aguirre Reyes, Patty Valle, Simon Ariel Vasquez, Choi Villarama and Jannette Visser.

The stunning bridal wear was carried by Patty Betita (Bb. Pilipinas International 1991), Lou Bunyi

Pareja (Look of the Year 1989), Justine Gabionza Paz (Miss Tourism Queen International), Maricarl Tolosa (Bb. Pilipinas International 2001), April Love Jordan (Ms. World Philippines-Princess 2012), Stephanie Magali Malibiran (Mrs. Asia International Tourism 2013), Gill Baltazar Medina (Bodyshots 1995), JP Abinuman Cox (Bodyshots 2000), April Tanhueco (Miss Model of the World), Wilma Doesnt (Bodyshots 1995), Angelee Claudett de los Reyes (Miss Earth Philippines 2013) and Joanna Romero (Binibining Pilipinas International 2000).

The fashion show was directed by the renowned Ogee Atos. For information, contact Crowne Plaza Manila Galleria at 633-7222 or visit www.ihg.com. n

CANCER (June 21-July 22): Make plans to socialize or to get involved in something you’ve never done. What you learn by observing others will help you bring about changes that will protect you from making a financial mistake. Share love, not your money. HHH

e

LEO (July 23-Aug. 22): Emotional situations will escalate. Remain silent and take a wait-and-see approach when dealing with relationships that can influence your life and your future. Don’t make assumptions; wait for all the facts to be revealed. HHH

f

VIRGO (Aug. 23-Sept. 22): Stick close to home, even if you are tempted to follow someone you love. You’ll do better if you take charge and remain in control. Giving in to someone trying to get you involved in something risky should be avoided. HHH

g

LIBRA (Sept. 23-Oct. 22): Pick up speed and bring about change that will help you save more and spend less. Don’t take risks with your money, health or a settlement that could go either way. Do your due diligence and be prepared to counteract. HHHHH

h

SCORPIO (Oct. 23-Nov. 21): Look inward if you want answers. Someone else is likely to give you an inflated view of a situation and offer a solution that isn’t in your best interest. Keep your emotions in check and offer a positive, healthy attitude. HH

i FROM left: New World Makati Hotel General Manager Farid Schoucair and Director of Sales and Marketing Jann Delgado, with Natasha Goulbourn Foundation Founder Jean Goulbourn.

SINGAPORE Ambassador to the Philippines Kok Li Peng, Schoucair, Natasha Goulbourn Foundation’s Frances Lim, with distinguished guests

‘JAZZ BEYOND THE BLUES’ IT was a spectacular evening of music coupled with strong advocacy to fight against depression—definitely not “jazz” another show. The Natasha Goulbourn Foundation (NGF) and the Embassy of Republic of Singapore shed a new light to depression through a recent fund-raising concert, “Jazz Beyond the Blues” held at the grand Ballroom of partner venue New World Makati Hotel on September 10.

The crowd was serenaded by multitalented artists Bituin Escalante, Nicole Asensio and Michael Williams (Philippines), Serge Le Goueff (Australia) and Andrew Lim and Rani Lim (Singapore). The artists were accompanied by AMP Big Band, under the musical direction of Mel Villena.

The night ended with a standing ovation from the audience as the artists shared the stage for one final performance.

“We highly support NGF’s advocacy to continue delivering awareness and information further, to get across the message to those who need it most. NGF’s vision is in line with the hotel’s advocacy to give back to the community as much as we can,” New World Makati Hotel General Manager Farid Schoucair said in his remarks.

Natasha Goulbourn Foundation is a nonprofit organization dedicated to fight depression through awareness and prevention. Proceeds from the concert will benefit the organization’s scholarship program for Psychology majors in state and private universities.

NGF also launched its sustainability program, the “Mindstrong Movement,” during the concert and coincided with World Suicide Prevention Day.

SAGITTARIUS (Nov. 22-Dec. 21): Don’t settle for something that doesn’t sit right with you. Gather information and look for the truth before you make a move. Temptation will be difficult to resist. HHHH

j

CAPRICORN (Dec. 22-Jan. 19): Facts, coupled with intelligence and practicality, will help you maintain a healthy and structured lifestyle. Don’t worry about what someone else decides to do. Follow the path that makes the most sense to you and let others do as they please. HHH

k

AQUARIUS (Jan. 20-Feb. 18): Your enthusiasm can end up costing you. Trying to fit in will lead to risks you shouldn’t entertain. Don’t feel obligated to do what others do, make a hasty decision or let anyone impose on you mentally, physically or financially. HHH

l

PISCES (Feb. 19-March 20): Make choices that will settle any differences you have with someone. By putting the past behind you, it will make it easier for you to move forward. Don’t hide from the truth. HHH AUSTRALIAN jazz artists Serge Le Goueff (center) and Paula Renee (right) with Delgado

BIRTHDAY BABY: You are thorough, passionate and intense.

You are helpful and proactive.

‘listen to this’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Korean metropolis 6 Work for Miss Daisy 11 Let it all out 14 Wombs 15 Column type 16 Little hopper 17 Streaked desserts 19 “Ugh” kin 20 Broadcasters and clotheslines 21 A tongue-in-cheek function?

23 Declaration of Independence VIPs 26 Like peanuts, often 27 Except if 28 Nova ___ 30 Burn somewhat 31 Hot dog complement 32 Easy toss 35 Many secs.

36 Like Shem’s descendants 38 Car grille cover 39 “For what ___ worth...”

40 Face-down 41 Call a taxi

2 Noble domain 4 44 Climbed over, as a fence 46 Depends (on) 48 In a piercing voice 49 Scent 50 More down in the dumps 52 The present 53 Round brilliant and pear shape 58 Employ 59 Showy success 60 Black European thrush 61 Word with “se” 62 Equine restraints 63 Actor Keach DOWN 1 Addition result 2 LAX info 3 National anthem word 4 More refined and polished 5 Easter blooms 6 Reduces potatoes 7 Threatening sound 8 Calligrapher’s stuff 9 Enter the competition

0 Happy? Yes, but better 1 11 Prop for Billy and Lucille?

12 Mail carrier’s beat 13 Like some oxen 18 Calls Jill Will, e.g.

22 Who Clay became 23 Sake go-with, sometimes 24 Stagnant, gas-wise 25 Chihuly, for one 26 Songs for one 28 Like this puzzle’s theme words 29 Issue a ticket 31 “Let’s get going!”

33 Mechanical window 34 Chrome dome dude 36 Farm machine 37 Mythical love god 41 Barber’s job 43 “Fire!” preceder 44 Climb a rope 45 Doctrines 46 Incurred 47 Notched, as a leaf 48 Espies

0 Bamako’s locale 5 51 Mideast land 54 Hockey surface 55 Dos Passos trilogy 56 P.I. kin 57 Cunning

Solution to yesterday’s puzzle:

Relationships BusinessMirror

www.businessmirror.com.ph

Friday, September 21, 2018

D3

Please stop merchandising mental illness

I

By Rhiannon Picton-James New York Times News Service

WAS seeing a guy from London, and he told me Scott and Zelda Fitzgerald were his favorite couple. He was charming, exciting and “got” me.

His choice sounded so romantic, so like him.

Obviously I knew who they were, but I wasn’t familiar with the details of their relationship. I lay in bed and Googled eagerly. Was this the kind of great love he envisioned for us?

Zelda Fitzgerald was intensely glamorous and hauntingly beautiful. Scott called her the original flapper. Oh, and they had a turbulent relationship racked with infidelity and excessive drinking: a love affair that ended with her dying after a fire broke out in the mental institution where she was a patient.

She was schizophrenic and spent the last of her years hospitalized.

Is this how he saw me? I had clinical depression, not schizophrenia.

In my head (and, clearly, mine alone) we shared a blind devotion. When the reality of our relationship sank in, he got busy at work fast before disappearing entirely. He told me, over text, that he was “gutwrenchingly sorry.”

Although the devastation passed, his words lingered. I pulled up more articles on the Fitzgeralds.

The Guardian wrote that Scott Fitzgerald’s “troubled wife” was a “beautiful and damned” socialite, per the title of his second novel, who would be played

by Scarlett Johansson in an upcoming drama. The romanticism was bothersome to me.

Elsewhere, on Facebook, an ad for a sale at Skinnydip, a London brand, popped up. It included a cute miniature backpack, emblazoned with the words “I’ve got issues” and embroidered pink roses.

The catchy Julia Michaels hit played in my head, her soft voice gently singing, “When I’m down, I get real down,” before breaking into the chorus: “‘Cause baby I’ve got issues.”

Looking further, I found gold nameplate necklaces that spell “Anxiety” and “Depression” in a trendy bold italic font, available at ban.do for $48. Their manufacturer claims the pendants will “open a

dialogue.” They’re sold out.

The problem with the prettification of mental illness is just how out-of-kilter it is with reality. It’s almost suggested as a desirable character trait for women to have. In my experience, partners find it frustrating, not nearly as endearing and whimsical as

these statements and products would suggest.

Don’t expect an honest depiction from television and the movies either. The 1986 movie Betty Blue turned men on to a concept of women with mental illness as impossibly chic, French and sexually insatiable. More recently the Netflix series 13

Reasons Why, which has been commissioned for a third season, has explored the reasons a pretty high school teenager takes her own life from the point of view of her classmate and colleague Clay, who is in love with her.

Clay “sure has a thing for complicated girls,” one character on the show says. But the conceit falls apart when you replace mental illness with something physical. “You sure have a thing for girls with respiratory problems” doesn’t work. Nor do I forecast Skinnydip achieving the same sales results with accessories that read “I have Lyme disease.”

At the beginning of 13 Reasons Why Season 2, a popular cheerleader named Jessica returns to school to face her rapist. Her pal reassures her, “You’re pretty and sad, people love that,” as if sadness only added to her magnetism and allure.

At least Lena Dunham’s character Hannah Horvath, suffering from obsessive compulsive disorder on Girls, presented mental illness in an unvarnished way (remember the Q-tip scene?). Still, when Hannah calls her boyfriend (Adam Driver) to tell him she’s “unraveling,” he runs the streets of New York to be with her. His topless chiseled torso is slightly dampened and glistens under the beam of streetlights. Upon arriving at her apartment, he boots down the door and scoops her up into his safe muscular arms. Really?

My experience was closer to Miss Havisham’s in Great Expectations. Only instead of refusing to take off a wedding gown, it was a worn-out robe I rattled around in, with one of the pockets hanging loose.

The limp fabric that used to form a pocket now dangled free, because my depleted partner ripped it off in a fight. A fight in which he begged and pleaded with me to take it off, only for a day, only so he could wash it, like a spent parent bargaining with a toddler to eat just one spoon of those vegetables. I wanted to be alone, but I was nothing like Greta Garbo.

Seeing or experiencing illness makes any glamorization of it entirely ridiculous. Depression is not an effective way of ensnaring a man. Nor is it a love song to bop along with, a fashionable illness, or a fad for bloggers to wear for a few weeks, post about on Instagram, favorite and then disregard. n

TEACHER’S SON GABBY CONCEPCION, OTHER STARS TO PERFORM IN GABAY GURO’S GRAND GATHERING 2018

By Jt Nisay

GABAY Guro Chairman Chaye Cabal-Revilla with actor Gabby Concepcion, who is one of many celebrities participating in the Grand Gathering 2018 on September 23 at the SM Mall of Asia Arena.

GABBY CONCEPCION will return with an ensemble of stars for Gabay Guro's Grand Gathering 2018, a free tribute event for teachers from all over the country this Sunday, September 23, at the Mall of Asia Arena.

The veteran actor joined the star-studded annual event last year, and will share the stage this weekend with his former loveteam partner Sharon Cuneta, along with Regine Velasquez-Alcasid, Ogie Alcasid, Martin Nievera, Jaya, Randy Santiago and Christian Bautista, among others.

“I feel good when I see the teachers' happy faces,” Concepion said during the event's recent press conference, adding that his mom, Lourdes Arellano Concepcion, was a former teacher. “My mom was a teacher and that's why I feel for them. I also believe in education and the role it plays in nation-building.”

The Grand Gathering is held in time for National Teachers' Month, which is observed every year from September 5 to October 5, under Presidential Proclamation 242. This year's tribute event serves as the 11th anniversary celebration of Gabay Guro, the education advocacy and flagship program of PLDT-

Moving things that matter SAME-DAY delivery is an emerging benefit nowadays. In this digital age, most people use this feature for their food cravings, online shopping, or their businesses. While most of us utilize on-demand delivery for our personal needs and wants, there are people who use such to fulfill their passion for charity.

Recently, Lalamove was part of a growing charitable institution that aims to clothe the needy, most especially this rainy season.

Street Store PH (www.creategood.ph/ streetstore) creates these pop-up stores that empower and give the customer experience to the less-fortunate as they get to choose from an array of clothes. Over 15,000 items were donated and found 1,200 new owners who will treasure them for years to come. Good thing that on-demand delivery is available to everyone in Manila as it would be hard to drive to a donation drop-off location in a bedweather weekend.

Meanwhile, this Breast Feeding Awareness month, the Quezon City Human Milk Bank (www.qcgh.org/humanmilkbank) partnered with Lalamove to give all the moms the chance to help other infants in dire need of milk. Previously, if you want to donate milk to

a hospital or the human milk bank, you would need to go to the location and fill-up many forms and wait in line.

That seems a drag given the fast-paced lifestyle and traffic nowadays. But with Lalamove, donating breastmilk has never been this easy. Also, you can get P100 off on your breast milk delivery.

The signing of the memorandum of agreement between Lalamove Phiippines, represented by Managing Director Dannah Majarocon, and the local government of Quezon City, represented by Mayor Herbert M. Bautista, was held on August 6 during the flag-raising ceremony in Quezon City Hall.

This kicked-off the partnership that will enable the Milk Bank to garner more breast milk donations and increase its awareness. A lot of infants would benefit from this cause.

“This partnership with Street Store PH and the Quezon City Human Milk Bank gives us an opportunity to show that our delivery services are not only efficient but flexible enough to be used for causes you support.

We want to show that we aren’t just here to deliver your items, but we move things that matter,” said Majarocon.

Smart Foundation that aims to honor and empower teachers nationwide.

According to Chaye Cabal-Revilla, Gabay Guro chairman, the program started in 2007, when the country’s student-to-teacher ratio was 1:90. They began with only 15 scholars who they supported through their own pockets.

Since then, the program has grown to provide over 1,300 scholarship grants through 47 partner schools, including 800 graduates—234 of which finished with honors, while 500 have passed the Licensure Examination for Teachers.

More than 40,000 educators have also benefited from Gabay Guro’s regular training programs that not only hone teaching methodologies but also values formation, personality development, emotional intelligence and spirituality.

“Honestly, I didn't know that the program will grow as huge as this,” Cabal-Revilla said. “I think all of it happened through God's grace because sometimes, what we provide are answered prayers for these people and their families.”

As with every year, Gabay Guro will be raffling off prizes during the Grand Gathering, which Cabal-

Revilla calls as their “big thank you” to teachers who “dedicate their life to the invaluable role of educating our children.” The prizes include gift certificates, smartphones and gadgets, as well as home appliances, livelihood packages, vehicles and a new house and lot.

Cabal-Revilla shared that one past winner of the house and lot used to camp out in school with her two kids for three weeks, in a makeshift shelter made of tarpaulin, because her home got ravaged by fire.

The same package also served as a huge blessing for a couple of teachers with three kids after being booted out of their rented house. The two attended the Grand Gathering event one year as walk-in audience, and won the house-and-lot package from the general admissions section.

“It almost feels like we are being asked to course these kinds of blessings to others,” Cabal-Revilla said.

The Grand Gathering 2018 is exclusive to teachers, and admission is free.

For a chance to secure tickets, teachers may visit Gabay Guro’s official Facebook account at www.facebook.com/gabayguro, and follow its official accounts on Twitter and Instagram at @PLDTGabayGuro for updates.

ROL MARRIAGE ENCOUNTER IN TAGAYTAY

THE Reaching Out for the Lord (ROL) Marriage Encounter (ME) Community of the Tuklasan Foundation, under the Catholic Bishops’ Conference of the Philippines, is slated to sponsor another ME weekend seminar from September 21 to 23 at the Marello Retreat House in Tagaytay City. Spearheaded by class ROL 45, led by Bong-Arlene Forca, the weekend seminar is ideal for married couples seeking fulfillment and rejuvenation in their marriages.

The three-day, live-in seminar also hopes to redirect their relationship to be Christ-centered. Scheduled to serve as Ecclesial Team are Fr. Agustin “Agot” Hinayan, John-Nitz Calamiong and Marlon-Weng Lim. For registration and reservations (on a first-come, first-served basis), contact Dong-Emie Lalic (09064750815), Gerry-Gina Martinez (425-1057 or 09199101958), or Bong-Arlene Forca (0917-6781831/09391715577). Seminar fee is at P4,000 for the entire threeday weekend.

ROL is on its 24th year, having been established in 1994 and having served more than 300 couples, including priests and nuns. This will be its 46th class.

The ROL conducts ME seminars twice a year and looks forward to its silver anniversary next year.

ARTWORK BY DOHA SUN FOR THE NEW YORK TIMES

D4

Show BusinessMirror

Friday, September 21, 2018

www.businessmirror.com.ph

‘M Butter�ly’ to assist a mix of beneficiaries M BUTTERFLY SEAN PENN

Sean Penn: Much of #MeToo movement divides men and women LOS ANGELES—Sean Penn says much of the spirit of the #MeToo movement is to “divide men and women.”

Penn appeared on Monday in an interview with the costar of the new Hulu show The First on NBC’s Today show. Natascha McElhone said her character is informed by the movement.

Penn disagreed. The two-time Oscar winner says he’s “very suspicious of a movement that gets glommed onto in great stridency and rage and without nuance.” AP

Carrie Underwood reveals she had 3 miscarriages in 2 years NEW YORK—Carrie Underwood says she turned to God after experiencing three miscarriages in two years. The 35-year-old country singer and former American Idol champion told CBS Sunday Morning she got pregnant in early-2017 and it “didn’t work out.”

She had a second miscarriage later that year and a third in 2018. Underwood says she was afraid to be angry because she has an incredible husband, hockey player Mike Fisher, and an incredible son, three-year-old Isaiah.

She says she got mad when she thought she might be suffering a fourth miscarriage and she “told God how I felt.”

She went to the doctor and was told everything was fine.

Underwood says God heard her.

The pregnant singer said she’ll go on tour this spring, hopefully with her new baby. She says “things are looking better.” AP

ANNA KENDRICK and Blake Lively

‘CRAZY RICH ASIANS’ HEARTTHROB HENRY GOLDING WITH BLAKE LIVELY, ANNA KENDRICK IN ‘A SIMPLE FAVOR’

FRESH from his phenomenal blockbuster hit Crazy Rich Asians, Henry Golding stars in the latest love triangle thriller A Simple Favor with Blake Lively and Anna Kendrick.

The movie is a stylish post-modern suburban noir directed by Paul Feig that centers around Stephanie Smothers (Kendrick), a mommy vlogger who seeks to uncover the truth behind her best friend Emily Nelson’s (Lively) sudden disappearance from their small town. Stephanie is joined by Emily’s husband Sean (Golding) in this modern-day thriller filled with twists and betrayals, secrets and revelations, love and loyalty, murder and revenge.

Director Paul Feig remembers that one of the most challenging roles to cast was Emily’s dashing, but disillusioned husband, Sean, who seems to be befuddled by her disappearance, and increasingly turns to Stephanie for solace and support and...more.

To play the role, at once alluring and tricky, Feig chose Henry Golding, this year’s Crazy Rich Asians breakthrough actor, is a British-Malaysian actor. “Henry is handsome, he has a beautiful voice and he has that ineffable sense of cool— but most importantly Henry is also a really talented and dedicated actor,” says the director. “He was ready to explore the minutia of Sean’s every word and I thought from day one, this guy is going to be a big star.”

For Golding, the teetering triangle between his character, Emily and Stephanie was a magnet. “I was fascinated by the shifting dynamics between the three and how that changes drastically at times in the course of the story,” he says. “I was also fascinated by Sean as this struggling author who finds a new lease on life when his wife goes missing.”

Golding and Feig talked about the cool sophistication of Cary Grant as a model for the character, but Golding also credits Kendrick and Lively for bringing out the best in him.

“Anna and Blake are forces to be reckoned with,” he says. “Of course, I was nervous stepping in with them, but they were nothing but supportive. For me, it was a gift just to watch them work. They make you believe every twist and turn.”

From Pioneer Films, A Simple Favor is now in Philippine theaters.

lead star RS Francisco

GAB FAB JET VALLE

@jetvalle

M

UCH has already been written about M Butter�ly, the David Henry Hwang masterpiece that hits the Maybank Performing Arts Theater stage throughout the month. On the fantastic sets, to the dazzling performances of the actors, especially its lead RS Francisco, and how powerful and relevant the material is no matter that the play was written more than 30 years ago.

Not to trivialize what’s been gushed about but one thing I would like to highlight about this current Manila staging is that 100 percent of the earnings will go to charity. Each night, a different beneficiary will be helped.

Key people behind the staging of M Butter�ly chose the charities and these are producer Jhett Tolentino, who focused on Iloilo organizations and religious sectors that are into community-building; lead actor RS Francisco, who chose organizations that focus into performing arts and developing new artists; and director Kanakan-Balintagos, who also chose beneficiaries that would help artists and education.

Thus, a motley mix of beneficiaries would be helped by RS and his team and these include: Love Yourself Inc., Philippine Stages Foundation, Teach for the Philippines, Environmental Legal Assistance, Love Lipa Foundation, Habitat for Humanity, SM Foundation, 1Meal Program, Trip to Quiapo Workshops, Philippine High School for the Arts, UP Samaskom, Philippine Science High School Foundation, Arko ni Apo Gallery, Philippine Animal Welfare Society Animal Rehabilitation Center in Quezon City, Love is All We Need, Dulaang UP, Pakisama, Our Lady of the Miraculous Medal Parish Calumpang Elementary School and Hope4Change.

So if you would want to be entertained and beguiled by the magnificent staging of M Butter�ly, and help make a difference to many people’s lives, try to catch a show or even two.

M Butter�ly runs until the end of September at the Maybank Performing Arts Theater, Bonifacio Global City. Call 891-9999 or 0917-6233834 for show schedules and bookings. nnn DIVIDED into three studios—Fantasy, Reality and Retail—with a total of 15 attractions situated in a sprawling 1,400-square-meter site, Studio XP welcomes guests into a uniquely themed attractioncum-experience store, allowing for an action-packed and awe-inspiring visit for the whole gang.

Fantasy Studio’s ARX lets guests cross the threshold of make believe in an augmented-reality game where players or stunt trainees wearing head gears can punch to throw fireballs and beat their enemies—the virtual monsters. nnn

IN “The Voice: Open Mic,” themed after the singing competition series The Voice Philippines, virtual coaches get to judge visitors who sing for them, recreating the studio experience of contestants as they seek the approval of local celebrity coaches Bamboo, Lea Salonga, Sarah Geronimo and Sharon Cuneta.

The 80-seater 4D Kapamilya Theater gets transformed into an interactive multiplayer hub where guests compete in games with up to 80 people using the tablets provided. At other times, it showcases 4D shorts, shows or plays host to live events. It also screens “ASAP 4D,” the Philippines’s first 4D production featuring the country’s longestrunning musical variety program exclusively produced for Studio XP. Studio XP offers more unique experiences, such as singing, performing a dramatic scene, throwing comic lines with the cast of the children’s comedy program Goin’ Bulilit, and being an interviewee in the talk show Tonight With Boy Abunda through the Star Lab, where visitors get to act, sing or talk face-to-face with local stars through the digital screen.

A behind-the-scene adventure also awaits visitors in “It’s Showtime’s Directors’ Booth” arcade role-

playing game. Here, they can have a feel of what being part of a TV crew is like—with all the drama, tension and excitement while helping a director orchestrate the top-rating daily variety show’s production.

Aside from these digital offerings, the Reality Studio also features physical and mental challenges.

These attractions include “Minute to Win It: The Experience,” based on the international game show franchise where participants need to beat the time to be the Last Man Standing; “Pinoy Big Brother: Breakout,” inspired by the hit reality TV show where housemates have to accomplish tasks in a challenge-filled environment; and “Celebrity Calling,” where visitors get a chance to receive a call from an ABS-CBN star.

More extreme adventure awaits guests at the Fantasy Studio, with the Action Academy calling out participants to become stunt trainees, and the Superheroes Playground solely intended for 12 years old and below looking for adventures with kids their age.

The ABS-CBN Studio Experience is in Ayala Malls TriNoma in Quezon City. Visit studioexperience.abs-cbn. com for more details. n

Work hard, play harder LISTENERS tune in to the radio for their daily dose of positive vibes. Their days are made even better through good music and the bright personalities of Barangay LS 97.1 disc jockeys. Just like everyone else, Papa Jepoy, Mama Belle, Papa Bol and Lady Gracia also take time to pause and relax when the workday is done.

Aptly dubbed as The MVP, Papa Jepoy loves to play basketball during his free time and shared that it is also his way of bonding with his sons.

“Playing basketball helps me focus and it helps me think clearly. Healthy lifestyle na rin for the body and mind.”

Mama Belle is the Barangay’s “Squad Leader” who looks after her fellow DJs as a reliable friend during challenging times. Whenever she feels stressed, she makes sure that she is surrounded by supportive friends. Having a pet dog named Bong Soon also keeps her company and cheers her up during bad days.

“She is my stress reliever whenever she plays games with me. Ako kasi, kapag alam kong may masaya dahil sa akin or sa ginawa ko, nakakapagpasaya na rin ’yun sa akin.”

On the other hand, listeners got even to know that Papa Bol’s current hobby more kilig to is archery as “Mr. Dreamboy” is slowly becoming a real-life cupid just like what he does in his on-air

dating program “Wanted Sweetheart.”

“I really fell in love with archery.

Lalo na when you fix your gaze on the target, it’s like setting your goals and hitting the mark. It helps me focus so I can achieve my goals and helps me fight stress.”

Lady Gracia, the latest addition to the Barangay, shared that solo traveling is her way of spending “me” time. She also says that going to the beach helps “Ms. Trendy” maintain a balanced outlook in life. “Kapag beach ang pinupuntahan ko, sinisigurado kong naaabutan ko talaga yung sunset kasi ang sarap lang umupo sa sand habang nakatingin ka sa araw papalubog na araw.”

For them, such activities help them have a more positive attitude in their daily lives. They also encourage their listeners to learn something new and do something they really enjoy in order to keep the negativity at bay.

“Don’t be afraid to venture in life because it has a lot of exciting things to offer,” Papa Bol assured.

“Dapat meron ka talagang time for yourself.

Look for popular destinations online.

Ang uso ngayon ay mga undiscovered locations,” encouraged Lady Gracia.

LADY GRACIA and Mama Bell

Motoring BusinessMirror

Henry Ford Awards Best Motoring Section 2007, 2008, 2009, 2010 2011 Hall of Fame

Editor: Tet Andolong

THIRD-PLACE winner of the Santa Fe photo challenge at the Las Casas Filipinas de Acuzar

Friday, September 21, 2018

E1

Moto

Business

E2 Friday, September 21, 2018

LTO PUBLISHING FILIPINO DRIVERS MANUAL IN SEPTEMBER

NEW HR-V M

AND CONV

T

Story & Photos by Patrick P. Tulfo

HREE years after its debut, Honda gave its crossover entry the HR-V a makeover to keep it fresh amid the onslaught of refreshed offerings from other manufacturers competing in the hotly contested segment.

LAND Transportation Office Law Enforcement Service Chief Francis Ray Almora talks about traffic laws at the Society of Philippine Motoring Journalists’ Forum in Quezon City.

Story & photo by VJ Bacungan

T

HE government will release in September a resource meant to help Filipinos become better motorists. “We are coming up with a Filipino Drivers Manual,” said Land Transportation Office (LTO) Law Enforcement Service Chief Director Francis Ray Almora during the Society of Philippine Motoring Journalists’ Forum held recently at the Seda Hotel Vertis North in Quezon City.

“It’s already for printing,” he added. “We also hope to have that uploaded to the LTO web site by the middle of September.”

Almora said the two-volume manual will tackle LTO procedures, such

as getting a driver’s license, as well as Philippine traffic laws.

“There were so many issues, especially on road markings, that we do not provide much material on these,” he said. “That’s why there are a lot of violations on road markings, which is part of the road-safety part of the road system. So we had that as part of the manual.”

Almora also said that the manual responds to Congress’s directive to impose more stringent licensing procedures under Republic Act (RA) 10930, which President Duterte signed into law on August 2017.

RA 10930 amends RA 4136, or the “Land Transpotration and Traffic Code.” Besides changes to licensing drivers, the law also extended

the validity of driver’s licenses from three years to five years, with renewal of 10 years for drivers who do not commit traffic violations.

Almora said the manual will initially be published in English, but that the LTO is working to translate it to Filipino.

“We have already submitted this for translation in our Komisyon sa Wikang Filipino,” he said. “Although, according to them, they could translate that type of [text] so they have to outsource the translation to Filipino.”

Almora added that the LTO will need to consult other groups to translate the manual to other major Philippine languages like Bisaya or Ilocano.

Isuzu launches ‘Kababayan Promo’ for OFWs

A

S a way of showing its appreciation to the millions of tireless overseas Filipino workers (OFWs), Isuzu Philippines Corp. (IPC) has launched its “Isuzu Kababayan Promo” that would give generous cash discounts to OFWs who will purchase an Isuzu mu-X and/or an Isuzu D-MAX (except the Flexiqube variant) between September 1 to December 31.

The “Isuzu Kababayan Promo” will be honored at all Isuzu dealers nationwide. All qualified OFW applicants will be given a P20,000 cash discount, and if the applicant is already an existing Isuzu owner, an additional P10,000 cash discount will be given. These discounts will be given on top of other existing promos.

All the OFW buyer has to do is to go to his or her nearest authorized Isuzu dealership, inform the attending sales executive that he or she is an OFW or an immediate family member is an OFW, present the pertinent supporting documents showing he or she is currently employed as an OFW (such as a photocopy of the Passport/ POEA/Seaman’s book), one valid government ID and a copy of the OR/CR of the buyer’s current Isuzu vehicle to avail themselves of the additional P10,000 discount.

Upon purchase of the brandnew Isuzu mu-X or D-MAX, the buyer will then be asked to fill out a form to officially make him or her an Isuzu Kababayan Member.

The purchased vehicle’s ownership can be named after the buyer or a member of his or her immediate family.

The buyer can choose to convert

THE 1.8 E CVT variant displayed at the Escala Hotel in Tagaytay

ERGONOMICALLY designed dashboard with a new infotainment system

THE rear now features redesigned taillights.

THE 1.8 SOHC I-VTEC proves its excellent fuel economy.

For those who are still grappling to decipher what those three letters stand for, it originally meant “High Rider Revolutionary Vehicle,” but with its relaunch, Honda now calls it “Hip and Smart Runabout Vehicle.” The updated HR-V gets a new fascia that now features a solid wing face design that is similar with the Civic. The headlamps now have full LED technology and integrated Daytime Running Lights. The bumper has been revised together with the foglamps.

The rear, on the other hand, now has a fuller design and also has LED as well for better illumination.

Completing the exterior rework are

a new set of 17-inch two-toned alloy wheels.

Meanwhile, the interior retained its car-like setup with only the infotainment system getting an upgrade.

It now has a seven-inch touchscreen unit that can connect with both Apple and Android smartphones and utilizes all the salient features of both. Cargowise, the rear features three different modes for different carrying needs; utility, long and tall.

Power still comes from the same 1.8-liter SOHC I-VTEC engine rated at 140 hp and 172 N-m of torque and mated to a Continuously Variable Transmission (CVT) developed using

Honda’s renowned Earth Dreams Technology that delivers better fuel mileage and less emission.

Honda Cars Philippines Inc. (HCPI) invited several members of the motoring beat on a drive last September 12 and 13 to get reacquainted with the fine driving characteristics of the HR-V once again.

The circuitous route covered several towns in Cavite and Batangas before finally going up to Tagaytay for a muchneeded rest at the luxurious Escala Hotel. According to George Ramirez, who together with his team chose the location to showcase the fine road manners and handling capability of the HR-V in different driving situations such as in

Prestone introduces ‘Anak ng Mekaniko’ scholars

P

the discounts into an outright cash discount, or avail themselves of Isuzu genuine accessories in the equivalent amounts.

As much as the “Isuzu Kababayan Promo” is a show of support to the overseas Filipino, it is also IPC’s way of showing its gratitude

to OFWs and their families who have given their trust to the Isuzu brand, which has built up a strong, enduring bond with Filipinos and their families over the decades.

To know more about the Isuzu Kababayan Promo, log on to www. isuzuphil.com.

RESTONE, a leading innovator of cutting-edge coolants, brake fluid and motor oils, announces recently the nine recipients of the “Anak ng Mekaniko” Scholarship Program at the Luxent Hotel in Quezon City.

In line with Prestone’s 90th anniversary, the Anak ng Mekaniko Scholarship Program was launched last year to give back to their loyal customers—the auto mechanics. The nationwide search aimed to provide a free college education to deserving children of local auto mechanics to help them achieve their dreams and ensure a brighter future.

“For parents, education is the best gift they can give to their children, and Prestone resonates with this message,” said Monique Gonzales, brand manager of Prestone. “We hope that, in the future, these nine deserving scholars

will become successful individuals in their chosen endeavors.”

The nine Anak ng Mekaniko Scholars were selected through their submitted essays with the theme “I am a Proud Anak ng Mekaniko.” Their essays were based on their Content, 50 percent; Grammar and Syntax, 20 percent; and Style and Originality, 30 percent. Aside from the full tuition for a four-year course of their choice in any STI College campus nationwide, the scholarship grant also includes miscellaneous fee and a stipend.

There were 44 entries for the essay writing and was shortened down to 27 entries before choosing the nine scholars, The nine Anak ng Mekaniko Scholars who were chosen were Jaime Kent Abesamis—Matina, Davao; Christian Diamante—Tagoloan, Misamis Oriental; Helen Joyce Maquincio—Dagami, Leyte; Jojo Peñada—Burauen, Leyte;

Keith Bryan Perez—San Isidro, Antipolo; Edmajea Aguinaldo—Bangkal, Makati; Kristina Eñales—Bolton, Davao; Aulinda Buban—San Isidro, Antipolo; and Melver Masangkay— Bauan, Batangas.

“As we officially present the grant to them, Prestone’s commitment to supporting them is only the beginning. We will still continue to be there to help them every step of the way as they embark on this new chapter of their lives,” said Gonzales.

Since the program was initiated, Prestone held pocket events in Antipolo, Makati, Quezon City, Tacloban and Davao to inform the auto mechanics about the scholarship grant and to also present ways on the proper application of Prestone products, which will be helpful in fixing their customers’ vehicles. www.prestone.com.ph

oring

sMirror

MEANS SPACE

VENIENCE

Friday, September 21, 2018

E3

Two bridges now undergoing restoration

T

HE Metropolitan Manila Development Authority (MMDA) announced recently the rehabilitation of two major bridges and one flyover in Manila City, this “ber” month, warning motorists and commuters of heavier than usual traffic in the affected areas.

MMDA General Manager Jojo Garcia said the agency has given clearance for the Department of Public Works and Highways (DPWH) to start the restoration of Old Santa Mesa Bridge and repair works of Mabini Bridge and Nagtahan flyover, which started on September 15.

“The Old Santa Mesa Bridge that connects San Juan and Manila cities will be closed for seven months,” said Garcia.

The bridge’s reconstruction is to give way to the ongoing construction of Skyway Stage 3 Project, an elevated expressway that will connect cities of Makati and Quezon, the official explained.

“The bridge along N. Domingo Street has to be demolished so that barges that will carry equipment for the Skyway 3 Project can pass the waterway,” he said.

To guide affected motorists, the MMDA posted signages to inform them of the alternative routes they make take: F. Manalo Street or G. Araneta/ Aurora Boulevard, Libiran, Boni Avenue, F. Blumentritt Avenue.

More than 8,000 vehicles use the bridge daily.

MABINI Bridge

Meanwhile, repair works for the Mabini Bridge and Nagtahan flyover will last for four months.

The bridge and f lyover’s reblocking works involve asphalt overlay and electrical works per lane for 120 days. An average of 37,000 vehicles is traversing the area daily.

Contractors are allowed to work only during night-time, from 11 p.m. to 5 a.m.

Garcia admitted that the projects would worsen traffic in Metro Manila, prodding them to intensify clearing operations on major thoroughfares and alternative routes (Mabuhay Lanes).

He advised motorists and commuters residing in Manila to allot longer travel time going to their destination with the impending

restoration of the two bridges this ber month period when traffic is heavy.

To intensify their campaign against illegal parking, Garcia said they will declare designated alternate routes as “no parking zones.”

“No vehicle would be allowed to park on alternate roads during daytime,” said Garcia.

He warned that vehicle owners would receive citation ticket for illegal parking should they defy the 6 a.m. to 9 p.m. “no parking rule.”

Bong Nebrija, MMDA’s task force special operations head, said they have started clearing illegally parked vehicles and other obstructions on designated alternative routes ahead of the scheduled bridge works.

SHELL BIKE FAIR 2018 GEARS UP FOR ITS FINALE

traffic conditions, highway runs and a nerve-wracking drive on twisty roads going up to cool Tagaytay.

Most of us are no longer strangers to the fine handling abilities of the HR-V as most of us have already borrowed it for a review after its introduction in 2015.

Although not exactly all new, the HR-V still has one of the best interiors in the market today and made even better with the new infotainment system. The seats are comfortable for the 1.8 E.CVT but are even better on the top-of-the-line RS Navi CVT with the use of fine leather on the seats, steering wheel, door panels and the center console, as well.

The drive up to Tagaytay coming from Laurel Batangas was the highlight of the event as the long and winding road was dotted with a lot hairpin turns. The intermittent rains, which made the roads muddy and slippery, made the experience even more unforgettable. George later on at dinner said that they used to race on that same road several years ago.

The HR-V’s unbelievable handling can be attributed to the Vehicle Stability Assist (VSA) feature, which prevented it from oversteering and understeering, providing precise inputs at every turn of the steering wheel.

Aside from the VSA and HSA (Hill Start Assist), the new HR-V also has

other safety features, such as Auto Bake Hold, Anti-Lock Braking System (ABS), Dual SRS Airbags for the driver and the passenger with the top-ofthe-line RS variant getting additional side airbags.

The 2018 HR-V is now available in all of Honda’s 38 dealerships nationwide with five vibrant colors to choose from, such as Phoenix Orange Pearl (exclusive for the RS variant), Passion Red Pearl (new color), Taffeta White, Modern Steel Metallic and Lunar Silver Metallic (exclusive for the 1.8 E variant). The 1.8 E CVT is priced at P1.295 million while the sporty RS Navi CVT is priced a bit higher at P1.495 million.

SHELL Bike Fair 2018 kicked off in Baguio in July with close to 3,000 bikers braving the rains to take part in the event held at the Camp John Hay Convention Center.

B

IKE riders, club members and enthusiasts are expected to pack the Philippine International Convention Center as Shell Bike Fair 2018 culminates in Manila on September 22.

One of the highlights of this much-awaited event is the search for the Shell Outriders Best Bike Club, a nationwide competition for groups that exemplify the values of a responsible and socially active riding community.

To qualify for the Shell Outriders Best Bike Club award, nominees should show passion for achieving their goals, exhibit personal and social courage that benefits the riding community, have the mindset to overcome social barriers, and support a cause with a spirit of fun and youthfulness.

A screening committee will then evaluate entries and vote for representatives for each of these participating regions: NCR, Northern Luzon, Southern Luzon, the Visayas and Mindanao. Winners will be announced during the event in September, with the grand prize being

P100,000 cash plus P50,000 worth of fuel vouchers.

“Shell Bike Fair 2018 is our way of solidifying our commitment to the Filipino bikers. Through this event, we hope to recognize the bike clubs’ positive contributions to the community,” said Lorrie Ramirez, Shell Advance brand manager.

“It’s their courage that inspires us at Shell. And it is the goal of Shell Advance to help our riders outride any obstacles they encounter by protecting their engines and helping improve the smoothness and responsiveness of their bikes.”

With this year’s theme, “Together We Ride Stronger,” Shell Bike Fair 2018 kicked off in Baguio in July with close to 3,000 bikers braving the rains to take part in the event held at the Camp John Hay Convention Center.

Now on its fourth year, Shell Bike Fair 2018 treated riders to a day full of exciting activities: with contests for helmet design and bike modification, on top of fun booth games and freebies sponsored by Shell V-Power, Shell Advance and

other sponsors. To top it off, five brand-new motorcycles were given away in a raffle draw.

Celebrity guests like Daiana Menezes and Roxanne Barcelo also entertained the crowd, while performances from Rico Blanco and other local bands rocked the night away. Certified motorcycle enthusiast and Shell’s newest brand ambassador Drew Arellano also shared his personal journey as a rider, the challenges that he encounters while onboard his bike, safety riding techniques and how Shell V-Power and Shell Advance served as his road partner throughout filming his travel show Biyahe ni Drew.

“We recognize our bikers’ passion for driving and the challenges they face on the road every day. That’s why we at Shell continue to develop products designed to be their reliable companion on the road. Right alongside Shell Advance, we have the Shell V-Power fuels line designed to deliver both performance and efficiency for our customers to ride well,” added Mark Malabanan, Shell V-Power brand manager.

Motoring BusinessMirror

E4 Friday, September 21, 2018

‘Fleeing’ to Bacolod in escaping Ompong

B

ACOLOD—I am here enjoying the sun and the smiles of people too friendly and loving not to appreciate them.

The wrath of Typhoon Ompong was about to blast that hard-luck part of Northern Luzon when I set out to fly for this charming city by the bay.

I had initially thought my PAL flight would be canceled. But as God would will it, I got through Ompong’s initial outburst in Manila and I landed here safe and sound.

Thus, when Ompong’s 200-kilometer-per-hour or so winds and driving rains were hitting mostly Baguio, Ilocoslovakia and Cagayan, I was here praying for God’s grace and mercy in that nothing serious would befall to our typhoon-hit brethren.

Still, by the time Ompong had sailed out of Northern Luzon, millions of pesos were lost in devastated farmlands and properties, but thank God there seemed to be only a few casualties reported.

In the news were shown mostly f looded areas in the North, including tourist destination

Bag u io, whose fa med st rawberr y fields in La Trinidad got submerged, resulting in huge financial losses to growers.

There were horrific scenes of flood-hit cars floating on waterclogged streets in the City of Pines.

I saw on social media crumpled steel and galvanized sheets that collapsed on Doyong Tan’s Toyota dealership in Tuguegarao, Cagayan. My prayers for a quick recovery, Doyong. Legend has it that your resiliency is without equal.

Driving downpour also struck this little corner of the globe while Ompong was doing its things, but none of the winds in Northern Luzon going hundred of kilometers per hour was felt here.

Traffic is worsening as the city is now bursting with people, mostly coming from the rural areas trying to find their luck in urban life.

To escape jams in the heart of the city, many private motorists now look for side streets and alter-

THE family with Toyota Makati’s general manager LEE JUNIA

nate routes to avoid the main twin arteries, Lacson and Araneta.

Buildings by Ayala (Amaia and Seda Hotels) and malls by Double Dragon (City Mall) and Ayala are sprouting to compete with Robinsons and SM, further cramping the city that is booming beyond its expectations. As always, one has to pay the price in the name of progress.

Vios Cup on

TOYOTA Motor Philippines will stage the Vios Cup Season 5 tomorrow, September 22, at Clark International Speedway, Pampanga.

Again, motorsports fans will get to watch 53 racers—46 drivers and seven celebrity entries.

Among the participants are celebr ities Sam Mi lby, Diego L oy z aga, Sof i a A nd res, C h ie Filomeno, Japanese-Brazilian model Fabio Ide, Gretchen Ho and Troy Montero.

Again, the concluding Vios Cup is free to the public. Gates open at 9 a.m. See you there.

CHILD seats for baby Sabrina and brother Sammy LEE JUNIA

Vios delivers historic birth

THAT baby born inside a Vios is marketing gold for Toyota The incredible story scores PR points for the car brand by Vernon B. Sarne of Visor.

Just recently, a birth certificate went viral on social media because the blank space reserved for the place of birth indicated “Toyota Vios,” which meant the mother had borne her child inside the popular subcompact sedan. The story was a hit, obviously. It’s excruciating enough just giving birth the normal way—it’s even more so inside a small vehicle.

The incident is the kind of stuff any brand would pay to associate itself with, and the Japanese automaker didn’t have to.

You just can’t stage something this amazing. Recently, Toyota Motor Philippines announced a campaign in which it invited customers to share remarkable Toyota stories in celebration of the company’s 30th anniversary.

MOUNT Samat National Shrine

Even with countless people submitting, we bet the firm won’t receive an anecdote half as special as the birth inside the Vios.

The child’s arrival in the Vios was so universally applauded that Toyota just had to have a say in the matter. Here, take a look: Besides the carmaker’s local distributor, one of its dealerships joined in on the feel-good episode. Toyota Makati, according to Genera l Ma nager L ee Junia, sent the baby’s mother (Cheoui de Leon) and her fiancé (Luis Bernabe) a pair of child seats for bot h baby Sabr i n a Leaouis and her brother Sammy.

T he dea lership a lso offered t he couple f ree prevent ive maintenance ser v ice for their Vios, and today Cheoui and Luis brought the car (and their kids) to Toyota Ma k ati. Of course, ever ybody wanted a photo with the young family.

Some might accuse Toyota of shamelessly taking advantage

of the viral story for its own gain. We say the company simply knows how to make a happy ending even happier. Congratulations to Cheoui and Luis on the birth of their second child. We have a feeling she will grow up riding only Toyotas.

PEE STOP Congratulations to Robert Uy for recently unveiling his sixth Toyota dealership in nearby Talisay City, Negros Occidental. It is in addition to his previous dealerships in Tangub, Iloilo, Roxas (Capiz), Kalibo (Aklan) and Puerto Prinsesa (Palawan). The new Talisay post is but another screaming proof of Robert’s impeccable dexterity in running a Toyota dealership. Six branches! Wow! And do you know that his Talisay branch is the biggest Toyota dealership in Western Visayas, as well as the nation’s second -largest, next only to the Toyota Antique dealership in San Jose City? Cheers, Robert!

You are one of a kind!