BusinessMirror September 25, 2018

PESO SINKS TO A NEW 13-YEAR LOW AHEAD OF MONETARY BOARD MEET

By Bianca Cuaresma @BcuaresmaBM

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HE local currency sank further into the 54 territory on Monday on the back of external pressures pushing emerging market currencies downward.

Data from the Bankers Association of the Philippines (BAP) showed the peso closed Monday’s trade at 54.23 to a dollar, weaker than the previous day’s trade close at 54.04 against the dollar.

The total traded volume during the day was broadly the same at $670.6 million, from the $669.9 million in the previous day.

The peso has not been this weak against the dollar since November of 2005.

But the currency weakness, ac-

A TELLER at a bank in Makati counts P1,000 bills at her counter in this file photo. Reports said the local currency sank further into the 54 territory on Monday on the back of external pressures pushing emerging market currencies downward. NONIE REYES

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cording to ING Bank Manila, is something that is seen across the region due largely to the external pressures pushing into emerging market economies.

“The China-US trade spat, higher oil prices, a hawkish Fed and an appreciating dollar have had almost all emerging market currencies heading for cover,” ING Bank said in its currency report on Monday.

The bank said that, while the weakness is seen across the region, the Philippines has been one of the hardest hit—along with India and Indonesia.

“The tie that binds the rupee, the rupiah and the peso is their external deficits. All three countries run current-account deficits due to the mix of aggressive infrastructure investment, strong consumer de-

mand, and the 2018 oil-price surge bloating their respective import bills,” ING Bank said.

ING Bank Manila senior economist Joey Cuyegkeng also said some strength is possible for the Philippine currency down the line, depending on capital flows and the Bangko Sentral ng Pilipinas’s (BSP) resolve to contain the weakness.

“We expect the BSP to also directly intervene in the spot market to manage PHP’s weakening trend.

A key to this is the country’s foreignexchange reserves,” Cuyegkeng said.

“We expect the government to issue an additional $1.5 billion to $2 billion of global bonds before the end of the year. The proceeds would raise foreign-exchange reserves and the BSP’s ability to participate See “Peso,” A2

BusinessMirror A broader look at today’s business

www.businessmirror.com.ph

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Tuesday, September 25, 2018 Vol. 13 No. 346

Ompong farm damage climbs to nearly ₧27B F

By Jasper Emmanuel Y. Arcalas

@jearcalas

ARM sector damage caused by Typhoon Ompong has reached P26.7 billion, the highest since Supertyphoon Yolanda (international code name Haiyan) wrought havoc in 2013 and caused P35 billion in production losses, according to the Department of Agriculture (DA).

“This is now the highest damage to the agriculture sector since Yolanda.

Yolanda was about P35 billion and we are now [at] about P26 billion,” Agriculture Secretary Emmanuel F. Piñol said in a press conference on Monday. The latest damage assessment report by the DA showed that the rice sector suffered the brunt of the damage brought by Ompong.

The DA report said about 517,175 hectares of rice farms were affected by Ompong, with an estimated production loss of about 765,484 metric tons (MT).

M

Other key economic indicators to watch for Manny B. Villar

THE ENTREPRENEUR

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HE inflation rate is one of the critical economic indicators that businessmen, analysts and consumers monitor, but other numbers are equally important to consider in the overall assessment of how the economy is faring.

Some positive numbers of late, in fact, are emerging that tend to show that the high inflation rate of 6.4 percent registered in August is just a blip that will fade away in the medium-term period. One should remember that, while the economy grew at a slower clip of 6 percent in the second quarter of the year, the gross domestic product expanded by an average of 6.3 percent in the first two quarters, still one of the fastest in Asia.

Continued on A6

See “Farm damage,” A2

Senators nix publication, book taxes in TRAIN 2

By Butch Fernandez

The likelihood of an oil spike and crash scenario akin to the one observed in 2008 has increased.”

—Bank of America’s Francisco Blanch, in note on Opec’s signals the S&P Global Platts Asia Pacific Petroleum Conference, knows as Appec. “In my view, that makes it conceivable to see a price spike north of $100 a barrel.”

Harsher sanctions

WHEN Trump in May announced plans to reimpose sanctions on Iran’s oil exports, the market estimated a cut of about 300,000 to 700,000 barrels a day, said Trafigura Group Cohead of Oil Trading Ben Luckock. However, the consensus has now moved to as much as 1.5 million barrels daily as the US is “ incredibly serious” about its measures, he said.

Continued on A5

PESO EXCHANGE RATES n US 54.0270

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Big oil traders say $100 coming as Opec tries to fill Iran gap

AJOR oil trading houses are predicting the return of $100 crude for the first time since 2014, as the Organization of the Petroleum Exporting Countries (Opec) and its allies struggle to compensate for US sanctions on Iran’s exports.

W it h Brent c r ude a l ready jumping to an almost four-year high on Monday, that’s exactly the kind of price surge President Donald Trump has been seeking to prevent by pressuring the Opec to raise production.

Yet, the cartel and its allies gave mixed signals at a meeting in Algiers on Sunday, ultimately showing little sign they would heed US demands to rapidly push down crude prices.

Opec’s reticence, combined with signs of accelerating supply losses from Iran, created the mood at the annual gathering of the Asian oil industry, traders, refiners and bankers in Singapore on Monday.

“The market does not have the supply response for a potential disappearance of 2 million barrels a day in the fourth quarter,” Mercuria Energy Group Ltd. Cofounder Daniel Jaeggi said in a speech at

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Bank Philippines senior economist Rong Qian said there was zero real wage growth in the country between 2000 and 2016, which she found unusual for a developing country.

The AmBisyon 2040 states that all Filipinos would like to reach middle-class status by 2040, which means an income of P120,000 a

EVERAL senators, including key Senate leaders, signalled support for an emerging majority consensus for Congress to reject removal of the existing value-added tax (VAT) exemption on books and publications as part of the second-round reforms.

“I won’t allow it,” Senate President Vicente C. Sotto III told the BusinessMirror on Monday, affirming the Senate leadership’s position when asked about the Department of Finance (DOF)-backed proposal to impose the VAT on instructional materials as part of TRAIN 2.

Sotto earlier introduced Senate Bill 1906, the chamber’s version of the DOF-endorsed initiatives under the Tax Reform for Acceleration and Inclusion 2, cutting corporate income tax but also lifting 123 tax incentives and special laws. Included here is the VAT exemption for books and publications.

The House of Representatives passed on third and final reading its version of the TRAIN 2, which it called Tax Reform for Attracting Better and Higher Opportunity, or

See “Wage growth,” A2

See “Senators,” A8

A FARMER segregates freshly harvested palay in Siniloan, Laguna, in this file photo. The National Food Authority Council on Monday approved the importation of 500,000 metric tons more of rice in a bid to flood the market with affordable varities. This, as supply constraints are seen worsening on account of the huge damage to rice-growing areas by Typhoon Ompong, with the total losses nearing P27 billion. BERNARD TESTA

PHL had ‘zero real wage growth’–WB report

By Cai U. Ordinario

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@cuo_bm

HE absence of a real wage growth in the Philippines is among the major obstacles that could undermine the country’s efforts in turning the “American dream” of every Filipino into reality, according to the World Bank.

In a briefing on Monday, World

₧120,000

The monthly income that all Filipinos must attain to reach middle-class status by 2040 under the “AmBisyon 2040” road map

@butchfBM

n JAPAN 0.4805 n UK 70.6511 n HK 6.9185 n CHINA 7.8918 n SINGAPORE 39.5947 n AUSTRALIA 39.2236 n EU 63.4601 n SAUDI ARABIA 14.4080

Source: BSP (24 September 2018 )

News

BusinessMirror

A2 Tuesday, September 25, 2018

NFA Council OKs imports of 500K MT more of rice

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By Jasper Emmanuel Y. Arcalas @jearcalas & Bernadette D. Nicolas @BNicolasBM

HE National Food Authority Council (NFAC) approved on Monday the purchase of an additional 500,000 metric tons of imported rice, on top of the 250,000 MT it greenlighted on September 4.

But Agriculture Secretary Emmanuel F. Piñol, who is also the chairman of the NFAC, said the imports would be brought into the country by the National Food Authority (NFA), and not the Philippine International Trading Corp.

(PITC), as earlier reported. The PITC is a government-owned and -controlled corporation (GOCC) attached to the Department of Trade and Industry (DTI).

Piñol said the 500,000 MT will arrive in the Philippines before the end of the year. The additional volume would bring the total imports of the NFA in the fourth quarter to 750,000 MT. Manila is racing to fill state warehouses with imported rice to cut the retail price of the staple and discourage unscrupulous traders from hoarding their stocks.

“The message that we are getting across to those hoarding [rice] right now is that you better release your stocks in the market, or else your stocks would be affected by

Farm damage. . .

About 337,208 rice farmers in Northern Luzon incurred losses amounting to P14.534 billion, according to the DA report.

Typhoon Ompong damaged 214,596 hectares of corn farms, which had an estimated production loss of 496,881 MT valued at P8.172 billion, according to the DA. The DA report added that 175,547 corn farmers were affected by Ompong.

‘Bangus’. . .

Continued from A8

Crimp on production

LLDA Board Resolution 518 ordered the dismantling of fish cages and fish pens in Laguna de Bay, while Board Resolution 525 ordered operators to reduce by half the size of their production areas.

Worse, the group said LLDA Board Resolution 540 now calls for the implementation of a new zoning plan that will surely adversely affect production that could lead to disaster, if not kill entirely, the bangus industry in Laguna de Bay. According to Dizon, bangus production in Laguna de Bay prior to the implementation of LLDA’s clearing operation was pegged at 250,000 kilos a day. Now, he said output in the lake ranges from a minimum of 70,000 kilograms (kg) a day to a maximum of 100,000 kg a day.

Wage growth. . .

Continued from A1

month, their own house and lot, and a car. This describes typical middle class living in many places in the United States.

“Actually, this phenomenon that you see, the real wage increase between 2000 and 2016, the growth rate was zero in the Philippines.

And this is something that I’ve never seen in other countries, especially in other developing countries,” Qian said in a briefing. “We looked not only on the average but we also looked at it per sector, by skill level, by region, and the same [growth was observed].”

Qian said raising real wages— which can also be defined as pur-

the NFA’s importation,” Piñol told reporters in a news briefing in Quezon City on Monday.

The 750,000 MT would arrive in tranches. The first tranche of rice imports—the 250,000 MT that the government earlier purchased via open tender—will arrive in November, according to NFA Spokesman Rex C. Estoperez.

Estoperez also said the remaining 500,000 MT would most likely be procured via open tender. The government may hold an auction for 250,000 MT of rice imports in mid-October.

For the additional imports, the NFA will only allow the 25-percent broken rice variety, according to Piñol.

Piñol said the NFAC, the highest policy-making body of the NFA, has also approved a standby import authority of 1 MMT for next year.

He said the NFA should be able to bring in the additional rice imports “as soon as possible” and regardless of procurement mode.

Continued from A1

Piñol said the DA currently has over P3 billion worth of available interventions for farmers affected by Typhoon Ompong.

“One is our quick-response fund in the amount of P600 million, our crop insurance in the amount of P1.6 billion and our emergency loaning program that has P880 million,”he said.

Furthermore, Piñol said they are also looking at requesting at least P5 billion in Bisda asked the President to order the LLDA to protect the aquaculture sector and boost its production capacity. It also called on the government to root out the cause of the huge drop in fishery production in Laguna De Bay, which it said is pollution, and go after the real culprits that pollute the lake.

According to Dizon, the industrial wastewater dumped by factories and other industrial establishments, the chemical fertilizer and pesticide being used by the agriculture sector, and household waste, are the top polluters of the lake.

Government aid

“We will conduct a needs assessment among affected bangus stakeholders through a consultation-dialoguefortheBFARtoappropriately assess the assistance needed,” the BFAR said in a statement sent to the BusinessMirror.

Nonetheless, the BFAR, an attached chasing power—would be essential in achieving the AmBisyon 2040 because of the need to triple per capita income to $9,350 by 2040, from the current $2,892.

This can be done by posting an average GDP growth of 6.5 percent on average in the next 22 years, from the 5.3-percent average posted in the past 17 years or between 2000 and 2017.

These efforts must also be accompanied by sustaining a total factor productivity of at least 1.8 percent a year for the next 22 years. The TFP between 2011 and 2016 was actually higher at 2.2 percent.

In order to achieve these, the World Bank’s primary recommendation is to raise the level of competitiveness so that small and me-

“The message that we are getting across to those hoarding [rice] right now is that you better release your stocks in the market, or else your stocks would be affected by the NFA’s importation.”—Piñol

Piñol said he left the NFAC meeting after approving the additional volume on Monday and left the nitty-gritty of procurement process to other members of the council.

“I do not care how you do it [or] what alphabet you use: G2P [government-to-private], G2G [government-to-government], or XYZ, I don’t care,” he said. “What is important is that you bring in the rice stocks as soon as possible.”

Imports via PITC?

IN a news briefing on Monday, Presidential Spokesman Harry L. Roque Jr. said the rice imports would go through the PITC, adding that there is no legal impediment for the GOCC to proceed with the purchase of 150,000 MT of rice.

“The DTI will be the one to import rice and they will not just import commercial rice,” Roque said.

“The DTI will be importing [rice] which is 25 percent broken, so that it can be sold at P27 per kilogram so that we won’t rely on the NFA. That is a good news because we are removing the monopoly from the NFA on the decision on when to suplemental budget from lawmakers to address the needs of the affected farmers.

“We could ask for a supplemental budget so that we’ll be given immediate funding for the needs of the affected areas,” he said.

“But if that doesn’t materialize, we can propose the inclusion of the said rehabilitation budget in the 2019 budget,” he added.

The DA report showed that Region 2 suffered the most production losses at P13.944 billion with about 786,240 MT of output damaged and 303,827 farmers affected. agency of the Department of Agriculture (DA), said it has a regular input assistance program that aims to improve the productivity of small fishermen.

“The DA-BFAR is implementing a regular project on Input Assistance for Milkfish, Tilapia, Seaweeds and Shellfishes,” the agency said.

“This includes a training component, and technical assistance on water quality and disease monitoring. The input is in the form of fingerlings.”

The BFAR also urged qualified cooperatives of fishermen to avail thmselves of loans from the Agriculture Credit Policy Council of the DA. Agriculture Undersecretary for Fisheries and BFAR National Director Eduardo B.Gongona is set to meet with concerned stakeholders in Laguna de Bay this week to determine their needs.

The LLDA earlier said the clearing of the fish pens and fish cages is mandated by the President. This is to allow small fishermen to have access to their traditional fishing grounds. dium enterprises may thrive.

Qian said competitiveness remains weak in the Philippines, particularly in the telecommunications and transport sectors. In telecommunications, there are only two players and in transport, certain restrictions prevent the entry of more players.

Expensive logistics

THE lack of players in the transport sector, she said, contributes to making Philippine logistics expensive.

Qian said logistics costs in the country is double that of Thailand and substantially higher than Vietnam.

Having a level playing field, Qian said, is crucial in raising incomes and boosting foreign direct investments (FDI). Having more local and foreign companies in the

import rice, especially cheap rice.”

Roque added that there is nothing in the law which created the PITC that prevents it from importing “so that is what the DTI is doing now.”

No other details were provided

by Roque as to the mode of importation and the volume of rice to be imported by the PITC as of press time.

The announcement came after the PITC said in a statement more than a week ago that they are proposing to import 150,000 MT of rice via the G2G scheme, which is considered a faster process compared to conducting an auction.

Piñol said, however, that the NFAC did not approve any import volume for the PITC. The power to import rice and regulate its entry to the local market is vested in the NFA by virtue of Presidential Decree 4, which created the National Grains Authority, the forerunner of the NFA. The government decided to go on a rice-buying binge after inflation surged to a nine-year high of 6.4 percent in August.

Including the purchases of traders via the minimum access volume scheme, the country’s total rice imports this year would hit 2.055 MMT. The NFA would account for around 1.25 MMT, which includes the additional volume approved by the council.

Aside from importing rice, the Economic Development Cluster has also recommended to the President the removal of administrative constraints and nontariff barriers on the importation of fish, sugar, meat and vegetables.

Peso. . .

Continued from A1

actively in the spot market. We also expect capital inflows from equity offerings, which could amount to $1.5 billion to $2 billion,” he added.

These two expected developments, combined with the BSP’s tightening bias for the rest of the year and structural inflows for the Christmas season, could bring some strengthening for the Philippine peso before the end of the year, Cuyegkeng said.

The BSP is set to meet on September 27 for its monetary-policy setting meeting.

“We are with the near unanimous consensus of a 50-basis-point rate hike this Thursday,” the ING senior economsit said.

“A downward surprise would likely see PHP weakness, while raising again concerns about BSP’s anti-inflation credentials.

We believe that the absence of BSP Governor [Nestor A.] Espenilla Jr. at this Thursday’s policyrate meeting due to health-related treatment should not deter the BSP-MB from taking strong action as signalled by the BSP governor earlier this month,” he added. economy will create more jobs and raise incomes.

“By creating an equal playing field and simplifying business regulations, firms will be encouraged to enter the market and invest, grow and innovate, leading to higher labor productivity,” said Qian. “Market competition, coupled with a flexible labor market, allows higher productivity and raises the real incomes of Filipino workers.”

Some of the specific recommendations identified by the report include pursuing more balanced regulations between employees and employers by lowering the costs, and simplifying procedures for hiring and firing workers and making regular employment contracts more flexible.

The World Bank said sustaining

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Sonny Angara vows to carry on lawmaker father’s legacy, work

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EN. Sonny Angara on Monday renewed his vow to carry on the legacy of his father, the late Senate President Edgardo Angara, as he remembered him on his 84th birth anniversary.

“My father would have been 84 on September 24. He’s no longer with us but his legacy lives on,” Angara said.

Angara said he was proud to carry forward his father’s legacy of public service and noteworthy advocacies, particularly in the fields of education and health.

“My father has always been my biggest role model. He had a great career as a public servant, so I am trying to carry on that legacy,” the senator said.

Like his father, Angara believes that education is the great socioeconomic equalizer and a powerful tool to break the cycle of poverty.

He recalled how his father championed education to give everyone in the country a fighting chance to succeed because he believed in the Filipino talent.

“My father wanted to give everyone a fair chance in life. He believed that the innate talent and skills of Filipinos can never be underestimated, and that, given a chance, Filipinos can be world-class and competitive with all other nationalities,” said the senator, in a mix of English and Filipino.

Since he became a legislator, Angara has been trying to emulate his father by advancing legislative measures that harness the power of education to change lives.

The latest among these measures is his pet bill that seeks to institutionalize the grant of student fare discounts in land, air and sea transport even on weekends, holidays and semestral breaks.

If passed into law, such measure would be a big help because the money that will be saved from the discounts can be diverted by the family to equally important things.

Angara, a BusinessMirror columnist and the only male politician to inch near the womendominated Top 5 of possible senatorial candidates in Pulse Asia’s

Deficit. . .

survey at the weekend, admitted it would be difficult to match, let alone surpass, the achievements of his father, especially his ability to create institutions.

The least he could do, he said, was to ensure these institutions his father had built will last and continue to serve their purpose.

“I know it’s hard to replicate my father’s achievements, especially his helping build institutions that have brought so many benefits to many people.

As long as I live, I vow to nurture these institutions and will do everything to make them stable and grow them so they can continue to help our countrymen,” he added.

During his term as lawmaker, the older Angara was responsible for laws that created the Commission on Higher Education (CHED), Technica l Education and Skills Development Authority (Tesda), National Center for Culture and the Arts (NCA A) and Sentro Rizal, the overseas Philippine cultural center much like Spain’s Instituto Cervantes and Italy’s Dante Alighieri Center.

He also authored the Free High School Act, which ensured secondar y education to ser ve especially the poorest, and the Government Assistance to Students and Teachers in Private Education (Gastpe)—touted as the biggest scholarship program of the government.

Among his landmark measures were the Senior Citizens Act, the Magna Carta for Public Health Workers, and the National Health Insurance Act that created the Philippine Health Insurance Corp. or PhilHealth.

Following in his father’s footsteps, Angara—a three-term congressman and first-term senator— pushed for laws to widen access to education through the passage of the Free College Law and the Unified Student Financial Assistance System Act (Unifast) to ensure that scholarships go to poor and deserving students.

At present, he is pushing the expansion of the Universal Healthcare Law to cover free checkups and laboratory tests.

Total BIR collections stood at P1.313.6 trillion as of end-August, up 13 percent from P1.157 trillion in the same period last year.

Collections from the Bureau of Customs (BOC) showed a 36-percent growth, amounting to P52 billion for the month compared to the previous P38.3 billion last year.

Year-to-date collections amounted to P383.5 billion, better by 35 percent over the same period last year of P283.6 billion.

Meanwhile, government expenditures sustained last month’s momentum and amounted to P259.5 billion in August, up 29 percent from P201.6 billion last year.

From January to August, NG expenditures stood at P2.191 trillion, 23 percent higher than spending for

the same period in 2017 of P1.777 trillion.

The BTr said that 65 percent of the P3.370-trillion full-year program for government spending has been disbursed as of end-August.

Interest payments (IP) accounted for 11 percent of total expenditures for August. IP for the month increased by 7 percent to reach P28.3 billion, from the P26.4 billion in 2017. This raised cumulative IP level by 7 percent to P238.7 billion, from P222.6 billion in 2017.

“Excluding IPs from total spending, the NG was able to revert to a primary surplus amounting to P25.7 billion for the month, its third time to attain a primary surplus since January this year. This resulted in a year-to-date primary deficit of P43.3 billion, reversing the P46.4-billion primary surplus posted in the first eight months of 2017,” the BTr added.

higher productivity growth will be key to the Philippines’s attaining its vision to become a prosperous society free of poverty by 2040.

The report finds that the more efficiently the country can use its resources (human capital, natural resources, machines, technology and knowledge, among others) the better chances it will have to generate high-paying jobs and reduce poverty.

Productivity growth is particularly important for the agriculture sector where many poor families derive their incomes, the report adds.

By “productivity,” the study refers to “total factor productivity or how the country’s economy efficiently and intensely uses the inputs to produce goods and

services that the local and global markets need.”

According to Mara K. Warwick, World Bank Country Director for Brunei Darussalam, Malaysia, the Philippines and Thailand, “The the Philippines’s ability to sustain its current high growth rate will depend primarily on two factors: how the country can accelerate investment in improving its physical infrastructure, and how it can make better use of capital, labor and technology to increase productivity.”

She added: “In the long run, a persistently booming economy will require constant boosts in productivity.”

The Philippines introduced reforms in the late-1980s and 1990s that transformed it into one of East Asia’s top performers.

Continued from A8

The Nation BusinessMirror

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Naga slide body count climbs to 49 as group seeks housing projects freeze on risk areas

By Rene Acosta

@reneacostaBM & Manuel T. Cayon @awimailbox Mindanao Bureau Chief

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ATIONAL Police (PNP) chief Director General Oscar D. Albayalde expressed hope on Monday that rescuers could still find survivors from the tragic landslide in Naga City, Cebu, as search and retrieval teams have already recovered 49 dead bodies on site.

“The command group and quad staff is closely monitoring the situation in areas of operation where PNP search and rescue units continue to race against time to find more survivors of two landslides in Itogon, Benguet and Naga, Cebu,” Albayalde said during a news briefing on Monday.

“I have instructed the concerned staff officers to ensure that required provisions and resources to support these operations are adequately provided. We remain hopeful that we will be able to rescue more survivors as the search continues,” he said.

A survivor was retrieved by search and rescue personnel on Friday at Barangay Tinaan, the site of a massive landslide that police officials said buried at least 25 houses following intense rain on Thursday last week.

Prevention

A NEWLY established research unit is asking government housing agencies to suspend all socialized housing projects areas t hat cou ld be suscept ible to environmental risks, like landslide and liquefaction, to avoid another episode of yet another tragic landslide like what had occurred in Itogon, Benguet and Naga City, Cebu.

“We are calling on all housing agencies led by the Housing and Urban Development Coordinating Council to suspend all housing projects situated in geo-hazard areas to prevent the unfortunate loss of lives, limb and property in the event natural disasters strike on areas already deemed as geo-hazard areas by our disaster agencies,” Terry Ridon, a former lawmaker and convener of Infrawatch PH, said.

Ridon, also a former urban poor chief of President Duterte, also bared he was privy to the construction of some housing projects undertaken in the past in risk areas but whose implementation were not suspended.

“One example is the Social Housing Finance Corp. housing project in Valenzuela, which was recently suspended by the new SHFC board due to issues related to flooding and liquefaction,” he said.

Ridon said the previous SHFC board approved the project before 2016 despite adverse geo-hazard findings made by environment agencies.

“Another is a National Housing Authority project in Compostela Valley, which the previous NHA board approved [within] a landslide-prone relocation site

for survivors of Typhoon Pablo in 2012,” Ridon added.

Ridon recalled that he participated in meetings of housing agencies as then head of the Presidential Commission on Urban Poor chief and had known of projects situated in geo-hazard areas, adding several projects were allowed to proceed pending the implementation of engineering solutions to confront geo-hazard issues such as flooding.

“It should be noted that not all geo-hazard issues can be resolved by engineering solutions, particularly areas prone to landslide and liquefaction,” he said.

Search continues

CHIEF Insp. Roderick Ylan Gonzales, chief of police of Naga City, reported to Albayalde that 49 bodies have been pulled from the landslide as of 9 a.m. on Monday, and retrieval teams were continuing their search for bodies and even survivors.

The police chief said he was personally supervising the operation along with Councilor Junjie Cruz, chairman of the city disaster-risk reduction and management council, and other officials.

At least 10 people were also injured, and some of them are still confined in hospital.

A separate report from the National Disaster Risk Reduction and Management Council said the landslide totally damaged 57 houses, while more than 4,000 individuals were also affected.

It also listed 29 dead, seven injured and 57 still missing.

The city government of Naga has declared a state of calamity.

Solutions

RIDON said that, among areas prone to landslide and liquefaction, engineering solutions may be insufficient to address inherent problems existing in such sites, Ridon said.

After the landslides in Itogon and Naga, he said, housing agencies should “absolutely take no chances in allowing socialized housing projects to proceed in geo-hazard areas.”

“Our housing agencies should find alternative sites for socialized housing, if several projects are found to be located in geohazard areas. If costs for land acquisition will rise due to alternative sites, we are certain the President and Congress will heed requests for higher subsidies if only to ensure the safety of our families,” Ridon said.

He said, however, that NHA General Manager Marcelino Escalada Jr. had a committed to all affected families that they will be transferred to safer housing resettlement sites.

“Moving forward, our housing agencies should take a second look at all the projects in their pipeline, and immediately suspend, if not cancel, all pending projects situated in danger areas. We cannot take chances on the lives of our marginalized families,” Ridon said.

Editor: Vittorio V. Vitug • Tuesday, September 25, 2018 A3

Palace: Courts affirm rights abuse during martial-law era

By Bernadette D. Nicolas

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@BNicolasBM

ALACAÑANG on Monday acknowledged there were grave human-rights violations committed during the martial-law years in the 1970s and 1980s under the late strongman former President Ferdinand E. Marcos Sr. The Palace statement came amid the political stir roused by the claim of former Senate President Juan Ponce Enrile that nobody was arrested during the martial-law era on the account of individual political or religious beliefs.

“That’s his [Enrile’s] belief. He is entitled to it, but as far as the Palace is concerned, there are decisions affirming that there were grave human-rights violations committed during the Marcos regime. There’s even a law in Congress, which provides for compensation for victims

of martial law,” Presidential Spokesman Harry L. Roque Jr. said.

Enrile made the remark last week in his one-on-one interview with former Sen. Ferdinand “Bongbong” R. Marcos Jr., the son and namesake of the late president.

The video of the interview was uploaded last week on Facebook on the eve of the 46th anniversary of martial-law declaration in 1972.

Roque said during regular Palace news briefing on Monday that Enrile is entitled to his own opinion, but the Palace stands by what the court

Uphold revocation of Trillanes’s ‘invalid’ amnesty, OSG asks SC

By Joel R. San Juan

@jrsanjuan1573

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HE Office of the Solicitor General (OSG) on Monday asked the Supreme Court (SC) to dismiss the petition filed by beleaguered opposition Sen. Antonio F. Trillanes IV, seeking to void President Duterte’s Proclamation 572 issued on August 31 that nullified the amnesty given to him by the Aquino administration.

In an 81-page comment, Solicitor General Jose C. Calida argued that Proclamation 572 is valid considering that the grant of amnesty to Trillanes under Proclamation 75 was issued in violation of the 1987 Constitution.

Calida specifically said the grant of amnesty to Trillanes violated Section 19, Article VII, of the Constitution, which mandates that only the President may grant amnesty.

In the case of the senator, it was signed by former Defense Secretary Voltaire Gazmin and not by thenPresident Benigno S. Aquino III as required by law.

“The power to grant clemency is a ‘non-delegable power,’ and solely the President’s prerogative, which must be exercised by the President personally and exclusively,” he pointed out.

Calida added Trillanes’s amnesty is invalid considering his failure to comply with the requirements to qualify for such.

President Duterte has said that Trillanes failed to file a sworn application with his admission of guilt, which are the two main requirements in order to be given an amnesty.

“More than the requisite formal requirement, the petitioner did not at all admit his guilt. He stated repeatedly in public that he does

not admit committing the crimes charged against him and that the charges are erroneous,” the comment further read.

Calida claimed that Trillanes deceived the trial courts into granting his motions to dismiss the coup d’etat and rebellion charges filed against him for his participation in several failed attempts to overthrow the Arroyo administration.

The Solicitor General said the trial courts dismissed the said cases on the premise that the amnesty issued to Trillanes was valid.

In line with Proclamation 572, the Department of Justice has moved to resurrect the coup d’etat and rebellion cases that were dismissed by the Makati Regional Trial Court Branch 148 and Makati RTC Branch 150, respectively.

The cases were filed in connection with the 2003 Oakwood mutiny and the 2007 Manila Peninsula siege that were staged by Trillanes along with his fellow Magdalo soldiers.

The chief government counsel also dismissed Trillanes argument that Proclamation 572 violated the constitutional grant of “shared power” between the Executive and Legislative branches, his rights to due process and equal protection, as well as the rule on double jeopardy.

It can be recalled that the SC has denied Trillanes’s plea for the issuance of a temporary restraining order to enjoin government authorities from bringing him back to jail on the basis of Proclamation 572.

The Court held that the trial courts in Makati City should be first allowed to hear and resolve the pleadings filed by the DOJ and Trillanes with regard to the legality of Proclamation 572.

decisions have said on the issue.

He added the government is also implementing the law, which states that there should be reparations paid to victims of martial law.

“I don’t think they can twist history when there is a law and there are court decisions attesting to what happened during martial law,” he added.

Roque said that, as Senate President in 2013, Enrile signed the law granting reparation to martial-law victims.

The reparation came from the P10 billion worth of Marcos deposits, which were turned over by the Swiss Federal Supreme Court to the Philippine government.

During the interview, Enrile, who also served as defense minister and martial-law administrator, also said that only Chinese drug lord Lim Seng was executed during martial law.

“Name me one person that was arrested because of political or religious belief during that period.

None. Name me one person that was arrested, simply because he criticized President Marcos. None. Very few were arrested, and they were arrested. Jovy Salonga, for instance, he was involved in the light a fire movement and many others. Very few were arrested, and they were released. They were inconvenienced for a while, but they were released,” he said during the interview.

Late last week, Consultative Committee member and former Senate President Aquilino Q. Pimentel Jr., who was jailed a number of times during the martial-law era for his political beliefs, took a swipe at Enrile for his statement, saying that: “Maybe, Enrile has forgotten me. That’s part of aging.”

I don’t think they can twist history when there is a law and there are court decisions attesting to what happened during martial law.”—Roque

briefs BOCAUE’S FORMER TOP COP FACES RAPS CHARGES have been filed against a police colonel whom his colleagues earlier arrested inside his office at the Bocaue police station in Bulacan for allegedly extorting a mobile phone and using for personal use the vehicle of a drug suspect that he and his men arrested in an anti-illegal drugs operation.

Supt. Jowen de la Cruz, former chief of police of Bocaue, was indicted over the weekend for robbery extortion, carnapping and violation of the Anti-Graft and Corrupt Practices Act, according to National Police chief Director General Oscar D. Albayalde during a news briefing on Monday.

“The respondent, assisted by Atty. John Henry Tamayo of PAO [Public Attorney’s Office], waived his rights under Article 125 of the Revised Penal Code, hence, the case was submitted for resolution. De la Cruz remains detained at the CITF [Counter Intelligence Task Force] Office for custodial investigation,” said Albayalde. Rene Acosta

6 PINOY FISHERMEN ARRESTED IN INDONESIA SIX Filipino fishermen were arrested by Indonesian authorities while fishing at the boundary of Indonesia and Philippine territory, according to the Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas.

The group is asking the Duterte administration to coordinate with the Indonesian government and to effect the release of the Filipino fishermen.

The arrested Filipinos were identified as Jesson Lendio, 32; Mark Lester Lendio; Crisencio Danago, 20; Bonifacio Limpag, 27; Milvan Golis, 38; and Junald Jusay, 27, all of Pagadian City. They are currently detained in Bitung Sulawesi, Utara, in Indonesia. Jonathan L. Mayuga

D.O.L.E. CONFIRMS ABDUCTION OF SEAFARERS IN NIGERIA THE labor department confirmed on Monday the abduction of several Filipino seafarers in Nigerian waters.

In an ambush interview, Labor Secretary Silvestre H. Bello III said they have already received an initial report about the incident. “We will be informing their next kin [about the incident],” Bello said.

Bello said they are now also coordinating with the Assistance to Nationals Section of the Department of Foreign Affairs on the status of the kidnapped Filipinos.

News wire reports that seven of the 12-man crew of a Swiss merchant ship, which were attacked by pirates, were Filipinos.

The incident happened off the coast in Nigeria last Saturday while the ship was traveling from the cities of Lagos to Port Harcourt. Joey Medenilla

OIL FIRMS HIKE FUEL PUMP PRICES FOR 7TH CONSECUTIVE WEEK

FOR the seventh consecutive week, oil firms will increase the prices of petroleum products effective Tuesday morning.

In separate advisories, oil companies are raising gasoline prices by P0.40 per liter, diesel by P0.20 per liter and kerosene by P0.15 per liter.

Phoenix Petroleum, Total Philippines, Petro Gazz, PTT Philippines, Seaoil Philippines and Pilipinas Shell are implementing their respective price adjustment at 6 a.m. of September 25.

“This is to reflect movements in the international petroleum market,” they said. Lenie Lectura

Ex-VP Binay to stage political comeback in 2019, daughter Abby to run for reelection as Makati mayor

M

AK ATI Mayor Abigail Binay on Monday announced that she will run for reelection in the next year’s polls, with her father, former Makati Mayor and Vice President Jejomar C. Binay, returning to politics.

The former vice president will be running as representative for the first district under Mayor Abby’s ticket, his spokesman said in a news statement.

“I am confirming that former VP Binay will run as representative for the First District under the ticket of Mayor Abby,” said Joey Salgado, spokesman of the former vice president.

T he m ay or m a d e t he a n nouncements during Monday’s f lag-raising ceremony at the Makati City Hall.

Mayor Binay awarded a Certificate of Honor and a Loyalty Certificate to her father, who

ser ved as Makati mayor from 1986 to 1998, and from 2001 to 2010.

“It is a great honor to be standing on the same platform with the person who taught and showed me genuine loyalty to public service, Makati’s beloved, my father Jojo Binay!” Mayor Binay said.

The city paid tribute to Binay for his leadership that “has brought Makati to a new era of unprecedented growth, which

led to the implementation of innovative and groundbrea king prog rams for the uplif tment of the lives of Makatizens during his years of service to the city. He is a public servant worth emulating and from whom government employees can take inspiration,” read the inscription on the certificate.

In her speech, Mayor Binay also challenged her detractors and political opponents to focus on per-

formance, rather than engaging in dirty politics, and vowed to counteract any accusation or criticism with a clean and principled leadership capable of outstanding performance.

T he m ay or c it e d t he u n precedented “Unquali f ie d O p i n io n” re nd e re d b y the Commission on Audit on its financial statements for 2017, which was the highest audit rating a government agency or unit

can get. She expressed confidence that the city can maintain the said rating in the next audit periods, with the support and cooperation of the city government employees.

Mayor Bi n ay t h a n ked t he awa rdees for t heir loya l a nd ded icated ser v ice, and appea led to a l l employees to join her in t he pu rsu it of g reater ac h ievements for t he c it y a nd its people.

A4 Tuesday, September 25, 2018 • Editor: Vittorio V. Vitug

Economy BusinessMirror

PCCI lists Bulacan as next top investment destination

By Elijah Felice E. Rosales

M

@alyasjah

OVE over, Metro Manila.

The country’s largest business group now views Bulacan as the next top investment destination with three major infrastructure projects set to be completed in the province over the next five years.

In a news statement issued on Monday, the Philippine Chamber of Commerce and Industry (PCCI) branded Bulacan as the next Philippine growth area. PCCI Chairman Emeritus Francis C. Chua said investors should now consider the Central Luzon province as a location for its new businesses, as the government is determined to decongest the capital.

Chua added it will benefit the population if businesses are more scattered, as job opportunities will be made available to those residing outside of Metro Manila.

“Other than proximity to Metro Manila, affordable land costs and adequate labor, investors are always on the lookout for provinces that are very aggressive in terms of infrastructure, and there is a consensus among our members that Bulacan is the next growth area,” Chua said.

The largest business network’s sentiment was echoed by its president, Maria Alegria Sibal-Limjoco, who pointed to Bulacan’s promising infrastructure projects as one

factor for its investment potential.

She cited the ongoing constructions of the Metro Manila Skyway, the Metro Rail Transit (MRT) 7 and the Bulacan Bulk Water Supply.

“Among our members, Bulacan province is high on the list of our new business locations for consideration. It is adjacent to Metro Manila, the land costs are still low compared to Metro Manila and there is adequate labor and ongoing construction of vital infrastructure,” Limjoco said.

The Metro Manila Skyway, or the Skyway Stage 3, is a 17.54-kilometer elevated toll road slated for completion in 2019, according to the web site of the public works department.

It will connect the South Luzon Expressway in Alabang to Balintawak in Quezon City, leading to the North Luzon Expressway, a major road linking the capital to Bulacan.

Citing records from the public-private partnership (PPP), the Skyway Stage 3 is 41.62-percent complete as of May. For Chua, the

elevated expressway will bypass the congested road network in Metro Manila and will secure a better transport of goods and services from Southern Luzon to Northern Luzon, and vice versa.

“We are very excited with the Skyway Stage 3 project, especially with the usual travel time for our deliveries from Metro Manila and Southern Luzon to be cut considerably for business locators in Bulacan and other areas of Luzon. That means lesser business costs,” Chua stated, noting it could also cut down motor traffic in Edsa and C-5.

The PCCI official also said the MRT 7 project will make Bulacan a viable business zone. He said investors may opt to locate their business expansion in the Central Luzon province given that workers from Metro Manila can travel easily or even move to Bulacan instead, to take advantage of the supposed lower cost of living there.

Apart from connectivity projects, Chua added, the Bulacan Bulk Water Supply project will bring treated bulk water to meet the demands of Bulacan residents and business establishments. Citing PPP figures again, he noted the water project is 75.93-percent complete as of June.

The PCCI is also closely monitoring the developments in the proposed New Manila International Airport of San Miguel Corp.

The P735-billion airport project will feature a modern terminal, four runways with a provision of two more in the future, a road network, connection to the MRT and ferry services.

Student voucher Neda official says adjustment sought transport master plan done by Nov

By Manuel T. Cayon

@awimailbox Mindanao Bureau Chief

D

AVAO CITY—The Department of Education should start adjusting the government vouchers issued to public-school students who intend to enroll in private schools, the Davao City Association of Catholic Schools (DACS) here said.

Jimmie-Loe P. de la Vega, DACS executive director, said the voucher amount is “way below” the level sufficient to sustain the education of a child given the standard and quality offered by private schools.

The government voucher amount for those in the senior high-school level varies: from P20,000 for public-school students coming from the provinces down to P17,000 for public-school students in highly urbanized areas to as low as only 80 percent of the value of a voucher for a privateschool student from the provinces.

“Whereas, students in the private schools would chalk up from P80,000 to P100,000 in tuition for the whole year in Davao City,” he said. The amount is commonly ascribed to getting the best faculty members and paying them well, as well as installing good facilities “conducive to learning,” he added.

“The government must understand that we do things that the government must have been doing, but we did it to support the children’s right to education,” he said.

Nationally, the ratio of students going to public and private schools is 60-40, the bigger number going to public schools.

In Davao City, it is 50-50, he said.

There are more than 300 private schools in the Davao region, and the DACShas68ofthemoperatinginthecity.

Ideally, de la Vega said, “a government voucherwouldfullysubscribethetuition amount required by the public schools.”

“But we understand the government has barely enough resources to go around, but it would be much appreciated that it would gradually adjust the voucher amount now,” he said.

He said the DACS has repeatedly discussed this position i n va r iou s g at he r i n g s and he said the Department of Education has said it understood the predicament also of the private schools.

By Lorenz S. Marasigan

T

@lorenzmarasigan

HE government is set to adopt the Philippine Transportation System Master Plan, which will address the need to unify transport-related plans in the country sometime in November.

National Economic and Development Authority (Neda) Undersecretary Rolando G. Tungpalan said the transport blueprint is a concrete list of transport projects that will be implemented throughout the Philippines.

“This is a master plan,” he said on the sidelines of a forum hosted by the Italian Chamber of Commerce of the Philippines on Monday. “This will be up by November.”

In crafting this transport master plan, the Neda engaged three consulting firms—Transport and Traffic Planners Inc., Philkoei International Inc. and Test Consultants Inc.—for the conduct of regional consultations, workshops and secondary data analysis.

It was first introduced on August 15, and a month after, a policy was adopted to fully implement the master plan.

According to the Neda’s web site, the plan is “anchored on the “National Transport Policy, which aims to synchronize decisions and investments of all transportrelated agencies and coordinate effectively such efforts between the national and local levels.”

The plan, according to the brief, will complement the Philippine Development Plan 2017-2022 in “sustaining economic growth and increasing competitiveness by providing adequate, accessible, reliable and safe access for people and goods across the country, neighboring regions and the world.”

Among the secondary data gathered were from the Roadmap for Transport Infrastructure Development for Metro Manila and its surrounding areas (Regions 3 and 4A), the study on Masterplan on High Standard Highway Network Development in the Republic of the Philippines, the Roadmap Study for Sustainable Urban Development in Metro Cebu, Urban Transport Masterplan Study for Metro Cebu and Masterplan Study on Strategy for the Improvement of National Airports in the Republic of the Philippines.

The government consulted representatives from local government units, private sector, Infrastructure Development Committee agencies and other regional line agencies in crafting the said plan.

According to the Neda, the consultation generated “prioritized transport-related projects in the region that can be considered in the masterplan.

www.businessmirror.com.ph

Local solar RE company to critics: We don’t intend to create a power monopoly

By Lenie Lectura

@llectura

S

OLAR Para Sa Bayan Corp.

(Solar) on Monday defended House Bill (HB) 8179, which, if passed into law, will grant the fledgling renewable-energy (RE) company a nationwide franchise to construct a solar-battery mini-grid system.

“The text of the bill speaks for itself: It is nonexclusive, encourages others to apply for the same and aims to end the existing monopolies on electricity, because we believe consumers deserve new choices for better service at lower cost,” Solar President Leandro Leviste said.

“It [the mini-grid proposal] also incurs zero cost to the gover nment, and eliminates the need for billions in subsidies to existing utilities,” Leviste, who has caught the ire of some industry players and some lawmakers upon learning of the proposed measure, said.

HB 8179 seeks to grant Solar a nationwide franchise to construct, install, establish, operate and maintain distributable power technologies and minigr id systems throughout the Philippines to improve access to sustainable energy.

The bill was filed last August 6 and was immediately referred to the Committee on Legislative Franchises last August 8.

It was deliberated upon and approved by the same committee on August 29 and a hearing on the committee report was held last September 3.

Leviste said there is an “overwhelming public support” for HB 8179, because “it only targets areas where consumers complain about electricity. “If, instead of trying to prevent competition,

utilities focused on lowering costs and improv ing ser v ice, then Filipinos would be satisfied with their electric service, and there’d be no need for us at all,” he added.

He said over 20 towns have already passed resolutions in support of the company’s minigrid projects, and over 100,000 Filipinos have signed petitions in support of HB 8179. Consumer groups, it added, have come to the bill ’s defense, amid opposition from existing power suppliers threatened by the advent of competition.

Solar cited the National Association of Electric Consumers for Reforms recent statement in which Executive Director Atty. Rafael Acebedo said “Solar Para Sa Bayan should be thanked for fulfilling the intent of Epira [Electric Power Industry Reform Act], which consumers have long waited for.”

“We hope this wakes up the power industr y, and leads to more reforms that will benefit the people, instead of institutionalizing the inefficiencies of electric utilities,” Solar quoted Acebedo as saying.

T he Pa lueños Sol a r Power Electric Consumers Association, represented by Jeffrey Huertas, likewise, commended the company for pursuing a project that addresses the lack of power supply in the area.

During the August 29 public hearing of the bill in the House Committee on Legislative Franchises, Department of Energ y A ssi st a nt Sec ret a r y Gera rdo Erquiza said: “We must invite the pr ivate sector into r ura l electrification. We have a subsidy system, and it has always been the gover nment on the forefront. If there is an option

that is no cost to the government, that would be ver y good.”

Last week the Philippine Solar and Storage Energy Alliance Inc. (PSSEA) slammed HB 8179, saying the measure proposes to grant Solar “a monopoly that will capture the entire electric power value chain—generation, transmission, distribution and supply—with no limitation as to the capacity of the systems it can install or the service area it will cover.”

PSSE A joi ned t he Orga n izat ion of Soc i a l i zed Housing Developers of t he Phi l ippines, Center for Renewable Energ y a nd Sc ience & Tec hnolog y, Re newable Energ y A ssociation of the Philippines and Confederation of Solar Developers in t he Philippines in strongly opposing t he passage of HB 8179, say i ng t he mea su re v iol ates t he const it ut ion a l prov ision of fa ir a nd u nequ a l t reat ment for a l l.

They said there is no legal necessity to grant Solar a nationwide franchise, since there are existing regulatory framework allowing any entity—whether private or public, including local government units and nongovernment organizations, to participate in the provision of electricity in unserved or unenergized areas.

“Epira already lays down the legal requirements for any entity to participate in the generation and supply sectors. All generators and suppliers of electricity in contestable markets do not need any nationa l franchise.

T he supply r u les a l ready i n place provide that the prices to be charged by suppliers are not subject to the regulation of the ERC [Energy Regulatory Commission],” they said.

Money laundering–as part of corruption–is blooming

By Henry J. Schumacher

T

HIS week I would like to focus on money laundering, which forms part of the corruption menu.

Unfortunately, Denmark, the second-least corrupt country in the world on the Corruption Perceptions Index of Transparency International, finds itself entangled in Europe’s biggest-ever moneylaundering scandal. But, money laundering is not limited to Denmark, as you can see below: Danske Bank CEO resigns in $234-billion money-laundering scandal: Thomas Borgen, Danske Bank’s chief executive officer, announced on Wednesday that he is to step down as the company’s chief executive after it was found that the bank’s Estonian branch was used for large-scale money laundering.

The bank says over $234 billion

flowed through the Estonian branch originating from nonresidents between 2007 and 2015.

However, the bank says it is impossible to give an accurate estimate of how much of that money consisted of suspicious transactions. An external investigation conducted by a Danish law firm found that AML procedures at the Estonian branch had been inadequate and deficiencies included a lack in screening of customers and knowledge about the beneficial owners of accounts, and possible collusion in the branch. Dankse Bank remains under investigation in Denmark and the US, among other jurisdictions, over the scandal.

Unfortunately, this is not that uncommon. We have seen several cases where financial institutions in countries with clean reputations were used for laundering money.

The Swiss financial watchdog, Finma, says Credit Suisse repeatedly failed to combat money laundering: Finma, delivered a report very recently, saying that banking giant Credit Suisse repeatedly failed to adequately combat money laundering in cases linked to soccer body Fifa and Venezuelan and Brazilian state oil companies. Despite the findings, the bank will not be fined, as Finma does not have the authority to impose fines or force the bank to return profits it may have reaped illegally. Finma will appoint an independent auditor to oversee the bank’s anti-money-laundering processes.

HSBC agreed in 2012 to pay $1.92 billion to settle moneylaundering allegations with US

regulators. Authorities said HSBC allowed the most notorious international drug cartels to launder billions of dollars across borders.

The case sparked a wave of antimoney-laundering campaigns and reforms across the world, including in the European Union.

But more cases keep popping up. ING agreed earlier this month to pay €775 million ($900 million) to Dutch regulators after admitting poor controls allowed criminals to launder money through its accounts.

Glencore, the world ’s biggest mining headquartered in Switzerland, faces a potential investigation by US authorities for alleged money laundering, after being ordered to hand over documents to the Department of Justice. The subpoena relates to compliance with the Foreign Corrupt Practices Act and US moneylaundering laws, Glencore said.

“There are very limited sanctions enforced in some countries and the supervisory bodies at the national level don’t always do their job,” said Laure Brillaud, an expert on money laundering with Transparency International.

It is obvious that developed countries need to step up their enforcement of anti-moneylaundering rules, and make it harder for corrupt regimes to secretly funnel their cash into the economy. They also need to make sure parliaments have integrity measures in place to protect against corruptive influence from known offenders.

Comments are welcome; e-mail me at Schumacher@eitsc.com.

The World BusinessMirror

www.businessmirror.com.ph

Editor: Angel R. Calso • Tuesday, September 25, 2018 A5

Big oil traders say $100 coming as Opec tries to fill Iran gap

I

Continued from A1

RAN’S production “is going to be significantly less than it was, and probably lower than most people expected when the sanctions were announced,” Luckock said at the Appec event. He sees $90 oil by Christmas and $100 in early-2019.

Brent crude, the benchmark for more than half the world’s oil, rose 2.5 percent to $80.79 a barrel at 9:44 a.m. in London, the highest since

November 2014.

Opec isn’t just grappling with US sanctions cutting Iranian supply.

Output in Venezuela is also slump-

ing due to an economic crisis. The biggest source of new global supply, US shale, is also experiencing growing pains as pipeline bottlenecks and workforce issues hamper growth.

Opec waits

FOR all these urgent supply pressures, the world’s largest oil producers adopted a sit-back-and-wait approach at their meeting in the Algerian capital on Sunday. Saudi Arabia, Russia and the United Arab Emirates insisted they had the spare capacity to satisfy the market’s needs, but wouldn’t tap it preemptively.

“Our plan is to meet demand,” said Saudi Energy Minister Kha-

Iran holds funerals for 25 victims of terror attack on military parade

lid Al-Falih. “The reason Saudi Arabia didn’t increase more is because all of our customers are receiving all of the barrels they want.” The kingdom does expect to pump more in September and increase again in October, he said, without pledging specific volumes.

The bullish sentiment also infected Wall Street bankers and hedge funds, with some caveats.

Francisco Blanch, head of commodities research at Bank of America Corp., said in a note to clients on Monday that signals from Opec mean “the likelihood of an oil spike and crash scenario akin to the one observed in 2008 has increased.”

A decade ago, Brent crude surged to nearly $150 a barrel, only to crash

A

H VA Z, Iran—Iran was holding funerals on Monday for the victims of the weekend terror attack on a military parade in the southwestern city of Ahvaz that killed 25 people, the deadliest attack in the country in nearly a decade.

T housands of mour ners gathered at the city’s Sarallah Mosque on the Taleghani junction, carr y ing caskets in the sweltering heat.

Others, mainly young people wearing ethnic clothes of the region’s Arab minority, held large photographs of those slain at Saturday’s parade in Ahvaz, the K huzestan provincial capital, where militants disguised as soldiers had opened fire at marching troops and onlookers. Of those killed, 12 people were from Ahvaz and the rest from elsewhere in Khuzestan.

The procession walked down the Naderi and Zand streets, many weeping and beating their chests, a traditional way of showing grief. Mourners played drums, cymbals and horns, according to local custom.

Cries and wails erupted when the casket of a local hero, 54-yearold Hossei n Monja z i, a d i s abled war veteran and Revolutionar y Guard member who had lost a leg and a hand in the Iraq-Iran war of the 1980s, was brought out.

Monjazi was in the wheelchair watching the parade when the gunshots erupted and was unable to find shelter from the hail of bullets.

Speaking at the funeral cer-

emony, Revolutionary Guard ’s acting commander Gen. Hossein Salami vowed revenge against the attack ’s perpetrators and what he called the “triangle” of Saudi Arabia, Israel and the United States.

“You are responsible for these actions; you will face the repercussions,” the general said. “We warn all of those behind the story, we will take revenge.”

Arab separatists have claimed the assault, which killed 25 and wounded 60, including Guard members and soldiers. Iranian officials have blamed the separatists for the attack. The Islamic State group also claimed responsibility for the attack, but offered no clear evidence it carried out the assault.

President Hassan Rouhani on Sunday accused an unnamed USallied regional country of sup-

porting the perpetrators. Iran’s Foreig n Minist r y su mmoned Wester n d iplomats, accusing them of allegedly providing havens for the Arab separatists behind the attacks.

The Ahvaz attack has further shaken Iran, already facing turmoil in the wake of the American withdraw from Tehran’s nuclear deal with world powers.

Rouhani’s remarks could refer to Saudi Arabia, the United Arab Emirates or Bahrain—close US military allies that view Iran as a regional menace over its support for militant groups across the Middle East.

“All of those small mercenary countries that we see in this region are backed by America. It is Americans who instigate them and provide them with necessary means to commit these crimes,” Rouhani said before leaving for the UN General Assembly in New York. AP

including Ed Morse said in the note.

Meanwhile, Trump’s demand that Opec take rapid action to reduce oil prices got a tepid response, with the group saying it would boost output only if customers requested it.

In contrast to the dramatic policy U-turn that Trump’s tweets provoked earlier this year, Saudi Arabia, Russia and their allies signaled less urgency and stopped short of promising specific extra volumes of crude.

Opec and its allies are just halfway toward their June pledge to pump an extra 1 million barrels a day of crude to fill the gap created by an economic collapse in Venezuela and renewed US sanctions on Iran. Bloomberg News

China slaps new tariffs on US exports as trade war intensifies B

MOURNERS gather for a mass funeral for those who died in a terror attack on a military parade in Iran in Ahvaz, Iran, on September 24. Iran held a mass funeral for those killed in the attack on Saturday in the country’s oil-rich southwest. AP PHOTO/EBRAHIM NOROOZI

just months later as high fuel prices and the global financial crisis triggered a slump in demand. This time, the deepening trade war between the US and China threatens economic growth in Asia and turmoil in emerging countries could amplify the impact of higher prices on global demand growth.

Bank of America’s main scenario is for oil prices next year of around $80 a barrel, according to the note.

Citigroup Inc. sees crude at that level in the fourth quarter, but sees risks that it will go higher.

“Balances are precarious and the lack of spare capacity could see crude pricing well above $90 or even $100, should all of the potential risk in the market materialize,” analysts

EIJING—China imposed new tariff hikes on US goods on Monday and accused Washington of bullying, giving no sign of compromise in an intensifying battle over technology that is weighing on global economic growth.

The General Administration of Customs said it started collecting additional taxes of 5 and 10 percent on a $60-billion list of 5,207 American goods from honey to industrial chemicals at noon. That coincided with the time for President Donald Trump’s planned tariff hike on $200 billion of Chinese imports to take effect, though there was no immediate US government confirmation it was collecting the higher charges.

The conflict stems from US complaints Beijing steals or pressures foreign companies to hand over technology.

American officials say Chinese plans for state-led development of global competitors in robotics and other technologies violate its market-opening obligations and might erode US industrial leadership.

Communist leaders offered to narrow their politically sensitive, multibillion-dollar trade surplus with the United States by purchasing more natural gas and other American exports. But they have rejected pressure to change industry plans they see as a path to prosperity and global influence.

Monday’s tariff hike follows a report by The Wall Street Journal that Chinese officials pulled out of a meeting to discuss possible talks proposed by Washington. The Chinese government had given no public indication whether it would accept the invitation.

Envoys last met on August 22 in Washington but reported no progress.

With no settlement in sight, forecasters say the conflict between the two biggest economies could trim global economic growth through 2020.

On Monday the ratings agency Fitch cut its forecasts for next year’s Chinese and global economic growth by 0.1 percentage points to 6.1 percent and 3.1 percent, respectively.

“The trade war is now a reality,”

said Fitch’s chief economist, Brian Coulton, in a report. “The downside risks to our global growth forecasts have also increased.”

Earlier, the two sides imposed 25-percent penalties on $34 billion of each other’s goods in July and another $16 billion in August. Business groups say American companies also report Chinese regulators are starting to disrupt their operations through slower customs clearance and more environmental and other inspections.

The first round of American tariffs targeted goods Washington said benefit from improper Chinese industrial policies. American regulators tried to limit the impact on the public by focusing on industrial machinery and components, but the latest $200-billion list of imports includes bicycles, wooden furniture

and other consumer goods.

Chinese regulators have tried to cushion the blow on their own economy by targeting American goods such as soybeans, natural gas, fruit, whisky and automobiles that are available from Europe, Latin America and other Asian countries.

Trump threatened last week to add an additional $267 billion in Chinese imports to the target list if Beijing retaliated for the latest US taxes. That would cover nearly everything China sells to the United States.

Also on Monday, the Chinese government accused the Trump administration in a report of “trade bullyism” and of preaching “economic hegemony.”

The toughly worded report said Beijing wants a “reasonable solution” but gave no indication of possible concessions. AP

A6 Tuesday, September 25, 2018 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Build, but build faster, better

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HERE are many stories of President Duterte driving around incognito as a taxi driver at night in Davao City when he was still its mayor, supposedly to find out the real situation on the streets.

It’s not a bad idea for him to do it here in Metro Manila, where he certainly won’t miss spotting one of the major causes of traffic jams: various constructions, road repairs and diggings.

During the Arangkada Philippines Forum 2018 in Pasay City last Wednesday, Management Association of the Philippines (MAP) President Ramoncito S. Fernandez noted that while the government targets to ease traffic congestion in the National Capital Region by building more roads, bridges and other infrastructure projects, these are also expected to worsen the traffic situation in Metro Manila.

“The government needs to be ready and committed to address the challenges of implementing each infrastructure project. It has to do this with more vigor and political will. Perhaps, with the same intensity as it is dealing with the current problem in Boracay,” Fernandez said.

Sadly, we have noticed quite the opposite. Whether the public works are being done by the national government through the Department of Public Works and Highways and its private contractors or the local governments or even the water companies, a lot of them seem to be textbook examples of project mismanagement. They are causing the most inconvenience to pedestrians and commuters for the longest time, when they should be causing the least inconvenience for the shortest time.

One can never come to terms with the idiocy that characterizes the implementation of some of these projects. Just a stone’s throw from this newspaper’s office, for instance, is less than a kilometer of road being paved that has taken months to complete, so long in fact that, at one point, the few workers paving the road already constructed a shack on the sidewalk to stay in (it was later torn down).

The same lackadaisical pace is replicated everywhere, it seems. How many times have we come across a sign, saying “Caution: Men working” or “Pls. bear with us, construction ongoing,” and find ourselves looking only at barren torn roads, closed lanes and construction equipment and machinery lying idle around the site with only a handful of workers working, if at all.

We cannot argue with the noble intentions behind these public works. We, of course, welcome all improvements being made on our streets, roads, bridges and other infrastructure. We applaud that our taxes (at least the portion of them that don’t line the pockets of corrupt public officials) are being used productively through these projects, which also boost employment.

The same goes for water companies laying down or repairing pipes so we could have potable water from our taps, so we won’t need to buy purified water, or so we could have stronger water pressure without the need to use electric pumps and be able to save on electricity bills; of course, we welcome these projects, too.

However, we share the sentiments of the MAP and surely many of our citizens, and humbly make this appeal: This is the 21st century. Surely, there is a faster and better way of building and repairing things. Please employ efficient contractors with a sense of urgency, especially since these constructions, road repairs and diggings are causing traffic gridlock, making the situation as hellish as can be.

If other countries—our Asean neighbor like Singapore, for example—can finish roads and other infrastructure in such a short amount of time, with the quality of work not suffering one bit, why can’t we, when the budgets for our projects are not cheap at all. We hope that the Duterte administration can find contractors who can use innovation and modern technology to get the job done more expeditiously for its “Build, Build, Build” agenda.

Faster infrastructure work can only mean smoother traffic flow, a better quality of life for our people and increased economic competitiveness for our country.

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Other key economic indicators to watch for Manny B. Villar

THE ENTREPRENEUR Continued from A1

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HE Philippine Statistics Authority just last week released the unemployment rate data for July, showing a decline to 5.4 percent from 5.6 percent in the same month in 2017.

The labor force, according to the PSA, added nearly half-a-million workers this year.

The National Economic and Development Authority said the unemployment rate of 5.4 percent was one of the lowest recorded for all surveys conducted in the July rounds since 2008. The Labor Force Survey of the PSA consequently showed that the employment rate improved to 94.6 percent in July, from 94.4 percent in the same month last year. The Philippines, thus, recorded a net employment of 488,000, bringing total employment to 40.7 million in July.

Socioeconomic Planning Secretary Ernesto M. Pernia said an average of 1.17 million additional employment was created so far in the first three rounds of the Labor Force Survey, expressing confidence that the government was on track to meet its target

of 900,000 to 1.1 million jobs to be generated in 2018. The services sector accounted for over half of the country’s total employment, contributing more than 1.1 million jobs.

More employment means increased purchasing power for consumers, which, in turn, creates demand and gives companies the signal to expand.

The industry sector recorded a positive employment growth of 2.2 percent, or 172,000 additional employment. The manufacturing sector among the industry subsectors contributed the largest employment during the period. The trend is consistent with the strong expansion plans of manufacturing firms as a result of a more positive employment

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outlook for the period.

The employment outlook in the fourth quarter has also turned more bullish, with companies signifying their intention to hire new employees, according to the results of the Business Expectation Survey conducted by the Bangko Sentral ng Pilipinas. The employment index for the next quarter improved to 26.3 percent from 24.9 percent in the last quarter’s survey.

The positive reading, according to the Central Bank, indicates that more companies will continue to hire new employees than those that said otherwise. The Bangko Sentral conducted the third-quarter Business Expectations Survey from July 2 to August 29 covering 1,466 companies nationwide.

The outlook of firms on their hiring intentions was more optimistic in the services and wholesale and retail trade sectors and steady in the industry. The same Central Bank survey showed that the percentage of businesses with expansion plans in the industry sector for the fourth quarter rose to 36.1 percent, from 34.2 percent a quarter ago. This indicates more employment opportunities for Filipinos in the coming quarters.

Among subsectors, the agriculture, fishery and forestry, electricity, gas and water, and manufacturing recorded stronger expansion plans, while those of mining and quarrying

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HE World Bank released a report this past week, titled “Growth and Productivity in the Philippines: Winning the Future.” This analysis concentrates on recommendations to achieve the government’s AmBisyon Natin 2040 program to transform the country “into a prosperous middle-class society free of poverty by 2040.”

From the executive summary: “This implies that the Philippine economy needs to grow at an annual average of 6.5 percent in the next 22 years, faster than the average growth of 5.3 percent since 2000—a challenge that only the Asian Tigers [Hong Kong, Singapore, South Korea and Taiwan] and China have managed to accomplish in the past.”

At the onset, it might have been good to mention that the Philippines’s population is larger than all the Tigers combined. And, of course, there is that “7,000 Islands of Paradise” factor. Naturally, there is no mention of either the Muslim or Communist insurgencies. Or the fact that, perhaps, part of China’s

success has been putting those that disagree with government policies in “re-education camps” or worse.

The World Bank conclusion: “Sustaining high growth can only be achieved if the Philippines succeeds in sustaining high Total Factor Productivity [TFP] growth while accelerating capital accumulation.”

Total Factor Productivity includes all the “other” factors that create economic growth that are not directly measured like labor and capital productivity. This can mean everything from government regulations to employee work ethic.

For example, of the total amount of economic growth fueled by capital productivity, labor productivity,

human capital and TFP, the contribution of TFP to growth was higher in the Philippines than in regional neighbors other than China between 1995 and 2010. Between 2011 and 2016 the TFP accounted for about 20 percent of the nation’s total economic growth.

The “invisible hand” of TFP adds both quality and quantity to the economic growth that is achieved by labor productivity and putting up hard cash to build business. A silly example might be this: A school with great teachers and hardworking and highly motivated students cannot achieve its potential if classes are canceled every time there is a cloud in the sky. Actually, that example may not be so silly after all.

While there may be some gaps in the analysis, the report does a good job of quantifying and qualifying what needs to be done to increase the TFP. Sadly, though, we have heard this all before during the past 25 years. The World Bank actually commends the Philippines for its achievement since 1990 but the bottom line is, “If you want to hit your target by 2040, you have to move much, much faster.” These are the recommendations.

Competition must be increased in the telecommunications, power and transport sectors. We know that. But they added: “Strengthen

were understandably lower from a quarter ago.

The country’s gross international reserves (GIR), meanwhile, increased to $77.83 billion at the end of August from $76.72 billion a month ago, indicating that the Philippines has enough foreign exchange supply to pay its foreign obligations and counter speculative trading.

The end-August 2018 level of the GIR is equivalent to 7.5 months’ worth of imports of goods, and payments of services and primary income. It is also equivalent to 6.2 times the country’s short-term external debt based on original maturity and 4.2 times based on residual maturity, the Central Bank said.

Another positive economic indicator is the high level of foreign direct investments we are receiving. Net inflows of foreign direct investments in May jumped 143 percent to $1.6 billion, from $677 million a year ago, a reflection of investors’ confidence in the Philippine economy.

With all these positive data, we can say that the Philippine economy has become resilient and kept its fundamentals despite adversities and the turbulence in the world market.

As I’m saying in this column, there is no cause for panic. We just have to relax, but be alert at the same time.

For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

the independence and authority of sector regulators.” In other words, let the regulators that understand the sectors make the rules. Of course that requires professional and nonpolitical people making the decisions.

“Streamline burdensome administrative procedures to start new businesses and pay taxes.” When is the Philippines going to have a legitimate and effective “War on Red Tape”? Every administration talks the talks; none have effectively walked the walk.

“Pursuing more balanced regulations between employees and employers.” Changing the laws regarding contractual employment is a start. But the relationship between employer and employee in general is still too adversarial with both sides believing that a “win-win” situation is not achievable. Last, the one most critical and contentious issue the nation continues to struggle with —“Reduce restrictions on foreign investors.”

Once again we have been told what needs to be done. When are we going to actually implement the advice?

E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

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Tuesday, September 25, 2018 A7

Could trees have prevented the tragic landslides in the Philippines?

By Michael A. Bengwayan

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NO longer recall how many times I have answered this query or a question related to this. But it is my pleasure to oblige anyone reading this piece. The landslide in Itogon, Benguet, buried more than 50 people, mostly miners and their families, after Typhoon Ompong struck the Philippines.

We know that behind every landslide is a deforested land. The area of Itogon has been mined for more than 70 years, ridding the mountains of trees, pine trees in particular.

All trees reduce the effect of erosive forces of nature using their canopies, trunks and branches, and root systems. The erosive forces of wind and rain are the two main factors that erode bare soil. Droplets of rainwater gain momentum as they fall, which provide enough force to move particles of dirt when they reach the ground. Under a magnifying glass one raindrop is like a bomb exploding on the soil’s surface.

Quadzillions of raindrops pound the surface of the soil and carry loose soil particles downhill under the influence of gravity. This problem

is exacerbated in areas of bare soil since the soil is exposed to the full force of wind and rain.

First, trees’ root systems consist of several large roots that branch out into many smaller roots. The root systems of many trees extend out into the surrounding soil, far beyond their branches. These roots hold the soil in place and improve the drainage. The roots prevent soil compaction and help water soak into the ground instead of flowing over its surface. Tree roots tend to grow more deeply than other plants and provide a greater resistance to

erosion on hillsides than grasses and other small plants. The trees’ roots form net-like strands that hold soils in place on steep slopes. Had there been trees above the accident area in Itogon, no massive landslide would have happened.

Second, trees’ foliage intercepts falling rainwater and reduces the force the water exerts when it hits the ground. Rainwater caught in a tree’s foliage is channeled over the stems and down the trunk until it soaks into the soil. This process helps rainwater penetrate the soil instead of washing over it and

reduces the force that falling raindrops exert on the soil. Although the area that a single tree protects is limited, trees with broad foliage planted closely together can reduce the force of falling raindrops over a significant area.

Third, trees’ trunks absorb and store water in intercellular spaces to as much as 150 liters to 200 liters for every 15-year-old and above Pinus kesiya or Benguet pine, in particular.

This helps prevent over soaking and oversaturation of the soil.

Fourth, but not last, trees act as windbreaks, cutting wind speed up

to 15 percent. Rows of trees planted closely together on the windward side of an area reduce the wind’s erosive force. The overlapping foliage of trees planted in a windbreak helps limit the force of the wind, and reduces the amount of soil that is carried away during heavy winds.

The most effective wind breaks use parallel rows of different species that grow thick foliage at different heights to ensure that the wind is controlled from ground level up.

I never pass an opportunity to educate. Somewhere, someone out there may not be aware of these facts.

Connecting Europe and Asia: Martial law, human rights and other stark issues Time to move up a gear

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By Federica Mogherini

UROPE and Asia have a centuries-old common history.

The ties between the two continents are today reaching an unprecedented level. Asian markets account for over onethird of exports from the European Union. Almost half of the goods and services imported by the EU come from Asian countries.

Every year, thousands of students, academics and researchers move between the EU and Asia. The cultural exchanges between our cities are vibrant. And there is more to our mutual relationship than just economic or scientific exchanges: The European Union and Asian countries have a common interest in preserving a cooperative, rules-based and peaceful international system, where multilateral organizations are the natural fora for reaching common solutions. This relationship needs to rely on effective, functioning and sustainable connectivity, in other words, on the physical and non-physical infrastructure through which goods, services, ideas and people can flow unhindered.

While connectivity has always been a part of the EU’s policy toward Asia, until now the EU has not used its potential in this area to the full. That is why we have proposed this week a new policy framework to step up the EU action, an EU strategy on connectivity between Europe and Asia.

Our message is clear: The European Union is ready to step up its engagement with Asian partners on an agenda for connectivity, based on mutual interests and common objectives. Connectivity is in the very DNA of the European Union, as a political project based on market integration.

We can offer our regulatory experience, technical expertise and funding opportunities at the service of projects that help interoperability and convergence, promote fiscally and environmentally sound growth, and strengthen our connections in a way that will be beneficial for us all.

We can do this in three ways.

Firstly, the EU is ready to support new connections and networks between Europe and Asia. For example, extending our Trans-European Transport Network, which facilitates trade and mobility through removing technical and regulatory barriers for transport networks and modernizing infrastructure to other non-EU countries would be a positive step. We will also pursue a sustainable digital agenda with Asia in order to foster universal and affordable access to digital technologies and services. We will share our experience in creating regional, liberalized energy markets with a focus on market-driven transformation toward clean energy. And we will continue to promote human exchanges and mobility through programs, such as Erasmus or the Marie Curie Action, as a way to build connections, mutual understanding and share ideas.

Second, in the EU approach, connectivity can only be built in partnership. Therefore, we will work hand in hand with regional organizations and mechanisms in Asia, such as Asean, to identify and support projects. Many such partnerships exist already. Currently, the European Union and Asean are negotiating an aviation agreement. The Philippines is also part of a number of regional projects like EU ARISE Plus, which covers areas including trade facilitation, intellectual property rights, and civil aviation; as well as the E-READI, an EU-Asean dialogue instrument that facilitates dialogue forums between the EU and Asean on policy areas across all three

Asean community pillars: political and security, economic and socio-cultural.

The EU also supports the Philippines in the attainment of the country’s rural electrification targets through the EU Access to Sustainable Energy Program. Furthermore, the recently concluded EU-Philippines Partnership and Cooperation Agreement lays a comprehensive foundation for strong bilateral cooperation in many areas, including—among others— trade, investment, development and transport policies.

We will work hand in hand with regional organizations and mechanisms existing in Asia, such as Asean, to identify and support projects.

Third, we want to work on a connectivity based on shared principles: transparency, nondiscriminatory market practices, a level playing field for economic operators, protection for intellectual property rights. The best way to achieve this is not to impose anyone’s standards or rules, but to work together within international organizations on mutually acceptable ones. European companies must have a level playing field vis-à-vis their competitors and have the same access to markets abroad as others have in the EU. Finally, we will mobilize all our levers to back projects with adequate funding, using to the full the potential of the European Investment Bank and of the new tools for external investment policy available under the EU budget. According to the Asian Development Bank, Asia will require over €1.3 trillion a year of infrastructure investment in the coming decades. The EU is ready to support Asian countries meet such an investment challenge leveraging public and private financing through a combination of grants, guarantees, lending and blending. Yet, investment must be fiscally viable and financially sustainable. The EU will only support projects that mobilize domestic resources, create value for local communities and are sustainable in the long term.

Together, Europe and Asia account for almost 70 percent of global population and over 60 percent of the world’s GDP. There is space for making our ties stronger and more mutually beneficial. Sustainable connectivity, based on strong partnerships and transparent rules, is for the EU, European and Asian countries, the best way forward.

The author is the High Representative of the European Union for Foreign Affairs and Security Policy and Vice President of the European Commission.

Cecilio T. Arillo

DATABASE Part One

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HIS series, extracted from the best-selling books The Marcos Legacy and Greed & Betrayal, authored by this writer and published respectively this year and in 2000 by Amazon, one of the world’s largest book makers, is meant to answer the inveterate “yellows”, leftists and their followers who have relentlessly demonized President Ferdinand E. Marcos and his family over the issues of martial law, human rights and other stark issues.

Before the proclamation of martial law on September 21, 1972, many local and international observers predicted dire events for this country. The persistent prophecy was that the country was on the threshold of doom.

But beneath the turmoil and intrigues of ideologues, radicals, reformers, ambitious politicians, and monopolistic oligarchs, President Marcos developed his own concept of revolution and tackled the crisis of leadership head-on.

“I am utilizing the proclamation of martial law for one purpose alone: to save the Republic and reform society.” Thus declared President Marcos to the nation on the night of Saturday, September 23, 1972. He revealed that he had installed martial law under Proclamation 1081, on September 21 and authorized its implementation by the military at 9 p.m., Friday, September 22.

The basis for his martial-law proclamation is Paragraph 2,

Section 10, Article VII, of the 1935 Constitution, which states: “The President shall be the commander-in-chief of all armed forces of the Philippines and, whenever it becomes necessary, he may call out such armed forces to prevent or suppress lawless violence, invasion, insurrection, or rebellion, or imminent danger thereof, when the public safety requires it, he may suspend the privileges of the writ of habeas corpus, or place the Philippines or any part thereof under martial law.”

In proclaiming martial law, he emphasized that: “The civilian government would remain supreme as this was not a military takeover. The officials and employees of the national and local governments would continue to discharge their duties as before within the limits of the situation. Thus, in accordance with existing laws at the time of Proclamation 1081, all executive departments, bureaus, offices, agencies and instrumentalities of the government, as

well as government-owned or -controlled corporations, governments of provinces, cities, municipalities and barrios would continue to function under the present officers and employees.

“The Judiciary would continue to function under the present organization and will try and decide all criminal and civil cases according to given guidelines.”

Firearms, licensed or not, were strictly forbidden to be carried outside the residence; schools were closed for one week for all levels beginning Monday, September 25, 1972; curfew was imposed from midnight to four o’clock in the morning; and Filipinos departing for abroad were temporarily halted except for official missions cleared by the Department of National Defense.

Rallies and strikes were prohibited; news media were placed under government control; and public utilities, including the Philippine Long Distance Telephone Co., Manila Electric Co.; and transportation facilities like the Philippine National Railways, Philippine Airlines, Filipinas Orient Airways and Air Manila were also put under government control.

“We will eliminate the violent overthrow of the Republic but at the same time reform the social, economic, and political institutions in the country. We must start with the elimination of anarchy and maintenance of peace and order in order not to lose the civil rights and freedom we cherish,” President Marcos said.

“This is not a precipitate decision. We weighed all factors. There is no other solution. I have used the other alternatives, calling troops to quell disorders and suspending the privilege of the writ of habeas corpus

Making tariffs corrupt again

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By Paul Krugman | New York Times News Service

N normal times, Donald J. Trump’s announcement of tariffs on $200 billion worth of Chinese goods, bringing us closer to an all-out trade war, would have dominated headlines for days.

Things being as they are, it was a below-the-fold story, drowned out by all the other scandals under way.

Yet, Trump’s tariffs really are a big, bad deal. Their direct economic impact will be modest, although hardly trivial. But the numbers aren’t the whole story. Trumpian trade policy has, almost casually, torn up rules America itself created more than 80 years ago—rules intended to ensure that tariffs reflected national priorities, not the power of special interests.

You could say that Trump is making tariffs corrupt again. And the damage will be lasting. Until the 1930s, US trade policy was both dirty and dysfunctional. It wasn’t just that overall tariffs were high; who got how much tariff protection was determined through a free-for-all of horse-trading among special interests.

The costs of this free-for-all went beyond economics: They undermined US influence and damaged the world as a whole. Most notably, in the years after World War I, America demanded that European nations repay their war debts, which meant that they had to earn dollars through exports—and at the same time, America imposed high tariffs to block those necessary exports.

But the game changed in 1934,

when FDR introduced the Reciprocal Trade Agreements Act. Henceforth, tariffs would be negotiated via deals with foreign governments, giving export industries a stake in open markets. And these deals would be subject to up-or-down votes, reducing the ability of interest groups to buy themselves special treatment.

This US innovation became the template for a global trading system, culminating in the creation of the World Trade Organization. And tariff policy went from being famously dirty to remarkably clean.

Now, the creators of this trading system knew that it needed some flexibility to remain politically viable. So governments were given the right to impose tariffs under a limited set of circumstances: to give industries time to cope with import surges, to respond to unfair foreign practices, to protect national security. And in the US the power to impose these special-case tariffs was vested in the executive branch, on the understanding that this power would be used sparingly and judiciously.

Then came Trump.

So far, Trump has imposed tariffs on about $300 billion worth of US imports, with tariff rates set to rise as high as 25 percent. Although Trump and his officials keep claiming that this is a tax on foreigners, it’s actually a tax hike on America. And since most of the tariffs are on raw materials and other inputs into business, the policy will probably have a chilling effect on investment and innovation.

But the pure economic impact is only part of the story. The other part is the perversion of the process. There are rules about when a president may impose tariffs; Trump has obeyed the letter of these rules, barely, but made a mockery of their spirit. Blocking imports from Canada in the name of national security? Really?

Even the big China announcement, supposedly a response to unfair Chinese trade practices, was basically a put-up job. China is often a bad actor in the international economy.

But this kind of retaliatory tariff is supposed to be a response to specific policies, and offer the targeted government a clear way to satisfy US demands. What Trump did was instead to lash out based mainly on a vague sense of grievance, with no end game in sight.

In other words, when it comes to tariffs, as with so many other things, Trump has basically abrogated the rule of law and replaced it with his personal whims. And this will have a

but rebellion has not stopped, it has worsened since January 11,” he said.

Emphasizing that the country is falling back on its last line of defense, President Marcos said: “We must now defend the Republic with stronger power granted by the Constitution. To those guilty of insurrection or rebellion, they may pose grave danger but to ordinary citizens whose primary concern is merely to be left alone, this is the guarantee of the freedom that you seek. All I do, we in the government do, is for the Republic. Rest assured that we will continue to do so. I have prayed to God for guidance. Let us continue to pray to Him!” Earlier, the Supreme Court of the Philippines recognized the existence of rebellion when it upheld the President’s right to suspend the privilege of the writ of habeas corpus.

Since the Supreme Court promulgated this decision, the situation turned from bad to worse: the productive sectors have grounded to a halt. Many schools closed up.

Many businessmen, traders, industrialists, producers and manufacturers, have stopped operations. In the Greater Manila this anxiety reached the point where the citizenry had to stay home.

Terrorism and subversion by leftist and rightist elements had spread from Northern Luzon to the entire country. Mass media, then unbridled in its licentiousness, played up the bombings and other terroristic activities that became frequent in the Greater Manila area.

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

couple of nasty consequences.

First, it opens the door for oldfashioned corruption. As I said, most of the tariffs are on inputs into business—and some businesses are getting special treatment. Thus, there are now substantial tariffs on imported steel, but some steel users—including the US subsidiary of a sanctioned Russian company—were granted the right to import steel tariff-free. (The Russian subsidiary’s exemption was reversed after it became public knowledge, with officials claiming that it was a “clerical error.”)

So what are the criteria for these exemptions? Nobody knows, but there is every reason to believe that political favoritism is running wild.

Beyond that, America has thrown away its negotiating credibility. In the past, countries signing trade agreements with the United States believed that a deal was a deal. Now they know that whatever documents the US may sign supposedly guaranteeing access to its market, the president will still feel free to block their exports, on specious grounds, whenever he feels like it.

In short, while the Trump tariffs may not be that big (yet), they have already turned us into an unreliable partner, a nation whose trade policy is driven by political cronyism, and which is all too likely to default on its promises whenever it’s convenient.

Somehow, I don’t think that’s making America great again.

2nd Front Page BusinessMirror

A8 Tuesday, September 25, 2018

NG posts ₧2.6-B Aug fiscal deficit; 8-month gap is ₧282B

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By Rea Cu

@ReaCuBM

HE national government (NG) reported a fiscal deficit of P2.6 billion for August this year, with spending outpacing revenue growth, and pushing the eight-month total to a deficit of P282 billion.

Data from the Bureau of the Treasury (BTr) showed the government’s August deficit reverses the budget surplus of P28.8 billion recorded in the same month in 2017.

Revenues col lected by the

government amounted to P256.9 billion, increasing by 11 percent, compared to the P230.4 billion registered last year. Spending, though, reached P259.5 billion, or 29 percent higher than the P201.6 billion

₧523.7B The programmed full-year deficit of the national government for 2018, per the BTr

in August 2017.

This drove the cumulative budget deficit as of end-August this year to P282 billion, a 60-percent spike compared to the P176.2 billion recorded for the same period in 2017.

According to the BTr, the yearto-date fiscal deficit of P282 billion comprises 54 percent of the

programmed full-year deficit of P523.7 billion.

For August, revenues collected by the government of P256.9 billion allowed the year-to-date collections to reach P1.909 trillion, showing an increase of 19 percent from the P1.601 trillion recorded last year.

“To date, 67 percent of the P2.846-trillion full-year revenue program has been collected,” the BTr said. The Bureau of Internal Revenue (BIR) reported a collection of P185.1 billion for the month, posting an 8-percent increase compared to the P171.7 billion recorded last year.

See “Deficit,” A2

Bridge linking Mandaluyong, Makati closed– for bigger one

By Lorenz S. Marasigan

T THE Estrella-Pantaleon Bridge, a small but crucial span that links the busy cities of Mandaluyong and Makati, was closed for a 30-month rehabilitation starting September 23. Authorities have warned the public to expect heavy traffic as vehicles are diverted to already congested routes. ALYSA SALEN

@lorenzmarasigan

HE construction of the P1.23-billion Estrella-Pantaleon Bridge—a bigger version of the existing structure that connects the cities of Makati and Mandaluyong—started on Monday, the chief of the public works department said, noting that the rehabilitated bridge will be opened by 2020.

Department of Public Works and Highways Secretary Mark A. Villar said the bridge, one of the two China grant-aid bridges, is part of the Metro Manila Logistics Network that will help decongest Metro Manila.

“The alignment caters to about 1.3 million vehicles daily—almost three times its current capacity. There is a need to address the gap if we are serious in solving traffic,” he said.

The Estrell a-Pantaleon Bridge will connect Estrella Street in Makati City and Barangka Drive in Mandaluyong City. It has a total road length of 506.46 meters.

“The implementation of the bridge will start today [Monday] and will be accessible to the public by 2020,” Villar said.

Other projects

Aside from this bridge, the government is gearing up to rehabilitate and expand other existing bridges, and build new ones. So far, the public works department has completed the feasibility study for 10 bridges under the Metro Manila Logistics Network.

Villar listed them as the following: North and South Harbor Bridge, Palanca-Villegas Bridge (Pasig River), Beata-Manalo Bridge (Pasig River), Blumentritt-Antipolo River, Eastbank-Westbank Bridge 1, J.P. Rizal-Lopez Jaena Bridge, J.P. R izal-Saint Mar y Bridge, Marikina-Vista Real Bridge, Mercury-Evangelista Bridge and Eastbank-Westbank Bridge 2 (Manggahan Floodway).

Construction of the Bonifacio Global City-Ortigas Center Link Road Project, a four-lane bridge spanning 633 meters across Pasig River linking Lawton Avenue in Makati City and Santa Monica Street in Pasig City, has also started and is targeted to be completed in June 2020, he added.

Since the start of the Duterte administration, the public works department has constructed, rehabilitated, strengthened and widened a total of 2,423 bridges.

www.businessmirror.com.ph

‘Bangus’ growers score LLDA policies for low output; govt vows aid

By Jonathan L. Mayuga @jonlmayuga

& Jasper Emmanuel Y. Arcalas

T

@jearcalas

HE government has vowed to assist bangus growers increase their output, even as the Laguna Lake Development Authority (LLDA) insisted that President Duterte himself mandated the clearing of fish pens and fish cages in Laguna de Bay. Officials from the Bureau of Fisheries and Aquatic Resources (Bfar) and the LLDA issued their pronouncements after the Bangus Industry Stakeholders and Dealers Alliance (Bisda) asked the government in a statement to help them improve their production.

Bisda is a group of bangus growers, small fishermen, market dealers and brokers in the provinces of Rizal, Laguna, Bulacan, Pangasinan, Pampanga and Metro Manila.

The group said the spike in the retail prices of milkfish in the wet market recently was due to the lack of supply, which was exacerbated by the LLDA resolutions that hampered production in the Laguna lake area. Another key source of bangus, Pangasinan, has been reeling, not from policy change but from nature: It has been heavily impacted the southwest monsoon and recent typhoons.

“There was a substantial decrease in production [at Laguna lake], that is why some of the fish-cage operators were saying the price of bangus and tilapia increased. We are looking into this,” Engr. Emil Hernandez, manager of the LLDA’s Environmental Regulation Department, said in a telephone interview.

Hernandez pointed to the reduction in production areas for milkfish and tilapia as one of the factors that caused output to decline substantially.

Senators. . .

Continued from A1

“Trabaho” bill.

Senate President Sotto signalled the Senate leadership’s position, replying “yes” when asked if they will heed appeals for lawmakers to retain the existing tax exemptions granted to books and publications in Republic Act 8047 or the Book Publishing Industry Development Act of 1995.

Critics of the DOF-endorsed initiative had warned that it puts the country at risk of running afoul of the Florence Agreement, where it is a signatory. That international accord, ratified by 100 countries, “ensures the free flow of educational, scientific and cultural books and other publications between and among countries,” the Philippine Center of International PEN (Poets, Playwrights, Essayists, Novelists) earlier said in a statement.

Senate Majority Leader Juan Miguel F. Zubiri shared Sotto’s stand against taxing books and publications, saying: “Yes, I will object to that provision.”

Sen. Francis G. Escudero clarified, however, that there is still no Senate version of the Palace-endorsed TRAIN 2 bill, even as he also affirmed his position on the issue.

“That [VAT imposition on books and publications] is just a proposal, which I am not in favor of,” Escudero said, adding that means he “will support deletion” of such provision if the plan is included for adoption in the Senate version of TRAIN 2.

Sen. Emmanuel Joel J. Villanueva confirmed he will enlist the support of fellow senators to

250K a day ‘Bangus’ production in Laguna de Bay prior to the LLDA’s clearing operation. This is now down to just 70,000 kg a day to a maximum of 100,000 kg

He said, however, that the reduction in production areas was agreed upon by all stakeholders, following the dialogue between LLDA General Manager Jaime C. Medina and the stakeholders, and the forging of a compromise deal with fish-cage and fish-pen operators.

In earlier interviews, the LLDA chief also said President Duterte is “well-informed of the actions taken by the LLDA Board and the plans and programs implemented by the agency under his leadership.

The 90-hectare Laguna de Bay, one of the largest freshwater lakes in Southeast Asia, is also the biggest aquaculture hub in the country where tilapia and bangus are raised all-year round.

However, the recent spike in the price of bangus alarmed local producers, particularly those operating in Laguna de Bay, because of the huge decline in their output as a result of what they describe as “poor policy formulation and implementation of the current LLDA.” “We just want to make sure that the President is aware of what is happening. We are not protesting nor assailing the government, but we are publicly appealing to the President to hear our side,” said lawyer Rodriguez Dizon, spokesman of Bisda.

Aside from bad weather which affected output in Pampanga, Pangasinan and Bulacan, Bisda said LLDA Board Resolution 518 and 525 caused the output of milkfish to go down drastically.

See “Bangus,” A2

ensure the existing VAT exemption of books and publications is retained. Villanueva added: “As of today, I do not think there are five members in the Senate willing to support the measure primarily because of the timing.”

“Definitely, since that is for education,” Sen. Joseph Victor G. Ejercito replied in a text message to the BusinessMirror when asked if he will support the existing VAT exemptions.

In a televised interview, Sen. Grace Poe also expressed misgivings over rushing approval of TRAIN 2, suggesting that lawmakers “need to be able to see the pros and the cons.”

Citing reports attributing inflationary effects triggered by TRAIN 1, she voiced concerns that certain social mitigating measures were not rolled out from TRAIN 1, adding: “I don’t know if it’s time for us to actually consider TRAIN 2. There are so many things going on that we need to prioritize before this.”

Poe also recalled her peer Sherwin T. Gatchalian, chairman of the Senate Committee on Economic Affairs, as saying he was all for it [TRAIN 2], “but they have to change some of the provisions so that it doesn’t cause any job losses.”

Asked to gauge Senate support for TRAIN2, Poe admitted that “a lot of my fellow senators are actually quite apprehensive about it, especially at this time.

But I think it’s our job to really read the provisions, and if we have to, introduce amendments or object to it, but definitely with one thing in mind: Will it actually help the economy or will it worsen the current situation?”

Editor: Efleda P. Campos

Companies BusinessMirror

Tuesday, September 25, 2018

B1

Not-so-rosy outlook for PHL retailers as funds on sidelines

T

By Ian Sayson | Bloomberg News

HE end of the year and election periods are usually boons for Philippine toy sellers, booze makers and retailers. But this time around, things may be different.

Some of the nation’s biggest money managers are preparing for consumer companies to experience a dire stretch of time and are avoiding their stocks. Fund overseers at Metropolitan Bank & Trust Co. and Sun Life of Canada Philippines Inc. are warning that high inflation is hitting households just as corporate margins remain under pressure. Both firms are underweight the sector’s shares as they expect rising oil prices and a weakening peso to hamper earnings growth.

“Election and Christmas spending usually have a positive impact on consumer stocks, but this might not be the case now,” said Michael

Enriquez, who helps manage about $5.55 billion as chief investment officer at Sun Life Philippines.

“Consumers hurting from inflation are showing signs of hesitation on spending more, while companies couldn’t pass on higher cost for that could further hurt demand.”

Higher taxes, climbing oil prices and a weakening currency have hurt growth in spending, and a central-bank survey earlier this month showed Philippine consumers have turned pessimistic.

That’s hit the stock market, with department store SM Investments Corp., the biggest member of the Philippine Stock Exchange index,

and LT Group Inc., the owner of the nation’s largest tobacco company, becoming some of the biggest decliners in September.

All but three of the 12 consumer-related shares in the benchmark gauge have fallen this year, with five exceeding the measure’s 14-percent slide. GT Capital Holdings Inc., owner of the country’s largest car manufacturer, and JG Summit Holdings Inc., which controls the biggest maker of snacks and iced tea, are down more than 25 percent.

That’s led to a drop in valuations, and some say it’s time to look into opportunities. Philippine consumer stocks trade at almost 18 times estimated earnings for the next year on average, down from 22 times at the market peak in January, according to data available compiled by Bloomberg.

“I think it’s safe to assume that many consumer names are at bottom or near bottom given that inflation is peaking and will soon ease while spending for the holidays and election campaign will provide a continuous flow of catalysts,” said

Miguel Ong, an analyst at AP Securities Inc. “It’s good to start picking while the sector is still out of favor.”

Ong favors retailers such as Puregold Price Club Inc. and Robinsons Retail Holdings Inc. That’s because they can pass on higher costs quicker than restaurant operators and manufacturers such as Jollibee Foods Corp. and Universal Robina Corp., which have to absorb them for a longer time before they can raise prices.

John Padilla, who helps manage about $8.13 billion as head of equities at Metropolitan Bank & Trust, sees it otherwise. While the stock losses have pushed down valuations and Universal Robina looks attractive, there are too many headwinds ahead to buy consumer shares now.

“There is no doubt valuation haves come down—but where is the upside?” said Padilla, who has been underweight consumer stocks for almost a year. “Until the threat of higher inflation tapers off, one can’t say the worst is already over for spending and margins. I see no rush to buy now.”

Push digital infra to meet online surge– ePLDT exec

By Kris Crismundo

A

FOUR-DAY workweek can be implemented in the business-process outsourcing (BPO) sector, stakeholders from the industry said.

Teleperformance Philippines Senior Vice President for Human Capital Jeffrey Johnson said the company is already implementing flexible work arrangements, and adjusting to a compressed workweek will not be hard for the firm.

“We’re actually monitoring this, we’re looking at that and we are looking what options we have,” Johnson said on Friday, commenting on the compressed workweek bill passed in the House of Representatives.

“Currently, we now have flexible work arrangements. We have some employees working on four days a week, 12-hour shift, and that’s of course depending upon their availability,” he added.

He added that some workers prefer a four-day workweek because of the poor traffic and commuting situation in Metro Manila, where the majority of BPO offices are located.

“For the industry, it really depends on our clients, and we’re looking at our clients’ need. So obviously, we will respond what our clients need. Sometimes, clients would have certain days of the week, they have less call volume. It can help us, we can adjust to that,”

Johnson added.

“So there’s a lot of opportunities to adjust to that. In terms of that specific bill, we see that is something that we can work around and [it is] something we can evaluate,” he said.

For 27-year-old Geraldine Donato, who has been with the industry for seven years now, the new legislation for a compressed workweek is welcome news.

She said an additional two-hour work on her daily job would be like an overtime work.

“Personally, a four-day workweek is better since expenses for fare and food would be lesser. With the hassle in commuting—traffic congestion and poor public transport system—workers will welcome this legislation,” she told the Philippine News Agency.

Donato’s sentiment was echoed by another BPO employee, Patrick Legaspi, who has been working in the sector for over a decade.

“Extending work hours during the four days of their workweek is something that can’t be felt. Instead being caught in the heavy traffic during rush hours, employees can work on these extra hours to earn additional money,” Legaspi said.

“This scheme can also lessen employees using up their leaves because this time they have three days out of work in a week,” he said, adding this promotes work-life balance in the BPO industry. PNA

Cryptors: Hackuna to be top mobile security app in 2020

W

ITH growth of the local data center industry surging, financial organizations must develop further their digital offerings to satisfiy customer expectations, according to a ranking official of ePLDT Group.

“The need for a more convenient payment experience has resulted in the increasing number of digital transactions. This will continue not only because of preference but also due to the emergence of new markets and players that offer digital payment options,” said Nerisse Ramos, ePLDT’s senior vice president and chief operating officer.

“To sustain this growth, financial institutions need the appropriate IT [information technology] infrastructure that’s capable of meeting their demands and responding to challenges,” she added.

Based on the latest PayPal study, the Philippines is well on its way to becoming a cashless nation as traditional (physical credit card, bank transfer, Internet banking, checks, etc.) and new payment methods are now primary payment options here. This trend is backed by the steady increase of financial technology (fintech) start-ups in the country, which stood at 60 last year, according to the Fintech Philippines Startup Report by Fintech Singapore.

The Bangko Sentral ng Pilipinas, on the other hand, cited an industry report, showing that the transaction value of the Philippine fintech market is projected to reach $10.5 billion by 2022, up from the estimated $5.7 billion for this year.

Meanwhile, the National Retail Payment System is targeting to raise electronic retail payments to at least 20 percent by 2020.

Given these findings, ePLDT is optimistic that the data explosion coming from digital payments growth will result in financial institutions tapping data centers to provide support in key areas, such as the assurance of business continuity and the protection of sensitive customer information.

Financial service providers need fast and dependable connectivity to support digital payment activities. A data center’s Service Level Agreement (SLA) outlines their responsibilities regarding guaranteed uptime.

These hubs are designed with concurrent maintainability features that give complete infrastructure redundancy, thus, enabling scheduled and emergency maintenance to take place sans affecting the entire system. Furthermore, purpose-built data centers are robust enough to withstand natural disasters.

Financial institutions require airtight security, compliance and efficiency. Additional security features given by data center providers are important since the numbers of cyber attacks as well as natural and operational disasters increase.

4-DAY WORKWEEK POSSIBLE IN B.P.O., SAY STAKEHOLDERS

By Roderick L. Abad

@rodrik_28

Contributor

F

MARRIOTT’S IN CLARK Marriott International Inc. recently announced the grand opening of Clark Marriott in the Philippines. Owned by

Widus Philippines Inc., the hotel is strategically located at the Clark Freeport Zone, making it the perfect destination for business meetings, or for staycations. It boasts 260 well-appointed rooms, five restaurants and bars, event places and meeting rooms. “We are very happy to partner with Marriott International in welcoming and providing premium accommodation to visitors at Clark Marriott,” said Daesik Han, president and CEO of Widus Philippines Inc.

EDC boosts local, overseas RE portfolio

By Lenie Lectura

L

@llectura

OPEZ-LED Energy Development Corp. (EDC) is beefing up its renewable-energy (RE) portfolio here and abroad, with plans to expand soon its solar, wind and geothermal assets.

EDC currently delivers 1,472 megawatts (MW) of RE to the country in the form of hydro, solar and wind power apart from geothermal.

EDC President Richard B. Tantoco said last week during the National Sustainability Summit for Millennials and Gen Zs that the company is planning to install solar power in “about 14 to 15 different malls” and is looking at “nine promising sites” for wind power installation in Ilocos.

Transmission constraints, however, may put the planned wind projects on hold but the company, noted its president, is still determined to look for opportunities. “There are different issues in different sites.”

“We are now looking at some capacity expansion inside our existing

geothermal sites,” added Tantoco.

EDC’s 150-MW Burgos Wind Farm is the biggest in the country, while its almost 1,200-MW geothermal installed capacity accounts for 61 percent of the country’s total installed geothermal capacity.

EDC operates the Unified Leyte geothermal power facility in the same province. It consists of the 125-MW Upper Mahiao plant, the 232.5-MW Matlibog plant, the 180MW Mahanagdong plant and the 51-MW Leyte optimization plants.

It also operates the 112.5-MW Tongonan geothermal.

The company has allocated P7 billion in capital expenditures (capex) this year mainly to improve reliability of its steam plants.

For its overseas geothermal prospects, EDC is preparing for auction for Chile and Peru geothermal assets.

He said pricing reviews for a geothermal investment in Chile, possibly around 150 MW, are in the works now.

In Peru EDC awaits government

auction for geothermal sites.

EDC is also looking at Indonesia, with an assessed potential of probably 200 MW. “We’re doing it now.

Drilling is expected to take place in about 18 to 24 months.”

Tantoco said that Indonesian law compels EDC to look for a local partner there, but he said that “it’s too early to sell” because the project is still in the predevelopment stage. “We are always open to it. By law, it requires us to find a partner, 5 percent.”

EDC, the country’s largest geothermal and wind energy company, posted P4.1 billion in net income from January to June this year, 21 percent lower than the P5.2 billion recorded in the same period a year ago.

Revenues also declined to P17.1 billion, down by 3 percent, from P17.7 billion in the same period last year.

EDC’s lower first-half performance was mainly affected by the damage brought about by Typhoon Urduja last December.

ILIPINO-OWNED Cryptors Cybersecurity Inc. has officially launched its “Hackuna Anti-Hack,” touted as the first of its kind in the world capable of blocking hackers within the network from hacking the user, simply by pressing the WiFi Blocker button.

The mobile application, developed by 21-year-old Alexis Lingad, CEO of Cryptors, is expected to grow tenfold in terms of download globally by end of 2018.

“Before, we have to be extra careful in connecting to free Wi-fi on public areas such as train stations, coffee shops, malls and government offices because these are the places where Wi-fi hackers mostly catch their victims,” he said during Hackuna’s presentation recently in McKinley Hill, Taguig.

“But because Hackuna app is already here to protect your mobile

phones against these threats, you don’t need to worry anymore,” he added.

Through the Permission Analyzer button, it can detect the apps that have unreasonable permission to access the user’s private data, camera, mic, short message service or SMS, global positioning system or GPS, call logs and contacts without him or her knowing it.

Moreover, Hackuna’s Malware Buster has the ability to detect the hidden spy apps and the trojans that hackers use in hacking and controlling a user’s phone remotely.

Following its soft launch in Google Play in August, it has already reached 10,000 downloads internationally, mostly from the United States, the Philippines and India.

Usage-wise, its average utilization rate per day is 70 percent, 20 percent and 5 percent in the US, the Philippines and India, respectively.

Continued on B2

B2

Companies BusinessMirror

Tuesday, September 25, 2018

PSE STOCK QUOTATIONS

September 24, 2018

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

ASIA UNITED 59 59.8 58.5 59.8 58.25 59 49980 2959782 2160379.5 BDO UNIBANK 120 121 120.6 121 117.5 121 1810310 217213693 -40863610 BANK PH ISLANDS 86.55 88.2 83.9 88.2 83.15 88.2 2599180 222235125 -61249704 CHINABANK 29.65 29.75 29.8 29.95 29.65 29.65 52900 1572920 -538275 EAST WEST BANK 12.88 12.9 12.96 12.98 12.88 12.88 628100 8109836 -4302622 METROBANK 69.7 69.9 68.3 69.95 68.05 69.9 1454220 101313736.5 31126403 PHIL NATL BANK 43.7 44.3 43.6 44.35 43.55 43.65 9900 436825 -80 PSBANK 84 85 85 85 85 85 350 29750 PHILTRUST 103.8 110 105 105 103 103 2500 262160 RCBC 24.95 25 25.1 25.1 24.85 25 74700 1866175 -1464335 SECURITY BANK 168.6 168.9 168.6 170 168.1 168.9 898140 151686877 -13558010 UNION BANK 67 68 66.7 67 66.65 67 12120 811928 -627773 BRIGHT KINDLE 1.48 1.52 1.64 1.64 1.47 1.48 64000 95130 42630 BDO LEASING 2.37 2.59 2.61 2.61 2.61 2.61 3000 7830 7830 COL FINANCIAL 16.18 16.2 16.2 16.2 16.18 16.18 3000 48542 FERRONOUX HLDG 4.36 4.4 4.24 4.43 4.17 4.4 214000 928210 -172000 IREMIT 1.55 1.64 1.51 1.65 1.51 1.65 23000 37320 MEDCO HLDG 0.53 0.54 0.53 0.53 0.53 0.53 125000 66250 MANULIFE 841 850 835 835 835 835 800 668000 NTL REINSURANCE 0.93 0.94 0.97 0.97 0.93 0.94 2049000 1938110 PHIL STOCK EXCH 189 194 188.9 190 188.9 190 610 115729 58889 SUN LIFE 1822 1850 1821 1822 1821 1822 60 109310

INDUSTRIAL ALSONS CONS 1.24 1.25 1.19 1.27 1.19 1.24 2843000 3499420 ABOITIZ POWER 35.8 36.6 36.7 36.7 35.35 36.6 1587300 56505930 36000640 BASIC ENERGY 0.214 0.226 0.215 0.227 0.213 0.226 1760000 377310 ENERGY DEVT 7.06 7.07 7.06 7.07 7.05 7.06 3573000 25225863 -12895858 FIRST GEN 16.84 17 17 17.02 16.82 17 1030600 17502786 -10506450 FIRST PHIL HLDG 63.3 64.85 63.1 65 63.1 63.3 34540 2207296.5 281549.5 PHIL H2O 5.1 5.15 5.16 5.16 5 5.15 179300 905791 MERALCO 357.6 360 364 364 356.8 360 72260 25954230 -7589458 MANILA WATER 23.7 23.9 24.25 24.25 23.65 23.7 1797200 42753900 9066835 PETRON 8.95 9.02 9.09 9.09 8.86 9.02 402100 3620555 -521960 PETROENERGY 4.04 4.13 4.02 4.15 4.02 4.15 7000 28400 PHINMA ENERGY 0.99 1.01 1.01 1.01 0.99 0.99 867000 865610 PHX PETROLEUM 10.66 10.98 10.62 10.98 10.62 10.98 32600 356314 PILIPINAS SHELL 53.15 53.25 53 53.45 52.6 53.25 234630 12487726 -4513209.5 SPC POWER 5.61 5.65 5.66 5.78 5.61 5.65 512000 2914397 -1527243 AGRINURTURE 17.86 17.96 18.02 18.06 17.84 17.88 1957700 35153766 1817500 CNTRL AZUCARERA 17.4 17.94 18.5 18.5 17.9 17.96 1700 30532 CENTURY FOOD 13.94 14 14 14 13.9 14 383200 5363200 -114988 DEL MONTE 7.11 7.4 7.5 7.5 7.36 7.4 13300 98646 -74210 DNL INDUS 10 10.02 10.22 10.22 10 10.02 3004600 30107112 -2485000 EMPERADOR 7.04 7.05 7.06 7.09 7.03 7.05 1971200 13894604 -5542755 SMC FOODANDBEV 95.6 96.4 95.9 98.35 94.3 96.4 451210 43437453 8018533 ALLIANCE SELECT 1.12 1.13 1.06 1.13 1.03 1.12 11669000 12780260 -91280 GINEBRA 27.8 27.9 28.05 28.1 27.8 27.9 46500 1299970 -13860 JOLLIBEE 271 271.4 272.4 273 270 271 207870 56,404,456( 2,143,443.9997) MAXS GROUP 11.82 11.9 11.4 11.9 11.4 11.9 85100 1003368 -724208 PEPSI COLA 1.75 1.8 1.68 1.82 1.68 1.75 79000 142260 -32400 SHAKEYS PIZZA 12.18 12.2 12.12 12.2 12.12 12.18 257200 3137382 -237900 ROXAS AND CO 2.66 2.68 2.69 2.69 2.66 2.68 240000 638830 -5340 RFM CORP 4.82 4.85 4.8 4.85 4.8 4.85 3500000 16823950 -1358000 ROXAS HLDG 2.81 2.9 2.9 2.9 2.9 2.9 20000 58000 SWIFT FOODS 0.124 0.128 0.125 0.125 0.124 0.124 530000 65770 UNIV ROBINA 150.7 151 150.9 151 148.1 151 346800 52221117 2117567 VITARICH 2.07 2.08 2.07 2.11 2.03 2.08 4024000 8351980 1044140 CONCRETE A 67.8 70.95 67.5 67.5 67.5 67.5 510 34425 CEMEX HLDG 2.71 2.72 2.72 2.72 2.5 2.71 3304000 8814220 453630 DAVINCI CAPITAL 4.5 5.3 4.5 4.5 4.5 4.5 3000 13500 EAGLE CEMENT 15.14 15.2 15.14 15.68 15.1 15.14 843500 12839416 839772 EEI CORP 8.42 8.45 8.48 8.6 8.4 8.45 1084600 9296946 7792532 HOLCIM 6.94 6.96 6.98 6.98 6.94 6.94 46200 321450 MEGAWIDE 16.02 16.16 16.44 16.48 15.98 16.02 549400 8894144 -648416 PHINMA 8.6 8.73 8.7 8.7 8.5 8.6 16000 136510 TKC METALS 1 1.02 1 1 1 1 170000 170000 VULCAN INDL 2.25 2.26 2.22 2.27 2.22 2.25 2957000 6627680 587450 CROWN ASIA 1.71 1.73 1.71 1.73 1.71 1.73 82000 140720 LMG CHEMICALS 4.9 5 4.98 5 4.85 5 4100 20016 PRYCE CORP 5.8 5.9 5.9 5.9 5.9 5.9 500 2950 CONCEPCION 39.65 42.85 40 43.9 39.65 39.65 400 16355 INTEGRATED MICR 12.1 12.18 12.08 12.1 12.02 12.1 107000 1291454 615514 IONICS 1.91 1.92 1.9 1.98 1.9 1.92 1134000 2182300 -1223970 SFA SEMICON 1.51 1.58 1.6 1.6 1.5 1.51 168000 260230 23400 CIRTEK HLDG 35.4 35.5 35.8 38.5 35.5 35.5 1529100 54854380 -111150

HOLDING & FRIMS ABACORE CAPITAL 0.4 0.405 0.41 0.415 0.395 0.405 3710000 1497250 ASIABEST GROUP 29.1 29.25 27.95 31 27.65 29.25 528800 15449155 -204115 AYALA CORP 910 920 908 920 901 920 201160 183668880 20134335 ABOITIZ EQUITY 50.4 50.5 48 51.2 48 50.4 4900700 246901190 94003135 ALLIANCE GLOBAL 12.64 12.78 13.02 13.02 12.64 12.64 1897800 24265114 -8756480 ANSCOR 6 6.11 6 6 6 6 5400 32400 32400 ANGLO PHIL HLDG 0.89 0.94 0.89 0.89 0.89 0.89 5000 4450 ATN HLDG A 1.17 1.18 1.22 1.22 1.17 1.17 21349000 25256050 ATN HLDG B 1.17 1.18 1.23 1.23 1.17 1.18 7852000 9274300 2364800 COSCO CAPITAL 5.95 5.97 5.86 6.05 5.86 5.97 4917500 29388911 10621987 DMCI HLDG 11.88 11.92 12.14 12.2 11.88 11.88 1122400 13474976 -7198122 FILINVEST DEV 7.15 7.21 7.2 7.2 7.15 7.15 101600 731318 323968 FJ PRINCE A 4.26 5.73 5.74 5.74 5.74 5.74 9500 54530 FORUM PACIFIC 0.203 0.205 0.205 0.205 0.205 0.205 290000 59450 GT CAPITAL 851 864.5 837 867 830 851 132410 112283405 -11726780 HOUSE OF INV 5.76 6.29 5.76 5.76 5.76 5.76 10000 57600 JG SUMMIT 54.35 54.4 54 54.6 53.75 54.4 277080 15064103 -3424750 LODESTAR 0.53 0.57 0.56 0.58 0.53 0.57 1237000 661360 53000 LOPEZ HLDG 4.74 4.83 4.74 4.93 4.72 4.83 263000 1261740 -227660 LT GROUP 15.14 15.2 15.2 15.4 15.1 15.2 2434600 36888062 -13718458 MABUHAY HLDG 0.59 0.6 0.6 0.61 0.58 0.6 1452000 867130 METRO PAC INV 4.9 4.95 4.93 5.03 4.9 4.9 10130000 50021990 -16691470 PACIFICA 0.039 0.04 0.039 0.04 0.038 0.04 13300000 521700 -12000 PRIME ORION 2.53 2.54 2.51 2.56 2.5 2.54 1773000 4483510 PRIME MEDIA 1.2 1.22 1.2 1.23 1.2 1.22 121000 147320 REPUBLIC GLASS 2.61 2.73 2.73 2.73 2.73 2.73 3000 8190 SOLID GROUP 1.38 1.39 1.37 1.38 1.35 1.38 1239000 1685870 SM INVESTMENTS 889 890 881 893.5 881 890 136180 121089575 -64937700 SAN MIGUEL CORP 169.5 169.8 170 171.8 168.5 169.8 83250 14141637 2738195 TOP FRONTIER 279 281 280 281 279.8 281 3210 898998 WELLEX INDUS 0.275 0.28 0.27 0.28 0.265 0.275 4220000 1152600 26950 ZEUS HLDG 0.195 0.218 0.196 0.196 0.195 0.195 100000 19510

PROPERTY ARTHALAND CORP 0.66 0.67 0.68 0.68 0.62 0.67 2099000 1350980 63320 ANCHOR LAND 11.18 11.94 11.98 11.98 11.1 11.94 3500 41232 AYALA LAND 40.8 40.9 41.15 41.85 40.6 40.9 4448800 181991950 -83214480 ARANETA PROP 2.01 2.07 2 2.08 2 2.08 7000 14150 BELLE CORP 2.63 2.67 2.64 2.74 2.63 2.63 449000 1194770 -426960 A BROWN 0.84 0.85 0.85 0.85 0.83 0.85 1360000 1146320 CITYLAND DEVT 0.92 0.94 0.95 0.96 0.92 0.94 25457000 23426850 CROWN EQUITIES 0.222 0.228 0.22 0.228 0.219 0.222 1680000 371350 CEB LANDMASTERS 4.45 4.46 4.39 4.46 4.31 4.46 735000 3258420 CENTURY PROP 0.45 0.455 0.445 0.465 0.445 0.45 22170000 10075900 -1361050 DOUBLEDRAGON 21.45 21.5 21.1 22 21.1 21.5 267700 5782585 -1996045 DM WENCESLAO 8.27 8.3 8.09 8.4 8.09 8.27 295200 2454745 -1660 EMPIRE EAST 0.55 0.57 0.55 0.56 0.55 0.56 35000 19260 EVER GOTESCO 0.11 0.117 0.112 0.117 0.112 0.117 40000 4530 FILINVEST LAND 1.44 1.45 1.46 1.46 1.43 1.45 704000 1015890 -60280 GLOBAL ESTATE 1.1 1.12 1.1 1.12 1.09 1.1 884000 975890 8990 HLDG 7.24 7.37 7.22 7.42 7.22 7.24 39400 286258 -28976 IRC PROP 2.29 2.3 2.31 2.41 2.26 2.3 35023000 80898680 -50020000 CITY AND LAND 0.91 0.93 0.9 0.9 0.9 0.9 1000 900 MEGAWORLD 4.4 4.42 4.42 4.42 4.36 4.4 23388000 102399210 14408950 MRC ALLIED 0.72 0.73 0.77 0.78 0.71 0.73 219949000 162374350 1746980 PHIL ESTATES 0.455 0.46 0.45 0.46 0.45 0.46 1110000 503850 PRIMEX CORP 4.45 4.46 4.22 4.49 4.22 4.45 6686000 29,275,640( 4,966,890.0001) ROBINSONS LAND 19.54 19.76 19.6 19.6 19.18 19.54 4329700 84,325,944( 59,408,400.0001) PHIL REALTY 0.44 0.445 0.445 0.445 0.44 0.44 60000 26500 ROCKWELL 1.95 1.99 1.97 1.97 1.97 1.97 7000 13790 SHANG PROP 3.17 3.2 3.17 3.17 3.17 3.17 1000 3170 3170 STA LUCIA LAND 1.13 1.16 1.16 1.16 1.16 1.16 60000 69600 SM PRIME HLDG 36.55 37 36.25 37 36.25 37 1778200 65577345 27218475 STARMALLS 6.44 6.45 6.3 6.8 6.3 6.44 123900 804121 3826 SUNTRUST HOME 0.75 0.78 0.76 0.76 0.75 0.75 239000 181250 149000 VISTA LAND 6 6.09 5.97 6.09 5.97 6.09 5834100 35177960 -3001867

SERVICES ABS CBN 21 21.2 21 21.35 20.95 21.25 32500 686455 GMA NETWORK 5.38 5.39 5.42 5.44 5.37 5.39 140900 761977 MANILA BULLETIN 0.42 0.425 0.425 0.425 0.425 0.425 80000 34000 GLOBE TELECOM 2174 2210 2200 2210 2180 2210 29610 65181110 43840660 PLDT 1425 1438 1433 1438 1415 1438 48890 70005400 -23693610 APOLLO GLOBAL 0.044 0.045 0.045 0.045 0.044 0.044 3900000 171700 DFNN INC 9.05 9.13 9 9.3 9 9.05 380300 3444927 219884 ISLAND INFO 0.116 0.118 0.119 0.119 0.114 0.115 1670000 191560 ISM COMM 3.09 3.1 2.98 3.14 2.92 3.09 13378000 41068710 253740 JACKSTONES 3.33 3.47 3.35 3.47 3.33 3.47 4000 13480 NOW CORP 7.83 7.84 7.51 7.89 7.51 7.83 2393600 18469807 -293180 TRANSPACIFIC BR 0.53 0.54 0.55 0.56 0.53 0.53 27066000 14690140 -1310840 PHILWEB 4.46 4.48 4.36 4.63 4.31 4.48 113000 501770 2GO GROUP 11.42 11.5 11.62 11.62 11.4 11.5 14600 167870 CEBU AIR 72.1 72.25 72.8 72.85 70 72.1 23420 1675953 -346169 CHELSEA 5.73 5.74 5.9 5.9 5.5 5.73 1505200 8512772 5690 INTL CONTAINER 92 92.9 90.5 93 90.5 92.9 1228270 113975388.5 43655641 LORENZO SHIPPNG 0.97 0.99 0.94 1.02 0.94 0.97 1625000 1602220 -60390 MACROASIA 16 16.02 16.08 16.14 16 16 1551500 24832162 5472020 METROALLIANCE A 1.36 1.37 1.44 1.48 1.36 1.36 233000 329320 METROALLIANCE B 1.38 1.46 1.4 1.4 1.4 1.4 5000 7000 -1400 PAL HLDG 8.5 8.8 8.9 8.9 8.5 8.5 1100 9390 HARBOR STAR 2.82 2.83 2.54 2.83 2.54 2.82 4869000 13446650 360010 BOULEVARD HLDG 0.06 0.062 0.06 0.063 0.06 0.06 5750000 350310 -75000 WATERFRONT 0.67 0.68 0.68 0.68 0.65 0.67 4056000 2682480 -460350 FAR EASTERN U 898 909 910 910 901 901 50 45235 IPEOPLE 12.02 12.88 12.02 12.02 12.02 12.02 1600 19232 STI HLDG 0.86 0.87 0.71 0.88 0.7 0.87 50653000 41390520 9015670 BERJAYA 1.98 1.99 1.97 2.04 1.92 1.98 3373000 6709560 -2009.9999 BLOOMBERRY 8.29 8.3 8.01 8.34 8.01 8.29 14610300 118807290 109871 PACIFIC ONLINE 10.6 11 10.9 11 10.84 11 14100 153580 LEISURE AND RES 3.72 3.73 3.8 3.8 3.72 3.73 674000 2521370 -653210 MANILA JOCKEY 5.8 5.88 5.9 5.99 5.8 5.8 302100 1772528 -908310 MELCO RESORTS 7 7.01 7 7.02 6.99 7 6125200 42878016 -18884833 PREMIUM LEISURE 0.88 0.89 0.89 0.9 0.87 0.88 3894000 3440790 -163850 TRAVELLERS 5.17 5.18 5.17 5.17 5.13 5.17 893400 4601375 -2553935 METRO RETAIL 2.47 2.48 2.46 2.52 2.46 2.48 171000 424920 39460 PUREGOLD 45.65 45.85 44.8 46 44.8 45.85 1031900 47156835 18265300 ROBINSONS RTL 79 79.1 78.5 80 78.5 79.1 1165490 92186890.5 -1252855 PHIL SEVEN CORP 102 103 106.2 106.2 103 103 14540 1498167 -152860 SSI GROUP 2.23 2.24 2.26 2.26 2.19 2.24 8886000 19809320 1496519.9999 WILCON DEPOT 10.24 10.26 10.2 10.28 10.2 10.26 1494900 15,337,638( 10,338,338.0005) APC GROUP 0.47 0.475 0.475 0.48 0.47 0.47 4710000 2221200 EASYCALL 22.8 22.9 22 22.8 21 22.8 199900 4460530 GOLDEN BRIA 300 314 316 316 300 314 6910 2132198 IPM HLDG 7.7 7.8 7.8 7.8 7.8 7.8 2000 15600 PAXYS 3.2 3.34 3.18 3.2 3.18 3.2 30000 95800 PRMIERE HORIZON 0.395 0.405 0.415 0.415 0.395 0.405 2240000 905600 SBS PHIL CORP 7.71 8 8 8.24 7.68 7.68 129200 1001484 -756740

MINING & OIL ATOK 17.2 17.8 17.2 17.2 17.2 17.2 4100 70520 APEX MINING 1.5 1.51 1.5 1.52 1.47 1.51 607000 909400 ABRA MINING 0.0024 0.0025 0.0025 0.0025 0.0023 0.0024 525000000 1251500 ATLAS MINING 3.12 3.15 3.12 3.12 3.12 3.12 1000 3120 BENGUET A 1.1 1.2 1 1 1 1 34000 34000 COAL ASIA HLDG 0.295 0.305 0.3 0.3 0.295 0.295 30000 8900 CENTURY PEAK 1.93 1.94 1.93 1.93 1.9 1.93 732000 1398080 DIZON MINES 7.3 7.32 7.3 7.38 7.3 7.32 5400 39433 FERRONICKEL 1.87 1.88 1.89 1.89 1.85 1.88 1685000 3153150 18600 GEOGRACE 0.203 0.21 0.205 0.21 0.203 0.205 690000 141760 LEPANTO A 0.11 0.115 0.111 0.111 0.11 0.111 760000 84100 LEPANTO B 0.114 0.124 0.122 0.122 0.122 0.122 20000 2440 MARCVENTURES 1.16 1.23 1.25 1.25 1.15 1.23 34000 39280 NIHAO 1.05 1.07 1.07 1.07 1.02 1.06 68000 70510 NICKEL ASIA 4.37 4.38 4.32 4.41 4.31 4.38 280000 1223600 -550960 OMICO CORP 0.69 0.7 0.77 0.78 0.7 0.7 6962000 5051850 -14820 ORNTL PENINSULA 1.16 1.17 1.12 1.17 1.08 1.16 2693000 3025570 24920 PX MINING 3.38 3.39 3.37 3.4 3.37 3.39 1017000 3445900 -1628440 SEMIRARA MINING 27.6 27.65 27.35 27.9 27.15 27.65 576800 15886160 -6652055 UNITED PARAGON 0.0068 0.0074 0.0073 0.0073 0.0068 0.0068 5000000 35200 ORNTL PETROL A 0.012 0.013 0.012 0.013 0.012 0.013 2800000 33700 PHILODRILL 0.011 0.012 0.012 0.012 0.011 0.011 2800000 32000 PHINMA PETRO 3.6 3.73 3.52 3.82 3.52 3.75 9000 32820 PXP ENERGY 15.94 15.96 15.24 16.12 15.24 15.94 2194000 34743056 2668312

PREFFERED AC PREF B1 AC PREF B2 DD PREF FGEN PREF G GLO PREF P GTCAP PREF A GTCAP PREF B PCOR PREF 2A SMC PREF 2B SMC PREF 2C SMC PREF 2D SMC PREF 2E SMC PREF 2F SMC PREF 2G SMC PREF 2H

486 492 100.6 101.1 490 930 921 1005 75 78.1 75 75 74.75 74.8 75

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

19.88 5.17

490 493 101.2 102.9 497 974 945 1042 75.15 78.2 75.2 75.7 75 75.9 75.1

485 495 101.4 101 490 960 960 1005 75.2 78.2 72.05 73.35 75.05 75.2 75.1

485 495 101.4 101 490 974 984.5 1005 75.2 78.2 75.2 75.7 75.05 75.9 75.1

485 493 100.6 101 490 940 945 1005 75 78.1 72.05 73.35 75 74.8 74.8

485 493 100.6 101 490 940 945 1005 75.1 78.1 75.2 75.7 75 75 75.1

100 1130 510 65000 12850 160 480 100 70080 3650 310 300 44400 75700 50700

48500 559050 51314 6565000 6296500 151140 455080 100500 5257638.5 285370 22965.5 22475 3330005 5666540 3797570

24650 95000 -5039108 -199410 -15180 37400

19.9 5.18

20 5.18

20 5.25

19.88 5.18

19.9 5.18

151400 125800

3013840 653444

-3013840 -335964

WARRANTS LR WARRANT

2.44

SMALL & MEDIUM ENTERPRISES ITALPINAS 5.45 XURPAS 2.09

2.5

2.41

2.55

2.41

2.5

196000

485240

-124520

5.5 2.1

5.85 2.11

5.98 2.15

5.38 2.08

5.45 2.1

3534700 524000

20010782 1101420

777135 -86240

EXHANGE TRADE FUNDS FIRST METRO ETF

110.6

110.7

110.9

110.9

110.5

110.7

8750

968838

19890

www.businessmirror.com.ph

Ayala tapping 250 hectares of Alviera for industrial park

A

By VG Cabuag

@villygc

YALA Land Inc. said it will activate some 250 hectares of its vast landholdings in Alviera development in Pampanga, including an industrial park, residential and commercial areas.

“The completeness is what makes the estate unique, as well as its scale.

There is a substantial land area for us to be able to offer a lot more to the community,” Alviera General Manager John Estacio said.

Alviera is the 1,800-hectare master planned estate, jointly developed

by Ayala Land and Leonio Land.

Estacio said some of the locators in the industrial park that have already signed up include Mitsubishi

and Monde Nissin Corp.

At full development, the 64-hectare Eco-Industrial Park is expected to create 3,000 jobs, he said.

At least 41 industrial lots are sold and locators are expected to start operations by end of the year. Commercial lot sales have also started to bring in new investors with a 25-percent sales take-up, he said.

Estacio said residential sales for the first phase had been brisk with

a 97-percent take-up, and land value has appreciated by 25 percent.

Avida Corp. recently introduced its second development, while Alveo Land and Ayala Land Premier are both set to launch new residential offerings by the end of the year.

“By end of this year, 250 hectares of the estate’s master plan will be activated, expecting to infuse economic activity in Pampanga,” the company said.

The said estate also attracted small schools, such as Miriam College, which will build its 10-hectare campus in the area and will be open in 2021.

The campus of Holy Angel University, on the other hand, will also sit on a 10-hectare lot and will offer courses in the fields of engineering, architecture, animation and hotel and restaurant management.

On leisure space, Alviera started four years ago with Sandbox, a six-

hectare adventure playground that is home to a roller-coaster zip line, giant swing and obstacle courses.

The complex recently added two new attractions with Splash Tub, a water-based inflatable playground, and City Kart Racing, the largest karting complex in the Philippines.

Airsoft and paintball fields are set to open by early next year, the company said.

Alviera is divided into four districts—The City Center, East Side, West Side and the Greenbelt. The City Center is the central business district with corporate offices and commercial destinations, anchored by the Alviera Country Club.

These three districts are linked by the Alviera Greenbelt, a 5-kilometerlong greenway, highlighted by the La Salle Botanical Gardens, with its 25 themed garden patches, laboratory, plant nursery, greenhouses and libraries.

First Gen, SMC in talks on LNG project

By Lenie Lectura

@llectura

L

OPEZ-LED First Gen Corp. a nd Con g lome r ate S a n Miguel Cor p. (SMC) are constantly in discussions for a possible partnership in pursuing their investments in the liquefied natural gas (LNG) space, but reiterated that no deal has been signed at the moment.

“We’ve always had discussions with Ramon Ang. We have not formalized talks because there’s too many moving parts. But, at least, it’s good to know who is aware. It’s good to bring this together,” said First Gen Corp. Chairman Federico Lopez at the National Sustainability Summit for Millennials and Gen Zs at the University of Asia and the Pacific over the weekend.

He noted that “SMC and Ilijan are key components” to First Gen’s plans to pursue its billion-dollar LNG investment in the country.

South Premier Power Corp.

(SPPC) is the independent power producer administrator (Ippa) for the 1,200-megawatt (MW) natural gas-fired power plant in Ilijan, Batangas. Ilijan and the gas

plants of First Gen are fueled by the Malampaya natural gas facility in Batangas.

SPPC is a unit of SMC Global Power Holdings, Corp., which in turn is the power arm of SMC. “If they want to be part of it, that’s so welcome,” added Lopez.

First Gen had yet to choose a partner for its LNG project. Lopez said the company has received interests from European and Japanese firms. “But we have not nailed down that yet,” he said when asked if the company is close to sealing a deal.

“Maybe by 2019,” added Lopez, referring to when the company might probably pick a partner.

The planned LNG terminal, which will have a capacity to supply a minimum 5 million tons of natural gas equivalent to 5,000 MW, is targeted for construction next year. It is envisioned that the $1-billion facility will be finished in four years.

It will be located within the Lopez Group’s clean energy complex which houses the 1,000-MW Santa Rita, 500-MW San Lorenzo, San Gabriel and 97-MW Avion gas plants.

Cryptors: Hackuna to be top mobile security app in 2020 Continued from B1

“Usually, a mobile security app takes a month to have its 1,000 installments. Hackuna just did 10 times of that. In just one month after its public launch, it gained 10,000 plus downloads. Usually, there are only 1 to 5 percent daily active users in security mobile apps but in Hackuna, we have 30 to 40 percent daily active users [on the average],” Lingad explained.

Focusing on further developing the app’s quality, he told the BusinessMirror that their target of hitting 100,000 downloads by end of 2018 worldwide.

The CEO said monthly kickoff activities are in the pipeline for Hackuna’s new editions and added features, starting with the launch of its iOS version on October 5; followed by the premium version on November 5; Police Algorithm, December 5; and desktop version, January 5, 2019.

These initiatives, once fully implemented, are seen driving the firm’s

goal to become the leading mobile security app in Southeast Asia by 2020, with half-a-million downloads.

Since the company plans to offer these upgrades either at a minimal charge or via subscription, they will help monetize the app more to contribute to the business growth, according to him.

“We want Hackuna to surpass by 25 percent the revenue of our Bug bounty platform last year,” he said, without citing the exact figure.

In 2014 Cryptors was established with its first offering, Bug bounty program, which harnesses the services of “white hats” or ethical hackers to find vulnerabilities in a system or web site. The first of its kind in the region, it rewards individuals for discovering and reporting software bugs.

Two years ago, the firm was supported and mentored by software development company 8layer Technologies for about six months.

In June of this year, it won a sixmonth incubation program from KMC Solutions.

MUTUAL FUNDS

September 24, 2018

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 250.22 -12.35% 0.33% 0.92% -14.66% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.3882 -16.64% 4.1% 1.74% -13.06% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 3.891 -12.93% 1.85% -0.08% -15.28% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.8912 -11.61% N.A. N.A. -12.37% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.8251 N.A. N.A. N.A. N.A. FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 5.1737 -10.18% -0.57% 0.29% -13.96% MBG EQUITY INVESTMENT FUND, INC. * ****** 115.54 N.A. N.A. N.A. N.A. ONE WEALTHY NATION FUND, INC.* 0.8287 -15.28% N.A. N.A. -16.52% PAMI EQUITY INDEX FUND, INC.* 48.8382 -10.9% 1.35% N.A. -13.4% PHILAM STRATEGIC GROWTH FUND, INC.* 508.21 -11.72% -0.07% -0.22% -13.64% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.2478 -9.07% 1.87% N.A. -11.14% PHILEQUITY FUND, INC.* 36.3361 -8.61% 2.3% 2.84% -11.58% PHILEQUITY PSE INDEX FUND INC.* 4.9142 -10.67% 2.13% 2.85% -13.39% PHILIPPINE STOCK INDEX FUND CORP.* 820.13 -10.81% 1.88% 2.52% -13.28% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.8456 -10.59% -0.75% N.A. -12.56% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 4.021 -9.54% 1.55% 1.35% -12.21% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.946 -10.75% 1.96% N.A. -13.47% UNITED FUND, INC.* 3.4775 -6.95% 2.92% 1.19% -10.7% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* ***109.6378 -9.94% 3.11% N.A. -12.96% ATRAM ASIAPLUS EQUITY FUND, INC.** $1.0217 -4.05% 5.27% 0.94% -7.81% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.305 8.56% N.A. N.A. 3.15% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.649 -9.89% -2.43% -1.79% -11.51% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.2068 -8.76% 0.78% 0.35% -10.18% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.5117 -7.4% -2.42% -2.48% -9.32% GREPALIFE BALANCED FUND CORPORATION* **** 1.3102 -8.92% N.A. N.A. -9.95% NCM MUTUAL FUND OF THE PHILS., INC* 1.8326 -5.84% 0.65% 0.13% -8.03% PAMI HORIZON FUND, INC.* 3.511 -9.22% -0.89% -0.82% -10.39% PHILAM FUND, INC.* 15.7132 -9.57% -1.01% -0.91% -10.51% SOLIDARITAS FUND, INC.* ******** 2.0506 -7.09% 0.71% 1.79% -8.54% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.6289 -7.25% 0% 0.25% -9.19% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.9246 -7.37% -0.27% N.A. -9.38% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03505 -2.83% -0.06% 2.27% -2.91% PAMI ASIA BALANCED FUND, INC.* $0.9772 -4.9% 3.5% -0.91% -6.67% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.6876 4.65% 6.37% 3.64% 0.96% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0955 N.A. N.A. N.A. -1.5% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 341.43 1.69% 1.79% 1.71% 1.28% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8602 -1.88% -1.09% -0.28% -1.7% COCOLIFE FIXED INCOME FUND, INC.* 2.9317 5.46% 5.33% 5.31% 3.89% EKKLESIA MUTUAL FUND INC.* 2.1212 0.34% 1.08% 1.08% 0.9% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2168 0.01% 0.05% 0.2% 0.03% GREPALIFE FIXED INCOME FUND CORP.* P 1.5736 -2.14% -1.58% -1.58% -2.23% PHILAM BOND FUND, INC.* 3.9054 -4.49% -1.41% -0.59% -3.57% PHILEQUITY PESO BOND FUND, INC.* 3.4621 -1.09% -0.62% 0.04% -1.22% SOLDIVO BOND FUND, INC. * 0.8926 -4.24% -1.81% N.A. -3.31% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7569 -0.4% -0.01% 0.34% -0.72% SUN LIFE PROSPERITY GS FUND, INC.* 1.5297 -1.09% -0.49% -0.36% -1.29% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $445.1 0.21% 2.25% 3.17% -0.19% ALFM EURO BOND FUND, INC. * Є213.04 0.53% 1.28% 1.69% -0.32% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1207 -1.11% 1.03% 1.84% -1.18% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0248 -1.2% 0.68% N.A. -0.8% GREPALIFE DOLLAR BOND FUND CORP.* $1.6984 -4.74% -0.32% 1.56% -4.13% 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* $1.0291 -4.79% -1.29% -2.52% -4.14% PHILAM DOLLAR BOND FUND, INC.* $2.1676 -3.52% 0.81% 2.83% -3.71% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0568465 -0.98% 0.92% 2.01% -0.62% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.893 -4.38% 0.69% 2.06% -3.98% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 119.74 2.23% 1.63% 1.44% 1.81% PHILAM MANAGED INCOME FUND, INC.* 1.1729 1.7% 0.34% 0.36% 1.34% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2075 2.37% 2.12% 1.35% 1.86% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0103 N.A. N.A. N.A. 1.16%

* - 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

Banking&Finance BusinessMirror

www.businessmirror.com.ph

Tuesday, September 25, 2018

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CA stops PDIC disposal of Banco Filipino assets

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By Joel R. San Juan @jrsanjuan1573

HE Court of Appeals (CA) has stopped the Philippine Deposit Insurance Corp.

(PDIC) from pushing through with the public bidding, auction, sale, disposal and transfer of properties, assets and credits under the name of Banco Filipino Savings and Mortgage Bank (Banco Filipino).

In a 13-page decision penned

by Associate Justice Ronaldo Roberto Martin, the CA’s Tenth Division found grave abuse on the “precipitate haste” on the part of the PDIC in putting 133 assets of Banco Filipino out for bid. The court noted the issue on the validity of the resolution of the Bangko Sentral ng Pilipinas’s Monetary Board (BSP MB) placing the bank under receivership is still pending before the Supreme Court (SC).

The CA pointed out that the PDIC, as liquidator of Banco Filipino, wanted to enforce its findings that the latter is insolvent and could no longer function as bank without awaiting the SC’s decision on whether the regulator’s

resolution is valid.

“In the instant case, the status quo wherein the assets are not sold pending the ruling of the [SC] as to the validity of placing [Banco Filipino] under receivership is but safe and proper. Should it be otherwise and allow the sale even if the Supreme Court has yet to decide on its validity would render [Banco Filipino] without any asset and money if the [High Tribunal] later on rules that placing it under receivership was invalid,” the CA explained.

The appeals court ordered the PDIC to “desist from selling the assets of Banco Filipino covered under the liquidation proceeding before the Regional Trial Court of

Makati City, Branch 66, pending final determination of the [SC] in G.R. 210249.”

Court records showed that a petition has been filed by the stockholders of Banco Filipino questioning the validity of BSP MB 372A, which placed the bank under receivership.

The SC has yet to finally decide on the petition, which has been pending since 2011.

The ruling stemmed from the petition filed by Banco Filipino stockholder Ekistics Philippines Inc. seeking to enjoin the PDIC from disposing the bank’s assets.

Ekistics said that the BSP should be enjoined from disposing of Banco Filipino’s assets until the ques-

tion on the propriety of its closure and liquidation has been resolved with finality.

Court records showed Banco Filipino was incorporated on June 25, 1964, with a term of 50 years or until June 25, 2014.

It was closed in 1985 but was reopened nine years later, after the SC declared the closure illegal and directed the BSP to allow the bank to resume its business operations.

On March 17, 2011, the BSP MB placed Banco Filipino under receivership of PDIC and then ordered its liquidation on October 27, 2011, after determining that it cannot continue its business without involving probable losses to its depositors and creditors.

undersubscribed Lower House to adopt Senate version T-bills as investors await monetary of proposed natl payment systems law board, US Fed meetings T I HE House of the Representatives will adopt the Senate’s version of a bill that would allow the Bangko Sentral ng Pilipinas (BSP) to regulate the country’s payment systems.

Rep. Henry C. Ong of the Second District of Leyte said the House Committee on Banks and Financial Intermediaries decided to concur with Senate Bill (SB) 178, or “The National Payment Systems Act,” which already incorporates the Lower House’s version for the same measure.

“In my capacit y as [chairman] of the House Committee on Banks and Financial Intermediaries, I have formally conveyed to House Majority Leader

Rep. Rolando G. Andaya Jr. the concurrence of the Committee to SB 178, which already incorporates HB 5000 [Payment Systems Act],” Ong said in a statement on Monday.

He added the “concurrence and ratification” of the bill “by the entire House would come very soon.”

“With House concurrence, a bicameral conference committee is no longer necessary. As soon as the bill is ratified, it will be sent to President Rodrigo Roa Duterte for his signature,” Ong said.

Ong said he expects the House’s concurrence with the Senate version would fast-track the passage of the bill.

SB 178, which was authored

by Sen. Paolo Benigno A. Aquino IV, seeks to enhance the power of monetary authorities in regulating and overseeing the country’s payment systems. The measure aims to lessen risks in financial transactions. “ T he State sha l l promote, through the Bangko Sentral, the safe, efficient and reliable operation of payment systems in order to control systemic risk and prov ide an env ironment and conducive to the sustainable growth of the economy,” SB 178 read.

Once SB 178 becomes a law, the BSP shall oversee the payment systems in the country and could ex-

Do you need a business partner?

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TARTING a business is a challenging task, that’s why some entrepreneurs choose to get business partners. Having other people involved in the venture not only allows you to put up less start-up capital, but it also gives you an extra set of hands that can help the business grow faster.

However, most starting entrepreneurs don’t like the idea of taking on business partners— and would always go for a sole proprietorship if possible. The usual reason would be because these people prefer calling all the shots in the business—and there’s nothing wrong with that.

But, remember that it’s always best to decide against getting a business partner because “you don’t need one,” rather than because “you don’t like working with other people”—which is a completely different (and wrong) reason.

So how do you know if you need a business partner?

There’s no straightforward answer to that question—primarily because I believe that one person can do and achieve anything— with enough knowledge, focus and determination.

However, there are, of course,

Fitz Gerard Villafuerte

PERSONAL FINANCE advantages to taking on business partners.

1. There will be more cash and resources.

This is the most popular reason people go into business partnerships. Indeed, with more people involved, you shell out less money and reduce your financial risk.

Additionally, each partner brings into the business the benefits of their individual network and personal resources.

2. There will be more ideas and perspectives.

It all starts with a simple business idea, and developing that into a real, profitable venture becomes faster with more minds working. The unique perspectives and insights from each business partner can be invaluable in making the business work.

3. There will be more skills and manpower.

Business tasks get divided and accomplished faster. Moreover, having skilled partners in dif-

ferent areas of expertise ensure that things are done correctly and efficiently, saving you from unnecessary worry and additional responsibility.

4. There will be more love and support.

More often than not, there’s nobody else that can offer the best motivation and encouragement to you than your own bu si ness pa r t ners. Mu lt iply that with each one’s family and friends and you have one big circle of moral support that can help you and the business through tough times.

Now, when it comes to choosing the right business partner, whether it’s a family member, a friend, an officemate, or even someone you just met—the most important thing to understand when getting a business partner is that person should complement you.

If you’re a chef planning to put up a restaurant, try not to work with another chef if possible; and instead, look for partners who are perhaps, skilled in business marketing, or someone who’s good with accounting, for example.

When forming a business partnership, remember that each one doesn’t have to put in the same

ercise supervisory and regulatory powers to ensure “the stability and effectiveness of the monetary and financial system.”

The BSP would have the power to designate a payment system if it determines the payment system used by local financial institutions “pose a systemic risk or the designation is necessary to protect the public interest,” according to the bill.

“The soon-to-be Payment System Act will update the powers of the [BSP], so it can supervise, regulate, monitor and evaluate the different payment systems involving debit cards, credit cards and electronic fund transfers,” Ong said. Jasper Emmanuel Y. Arcalas

capital nor have equal shares in the business. Determine each partner’s role, duties and accountability in the business—then define their fair share or equity based on what they can and will contribute.

Establish this as early as possible so as to avoid conflicts later, especially when business expectations are not met or problems arise due to mistakes and inefficiencies.

Last, remember that the personal relationships you have with your business partners are as important as your professional relationship with them. This means that if you can’t imagine being friends with a person, then it’s probably better not to be in business partnership with them. On the other hand, while you don’t need to be best friends with your business partner, it helps a lot if you are good friends with them outside the business.

Fitz Villafuerte is a registered financial planner of RFP Philippines.

To learn more about personal financial planning, attend the 72nd RFP program this October 2018.

To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-9689774.

Shadow banker in India rushes to sell assets as defaults pile up

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NFR ASTRUCTURE Leasing & Financial Ser vices Ltd., (IL&FS) an Indian shadow banker that defaulted on more than five of its obligations since August, is trying to sell assets as payments on more debt becomes due in the next few months.

A unit of IL&FS, which has been categorized as a “systemically important” nonbanking financial firm by the Reserve Bank of India, redesignated its Chief Financial Officer Dilip Bhatia’s role and asked

him to focus on selling assets, IL&FS Transportation Networks Ltd. said in a filing on Saturday.

IL&FS Transportation manages 28 road and five other non-road projects, according to its annual report.

Investors are concerned that defaults by IL&FS, which has total debt of $12.6 billion—61 percent in the form of loans from banks and other financial institutions—could spread to other shadow banks in Asia’s third-largest economy. The firm, which helped fund India’s lon-

gest highway tunnel, hasn’t been able to pay more than 4.9 billion rupees ($68 million) of its obligations this year and has additional dues of about 2.2 billion rupees to be repaid by end of October, according to data compiled by Bloomberg. “Investors are wary about the credit issues more than liquidity issues,” said Rajesh Cheruvu, head of investment strategy at Sanctum Wealth Management Pvt. in Mumbai. “Some IL&FS bonds are coming up for repayment over the next 10

days. The market is nervous over those papers. Matters could become messy if there are more corporate ratings downgrades. ” Contagion IL&FS, which reported revenue of $2.6 billion in the year ended March 31, on Friday couldn’t make payments of 376.4 million rupees on three nonconvertible notes series with total outstanding of 4.5 billion rupees, according to data compiled

by Bloomberg. Bloomberg News

NVESTORS shied away from Treasury bills (T-bills), prompting the Bureau of the Treasury (BTr) to reject bids for all tenors on Monday’s auction.

Deputy Treasurer Erwin D. Sta. Ana told reporters the auction committee decided to “fully reject” all bids as tenders were undersubscribed and rates were leaning on the higher end of the curve.

“The committee…believes it will be more prudent to wait for the policy meeting of the MB [Monetary Board] this week,” Sta. Ana said. “And of course, we also have the Fed [Federal Reserve System] meeting this week.”

Had the auction committee awarded the tender of P2.991 billion for the 91-day tenor, with an initial P4 billion on offer, it would have an average annual rate of 4.381 percent. This would have shown an increase of 83.2 basis points compared to the previous auction rate of 3.549 percent.

Bids for the 182-day tenor were also undersubscribed at P4.575 billion with a P5 billion offering.

If the auction committee awarded all tenders, the average annual rate would have settled at 5.142 percent.

This would have increased by 54.5

basis points compared to the 4.597 percent in the previous auction.

“It could be a major factor for the participants to stay in the sidelines for a bit because, you know, from the 91-day and 182-day T-bills, both were undersubscribed, it could be a manifestation of that, of those two events happening this week,” Sta. Ana said.

From the P8.401 billion in tenders for the 364-day tenor, the average annual rate would have settled at 5.643 percent had the BTr awarded the full P6 billion on offer, increasing by 24.3 basis points compared to the 5.40 percent set in the previous auction for the security.

“We just observed that rates are inching higher and higher by the week. I think it’s also an indication of the uncertainty at the moment,” Sta. Ana added. “So we’ve taken a more prudent way of managing it.

We just have to wait for what is going to happen this week.”

The MB will have another policy meeting on September 27.

In August the BSP announced a 50-basis-point hike to their overnight reverse repurchase interest rate. The hike also came on the heels of two 25-basis-point hikes in May and June. Rea Cu

Singapore warns against Bitcoin scammers using premier’s name

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ITCOIN fraudsters are misusing the names of Singapore Prime Minister Lee Hsien Loong and his deputy Tharman Shanmugaratnam to tout investments, prompting a warning from the premier.

“Scammers have used DPM Tharman’s and my name to solicit Bitcoin investments,” Lee said in a tweet on Saturday evening. “Don’t believe everything you see on the Internet!”

Lee in a Facebook post used the crypto example to highlight how the city state is attempting to tackle the issue of “fake news.” A parliamentary committee last week called for new rules including giving the government greater powers to curb the spread of online falsehoods and getting tech companies to comply.

Two f r audu le nt web s ite s trumpeting get-rich-quick Bitcoin schemes used fabricated comments attributed to Shanmugaratnam, the Monetary Authority of Singapore said last week. Shanmugaratnam, who’s also chairman of the city’s central bank and financial regulator, had in February warned that Singaporeans could “lose their shirts when they invest in cryptocurrencies.” Bloomberg News

SINGAPORE Prime Minister Lee Hsien Loong attends 32nd Asean Summit Opening Ceremony. Loong has warned against “fake news” that has dragged his name into Bitcoin scams. BLOOMBERG

B4 Tuesday, September 25, 2018

A TRUE DEMONSTRATION OF EXCELLENCE MARCO POLO ORTIGAS WINS PHILIPPINES’S LEADING HOTEL IN WORLD TRAVEL AWARDS

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ONTESTED by a diverse international fleet of 110 yachts from 17 countries encompassing over 50 years of yacht design and heritage, the 20th edition of the Rolex Swan Cup concluded with a compelling week’s sailing.

Whether in demanding one-design championships where the slightest hesitation or tactical indecision was ruthlessly punished, or more diverse classes showcasing a rich panorama of Nautor’s Swan history, consistent performances born from a quest for excellence in preparation, teamwork and tactics united the week’s six-class victors.

Conceived in 1980 and defined by its historic partnership between Rolex, Nautor’s Swan and the Yacht Club Costa Smeralda, the biennial Rolex Swan Cup is admired for the highest standards it exudes on and off the water. The 20th edition magnificently portrayed the event’s diverse characteristics from innovation to tradition and close competition to fair play. As Nautor’s Swan Group President Leonardo Ferragamo said: “It was a Rolex Swan Cup, which was even better than the previous editions; and one I hope exceeded the expectations of all participants.”

Competition at the 2018 edition featured five intense days of racing often in punishing heat and predominantly light winds. At the close of the week, OneGroup and Porron IX were confirmed as world champions; Mela as European champion. Solte claimed the Grand Prix class; Plis-Play the Swan Maxi and in the Sparkman and Stephens classic division victory belonged to Six Jaguar.

From the outset, the inaugural ClubSwan 50 World Championship signaled its intent, close competition between twelve one design yachts.

In 10 predominantly short, intense, windward/ leeward races, seven different yachts finished first. In their quest to become the first-class world champion, the owner-helmsmen of the ClubSwan 50s put their faith in some of the world’s most renowned

tacticians­—the likes of Ken Read on Cuordileone, Bouwe Bekking on Niramo and Xabi Fernandez on Stay Calm to cite three. By the final day, three yachts found themselves in contention for the title: OneGroup, Math ilde and Cuordileone. Then by the final race of the series they were all tied on points.

“It felt like nothing went right in the first race today,” OneGroup tactician Cameron Dunn said on an eighth place, which wiped out her overall advantage. “In the second race [and final race of the Worlds], we then got a terrible start. The other two yachts [Mathilde and Cuordileone] went out hard one way and on our side it came good. We managed to control the race, but Cuordileone came back at us all the time. A brilliant gybe at the end helped us win by a boat length.” The smallest of margins separate OneGroup and Cuordileone after ten races.

“The amount of adrenaline and tension was impressive. It is some of the best competition I have experienced in many years,” said Leonardo Ferragamo, owner of runners-up Cuordileone. “Congratulations to OneGroup, they were well prepared, well trained and deserve this world championship.”

For OneGroup owner Stefan Heidenreich, a former champion windsurfer, victory comes in one of his first regattas as owner.

The ClubSwan 50 Worlds is set to become even bigger with the fleet expanding and those already competing improving at every regatta. “The racing in this fleet is phenomenal. It is as good as it gets with one design sailing,” Dunn added.

Today Rolex is a title sponsor of 15 major international events, from leading offshore races, such as the Rolex Sydney Hobart Yacht Race, Rolex Middle Sea Race and the biennial Rolex Fastnet Race, to the highest-level Grand Prix competition at the Rolex TP52 World Championship and spectacular gatherings at the Maxi Yacht Rolex Cup and the Rolex Swan Cup.

A RCO Polo O r t iga s is honored to have been recognized as the Philippines’s Leading Hotel for 2018 at the World Travel Awards.

He ld on September 3, t he World Travel Awards celebrated its 25th anniversary. Known as the ultimate hallmark of industry excellence, the award-giving body celebrates key businesses in travel and tourism through its annual program that goes across the globe.

“Our team at the Marco Polo Ortigas is truly humbled with this global recognition,” said Marco Polo Genera l Ma n ager Fra n k Reichenbach. “ This award is a testament not just to our excellent service, but also the continued support and patronage of our guests. Such an achievement only provides further motivation to continue delivering delight beyond

expectations to ever yone who visits the hotel,” he added.

Located in the bust ling commercial district of Ortigas C e nt e r, M a r c o Po l o O r t i g a s offers distinguished guests 316 well-designed rooms and suites, including two Continental Club f loors. T he Philippines’s first sky hotel, it devotes full levels to address the global traveler’s needs with dedicated spaces for business meet ings a nd socia l events, as well as fitness and relaxation. Marco Polo Ortigas also boasts of four specialized dining destinations that feature international culinary favorites, a contemporary taste of Cantonese faire, a casual coffee lounge and a trendy sky bar with the most stunning view in the Metro.

To learn more about the hotel, visit www.marcopolohotels.com.

‘ON THE MARCH: THE JESUITS IN THE PHILIPPINES SINCE THE RESTORATION’ COFFEE TABLE-BOOK LAUNCH AT THE ARETE

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EDIA Wise Communications Inc. (Musebooks),incooperationwith the Ateneo de Manila University,

The Philippine Jesuit Aid Association and the Jesuit Communications, will launch the coffee table book On the March: The Jesuits in the Philippines Since the Restoration on September 29 at 4 p.m. at the Zuthera B. Zalamea lobby, Arts Wing, Arete, Ateneo de Manila University.

Published by Media Wise Communications Inc. for the benefit of the elderly and infirm Jesuits, the book is divided into three chapters: the

history of the Jesuits since their return to the Philippines, the Jesuit ministry in education and the various aspects of the religious order’s apostolate in the Philippines.

Historian Fr. Jose S. Arcilla is the principal writer while journalist John Nery is the editor. Ramoncito Ocampo Cruz and Manuel P. Engwa are the executive publishers.

Media Wise Communications Inc., created in 1993, is a leading name in coffee table-book publishing in the Philippines, and has been recognized by prestigious local and international award-winning bodies, like Quill, IABC and the Anvil for excellence in producing coffee table books that tell good stories and contain quality photographs that depict the best of what institutions and companies offer.

A NEW ERA FOR CAMERA DRONES

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BOUNTY AGRO VENTURES INC., PHILIPPINE AIR FORCE HIGHLIGHT ‘SARAP NG PAGSISIKAP’ Bounty Agro Ventures Inc. (Bavi) President Ronald Mascariñas signs a memorandum of agreement with Philippine Air Force (PAF) Commanding General Lieutenant Gen. Galileo Gerard Kintanar Jr., enabling Chooks-to-Go brand ambassador and author Michael Angelo Lobrin to give values formation talks at PAF. The partnership forms part of Bavi’s Sarap ng Pagsisikap campaign, which honors ordinary Filipinos’ perseverance to work and succeed for their country and loved ones. In photo are (from left) Kintanar, Bavi President Ronald Mascariñas and Lobrin.

PHILIPPINE BALLET THEATRE OFFERS ‘CINDERELLA’ FOR ITS 32ND SEASON

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HE ballet Cinderella makes use of the original story of Nikolai Volkov, set to a popular melody by Russian composer Sergei Prokofiev. Composed sometime between 1940 and 1944, Cinderella premiered at the Bolshoi Theatre in 1945. The ballet is known for its beautiful sets and scenes and joyful music, along with the explosive comic roles of the stepmother and stepsisters, which in this production by the Philippine Ballet Theatre will be performed by male dancers dressed as women.

This season’s Cinderella is skillfully choreographed and presented by Philippine Ballet Theatre (PBT) Artistic Director Ronilo Jaynario to appeal to Filipino knack for humor and good will in the most bleak of circumstances, and injecting comedy into the whimsies of everyday life.

Reynard Kristoffer Reyes, a dynamic danseur and ballet master from the Pamela Hayes Classical Ballet Theatre in California, performs the title role of the Prince, partnering two of PBT’s ballerinas Veronica Atienza and Regine Magbitang.

Veronica Atienza is the only Filipino awardee in the 2018 US International Ballet Competition, where she won a Jury Encouragement Award in the Seniors category. In 2016 she also won fourth place at the World Ballet Competition. Regine Magbitang is one of the company’s most experienced dancers with a solid repertoire of performances both here and abroad, which has won her third place in the Namcya competition, Senior category (2012); and second place in the First CCP National Ballet Competition (2014).

Ably performing a highly entertaining antagonist is PBT alumnus Marvin Arizo as Cinderella’s stepmother. Another alumnus, Rolby Lacaba, and company artist Jimmy Lumba show off their versatility and acting chops as the stepsisters.

Indeed, great character acting is a big part of dancing too.

Come and enjoy Cinderella, PBT’s second offering for its 32nd season, on September 29 at 3 and 8 p.m.; and on September 30 at 3 p.m. For tickets and inquiries, e-mail secretariat@pbt.ph.

JI, the world’s leader in civilian drones and aer ial-imaging technology, introduces a new era for camera drones with two additions to its iconic Mavic series: the Mavic 2 Pro, the world’s first drone with an integrated Hasselblad camera; and Mavic 2 Zoom, the world’s first foldable consumer drone with optical-zoom capability.

The Mavic 2 is the most advanced DJI camera drone ever built, designed for professionals, aerial photographers and content creators. Incorporating the iconic folding design of the world’s most popular Mavic Pro, the Mavic 2 is a powerful platform with new gimbal-stabilized cameras and advanced intelligent features, like hyperlapse and ActiveTrack for easier and more dynamic storytelling. With an impressive flight time of up to 31 minutes and a more stable video transmission system, Mavic 2 delivers the optimal flight experience for capturing epic shots.

“When the Mavic Pro was launched two years ago, it redefined the way

people looked at a drone and expanded possibilities for creators around the world,” said Kevin On, global communication director of DJI. “Today we enter a new era of aerial photography with the introduction of DJI’s new flagship product, the Mavic 2 series. The Mavic 2 Pro and Mavic 2 Zoom will enable photographers and videographers to take their inspirations to the air quickly and elevate their creative ideas to new heights.”

The Mavic 2 is the ultimate tool for aerial content creation with new intelligent flight modes that make capturing professional-quality results almost effortless. A new hyperlapse feature produces establishing shots that show the passing of time, which you can share to social media immediately. JPEG and RAW photos can be simultaneously saved on a Micro SD card or the internal storage, leaving more room for postediting. Choose between circle, course lock, waypoint or free mode to create timelapses with a simple tap of a

button in the DJI GO 4 mobile app.

Keeping a moving subject in the frame is now easier than ever with ActiveTrack 2.0. This enhanced autotrack feature delivers a powerful combination of autonomous tracking and obstaclesensing capabilities never before seen in a DJI drone. Using the main camera and the front dual vision cameras, the Mavic 2 creates a three-dimensional map of the area in front of it, and uses new trajectory algorithms to analyze motion and predict the subject’s path up to three seconds in the future. When tracking a target, the Mavic 2 can recognize and avoid obstacles while shooting your target without interruption.

It can stay on target, even if your subject momentarily goes behind an obstacle, and can track the subject at higher speeds of up to 44 mph (72 km/h).

The Mavic 2 is now available for purchase at store.dji.com and the four DJI flagship stores. For more information on all the new features and capabilities of the Mavic 2, visit https://www.dji.com/mavic-2.

THAI COMPANIES, LOCAL DISTRIBUTORS CLOSED SUCCESSFUL BUSINESS NETWORK

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HE Department of International Trade Promotion and Ministry of Commerce in Thailand, in conjunction with Thai Trade Center in Manila, brought together 13 companies all the way from Thailand to network with distributors, wholesalers and importers of their products in the Philippines.

The Business Matching event, dubbed “Thailand-Philippines Business Matching Event And Networking 2018”, happened on August 23 at Dusit Thani Hotel. It highlighted industries under

automotive, such as auto supplies, body parts, automotive rubber, auto filters, clutch and cylinders, and motorcycle parts and accessories; construction and hardware materials, such as UPVC sliding window, laminate flooring, PC wires, screen nets and other construction nets, padlocks and locks for cars, house and furniture; agricultural machinery, such as diesel and gasoline engines; and industrial refrigeration cabinet showcase and more.

Over 60 local distributors made connections and were able to successfully

close deals from the meeting with the Thailand companies present. “It’s not what you know, but who you know,” said by Khankhanit Amphuprapa, director of Thai Trade Center Manila, Royal Thai Embassy.

“This business matching and networking event opened opportunities for the Philippines and Thailand companies not only for distributing and importing products, but also created valuable and lasting connections to highly influential people that they wouldn’t be able to easily talk to or find.”

Sports BusinessMirror

C1 | T

uesday, September 25, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

SHOOT THAT TIGER! Tiger Woods looks lost in the crowd that followed him all weekend. AP

By Doug Ferguson The Associated Press

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TLANTA—Tiger Woods, in his Sunday red shirt, both arms raised in victory on the 18th green.

For so many years, the scene was familiar.

This time, it was surreal.

“I can’t believe I pulled this off,” Woods said on Sunday during the trophy presentation at the Tour Championship, where he gave thousands of delirious fans at East Lake, and millions more around the world, what they wanted to see, and what they thought they might never see again.

And at that moment, Woods was overcome with emotion and paused.

After two back surgeries six weeks apart, he couldn’t lie down, sit or walk without pain. Golf was the least of his concerns, so much that he once said anything else he achieved would be “gravy.”

One year ago, while recovering from a fourth back surgery, he still had no idea if he could come back to the highest level of golf.

“Just to be able to compete and play again this year, that’s a hell of a comeback,” he said.

Woods delivered the perfect ending to his amazing return from back surgeries with a performance out of the past. He left the competition feeling hopeless as he built a five-shot lead early and then hung on for a 1-over 71 and a two-shot victory over Billy Horschel.

It was the 80th victory of his Professional Golfers’ Association (PGA) Tour, two short of the career record held by Sam Snead that is now very much in play. And it was his first victory in more than five years, dating to the 2013 Bridgestone Invitational.

And that brought a new version of Tigermania.

After he hit his second shot to the par-5 18th safely in a bunker in front of the green, the crowd came through the ropes and followed behind in a chaotic celebration. It was like that when he walked from the left side of the 18th fairway at the 1997 Masters he won by 12. It was reminiscent of that walk up the 18th fairway later that summer at the Western Open in Chicago.

This was pure pandemonium. Fans chased after any inch of grass they could find to watch the ending.

“I didn’t want to get run over,” Woods said with a laugh.

This felt just as big as a major, maybe better considering where Woods had been.

TIGER’S BACK! TIGER WOODS caps off an amazing comeback with a win. AP

Several players, from Zach Johnson to Rickie Fowler to Horschel, waited to greet him. It was Johnson who unveiled red shirts at the Ryder Cup two years ago in the team room that said, “Make Tiger Great Again.”

“They knew what I was struggling with,” Woods said. “It was special to see them.”

Woods played only one PGA Tour event over two seasons because of his back. Off the golf

course, he had to overcome the embarrassment of a DUI arrest in the early morning of Memorial Day in 2017, when he was found asleep at the wheel, later found to have a concoction of pain medication in his system.

He was becoming a legend on in video highlights.

And then he brought it back to life this year, especially the last four days at East Lake.

A timeline since Woods last won a tournament

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TLANTA—A timeline between the 79th and 80th victories on the Professional Golfers’ Association (PGA) Tour for Tiger Woods:

August 4, 2013—Wins the Bridgestone Invitational for his 18th World Golf Championship title and 79th victory on the PGA Tour. n March 31, 2014—Has back surgery and announces he will miss the Masters for the first time. n June 26, 2014—Returns to the PGA Tour and misses the cut at the Quicken Loans National. n August 8, 2014—Misses the cut in the PGA Championship and says he will take the rest of the year off, including the Ryder Cup, to get healthy. n December 7, 2014—Returns at the Hero World Challenge and ties for last in an 18-man field at Isleworth, his home course, 26 shots out of the lead. n February 1, 2015—Looking like an amateur with his short game, shoots 82 in the Phoenix Open to miss the cut. A week later at Torrey Pines, withdraws after 11 holes and says he could never

get his glutes activated. n February 11, 2015—Announces he is taking time off to work on his game, saying that “my play, and scores, are not acceptable for tournament golf.” n April 9, 2015—Returns at the Masters, his chipping issues gone, and ties for 17th. n June 6, 2015—Shoots an 85 in the third round of the Memorial, his highest score as a professional. n August 14, 2015—Misses the cut in his third straight major at the PGA Championship. n August 23, 2015—After sharing the 36-hole lead, ties for 10th in the Wyndham Championship and fails for the first time to qualify for the FedEx Cup playoffs when playing at least 10 times on the PGA Tour. n September 16, 2015—Has a second back surgery. n October 28, 2015—Has a third procedure on his back. n December 1, 2015—In a somber press conference at his Hero World Challenge, Woods says of his future, “So where is the light at the end of the tunnel? I don’t know.” He says he wants to play again and anything else he achieves will be “gravy.”

The players who have turns at No. 1 during his absence caught the full brunt of Woods in control. McIlroy faded early. Justin Rose faded late.

All that was left was the 42-year-old Woods in that red shirt, blazing brighter than ever, and a smile he couldn’t shake walking up the 18th to collect another trophy.

“The 80 mark is a big number,” he said. “It’s a

pretty damned good feeling.”

He finished at 11-under 269 and won $1.62 million, along with a $3-million bonus for finishing second in the FedEx Cup. The only disappointment—a minor one under the circumstances—was realizing as he came down the 18th that Rose had made birdie to finish in a three-way tie for fourth, which gave him the FedEx Cup and the

n December 4, 2016—Returns to competition at the Hero World

Challenge, makes 24 birdies and finishes 15th in an 18-man field, 14 shots behind. n January 27, 2017—Makes first PGA Tour start since the Wyndham Championship in 2015 and misses the cut at Torrey Pines. n February 3, 2017—After opening with a 77 at the Dubai Desert Classic in calm conditions, withdraws before the start of the second round because of back spasms. n April 19, 2017—Has a fourth surgery, this one to fuse his lower back. n May 30, 2017—Woods is arrested and briefly jailed in Jupiter, Florida, on suspicion of DUI. Police find him asleep behind the wheel of his car in the early morning with the engine running. He attributes it to a bad combination of pain medication. n September 27, 2017—A vice captain at the Presidents Cup, Woods says he has no idea what his future holds because he’s only hitting 60-yard shots. n October 7-23, 2017—Woods posts three videos on Instagram of a smooth iron swing, a driver and his stinger. n October 27, 2017—Woods pleads guilty to reckless driving and agrees to enter a diversion program. Prosecutors drop the DUI charge under the plea agreement.

$10-million bonus.

Without that birdie, Woods would have won his third FedEx Cup title after starting at No. 20 going into the Tour Championship.

“Congrats, Rosie,” Woods told him. “World No. 1, hell of a season.”

Actually, former world No. 1 for Rose. His four bogeys over the last 10 holes cost him the No. 1 ranking back to Dustin Johnson, who shot 67 and finished third.

But this wasn’t about the FedEx Cup or even the world ranking.

This is Tiger’s big day, and nothing was going to change it.

Woods had never lost when leading by three shots or more going into the final round. That was when he was regularly winning multiple times every season, compiling trophies at a rate never before seen in golf.

Was anything different having gone more than five years without winning?

Rose had said it was a bit more unknown, and “there’s a lot on it for him” as well as everyone else.

But this was still Woods’s arena. The walk from the putting green snakes some 80 yards across the road and through a gallery, and everyone could hear him coming from the procession of cheering. And within the opening hour, the Tour Championship had that inevitable feeling.

No one brings excitement like Woods, even when he plays so good and so smart that he eliminates any potential for drama.

The buzz was endless. A couple of teenagers climbed into a tree to see him made a 10-foot birdie on the first hole. When the putt dropped and cheers died, there was a wild sprint some 200 yards up the hill as fans tried to get into position for the next shot. He tapped in for par, and another stampede ensued to line the third fairway.

On and on it went. No one wanted to miss a shot.

A year ago, there was no guarantee anyone would see much of Woods, much less Woods winning.

He’s back again. This victory, his first since the Bridgestone Invitational at Firestone in August 2013—1,876 days, to be exact— brought him to No. 13 in the world. Not bad for a 42-year-old with four back surgeries who returned to competition in December at No. 1,199 in the world.

The next stop for Woods is to board a plane with the rest of his US teammates for France and the Ryder Cup. After that?

There’s no telling.

n December 3, 2017—Returns to competition at the Hero World Challenge, posts three rounds in the 60s and ties for ninth against an 18-man field, 10 shots behind. n January 28, 2018—In his return to the PGA Tour, makes the cut on the number and ties for 23rd at Torrey Pines. n February 20, 2018—Ryder Cup captain Jim Furyk announces Woods as one of his vice captains, says Woods still wants to make the team. n March 11, 2018—Before enormous crowds at Innisbrook, makes par on the 18th hole to finish one shot out of the lead at the Valspar Championship. n March 18, 2018—One shot behind in the final round at Bay Hill, yanks tee shot out-of-bounds on the 16th hole and ties for fifth. n July 22, 2018—Takes the lead in the final round of the British Open, only to make double bogey on the 12th hole and finish in a tie for sixth. n August 12, 2018—Closes with a 64, his lowest final round ever in a major, and is runner-up to Brooks Koepka in the PGA Championship. n September 4, 2018—Announced as a captain’s pick for the Ryder Cup, his first playing appearance since 2012. n September 23, 2018—Wins the Tour Championship for his 80th career victory on the PGA Tour. AP

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Business

C2 Tuesday, September 25, 2018

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NIVERSITY of Perpetual Help System Dalta tries to sustain the momentum of its shock victory over erstwhile unbeaten Lyceum of the Philippines University as the Altas square off with cellar dwellers Jose Rizal University Heavy Bombers in the 94th National Collegiate Athletic Association (NCAA) seniors basketball tournament on Tuesday at the Filoil Flying V Centre in San Juan City.

Drawing strength from Prince Eze and Edgar Charcos, the Altas pulled the rug from the highly touted Pirates, 83-81, on Friday to enhance their Final Four bid while preventing an eliminations sweep by dealing Lyceum its first loss after racking up 12 straight wins.

The 6-foot-9 Eze sank what could be the shot of the season after scoring on a putback off a misfired triple by teammate Tonton Peralta to lift the Las Piñas-based dribblers past the Pirates.

Charcos also played a key role in the upset as he scored four straight points that tied the game at 81 and eventually paved the way for that epic winner by his Nigerian teammate, who was named the NCAA Press Corps Player of the Week.

Eze finished with 25 points, 23 rebounds and two blocks in the win that also bolstered his Most Valuable Player bid against Lyceum’s CJ Perez.

In 12 games, Eze has averaged 19.2 points, second only to Perez’s league-leading 20.3 points, and 17.2 rebounds and four blocks, both league-highs.

“That was an MVP performance so I guess he made a case for the MVP award,” said Perpetual Help Coach Frankie Lim of Eze. Charcos has also been delivering the goods for Perpetual Help which is riding a two-game streak.

The former University of the East player played two straight games since returning from a knee injury.

In the other game, Letran (8-4) tries to keep its grip of the No. 3 spot as it tangles with Emilio Aguinado College (2-10) at 2 p.m.

Ramon Rafael Bonilla

Perlas Spikers go unbeaten

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Perpetual tries to fan win streak WHO’S BALL?

Magnolia Hotshots Pambansang Manok’s Ian Sangalang (10) and Rodney Brondial (91), and Phoenix’s Jason Perkins (3) and Justin Chua (9) couldn’t get hold of the ball during the Philippine Basketball Association Governor’s Cup game the Fuel Masters won, 95-82, on Sunday night at the Smart Araneta Coliseum.

NONOY LACZA

U.S.T. BEACH U VOLLEY DUO IN HOT START

NIVERSITY of Santo Tomas’s (UST) Sisi Rondina and Babylove Barbon made quick work of University of the Philippines’s (UP) Isa Molde and Justine Dorog, 21-12, 21-12, to open the Tigresses bid for a third straight women’s volleyball crown in Season 81 of the University Athletic Association of the Philippines (UAAP) beach volleyball tournament on Monday at Sands SM By The Bay. But reigning men’s champion National University (NU) dropped its season opener, as Far Eastern University’s Jude Garcia and Kevin Hadlocon stunned the fancied pair of Bryan Bagunas and James Natividad, 25-23, 21-17.

Playing her final season, Rondina has Barbon as new partner—the fourth in her collegiate career—but the two performed as if they have played together for a long time.

A rookie who hails from Bukidnon, Barbon was solid on both ends to compliment the savviness of the three-time Most Valuable Player Rondina.

The Tigresses are the most successful squad in the sport with five crowns, three of which Rondina won with different partners. The Compostela, Cebu, native hopes to cap her UAAP stint as a winner for UST. The Lady Tamaraws, last season’s second placers to the Tigresses, were not as fortunate in their season-opener.

De La Salle’s Tin Tiamzon and Michelle Morente overcame a second-set meltdown to beat FEU’s Ivana Agudo and Marianne Calinawan, 21-14, 20-22, 15-10, while NU’s Klymince Orilleneda and Antonnete Landicho topped Ateneo’s Ponggay Gaston and Jules Samonte, 21-11, 21-14.

The back-to-back title-seeking Bulldogs fell by the wayside, as the Tamaraws, last year’s third placers, used their court smarts to prevail.

In other men’s morning matches, UST’s Krung Arbasto and Jaron Requinton beat Ateneo’s Kurt Aguilar and Abai Llenos, 2111, 21-14; Adamson University’s Pao Pablico and Jesus Valdez bested UP’s Nico Consuelo

and Mac Millete, 24-22, 21-14; and UE’s Clifford Inoferio and Alven Aljas tripped De La Salle’s Geraint Bacon and Raprap Sumalinog, 21-19, 21-16.

GREEN ARCHER WEEK’S BEST

FOR two years, Justine Baltazar waited patiently for his time to shine.

In his first two years at De La Salle, the 6-foot-7 big man played in the shadow of Cameroonian powerhouse Ben Mbala, and thus settled for limited minutes.

With Mbala taking his talents abroad, Baltazar’s time has finally come—and the former Juniors Finals MVP is shining under the bright lights of the UAAP. He was the hero in De La Salle’s first win of Season 81 and was the pillar of strength that propelled the Green Archers to back-toback victories.

Against fancied National University last Wednesday, Baltazar had a double-double of 17 points and 12 rebounds in under 27 minutes of action.

Most important, he nailed the tough baseline jumper that gave the Green Archers a 78-76 lead with 28 seconds to play. They would go on to shock the Bulldogs, 80-76, for their first win of Season 81.

Four days later, Baltazar scored 16 points, grabbed 14 boards and blocked three shots to power La Salle to an 82-72 triumph over University of the East.

For his efforts, the young center was recognized as the UAAP Press Corps Player of the Week.

“It’s about hard work in training and during the game,” the soft-spoken Baltazar said after they beat UE, which gave them a share of second place.

After three games, Baltazar is averaging a double-double of 13.7 points and 11.7 rebounds, along with 1.7 blocks. The 21-year-old beat teammate Aljun Melecio, Adamson University’s Jerrick Ahanmisi and Far Eastern University’s Prince Orizu for the award given by print and online writers covering the league.

ANKO-PERLAS wore down PetroGazz in a duel of teams that played back-to-back games, hacking out a 25-22, 25-17, 22-25, 25-17 decision to wrest the early solo lead in the Premier Volleyball League Season 2 Open Conference at the Imus Sports Complex late Sunday.

The Perlas Spikers yielded the third set but battled back from 0-7 deficit in the fourth behind Dzi Gervacio, Amy Ahomiro, Amanda Villanueva, Nicole Tiamzon and Joy Dacoron to secure their second straight win over the weekend.

BanKo-Perlas thumped Iriga-Navy, 25-14, 19-25, 25-17, 25-9, in Saturday’s opener of the seasonending conference of the league organized by Sports Vision and backed by Mikasa and Asics.

The Angels, who trounced the Tacloban Fighting Warays, 25-22, 25-14, 26-24, also on Saturday, slipped to 1-1.

The Spikers piled up eight straight points to erase a 0-7 deficit in the fourth with Gervacio, Ahomiro, Villanueva and Tiamzon combining in that big Perlas charge.

Two straight BanKo-Perlas miscues, however, put PetroGazz back in the lead but Tiamzon, Ahomiro and Villanueva struck anew with Dacoron joining the fray at the net to push the Spikers ahead, 14-9, which they preserved to the finish.

Tiamzon hammered 16 kills, all on attacks, Villanueva came up with 10 kills, three blocks and two aces for a second-best 15 points with 14 digs and six excellent receptions, Gervacio logged 14 points and the same number of digs, Dacoron wound up with three aces in her 10-point output and Ahomiro chipped in eight markers.

Paneng Mercado came up with nine points, while Mary Mendrez, Marites Pablo, Rachel Austero and Jonah Sabete each chalked up eight for the Angels.

Ancajas’s defense televised live on 5

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SPN5 Boxing caps September with a blockbuster weekend featuring three powerhouse boxing events live on ESPN5.

Jerwin “Pretty Boy” Ancajas (30-1, 20 KOs) stakes his International Boxing Federation super-flyweight belt against Mexico’s Alejandro Santiago Barrios (16-2-4, 17 KOs) in Oakland, California.

After besting fellow Filipino Jonas Sultan in May, Ancajas faces off against a formidable Mexican opponent in the match that airs live on ESPN5 on September 29 at 10 a.m.

Also airing on the same day is Filipino International Boxing Organization World bantamweight champion Michael “Gloves On Fire” Dasmariñas (26-2-0, 19 KOs) against undefeated Manyo “Black Flash” Plange (17-0, 15 KOs) at the “Roar of Singapore V-The Kings of Lion City” at 7:30 p.m.

On September 30 ESPN5 Boxing kicks off its second live event from the SM Skydome in North Edsa featuring Filipino second-generation fighters and comeback kings facing off against the best of Tanzania.

Cousins Dave “The Hunter” Peñalosa (13-0, 9KOs) and Carlo “Too Sharp” Peñalosa (12-0-1, 5 KOs) will showcase their boxing pedigree as they go up against Twalib Tuwa and James Kizabange, respectively.

JEAN HENRI LHUILLIER (left), Cebuana Lhuillier president and CEO and United Tennis Philippines president, poses with (from left, standing) Bliss Bayking, Justine Hannah Maneja, Shedel Aighay Giva, Elaine Rose Bahonsura, Pherl Bless Coderos, UTP General Manager Jackie Tomacruz and Board Member Gerard Maronilla and (from left, seated) Sittie Manangking, Corazon Lambonao,Tennielle Madis, Mica Ella Emana and Tiffany Claire Nocos.

CARLOS, BAYKING TOP GIRLS’ NET CHALLENGE

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ACIE CARLOS and Bliss Bayking bolstered their promising tennis careers by topping the Cebuana Lhuillier Girls’ Tennis Challenge at the Makati Sports Club on Sunday and claiming berths in the Women’s Tennis Association (WTA) Future Stars Tournament in Singapore next month.

The top-seeded Carlos sustained her fierce form from the elims to the semis then overpowered Mica Emana, 6-1, 6-2, to capture the 14-under crown while Bayking fended off Justine Maneja, 6-4, 6-1, in the 16-U finals of the Unified Tennis Philippines-sanctioned

event which served as a qualifier for the WTA Future Stars Finals.

“This competition has brought out the best in you and I wish you both good luck and hope you will continue to learn from this experience as you try to make our country proud,” said Cebuana Lhuillier President/CEO and UTP Founder Jean Henri Lhuillier, of Carlos and Bayking, who will be slugging it out with their counterparts from across the Asia-Pacific region in the WTA finals from October 15 to 22 at the Singapore Indoor Stadium.

Carlos powered her way to the champion-

ship in emphatic fashion, scoring three lopsided victories in the elims before disposing of second seed Julia Ignacio, 6-1, 6-2, in the crossover semis. Emana, on the other hand, turned back No. 3 Tiffany Nocos, 6-3, 7-6(8), but failed to neutralize the in-form Carlos in the finals of the event sponsored by Malayan Insurance, Dunlop and Makati Sports Club.

Bayking, meanwhile, upended top seed Rovie Baulete, 6-3, 6-2, in the Final Four while Maneja held off Minette Bentillo, 6-4, 6-3, but like Emana struggled against the surging Bayking.

orts

sMirror

Tuesday, September 25, 2018

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SASO TO GRACE P.S.A. GOLF CUP

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SIAN Games double gold medalist Yuka Saso heads a merry mix of guests gracing the revived Philippine Sportswriters Association (PSA) Golf Cup presented by Manila Southwoods, San Miguel Beer and the Philippine Sports Commission that fires off on Tuesday at the Legends course in Carmona, Cavite.

Saso, who romped off with the Asiad individual gold and led the Philippines to the team championship in Jakarta last month, will be hitting one of the ceremonial drives along with former PSA President Lito Tacujan of the Star and Ernie Gonzales of the Inquirer, Jerome Delariarte of Southwoods and current president Dodo Catacutan of Spin.ph.

The 18-hole event, held to raise funds for the PSA’s medical projects for its members, has gathered great support from the sports

Keg World Cup PHL finals on

THE medalists, led by gold winners Yuka Saso and Hidilyn Diaz, in the recent Jakarta Palembang 18th Asian Games receive their cash incentives from the Philippine Olympic Committee (POC) headed by President Ricky Vargas and Chairman Rep. Abraham Tolentino during the in-between games break of the Philippine Basketball Association (PBA) Governors’ Cup on Sunday night at the Smart Araneta Coliseum. Also in photo are PBA and POC officials.

METICULOUS TASK

By Ramon Rafael Bonilla

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HE Philippine Olympic Committee (POC) is burning the midnight oil to complete the meticulous task of determining the program of events in the 30th Southeast Asian Games the country is hosting in November next year.

And the task borders from scrupulous to painstaking.

“What we’re doing now is finalizing the sports—and particularly events—that will be included in the SEA Games program. After that, we kick off the preparations in full throttle,” POC President Ricky Vargas said on Sunday night after the awarding of cash rewards to the Asian Games medalists during the in-between games

break of the Philippine Basketball Association (PBA) Governors’ Cup on Sunday night at the Smart Araneta Coliseum.

The task of scrutinizing every minute detail of the 30-plus sports lies on the shoulders of POC Chairman Rep. Abraham Tolentino, who heads the Sports Department of the 30th SEA Games Organizing Committee.

The goal? Include only events where Filipino athletes have the most potential to win gold medals.

The mission? On top of hosting what could be the “Best SEA Games Ever!” is seeing the Philippines emerging as overall champion.

“It’s tough, really tough. I have to meet with each and every competition manager of the sports on the program and ask them

to be honest with their athletes’ winning potentials,” Tolentino said.

The POC will present the sports program during the SEA Games Federation Meeting late next month in Clark for approval. This follows the federation’s approval of the initial 30 sports during its first meeting last summer in Clark.

The SEA Games will be held in Clark, Subic, Metro Manila and Tagaytay City from November 30 to December 10 next year.

The sports are athletics, aquatics, archery, badminton, baseball/softball, basketball, billiards, bowling, boxing, cycling, equestrian/ polo, fencing, football, gold, gymnatics, judo/ jiu-jitsu, karatedo, sailing, sepak takraw, shooting, squash, taekwondo, triathlon, volleyball, weightlifting, wrestling/kurash,

wushu, arnis, dance sport and muay thai.

The medalists in the recent Jakarta Palembang 18th Asian Games, meanwhile, received their cash incentives from the POC on Sunday night.

The POC gave P2 million for each gold medal, P500,000 for a silver and P200,000 for a bronze. The sports body sourced the incentives from the donations given by San Miguel Corp., MVP Sports Foundation and the PBA. The POC incentives were on top of the bonuses the medalists got from the Philippine Sports Commission under the Athletes and Coaches Incentives Act, Siklab Sports Foundation and President Rodrigo Duterte. Ambassador to Indonesia Lee Hiong Tan Wee also donated P1 million to each of the gold-medal winners.

community, including those of PLDT/Smart, Philippine Airlines and Meralco as major sponsors.

Tee-off will be at 7:30 a.m. shotgun style.

Philippine Airlines will be staking a roundtrip ticket to London or the United States as hole-in-one prize on the picturesque 16th hole of the Jack Nicklaus-designed layout.

The event is also being backed by International Container Terminal Services Inc., Hermie Esguerra, Alaska, Ciara Marie Abalos Foundation, Sunrise Events Inc., National Golf Association of the Philippines, Lovell Gopez of Mizuno, SM Prime Holdings, Cosco Oben Group of Cos., Rain or Shine, Mighty Sports, Patafa, Philippine Superliga, Philip Ella Juico, Bong Lopez, Luigi Tabuena, Forest Hills, Srixon, J-Ten Sports and Oliver Gan.

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IGHTY male bowlers will shoot for the 2018 Bowling World Cup national title—and the right to carry the Philippine colors in the 54th BWC international event—in the local finals starting on September 29 at Coronado Lanes (Starlanes).

Four previous BWC international campaigners—RJ Bautista, Raoul Miranda, Paulo Valdez and Jeff Carabeo—lead the big field of contenders for a stint in the international tourney slated from November 4 to 11 at Sam’s Town in Las Vegas, Nevada.

Bautista saw action in 1999 in Las Vegas and 2012 in Wroclaw, Poland; Miranda competed in Shanghai, China, in 2016; Valdez saw action in 2007 in Saint Petersburg, Russia; and Carabeo competed in Hermosillo, Mexico, in 2008.

The other men’s finalists are: Nicco Olaivar, Art Gamolo, Larry Tinio, Dan Enriquez, Simple Villajin, Rey Tejano, Cesar Perez, Alex Santos, Caloy Guitones, Benedicto Aquino Francisco, Rudante Unay, Jerry Bugtong, Maurhic Padawan, Norman Lising, July Vargas, Don Evangelista, Paul Sia, Rolly Magana, Jomin Wong, Merwin Tan, Kenzo Umali, Scott Uy;

Kurt Mendoza, Jansen Collantes, Nino Pabalan Olivares, Kayle Abad, Joe Cabactulan Buenafe, James Tiu, Toti Daval Santos, Angel Dilig, Carl Lim, Allen Laigo, Wilson Sua, Rolendo Sumuelo, Joel Guevarra, Don Tungala, Rjay Magana, Manny Amparo, Randall Go, Boy Roman, June Seculles, Ernie Jacinto, Mark Varona, Glenn Albert, Kevin Cu, Alex Bea; Romer Sto. Domingo, Ramel Francisco, Lando Galbey, Santos Walang, Eric Aranez, Jorel Simbulan, Rene Boy Aranico, Erwin Cabaneros, Anton Alcazaren, Marc Matias, Ted Convocar, Kevin Atienza, Ren Cremen, Rene Rodelas, Niel Buencamino, Nichole Andrew Jimeno, Wency Olivares, Kenneth Chua, Joebert Buenafe, MJ San Jose, Benshir Layoso, Edwin Rupido, Francis de Leon, Paul Eluna, Jerht Santos, Boyet Delfino, Dumo Bejara, Joe Tumagan, Ramon Camba and Federico Rivera.

The top 34 finishers based on their scores will advance to the second day of competition on October 2 at Superbowl. Those who will advance to the quarterfinals, semifinals and finals will play anew on October 5 at Paeng’s Eastwood Bowl.

Sports BusinessMirror

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| Tuesday, September 25, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

EUROPEANS TRIUMPH

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HICAGO—Alexander Zverev beat Kevin Anderson on Sunday night to give Team Europe a victory in the second Laver Cup. Zverev won the final five points to defeat Anderson, 6-7, 7-5, (10-7). His victory helped Team Europe beat Team World, 13-8.

“Obviously it was an amazing feeling,” Zverev said. “So special to clinch it for us guys and Europe. It’s great how it ended.”

Anderson, who lost in the Wimbledon finals this year, said on Sunday night’s setback affected more than just him.

“You’re playing for something different.

You feel like you didn’t come through for the team,” he said.

Had Anderson won, Nick Kyrgios of the World team would have played Wimbledon champion Novak Djokovic in a deciding singles match. But it was not necessary because the European team had reached 13 points.

Roger Federer earlier put Team Europe ahead by saving three match points for a 6-7, 7-6, (107) victory over John Isner.

Isner staggered Federer with a body serve that caused the 20-time Grand Slam winner to stumble early in the match. But Federer regrouped and fought off two match points in the second-set tiebreaker before capturing the deciding 10-point tiebreaker used in the Laver Cup. In the opening doubles match, Jack Sock and Isner saved two match points in the deciding tiebreaker to beat Federer and Zverev 4-6, 7-6, (11-9).

The three-day, five-session tournament at

the United Center drew 93,584 fans.

Team Europe won the first Laver Cup last year in Prague. The tournament moves to Geneva, Switzerland, next year.

Dominic Thiem, meanwhile, breezed past Martin Klizan 6-3, 6-1 to win the Saint Petersburg Open on Sunday in Russia.

Thiem held serve throughout and wrapped up the win in just one hour and eight minutes to take his third title of the season.

It was the big-hitting Austrian’s first final since losing the French Open final to Rafael Nadal.

Thiem, ranked eighth in the world, hadn’t won a hard-court title since beating Bernard Tomic at the Mexican Open in February 2016 and his previous seven finals were all on clay.

The 2012 champion in Saint Petersburg, Klizan lost his unbeaten record in tour finals which had stood at six, the joint-highest on the tour.

In Seoul Kiki Bertens won her third Women’s Tennis Association Tour singles title of the season on Sunday and denied Ajla Tomljanovic her career first with a 7-6 (2), 4-6, 6-2 win over the Croatian-born Australian.

The second-seeded Bertens, who won the final six games of the match, was a service break down twice in the first set, but fought back to level and then dominated the tiebreaker thanks to a strong first serve.

Bertens was behind 2-0 in the second set before coming back to take a 4-3 lead with a break, but Tomljanovic broke in the 10th game when Bertens netted a forehand, giving the

ROGER FEDERER and his teammates celebrate their victory in the second Laver Cup. AP

Australian the second set.

Tomljanovic again took a 2-0 lead in the final set, hitting a blistering forehand to the back of the court on break point that Bertens could only watch streak past her. But the Dutch player again staged a comeback, not dropping another game.

The consolation prize for Tomljanovic, who ended Hsieh Su-wei’s eight-match winning streak in the semifinals, will be a big jump in the rankings.

Tomljanovic, who has lost all three WTA finals she has contested, was ranked in the 900s nearly three years ago due to persistent shoulder problems.

But she has moved steadily up in the rankings and is projected to reach at least No. 44 next week.

The No. 12-ranked Bertens had dropped only one set going in to the final, while Tomljanovic needed three sets in each of her previous matches.

Daria Kasatkina, on the other hand, recorded her first victory over Lesia Tsurenko in three attempts in the first round of the Wuhan Open on Sunday as US Open champion Naomi Osaka was forced to pull out of the tournament due to a viral illness.

Kasatkina, the No. 13 seeded Russian, defeated her Ukrainian opponent 6-4, 7-5 to set up a second round match against either Bernarda Pera or the US Open junior champion and qualifier Wang Xiyu.

No. 7-ranked Osaka withdrew from the tournament being played in Wuhan, China, after losing in the final of the Toray Pan Pacific Open in Tokyo on Sunday with lucky loser Polona Hercog replacing her in the main draw.

“I’m very sorry to have to withdraw from Wuhan.

I look forward to playing in Wuhan next year,” Osaka said in a statement.

Earlier this week, former top-ranked Victoria Azarenka also pulled out after she was forced to retire in the quarterfinals in Tokyo due to a viral illness.

In other first round matches, the Chinese duo of Zheng Saisai and Zhang Shuai won their first round matches.

Zhang stunned Australian Samantha Stosur 6-2, 6-2, while Zheng defeated American Danielle Collins after losing the first set 2-6, 6-4, 6-2.

Anastasia Pavlyuchenkova, Julia Goerges, Monica Puig, Katerina Siniakova and Aliaksandra Sasnovich also advanced to the second round. AP

KIKI BERTENS wins her third Women’s Tennis Association Tour singles title of the season. AP

AFRICAN DROUGHT OVER

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ANTA CRUZ DE TENERIFE, Spain—It was a historic day for African teams in the Women’s Basketball World Cup. Senegal became the first African country to win a pool game, beating Latvia 70-69 on Sunday.

Hours later, Nigeria followed suit, getting its first win ever in the tournament.

“It’s a historic win and we’ve broken the curse,” Senegal Coach Cheikh Sarr said. “I’m very proud because we did it. We wanted it and the girls did everything.”

Coming into Sunday, African teams had gone 7-89 in the tournament since first qualifying in 1971. All of those victories had come in the consolation rounds, but never in pool play.

Nigeria almost blew a 17-point lead before holding off Turkey, 74-68. This was Nigeria’s second appearance in the World Cup, going 0-5 in 2006.

“To be honest this is huge. This is a huge day for Africa. I’m really proud of Senegal too,” said Nigeria guard Sarah Ogoke, who had 22 points in the win. “To be honest with you. They can’t win and we don’t. It’s a huge day for Africa. Hopefully this will give us a little more respect. I wasn’t surprised they won. “ Both teams have benefited from having players that went to US colleges on them. Senegal guard Yacine Diop is a graduate transfer at Louisville this season. Nigeria had former Arizona State player Promise Amukamara and Evelyn Akhator, who played at Kentucky.

The victory was Senegal’s sixth in its World Cup history and set off a wild celebration after the game with the team’s fans waving flags and dancing.

“For us, it was like a final. We deserved it because the whole team wanted to win and they

[Latvia] wanted it too,” Senegal star Astou Traore said. “It’s the first time we beat a European team and it’s a dream. It was a real objective to win one game and to advance. But we’re not going to stop here—we’re going to continue working.”

Senegal has one game left in the preliminary round, facing China on Tuesday. A win would give Senegal the two-seed in the pool.

“In 2006 we beat Nigeria in a classification game. This one [against Latvia] was an important one as the team that won was likely to move on,” said Senegal’s Astou Traore.

Senegal’s win came a day after the team played the US tough, losing by only 20 points. While that margin may seem big, it was the closest the team had come against the No. 1 team in the world.

“This game will give us confidence,” Sarr said after the US game.

Nigeria Coach Otis Hughley Jr. was hired as the coach of the team in August after stints with the Sacramento Kings and Chinese Taipei. The native New Yorker admitted after the win, he couldn’t process immediately how big the victory was for his players.

“I will let it soak in and when I learn a little more of the history I’ll be able to appreciate it even more,” he said. “I can’t even try to understand it. It truly is unbelievable.”

The team took a photo in front of the scoreboard after the game and celebrated the victory running through the media mix zone chanting “What do we eat for Thanksgiving dinner? Turkey!”

Both teams have a strong chance to win their final preliminary games and finish second in their pools. Senegal plays China, while Nigeria plays winless Argentina. AP

NEYMAR shields a crying boy who ran onto the pitch from a security guard after giving him his shirt. AP

Neymar P gives jersey to crying boy

ARIS—Neymar was whistled off the field on Sunday but showed he held no grudge against Rennes fans by giving his shirt to a young boy who ran across the pitch to hug the Brazil star.

With PSG leading 3-1 in the French league game, Neymar slowly walked back to the Paris Saint-Germain bench in the 90th minute at Rennes—as Coach Thomas Tuchel made his final

substitution—when the boy escaped security and ran toward the striker.

The boy burst into tears when he reached Neymar and pointed at his shirt. Neymar took the boy under his arm and walked back to the sidelines, gesturing toward security guards to indicate everything was okay.

Neymar then took off his shirt and gave it to the boy, who was taken away by stewards.

Neymar had a mostly anonymous performance before the incident, with a mediocre display in Brittany.

Five days after slumping to its first loss this season in a 3-2 Champions League defeat at Liverpool, PSG struggled in the first half but came from behind to win 3-1 and remain perfect in the French league with a sixth consecutive win.

PSG remains five points clear at the top. AP

Complete within us

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OMPLETE within us, Oh Lord, we pray, the healing work of Your mercy and graciously perfect and sustain us, so that in all things we may please You. Through Christ our Lord. And may we be reminded daily in our life that You are the way, the truth and the life. Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

❶ THE

Life

BOX OFFICE: ‘HOUSE WITH A CLOCK IN ITS WALLS’ TICKS TO NO. 1 IN THEATERS D3

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Tuesday, September 25, 2018

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❶

Leeanne slipper chair from AllModern, which comes in white or black leatherette, is equipped with three USB ports in the base.

❷ ROOM &

Board’s Parsons bed has ports and plugs on both sides of the headboard.

The iron frame comes in a wide range of colors.

❸ THE VARV

floor lamp from Inter Ikea Systems B.V. 2018 allows you to charge two devices at once with a USB port built into the lamp.

It also has a built-in charger on the table for wireless charging.

❺

❷

❹ ROOM &

Board’s Ellison chair comes in a fine-grained leather, and is available with USB ports.

❺ THE Portica

end table from Room & Board comes both in standard and in a C-shaped version that can be useful for tight spaces.

Choose your own top: glass, quartz or marble composite, or woods like walnut, maple, spalted sugarberry and ash.

❸

Furniture with ports and plugs to connect you W

By KiM COOK The Associated Press

E’RE a nation of multitaskers, often keeping an eye on our phones or other devices even while lounging on the sofa watching television.

And those devices need power. Who wants to keep getting up to plug stuff in when you’re bingeing a great show, reading a good book or otherwise chilling?

Turns out, you don’t have to. Furniture makers are responding to our multitasking lifestyle with seating and surfaces featuring integrated sockets and USB ports. All you have to do is position your chair or table within range of a wall plug to keep the juice flowing, and then you can tap into the furniture’s power source. On some pieces, the power access is in an armrest or base panel, while others have it built into

the legs, side panels or drawers.

Another clever hiding spot: lamp bases. Lamps Plus has many options, including the Karla table lamp from 360 Lighting, with a sleek brass or polished-steel column. A pair of Ledger mercury-glass table lamps also come equipped with USB ports.

Or consider Ikea’s Varv floor lamp, with a sleek adjustable base that let you charge a phone just by resting it on the charging pad. There’s an additional USB port built into the lamp.

Room & Board has several smart-looking pieces for various rooms. A classic Parsons bed has ports and plugs on both sides of the headboard. The iron frame comes in a range of colors, including fun ones like red, green, pink, ocean and blue.

The Portica end table comes both standard and C-shaped, which can be useful for tight spaces. Choose your own top: glass, quartz or marble composite, or

woods like walnut, maple, spalted sugarberry and ash.

Designers have tackled the clunky traditional recliner, coming up with some sleeker, more stylish versions. At Room & Board, find the Ellison, Dalton and Harper, which all come in a fine-grained leather and are available with USB ports.

The designers at Gjemeni tackled both connectivity and comfort with a collection of comfy leather chairs and sofas that have charging plugs, as well as adjustable backs, so you can turn each piece into a seat, a lounger or even a bed.

At Wayfair, Brayden Studio’s ash wood Keiper nightstand has a rustic modern vibe that would make it work as a side table anywhere; dual ports sit discreetly on the back. Get the party started and keep it plugging along with AllModern’s Sobro coffee table.

Available in black, white or wood finishes, the table is equipped not only with outlets and ports, but a built-

in fridge, speakers and LED mood lights around the base. Operate everything from the tabletop; no apps required. Also at AllModern, the Leeanne slipper chair in black or white leatherette has a three-port USB panel on its side.

Ikea’s pert little Nordli nightstand has a hidden shelf for a power bar, and a groove up the leg to tuck in the cord. Simpler still is the Seljie nightstand, with a cutout in the back panel to run a power-bar cord into the drawer. If you prefer retrofitting existing pieces, there are options. In the bedroom, consider Studio 3B’s four-piece bed-lift set; the lifts raise a bed 7 inches, and one of the legs houses two grounded outlets plus two USB ports.

From Legrand comes a port-and-plug power bar you can screw or clamp onto any edge to create connected furniture; the black or white/gray unit comes with a 6-inch cord. n

Artisanal masterpieces showcased at Maison & Objet 2018

LARGO by Finali

MUCH has been said about artisans from the Philippines weaving and carving their way into the international home and lifestyle furniture market. They joined the ranks of top-ofthe-line exhibitors at just-concluded Maison & Objet 2018 in Paris, France.

Here, in no particular order, is the compilation of the most impressive

artisanal home and lifestyle pieces from the Philippines that were showcased at the major international trade fair in interior design.

HAND-CARVED TABLETOP ACCESSORIES. From the Woodcarving Capital of the Philippines, Laguna, came the centuries-old tradition that bore the raw and textured home accents and tabletop accessories from Basket & Weaves. By combining their creativity with the aesthetics of nature, the woodcarvers make sure the natural properties of wood are held sacred. For Maison & Objet, Basket & Weaves also added their signature pendant lamps to their impressive catalogue of hand-hewn and hand-carved wood products.

RUSTIC MATS AND CARPETS. Because of its texture, abaca—the sturdiest of natural fibers—is the perfect material for rugs and mats.

The stringent process raw abaca undergoes prior weaving contributes to the soft and luxurious texture of these mats and carpets.

Centuries-old techniques, combined with ingenious designs, contributed to the

product’s ability to evoke luxurious feel and comfort.

SCULPTED CANDELABRA. High art culture lives on in these Filipino ethnic and tribal sculpted candelabras.

Combining the country’s colonial past and Asian influences, these handcarved candle holders from Chanalli possess the true mark of outstanding artisanship.

ECLECTIC LOUNGE CHAIRS. The ever-evolving definition of home was the inspiration behind Largo lounge chair by Finali. Handmade in the acclaimed furniture capital of the Philippines, Cebu City, Finali’s furniture reflect the fusion of the traditional living and the high life that knows no bounds.

HANDWOVEN BASKETS & STORAGE. In a country where natural materials abound, it’s no surprise Filipinos find inspiration and resources even in the otherwise drab and common vine. Employing the highly skilled members of local weaving tribes in the lowland, L’Auras Y Levi turns nito, a climbing fern, into wide array of home accents, furniture, and baskets and storage that depict traditional patterns with contemporary vibe.

QUIRKY HOME ACCENTS. Trading as one of the Philippines major banana exporters, Tadeco is well acquainted with natural fibers. Their table accents, lamps and lighting, and a whole new range of home pieces from natural fibers and handwoven fabric turn the distinct features of local materials into pieces for the global home.

For more information, visit www.citem.com.ph/ maison-objet/.

VERTIS NORTH, QUEZON CITY Alveo Land commemorates another achievement in Quezon City with the topping-off ceremony of High Park Tower One, its first project in Vertis North.

Held in June, this marks the development’s full structural completion, bringing forth vertical parkside living in Quezon City’s emerging business and lifestyle district. In photo are (from left) Edwin Magsalansan, vice president of Sy^2 + Associates Inc.; Holtz Abbu, principal landscape architect of ASEA Design Group; Rex Ocampo, vice president of Aidea Inc.; Ron Galura, regional sales head of Alveo Land; Rufino Gutierrez, COO of Alveo Land; Arch. Jay Caniza, Innovation and Design Group head of Alveo Land; Aries Cajucom, Sales and Marketing deputy head of Alveo Land; Anton Sanchez III, general manager for North Operations of Alveo Land; and Eng. Lorenz Panarigan, project director from Makati Development Corp.

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Tuesday, September 25, 2018

www.businessmirror.com.ph

In Sandie Jones’s novel, a mom is lurking monster

By Oline H. Cogdill The Associated Press

T

HE other woman in the title of Sandie Jones’s thriller isn’t an ex-girlfriend, a new affair or an obsessive stalker— though heroine Emily Havistock might welcome any of those rivals for the affections of Adam Banks. Instead, the conniving woman who wants to keep Adam all to herself is the one person Emily has no chance against—his mother, Pammie.

A seemingly meek, physically weak and thoughtful mother, Pammie is a monster in disguise, who will do anything to keep her oldest son all to herself in this excellent debut.

British author Jones delivers a tightly coiled story in The Other Woman (Minotaur) and fills it with believable characters. Jones’s first novel showcases the limitless boundaries—and continuing appeal— of the domestic mystery while adding elements of the psychological thriller.

Emily quickly falls for London IT recruiter Adam, and he feels the same about her. Her only hesitation is Adam never wants to talk about his past or his family, preferring to deflect any questions by asking about

her background. Then Emily is introduced to Pammie, who seems nice at first—and tells Adam how much she likes Emily. But soon Pammie indulges in little aggressions, like fainting when Adam proposes to Emily during a party, criticizing her wedding gown during a fitting, inviting Emily’s worst enemy on a trip and faking illnesses.

Adam refuses to believe that his mother is anything less than perfect. Emily begins to wonder just what happened to Adam’s previous girlfriend who died in an accident and whose body was found by Pammie.

Jones keeps The Other Woman on a brisk path as she delves into the motives of a homegrown monster. Yet Jones doesn’t go overboard developing Pammie’s character. Everyone knows someone whose compliments are veiled insults, or “a barbed snipe,” and whose neediness consumes the air around them. Emily’s love for Adam and her misgivings about him are believable. Although the ending feels rushed, Jones still keeps the story intriguing.

Emily just wants a happy home and her belief in the power of love enhances the realism of The Other Woman. n

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Donald Glover, 35; Catherine Zeta-Jones, 49; Will Smith, 50; Michael Douglas, 74.

HAPPY BIRTHDAY: Express your feelings this year, and set your sights on the journey you want to take.

Dreaming about something and actually making it manifest are two different things. Don’t wait for someone to do things for you. It’s important to take charge and to pick the path that’s best for you. Your lucky numbers are 5, 18, 21, 23, 32, 36, 40.

a

ARIES (March 21-April 19): Consider your options before letting your emotions take over.

Look for a positive response when dealing with others. Whether you are looking for a job or dealing with someone who is difficult, be efficient and take care of your responsibilities first. HHH

b

TAURUS (April 20-May 20): A change will do you good, but it may not please some of the people you work or live with. If you are upfront about your whereabouts and reasons for doing what you do, it will help ward off interference. HHH

c

GEMINI (May 21-June 20): Offering to help others is kind, but don’t let anyone take advantage of you. Get the facts before you lend money or help someone looking for a handout. Don’t be too vocal about what you have or what you can do.

HHHH

d

CANCER (June 21-July 22): Stay focused on what you are doing. Let your creativity take over. Do things your way and stay out of discussions that could lead to repercussions with someone at work or at home. HH

e

LEO (July 23-Aug. 22): Travel, meetings and educational pursuits are highlighted.

Keep an open mind and learn from what you hear, observe and experience. The best change you can make is one that will encourage better relationships.

HHHHH

f

VIRGO (Aug. 23-Sept. 22): Get out and try something new. It will change your perspective and give you something to consider. A positive change is heading your way, and an improved relationship with someone special looks promising. HHH

‘UNDER A DARK SKY’ HAS SHREWD PLOT, REALISTIC CHARACTERS A DARK sky park where even the slightest glimmer of light is blocked out provides a fascinating backdrop for Lori Rader-Day’s inventive fourth novel. The darkness that permeates the park’s environs also works as an imaginative metaphor for murky emotions and concealing secrets, even from those to whom one is closest. A shrewd plot and realistic characters also soar in Under a Dark Sky (Morrow).

Mired in grief since her husband, Bix, died nine months ago, Eden Wallace decides to keep a reservation at Straits Point International Dark Sky Park in Michigan. Before he died, Bix planned the park visit as a surprise for their 10th-wedding anniversary, and she has just found the reservation while cleaning out a drawer. It’s an unusual gift because Eden’s fear of the dark is pathological, but she hopes the visit will give her a new perspective on her life, and get her away from her Chicago home.

But instead of solitude, Eden is sharing the resort with six strangers—college friends who booked the cottage for a reunion.

Her immediate reaction is to leave, but Eden has been doing a lot of hiding lately, avoiding people and

z

Today’s Horoscope

g

alienating friends who are tired of hearing about Bix’s death.

Besides, the park will not refund Bix’s payment. Although the friends make Eden uncomfortable, she is drawn to the myriad personalities— and their complex relationships.

Despite their shared history, the group has an odd dynamic. “...These people didn’t even seem to know how to enjoy one another’s company,” Eden observes. Complicated jealousies, past actions and devastating secrets are revealed when one of the six is murdered.

Rader-Day expertly plots an ingenious mystery in Under a Dark Sky. Eden grieves for her husband but also mourns what her marriage was and what the relationship with Bix could have been. Grief and regret have turned her into a woman she doesn’t recognize, simultaneously overly emotional, coldhearted and judgmental. Although only 34, Eden feels so much older than the friends who are even more unsettled in their mid-1920s.

Set in a fictional park, Under a Dark Sky captures the beauty of the dozens of similar nocturnal environments that thrives at such recreation areas throughout the world. AP

LIBRA (Sept. 23-Oct. 22): Emotions can hold you back. You have to think clearly about what you should do next. Make choices based on how they will influence your personal finances, not because someone is pleading with you to do something questionable. HHH

‘THE ANOMALY’ SLOWLY SIMMERS AS STORY GROUNDWORK IS SET UP

By Jeff Ayers The Associated Press RUMORS have swirled that early in the 20th century an explorer on the Colorado River discovered a cavern high up in the rocks of the Grand Canyon.

The stories of what he found are fantastic and hard to believe, which is perfect for Nolan Moore, an archaeologist who hosts a conspiracy theory show that explores historical mysteries without actually solving anything. With his team of cameramen and experts for the region, Nolan decides to see if they can find this strange cave and prove the wild claims from that earlier time.

The trip starts off uneventfully for the team of men and women, but when they spot what might be the cave they are seeking, they immediately see the possibility of fame and fortune. For Moore, it’s a chance to finally be successful in

proving one of the conspiracy theories that his show promotes. What they discover at first seems a bit odd, as the things they see differ from the historical account.

The more they explore, the more mysterious it gets. From all appearances, someone tried to conceal the cave. While they discover the truth behind the cave, they will wish they had never found it.

Michael Rutger’s The Anomaly: A Novel (Grand Central Publishing) slowly simmers as the groundwork is set up. The exploration is also a bit slow going as well to keep the reader guessing as to what is honestly going on inside this cave.

When the big reveal happens, it comes with a dose of horror, violence and complex science. Rutger has crafted an intriguing and, at times, somewhat graphic tale that’s never predictable and will appeal to fans of exploration and survival along with The X-Files crowd.

h

SCORPIO (Oct. 23-Nov. 21): Take a moment to figure out what’s best for you.

An emotional situation concerning a friend or someone who depends on you should be handled carefully. Don’t let anyone take advantage of you, and don’t pay for someone else’s mistake. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Refuse to let emotional matters interfere with your productivity. Finish what you start and protect your reputation. A change you make to the way you earn your living or to your arrangement at home will be to your benefit. HHHHH

j

CAPRICORN (Dec. 22-Jan. 19): Listen to instructions and ask questions if something doesn’t make sense. How you handle those in charge will make a difference to the way you are treated. HH

k

AQUARIUS (Jan. 20-Feb. 18): Money matters should be handled smartly.

Emotions and joint ventures can lead to loss.

Don’t feel you have to overdo it to make an impression.

Let experience and knowledge be your guides to successful endeavors. You cannot buy love. HHHH

l

PISCES (Feb. 19-March 20): Concentrate on yourself and how to project your very best into whatever you take on. Working alongside someone with grand ideas can be stimulating but also expensive. Don’t be afraid to forgo a joint venture and do your own thing. HHH BIRTHDAY BABY: You are sensitive, caring and intuitive.

You are creative and opportunistic.

‘the time is right’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Cowboy’s farewell 6 Determine, as a solution 11 With 63-Across, “There, there” kin 14 Dumbbell 15 Latin American plain 16 Avis’s laying?

17 “Keep your eyes on me, but...”

19 Clever comedian 20 Some 37-Across backers 21 Swimming or floating 23 They are among the stars 26 Trailer of “let” and “be” 27 NHL squad 28 Darn anew 29 Building add-on 30 More withered 32 Muddlement 35 Resurfaces, in a way 37 Boston campus 39 Teamwork deterrents 40 Toyota vehicle line 42 “Merry Widow” composer Franz 44 “___ Maria” (hymn)

5 Provider of food 4 47 Stocker of stockings 49 Preliminary plans 51 Some beach shelters 52 Enters, as data 53 Apple de-seeder 54 Huge beverage server 55 “May I have everyone’s attention!”

60 ___ de Janeiro 61 Tiny sap sucker 62 Consequences alternative?

63 Theme and when do we want it?

64 French silk town (var.)

65 Word with “common” DOWN 1 Throw in 2 Two of a kind 3 Hotel alternative 4 Gas number 5 Successful marketers 6 Swipes 7 Forest foragers 8 Neutral hue 9 John Doe, commonly

0 Hauling charges 1 11 From time to time 12 Like lambs 13 Number of bulbs?

18 Initial stage 22 British heavy weight 23 Masters of meters 24 Flowery scent 25 Completely healed 26 Thing on many trains 28 Give someone the business?

31 Game guidelines 33 Small pit in the retina 34 App purchasers 36 Painful spots 38 A lot of Mali 41 Insignificantly small 43 Supreme Court name 46 Four-poster drape 48 French philosopher Jean-Paul 49 Cold-shoulder 50 Rare intriguing object 51 Some campus people 53 Facial feature

6 “Never heard of her” 5 57 What his wife called Attila?

58 Word with “only money” 59 Naval pronoun

Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Tuesday, September 25, 2018

‘Veronica Mars’ starring Kristen Bell gets revived by Hulu

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CATE BLANCHETT (from left) Owen Vaccaro and Jack Black in a scene from The House With A Clock in Its Walls. AP

NEW YORK—Veronica Mars has another mystery to solve. Hulu has ordered eight new one-hour interconnected episodes of the series, starring Kristen Bell, that premiered in 2004 and aired on UPN for two seasons and The CW for one. Bell announced the news on Thursday on her Instagram account.

The original series centered around Bell as a whipsmart high-school student named Veronica, who was a teenage detective and made the actress a star.

This isn’t the first revival of Veronica Mars.

In 2013 Bell and series creator Rob Thomas launched a successful Kickstarter campaign to fund a Veronica Mars feature film that premiered in 2014 and took place 10 years after the show ended.

Hulu has also secured the streaming rights to the series. AP

Drake fan: New heart ‘feels different, but in a good way’ CHICAGO—The suburban Chicago girl who received a heart transplant after dancing her way into a meeting with Drake says she’s feeling great.

Sofia Sanchez met with reporters on Thursday, three-and-a-half weeks after she received a new heart during a nine-hour operation at Lurie Children’s Hospital. The 11-year-old says her new heart “feels different, but in a good way.”

Last month the Canadian rapper surprised Sofia with a visit after seeing a video of her dancing in a hospital hallway to one of his songs while tethered to her IV pump. That was a week before her surgery.

Sofia says Drake’s advice to stay strong and keep fighting has helped her through some tough times.

A heart surgeon calls Sofia a star patient and says her recovery is going quite well. AP

‘House With a Clock in Its Walls’ ticks to No. 1 in theaters

N KATHNIEL AT G.A.O.C.SPONSORED ‘THE HOWS OF US’ SCREENING

ONE of Asia’s best dental clinics, the Gan Advanced Osseointegration Center (GAOC), led by President and CEO Dr. Steve Mark Gan, recently hosted clients, partners and friends to an exclusive screening of the hit romantic drama The Hows of Us. The special film showing was in support of boxoffice queen Kathryn Bernardo, the newest addition to the GAOC family. Bernardo is shown with Dr. Gan (left) and Daniel Padilla.

By JAKe COyle The Associated Press

EW YORK—The gothic family fantasy The House With a Clock in Its Walls exceeded expectations to debut with an estimated $26.9 million in ticket sales at the weekend box office, while audiences showed considerably less interest in Michael Moore’s Donald J. Trump-themed documentary, Fahrenheit 11/9, than his George W. Bush-era one.

The House With a Clock in Its Walls was easily the biggest draw on a quiet weekend at North American movie theaters, where the other three new wide releases all disappointed or downright flopped.

Fahrenheit 11/9 opened with $3.1 million in 1,719 cinemas—a huge debut for most documentaries but a fraction of the $23.9-million opening generated in 2004 by Moore’s record-breaking Fahrenheit 9/11. That film went on to make $222.4 million worldwide, a record for documentaries.

Moore’s new film, which examines the rise of Trump and other developments like the water crisis in his hometown of Flint, Michigan, was the first release from former Open Road chief executive Tom Ortenberg’s new distributor, Briarcliff Entertainment.

It had been predicted to open with $5 million to $8 million. But despite a surge in success for documentaries at the box office—including RBG, Won’t You Be My Neighbor and Three Identical Strangers— Fahrenheit 11/9 didn’t catch on.

Dan Fogelman’s Life Itself and the home invasion thriller Assassination Nation both barely made a blip

in nationwide release. Though Fogelman’s This Is Us is one of TV’s top-rated series, his Life Itself bombed with $2.1 million despite a starry cast including Olivia Wilde, Oscar Isaac and Antonio Banderas.

The film—an unabashedly sentimental tale of destiny across generations—drew some of the most scathing reviews of the year, landing it a 13-percent “fresh” rating on Rotten Tomatoes.

In an interview last week, Fogelman blamed “primarily white male critics who don’t like anything that has any emotion,” prompting many female critics to point out that they, too, thought Life Itself was, as Variety’s Jessica Kiang wrote, “manipulative and contrived.”

The Amazon Studios release, which opened in 2,609 theaters, was one of the worst-performing wide releases of the year, as was Sam Levinson’s Assassination Nation. The Neon thriller grossed just $1 million in 1,403 theaters.

But Universal Pictures’s The House With a Clock in Its Walls, based on the classic book written by John Bellairs and illustrated by Edward Gorey, capitalized on a recent dearth of child-friendly options. The film, directed by the horror veteran Eli Roth with a budget of $40 million, stars Jack Black and Cate Blanchett.

“This was on the high end of any expectations,” said Jim Orr, head of distribution at Universal. Orr credited the studio’s producing partners at Amblin Entertainment, as well as the release date in a normally slow month. “We really saw an opportunity in late-September to kick off the fall season with this PG family film, and obviously it was well-positioned.”

With the fall movie season getting started, a few specialty films hit theaters, drawing packed theaters in limited release.

Bleecker Street’s Colette, starring Keira Knightley as the iconic French author, debuted with $156,000 in four theaters, good for a per-screen average of $39,000. Jacques Audiard’s dark Western The Sisters Brothers, starring Joaquin Phoenix and John C. Reilly, opened with $122,000 in four theaters for a $30,500 per-screen average.

Last week’s top film, The Predator, slid fast with a 65-percent drop, earning $8.7 million in its second week. Holding stronger was Lionsgate’s A Simple Favor. Paul Feig’s suburban noir, starring Blake Lively and Anna Kendrick, dropped only 35 percent for a

Reflections of time LISTEN to classic melodies from iconic names in music history be transformed by two of the country’s finest voices in a concert, titled Kuh Ledesma Christian Bautista Sing Streisand Groban Legrand, happening on October 20 at The Tent at Solaire.

As an advocate of Filipino artists, Solaire showcases yet another pair of brilliant stars that will serve as the opening act in the integrated resort’s newest event venue, The Tent. “The Tent seeks to accommodate Solaire’s ever expanding entertainment fare. We can now simultaneously hold concerts and musicals in two spaces for our guests’ enjoyment.

It’s quite fitting that The Tent’s maiden offering is Kuh Ledesma Christian Bautista Sing Streisand Groban Legrand, as it speaks of how time is a transforming force, a common thread that the artists and Solaire have experienced over the years. It will truly be a wonderful night of beautiful music,” says Audie Gemora, Solaire director for entertainment.

Kuh Ledesma has been in the business for four decades and is showing no signs of stopping from performing onstage. She was prominently compared to Barbra Streisand during her early years, but eventually shook the association off due to her own

striking looks, soulful sound and acting prowess. The veteran artist behind the hits “Dito Ba?,” “Til I Met You” and “One More Try” has a busy 2018 with shows both local and abroad.

Best-selling music artist Christian Bautista also had his dose of early comparison. He was likened to American artist Josh Groban for his lanky physique when he first auditioned for a defunct TV singing contest. Despite his competition exit, he was offered a recording contract and thus began his climb to entertainment stardom. His debut single “The Way You Look At Me” received an acclaimed exposure in Indonesia, which set his singing career in an international trajectory.

With strings of ups and down throughout the years under their belts, both artists agree that time has allowed them to translate their repertoire into more personal narratives of their lives even beyond the limelight. Kuh divulges, “Being in the industry for 40 years, the songs have become mine over time.

There is one song that brings me to tears whenever I hear it, and this concert is my opportunity to sing it as my own.” To put more context, Christian cites his relationship with fiancée Kat Ramnani and how she

has made an impact on his performances.

“Groban’s ‘You Raise Me Up’ has more meaning to me now. When I hear it, sing it, I think about Kat and how the song perfectly describes how she affects me and how much she inspires me.”

Reflecting on the last few years since doing this concert for the first time, Kuh shares, “The years in between have brought a lot of amazing experiences. We’ve gone through various events, even life-changing milestones that bear different emotions.

Although the songs will be familiar and the best from the three icons, there will be more depth and honesty,” says Kuh. “Our, and of course the fans of Streisand, Legrand and Groban can definitely expect a deeper sense of connection to the songs that we will sing in the concert. It’ll still be the music that the fans have fallen in love with, only this time more heartfelt.”

For tickets to Kuh Ledesma Christian Bautista Sing Streisand Groban Legrand, call TicketWorld at 891-9999.

$10.4-million second weekend.

Fahrenheit 11/9 may have decent weeks ahead leading up to the November midterm elections.

ComScore’s PostTrak survey found that 82 percent of viewers gave it four out of five stars. It landed an “A” CinemaScore. “Those who did see it really enjoyed it,” said Paul Dergarabedian, senior media analyst for comScore. “People have said: Should they have gone limited? Should they have gone wide? I think they needed to get it out there nationwide with midterms six weeks away. But it’s very easy to second-guess how to release a documentary like this. It’s one of the most difficult types of films to release.”

Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore.

Where available, the latest international numbers for Friday through Sunday also are included.

1. The House With a Clock in Its Walls, $26.9 million ($8.7 million international) 2. A Simple Favor, $10.4 million ($5.2 million international) 3. The Nun, $10.3 million ($35.4 million international) 4. The Predator, $8.7 million ($15.2 million international) 5. Crazy Rich Asians, $6.5 million ($5.1 million international) 6. White Boy Rick, $5 million 7. Peppermint, $3.7 million ($1.6 million international) 8. Fahrenheit 11/9, $3.1 million 9. The Meg, $2.4 million ($3.4 million international) 10. Searching, $2.2 million ($3.6 million international).

Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore: 1. The Nun, $35.4 million 2. Golden Job, $23.2 million 3. Johnny English Strikes Again, $17.2 million 4. The Predator, $15.2 million 5. L Storm, $9 million 6. The Great Battle, $8.9 million 7. The House With a Clock in Its Walls, $8.7 million 8. Incredibles 2, $8.3 million 9. Mission: Impossible—Fallout, $8 million 10. Ash Is the Purest White, $5.9 million. n

KUH LEDESMA and Christian Bautista

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Art

BusinessMirror

Tuesday, September 25, 2018

GRAFFITI at the beginning of the Museum of Street Art’s stairwell gallery at citizenM New York Bowery Hotel

IN celebration of the 100th year of Czech Comics, famed works of notable Czech artists and writers of both mainstream and alternative comics from the last century is on view at the NCCA Gallery in Intramuros, Manila. The show, titled Meanwhile, Elsewhere, is a grand cultural collaboration between the Embassy of the Czech Republic in Manila and the National Commission for Culture and the Arts (NCCA).

The exhibition forms part of the commemorations of major anniversaries this year—the centenary foundation of Czechoslovakia (1918), 70 years from the establishment of the infamous communist regime (1948) and 25 years of the creation of the Czech Republic (1993).

The Meanwhile, Elsewhere exhibition not only shows the themes and authors in all their respective historical periods until today, but also recaps a tumultuous national history through comics that aptly reflects the historical, political and cultural changes of the Czech Republic.

Samples of different illustrations are showcased to depict the history and evolution of Czech Comics and how they were affected by the times. Popular works like Kája Saudek’s superheroes, Jaroslav Foglar’s five-generation classic Fast Arrows, as well as pre-World War II artist Ondrej Sekora’s early comics precursor Ferda the Ant (in-illustration) are also seen.

Furthermore, a selection of contemporary avant-garde comics of sorts, such as Jaromír Rudis’s Alois Nebel and Jaromír 99 will encapsulate all young comic-enthusiasts. Visitors of all ages can enjoy the exhibition as it contains numerous original comic books and magazines.

The fate of Czech comics reflects not only the periods of high creative freedom, but also the times of stagnation and control, as there was a political ban during the Communist rule in Czechoslovakia that was only lifted when democracy was restored in 1989 and the boom of comics recommenced.

In attendance on the exhibition’s opening night on September 11 was Czech Ambassador to the Philippines Jaroslav Olsa Jr., an avid comic fan and collector himself; and Moravian Museum art collections curator Tomás Prokupek, also the Meanwhile, Elsewhere exhibit curator. They were joined by the NCCA board members and representatives.

The exhibit is on view until the end of the month. For details, visit www.facebook. com/nccagalleryofficial, www.facebook.com/ CzechEmbassyManila, or www.ncca.gov.ph.

JONATHAN COHEN, better known as Meres One, uses spray paint to complete his signature lightbulb in the stairwell of citizenM New York Bowery Hotel.

AN aerosol piece in the stairwell of citizenM New York Bowery Hotel

5Pointz artists find a fresh canvas at new Museum of Street Art N

Czech Comics at 100 on view in Manila

www.businessmirror.com.ph

By Lauren Hard New York Times News Service

EW YORK—Talking about 5Pointz is still emotional for Jonathan Cohen, better known by his tag name, Meres One. Nearly five years have passed since his distinctive graffiti, and the work of dozens of his fellow artists, were whitewashed from a massive warehouse in Queens under the cover of night on November 19, 2013.

“I was very numb,” Cohen recalled after the graffiti mecca he had named 5Pointz was erased.

With the owner’s permission, artists from around the world had painted on the five-story, block-long building in Long Island City for more than 12 years, transforming it into a destination stop and de facto graffiti museum replete with 200,000 square feet of artwork. As the owner, Jerry Wolkoff, was preparing to build high-rises on the property, he hired a crew that painted over the murals, then left the building sitting for months until it was knocked down in 2014.

A heartbroken Cohen moved to Crown Heights, Brooklyn, soon after 5Pointz vanished. The act was quickly challenged in court. In February, 21 5Pointz artists won a key victory—and a $6.7-million award— but the case remains under appeal.

“I did a lot of walking around—soul searching, admired the town houses, the churches, the stained glass,” Cohen said of his new Brooklyn neighborhood.

At some point, inspiration struck.

In fact, it is a stained-glass inspired piece crafted

by Cohen that is the first work visitors see when

walking into a Manhattan hotel that houses a new museum that simultaneously pays homage to the creative soul of 5Pointz and to the history of Lower Manhattan.

Marie Cecile Flageul, curator of the new Museum of Street Art, or Mosa, was a key figure in 5Pointz, serving as its spokeswoman and, often, its public face. The museum, which fills the stairwell of a soonto-open hotel, will showcase 20 artists, all of whom painted at 5Pointz.

It is meant to be a vertical love letter to the Lower East Side and the Bowery, featuring what Flageul described as faces, places, words and moments. Each painting tells a story, she said.

Styles featured include portraits, collage composition, classic styles of lettering and calligraffiti. All of the artists used aerosol paint.

“It was important for us, also on an educational point, to showcase all the different styles and embrace all of it,” Flageul said.

Cohen’s stained-glass piece, for example, features his signature wild-style lettering.

Starting next month, visitors can check in at the front desk of the hotel, citizenM New York Bowery, take the elevator to the 20th floor and head toward the stairwell. The first painting visitors will see as they descend the staircase is by Thomas Mestre, also known as Djalouz, who is believed to be the last artist to paint at 5Pointz. Mestre’s piece is a graffiti-inspired presentation of a quote from artist Keith Haring: “Art lives through the eyes of the person looking at it.”

Farther down the stairwell the wall pops with work by Never Satisfied, who rappelled with a harness

and rope to create his 5Pointz art.

One piece features Flageul and Cohen on a rooftop at 5Pointz. “It’s kind of like symbolizing us being a little happy again,” Flageul said. “Because now we have a home here and we’re able to, you know, come back and share a passion for aerosol art.”

The permanent installation, which will open on Thursday for a celebration party and to other visitors in October, was funded by the hotel. Mosa will be open seven days a week for free, self-guided tours, enhanced by audio explanations accessible via the hotel’s Wi-Fi. The first 500 visitors can also sign up for a guided tour with Flageul.

Much of the history of Lower Manhattan is captured in the exhibit, as Mosa brings you face to face with moody cityscape paintings influenced by artists like Edward Hopper and the former Bowery subway station, depicted by Christian Cortes, also known as Cortes.

The exhibit also includes portraits of actress Rosario Dawson, who grew up on the Lower East Side, and RuPaul, the drag queen who gained acclaim on the Lower East Side long before RuPaul’s drag race.

Flageul gave each artist an assignment, but she said they had full creative control in how they executed it. All the art was done by hand. Some pieces, like the RuPaul portrait, took the artist, Elle, more than 20 hours to complete, Flageul said.

“Fans that love 5Pointz are going to flock here to see this,” Cohen said. “It’s going to be a reunion for artists. It is a little taste of what was lost. So I’m pretty excited. And it’s also, you know, moving forward, moving to the next chapter.” n

HERMANN NITSCH ‘THE ORGIES MYSTERIES THEATRE’ SOLO EXHIBITION 1335MABINI presents the solo exhibition The Orgies Mysteries Theatre by well-known artist Hermann Nitsch (1938, Vienna, Austria; www.nitsch.org). The artist is showing his works for the very first time in Southeast Asia.

Nitsch recently celebrated his 80th birthday at his castle in Prinzendorf, Austria.

Nitsch is one of the initiators of the confrontational Wiener Aktionismus (Viennese Actionism), shunning the confines of traditional painting and sculpture, reinventing an art that exists in real, corporeal terms through long-durational performances called actions, during which audiences are not mere spectators but actual participants—participating in a celebration of life and of being placed in this world. The goal of such celebration is to experience life, to intoxicate the being, and to enter a mystic ecstatic condition.

Nitsch’s poetic, dramatic performances are titled Das Orgien Mysterien Theater (The

Orgies Mysteries Theatre), and to experience the drama—and for the drama to be expanded to a celebration of life—not only sight but also the senses of taste and smell are called upon.

For Nitsch, life is joy, it is celebration, exuberance and extravagance. Life, being placed in the world, is full of fertile ecstasy.

Through his work, Nitsch seeks catharsis through compassion

and agony.

For his solo exhibition at 1335MABINI, Nitsch will show paintings and works on paper he created between 1987 and 2010.

The exhibition opens on October 20, 6 pm, at 1335MABINI gallery in Karrivin Plaza, Chino Roces Avenue Extension, Makati City.

The exhibition runs until November 17.

‘PAYSAGE’: THE LANDSCAPES OF HANS BRUMANN

IN Paysage (French for landscape), Hiraya Gallery (www.hiraya.com) presents the recent sculptures and watercolors of Hans Brumann at the Mezzanine of Makati Shangri-La Manila this October 4.

The artist is the famed Swiss jeweler who has made the Philippines his home for the past five decades. In recent years, Brumann has produced sculptures invested with the same degree of elegance and refinement, especially in the woodwork where the grains of the material make their most striking appearance, and where the polish and natural gleam of the wood is a kind of visual seduction.

More innovatively, Brumann explored an unexpected material which one would have expected a native, a Filipino sculptor, to have embraced: Mother of Pearl. This is manifest proof that our eyes may have been so sated by our familiarity with the abundance of natural materials around us, such that only a pair of European eyes can appreciate them.

In Paysage, Brumann takes our jaded eyes this time to the setting and scenery of his youth, the views of his native Switzerland and France. Many of Brumann’s watercolors depict passages and pathways in between the stolid European stone houses that wear the passage of time and the seasons with a quiet dignity.

Paysage runs until October 30.