BusinessMirror September 07, 2018

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Friday, September 7, 2018 Vol. 13 No. 328

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DOF to NFA: Explain low rice procurement

By Manuel T. Cayon

@awimailbox

Mindanao Bureau Chief

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AVAO CITY—The Department of Finance (DOF) has asked the National Food Authority (NFA) to immediately explain why it understocked in the second half of 2017 and why it favored importation over buying from local farmers despite what the DOF insisted was the presence of “ample funds at its disposal and a standby credit facility that it could have readily tapped to maintain its mandated buffer stock.”

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HIGHER TAXES, PRICES: BUSINESS OUTLOOK LOWEST IN 8 YEARS

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By Bianca Cuaresma

@BcuaresmaBM

“We would highly appreciate receiving your immediate responses to our queries,” Assistant Secretary Soledad Emilia Cruz of the DOF’s Corporate Affairs Group (CAG) said

OCAL businesses are not happy with their prospects given recent economic developments, as firms surveyed by the Bangko Sentral ng Pilipinas (BSP) complained about rising prices and higher taxes for the third quarter of the year.

Business outlook on the economy turned sour in July to September this year, with the quarterly Business Expectation Survey (BES) of the Central Bank showing the overall confidence index (CI) of firms during the period slumped to 30.1 percent—the lowest level of business confidence since the first quarter of 2010.

The confidence index is computed as the percentage of firms optimistic on the local economy minus the percentage of pessimistic firms.

Firms surveyed during the period complained of increasing prices of basic commodities in the global market, augmented by the effects of the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law on prices of domestic goods.

Businesses also attributed their weaker sentiment to rising overhead costs and lack of supply of raw materials, as well as seasonal factors such as interruption of business activities and lower crop

See “DOF,” A2

Continued on A12

“On top of its funds and NG-guaranteed credit facilities that the NFA can use if funds are insufficient to procure rice, the DOF can also provide NG advances for debt servicing or NG guarantees on the required additional credit to support the agency’s operations.”—Cruz

Inflation puts PHL at center of Asian emerging market crisis Econ chiefs

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HILIPPINE stocks and the peso led declines in Asia after Wednesday’s jump in inflation coincided with an intensifying emerging market sell-off, and Jefferies Hong Kong Ltd. downgraded the nation’s equities.

The Philippine Stock Exchange index fell 1.5 percent at the close in Manila, taking its two-day decline to 3.1 percent. Around $7.2 billion in market value has been wiped from Philippine equities over the two days. The peso weakened 0.5 percent against the dollar and touched the lowest level in more than 12 years.

Inflation surged to a nine-year high of 6.4 percent year-on-year in August, beating all estimates and calling into question the competence of the Central Bank. The data couldn’t have come at a worse time as fears of emerging market contagion from Turkey and Argentina spook investors.

“The Central Bank is perceived again to be behind the curve in reining in inflation,” said Noel Reyes, chief investment officer at Security Bank Corp. in Manila.

“At the rate things are going, the peso could hit 54 per dollar in the near term, which could be tomorrow or next week.”

Philippine stocks were cut to bearish from moderately bearish within the global asset allocation of Jefferies, which said the Central Bank is falling behind its monetary objectives and valuations are expensive. “The chink in the growth story in the Philippines has been the rates of credit expansion and, more recently, inflation,” Jefferies chief global equity strategist Sean Darby wrote in a report on Thursday.

“Sentiments are very negative from a mix of local and foreign reasons” that include escalating domestic inflation and the USChina trade war, said Steven Ko, a fund manager at Manila-based Rizal Commercial Banking Corp.

“Many investors are raising cash now on the expectation that share prices will trend lower.”

Ko said he’s taking advantage of the sell-off by shifting part of his funds into stocks that are

keep posts amid blame on inflation

By Bernadette D. Nicolas @BNicolasBM

& Jonathan L. Mayuga

D EXPECT MORE JAMS Mabini Bridge, which connects the Santa Mesa area to the Pandacan and Paco areas in Manila, is seen in photo from alchetron.com. That, along with the Old Santa Mesa Bridge and Nagtahan Flyover, will be the site of restoration and repair works by the Department of Public Works and Highways starting September 15. The Metropolitan Manila Development Authority, which gave the DPWH the clearance to proceed, warned of heavier-than-usual traffic. Full story on A2. PHOTO COURTESY_ALCHETRON.COM.

ESPITE being blamed in some quarters for inflation’s hitting a new nineyear-high at 6.4 percent, economic managers will stay at their respective posts, Malacañang said.

Presidential Spokesman Harry L. Roque Jr. said on Thursday that there will be no firing of officials, especially for the economic team, as he noted that the government has already identified short- and longterm measures to curb inflation.

“I think in the Cabinet, economic managers have the strongest support of the President,” Roque said in a television interview.

See “Inflation,” A2

PESO EXCHANGE RATES n US 53.5470

@jonlmayuga

Continued on A2

n JAPAN 0.4802 n UK 69.1078 n HK 6.8223 n CHINA 7.8422 n SINGAPORE 38.9319 n AUSTRALIA 38.4949 n EU 62.2752 n SAUDI ARABIA 14.2762

PHOTO COURTESY_ALCHETRON.COM.

Source: BSP (6 September 2018 )

News

BusinessMirror

A2 Friday, September 7, 2018

Work on 3 Manila bridges spells more traffic problems

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By Claudeth Mocon-Ciriaco | Correspondent

O relief from traffic. Burdened with restrictions like number coding and bans on driveronly vehicles in certain places, Metro Manilans faced with busy routes that have been shuttered because of repairs on bridges such as Otis, now have to deal with even more challenges.

The Metropolitan Manila Development Authority on Thursday warned motorists and commuters of heav ier-than-usual traffic in the areas surrounding three more v ita l br idges i n M a n i l a— Old Sa nt a Mes a Bridge, Mabini Bridge and Nagtahan Bridge. The MMDA has already given the green light to the Department of Public Works and Highways (DPWH) to proceed

with work here.

MMDA General Manager Jojo Garcia said the restoration of Old Santa Mesa Bridge and repair works of Mabini Bridge and Nagtahan flyover will start on September 15.

“The Old Santa Mesa Bridge that connects San Juan and Manila cities will be closed for seven months,” said Garcia, in a press briefing on Thursday.

The bridge’s reconstruction is to

give way to the ongoing construction of Skyway Stage 3 Project, an elevated expressway that will connect the cities of Makati and Quezon, the official explained.

“The bridge along N. Domingo Street has to be demolished so that barges that will carry equipment for the Skyway 3 Project can pass the waterway,” said Garcia.

To guide affected motorists, the MMDA posted signages to inform them of the alternative routes they make take: F. Manalo Street or G. Araneta/Aurora Boulevard, Lubiran, Boni Avenue, F. Blumentritt Avenue. More than 8,000 vehicles use the bridge daily.

Meanwhile, repair works for the Mabini Bridge and Nagtahan flyover will last for four months.

The bridge’s and flyover’s reblocking works involve asphalt overlay and electrical works per lane for 120 days. An average of 37,000 vehicles traverse the area daily.

Contractors are allowed to work only during nighttime, from 11 p.m. to 5 a.m.

Garcia admitted that the projects

would worsen traffic in Metro Manila, prodding them to intensify clearing operations on major thoroughfares and alternative routes (Mabuhay Lanes).

He advised motorists and commuters residing in Manila to allot longer travel time going to their destination with the impending restoration of the two bridges this “ber” month period when traffic is heavy.

To intensify their campaign against illegal parking, Garcia said they will declare designated alternate routes as “no parking zones.”

“No vehicle will be allowed to park on alternate roads during daytime,” said Garcia.

He warned that vehicle owners who defy the 6 a.m. to 9 p.m. “no parking rule” will receive citation tickets for illegal parking.

For his part, Bong Nebrija, MMDA’s Task Force Special Operations head, said they have started clearing illegally parked vehicles and other obstructions on designated alternative routes ahead of the scheduled bridge works.

Econ chiefs keep posts amid blame on inflation Continued from A1

This was after some lawmakers, including Minority Leader Danilo Suarez and House Senior Deputy Minority Leader and Buhay Party-list Rep. Lito Atienza called for the resignation of some economic managers for their alleged failure to address inflation concerns of the country. Inflation went beyond government and market expectations when it soared to 6.4 percent in August.

After the August inflation figure was announced, the Economic Development Cluster met to identify the nonmonetary measures to fight inflation, such as replicating the issuance of certificates of necessity to allow imports to be distributed in the wet markets in Metro Manila and to the other markets of the country; immediate release 4.6 million sacks of rice available in warehouses of the National Food Authority (NFA) to markets across the country and allocation of 2.7 million sacks of rice to Zamboanga, Basilan, Sulu and Tawi-Tawi; importation of 5 million sacks of rice, which arrive over the next one-and-a-half months and another 5 million sacks early next year; convening by the

DOF. . .

Continued from A1

in her September 5 letter to NFA Administrator Jason Aquino.

The letter was sent a day after a combination of factors—topped by soaring rice prices on account of supply issues—pushed inflation rate to 6.4 percent in August, a nine-year-high that breached all projections and sparked calls for sanctions on economic managers, some of whom in turn blamed the mishandling of the rice issue for the price spikes.

Cruz said in her letter an agency review of the NFA financial records shows the latter had received P5.10 billion in subsidy from the national government last year, “of which P3.01 billion was used to pay for accounts with the Bureau of the Treasury [BTr], leaving a balance of P2.09 billion.”

She said the P2.09-billion balance “could have been rolled over and used to procure more rice to beef up the NFA’s inventory, but instead, the DOF found out that the agency used the money to pay for its short-term credit facility with the Land Bank of the Philippines [Land Bank] and the Development

Departments of Agriculture and of Trade and Industry of the poultry producers and setting up of public markets where producers can sell this directly to consumers, in order to reduce the gap between the farm gate and retail prices of chicken; and opening of the importation of sugar to direct users to moderate cost to consumers.

Economic managers have also thrown their support behind the swift passage of the rice tariffication bill in Congress as they noted that this will cut prices of rice by P7 per kilo. The House of Representatives has already passed the rice tariffication bill, but its counterpart in the Senate is still pending before the Committee on Agriculture and Food.

The bill seeks to remove the quantitative restriction on rice and convert this into tariffs. The tariff revenues will allow the farm sector to improve its productivity and competitiveness.

With the August inflation figure at 6.4 percent, year-to-date inflation is already at 4.8 percent, which is already beyond the Development Budget Coordination Committee’s forecast for the year at 4 to 4.5 percent. The August inflation figure is

also higher than the July inflation figure posted at 5.7 percent.

DBCC Chairman and Budget Secretary Benjamin E. Diokno said on Wednesday that they may revise their inflation forecast and GDP target considering the new developments, including the average GDP growth for the first half of the year.

MEANWHILE, some sectors are already fretting over the impact of inflation. The Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) said the high inflation rate is taking its toll on the poor, especially small fishermen.

In a statement on Thursday, Pamalakaya national Chairman Fernando Hicap said the surging cost of fuel and petroleum products decreases their capacity, and they are now spending lesser hours out in the sea to fish.

Since the Tax Reform for Acceleration and Inclusion (TRAIN) was implemented, imposing higher excise taxes on fuel oil price, most small fishermen have had to cut their fishing trips from the regular six to eight hours to four to six hours a day.

They also have to reduce fishing

days from the average of four to five days a week to three days a week.

With the recent increase of prices of fuel, the group said their sector will have to reduce their fishing trips further since the output of every trip is not always enough to cover the production expenses due to the decline of municipal fish catch. This also means, the group added, the diminution of their already small income and their families going hungrier.

“Production cost increases yet our income remains low as ever.

We’ve had enough of the Duterte administration’s band-aid solutions to inflation such as flooding our local markets with imported products. The importation policy will actually do more harm than good to the Filipino consumers especially to local food producers such as farmers and fishers,” he said.

“The Duterte government must take concrete action to address this economic injustice by taking a longterm solution including strengthening our agriculture and fisheries, government intervention through price control, and cease and desist from privatization of our basic social services.”

Bank of the Philippines [DBP].”

Even without the P2.09-billion balance to its account, the NFA had a cash balance of P1.3 billion as of March 2017, although this dropped to P1.2 billion as of end-June also last year. Also in account of the NFA was an NG-guaranteed facility of P3.58 billion as of March 2017, and which also dropped to P2.1 billion as of end-June 2017.

Besides, the DOF said, the NFA has a standing balance of a P5.4 billion advance from the NG that was favorably endorsed by the Department of Transportation for the NFA debt-servicing requirements in 2017.

This amount was supposedly for the NFA’s obligations that matured in October and November of that year, “so that its available NGguaranteed credit facilities could be utilized to augment funds for rice procurement.”

“Our analysis shows that the NFA had ample resources coming from cash balances and available credit facilities, even without considering the subsidy receipts and uses, to procure the projected volume of local rice at least up to the third quarter under its May projection submitted to the DOF,” Cruz said.

Cruz’s unit, the DOF-CAG, is in charge of implementing policies affecting government-owned and controlled corporations (GOCCs) like the NFA, and in monitoring the cash flows of the government corporate sector, a DOF statement said on Thursday.

It remained unclear to the DOFCAG why the NFA’s actual palay procurement in its May 2017 report was only 6,331 metric tons versus the estimate of 22,552 MT for the second quarter. The NFA that time had reported to the DOF that its buffer stock was approaching critical levels.

Cruz pointed out in her letter that actual palay procurement for the second semester of 2017 was only 13,714 MT, which was much lower than the 151,129 MT projection that the NFA submitted to the DOF for the same period.

In terms of mix of rice procurement, the “underlying assumptions in the revised May 2017 projection showed a mix of 68:32 in favor of imported rice. However, actual stock flow for 2017 resulted in a mix of 94:6, in favor of imported rice, which was a substantial drop in the share of actual local rice procurement compared with the May 2017 projections,”

Cruz said.

Cruz said that “on top of its funds and NG-guaranteed credit facilities that the NFA can use if funds are insufficient to procure rice, the DOF can also provide NG advances for debt servicing or NG guarantees on the required additional credit to support the agency’s operations.”

“Thus, the NFA was assured of enough funds to buy the projected volume of local rice at least up to the third quarter under its May projection,” she added.

The NFA is required to keep a buffer stock good for 15 days at any given time and a 30-day buffer stock during the traditional lean months of July to September.

Given its findings on the NFA’s cash flow and actual procurement done last year, the DOF told the agency to explain the following: 1) the drop in actual palay procurement as against projection for the second quarter of 2017; 2) the decline in procurement turnout for the rest of the year; 3) the drop in the share of local rice procurement; and 4) its failure to roll over its NG-guaranteed facilities so that it could have funds available to augment its rice procurement capabilities.

High cost of diesel

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DOT encourages tourists to take the plunge in PHL as Dive Show opens Sept. 7

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

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HE Department of Tourism (DOT ) hopes to attract more foreign tourists to the Philippines as it positions itself as one of the major diving destinations in the world.

In an interview with the BusinessMirror, DOT Spokesman and Undersecretary for Tourism Development Planning Benito C. Bengzon Jr. said they aim to generate 1,620 leads and businessto-business meetings from the expected 102 foreign buyers and local sellers who will participate in the Dive Resort Travel (DRT) Show Philippines which opens Friday (Sept. 7).

He said this year’s target is more than a two-fold increase from the 616 leads and meetings actually accomplished last year from just 66 participants.

“We look forward to the arrival of some 100 dive travel agents, operators and media from opportunity markets including France, Italy, Spain, the Nordic Region, Middle East and India,” he said.

“These new markets now see the Philippines as a richly-diverse destination for underwater adventure,” he added.

The DRT Show is considered one of the largest international diving expositions in Asia, and will be held on September 7 to 9, 2018, at the SM Megatrade Hall in Mandaluyong City. It will also feature the Dive Travel Mart (DTM) where local dive centers, shops and resorts will sit down with foreign dive tour operators and travel agents for B2B meetings.

The DRT network comprises top-level exhibitors from 48 countries, with each show generating visitor traffic of at least 20,000 dive enthusiasts, according to a separate news statement from the DOT. “Through the Dive Travel Mart, we aim to strengthen the Philippines’ position as a worldclass dive travel and business hub, where everyone can experience first-hand dive products and services, at the same time, find tour dive sites accessible,” Bengzon enthused.

According to The Diving Equipment and Marketing Association, there are about 6 million active scuba divers in the world, and some 20 million snorkelers globally. The Philippines, however, has attracted less than 2 percent of the international recreational dive market.

Diving and marine sports are among the tourism products the DOT will be promoting under its National Tourism Development Plan for 20162022, with 17 source markets for tourists identified.

To give DTM participants an “ultimate dive tourism experience,” the event will culminate in a five-day, four-night dive familiarization tour of selected diving destinations in the country from September 10 to 14.

Those who will participate in the familiarization tour will

Inflation. . .

Continued from A1

“undervalued” and have “underperformed” the index’s rebound from a 17-month low in June. Philippine stocks are trading at 16.3 times 12-month estimated earnings, below the five-year average 17.7 multiple.

BDO Unibank Inc. and Metropolitan Bank & Trust Co. led declines

“We look forward to the arrival of some 100 dive travel agents, operators and media from opportunity markets including France, Italy, Spain, the Nordic Region, Middle East and India.”—Bengzon

plunge the depths of featured diving spots such as Anilao, Batangas; Puerto Galera, Mindoro; Dumaguete, Negros Oriental; Bohol; Malapascua and Moalbal in Cebu; Siquijor Island; and Southern Leyte.

With over 7,100 islands, the Philippines has been tagged by scientists as the part of the Coral Triangle, acknowledged as the center of the world’s marine diversity.

In 2011 and 2014, the California Academy of Sciences in San Francisco found the waters of the Philippines as having the most diverse number of marine species.

Bengzon also disclosed that the DOT has developed other viable segments of dive tourism, such as technical diving and freediving, which will be offered during the B2B meetings. He said more freediving events have been taking place in the country following the endorsement by world champion and celebrity free-diver Guillaume Nery of the Philippines as the ‘Freediving Capital of Asia’ last year.

He noted that the Philippine booth at the DRT will host at least 50 local sellers representing establishments in various dive destinations all over the archipelago, in a bid to boost links and business partnerships with foreign buyers. The complete list of activities during the exhibition are available at www. philippinesdiveexpo.com.

According to the Professional Association of Diving Instructors (Padi), year-round diving can be done in the Philippines, and identifies major destinations and dive spots such as Yapak, Boracay; Monad Shoal, Ma lapascua; T he Canyons, Puerto Galera; Balicasag Fish Sanctuary, Bohol; Mactan Island, Cebu; Morazan Maru, Coron Bay, Palawan; Apo Island, Dumaguete; and the USS New York, Subic Bay. “The Philippines is a great place to see scorpion fish, emperor fish, barracuda, Moorish idol, f lutemouth, tuna, batfish and trevally,” said the Padi Facebook page. “Some of the more unusual creatures spotted also include pygmy sea horses, parrotfish, lionfish, triggerfish, unicorn fish, trumpet fish, wrasse, mantis shrimp, squid and octopus. Bigger animals also get into the picture with eagle rays, devil rays, manta rays and sharks, including thresher sharks and hammerhead sharks.”

It added: “More than 7,000 tropical islands, clear warm water, vast coral reefs and mindblowingly beautiful flora and fauna make the Philippines a true scuba diver’s paradise.” among the nation’s lenders after Macquarie Capital Securities Philippines Inc. analyst Gilbert Lopez cut the sector’s rating to neutral from overweight on expectations loan growth will slow.

Overseas investors sold a net $19.4 million of Philippine shares on Wednesday, bringing this year’s outflows to $1.4 billion. The benchmark PSEi has declined 11 percent so far this year, among the world’s 10 worst performers. Bloomberg News

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briefs PALACE BARES NEW APPOINTMENTS PRESIDENT Duterte has appointed former Transportation Undersecretary Cesar B. Chavez to the board of directors of the Bases Conversion and Development Authority (BCDA).

Chavez will be replacing Jose Pallarca, according to the appointment paper signed by the President last August 31, a copy of the document sent to Palace reporters on Thursday.

Aside from Chavez, the President also appointed broadcaster Nancy I. Tanjuatco as private-sector representative of the board of directors of the Land Bank of the Philippines. Tanjuatco replaced Rodolfo V. Puno and her term will expire on June 30, 2019.

The President also appointed Lorenzo P. Larion as a member of the Professional Regulatory Board of Mechanical Engineering of the Professional Regulation Commission. Larion will be serving a three-year-term, replacing Fernando S. Guevarra. Bernadette D. Nicolas

O.T.S. EMPLOYEE NABBED FOR WALLET THEFT AIRPORT police arrested an Office for Transportation Security (OTS) employee, caught in a video recording stealing the wallet containing cash of a Taiwanese passenger.

Airport authorities identified the suspect as Nievel P. Gorpe, 38, single, of Block 4, Electrical Road, Barangay 191, Zone 20, Pasay City.

Gorpe was shown in the video stealing the wallet of the passenger containing $2,600 left in his handcarry luggage.

The Taiwanese was a departing passenger at the Ninoy Aquino International Airport (Naia) Terminal 3. Recto Mercene

MILITARY RECOVERS N.P.A. GUNS, AMMUNITION IN AURORA SOLDIERS recovered on Thursday several firearms and homemade bombs in follow-up operations in Aurora following a clash with members of the New People’s Army in the province four days ago.

The recovery of firearms, bombs, ammunition and even communication equipment was prompted by the information taken from captured documents during the clash, according to the Army’s 7th Infantry Division.

Among the recovered items were three M-16 rifles, six homemade bombs, four mobile phones, 15 pieces of blasting caps, three remote controls, six improvised blasting caps and a 10-meter-long detonating cord.

Also recovered by elements of the 91st Infantry Battalion were 23 M-203 ammunition, four loaded M-16, five commercial radios and several pieces of radio batteries.

On Sunday members of the 91st IB and rebels clashed at Barangay Villa, Maria Aurora, Aurora province, that resulted in the death of two rebels and the recovery of voluminous rebel document.

The document, according to 9th ID commander Maj. Gen. Felimon Santos, contained the exact location of the recovered items.

Santos said operations were continuing against rebels in Aurora. Rene Acosta

B.O.C. SEIZES SMUGGLED ONIONS WORTH P12M AT M.I.C.P

THE Bureau of Customs (BOC) has announced the seizure of six 40-footer containers loaded with smuggled onions from China worth at least P12 million.

Customs Commissioner Isidro S. Lapeña has reiterated his warning to unscrupulous traders that the BOC will be unrelenting in its drive to curb smuggling into the country’s ports.

“I have already ordered for the revocation of the accreditation of the consignee and the Customs broker involved. Again, I am warning all unscrupulous traders, stop your smuggling attempts. I will definitely catch up with you,” Lapeña said.

The X-ray Inspection Project-Manila International Container Port (XIPMICP) field office, which enforced the apprehension of the containers, said the smuggled shipment came from China and declared as fresh apples that arrived at the MICP on August 14. The containers were consigned to ASD Total Packages Enterprises Inc. Rea Cu

Editor: Vittorio V. Vitug • Friday, September 7, 2018 A3

DOJ chief to Trillanes: Prove dismissal of charges in Court

By Joel R. San Juan

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@jrsanjuan1573 & Butch Fernandez

@butchfBM

USTICE Secretary Menardo I. Guevarra on Thursday challenged beleaguered Sen. Antonio F. Trillanes IV to appear and prove before the court his claim that he complied with all the requirements to be eligible for amnesty in 2011, in connection with his role in attempts to overthrow the Arroyo administration.

Guevarra insisted that the issuance of an order by Regional Trial Court (RTC) of Makati City Branch 148 Presiding Judge Andres Bartolome Soriano compelling Trillanes to comment on the Department of Justice’s motion for the issuance of a hold departure order (HDO) and an alias warrant shows that the trial court still has jurisdiction over him, contrary to his claim that the cases against him have already been dismissed when he was given amnesty by former President Benigno S. Aquino III. “The court has issued certain orders. The case has, in fact, been revived,” Guevarra said.

‘Recipes for instability’

SENATE Minority Leader Franklin M. Drilon, meanwhile, warned that the Duterte administration may face dire consequences if Malacañang insists on foisting Palace Proclamation 572, revoking on a technicality the amnesty granted to Trillanes by the Aquino administration absolving the ex-Navy officerturned-lawmaker of liability for leading the failed military mutiny against the Arroyo administration.

Drilon, a former justice secretary, on Thursday said that revoking the amnesty and reopening of cases against Trillanes that were already dismissed by the courts are “recipes for instability.”

“Presidential Proclamation 572 cannot just invalidate an

act performed altogether by the three branches of government,” the lawmaker said.

Go to SC

GUEVARRA added: “The RTC has set a hearing on September 13. He [Trillanes] should tell that to the court. He said he will go to the Supreme Court, he [should] tell that to the SC,” Guevarra said in reaction to Trillanes’s claim that he no longer has pending cases in connection with his participation in the July 27, 2003, Oakwood Mutiny, the February 2006 Marines standoff and the November 29, 2007, Manila Peninsula takeover, which were all aimed at pressuring then-President Gloria MacapagalArroyo to step down.

The department said the coup d’etat case against Trillanes was scheduled for promulgation in 2011 but was canceled after he was given an amnesty.

Acting Prosecutor General Richard Anthony Fadullon also pointed out that dismissal of the case by former Presiding Judge Ma. Rita Bascos Sarabia can no longer be given weight in view of President Duterte’s Proclamation 572, where he declared that the senator’s amnesty is considered void from the start due to his failure to comply with the requirements to make eligible for such.

“Yes, it was dismissed by Judge Sarabia on the premise that he applied

for amnesty. But the grant of amnesty as far as Trillanes is concerned has been declared void ab initio [void from the start],” Fadullon said.

“This being the case, the decision as far as it dismissed the case against him, has no leg to stand on,” he added.

Fadullon pointed out that the Department of Justice seeking Trillanes’s arrest is in line with the President’s directive under Proclamation 572.

“In the meantime, we sought his arrest to comply with the directive in Proclamation 572 and to prevent confusion on the matter of his being arrested by our peace officers,“ he explained.

Proclamation 572 specifically revoked the Department of National Defense Ad Hoc Committee Resolution 2 issued on January 31, 2011, insofar as it granted amnesty to Trillanes in line with Aquino’s Proclamation 75.

TRO vs AFP and PNP

THIS developed as Trillanes, a known critic of the President, filed a petition before the Supreme Court seeking the issuance of a temporary restraining order (TRO) enjoining the Armed Forces of the Philippines (AFP) and the Philippine National Police from arresting him as directed under Proclamation 572.

In a 36-page petition for prohibition and certiorari, Trillanes also asked the SC to declare as null and void the said proclamation for being unconstitutional.

Named respondents in the petition were Executive Secretary Salvador C. Medialdea, Defense Secretary Delfin N. Lorenzana, Interior Secretary Eduardo M. Año, Guevarra, Armed Forces Chief of Staff Gen. Carlito Galvez Jr. and PNP chief Director Gen. Oscar D. Albayalde.

The senator argued that the proclamation violates the constitutional grant of “shared power” between the Executive and Legislative branches in issuance and withdrawal of amnesty grant.

“The power to grant amnesty is not just the sole prerogative of

the Executive. Under the Constitution, this power, to be validly exercised, requires concurrence of both Houses of Congress,” he explained, citing Article VII, Section 19 of the Charter.

He said the issuance of the proclamation was part of the Duterte administration’s ploy to silence the opposition.

Trillanes claimed that Proclamation 572 violates his rights to due process since it “singled out and specifically targeted” him.

Trillanes also alleged that the assailed proclamation violated the rule on double jeopardy since the cases against him have already been dismissed by the Makati City regional trial courts. The senator claimed that his cases before RTC in Makati RTC Branches 148 and 150 were “both dismissed on the basis of the amnesty granted to petitioner.”

The senator further argued that the order violated the provisions against warrantless arrest and the exclusive authority of the courts to order arrest of individuals. “ T he attempt of President Duterte and/or the respondents to order and/or cause the arrest of petitioner on the basis of a mere proclamation, without a valid warrant of arrest and without any lawful cause or any pending case against him which would justify his arrest likewise clearly violates Article III, Section 2 of the 1987 Constitution,” read the petition.

Trillanes submitted to the SC documents that he said would prove that he met the requirements of his amnesty, particularly submission of formal application and express admission of guilt on crimes charges.

He, however, did not submit the actual application form that was reportedly “missing” in the records of the AFP. Trillanes filed the petition before the SC through his lawyer Reynaldo Robles.

In an interview with reporters, Robles expressed belief that the justices would rule on the matter with impartiality despite that they are being perceived as allies of Duterte.

LLDA dismayed Sy, Villar, Gokongwei, Razon among richest Filipinos in latest ‘Forbes’ list by court ruling on Taguig land

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AGUNA Lake Development Authority (LLDA) General Manager Joey Medina was dismayed over the Court of Appeals’s (CA) recent ruling on a property being used by a garbage hauling firm in Taguig City.

The CA ordered the LLDA on August 29 to vacate a lakeside property along C6 Road, Taguig City, and return possession of the lot to solid-waste contractor IPM Construction and Development Corp.

According to the LLDA, the injunction “was issued to stop a legitimate environmental activity.”

In a news statement issued on Thursday, the LLDA said, “The Rules of Procedure for Environmental Cases clearly states that only the Supreme Court can issue a temporary restraining order or writ of preliminary injunction against lawful actions of government agencies that enforce environmental laws or prevent violations thereof.” PNA

SY

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ETAIL tycoon Henry Sy once again topped the Forbes list of billionaires for the Philippines, after registering a wealth of $18.2 billion in the magazine’s recent cycle.

The chairman emeritus of SM Investments was named yet again the richest man alive in the country.

Although his net worth went down by 1.9 percent, or $361 million, the

VILLAR

93-year-old Sy still managed to top the list.

Far second was real-estate mogul and former lawmaker Manuel Villar, who saw his net worth climb by 0.2 percent, or $9 million, to $4.9 billion. The chairman of mall outlet brand Starmall and homebuilder Vista and Landscapes was the only billionaire among the top 10 who had his wealth increase over the

GOKONGWEI 3rd

past year.

Trailing Villar was businessman John Gokongwei Jr. The founder of JG Summit—a conglomerate in the business of air transportation, telecommunications, banking, food, power and property—registered a net worth of $4.4 billion, down by 4.3 percent, or $201 million.

Enrique Razon Jr., chairman of

RAZON

International Container Terminal Services, was the fourth-richest Filipino with a net worth of $3.9 billion. Lucio Tan, founder and chairman of tobacco, spirits, banking and property development firm LT Group, was fifth with a wealth of $3.7 billion.

Rounding up the top 10 were Tony Tan Caktiong of Jollibee Food Corp. ($3.7 billion); Ramon Ang

TAN

of San Miguel Corp. ($2.9 billion); George Ty of GT Capital Holdings ($2.7 billion); Andrew Tan of Alliance Global ($2.6 billion); and Lucio and Susan Co of Puregold Price Club ($1.6 billion).

All the top 10 registered lower wealth than in the last Forbes cycle, except Villar. The annual ranking documents the net worth of the world’s wealthiest men.

NPC chief lists possible financiers for Mindanao hydro plant rehabilitation

By Lenie Lectura

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@llectura

ULTILATER AL lending institutions are keen on shouldering the financing of the multibillion-peso rehabilitation of the Agus-Pulangui hydropower complex, according to an official of the National Power Corp. (NPC).

NPC President Pio Benavidez said there are other interested entities,

aside from China, that are interested to participate in the rehabilitation of the hydropower complex, which supplies Mindanao electric power consumers more than 50 percent of total electricity requirements.

These include “ADB [Asian Development Bank], World Bank, Jica [Japan International Cooperation Agency] and probably Chinese.” He added that the rehab cost could reach anywhere from

P37 billion to P50 billion.

The Agus complex, which has 728 megawatts (MW) of installed capacity, consists of six cascading power plants strategically located along the Agus River.

The Pulangui complex, meanwhile, is a 255-MW hydropower facility with three generating units.

Both facilities, however, already have de-rated generation.

The government is keen on commencing the rehabilitation of the Agus-Pulangi complex aimed at extending the facilities’ service life by 30 more years and to increase the plants’ reliability and availability.

The Department of Finance, which chairs the Power Sector Assets and Liabilities Management Corp. (PSALM), earlier said it wants to tap funds from China for the rehabilitation of

the Agus-Pulangui hydropower complex. Once rehabilitated, PSALM can proceed to privatize the power asset.

By doing so, the state firm believes that it could fetch a higher value when sold to interested bidders.

PSALM is the agency tasked to manage state-owned power assets. NPC is still the owner of the hydro complex.

The hydropower complex is required to be privatized under Republic Act 9136,

or the Electric Power Industry Reform Act of 2001, the law that restructured the energy sector.

The NPC official said the World Bank will extend a grant for the conduct of a feasibility study. “After the feasibility study, we will bid out the rehab then we will think of the availability of the funding. Jica wants 1.5 percent. The Chinese, 2 percent.

World Bank also wants to join.”

A4 Friday, September 7, 2018 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Meralco bares slight power-rate cut for September billing period

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By Lenie Lectura

@llectura

OWER rates for this month will slightly go down by P0.1458 per kilowatt-hour (kWh) brought about by lower generation charge for the August supply month.

The Manila Electric Co. (Meralco) said on Thursday that overall electricity rates went down to P10.0732 per kWh this month from last month’s P10.2190 per kWh. For a typical household consuming 200 kWh, this will mean a reduction of around P29 in their total bill.

“We are pleased to announce that despite the recent figures released on inflation and a slight depreciation of the peso, Meralco customers can find some relief in the decrease of power rates this month, as this goes against the current trend that

we see with other basic goods and commodities,” said Meralco Spokesman and Head of Public Information Office Joe Zaldarriaga.

From P5.3491 per kWh in August, generation charge for this month went down to P5.2719 per kWh, with a decrease of P0.0772 per kWh. Generation charge makes up the bulk of the monthly electricity bill.

Lower generation charge for this month is the result of a P2.0768 per kWh decrease in Wholesale Electricity Spot Market charges. WESM prices decreased this month as a result

₧29 The total amount of reduction in the monthly bill of a typical household consuming an average of 200 kWh a month

of both less power plant capacity on outage and lower average demand for power in Luzon. The share of WESM purchases to Meralco’s total requirement this month was 21 percent.

The decrease in WESM charges offset a P0.6112-per-kWh and a P0.3287-per-kWh rise in the cost of power from power-supply agreements and independent power producers, respectively. Both PSA and IPP charges increased partly because

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Groups urge DENR anew to junk coal use, shift to RE

By Jonathan L. Mayuga @jonlmayuga

of higher fuel prices and peso depreciation. The share of PSA and IPP purchases to Meralco’s total requirement this month was 39 percent and 40 percent, respectively.

Transmission charge of residential customers decreased by P0.0292 per kWh due to lower National Grid Corp. of the Philippines’s (NGCP) Ancillary Charges. Meanwhile, taxes and other charges went down by P0.0394 per kWh this month.

Meralco’s distribution, supply, and metering charges, meanwhile, have remained unchanged for 38 months, after these registered reductions in July 2015.

Meralco reiterated that it does not earn from the pass-through charges, such as the generation and transmission charges.

Payment for the generation charge goes to the power suppliers, while payment for the transmission charge goes to the NGCP. Taxes and other public policy charges like the feed-in-tariff allowance rate are remitted to the government.

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NT I- COA L activ ists slammed the Department of Environment and Natural Resources (DENR) for allegedly allowing a business-as-usual attitude in allowing proponents of coal projects to continue operating in the country.

On Thursday representatives of coal-affected communities, electric consumers, environmental and climate justice activists stormed DENR offices in various parts of the country to urge Secretary Roy A. Cimatu and other local officials to stop “coal obsession” and heed the demand of 89 percent of Filipinos who reject dirty coal as an energy source.

The groups cited a recently released Pulse Asia survey that says almost 9 out of 10 Filipinos prefer a shift to shift to renewable energy (RE) sources.

C u r r e n t l y, t h e P h i l i p pines houses 28 operational coal plants and 28 more coal projects are in the pipeline.

SBMA signs devt, trade tie-up with Israeli port firm

The DENR is expected to play a major role in the issuance of environmental compliance certificate especially those projects waiting for approval for construction.

Participants of a national day of action against coal said that the DENR’s current position on the issue does not only worsen the current state of the Philippine environment but also enables a rise in electricity prices all over the country.

Mercy Donor of Piglas Kababaihan also chided the Department of Energy for promoting coal use, which, she said, adds burden to the poor. Worse, she said, the DENR allows this to happen by issuing permits for more coal plants to be constructed.

“The negative impacts of coal are being felt by every consumer and much more by the communities living in the coal sites,” said Teody Navea of Cebu City.

“The resistance against coal is growing in many parts of the country. Aside from killing us with every breath we take, these coal plants are stealing money from our pockets…[from] our electricity bills,” added Navea.

Miaa to slap hefty fine to airlines involved in Aug airport congestion

By Recto Mercene

By Henry Empeño | Correspondent

@rectomercene

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UBIC BAY FREEPORT—The Subic Bay Metropolitan Authority (SBMA) has allied with the Israeli port of Eilat under an agreement that will promote the all-water route between the Subic Bay Freeport and Israel’s only anchorage on the Red Sea. SBMA Chairman and Administrator Wilma T. Eisma signed the memorandum of agreement on September 4 at the King David Hotel in Jerusalem with Eilat Port Co. Ltd. Chief Executive Officer Gideon Golber in a ceremony witnessed by President Duterte and Israeli Prime Minister Benjamin Netanyahu.

Eisma, who was among the Philippine officials that accompanied Duterte in his historic four-day visit to the Jewish state, said Suibic’s alliance for cooperation with Eilat “will open up doors in the area of port development and innovation” between the two maritime hubs.

“It will also serve to increase port traffic and revenue for Subic Bay, since trade routes for the movement of goods between Eilat and Subic will be firmly established,” she added.

Under the agreement, SBMA and Eilat Port Co. Ltd. will cooperate to generate new shipping business by promoting the Eilat-Subic all-water route, and to develop links for trade and investment.

Specifically, the two parties will cooperate in the areas of marketing, data interchange, market studies, modernization and improvements, training and technological exchange.

Eisma also said that the cooperation alliance with Eilat will further cement Subic’s global standing as a sea port and as a center for maritime trade.

According to Philippine Ambassador to Israel Nathaniel Imperial, it was Eilat’s Golber who proposed last April a partnership between Eilat and a Philippine port in order for the latter “to become the bridge of Israel to the rest of the Far East.”

Imperial then referred the offer to the SBMA chief last May, pointing out that the SBMA “can work with the Eilat Port management to learn more about technological innovations of Israel, which ensure the efficient and professional services of the port to its international clients.”

The Port of Eilat, which is at the northern tip of the Gulf of Aqaba, is mainly used for trading with Far East countries, as it allows vessels from Israel to reach the Indian Ocean without sailing through the Suez Canal. It is also Israel’s gateway to South Africa and Australia.

Imperial said Eilat Port was developed in 1965 and was privatized in 2013, with control going to American businessman Joseph Nakash, owner of Arkia Israeli Airlines, The Sitai boutique hotels, Jordache Enterprises, and Nakash Group of America.

About 60 percent of Israel’s vehicle imports from Japan, China, India, Thailand and South Korea now enter through Eilat Port, he added.

President Duterte, who became the first sitting Philippine president to visit Israel, said the Philippines would seek a “robust relationship” with the Jewish state in areas of economic development, trade and investments, labor, as well as defense, security and law enforcement.

The Subic-Eilat agreement was among the 11 memoranda of understanding, three memoranda of agreement and seven letters of intent signed during a forum attended by Duterte in Jerusalem last Tuesday.

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EARLY BARGAIN HUNT

The first week of September is barely over, but the start of the “ber” months of every year signal the start of Christmas bargain hunting. Assorted Christmas decorations are being sold at affordable prices at a stall at the Dapitan Christmas Arcade in Manila. ROY DOMINGO

DOE says no takers for 995 areas under QTP electrification program

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TOP official of the National Electrification Administration (NEA) on Thursday said there are 995 areas managed by various electric cooperatives (ECs) that qualify under the Department of Energy’s (DOE) qualified third party (QTP) program.

“There are 995 areas waived by ECs, but no takers as far as QTP is concerned. There are 11 areas with takers for QTP, but only six are operational,” NEA Administrator Edgardo Masongsong said.

The QTP is designed to attract alternative service providers and private investments in rural electrification, in line with the DOE’s thrust to achieve a 100-percent household electrification target by 2022.

The DOE had said that interested firms must pass the accreditation process. QTP firms must have the power generation and distribution facilities to service remote areas where the distribution lines of power cooperatives cannot be immediately extended.

Once accredited, QTP firms can select areas for development and implement their plan upon approval from the DOE. Masongsong said the QTP is one of the several options that will help achieve total electrification. Other options include subsidy, grant or donation, private-sector participation (PSP) and own spending of ECs. He shared the concern of ECs who are opposed to the entry of private sector in the franchise areas assigned to ECs. “ECs don’t want to give up their franchise.

They don’t want the private sector to take over. They, however, welcome joint venture instead,” said the NEA chief.

He also welcomed the proposal of Solar Philippines to put up solar-battery mini grids that will benefit 200,000 Filipinos in 12 towns.

“I support mini grids,” said Masonsong. “ I will be happy if [it] will participate in the BASULTA [Basilan-Sulu-Tawi-Tawi] area because the energization level there is only 33 percent.”

Last week Solar Philippines announced it is bringing 24/7 power to 12 towns in provinces, including Mindoro, Palawan, Masbate, Cagayan, Aurora, at zero cost to government.

It aims to bring 24/7 power to 500,000 Filipinos by the end of 2018 under its Solar Para sa Bayan project. “We hope this will not only benefit these towns, but create healthy competition that benefits consumers across the country.

“If the mere specter of competition inspires electric utilities to improve their services, that is an affirmation of the need for healthy competition. If the entry of companies like us will end the complacency of incumbent monopolies, then our mission is accomplished,” Solar Para sa Bayan President Leandro Leviste said.

Earlier, the National Association of General Managers of Electric Cooperatives (Nagmec) challenged the private sector to “prioritize remote, underserved locations first if they were truly sincere about supplying power to the countryside.”

“We accept Nagmec’s challenge, so hope

they stop opposing attempts by the private sector to enter these poorly served areas—as we’ve already done in 12 towns.

The towns’ requests for better electric service have been ignored for years. Yet now they’re being served by an alternative provider, certain co-ops would prefer these towns [to] have no power at all,” Leviste said.

Nagmec’s President Sergio Dagooc warned that “any effort on electrification done without government subsidy is not sustainable,” adding that “only the ECs sustained it for close to five decades now because the government subsidized the cost.”

In response, Leviste noted that Solar Para sa Bayan is already operating without government subsidies because “we started this for a social mission…[and] not to make the most profit, but to help the greatest number of our fellow Filipinos,” Leviste added.

“What is needed is for the government to allow private investors to use new technologies to serve consumers on a nonexclusive basis.”

The NEA has requested P25 billion to subsidize ECs to reach the estimated 2,399,108 households that lack electricity, with 529,952 in Luzon; 524,040 in the Visayas; and 1,345,116 in Mindanao. The DOE has noted that resources are insufficient to reach 100 percent electrification by 2022.

In light of this, Malacañang is reportedly preparing an executive order to encourage private investment in rural electrification.

Lenie Lectura

OCAL and international airlines who made “uncoordinated flights” and aggravated the airport congestion during the threeday incident involving a Xiamen Airways that slipped off Runway 24 on August 16 would be fined P5,000 per passenger per day.

Manila International Airport Authority (Miaa) General Manager Ed Monreal said they are after “the 37 of 78 local and foreign airlines that made the uncoordinated flights creating congestion at the Ninoy Aquino International Airport [Naia].”

“If the plane is carrying some 200 passengers multiplied by P5,000 each per day, that would be the amount of penalty each air carrier would have to pay, depending on the size of the airplane,” Monreal added. “The bigger the airplane, the more passengers it carries.”

Monreal said these uncoordinated flights contributed to the airport and runway congestion “That’s is why ramp controllers at the Naia Terminal 1 have had a hard time looking a parking spot of each aircraft from different airlines,” he added.

Monreal said some of the airplanes were brought to the “remote” parking bay and those that cannot be accommodated spilled over to the taxiways.

The airlines that made the uncoordinated flights after the incident are: Asiana Airlines, China Eastern Airlines, China Southern, Etihad Airlines, Eva Air, Gulf Air, Japan Airlines, Jejus Airlines, Korean Airlines and Kuwait Airways.

Also on the list are Malaysian A irlines, Qantas A irlines, A ir Brunei, X iamen A ir, Philippine A irl ines, Hongkong A irl ines, A ir C hina, Oma n A ir, Qata r A ir ways, Thai A ir ways and one more additional f light by X iamen A ir ways.

Officials of several of the affected airlines said that some of their aircraft were diverted to Clark and Cebu when the first notice to airmen (Notam) was lifted.

“All in all, there are 78 flights that landed at the Naia when the Caap [Civil Aviation Authority of the Philippines] lifted its first Notam but we are after the 37 other airlines,” Monreal said.

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Friday, September 7, 2018

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NFA issues rules for Zambasulta rice imports

By Jasper Emmanuel Y. Arcalas

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@jearcalas

he National Food Authority (NFA) on Thursday announced that the 33,500 metric tons (MT) of rice for Zamboanga City, Basilan, Sulu and Tawi-Tawi (Zambasulta) must arrive before the end of September.

The schedule of arrival for the 33,500 MT is included in the amendments/addenda to the general guidelines in the importation of 805,200 MT of rice under the minimum access volume (MAV) scheme for calendar year 2017-2018.

The NFA released on September 6 the changes in the guidelines, which will cover the importation of 133,500 MT of rice by the private sector for the Zambasulta area.

Under the guidelines, the NFA has designated Zamboanga City port as the sole discharge port for

the total imported volume.

The NFA, with the approval of the NFA Council, has decided that only nonwinning bidders in the previous auction held last June 25 would be allowed to participate in the importation for Zambasulta.

For the 33,500 MT, interested farmers organizations (FOs) and non-FOs “shall be qualified to apply and/or submit on a first-come, first-served basis without service fee” until the total volume has been exhausted.

Interested importers may avail themselves of a minimum alloca-

Bloomberg

tion of 5,000 MT and a maximum of 10,000 MT. The importers must bring in their volume within 15 days after the issuance of their Certificate of Eligibility to Import Rice (COEIR).

Impor ters w i l l not be g iven

House leader seeks crafting of road map for ‘malunggay’ H

ouse Deputy Speaker Sharon S. Garin is pushing for the creation of a road map that will detail strategies for increasing the production of malunggay (Moringa oleifera) to meet the increasing demand for the crop. “[Malunggay] is a product endemic in our country. In can grow anywhere. It can grow in the backyards of the smallest houses in our communities. It is probably one of the least appreciated products,” Garin said in a statement on September 6.

“And similarly, like in mango or in any other products, we lack the proper marketing support, research and development, and all the other support that the government can give for this product and for the farmers,” she added.

Garin is the author of House Bill (HB) 6555, or the Malunggay Development Act, that seeks to provide sufficient support for the improvement of the country’s local malunggay production.

During the third deliberation of the Agriculture and Food Committee on HB 6555, it was found that the country has resorted to importing malunggay due to insufficient local output. The Philippines sources malunggay from India and Africa.

“In 2016, only 35,379 metric tons were [produced] in the Philippines. Today, 100 grams of fresh malunggay are sold for

P5 and P100 for 100 grams of dried ones,” Garin said.

The Deputy Speaker said the passage of HB 6555 would enable farmers to improve their malunggay production, as the measure calls for the allocation of an initial P50 million for the initiative.

“It may not be a very glamorous bill right now, but it will go down to the benefit of those communities where malunggay is very abundant and very easy to plant,” Garin said.

Under HB 6555, the government would form a Malunggay Development Committee (MDC) chaired by the agriculture secretary to oversee the development of the industry.

The bill proposed that the government would “appropriate land usage for malunggay to increase and sustain its productivity and agricultural output.”

The government would also “organize systemic programs that could improve production of malunggay through its seeding, cultivation, harvesting and proper processing,” it added.

The bill calls on the government to strengthen its research and development activities for malunggay production.

Garin also wants the month of November declared as the National Malunggay Month once HB 6555 is enacted. Jasper Emmanuel Y. Arcalas

China may face wider pork bans as African swine fever spreads

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ans on pork products from China may be widened as part of emergency measures to stem the global spread of African swine fever.

The Food and Agriculture Organization, the United Nations agency spearheading an international effort to control the deadly pig virus, plans to release recommendations for governments after a crisis meeting in Bangkok this week. The Philippines last week ordered a temporary prohibition on pigs and pig-related products from China, Russia and four European countries to prevent African swine fever. More nations may follow, according to the FAO. The contagious viral illness, which doesn’t harm humans, can be 100-percent fatal to pigs, causing them to die from hemorrhagic disease within days. Tens of thousands of hogs have been culled to control outbreaks in China, which accounts for more than half the planet’s pigs.

The FAO is hosting government and pork industry officials from across Asia Pacific at a three-day meeting that concludes Friday.

“By this Friday, we will come up with a framework for the region with priority action plans for each country,” said Wantanee Kalpravidh, regional manager of the FAO’s Emergency Center for Transboundary Animal Diseases, in an interview on Wednesday.

China’s most recent African swine fever outbreak occurred on September 1 in the township of Changqing in northeastern Heilongjiang province, about 100 kilometers (62 miles) from the border with Russia, where the disease has been spreading for more than a decade.

Circulating virus

N ine ot her outbrea k s h ave been re ported across northeastern and eastern China, spanning some 2,500 kilometers, since August 1.

“There are serious concerns that African swine fever has been circulating in the pig population—whether backyard, commercial or wild boar—for some time,” Helen Roberts and Jonathan Smith, from the UK’s Animal and Plant Health Agency, wrote in an August 31 report.

The situation should serve as an opportunity to warn travelers not to bring pig meat products from outside the European Union into any EU member-state, they said.

Travelers from Shenan province arriving in South Korea voluntarily handed over pig products that were subsequently tested and found by authorities to harbor traces of the virus, the Korea Times reported on its web site last month. Bloomberg News

any arrival extensions.

The NFA said that the application would commence from September 7 to 10 for the 33,500 MT importation. The COEIR would be issued on September 11.

As for the remaining 100,000

Bloomberg

MT, the NFA would be allocated through an auction of service fee using the previous MAV guidelines.

“Eighty percent, or 80,000 MT, shall be allocated to farmer organizations and the remaining 20 percent, or 20,000 MT,

shall be allocated to non-farmer organizations,” the guidelines read.

Interested bidders may also avail themselves of a minimum of 5,000 MT and a maximum of 10,000 MT. Winning importers for the remaining 100,000 MT must bring in their allocated volumes starting October 1 and not later than November 30 without extension, according to the NFA. The NFA would start accepting applications for the 100,000 MT rice importation on September 7 until September 10. The NFA has scheduled the auction at the Land Bank of the Philippines on September 20, while the issuance of COEIR would be from September 21 to 25.

Agriculture Secretary Emmanuel F. Piñol said the NFA Council gave its go signal to import rice for the Zambasulta area during a special meeting on August 29.

The meeting was requested by the Department of Agriculture to ease the tightness in rice supply in the Zambasulta area, which continues to grapple with high prices.

The government slaps a tariff of 35 percent for rice imported within the MAV and 50 percent for those outside of the quota.

A6

The World BusinessMirror

Friday, September 7, 2018

www.businessmirror.com.ph

China ready to hit back if US tariffs go ahead

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EIJING—China is ready to retaliate if US President Donald J. Trump goes ahead with a tariff hike on Chinese goods and is confident it can maintain “steady and healthy” economic growth, a government spokesman said on Thursday.

The Trump administration is poised to impose 25-percent penalties this week on $200 billion of Chinese goods in an escalation of their fight over US complaints that Beijing steals or pressures companies to hand over technology. China has announced a $60-billion list of American products

Trump’s trade deficit wars start to bite in US, worldwide

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HE numbers are not looking good for a president who has made reducing the US trade deficit one of his main economic goals.

Worse still, signs are emerging that President Donald J. Trump’s trade wars are starting to hit economic growth, not just at home but around the world.

New data out on Wednesday showed the US trade deficit in July widening at its fastest rate since 2015 as monthly deficits with China and the European Union both hit new records. In the year so far, the United States’s overall goods and services deficit is up by $22 billion, or 7 percent, versus the same period last year.

T he d at a coinc ides w it h Trump’s moves to escalate his battles with China and efforts to badger Canada into signing on to a new North American Free Trade Agreement (Nafta), highlighting what economists have argued is the incongruity of his trade policies. Even as he launches his battles in the name of reducing the US’s imbalances, he has been causing the overall deficit to grow by increasing public spending and encouraging domestic investment.

“The policies of this administration are policies that may not have been designed to increase the trade deficit, but that is their effect,” said Philip Levy, who served on President George W. Bush’s council of economic advisers.

or $5.7 billion, versus the same period last year, according to the data released on Wednesday.

Those distortions are likely to be temporary. And that is why many economists believe US GDP growth may have peaked at 4.2 percent in second quarter, with trade likely to be a drag on growth in the months to come.

Modest drag

ANDREW HUNTER of Capital Economics said the trade data released on Wednesday indicated that after boosting GDP figures in the second quarter, net exports would subtract from it in the second half. In the third quarter, he predicted, net trade would subtract more than a percentage point from GDP growth while the recent surge in the dollar suggested that trade could be a “modest drag” in the fourth quarter, too, even before the impact of tariffs starts to take hold.

Most economists argue against Trump’s characterization of the US

trade deficit as a reflection of the country’s profits and losses from trade. They also tend to cringe when people invoke reducing the deficit as a policy goal. The last time the US trade deficit shrank significantly was in the aftermath of the 2008 crisis, which saw a collapse in global trade.

“Trade policy has very little direct impact on the overall trade deficit in the longer run,” said Mary Lovely, a Syracuse University economist. A new Nafta, for example, is unlikely to do much to change the trade deficit, despite the administration’s claims, she said.

On the other hand, if Trump’s trade wars eventually hit business confidence, it would certainly affect the trade deficit. “Then we would see a reduction in the US trade deficit, but of course with harmful effects on economic activity and employment,” she said.

The impacts of Trump’s growing trade wars aren’t limited to the US. They also have only just started to bite.

At the World Trade Organization, Robert Koopman, the c h ie f e conom i s t , fe a r s t h at we are beginning to see signs of a slowdown in global trade growth linked to the trade wars.

That matters because just a few months ago trade growth was

being cited as one of the main causes for a robust streak in the global economy.

A round the world, manufactur ing sur veys are beg inning to show a dip in ex por t orders.

A ir and ocean freight data are poi nt i ng to a slowdow n. So too is a dip in auto production a rou nd t he world , Koopm a n said in an inter v iew.

More worryingly, he said, the world is already seeing a slowdown in foreign direct investment that’s likely to lead to a longer-term impact on trade. It also is significant because, if anything, the Trump trade wars are only just getting started.

M o r e s i g n i f i c a nt d a m a g e looms ahead, Koopman said, with the Trump administration expected to proceed with a new wave of tariffs on $200 billion of China goods as early as this week and amid its threats to put national-security tariffs on imported cars and parts.

The real damage from those measures—and any retaliation from China and other US trading partners—may not hit the global economy until the first quarter of next year, Koopman said.

“There’s been a lot more talk than action so far,” Koopman said.

“The worry is when the action starts happening.” Bloomberg News

PRESIDENT Donald J. Trump talks to reporters in the East Room of the White House in Washington on Wednesday. AP/SUSAN WALSH

Trump negotiators, Canada team carry on talks to revamp Nafta

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ASHINGTON—Trump administration officials and Canadian negotiators worked into Wednesday night, trying to strike a deal that would keep Canada in a North American trade bloc with the United States and Mexico. “ Tea ms a re rema ining here t his evening , work ing late

into t he night,” Ca nad ia n For eig n A f fa irs Minister C hr ys t i a Freel a nd told repor ters as she entered a meet ing w it h US Trade Rep. Rober t Light h i zer. “ T hey w i l l repor t bac k to us in t he mor ning.”

Last week the US and Mexico reac hed a prel im ina r y ag ree ment to repl ace t he 24 -yea r-

old North A mer ican Free Trade A g re e me nt . But t hose t a l k s e x c lud e d C a n a d a , t he t h i rd Na f t a cou nt r y.

Freeland flew to Washington last week for four days of negotiations to try to keep Canada within the regional trade bloc.

The US and Canada are sparring over issues, including US access to

Canada’s protected dairy market a nd A mer ica n pl a ns to protect s o m e d r u g c o mp a n i e s f r o m gener ic compet it ion.

Freeland expressed optimism late Wednesday.

“We are making good progress,” she said. “We continue to get a deeper and deeper understanding of the concerns on both sides.” AP

that violates China’s freetrade commitments and worry it might erode American industrial leadership.

Some Chinese exporters say US orders have declined, but Chinese leaders express confidence the economic impact will be modest. The US buys about 20 percent of China’s exports, but trade has shrunk over the past decade as a share of the Chinese economy.

“We are confident, capable and able to maintain steady and healthy development of the Chinese economy,” Gao said. AP

Kim wants to denuclearize during Trump’s term, says South Korea

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ORTH Korean leader Kim Jong Un signaled a willingness to revive stalled nuclear talks, with South Korean officials, saying he wanted to “achieve denuclearization” during US President Donald J. Trump’s first term.

Kim told visiting South Korean envoys on Wednesday that he was ready to accept “stronger measures” to restrict his nuclear program and wanted a declaration with the United States to formally end the Korean War, the officials said. A separate account

by North Korean state media said Kim told the delegation that he wanted progress on denuclearization, without mentioning the US or Trump.

“He wanted to end some 70 ye a rs of a n i mosit y b et we e n Nor th Korea and the United States and achieve denuclearization within President Trump’s first term,” South Korean National Security Office head Chung Eui-yong, who led the one-day trip to Pyongyang, told reporters on Thursday in Seoul. South Korean President Moon Jae-in also agreed to meet Kim in the North Korean capital from September 18 to 20, the first such trip in 11 years.

Kim’s remarks about Trump’s term, if conveyed accurately, would represent his first commitment to something resembling a timetable for nuclear talks with the US leader. But interpreting them required several caveats: Kim only said that he wanted to realize denuclearization before early 2021—not commit to doing it—and he didn’t provide a clearer definition for the term, something that has emerged as a sticking point with the US.

Breakthrough unlikely

Policy distortions

ALSO apparent in the trade data are some of the distortions that Trump’s policies have been fueling and how they may be helping mask the long-term impact of his trade wars.

W hile soybean farmers are widely seen as one of the likely victims of a trade war with China, for example, a surge in exports of soybeans to get ahead of new tariffs helped boost US GDP growth in the second quarter. In the first seven months of this year the value of US soybean exports actually increased by more than 40 percent,

targeted for retaliation.

“China will have to take necessary countermeasures if the US side ignores the opposition of the overwhelming major of its enterprises and adopts new tariff measures,” Commerce Ministry Spokesman Gao Feng said.

The two governments already have imposed penalty duties on $50 billion of each other’s exports.

Beijing has rejected pressure to scale back plans for stateled development of champions in robotics and other technologies. US officials say

KIM JONG UN’s statement was “meaningful ” but unlikely to achieve a breakthrough if he doesn’t offer something more substantive in exchange for a peace declaration, according to Kim Byung-yeon, a professor of North Korean economics at Seoul National University. “The United States seems likely to move if North Korea gives something more concrete,” he said.

The South Koreans’s trip to Pyongyang came amid mounti n g d i s a g re e me nt s o ve r t he speed and sequence of efforts to eliminate North Korea’s nuclear arsenal and finally end the 19501953 Korean War. While Trump and Kim Jong Un pledged during their historic summit in June to “work toward complete denuclearization of the Korean Peninsula,” they didn’t define what that meant or offer a timetable for carrying it out.

T he ph r a se “complete denuclearization”—a term long preferred by North Korea—could be read to preclude nuclear-capable US bombers and submarines from operating near South Korea.

Signing a peace treaty without a

disarmament deal also carries risks for the US, because it could legitimize K im’s control over half of the peninsula and undermine the rationale for stationing 28,000 or so American troops on the peninsula.

Moon’s spokesman, Kim Euikeum, said Trump had asked Moon during a phone conversation before the trip to serve as “chief negotiator” between the US and North Korea. The US president gave Moon’s envoys a message to deliver to Kim Jong Un, who gave the officials a statement to send to the White House.

Chung, the South Korean envoy, said Kim Jong Un stressed the need for a peace declaration, and said that such a step wouldn’t require the withdrawal of US troops. He was expected to brief his American counterpart, National Security Adviser John Bolton, at 8 p.m. Seoul time, Moon’s office said.

Trump canceled a North Korea trip by Secretary of State Michael Pompeo last month, a day after it was announced, citing a lack of progress. Chung said there was no discussion with Kim about rescheduling that trip.

In addition to setting a date for their meeting in Pyongyang, Moon and K im Jong Un also agreed to open a joint liaison office at the Gaeseong industrial complex north of the border before the summit, Chung said. The two leaders will discuss measures on denuclearization, establishing peace and detailed steps to ease military tensions, Chung said.

‘Cradle of peace’

EARLIER on Thursday North Korean media said that Kim Jong Un had called for further efforts to “realize the denuclearization of the Korean Peninsula” during meetings with the envoys. The report said it was the leader’s “will to completely remove the danger of armed conflict and horror of war from the Korean peninsula and turn it into the cradle of peace without nuclear weapons and free from nuclear threat.” “ The North and the South should further their efforts to realize the denuclearization of the Korean Peninsula,” it said.

The South Koreans said Kim Jong Un expressed frustration about skepticism over “the meaningful steps” he had taken to restrict his weapons program. The North Korean leader cited his dismantlement of a key nuclear test site and his suspension of missile tests.

Koh Yu-hwan, a North Korea st ud ies professor at Dong g u k Universit y, said that K im Jong Un needed a peace dec l a rat ion to ju st i f y f u r t he r me a s u res to m i l it a r y h awk s at home.

“Nor t h Korea need s t he decl a rat ion of t he end of t he wa r to conv ince its ow n of f ic i a ls of denuclear ization,” Koh said.

Bloomberg News

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

The World BusinessMirror

Friday, September 7, 2018

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UK security chief says Putin responsible for Novichok attack

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ONDON—Britain’s security minister said on Thursday that Russian President Vladimir Putin bears ultimate responsibility for the nerve agent attack targeting a former spy in England, also warning that the UK would counter Russian “malign activity” with both overt and covert measures.

Ben Wa l lace said Putin and h i s g o v e r n m e n t “c o n t r o l s , funds and directs” the militar y intel ligence unit know n as the GRU, wh ic h Br it a in bel ieves used Nov ichok to tr y to k il l ex-Russian spy Sergei Skr ipa l.

Skripal and his daughter Yulia were hospitalized for weeks in critical condition after they were exposed to the Soviet-developed nerve agent in the city of Salisbury on March 4. They are now recovering in a secret location for their own protection.

In the nearby town of Amesbury, local woman Dawn Sturgess died and her boyfriend Charlie Rowley was sickened after they came across remnants of the poison in June.

Br itain on Wednesd ay announced charges in absentia

aga inst t wo a l leged Russi a n agents, Alexander Petrov and Ruslan Boshirov—names that are likely aliases. Prime Minister Theresa May said the murder attempt had been approved “at a senior level of the Russian state.”

Moscow strongly denies involvement in the attack, and Russian officials said they didn’t recognize the suspects.

Britain plans to press its case against Russia at the UN Security Council on Thursday.

T he Skr ipa ls’ poisoning ign ited a d iplom at ic con f ron tation in which hundreds of envoys were ex pel led by both Russia and Wester n nations.

But there is limited appetite a m o n g B r i t a i n ’s E u r o p e a n a l l ies for f u r t he r s a nc t ion s against Moscow.

Wallace told the BBC that Britain would “push back the Russian malign activity” with “whatever means we have within the law and our capabilities.”

He said Britain would “challenge the Russians in both the overt and the covert space, within the rule of law and in a sophisticated way.” AP

Trump poised to tax an additional $200 billion in Chinese imports

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A S H I N G T O N —T h e Tr u mp a d m i n i s t r a tion may be about to slap tariffs of up to 25 percent on an additional $200 billion in Chinese goods, escalating a confrontation between the world ’s two biggest economies and likely squeezing US companies that import everything from handbags to bicycle tires.

T he ad m i n i st r at ion cou ld decide to begin taxing the imports—equal to nearly 40 percent of all the goods China sold the United States last year— after a public comment period ends on Thursday.

China said it is ready to impose retaliatory tariffs on $60 billion worth of US goods if that happens.

“China will have to take necessary countermeasures if the US side ignores the opposition of the overwhelming majority of its enterprises and adopts new tariff measures,” Commerce Ministry Spokesman Gao Feng said on Thursday.

The US has already imposed tariffs on $50 billion in Chinese products, and Beijing has punched back with tariffs on $50 billion in American goods. These US goods include soybeans and beef—a direct shot at supporters of President Donald J. Trump in the US farm belt.

Trump initiated the trade war to punish Beijing for what it says are China’s predatory tactics to try to supplant US technological supremacy. Those tactics, the Office of the US Trade Representative has alleged, include stealing trade secrets through computer hacking and forcing US companies to hand over technology in exchange for access to the Chinese market.

In the early rounds of the hostilities, the administration targeted Chinese industrial imports to try to spare American consumers from higher import costs. But if Trump adds the $200 billion in Chinese products to the target list, American consumers would likely feel the

pinch directly. And China has vowed to hit $60 billion in US products in retaliation.

Many A merican companies that rely on targeted Chinese imports are bracing for the next round of tariffs to hit, with some wondering whether they can absorb the higher costs or instead will need to pass them along to their customers—or find alternatives suppliers outside China.

“An escalation of the tariff war could start to sever or disrupt supply chains, bringing about diminished production efficiency, higher costs and lost competitiveness—ultimately leading to a lower potential growth rate for both countries,” analysts at S&P Global Ratings wrote on Wednesday.

They say a full-blown trade war by 2021 could shrink America’s annual economic output by an average of one-third of a percentage point and China’s by two-tenths of a percentage point from 2019 through 2021. The trade war could inf lict further damage if it rattles financial markets, thereby hurting business confidence and potentially discouraging investment.

Sher i l l Mosee, fou nder of MinkeeBlue, a Philadelphia company that makes travel and work bags, said that her four-year-old business will probably have to suspend operations if the tariffs hit and the administration starts taxing imported Chinese luggage and handbags.

MinkeeBlue relies on inexpensive imports to be able to sell for less than $200 an allpurpose bag for working women that holds shoes and a lunch bag.

Mosee said she won’t be able to either absorb higher import costs or pass them on to her customers. Finding a supplier outside China likely would take months, she said. “ I ’m s c a r e d ; I a m o v e r whelmed,” Mosee said. “I’m just beginning to grow my business.

I finally feel good about the direction of the business, and now this is happening.” AP

THE police search missing persons around houses destroyed by a landslide after an earthquake in Atsuma town, Hokkaido, northern Japan on Thursday.

A powerful earthquake rocked Japan’s northernmost main island of Hokkaido early Thursday, triggering landslides that crushed homes, knocking out power across the island and forcing a nuclear power plant to switch to a backup generator. KYODO NEWS VIA AP

4 dead, over 30 buried in northern Japan quake

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OKYO—The Hokkaido prefectural government says at least four people have been confirmed dead on the island struck by a powerful quake.

T he 6.7-m ag n it ude ea r t hqua ke str uck souther n par t of Jap a n’s nor t he r n mo s t m a i n island early T hursday.

Hokkaido officials said three other people were found w ithout v ita l sig ns when they were dug up from landslides in the worst-hit Atsuma tow n near the epicenter.

Officials said more than 30 people were unaccounted for and feared buried underneath landslides in Atsuma.

More than 290 other people were injured.

The quake also damaged Hokkaido’s main thermal power plant,

causing power outages at nearly 3 million households across the island, as well as train services and hospitals.

The utility operator on Japan’s northern island of Hokkaido has restarted a thermal plant and small hydroelectric plants to restore power for some areas that lost electricity after a powerful earthquake.

The 6.7-magnitude quake early Thursday knocked out power to nearly 3 million households and forced essential ser v ices s uc h a s ho s pit a l s a nd t r a f fic lights to use generators or other backups. Some was being

restored in places on the island after safety checks.

Hokkaido Electric Power Co. said the large-capacity Tomato Atsuma thermal plant was damaged and would take about a week to restart. As a stop-gap while it is repaired, the utility operator restarted a thermal plant with less generating power as well as dozens of small hydroelectric plants.

Japan’s nuclear regulator says external power has been restored at a nuclear power plant’s three reactors after a powerful quake on Hokkaido knocked out electricity across the northern island.

The three reactors at the Tomari plant had switched to emergency backup generators to keep spent fuel safely cooled. The Nuclear Regulation Authority says there’s no abnormality at the plant.

The restoration of power at the plant, however, won’t help restore electricity for the rest of Hokkaido as the reactors are offline for regular safety checks following the 6.7-magnitude quake.

The loss of external power briefly raised concerns because it brought back memories of the 2011 Fukushima nuclear meltdowns that were triggered by a massive earthquake and tsunami that destroyed power and key cooling systems.

The main railway company on the quake-hit northern Japanese island of Hokkaido says all trains have stopped due to power outage.

Hokkaido Railway Co. says high-speed bullet and all local trains on the island are halted. The company says it cannot update information on the social media due to the blackout. The outage also affected subways, power plants and hospitals.

Trade, Economy and Industry Minister Hiroshige Seko says damage at the main thermal power plant is delaying power restoration and that utility officials are rushing to get several other thermal and hydroelectric plants working to at least deliver some electricity within a day or two. AP

Birthplace of Asian crisis becomes haven in emerging-market rout

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HAILAND, the birthplace of the Asian financial crisis two decades ago, has emerged as a haven from this year’s emerging-market rout.

The baht has outperformed every other developing-nation currency in the past month as the turmoil centered on Argentina and Turkey began to spread across emerging markets. Thail a nd ’s l a rge c u r rent-accou nt surplus and foreign-exchange reserves, as well as a relatively low level of overseas ownership have cushioned any impact. Nomura Holdings Inc. and Aberdeen Standard Investments expect the currency to remain resilient.

There’s “low ownership, so little selling,” said Edwin Gutierrez, the London-based head of emergingmarket sovereign debt at Aberdeen Standard Investments. “You would need a pretty substantial megacrisis to trigger a sell-off in the Thai baht.”

The possibility that the Bank of Thailand will raise rates is “an added tailwind” for the currency, Nomura analysts, including Craig Chan, wrote in a report on Wednesday. Policy-makers will likely raise the benchmark rate to 1.75 percent by the end of the year, from 1.50 percent, according to the median forecast of economists in a Bloom-

berg survey.

The baht has strengthened more than 1 percent in the past month, while currencies from Turkey to India slumped to record lows as a rollback in US Federal Reserve stimulus and global trade skirmishes dented demand for riskier assets.

The yield on Thailand ’s 10 y e a r go v e r n me nt not e s h a s risen 43 basis points to 2.77 percent this year, significantly less than the increase recorded

by Indian and Indonesian debt, which have borne the brunt of the selloff in Asia. Thai bonds drew more than $5.6 billion in the first eight months of the

year. Overseas investors were still snapping up the securities this week, even as local-currency debt in developing nations worldwide lost 0.9 percent.

In 1997 Thailand abandoned its policy of pegging the currency to the US dollar as it lacked the reserves to support the baht against speculative selling. The move unleashed a wave of speculative attacks on other regional currencies and shook the global economy. More than two decades later, Thailand ’s currentaccount surplus of about 10 percent of gross domestic product is attracting capital to the country.

Bloomberg News

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Friday, September 7, 2018

Banking&Finance BusinessMirror

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Economists project another rate hike in Sept

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EVERAL economists are projecting another hike in the Bangko Sentral ng Pilipinas’s (BSP) key rates this September after inflation surged to nine-year high in August 2018 to 6.4 percent.

In a research note, ING Bank Manila senior economist Joey Cuyegkeng said an “aggressive monetary policy action” is again needed even as the central bank has raised key rates by a total of 100 basis points to date.

This, after the inflation rate last month surpassed all projections, including central bank’s 5.5 to 6.2 percent band.

Inflation in August was driven by the faster rate of price increases of food items due to supply-side issues, the alcoholic beverages and tobacco index due to higher “sin” taxes, and the transport services because of higher prices of oil.

Cuyegkeng forecasts sustained elevated inf lation rate, “with next month’s inflation rate likely to remain above 6 percent and full-year average inflation at 5.1 percent.”

These figures are higher than the 2 to 4 inflation percent target set by the government until 2020.

The economist said that although price pressures are expected to decelerate as the gover nment implements var ious measures to address supply-side issues “the impact of secondround effects would still have to be reflected in production costs and retail prices.”

He thus stressed that the BSP “needs to contain runaway inflation expectations and demandpull pressures.”

“The chances of another aggressive monetary-policy action have increased as inflation has surged. Another 50-basis-point policy rate hike at the September 27 meeting is a real possibility,” he added.

Meantime, LandBank market economist Guian Angelo S. Dumalagan said they are revising their forecast from steady BSP rates until the end of the year to a 50-basis-point increase when members of the BSP’s policymaking Monetary Board meet late

A WOMAN at the Dagonoy Public Market in Manila arranges her vegetables and other goods as the country absorbed the impact of record inflation in August. Data released by the Philippine Statistics Authority (PSA) showed inflation rose to 6.4 percent in August, the fastest in over nine years since inflation came in at 6.6 percent in March 2009. NONIE REYES

this month.

In a market report, he explained that their earlier expectation of unchanged policy rates until yearend was due to expectations that inflation will peak

in the third quarter and start to decelerate thereon.

As a result of the expected deceleration of inf lation, the peso, which has been on a deprec i at ion mode for mont hs

now, is seen to take a breather and stabilize.

However, Dumalagan said they need to revise their projection to take into account the inflation report released on Wednesday,

among others.

He, on the other hand, noted that a downside risk to their inflation forecast is the “passage and rapid implementation of the rice-import bill,” which is expected to help ease the hikes in rice inflation.

ANZ Research, in a study, revised upward its 25-basis-point hike projection to 50 basis points after noting the August 2018 inflation outturn.

It said the 6-percent level inflation rate, last seen in 2009, “will require more policy response given cost-push pressures in the economy.”

It expects domestic demand to remain strong, the impact of tax reforms to still linger, the peso to remain weak and global crude oil prices remain high—all of which are seen to bring inflation at elevated levels.

BSP Governor Nestor A. Espenilla Jr. on Wednesday said that since inflation remains driven by supply-side factors, there is a need for “more decisive nonmonetary measures.”

He, however, said that monetary officials will continue to “look closely at the latest data to reasses the medium-term inflation path” and “will weigh the need for further monetary policy action.”

“It is most critical at this point to restore inflation back to the target range soonest and securely anchor inflationary expectations,” he added. PNA

Associations and millennials 2

DOF: Newly signed Personal Property Security A Act will boost MSMEs’ access to credit

By Rea Cu

@ReaCuBM

T

HE Department of Finance (DOF) has expressed confidence that the recent signing by President Duterte of the Personal Property Security Act (PPSA) will boost access to credit especially of micro, small and medium entrepreneurs (MSMEs), as well as farmers and fisherfolk, and improve competitiveness in the country.

According to the DOF, the landmark law simplified and harmonized the Chattel Mortgage law of 1906 and other fragmented and outdated financing regulations in the country by enabling borrowers to secure financing using nontraditional collateral, such as account receivables, inventor y, warehouse receipts, c ro ps , l ive sto c k , m ac h i ne r y and equipment.

“President Duterte signed this measure into law in sync with his vision for sustained high growth and greater financial inclusion,” said Finance Secretary Carlos G. Dominguez III. Republic Act 11057, also es-

tablished a unified, centralized online notice-based collateral registry that will be lodged in the Land Registration Authorit y (LR A) a nd c lea rer pr ior ity rules in case of foreclosure, among others.

The law is intended to provide protection and more confidence to banks and financial institutions in lending to the agriculture sector and MSMEs. MSMEs comprise 99.6 percent of total businesses in the country, of which 96 percent are micro businesses.

Doming uez ex plained that MSME financing is considered unattractive, given the perceived higher risks without traditional collateral such as land and other real property, making it difficult for MSMEs to meet bank requirements to get loan approvals.

He said the new law will help boost economic growth because access to financing is critical to higher productivity of the MSME and agriculture sectors, which in turn, could lift millions of Filipinos out of poverty and accelerate more inclusive growth in the countryside.

In case of default, borrowers and lenders may opt to put movable collateral for private sale. Any excess amount from the proceeds after the settlement of debt obligations may be handed back to the borrower.

I n t u r n , t he re for m w i l l resu lt in increased access to cred it of sma l l businesses and farmers, lower borrowing costs, reduced risk of nonpayment of debt and lower rate of nonperforming loans of financial institutions.

Finance Undersecretary Gil S. Beltran said the reform will “provide the framework for the use of assets other than real estate for MSMEs and agribusiness to access finance.

“It will lead to the development of a professional, regulated warehousing industry that issues receipts that can be used as collateral and can be traded by investors and industry players, and develop the backbone of a n ef f ic ient com mod it ies market that will stabilize prices and ex pand transactions,” Beltran said.

In 2012 the DOF led the Tech-

nical Working Group composed of diverse stakeholders from the private and public sectors, which eventually came up with a framework document that provided recommendations on how to pursue a best practice movable collateral reform in the country.

The LR A adopted these recommendations and enhanced its registry; and it moved toward aligning it to international best practices.

T he Inter nationa l Finance Corp., which is a member of the World Bank Group, provided— with support from the governments of Japan and Canada plus the Secretariat for Economic Affairs of the government of Switzerland—technical and financial assistance to the movable collaterals reform.

“This law is indeed a big milestone in increasing access to finance for MSMEs and farmers in the Philippines and a true collaborative effort from the public and private sectors to promote the growth of MSMEs and agr ibusiness,” said Yuan Xu, IFC countr y manager for the Philippines.

China Bank Savings, MCBL partner with DepEd on salary loans for staff

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HINA Bank Savings (CBS) and Manulife China Bank Life Assurance Corp.

(MCBL) have partnered with the Department of Education (DepEd) to make salary loans easy for its employees.

The MCBL said on Wednesday that it will be providing the Easi-Automatic Payroll Deduction Salary Loans (Easi-APDS Loan) to DepEd employees along with CBS, with the salary loans already partnered with free life insurance for those who would be availing themselves of it.

“Teachers had been taking loans without having insurance protection. With the Easi-

APDS Loan, they can borrow without the worry of leaving this financial burden to their families in case of death,” Ryan Charland, president and CEO of Manulife Philippines said.

The Easi-APDS Loan allows DepEd employees to borrow a minimum of P5,000 and a maximum of P1 million, payable either in 12, 24, or 36 months.

The product is now available through Easi-APDS Loan Centers and CBS branches nationwide.

During the first three months, the insurance coverage will be equivalent to the outstanding loan balance, which

will be increasing by 1.5 times of the outstanding loan balance from the fourth month onwards.

“We are happy to partner with the DepEd to further improve their APDS program and help their employees find a fast, affordable and hassle-free option in case of any need,” said Neil Jumawan, head of APDS Lending Group of CBS. CBS is the thrift-banking arm of the China Banking Corp., which is committed to promoting financial inclusiveness and uplifting the quality of life of consumers and entrepreneurs.

The MCBL is a strategic alliance between Manulife

Philippines and China Bank Corp. aimed at providing a wide range of innovative insurance products and services to the bank’s customers.

In April this year a memorandum of agreement was signed between the Government Service Insurance System (GSIS) and the DepEd facilitating the payment of teacher loans and other DepEd personnel with private lenders.

The program was piloted for six months in 12 areas across the country, including Batangas, Bulacan, Dagupan, Naga, Cavite, Manila, Quezon City, Bohol, Ormoc, Koronadal, Butuan and Tagum. Rea Cu

S a founding member of the Asia-Pacific Federation of Association Organizations (Apfao), my organization, the Philippine Council of Associations and Association Executives, engages with another Apfao founding member, the Brisbane-based Australasian Society of Association Executives (AuSAE) whose members are association and not-for-profit leaders in Australia and New Zealand.

AuSAE organizes ACE (AuSAE Conference and Exhibition), its annual flagship event. I did not attend ACE 2018 in Adelaide but since I regularly receive AuSAE’s e-newsletter, I wish to share with you part of an article, entitled “4 Key Insights from ACE 2018 [and What These Mean for Your Membership Association],” written by Nicki Hauser, cofounder and director of FineHaus, a company that helps membership associations achieve their growth ambitions and manage their operations.

Nicki tells of the panel session on “Your Association’s Future is Already Here… Are you Ready?” where Claire Madden, director at Hello Clarity, and Brenda Mainland from Survey Matters, spoke about millennials as the next generation association members. “Claire explained that this generation entered the work force with high expectations about having a job they enjoy and wanting to make a difference at work— and put this in the context of Maslow’s “Hierachy of Needs.” Unlike previous generations, who worked to meet their survival and security needs, millennials expect work to also meet their social and self-actualization needs,” Nicki said.

Millennials want: n A purpose-driven career—to connect with why their employer is in business; n To be recognized for their contribution and rewarded for their loyalty; n The opportunity to collaborate and network; n The freedom to escalate ideas and challenge thinking; and n To feel like they have been heard and respected.

“Brenda, on the other hand, shared some of the key findings of their recent research into millennial’s attitudes to membership associations, as follows: n 39 percent said it had never occurred to them to join; n 36 percent said that they had not been invited to join; n 28 percent said they didn’t know enough about the profession; n 23 percent said they did not

Association World Octavio Peralta know who the association was for their profession.

To cap off the challenge of engaging with this generation, only 35 percent think associations use social media effectively.”

So, what are the implications of these findings for associations?

Associations are well-positioned to attract younger members and employees if they can articulate their “why” or purpose in a meaningful way.

Consider how your association enables and encourages contribution by younger members and remove barriers to participation, e.g., do you require membership for 10 years before joining a committee?

Find young leaders to serve as storytellers for your association, using their connections and networks to engage others.

Develop st rateg ies to reac h younger members. Include a personal invitation to join and clearly articulate how they can make a difference by joining and what is in it for them.

Consider how to help them make personal connections with other members through mentoring programs, meet-ups, collaboration platforms, introductions to peers— be a broker for introductions.

There is a general misconception that millennials are not association joiners. On the contrary, if the above considerations are met by associations, the indications are positive for millennials joining in.

I discussed this in my column here on December 14, 201, (Associations and millennials).

The column contributor, Octavio Peralta, is concurrently the secretarygeneral of the Association of Development Financing Institutions in Asia and the Pacific (Adfiap) and CEO and founder of the Philippine Council of Associations and Association Executives (PCAAE). PCAAE is holding its Sixth Associations Summit on November 23 and 24, at the Subic Bay Exhibition and Convention Center (SBECC).

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

E-mail: obp@adfiap.org

A10 Friday, September 7, 2018 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Has the BSP rate hike failed?

S

ince established in 1993 the Bangko Sentral ng Pilipinas (BSP) has gained our respect for policy decisions that have been thoughtfully considered and without undue haste. However, our confidence in the decision-making process has been shaken in these last months.

Inflation can be caused by a disruption in the balance between supply and demand. A shortage in the supply of a consumable commodity for whatever reason usually works itself out. Either the situation that caused the shortage ends or producers increase their output.

A rapid increase in demand will make prices go higher, as the supply cannot keep up. This often happens when an economy grows too fast, causing demand to outstrip supply. This is what may be called “overheating.” Also, if too much money is put into the economy too quickly by government policies—money printing or artificially low interest rates—price increases happen.

But when the cost of goods goes higher because of increased costs of production, this is cost-push inflation. A weaker peso and an increase in the price of crude oil have increased the cost of production of everything.

If for whatever reason there is too much money in the economy creating too much demand that cannot quickly be met with increased production, raising interest rates will have the effect of reducing the money supply and lowering demand and prices.

However, “cost-push” inflation has nothing to do with an increase in the amount of money. In this case, an increase in interest rates is not a solution.

The inflation rate accelerated to 6.4 percent in August 2018 over August 2017. In January the rate was 3.4 percent, and in May it went to 4.6 percent. We know that the increase in taxes caused part of the price increases as taxes are part of the production cost of goods. The peso has depreciated about 9 percent, also pushing up production costs and prices.

All these factors pushed the inflation rate. Virtually all goods are substantially higher than at the beginning of the year. But the one “price” increase that you will not read about is the cost of borrowing money from the BSP, which the banks do every day. That borrowing rate which goes through the entire economy is up 30 percent.

The BSP raised its base interest rate in May by 0.25 percent, in June by 0.25 percent and in August by 0.50 percent. We were told that this would help mitigate inflation. It has not. We were told this would keep the peso from devaluing too much. It is has lost 4.5 percent since the first rate hike.

BSP Governor Nestor A. Espenilla Jr. said this week that August’s higher-than-expected inflation rate was “an unfortunate confluence of cost-push factors.” If this is true, why add fuel to the price-increase fire by raising interest rates and the cost of money?

Espenilla: “It is equally apparent that strong domestic demand is making it too convenient for producers and traders to pass on higher costs.” That sounds like an excuse since private consumption spending growth (demand) has increased in 2018 at the lowest rate since 2014.

Espenilla concluded: “These warrant more decisive nonmonetary measures to fully address.” In other words, the monetary policy of raising interest rates has not achieved its goal. Now it is up to the political government to find solutions. We may be in for more economic trouble.

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Responsible citizenry James Jimenez

spox

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here are five steps to responsible citizenry. The first is the awakening of the desire for things to be better than they are—the desire for change. This can happen at any time in our lives; it can happen more than once. There are people who come to this realization early, and there are those who come to it late; there are some who nurture this fire in their bellies for years, and there are others in whom the fire had gone out once, or twice, or more, but who have found reasons to rekindle their hopes for a better future. However you come to this point actually doesn’t matter much. What is important is that you’re here, and you believe in your heart that things around you—the way things are done, the way people think and speak, the direction being taken— are not the best versions of themselves, and that you have come to the decision to try to change that.

The second step to responsible citizenry is ensuring that you are empowered to help bring about the change you desire. For most young people, this means registering to vote. For those who have already registered, this entails making sure that your voter-registration status is current. Under the law, a registered voter can be stricken off the electoral roll (while still remaining a registered voter, mind you) for the failure to vote in two consecutive regular elections. A responsible

citizen, therefore, is one who pays attention to these sort of things, just as responsible adults keep track of things like bill payments or expiration dates on their driver’s licenses. The price, they say, of having clean elections is voter vigilance— well, maintaining a current voterregistration status is, itself, a form of critical vigilance.

Once you’re assured of your voter registration status, you’re ready for the third step: to carefully and intelligently select the candidate or

For those of you paying attention to things—as responsible voters are wont to do—we are now in the midst of the second step: voter registration. Voter registration happens primarily in Comelec offices nationwide, or at satellite registration centers, from Monday to Saturday, 8 a.m. to 5 p.m. candidates who you believe will bring about the change you seek.

Despite the ridiculous efforts of some quarters to undermine confidence in the elections, the electoral process remains a bedrock of our democratic way of life and it is still the best way to effect systematic and sustainable change in society. As an aside, this is proven, if by nothing else, by the fact that the very same people who denounce elections as irretrievably flawed typically end up revealing that they themselves are tossing their hats into the political ring. Make no mistake about it: No matter how they contort their reasoning to justify running for elected office, the mere fact that they are engaging the electoral system they once slandered and rejected gives the lie to all of their previous “crusading.”

In any case, note that this step comes after you have registered.

While I admit that the individual charisma of potential political

superstars is a great driver of voterregistration numbers, in my work with the election commission, I’ve found that those sign-ups also tend to show the weakest commitment to the democratic process. So I think it is better if people approached the elections from a different direction, that is not to support a specific candidacy but to commit to the process first and then select a candidate that will fit.

Which brings us to the fourth step of responsible citizenry: actually voting. Seems self-evident when you say it out loud, but in reality, far too many people tend to do everything else but vote on election day. This is very unfortunate, as the worst public officials are elected into office by the good voters who don’t vote.

And, finally, the responsible citizen doesn’t lose the fire of his desire for change just because election day has come and gone. The fifth step of responsible citizenry is to keep wanting change to happen, to keep being dissatisfied with how things are, to keep wanting things to be even better. nnn

For those of you paying attention to things—as responsible voters are wont to do—we are now in the midst of the second step: voter registration. Voter registration happens primarily in Commission on Elections offices nationwide, or at satellite registration centers, from Monday to Saturday, 8 a.m. to 5 p.m.

What’s the problem with our math education?

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By Marites F. Daquioag

here’s a TV commercial about a young girl expressing doubts that she’s the biological child of her parents who are both good at math while she is not. The story line paints in broad strokes a general consent that the majority of our students consider math their biggest challenge in school.

What can stand in the way of a student’s mathematical development?

Except for those with dyscalculia, a specific learning disability in math, students can learn to love numbers and the challenges they pose with constant exposure. Math is a subject that can be mastered through continuous practice. Granted, it is not that easy to understand math initially, but if a student is determined to learn how to solve math problems, her aversion to numbers is guaranteed to disappear.

On the other hand, teachers have roles to play in the advancement of their students. It’s important for teachers to understand that math disabilities can arise at any stage of a child’s educational development.

Many factors may stand in the way of a student’s mastery of the subject, even when her classmates claim that math is fun.

With the implementation of the K to 12 program, math teachers have opportunities to further their own content knowledge for teaching. Opportunities for ongoing professional development that connect research in education to implementation in the classroom are now within their reach. Big universities in Metro Manila are currently offering advance courses for teachers who want to further their professional development, math teachers included.

Scientists have long debated whether the basis of high-level mathematical thought is tied to the brain’s language-processing centers or to independent regions associated with number and spatial reasoning.

Experts say listening to mathrelated statements activate a network involving specific regions

As there is no “math gene” to speak of, all Filipino students have the capacity to learn mathematics. But it takes good teachers to inspire and excite students “to do the math”—if we’re allowed to be banal about it. There are certainly some great teachers and a number of resources they can use to develop the country’s future engineers, physicists or mathematicians.

of the brain. They liken this to memorizing a song—constant practice makes perfect.

One teaching method that is gaining popularity among our math teachers is the so-called Singapore math. Singapore math focuses on children—not just on learning how to solve math problems but also mastering a limited number of concepts every school year. The goal is for children to perform well because they understand the material on a deeper level. This concept helps math become more fun.

The sequence of topics in Singapore math has been carefully

constructed based on child-development theory. The beauty of this approach is that the majority of the students become well prepared to tackle increasingly difficult topics, such as fractions and ratios, when they are introduced in the third through fifth grades. After this, students will be ready to face the challenges of algebra and geometry in middle school.

Recently, the Philippines’s math performance in international competitions has greatly improved, thanks to the growing number of elementary and high-school teachers who have mastered the Singapore math method and applied the same to our own ways of learning math.

As there is no “math gene” to speak of, all Filipino students have the capacity to learn mathematics.

But it takes good teachers to inspire and excite students “to do the math” —if we’re allowed to be banal about it. There are certainly some great teachers and a number of resources they can use to develop the country’s future engineers, physicists or mathematicians.

The author is Master Teacher 1 at Padul Elementary School in Solana West Educational Zone, Solana, Cagayan.

Opinion BusinessMirror

www.businessmirror.com.ph

On the political influence of wealth

The Declaration of the Tyrant against the Blessings of the Mother Tito Genova Valiente

annotations

Sonny M. Angara

Better Days

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deally, in a functioning democracy, widening income inequality would be corrected and addressed through the ballot box. If a nation’s wealth gets increasingly concentrated into the hands of a few, there is an assumption that the lower and middle classes could use their numbers to elect candidates who advocate egalitarian policies and work for the redistribution of upper-class wealth.

Such theory is widely held, almost considered canon even, among economists and political analysts.

But as a July 2018 The Economist article suggests, the opposite appears to be the reality—as inequality grows, so does the political influence of the rich.

A recent study of nine European countries between 1941 and 2014 showed that the more income inequality widened, the more legislative agendas narrowed on issues like law enforcement, immigration and national defense—and migrated away from topics like social safety nets (education, health care, welfare and housing) that counter economic inequality. As the authors put it, “As income in Europe [became] more stratified, government agendas [became] more myopic.”

Meanwhile, in 2014, Princeton and Northwestern University researchers studied US public opinion polls conducted between 1981 and 2002 on over 2,000 policy issues.

They then cross-referenced whether or not the federal government adopted the policy preferences of the public.

For the most part, “average” voters got what they wanted from their government, giving the impression that democracy and representation in the United States were functioning well. But when it came to policy issues where the views of average voters diverged from economic elites, the former lost substantial influence over the outcome, while the latter appeared to have maintained their sway over the political process.

To be clear, it’s not entirely new to say that even in well-functioning democracies, wealth, political influence and power often coincide.

What’s noteworthy about these recent studies is the suggestion that widening income inequality can actually create a negative feedback loop that draws attention away from the problem—thereby keeping the “haves” well ahead of the “have-nots.”

Ultimately, this could only have detrimental effects on the political system, as politicians become less accountable to their constituents, which then diminishes the quality of representation and hence the level of trust citizens have in their government.

Does this apply to the Philippines?

Established indices like Freedom House have described the country as “partly free” on numerous occasions.

According to the 2018 BertelsmannStiftung Transformation Index, which analyzes and evaluates social change in developing countries, the

To be clear, it’s not entirely new to say that even in well-functioning democracies, wealth, political influence and power often coincide.

What’s noteworthy about these recent studies is the suggestion that widening income inequality can actually create a negative feedback loop that draws attention away from the problem—thereby keeping the “haves” well ahead of the “have-nots.” democratic and economic transformation of the Philippines is severely hindered “by the oligarchic structures of both the political and economic system.” These only underscore the need for political reforms, alongside our efforts to build a more inclusive, more broad-based economy.

Among the top political issues grabbing the headlines is Charter change and the transition to federalism. But attention should also be devoted to other matters, such as the passage of an anti-political dynasty bill, the introduction of discounts for political advertisements, the development of a true political party system and even the passage of a freedom of information law, institutionalizing President Duterte’s first executive order. In short, action should also take place on all other reforms that specifically enhance the accountability of our institutions and how well they represent the will of the people.

In 2016 University of the Philippines Diliman Associate Professor Aries A. Arugay wrote that, if left unchecked, our democracy’s deficiencies—namely “dynastic politics, costly elections, clientelism, weak political parties and the absence of meaningful public participation”— could only worsen into a full-blown crisis of representation in the Philippines. Clearly, steps should be made to prevent this from happening.

It’s only fitting to remember what President Manuel L. Quezon said on the anniversary of the Philippine Commonwealth: “The task of our government is not only to protect the right of those who have, to the proper use and enjoyment of their property, but also to demand that those who have not received the fruits of their labor in its integrity, should have, sufficient for their needs and those of their dependents.”

Sen. Sonny Angara was elected in 2013, and is now the chairman of the Senate committees on local government, and ways and means.

E-mail: sensonnyangara@yahoo.com|Facebook, Twitter and Instagram: @sonnyangara.

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he conquistadores came one day in the 16th century and built a villa where there was only the wide river separating a small settlement from an older town named after the Serpent.

Naga. Naga, the Serpent.

A church was built near the river, and another smaller church was set up closer to the Remontados, or those who had gone back to the mountains.

A school for priests, or at least for young men who would approximate the holiness of those who would move on to wear a special vestment and guard the shrines, was laid out.

A group of brave, perhaps naïve, perhaps fatal to fate, Catholic Sisters of the Hijas de Caridad or Daughters of Charity would wade ashore somewhere in Pasacao, in 1868, after traveling for months from another distant shore and far-off culture. A school for girls they would set up.

These girls would be taught to pray and be good wives and mothers.

When learning changed, the prayerful girls and women would go into subjects that made them think.

Now, that settlement, which was given the name of the conquistador’s birthplace out there in the Old World, has embraced the town by the river. Nueva Caceres it was known first, and then the site went back to being Naga again. The old men and women said the name was after the tall trees that were plentiful in the area. The other old men and women remembering old tales remembered the Serpent in the River. The Serpent, when angered, summoned the flood and swept homes and hearts by the river bank. The Serpent was the Naga. On its head was a crown.

When destiny was being explained, these people by the River that wound and wound did not look at the stars but down to the Earth, as they searched the p o s it i o n o f t h e Serpent.

It wou ld not

SERVANT LEADER

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orking in a premier Catholic Media Institution, we in Radio Veritas 846 are extensively doing our best to achieve our goal of strengthening and deepening the faith of all Catholics by intensifying the advocacy of the Catholic Church through our off-air programs.

take long before those who had gone back to the mountain of Isarog were said to have requested that an image of the Virgin be made and be devoted for them infieles or infidels.

A tiny image was carved out of santol tree. The eyes of the Virgin did not assume the Caucasian face of the conquering colonizers but retained the pili-shaped gaze of the indigene.

The Serpent was indigenous. The Virgin made herself a native, as well.

The Serpent was moody and unpredictable. The Virgin was always calm even as jewels were made to cling around her.

The Naga, the Serpent, was feared and haunted the land; the Virgin was lo v e d a nd was called “Ina.” It is September once more. The second Friday will see the Virgin being t r a n s fe r re d from the Basilica to the Cathedral. It is called

Traslación. The Virgin would ride a carroza shaped like the Globe. You can read meanings from the shape of the vessel that would move the Earth as the Virgin Mother travels to a sacred spot where she would receive the faithful. But then, even faithless men are helpless before the Virgin. When the round Earth moves, the Virgin would be there at the center as men clamber up to touch Her. But the technology of this carroza would not allow the devotees to embrace and hug the Virgin, the Mother. The path to extreme believing is a slippery one.

Nine days of prayers will be said in that massive church. Then the River takes over once more.

A fluvial procession takes place on the third Saturday. As in the Traslación, women are not allowed to stay close to the Virgin, the Mother.

If any woman, they say, is caught hitching a ride on the barge, then that boat bearing the Virgin would flounder and sink. The women are not complaining, for at the center is a woman. The men are also not complaining, because at the center is the Mother. Religion is never easy.

After centuries of believing in the sacred and in the figure of a woman who was born without original sin, the origin of genders separated in the rituals for Ina remains a mystery. Or, perhaps, we do not want to examine the equivalent of inequality in the secular world, which the universe of the spirit ignores for the sake of the truth.

There is a greater mystery about the place of the Serpent and the

Virgin Mother, and it is about a cruel King living in the Palace by the Other River. This King is afraid of any body of water. This King is also afraid of women and mothers. He is angry that a woman who scares him comes from a place that he believes is a hotbed of poisonous plants.

This cruel and dumb King has consulted his men and women how he can banish the woman who is his enemy. The woman called Blind Injustice whispered to the King a method: Kill the Virgin Mother and resurrect the Serpent now hiding under the riverbed.

Whereupon the King’s men and women journeyed for nine days through forests and rivers, until they reach the settlement by the River. The fluvial procession was already underway when the King and his men and women attacked the procession. They threw a net around the Virgin Mother, but the crown of the Divine Nurturer ripped the net apart. The barge twisted around and around but soon found its bearing again.

The devotees scampered away.

Those who were by the riverbank remained. They were praying hard and loud. A moan coming from the bowels of the Earth soon filled the air. It was loud and lonely. The river whirled and twirled. Then, without any sound at all, the huge tail of the Serpent curled hard and straight till it reached the low-flying clouds of September. The tail curled again and fell into the water. A dark wave came next with a wail. A mouth as big as the ancient crater of the sleeping Mount Isarog appeared from the river and swallowed the King, his men and women, including the priestess named Blind Injustice.

Then, with the river becoming placid once more, the Serpent disappeared to fulfill what He and the Virgin Mother have agreed many moons ago: that they would fight any kind of evil, because the Serpent in all of its ancientness is Good and the Virgin Mother in all of her silences is Wise.

And the King in all of his senselessness is dead and dumb.

E-mail: titovaliente @yahoo.com.

The lesson in M&A CEOs forget at their peril

By Chris Hughes Bloomberg Opinion

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EOs’ animal spirits are being doused by shareholders once again. The ruckus over a $600-million European chemicals acquisition should resonate more widely than the talc industry.

For those who missed it, Elementis Plc. shares fell 15 percent after the coatings company agreed to pay private equity firm Advent International Plc. a punchy price for Mondo Minerals BV in June. A month later, the buyer took the unusual step of admitting that major shareholders were concerned and the board was “exploring its options.”

It’s one sign that institutional investors are increasingly intervening in UK M&A. Earlier this year,

Blessed Virgin Mary is the way to Jesus Rev. Fr. Antonio Cecilio T. Pascual

Friday, September 7, 2018 A11

To recognize this goal for the celebration of 500 years of Christianity, we had featured canonically crowned and popular venerated images of the Blessed Mary from various parts of the country to our 12th Marian Healing Exhibit from September 1 to 16, 2018, at the Shangri-La Plaza Mall in Mandaluyong City.

Through this event, we will be able to bring a remarkable experience to all the devotees and Catholics, as it is our way of helping them to strengthen and deepen their faith to the Blessed Mother.

Also, as the Catholic Church is preparing for the celebration of the

Hammerson Plc. shareholders objected to the commercial property group’s planned takeover of rival Intu Properties Plc. The board got the message and changed its advice that shareholders vote in favor of the deal—a strange case of directors following the recommendation of shareholders rather than the other way round.

Passive funds that held shares of GKN Plc. helped Melrose Industries Plc. secure the 50-percent acceptances it needed to secure its takeover of the British industrial giant.

Index trackers aren’t meant to be kingmakers in M&A. This isn’t an entirely new phenomenon—shareholders fruitlessly egged on Severn Trent Plc. and AstraZeneca Plc. to engage with unwanted bidders in 2013 and 2014. But it

appears to be happening with growing regularity.

If the Elementis board really wants Mondo, it will need to make a convincing case that it’s not overpaying. The price is a heady 16.6 times last year’s Ebitda. The purchaser says the multiple is only 13 times, but you have to annualize Mondo’s January-to-May performance and add some synergies to get there. The acquirer itself trades on a multiple of 11 times. Analysts at Credit Suisse reckon $500 million would be a more sensible price to pay.

Renegotiation looks tough. Advent would risk a reputation for being a pushover. That leaves paying the $18-million break fee and moving on. The most plausible outcome is humiliation and wasted time and money. Despite the reasonable

chance the deal won’t now happen, Elementis stock is still below its level before the row.

There’s no easy way out of this mess. Unfortunately, it’s best to avoid getting in it in the first place.

Sure, a bidder who is putting a transaction to its own shareholders can always change its mind and tell them not to vote for it. But that’s not so easy if the target’s shares are primarily traded in the United Kingdom, as Intu’s are. British takeover rules demand that a bidder be absolutely sure it can implement an offer before it makes one. A recommendation cannot be withdrawn lightly.

UK companies can’t do big deals without shareholder support. Acquisitive bosses need to be prepared for a fight—and have killer arguments to win it.

Nativity of Mary, this event is also a good opportunity for all the devotees to come and join the Blessed Virgin Mary on her way to our Lord Jesus Christ. Let us not forget that Mary is the instrument of God to save us and be united with our Lord Jesus Christ. No one can enter heaven except through Mary, as she was the key to the gates of Heaven. Each grace granted to us has three successive steps—from God it comes to Christ, from Christ to the Virgin and from the Virgin it descends to us.

The Blessed Mother is always saying to us, “God has decided that we should receive everything from the

Father, from the Son and from the Holy Spirit, and from the Immaculata. And this is the only path that each and every grace can follow.”

Having the Blessed Mary in our life will help us to find the way to our Lord Jesus Christ. And through our Lord Jesus Christ, we will be able to enter the Kingdom of the Almighty Father.

My dear brothers and sisters in Christ let us all become a good follower of Mary by joining and supporting our 12th Marian Healing Exhibit. Various images of the Blessed Virgin Mary will be featured in the event, which include the images of Our Lady of Fatima, Our Lady of

Veritas, Our Lady of Mount Carmel and Bambina Maria.

The exhibit is free and open to the public during mall hours from 10 a.m. to 10 p.m. For inquiries, please call Ms. Renee Jose or Mr. Lawrence Valdez at (02) 925-7932 to 39 local 129.

To know more about Caritas Manila, visit or follow us on Facebook: CaritasManilaInc. For your donations, please call our DonorCare lines 563-9311, 564-0205, 0999-7943455, 09054285001, and 09298343857. Make a habit to listen to Radio Veritas 946 in the AM band, or through live streaming at www.veritas846.ph and follow its Twitter and Instagram accounts @veritasph and YouTube at veritas846.ph. For your comments, e-mail veritas846pr@gmail.com.

2nd Front Page BusinessMirror

A12 Friday, September 7, 2018

Sugar groups ask Cabinet: Go slow on hiking imports

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By Jasper Emmanuel Y. Arcalas

@jearcalas

UGAR planters and millers are seeking a dialogue with policymakers to discuss the Economic Development Cluster’s (EDC) proposal to open the importation of sugar to end-users as a way of easing high food prices.

Stakeholders from the sugar industry and a member of the Sugar Regulatory Administration (SRA) board said the government must conduct proper consultation with those in the sector prior to allowing more sugar imports.

In a joint statement on September 5, the EDC said one of the measures that will immediately ease inflation is to open the importation of sugar to direct users.

“The stakeholders will have to be consulted on sensitive issues such as the one at bar,” SRA Board Member Roland Beltran told the BusinessMirror.

“We need to strike a balance and ensure that prices of sugar will remain reasonably profitable to producers and fair to consumers.

We cannot just turn our backs on the 61,761 small sugarcane farmers who are cultivating farms of 5 hectares or less,” Beltran added.

As far as the SRA board is concerned, Beltran said there is no discussion yet as to plans for more sugar imports.

The BusinessMirror sought

the comment of SRA Administrator Hermenegildo R. Serafica and Agriculture Secretary Emmanuel F. Piñol, who chairs the SRA board, but they did not reply as of press time.

‘Win-win’

UNITED Sugar Producers Federation of the Philippines President Manuel Lamata said planters hope the government would consult them and come up with a “winwin solution.” “[About] 5 million who depend on the sugar industry will be affected.

We, too, want to regulate high sugar prices,” Lamata told the BusinessMirror. “We are very much willing to help the government to come up with a win-win situation.”

Lamata said opening the sugar importation to everyone could “encourage smugglers to join the fray,” which could put at risk the income of farmers and their livelihood.

“O pening t he impor t at ion to all is bad,” he said. “Imports should be approved by the SR A through accredited importers so

LOW PRESSURE AREA 820 KM EAST OF BASCO, BATANES SOUTHWEST MONSOON AFFECTING SOUTHERN LUZON AND VISAYAS as of 4:00 am - September 6, 2018

“We need to strike a balance and ensure that prices of sugar will remain reasonably profitable to producers and fair to consumers.

We cannot just turn our backs on the 61,761 small sugarcane farmers who are cultivating farms of 5 hectares or less.”—Beltran

that only what’s needed will arrive in the country.”

Philippine Sugar Millers Association Inc. (PSMA) Executive Director Francisco D. Varua told the BusinessMirror he agreed with Lamata, saying there is a need for a “proper consultation” as the SRA has just recently allowed the importation of 200,000 metric tons (MT) of sugar.

However, Varua said his group is open for another round of sugar imports if it is warranted.

“If the government is convinced that there is a need to open an importation as an emergency measure to address inflation on which sugar is being considered as a factor, then we will not oppose,” he said in an interview.

If t he gover nment pushes through with its proposal, then it should only allow SRA-accredited importers to participate and not make it “free for all,” according to Varua.

“If the government wants to allow imports in an expeditious manner then let people who have the expertise do that. And these are the sugar importers who have a track record [and participated] in the recent importation

program,” he said.

Varua said allowing everyone to import sugar may do more harm than good. He said not everyone is familiar with the complexity of bringing in sugar from abroad, especially at a time when ports of exporters and local ports are congested.

“The tendency is that the sugar users, who have no experience in importing, would just go to other importers with expertise. This now will add cost to the imported sugar,” he said.

First-time sugar importers may also bring in imports at a time when prices are reasonable, according to Varua.

The PSMA official said the government may be targeting to cut the price of raw sugar to P1,500 or P1,600 per 50-kilogram bag (LKg), from the current P1,900 per LKg. Varua said the government may also be seeking to slash the price of refined sugar to P2,000 per LKg, from the current P2,500 per LKg.

‘Minimal impact’

VARUA said the recent importation of 200,000 MT of sugar had “minimal” effect on the retail prices of the sweetener as the lion’s share of the volume went to industrial users, such as beverage makers.

But Varua is not partial to allowing the importation of sugar for the retail market. “Just open the importation to people with expertise instead of directing it to users.”

Varua said the country’s current sugar supply would just be sufficient to fill the country’s requirements until October, when milling operations are expected to begin.

Both the PSMA and the SRA projected that sugar production in crop year 2018-2019 would recover and grow by near 6 percent to 2.225 million metric tons.

Varua said this is not enough to meet local demand. “[We will] not be able to meet the local demand,” he said. “The demand increased due to the shift of HFCS [high-fructose corn syrup] users to sugar, and higher purchasing power by consumers brought by lower personal income taxes,” he added.

SRA mandate

BELTRAN said the SRA expects that the sector will produce enough sugar for the domestic market.

“The milling already started and the harvest thus far is very encouraging. And if it is sustained throughout the milling season, we can expect a good production year for our sugarcane industry,” he said.

“Even then, we are ready to make adjustments and appropriate action when the need arises,” he added.

Citing Section 9 of Republic Act (RA) 10659, or the Sugar Industry Development Act of 2015, Beltran noted that the SRA remains as the sole authority mandated by law to regulate the entry and utilization of imported sugar.

Under RA 10659, the SRA, in the exercise of its regulatory authority, shall classify imported sugar according to its appropriate classification when imported at a time that domestic production is sufficient to meet domestic sugar requirements.

The Bureau of Customs shall require importers or consignees to secure from the SRA the classification of the imported sugar prior to its release.

“The law is clear and leaves no room for doubt,” Beltran said.

www.businessmirror.com.ph

PHL FAR FROM FULLY ADAPTING, BENEFITING FROM DIGITIZATION

By Elijah Felice E. Rosales

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@alyasjah

HE Philippines may appear upbeat on the 4th industrial revolution, or the age of digitization, but experts on Thursday argued the country is far from adapting fully to the new labor trend.

Reynaldo C. Lugtu Jr. of Hungry Workforce Consultancy said data may be the new oil in this day and age, but the Philippines is still far behind in utilizing digital technologies to boost its productivity. He said most domestic firms are still in the process of automation, or the highlight of the 3rd industrial revolution—a step lower from the current trend of digitization.

“We are not yet even capitalizing on the 3rd industrial revolution. What more in the 4th industrial revolution? The 3rd industrial revolution is still being adapted by many organizations and companies in the Philippines. We have to fully capitalize on that first,” Lugtu said in a forum hosted by the University of the Philippines (UP) and Ayala Corp.

Lugtu added this is the reason the country will most likely not benefit yet from the promise of productivity increase under the 4th industrial revolution. An acceleration of 50 percent in productivity, he explained, is one of the most enticing advantages of instituting digitization in businesses, apart from lower barriers between inventors and markets, improved quality of lives and technological innovation.

“A few companies and organizations are starting to play along well with the 4th industrial revolution technologies.

However, we are not yet ready to take this new job trend as a whole,” Lugtu argued.

On the other hand, economist Emmanuel F. Esguerra of

UP said the government and employers must address first the issues raised against the 4th industrial revolution, which are primarily on the relations of labor and capital.

“The issues raised by the gig economy and nonregular employment contracts call for a rethink of labor laws in light of rapid technological and organizational changes,” Esguerra pointed out.

He believes the rise of the gig economy—or the subset of independent and freelance workers—under the new labor trend is advantageous while, at the same time, risky. For one, workers under the gig economy are not covered by benefits normally granted to regular employees, Esguerra said.

Expect more gig economy workers in the coming 4th industrial revolution, Esguerra added, as digitization puts at risk routine, manual and bluecollar jobs. “Faster replacement of jobs will take place in developed economies than in developing countries,” he said.

Nonetheless, the economist agrees with Lugtu that much work needs to be done in integrating local businesses with the global digital trend.

“The economy is still largely dualistic, and I don’t know if that is good, but it will buy us some time [to adopt to the changes of the 4th industrial revolution].

There is still high incidence of informality and underemployment in our labor sector, too,” Esguerra explained.

Moreover, the fact that more than 30 percent of the country’s labor force is still in agriculture will certainly slow the process of digitization in the Philippines.

Until there are prevailing issues on agrarian reform and land ownership, Esguerra said the Philippines is far from the effects of the 4th industrial revolution.

Higher taxes, prices: business outlook lowest in 8 years Continued from A1

production during the rainy season, slack in consumer demand as households prioritized enrollment expenses, as well as the suspension of commercial fishing in Davao Gulf from June to August.

Companies also said the weaker peso and stiffer competition during the period augmented their weaker sentiment in the third quarter of the year.

The sentiment of businesses in the Philippines mirrored the less buoyant business outlook in Canada, Chile, Hong Kong, the Netherlands, New Zealand, South Korea and the US; but was in contrast to the more bullish views of those in Australia, Brazil, Denmark, Greece, Hungary and Mexico.

Biggest decline

ACROSS sectors, the wholesale and retail trade sector registered the biggest decline in confidence.

The outlook of importers, according to the BSP, was affected largely by lower consumer demand during the rainy season, while businesses involved in exporting activities expressed concerns over the disruption in normal operations, result-

ing from annual plant overhauling and port congestion issues, as well as reduction in export orders.

The industry firms’ less buoyant outlook for the current quarter stemmed from expectations of lower export orders, lack of raw materials, annual overhauling of machineries, and closure of high seas in the international waters for fishing activities.

Construction firms, on the other hand, were less optimistic due largely to the slowdown in construction activities during the rainy season, as well as increasing costs of components like fuel and spare parts and maintenance of machinery.

For the coming quarter, however, sentiment turned more upbeat with a CI hitting 42.6, as local firms expect uptick in consumer demand during the holiday and harvest seasons, continued increase in orders and projects, expansion of businesses and new product lines, continued rollout of government infrastructure and other development projects, more favorable weather conditions for agricultural products, and opening of high seas and fishing operations in October.

Companies BusinessMirror

Editor: Efleda P. Campos

Friday, September 7, 2018

B1

Lazada launches biggest online mall in SE Asia

By Roderick L. Abad

O

Contributor

@rodrik_28

NLINE retail platform Lazada has officially launched the biggest online mall in Southeast Asia and is set to offer discounts of up to 90 percent to shoppers on September 9 with its early Christmas sale.

Dubbed LazMall, the largest e-commerce shop features almost 1,000 authentic brands with over 70 million product listings. These

include top-rated online brands, as well as authorized brand distributors of products including Apple, Samsung, Xiaomi, JBL, Philips,

Mac, L’Oreal, Dove, Olay and Levi’s, among others.

Lazada Philippines CEO Ray Alimurung said this offering cements the company’s leading industry position by “continuously innovating and redefining the shopping experience for shoppers and brands.”

“LazMall is the new way to shop and we are very excited to transform e-commerce into the preferred shopping and selling option of every Filipino,” he said.

The combination of a wide array of brands and improved customer experience is the direct result of customer feedback, giving them “all they ever wanted”—100-percent authentic products, 15-day hassle-free

ICTSI plans to hike shareholdings in Manila North Harbor by 50%

By Lorenz S. Marasigan @lorenzmarasigan

I

NTERNATIONAL Container Terminal Services Inc. (ICTSI) is increasing its shareholdings in Manila North Harbor Philippines Inc. to half of the total issued and outstanding shares, earmarking P910 million for the transaction.

According to a disclosure to the stock exchange, the Enrique K. Razon-led company has signed a share purchase agreement with Harbor Center Port Terminal Inc. for the acquisition of roughly 4.55

million shares in Manila North Harbor, representing 15.17 percent of the company’s stocks.

When completed, the shareholdings of ICTSI in Manila North Harbor will increase to 50 percent from the current 34.83 percent.

“The completion of the share purchase agreement remains subject to a number of conditions precedent,” the filing read. These include the approval of transfer from the Philippine Ports Authority and Philippine Competition Commission.

Based on the filing, the trans-

action will further improve the returns of ICTSI’s shareholders through the “value-accretive acquisition.”

“The transaction will allow ICTSI to contribute its experience, expertise and state-of the-art technology and infrastructure to enhance the operational efficiency of the domestic terminal in the Port of Manila and improve the traffic condition in Metro Manila,” the disclosure read.

The filing also read that “an additional investment will be made in relation to this acquisition.”

return policy, and next-day delivery.

Trust in shopping platforms is also one of the main factors for Lazada to put up the LazMall.

A majority (65 percent) of consumers feel comfortable purchasing from merchants they have never heard of before if they trusted the e-commerce channel.

As consumers continue to shift their shopping habits online, sellers of all sizes can take advantage of its unique seller tools, such as the LazMall badge, Flagship Store and Seller Picks to improve their conversion rate, earn their customers’ confidence and sell more.

Alongside the unveiling of the Web-based retail shop will be the

kick-off of Lazada 9.9 Sale on Sunday, September 9, giving shoppers the best bargains for their early Christmas and year-end shopping or personal indulgences.

This regional retail promo will service six countries: the Philippines, Indonesia, Malaysia, Singapore, Thailand and Vietnam.

The 9.9 Sale is one of the campaigns leading up to the more major ones like the Online Revolution and Grand Christmas Sale.

Lazada Group is majority owned

by Alibaba Group Holding Ltd. Launched in 2012, the company pioneered the e-commerce ecosystem in Southeast Asia.

It has 155,000 sellers and 3,000

brands serving 560 million consumers in the region through its marketplace platform, supported by a wide range of tailored marketing, data and service solutions.

With 300 million Stock Keeping Units available, Lazada offers the widest range of products in categories from consumer electronics to household goods, toys, fashion, sports equipment and groceries.

This shopping portal offers multiple payment methods, including cash-on-delivery, comprehensive customer care and hassle-free returns through its own first and last mile delivery arm supported by approximately 100 logistics partners.

Online selling gaining fast on traditional businesses

C

LARK FREEPORT—Big and traditional businesses are now being eaten up by modern technology, specifically online sellers and online stores.

This was the observation made by Pampanga Chamber of Commerce and Industry Inc. President Jesus Nicdao during the media forum “Balitaan” organized by the Capampangan in Media Inc. at the Bale Balita here last Friday.

Nicdao said he had a recent conversation with Tessie Sy-Coson, who told him of their plan to put up an online store soon.

Coson is the vice chairman of SM Investments Corp. (SMIC), one of the Philippines’s largest publicly traded

holding companies with interests in retail, banking, property and portfolio investments. According to her business portfolio, she is the chairman of BDO Unibank Inc., the Philippines’s largest bank in terms of total resources, capital, loans, total deposits and assets under management.

Nicdao said Coson admitted their business rivals are now the small entrepreneurs like online sellers.

“If you buy appliances or clothes, it’s cheaper online,” he said. “That is why Ayala Corp. has Zalora and Jack Ma of the Alibaba Group has bought 51 percent of Lazada.”

Nicdao said Silverworks sales jumped five times more with Lazada

and with only one employee on its online-shopping department. Silverworks Philippines is a leading retailer of sterling-silver jewelry in the country.

Nicdao said he does online shopping, which has faster delivery services and much cheaper. He said he placed an order for TVs in the morning from Lazada, now the No. 1 online shopping and selling destination in Southeast Asia, and was surprised when the orders were delivered on the same day: He made the order in the morning and got the merchandise in the afternoon.

“The delivery crew told me that Lazada now has a warehouse in the city of San Fernando,” Nicdao said. Ashley Manabat

B2

Companies BusinessMirror

Friday, September 7, 2018

PSE STOCK QUOTATIONS

September 6, 2018

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

ASIA UNITED 58.6 59 58.05 59 58.05 59 3460 203731.5 172908 BDO UNIBANK 120.3 120.4 123.6 124 118 120.3 5187040 628336656 -347122935 BANK PH ISLANDS 89 89.2 90 90.05 88.6 89 3405910 303056227 -76222540 CHINABANK 30.75 30.8 30.9 30.9 30.7 30.7 123700 3806745 -2578345 EAST WEST BANK 13.94 13.96 14.3 14.3 13.94 13.94 1526000 21554016 -4602486 METROBANK 70.25 70.3 72.1 72.1 70.2 70.3 3992800 283242891 -54267686 PB BANK 11.58 11.6 11.6 11.6 11.6 11.6 1000 11600 PHIL NATL BANK 46.05 46.9 47.95 47.95 46 46.1 124300 5833760 -106830 PSBANK 83.75 87.6 87.9 87.9 87.65 87.65 20 1755.5 RCBC 27.65 28 28.6 28.6 27.65 27.65 343200 9604500 -6163535 SECURITY BANK 194.5 195 195.3 195.3 192.6 195 958400 186216770 36074851 UNION BANK 75.5 75.8 75.8 76 75.8 75.8 31020 2355900 BRIGHT KINDLE 1.7 1.74 1.7 1.7 1.7 1.7 16000 27200 COL FINANCIAL 16.42 16.44 16.42 16.44 16.42 16.42 22400 367816 -4926 FERRONOUX HLDG 4.07 4.08 4 4.1 3.94 4.07 285000 1151040 FILIPINO FUND 8.63 9.31 8.69 8.69 8.63 8.63 1100 9523 IREMIT 1.51 1.59 1.54 1.61 1.51 1.61 51000 77830 MEDCO HLDG 0.58 0.59 0.58 0.58 0.56 0.58 529000 300920 MANULIFE 812.5 835 816 816 815 815 100 81550 NTL REINSURANCE 0.99 1 1.01 1.09 1 1 3769000 3911020 PHIL STOCK EXCH 194.1 197 194.1 197 194.1 197 310 60200 SUN LIFE 1810 1860 1860 1860 1860 1860 50 93000 VANTAGE 1.19 1.2 1.2 1.2 1.2 1.2 14000 16800

INDUSTRIAL AALSONS CONS 1.19 1.22 1.22 1.23 1.19 1.23 237000 286800 ABOITIZ POWER 36.65 36.85 36.7 36.85 35.8 36.85 1314900 47664025 18125565 BASIC ENERGY 0.213 0.22 0.225 0.226 0.213 0.213 13320000 2891810 ENERGY DEVT 7.03 7.04 7.04 7.04 7.03 7.03 8204600 57736934 -25582208 FIRST GEN 16.08 16.18 16.7 16.7 16.08 16.08 2752800 44608446 -10456006 FIRST PHIL HLDG 64.9 64.95 64.25 64.95 64.25 64.9 80530 5224401.5 4191330.5 PHIL H2O 5.34 5.43 5.81 5.81 5.34 5.34 1009200 5561954 -270090 MERALCO 370.2 379 374 379 366.2 379 414820 154865220 10966906 MANILA WATER 24.05 24.4 24.55 24.55 24.05 24.05 634300 15463780 -352935 PETRON 8.93 8.97 8.98 8.98 8.92 8.97 477000 4269310 -214325 PETROENERGY 4.02 4.08 4.09 4.09 4.01 4.02 169000 680470 -346630 PHINMA ENERGY 1 1.03 1.1 1.12 1 1 4386000 4606380 -827100 PHX PETROLEUM 11.3 11.34 11.5 11.5 11.22 11.3 26600 303202 PILIPINAS SHELL 52.95 53 54.8 54.8 52.9 53 1022390 54344604.5 -28988356.5 SPC POWER 5.66 5.8 5.89 5.89 5.7 5.8 38700 224033 VIVANT 19.02 20.45 19.5 19.5 19.5 19.5 400 7800 AGRINURTURE 17.04 17.1 17.2 17.2 17.02 17.1 431500 7384126 -13581.9997 CNTRL AZUCARERA 19.1 19.5 19.8 19.8 19.1 19.5 1300 25330 CENTURY FOOD 14 14.18 14.16 14.2 14 14 555300 7821216 -6626202 DEL MONTE 7.5 7.6 7.65 7.66 7.4 7.6 6400 47783 14800 DNL INDUS 10.12 10.16 10.28 10.32 10.08 10.12 11994200 121495618 21497922 EMPERADOR 7.26 7.27 7.26 7.27 7.25 7.27 438400 3182880 -2594028 SMC FOODANDBEV 96.3 96.5 98.9 98.9 95 96.3 1165450 112981291.5 -34037304 ALLIANCE SELECT 1.01 1.02 1.01 1.01 0.99 1.01 4688000 4690310 46150 GINEBRA 29.25 29.65 29.95 30 29.25 29.65 193200 5754040 -17700 JOLLIBEE 275.6 276 282.2 282.2 275.4 276 745500 207474490 -24907692 MAXS GROUP 12.14 12.18 12.5 12.5 12.1 12.14 606900 7412722 -86586 PEPSI COLA 2.06 2.07 2.06 2.07 2.06 2.07 57000 117780 -43469.9998 SHAKEYS PIZZA 12.7 12.8 12.94 12.98 12.8 12.8 106600 1367976 -8990 ROXAS AND CO 2.41 2.49 2.4 2.49 2.4 2.41 56000 136860 RFM CORP 4.8 4.81 4.8 4.8 4.8 4.8 10000 48000 48000 SWIFT FOODS 0.126 0.127 0.127 0.127 0.126 0.126 510000 64320 UNIV ROBINA 142.1 142.2 141.3 142.2 139.4 142.2 1193160 168797869 30386085 VITARICH 2.04 2.05 2.04 2.1 2.03 2.04 6115000 12731580 -239289.9998 VICTORIAS 2.45 2.46 2.5 2.5 2.46 2.46 33000 81900 CONCRETE B 80.25 89.95 80.25 80.25 80.25 80.25 90 7222.5 CEMEX HLDG 3.11 3.12 3.18 3.18 3.11 3.11 2251000 7055760 -1202040 EAGLE CEMENT 15.5 15.8 15.7 15.88 15.5 15.5 700500 10931570 2469554 EEI CORP 9.49 9.5 9.7 10 9.5 9.5 784400 7500044 437655 HOLCIM 7.22 7.23 7.2 7.23 7.2 7.23 156300 1129061 MEGAWIDE 17.5 17.56 17.9 18 17.42 17.5 1004500 17,631,278( 13,698,987.9996) PHINMA 7.9 7.99 7.85 7.9 7.85 7.9 6800 53530 TKC METALS 1.09 1.1 1.13 1.15 1.05 1.09 367000 398580 VULCAN INDL 1.81 1.85 1.88 1.9 1.81 1.81 12607000 23113200 242240 CROWN ASIA 1.78 1.8 1.8 1.8 1.78 1.78 1077000 1918220 -77400 LMG CHEMICALS 4.88 4.98 4.92 4.92 4.88 4.88 31000 152140 MABUHAY VINYL 3.08 3.17 3.1 3.1 3.1 3.1 3000 9300 PRYCE CORP 5.85 6 6.1 6.1 6 6 700 4250 CONCEPCION 43.1 45 45.05 45.05 43 43 1600 70745 INTEGRATED MICR 13.4 13.46 13.52 13.52 13.36 13.4 423200 5683184 1541416 IONICS 2.11 2.16 2.13 2.17 2.1 2.17 441000 930580 -33900 PANASONIC 6.71 6.92 6.7 6.71 6.7 6.71 3400 22784 SFA SEMICON 1.67 1.69 1.68 1.72 1.67 1.67 241000 405070 -1680 CIRTEK HLDG 33.8 33.85 33.65 34.3 33.15 33.8 1946900 65442355 1026920

HOLDING & FRIMS ABACORE CAPITAL 0.405 0.41 0.435 0.44 0.405 0.41 27980000 11721900 -72850 ASIABEST GROUP 36.15 36.75 37.5 38.6 36.05 36.75 189500 6986455 923265 AYALA CORP 942 944 965 965 940 944 424510 401947125 -104451455 ABOITIZ EQUITY 51.85 52.75 53.3 53.3 51.8 52.75 1864060 97723190.5 8354794.5 ALLIANCE GLOBAL 13.4 13.48 14.26 14.26 13.26 13.48 6817800 92851034 -54275800 ANSCOR 6.1 6.11 6.1 6.1 6 6.1 25300 154294 153094 ANGLO PHIL HLDG 0.92 0.94 0.94 0.94 0.94 0.94 5000 4700 ATN HLDG A 1.34 1.35 1.41 1.42 1.33 1.34 32562000 44542130 ATN HLDG B 1.36 1.37 1.42 1.44 1.36 1.37 3791000 5240910 1726669.9999 COSCO CAPITAL 5.97 5.98 5.99 6 5.97 5.98 4315100 25806276 -4914430 DMCI HLDG 12.06 12.16 12.82 12.82 12.02 12.16 2443900 29850992 -12263982 FILINVEST DEV 7.02 7.2 7 7.25 7 7.02 5500 38958 FJ PRINCE A 4.6 5.22 4.8 5.25 4.8 5.25 3100 14925 GT CAPITAL 874 884 890 890 867 884 98750 86323010 -13390480 HOUSE OF INV 5.8 5.95 5.95 5.95 5.8 5.8 40500 236785 -17810 JG SUMMIT 56.2 56.3 57.4 57.4 55 56.3 1895860 105319236.5 -13395089.5 LODESTAR 0.56 0.6 0.6 0.61 0.57 0.6 492000 289230 31349.9999 LOPEZ HLDG 4.94 4.95 4.98 4.98 4.9 4.94 394300 1936461 301139 LT GROUP 16.66 16.68 17 17 16.66 16.68 2355200 39430698 -5725672 MABUHAY HLDG 0.61 0.62 0.63 0.63 0.61 0.62 2493000 1533240 -122000 METRO PAC INV 5.05 5.1 5.3 5.32 5.05 5.05 29998800 153445011 -63045444 PACIFICA 0.038 0.039 0.038 0.039 0.038 0.039 14900000 571300 -76000 PRIME ORION 2.7 2.71 2.74 2.74 2.7 2.71 1456000 3943470 -190040 PRIME MEDIA 1.18 1.19 1.24 1.24 1.18 1.19 787000 941320 SOLID GROUP 1.47 1.5 1.47 1.47 1.47 1.47 26000 38220 SYNERGY GRID 391 410 391 400 391 391 120 47010 SM INVESTMENTS 956.5 959 949 960 928 959 288290 271310600 -54396470 SAN MIGUEL CORP 175.2 175.4 178 178 174.7 175.2 386230 67653125 -2845300 SEAFRONT RES 2.59 2.77 2.6 2.6 2.59 2.59 10000 25970 TOP FRONTIER 290 300 304 304 298 300 5600 1683258 47636 WELLEX INDUS 0.33 0.335 0.34 0.34 0.33 0.335 5360000 1788200 -23100 ZEUS HLDG 0.205 0.206 0.206 0.206 0.206 0.206 100000 20600

PROPERTY ARTHALAND CORP 0.71 0.72 0.76 0.76 0.71 0.72 3541000 2581720 ANCHOR LAND 12.76 13.02 13.02 13.02 12.76 12.76 89000 1136940 AYALA LAND 42.85 43.1 43.4 43.4 42.35 43.1 9504000 406796025 -58168970 ARANETA PROP 2.05 2.12 2.14 2.14 2.05 2.05 54000 111410 BELLE CORP 2.98 2.99 3.05 3.05 2.99 2.99 1083000 3255480 -1332310 A BROWN 0.95 0.96 0.97 0.97 0.95 0.96 5677000 5449850 CITYLAND DEVT 0.97 0.98 0.97 0.99 0.97 0.98 92000 89530 CROWN EQUITIES 0.226 0.228 0.235 0.235 0.225 0.228 7340000 1670500 -185170 CEBU HLDG 5.55 5.6 5.64 5.64 5.55 5.6 14400 80350 -22344 CEB LANDMASTERS 4.49 4.55 4.52 4.55 4.48 4.55 745000 3358990 -1441180 CENTURY PROP 0.425 0.43 0.425 0.43 0.425 0.425 6530000 2780600 -643750 DOUBLEDRAGON 24.55 24.6 25.15 25.25 24.55 24.55 629100 15595955 -8604675 DM WENCESLAO 8.8 8.81 9.11 9.11 8.77 8.8 948000 8418073 401619 EMPIRE EAST 0.56 0.57 0.57 0.57 0.56 0.56 281000 158860 EVER GOTESCO 0.117 0.119 0.123 0.123 0.116 0.12 4790000 557160 FILINVEST LAND 1.44 1.45 1.46 1.47 1.44 1.44 4609000 6678780 -575700 GLOBAL ESTATE 1.18 1.19 1.2 1.2 1.19 1.19 351000 418210 8990 HLDG 7.15 7.16 7.2 7.34 7.11 7.16 275700 1978866 680906 IRC PROP 1.84 1.85 1.86 1.86 1.81 1.84 10518000 19342670 712530 CITY AND LAND 0.91 0.93 0.9 0.9 0.9 0.9 128000 115200 MEGAWORLD 4.42 4.43 4.51 4.51 4.42 4.43 30852000 137040910 -57939360 MRC ALLIED 0.63 0.64 0.64 0.65 0.63 0.64 30645000 19506580 -1489340 PHIL ESTATES 0.46 0.465 0.47 0.475 0.46 0.465 1390000 642800 -37200 PRIMEX CORP 3.65 3.66 3.65 3.78 3.56 3.65 2748000 10102930 73250 ROBINSONS LAND 20.9 20.95 21.5 21.5 20.85 20.95 3629800 76017455 514975 PHIL REALTY 0.48 0.485 0.495 0.495 0.48 0.485 2200000 1064850 ROCKWELL 1.98 2.02 2.02 2.02 1.98 2.02 209000 418090 SHANG PROP 3.19 3.22 3.22 3.22 3.19 3.19 188000 601810 STA LUCIA LAND 1.09 1.12 1.12 1.14 1.09 1.12 2290000 2531930 -112060 SM PRIME HLDG 37.25 37.3 37.55 37.7 36.5 37.3 11148100 412,779,535( 172,451,004.9999) STARMALLS 7.34 7.4 7.84 8.3 7.32 7.34 7838600 61323938 1225251.9997 VISTA LAND 6.25 6.4 6.4 6.5 6.25 6.4 2442800 15568935 -4154778

SERVICES ABS CBN 23.1 23.2 23.2 23.3 22.9 23.2 26200 605130 GMA NETWORK 5.49 5.5 5.5 5.5 5.46 5.5 72100 395164 GLOBE TELECOM 2040 2078 2100 2116 2030 2078 277270 577049740 148281270 PLDT 1425 1426 1435 1435 1403 1425 74295 105531940 26882950 APOLLO GLOBAL 0.044 0.045 0.046 0.047 0.045 0.045 12200000 551900 -13800 DFNN INC 8.26 8.5 8.5 8.5 8.5 8.5 1000 8500 IMPERIAL 2.11 2.2 2.11 2.11 2.11 2.11 8000 16880 ISLAND INFO 0.121 0.123 0.125 0.125 0.121 0.122 2770000 339500 -61000 ISM COMM 2.89 2.9 3.01 3.03 2.86 2.9 16081000 46445950 929090 JACKSTONES 3.33 3.5 3.44 3.56 3.4 3.54 52000 178700 -41280 NOW CORP 8.05 8.09 8.16 8.2 8.05 8.05 1675000 13565560 463372 TRANSPACIFIC BR 0.6 0.61 0.62 0.63 0.6 0.6 41245000 25224500 63890 PHILWEB 5.06 5.11 5.09 5.14 5.05 5.06 237300 1202356 -216762 2GO GROUP 13.3 13.4 13.4 13.5 13.3 13.3 16800 225060 -20 ASIAN TERMINALS 13.5 13.68 13.68 13.68 13.68 13.68 300 4104 CEBU AIR 72.5 73.75 75.2 75.2 72.5 72.5 197310 14456771.5 -1267681 CHELSEA 6.17 6.18 6.27 6.27 6.13 6.17 1284200 7956601 -2635144 INTL CONTAINER 91.45 92.4 92.25 93.6 91.3 92.4 629370 58042367 15921685 LBC EXPRESS 14.7 15 15 15 15 15 4000 60000 LORENZO SHIPPNG 1.01 1.04 1.04 1.04 1.02 1.04 90000 92460 MACROASIA 19 19.1 19.32 19.5 18.98 19 680500 13,014,398( 6,057,570.0003) METROALLIANCE A 1.94 1.96 1.99 1.99 1.94 1.94 49000 95650 PAL HLDG 8.56 8.8 8.8 8.8 8.8 8.8 14500 127600 HARBOR STAR 3.45 3.46 3.75 3.75 3.4 3.45 3721000 13241540 762990 ACESITE HOTEL 1.4 1.41 1.41 1.41 1.41 1.41 2000 2820 BOULEVARD HLDG 0.062 0.063 0.063 0.063 0.062 0.063 23030000 1429130 DISCOVERY WORLD 2.26 2.36 2.26 2.26 2.26 2.26 1000 2260 WATERFRONT 0.77 0.78 0.83 0.85 0.77 0.77 20070000 16053740 -88020 CENTRO ESCOLAR 7.92 8.05 8 8 8 8 6000 48000 IPEOPLE 12 13.5 12 12 12 12 200 2400 STI HLDG 0.81 0.82 0.87 0.88 0.82 0.82 11007000 9194060 -1661050 BERJAYA 2.83 2.84 2.9 2.93 2.8 2.84 10290000 29024360 227600 BLOOMBERRY 9.25 9.3 9.22 9.3 9.1 9.3 3913900 35960565 -412223 PACIFIC ONLINE 10.6 11 10.7 11 10.6 11 14000 150860 LEISURE AND RES 3.95 3.96 4.08 4.15 3.92 3.95 1574000 6242170 -816900 MANILA JOCKEY 5.08 5.1 5.1 5.15 5 5.1 111600 566366 MELCO RESORTS 6.14 6.2 6.44 6.44 6.1 6.14 2351800 14617704 -9370976 PREMIUM LEISURE 0.84 0.85 0.85 0.86 0.84 0.84 4193000 3540810 702340 TRAVELLERS 5.12 5.14 5.17 5.17 5.12 5.12 864900 4431570 535078 METRO RETAIL 2.69 2.7 2.84 2.84 2.7 2.7 249000 679550 -10870 PUREGOLD 44.6 44.8 44.7 44.8 44.5 44.8 131000 5855295 -2921705 ROBINSONS RTL 81.05 82 80.05 82 79.6 82 305750 24767904.5 9705111.5 PHIL SEVEN CORP 107 109.7 109.9 109.9 109.7 109.7 40 4390 SSI GROUP 2.11 2.12 2.12 2.17 2.11 2.12 3447000 7303240 2567510 WILCON DEPOT 11.1 11.12 11.2 11.26 11.02 11.1 697200 7762460 -2686010 APC GROUP 0.47 0.475 0.485 0.485 0.47 0.47 6630000 3154550 -0 EASYCALL 23.85 24 25 25 23.85 24 39500 961535 -312350 GOLDEN BRIA 308.4 316.8 315 317 315 316.8 1370 433346 IPM HLDG 7.8 7.83 7.83 7.83 7.83 7.83 27000 211410 PAXYS 3.51 3.63 3.64 3.64 3.61 3.61 2000 7250 PRMIERE HORIZON 0.425 0.43 0.385 0.43 0.37 0.425 10690000 4318750 43450 SBS PHIL CORP 7.97 7.98 8.02 8.3 7.98 7.98 22100 176542

MINING & OIL ATOK 20.15 20.5 20.35 20.9 20.2 20.2 35400 716720 -362205 APEX MINING 1.5 1.51 1.51 1.52 1.5 1.5 1161000 1753460 -15100 ABRA MINING 0.0024 0.0025 0.0026 0.0027 0.0025 0.0025 444000000 1112200 20000 ATLAS MINING 3.32 3.34 3.31 3.32 3.31 3.32 11000 36420 -3320 BENGUET A 1.33 1.49 1.31 1.31 1.31 1.31 2000 2620 COAL ASIA HLDG 0.3 0.305 0.305 0.305 0.305 0.305 20000 6100 CENTURY PEAK 1.93 1.94 1.94 1.94 1.92 1.94 688000 1331250 38600 DIZON MINES 7.29 7.43 7.49 7.49 7.29 7.43 900 6642 FERRONICKEL 1.94 1.95 1.98 1.99 1.95 1.95 5137000 10062180 190000 GEOGRACE 0.218 0.225 0.218 0.225 0.218 0.225 750000 167080 LEPANTO A 0.121 0.122 0.122 0.123 0.121 0.121 3550000 431080 LEPANTO B 0.127 0.132 0.129 0.129 0.128 0.128 360000 46320 MARCVENTURES 1.36 1.38 1.37 1.4 1.36 1.38 147000 200510 NIHAO 1.09 1.12 1.17 1.17 1.1 1.14 176000 195880 NICKEL ASIA 4.82 4.83 5.1 5.1 4.8 4.82 2343900 11,431,099( 2,012,650.9997) OMICO CORP 0.6 0.61 0.62 0.62 0.59 0.61 1006000 615900 ORNTL PENINSULA 1.2 1.21 1.25 1.26 1.19 1.21 3676000 4465640 -147720 PX MINING 4.02 4.04 4.1 4.1 4.01 4.02 923000 3735280 -785460 SEMIRARA MINING 29.5 29.6 30 30 29 29.5 1298300 38224480 -22717550 UNITED PARAGON 0.008 0.0082 0.0085 0.0087 0.008 0.008 24000000 196100 ORNTL PETROL A 0.013 0.014 0.014 0.014 0.013 0.013 52900000 690100 ORNTL PETROL B 0.013 0.014 0.013 0.013 0.013 0.013 1400000 18200 PHILODRILL 0.012 0.013 0.012 0.013 0.012 0.013 32500000 393400 -7800 PHINMA PETRO 3.78 3.89 3.98 3.98 3.76 3.87 125000 488210 PXP ENERGY 14.02 14.04 14.78 15 13.98 14.02 4207100 60314888 -1336110

PREFFERED AC PREF B2 DD PREF GTCAP PREF A LR PREF PNX PREF 3A PNX PREF 3B PCOR PREF 2B SMC PREF 2B SMC PREF 2C SMC PREF 2D SMC PREF 2E SMC PREF 2F SMC PREF 2H SMC PREF 2I

500 100.5 952 1.03 99.65 104.1 1007 76.2 79.1 75 75.2 75.55 75.5 76

PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR

5.25

502 101.7 975 1.04 100 109.8 1050 77.2 79.5 75.2 75.4 75.9 77 77

502 101.7 974.5 1.03 100 109.9 1050 77.2 80 75 75.2 75.6 75.5 77

502 101.7 975 1.04 100 109.9 1050 77.2 80 75 75.2 75.9 75.5 77

500 100.5 974.5 1.03 99.6 109.9 1050 77.2 79.5 75 75.2 75.6 75.5 76

500 100.5 975 1.04 100 109.9 1050 77.2 79.5 75 75.2 75.9 75.5 76

1360 40080 250 288000 34600 80 100 120 17530 4100 3000 25920 400 1450

680730 4030645 243660 299480 3448000 8792 105000 9264 1396870 307500 225600 1961962 30200 111400

26000 -774330 -

5.26

5.28

5.28

5.25

5.25

96800

509657

-253255

WARRANTS LR WARRANT

2.58

SMALL & MEDIUM ENTERPRISES IITALPINAS 6.78 XURPAS 2.72

2.64

2.78

2.8

2.5

2.55

553000

1478020

-

6.79 2.73

6.3 2.74

6.8 2.74

6.28 2.72

6.78 2.72

5099100 527000

33680114 1434720

-930670 13650

EXHANGE TRADE FUNDS FIRST METRO ETF

113.2

113.3

115.5

115.5

113.1

113.3

19170

2184447

11450

www.businessmirror.com.ph

Mandaluyong court allows Angkas to resume operations

A

By Lorenz S. Marasigan

@lorenzmarasigan

NGKAS, an app-based motorcycle ride-hailing service previously blocked by the transport regulator, is now offering its passenger service, after a regional trial court granted its petition for preliminary injunction.

The order issued by a Mandaluyong City court enjoins the Land Transportation Franchising and Regulatory Board (LTFRB) and the Department of Transportation (DOTr)

“from interfering, whether directly or indirectly, with the petitioners operations.”

The two agencies were also ordered to stop apprehending Angkas

bikers “who are in lawful pursuit of their trade or occupation” and from performing any act that will “impede, obstruct, frustrate or defeat” the Angkas business.

Last year Angkas stopped its operations after being flagged down as an illegal mode of public transportation by the transport regulator.

Before it, Grab — Southeast Asian transport network company giant— also permanently closed down its motorcycle ride-hailing service in the Philippines called Grab Bike.

Advocacy group Transport Watch lead convener George Royeca said there is a clamor for better mobility and wider transport options because of the issues being faced by commuters in regard to the country’s mass

transport systems and the perpetual bottleneck on Edsa, C-5, Commonwealth and other roads.

“With the current problems on transportation and mobility hounding the country’s commuters, there is a need for the immediate regulation of motorcycle taxis,” he said.

The injunction case was approved in August, a month after it filed the petition for injunction.

Angkas, however, did not immediately go back on the road to continue its operations, its Operations Head David Medrana said.

“Out of deference to the authorities, we did not immediately act on the court order and instead reached out to the LTFRB in good faith, with the intent to cooperate,” he said.

Gaming sector in Entertainment City called ‘vibrant’

By VG Cabuag

@villygc

T

HE country’s gaming sector, mainly in Entertainment City, is vibrant, but current casino operators are hoping regulators will not give out any more licenses for now, a gaming executive said.

Willy N. Ocier, vice chairman of Belle Corp., said the gaming sector is already highly regulated. Regulators should be responsible for keeping their word of allowing the sector to grow first before accepting new entrants.

Belle owns half of City of Dreams Manila, operated by Macau’s Melco Resorts and Entertainment (Philippines) Corp.

“It is also very encouraging that the recent fifth license just went up in smoke. That’s also important for the gaming sector,” Ocier said.

He was referring to the efforts of Landing International Development Ltd. to put up a gambling site in the proposed site of Bagong Nayong Pilipino, also within the complex.

That deal fizzled out after President Duterte sacked the entire board of Nayong Pilipino Foundation last month during the groundbreaking for NayonLanding resort.

“The regulators should also be responsible for keeping their word and their promise. Because of the fact that licensees invested a lot of money up front and we want to make sure the field is level and everything is predictable,” Ocier said.

Each of the players has committed to pour at least $1 billion in investment for their respective integrated resort and casino facilities, which now could rival those in Macau and in Las Vegas in the US. “What we try to do is to market

the Philippines as a destination for foreign tourists and gamers who want to visit the country and bring much-needed gaming revenue to the country. We are not exactly aiming at the local market because that’s a no-no in terms of moral values and the principle of the government to the gaming sector,” Ocier said.

The deal with Landing Resorts was already the second integrated resort and casino license to fizzle out in a span of a few months. Leisure and Resorts World Corp.’s deal with Galaxy Entertainment Group was the first one as the two proposed to put up a $500-million casino and hotel in Boracay. It is also at risk of being revoked after Tourism Secretary Bernadette Fatima Romulo Puyat voiced her objections to the facility.

The owners of City of Dreams Manila are already planning to expand the facility, possibly beyond 2020, as it reaches its peak hotel occupancy.

“We are still studying the plans.

But we need to do it [expand],” Ocier said.

“We may do it beyond 2020. Because we still have to do some land acquisition, we have the land, but we find it too small so we are acquiring,” he said.

City of Dreams Manila was the second facility to operate in Entertainment City after Enrique K. Razon’s Bloomberry Resorts Corp.’s Solaire Resorts and Casino.

Tiger Entertainment Okada Manila is the third operator, but lags behind the two.

Ocier said in August, it beat Solaire in terms of gross gaming revenues. No figures were provided.

“I hope that continues and may I say that the gaming sector is quite healthy,” Ocier said.

Western Union expands in PHL with LandBank

W

ESTERN Union, a leader in crossborder and cross-currency money movement, commenced international money transfer at 379 branches of Land Bank of the Philippines (LandBank), the largest government bank in the country, with expansive reach in rural and remote areas.

Strategically located in all 81 provinces of the Philippines, LandBank will offer Western Union Money Transfer services, enabling consumers to receive money from more than 200 countries and territories around the world.

“We welcome LandBank to our family of global agents. This relationship solidifies our presence in rural areas of the Philippines and helps to connect overseas Filipino workers to their families by giving them more options to receive funds,” said Bassem Awada, Western Union regional vice president for Malaysia, Indonesia, Singapore, Philippines and Brunei.

“Facilitating convenience for our customers across the world and broadening access

via retail or digital means is important for Western Union. We also know the importance of giving customers the confidence to use reliable and regulated means to send or receive money to nearly anywhere in the world,” Awada added.

LandBank is one of the largest formal credit institutions in rural areas in the Philippines and is recognized for expanding services in areas where banking is either limited or non-existent. It recently announced its acquisition of the Overseas Filipino Bank, formerly known as Philippine Postal Savings Bank.

“Our agreement with Western Union will allow consumers who transact through LandBank’s extensive network of branches to move money almost anywhere in the world in a fast, convenient and reliable way.

This makes it easy for Filipinos, especially those in the rural areas, to connect with the rest of the world,” said Alex Buenaventura, LandBank president and CEO.

MUTUAL FUNDS

September 6, 2018

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 262.13 -5.69% 1.01% 3.3% -10.6% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.4817 -9.74% 5.05% 3.56% -7.21% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 4.1047 -6.29% 2.36% 1.91% -10.63% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.9232 -8.27% N.A. N.A. -9.22% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.8599 N.A. N.A. N.A. N.A. FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 5.4377 -3.57% 0.63% 2.27% -9.57% MBG EQUITY INVESTMENT FUND, INC. * ****** 117.43 N.A. N.A. N.A. N.A. ONE WEALTHY NATION FUND, INC.* 0.8658 -10.17% N.A. N.A. -12.78% PAMI EQUITY INDEX FUND, INC.* 51.2449 -3.68% 2.2% N.A. -9.13% PHILAM STRATEGIC GROWTH FUND, INC.* 531.53 -4.77% 0.76% 1.49% -9.67% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.2966 -2.72% 2.48% N.A. -7.67% PHILEQUITY FUND, INC.* 38.0188 -1.39% 3.06% 5.07% -7.49% PHILEQUITY PSE INDEX FUND INC.* 5.16 -3.47% 2.98% 5.45% -9.06% PHILIPPINE STOCK INDEX FUND CORP.* 861.23 -3.6% 2.7% 5.23% -8.93% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.883 -4.02% -0.12% N.A. -8.7% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 4.2335 -2.25% 2.5% 3.85% -7.57% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.9936 -3.59% 2.82% N.A. -9.12% UNITED FUND, INC.* 3.6394 0.46% 3.96% 3.76% -6.54% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* ***114.9943 -2.8% 3.92% N.A. -8.7% ATRAM ASIAPLUS EQUITY FUND, INC.** $1.0202 -3.15% 6.13% 2.19% -7.95% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.3014 9.52% N.A. N.A. 2.86% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.6964 -5.81% -2.34% -0.75% -8.97% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.283 -4.59% 1.11% 1.51% -7.08% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.6031 -2.51% -1.32% -1.05% -6.02% GREPALIFE BALANCED FUND CORPORATION* **** 1.3536 -4.37% N.A. N.A. -6.96% NCM MUTUAL FUND OF THE PHILS., INC* 1.8753 -2.38% 0.95% 1.36% -5.88% PAMI HORIZON FUND, INC.* 3.6325 -4.23% -0.21% 0.4% -7.29% PHILAM FUND, INC.* 16.217 -4.93% -0.42% 0.41% -7.64% SOLIDARITAS FUND, INC.* ******** 2.105 -3.16% 1.28% 3.31% -6.11% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.7636 -2.02% 0.71% 2.02% -5.82% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.9613 -2.16% 0.35% N.A. -5.78% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.0352 -2.11% -0.15% 2.98% -2.49% PAMI ASIA BALANCED FUND, INC.* $0.9878 -1.79% 4.6% 0.32% -5.65% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.6719 4.94% 6.05% 4.19% 0.53% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.091 -0.1% N.A. N.A. -1.91% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 340.93 1.53% 1.72% 1.64% 1.13% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8621 -1.56% -1.38% -0.17% -1.6% COCOLIFE FIXED INCOME FUND, INC.* 2.9245 5.41% 5.31% 5.34% 3.63% EKKLESIA MUTUAL FUND INC.* 2.1226 0.27% 1.09% 1.06% 0.97% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2181 -0.05% -0.13% 0.25% 0.09% GREPALIFE FIXED INCOME FUND CORP.* P 1.5896 -0.89% -1.5% -1.47% -1.24% PHILAM BOND FUND, INC.* 3.939 -3.76% -1.29% -0.52% -2.74% PHILEQUITY PESO BOND FUND, INC.*

3.4686 -0.68% -0.5% -0.03% -1.03% SOLDIVO BOND FUND, INC. * 0.8999 -3.46% -1.63% N.A. -2.52% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7805 0.77% 0.12% 0.47% 0.13% SUN LIFE PROSPERITY GS FUND, INC.* 1.5424 0.01% -0.4% -0.23% -0.47% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $444.76 0.08% 2.34% 3.28% -0.26% ALFM EURO BOND FUND, INC. * Є213.28 0.35% 1.35% 1.73% -0.21% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1197 -1.23% 1.2% 2.21% -1.27% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0248 -0.8% 0.68% N.A. -0.8% GREPALIFE DOLLAR BOND FUND CORP.* $1.7068 -4.53% -0.01% 1.93% -3.65% 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* $1.0364 -4.4% -0.95% -1.98% -3.46% PHILAM DOLLAR BOND FUND, INC.* $2.1639 -3.66% 0.93% 3.36% -3.87% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0568625 -0.93% 1.05% 2.22% -0.59% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.9076 -4.1% 0.98% 2.37% -3.49% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 119.66 2.25% 1.65% 1.44% 1.74% PHILAM MANAGED INCOME FUND, INC.* 1.1733 1.78% 0.37% 0.37% 1.37% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2058 2.33% 2.1% 1.34% 1.71% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0094 N.A. N.A. N.A. 1.07%

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

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

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

Editor: Efleda P. Campos

Starbucks debuts in Italy with premium brews, novelty bar

M

IL AN —Starbuck s is opening its first store in Italy, betting that premium brews and novelties like a heated marble-topped coffee bar will win customers in a country fond of its daily espresso rituals.

Decades ago, Milan’s coffee bars inspired the chain’s vision.

Now Starbucks is hoping clients will visit its new store, called the Reserve Roastery, to watch beans being roasted, sip coffee or enjoy cocktails at a mezzanine-level bar in a cavernous, former post office near the city’s Duomo, or cathedral.

Starbucks chief design officer Liz Muller told The Associated Press earlier this week that the company’s “not coming to Italy to teach people about coffee.

This is where coffee was born.”

Instead, Muller said, Starbucks “wanted to come and bring a premium experience that is different to what people in Italy are used to.”

She described that formula as including “many different brewing techniques and a space where we want you to stay longer and relax and enjoy.”

In Italy, an espresso at a coffee bar is usually a quick morning or after-lunch ritual performed standing up. In many neighborhoods, cafes are practically on every corner, and Italians are on a first-name basis with their trusted barista.

Italy is Starbucks’s 78th global market, and the Milan opening comes 20 years after Starbucks opened its first store in Europe, in London. The company has described the Milan store as “the crown jewel of Starbucks global retail footprint.” It says it plans more cafés for Milan later this year. Milan is the first place where Starbucks has opened a store in its Roastery format in untested territory. It opened a Roastery in Seattle, the US city that is home to its corporate headquarters, in 2014, and a second one in Shanghai last year.

Italians are used to marble counters for coffee bars, but Starbucks boasts that it outfitted its counter tops in the Milan store with heating so they won’t feel stone cold on chilly days. The centerpiece of the Milan store is a 6.5-meter (22-foot) high bronze cask, part of the roasting process.

The company also hopes the store’s cocktail bar will be an attraction: Many who work in Milan, Italy’s fashion and financial capital, cherish the tradition of meeting friends or colleagues for an “aperitivo,” or pre-dinner cocktail, often in cafés. AP

World Companies BusinessMirror

Grab expects to double revenue in 2019

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INGAPORE’S Grab outlined ambitious fund-raising plans and predicted that sales will double next year, adding to evidence that Southeast Asia’s most valuable startup is expanding well beyond its roots as a ride-haling app and intensifying a rivalry with Indonesia’s Go-Jek. Revenue will double from the $1 billion it expects in 2018 as it integrates the acquisition of Uber Technologies Inc.’s regional business and delves deeper into new areas from

bike-sharing to digital payments. It’s on track to raise $3 billion of funding before the end of this year, cofounder Hooi Ling Tan said at Bloomberg’s Sooner Than You Think technology

summit in Singapore. That includes $1 billion from Toyota Motor Corp., the Japanese automaker’s biggest investment in ride-hailing to date.

Grab is expanding rapidly throughout Southeast Asia, home to more than 600 million people, to become the region’s largest transportation platform and leverage its size after the Uber deal. Its funding turns up the heat on Go-Jek, which has announced plans to expand beyond its home turf and enter Singapore, Thailand, Vietnam and the Philippines. Now it’s exploring forays into fields as diverse as grocery delivery and finance to health care, Tan said.

“There’s more greenfield than in any other region in the world because technology hasn’t been able to truly

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shape the lives of the Southeast Asia region yet,” Tan said. “The second big area is to increase our operational presence in Indonesia.” Six-year-old Grab is moving fast against Jakarta-based Go-Jek, which started out as a motorbike taxi-booking service in 2015 before tacking on more than a dozen consumer services that lets users pay bills, order food and buy movie tickets.

Backed by investors such as Japan’s SoftBank Group Corp. and China’s Didi Chu xing, Singapore-based Grab is using its capital to expand both geographically and business-wise.

Since acquiring Uber’s regional operations, the company has

launched a venture arm and opened its platform to fellow start-ups that can offer more services to its customers. In March, Grab launched GrabCycle, a marketplace for bikesharing services, and e-scooter rental service Popscoot. Such fledgling endeavors will help the company hit $1-billion revenue for the first time this year, it said previously.

“There’s a huge opportunity right now. We can decide to invest, go big now, just so that we can reap the market that’s ripe vis-a-vis growing organically and slower,” she said. “We want to set up a multi-generation company.”

Bloomberg News

Stocks in Asia head for one-year low, yen advances

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TOCKS in Asia dropped, with a regional benchmark heading for the lowest close in a year, as investors contemplate the risk of weaker growth, thanks to woes in emerging markets. The yen gained.

The MSCI Asia Pacific Index is down for a sixth straight session as declines in Australia and Hong Kong offset modest gains in markets including Indonesia and Malaysia. Japan’s equities underperformed in the wake of a powerful earthquake on its northernmost main island, which knocked out electricity and added to transport strains from a major typhoon earlier this week. European futures ticked lower. Ten-year Treasury yields held at 2.9 percent and the dollar was firmer against most major peers.

While focus remains on efforts by emerging markets from Argentina to Indonesia to sustain confidence, the potential for President Donald J. Trump to announce another round

of tariff hikes on Chinese imports as soon as Thursday also looms large.

Prominent voices on Wall Street are warning that US stocks face headwinds—Citigroup Inc. cited sentiment levels as it cautioned that another pullback may be in the offing and Goldman Sachs Group Inc. said elevated valuations and a tightening labor market have driven the firm’s bull/bear market indicator to alarming highs.

“Contagion is a normal reaction,” George Boubouras, director at Salter Brothers Asset Management, said on Bloomberg Television. While valuations are compelling, “they’re going to become more compelling as it spreads a little bit further in the rout.”

Elsewhere, the Australian dollar fell after two more lenders raised their home-loan rates. Philippine stocks had the biggest slide in Asia’s emerging markets as foreign investors are dumping the nation’s equities at a record pace this year as

inflation soars.

The British pound held gains after being whipsawed amid Brexit discussions. Gold climbed, while West Texas Intermediate oil held below $70 a barrel on concerns about a stockpile buildup. Bitcoin fell after a report that Goldman Sachs was said to delay setting up a trading desk for cryptocurrencies.

Here are some events coming up during the remainder of this week: The public comment period expires on Thursday for proposed US duties on an additional $200 billion of Chinese imports. The key monthly US employment report for August is due on Friday.

These are the main moves in markets:

Stocks JAPAN’S Topix index fell 0.7 percent at 3 p.m. in Tokyo. Hong Kong’s Hang Seng Index slid 1.4 percent, while the Shanghai Composite declined 0.5 percent. S&P 500 Index futures

China Mobile-backed Thai carrier slides on $3-B legal spat

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RUE Corp. slid the most in about two years after a tribunal said it must pay more than 94 billion baht ($3 billion) in a breach of contract case dating back to 2005, an order the firm said it will dispute.

The China Mobile Ltd.-backed carrier said in a filing late Wednesday that this case isn’t final, and it intends to take legal action to revoke the order in favor of state-owned TOT Pcl. Thailand’s second-largest wireless carrier also rejected a separate claim from the telecommunications regulator for a 3.4-billion-baht payment related to the expiry of past concessions.

Disputes are suddenly sweeping over the Thai telecoms sector. Ear-

lier on Thursday, Total Access Communication Pcl.said it has petitioned a court to allow customers to carry on using an 850 megahertz network after the firm’s concession ends September 15. The National Broadcasting & Telecommunications Commission is linking continued use to Total Access’s participation in an upcoming 900 MHz spectrum auction. Total Access asked the court to revoke this condition.

“Legal cases are hurting confidence in the industry,” said Rattana Leenutaphong, an analyst at IV Global Securities Pcl. in Bangkok. “For True, the company must fight every way it can to defend the case, as the money is so big. Court cases tend to drag on for a long

time and will add to uncertainty over the stock.”

True slid 12.5 percent as of 12:12 p.m. in Bangkok, the worst performer among the top 100 companies on the benchmark SET index. Total Access was down 2.3 percent.

The telecom agency is due to announce on September 12 whether Total Access will have to shut down its 850-MHz network, which the company argues would expose many customers to the risk of third-generation service disruption.

The regulator on Wednesday also said it’s seeking 870 million baht from Advanced Info Service Pcl., the biggest Thai carrier, in relation to the expiry of past concessions.

Bloomberg News

Oil hit by stockpile gain at US hub and emerging-market tumult

IL held losses below $69 a barrel after an industry report showed inventories at a key US storage hub rose, while deepening turmoil in emerging markets raised fears over energy demand.

Futures in New York were little changed after slumping the most in three weeks on Wednesday. Stocks in emerging economies slid toward bear-market territory and a basket of developing-nation currencies traded near the lowest since May 2017. Meanwhile, the American Petroleum Institute was said to report crude inventories at Cushing in Oklahoma added 631,000 barrels last week.

Crude prices had been caught in a tug of war between bulls and bears in recent weeks as speculation that

Friday, September 7, 2018 B3

US sanctions on Iran’s exports will tighten global supplies countered signs of rising inventories and pledges by other Opec members to boost output. Now, as fear of a contagion spreads across emerging markets, concerns are growing that oil demand will weaken as a stronger dollar makes imports costlier for developing economies.

“Investors are increasingly cautious,” said Makiko Tsugata, a senior analyst at Mizuho Securities Co. Factors, such as the emergingmarket currency slump that could lead to lower demand are “making it difficult for investors to aggressively bet on oil,” she said.

West Texas Intermediate for October delivery traded at $68.51 a barrel on the New York Mercantile Exchange, down 21 cents,

at 7:35 a.m. in London. The contract slumped $1.15 to $68.72 on Wednesday. Total volume traded was 39 percent below the 100-day average.

Brent for November settlement dipped 10 cents to $77.17 a barrel on the ICE Futures Europe exchange, after losing 1.2 percent on Wednesday. The global benchmark crude traded at a $8.94 premium to WTI for the same month.

December futures in Shanghai slipped 0.4 percent to 519.5 yuan a barrel after dropping 0.5 percent on Wednesday.

The negative tone for emerging markets was set on Tuesday by a US manufacturing report that boosted the odds of further Federal Reserve rate increases and a strengthening dollar, and South African data show-

ing the economy entered into a recession in the second quarter. The Energy Information Administration is set to report on Thursday that crude inventories at Cushing rose 600,000 barrels last week, according to a Bloomberg forecast before the government data. That would be the fourth straight increase. Nationwide inventories may have dropped by 2.9 million barrels. Pipeline companies are plowing forward with giant oil and gas conduits as bottlenecks already show signs of tempering output in the Permian Basin, America’s hottest shale play. State-run producer Saudi Aramco cut pricing for its main crude grades to buyers in Asia as the world’s biggest oil exporter raises output ahead of the US sanctions that threaten deeper cuts in shipments from Iran. Bloomberg News

fell 0.1 percent; futures on the FTSE 100 Index were flat as of 7:03 a.m. in London. Australia’s S&P/ASX 200 Index lost 1.2 percent. The MSCI Asia Pacific Index lost 0.8 percent. The MSCI Emerging Market Index was down 0.6 percent.

The Bloomberg Dollar Spot Index rose 0.1 percent.

Currencies

Commodities

THE yen rose 0.2 percent to 111.34 per dollar. The offshore yuan was down 0.2 percent at 6.8584 per dollar. The euro bought $1.1618, down 0.1 percent. The pound was at $1.2901 after large swings on Wednesday.

WEST Texas Intermediate crude edged lower to $68.56 a barrel, adding to a 1.1-percent drop on Wednesday. Gold was little changed at $1,196.61 an ounce.

LME copper traded at $5,873 per metric ton. Bloomberg News

Bonds THE yield on 10-year Treasuries was stuck at 2.90 percent. Australia’s 10-year bond yield rose on basis point to 2.56 percent.

B4 Friday, September 7, 2018

REYES TACANDONG & CO. FOUNDATION INC. SIGNS MEMORANDUM OF AGREEMENT WITH DAVAO CITY NATIONAL HIGH SCHOOL TO PROVIDE FREE ONLINE COURSES TO SENIOR HIGH SCHOOL

SUN LIFE GREPA PRESIDENT RECEIVES OUTSTANDING MAPUAN AWARD

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EYES Tacandong & Co. Foundation, Inc. (RTCF) signed recently a Memorandum of Agreement with Davao City National High School (DCNHS) to provide the latter’s Senior High School students access to online accounting courses covering the fundamentals of accounting. The Foundation is the philanthropic organization of professional services firm Reyes Tacandong & Co. (RT&Co.). DCNHS is the premier public secondary school in Davao City and Region XI. Dr. Wenefredo E. Cagape, Public School District Supervisor of DCNHS signed for the School and Mr. Protacio T. Tacandong, President of RTCF, represented the Foundation.

RT&Co. is engaged in socially responsible projects through the RTCF in the areas of education, livelihood, and quality-of-life initiatives. It has a separate exclusive arrangement with online course developer Accounteach Learning Center, to make the latter’s online courses available to deserving public schools. RTCF identifies and chooses the schools to be provided with free unlimited access to the courses.

The courses are based on current guidelines issued by the Department of Education for the K-12 program, as well as CHED’s most recent curriculum for accountancy. Developed with the world’s leading state-of-the-art authoring tool, the courses consist of interactive features and hundreds of quizzes designed to sustain learners’ interest and motivation.

The courses are available in the Internet anytime, anywhere across all devices. Schools do not need any investment computer laboratories or related hardware.

The course duration is for 180 days. Based on proper recommendation by a designated school authority, enrollment can be renewed any number

of times as long as the learner remains a student of good standing of DCNHS up to graduation.

Tacandong says, “The offering of fundamental accounting courses in the K-12 curriculum has a significant effect on the way future professionals will learn accounting. One’s preparation for an accounting career now virtually starts in K-12. Such preparation should prepare the K-12 graduate for entry-level accounting work or prepare one for advanced accounting studies in college. We want to contribute to the early learning experience of future accounting professionals because everything starts with good foundation. We also hope to contribute our modest share in providing a cost-effective resource where it is most needed.

This is where an online solution will be most helpful in filling these gaps. Because it is accessible anytime, anywhere with any device, and can be moderated online, the online course will effectively add to learning time without disrupting class schedules or needing added investments in instructors and physical resources. We trust that the school’s leadership shares our commitment, and is fully committed to support this initiative, and motivate the faculty to prepare for new roles in an online learning community.”

As part of RTCF’s commitment to ensure success of the project, it shall also provide faculty development programs on relevant topics relating to current developments in accounting, educational technology, and e-learning. After the signing ceremony, Dr. Celito C. Macachor, Training Director of RT&Co., conducted an orientation and familiarization workshop with selected faculty members from DCNHS, who were introduced to the features of the online course and environment.

ICHARDS.Lim,PresidentofSunLifeGrepa Financial, Inc. (Sun Life Grepa) was among the recipients of Mapua University’s “The Outstanding Mapúan” (TOM) award this year.

The annual recognition is given to various alumni of Mapúa who have excelled in their respective fields, or have made valuable contributions to the community, the welfare of the school, the country, or the world. It is an annual project, jointly presented by Mapúa University and the National Association of Mapúa Alumni (NAMA).

Lim’s leadership and industry expertise has been recognized at Sun Life Financial over the years. During his stint from 2006 to 2010 , his team’s work in P.T. Sun Life Indonesia was recognized several times in Sun Life Financial’s CEO’s Excellence Awards.

Upon his return to the Philippines, Lim was appointedChiefBusinessOperationsDevelopment Officer and was primarily responsible for the integration of Sun Life Philippines and Grepalife Financial Inc. back offices and operations. He was appointed Chief Operating Officer of Sun Life Grepa in October 2011 and then Head of Bancassurance in late 2013.

Under his leadership, the team won back-toback CEO’s Excellence Awards in 2012 and 2013 for the integration project and for Bancassurance business growth.

As the President of one of the leading insurance companiesinthePhilippines,Limcontinuestobelieve in the power of teamwork. “Teamwork among great individuals brings out more of their talent,” Lim says.

DJOKOVIC OUSTS FEDERER SLAYER

By Howard Fendrich

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The Associated Press

EW YORK—Novak Djokovic put aside all of it, from his opponent’s unheard-of, middle-ofa-set chance to change out of sweat-soaked clothes and shoes, to consecutive time violations because he let the serve clock expire, to the 16 break points he wasted.

All that mattered, really, was that Djokovic managed to do what Roger Federer could not two nights earlier: beat 55th-ranked John Millman at the US Open.

Djokovic moved a step closer to a third championship at Flushing Meadows and 14th Grand Slam title overall by eliminating Millman, 6-3, 6-4, 6-4, to get to the tournament’s semifinals for an 11th appearance in a row.

He sat out last year because of an injured right elbow.

The No. 6-seeded Djokovic, who won Wimbledon in July, had been drawn to face Federer in the quarterfinals.

But Millman scuttled that showdown by stunning the 20-time Grand Slam champ in four sets in the fourth round on a hot and humid evening that Federer said sapped his energy and made it hard to breathe.

“I was, alongside many other people, anticipating the match against Federer,” Djokovic said.

This night was cooler, as the temperature dipped into the 70s, but the humidity was above 80 percent, so with Millman drenched, he sought permission for a wardrobe change at 2-all in the second set. It was odd enough to see a player be allowed to do that during, instead of after, a set, but even odder for it to happen after an even number of games, rather than at an odd-game changeover.

“I was struggling. He was struggling. We were all sweating. Changing a lot of T-shirts, shorts,” said Djokovic, who will face 2014 US Open runner-up Kei Nishikori on Friday. “Just trying to find a way to hang in there.”

When Millman apologized for leaving the court at that juncture, Djokovic replied, “I’m fine to have a little rest,” then sat down on his sideline bench without a shirt on and cooled off.

“I didn’t even know the rule,” said Millman, whose request to leave briefly was permitted based on something called the “Equipment Out of Adjustment” provision in the International Tennis Federation guidelines, because his sweat was making the court slippery.

Widely considered the best returner in the game, Djokovic kept accumulating chances—and then failing to cash them in. He was able to come through on only four of his 20 break points.

There were other issues for him, too, including in the third set when, ahead by a break, he was called by the chair umpire for allowing the 25-second serve clock, making its Grand Slam debut at this tournament, to run out on backto-back points. After the first, he double-faulted, and he

wound up getting broken there.

But he broke back in the match’s next-to-last game, then served out the victory at love.

“I think the guy’s beat a brick wall once,” Millman said, “because he makes you work hard for every point and it’s relentless.”

Earlier Wednesday, Nishikori defeated the man he lost to in the final four years ago, Marin Cilic, 2-6, 6-4, 7-6 (5), 4-6, 6-4. Add that to No. 20 Naomi Osaka’s 6-1, 6-1 win over unseeded Lesia Tsurenko of Ukraine, and Osaka and Nishikori give Japan semifinalists in both men’s and women’s singles at the same Grand Slam tournament for the first time in tennis history.

“It’s great to see,” said Nishikori, who is into his third major semifinal—all in New York—but is still in search of his initial Slam trophy.

For Osaka, who is 20, this is her first trip past the fourth round at a major. She purported to be “freaking out inside,” even if it certainly never showed.

She’ll face No. 14 Madison Keys of the US on Thursday night. Serena Williams plays No. 19 Anastasija Sevastova of Latvia in the other semifinal.

Keys was one of four American women in the final four a year ago, when she was the runner-up to Sloane Stephens.

She’s the only member of that quartet who made it back.

Still in search of her first Grand Slam title, the Keys reached her third semifinal in the past five majors by using her big-strike game built on serves and forehands to overpower No. 30 Carla Suarez Navarro of Spain, 6-4, 6-3.

Keys won all 10 of her service games, saving the only two break points she faced. One came in the last game as she served for the victory, but she erased it with a forehand winner, part of a 22-10 edge in that category.

Keys, who is 23, thinks she is more equipped than ever to deal with important moments on important stages.

“I’ve gotten a lot better managing my emotions once it gets to this part and knowing that everything is going to be probably more amped up,” she said. “And not shying away from those, but just really being honest about it and talking about it.”

Sports BusinessMirror

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| Friday, September 7, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

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WITH Kei Nishikori playing immediately after Naomi Osaka on Wednesday, the US Open became must-see viewing for Japanese tennis fans. AP

NOVAK DJOKOVIC moves a step closer to a third championship at Flushing Meadows and 14th Grand Slam title overall. AP

‘SLOWEST U.S. OPEN IN YEARS’

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Nishikori, Osaka give Japan historic day at US Open

EW YORK—Roger Federer called this “the slowest US Open we’ve seen in years.”

Turns out that was no accident.

US Open Tournament Director David Brewer said Wednesday night that the Grand Slam event’s hard courts were purposely slowed down “a touch” in response to players noting in recent years that the surface seemed to be speeding up.

“In the general feedback we’ve gotten from players the last couple of years—a range of players, both male and female—the commonality we seemed to have been getting was: The courts were sort of gradually creeping up in speed,” Brewer said in an interview.

“We just felt we needed to address that a little bit this year. At the same time, we wanted to ensure we had really good consistency across all courts.”

The amount of sand or other granular items in the surface’s top layer can be adjusted to make a court faster, which is what’s responsible

for the change, according to Brewer, rather than the recent switch from asphalt to cement underneath each court at Flushing Meadows.

He added that he can’t remember any concerted effort to alter court speeds around the facility with the intention of helping American players do well in the country’s Grand Slam tournament.

“I’m just trying to think if we’ve ever sat down and said, ‘All right, look, what can we do to advantage American players when it comes to the court surface?’ And I don’t ever recall having that conversation in my 20 years here,” Brewer said.

No US man has won the singles title in New York since Andy Roddick in 2003, and none has even reached the semifinals since Roddick in 2006. The highest-seeded American man, No. 11 John Isner, lost in the quarterfinals this week.

Last year all four women’s semifinalists were Americans, including champion Sloane Stephens.

Two of the four women who play in Thursday’s semifinals are from the United States, Serena Williams and Madison Keys. AP

EW YORK—Kei Nishikori looked around Arthur Ashe Stadium and noticed the crowd.

With Nishikori playing immediately after Naomi Osaka on Wednesday, the US Open became must-see viewing for Japanese tennis fans.

“It’s good to have, you know, home support outside of Japan,” he said. “Yeah, it’s great news we’re both in the semis.”

Historic news, actually.

Both players won—Osaka decisively, Nishikori narrowly—to give Japan a men’s and women’s semifinalist at the same Grand Slam tournament for the first time, according to the ATP Tour.

Nishikori rallied to beat Marin Cilic, 2-6, 6-4, 7-6 (5), 4-6, 6-4, in a match that lasted four hours and eight minutes. Osaka routed Lesia Tsurenko, 6-1, 6-1, in just 57 minutes, the third time in her five matches in the tournament that she finished in less than an hour.

“I think she can, you know, win a title now, even [a] Grand Slam. So I feel, you know, big chance for her,” Nishikori said.

“Also happy for myself, too, being injured last year.”

That was a wrist injury that kept him off the tour from late last season until early this year. He started to regain his form in the spring, was back up to the No. 21 seed for his return to Flushing Meadows, and awaits No. 6 Novak Djokovic on Friday.

Meanwhile, Osaka won a Masters title at Indian Wells and with her strong run in New York, where she will next play 2017 US Open runner-up Madison Keys, she has picked up more of a following from the Japanese media—though she believes there’s a different reason for that.

“I think it’s because of Kei,” she said, holding her hands apart to show how much bigger Nishikori is in Japan, from where her family moved to New York when she was three.

So big, in fact, that she was too nervous to talk to him until recently.

Once she did, the 20-year-old Osaka found they had plenty in common. Nishikori, eight years older, was like a “really big kid” who liked to play video games and have fun like her.

“Overall, he’s just really nice and positive and bubbly and stuff,” Osaka said.

Only once had Japan had a man and woman reach the quarterfinals of the same major, and Shuzo Matsuoka and Kimiko Date both lost in that round at Wimbledon in 1995.

Nishikori and Osaka are looking to keep right on going.

Their victories provided a boost to their baseball-crazed country on an otherwise downer of a day with the news that Los Angeles Angels star Shohei Ohtani had new damage in his right elbow and major surgery has been recommended.

When Nishikori became the first Asian male to reach a Grand Slam singles final four years ago, hundreds of fans packed into a convention hall to cheer him on at a standingroom-only public viewing event in his hometown of Matsue.

Now there might be two such events in Japan this weekend.

“Hopefully, we do well this week,” Nishikori said. AP

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U.A.A.P. S81 ACTION UP N

ATIONAL University immediately buckles down to work to defend its University Athletic Association of the Philippines (UAAP) chess crown only five months after winning a third consecutive men’s championship.

Based on the league’s Season 81 athletic events timeline that was released this week, chess will be the first sport that will

be played after the basketball competitions open on Saturday.

Chess hostilities get going on September 15 at the University of Santo Tomas’s (UST) Quadricentennial Pavilion.

De La Salle will also defend its title in the women’s division.

From a second semester sport, chess was moved to the first semester along with fencing and athletics.

Fencing, University of the East’s source of championships, is set from November 22 to 25 at the Victoria Sports Complex in Quezon City, while athletics—Far Eastern University’s domain in the men’s division and UST in the women’s side—takes off from November 28 to December 2.

After chess, table tennis kicks off on September 23 at the University of the Philippines’s (UP) CHK Gym.

Also on tap in the first semester are beach volleyball at Sands SM By The Bay and badminton on September 24, taekwondo and poomsae on November 8 at the Blue Eagle Gym and swimming at the Rizal Memorial Swimming Pool. The judo schedule has yet to be determined.

In the high-school division, girls and boys volleyball will begin on October 13 at the Blue Eagle Gym, juniors basketball on November 11

at the Blue Eagle Gym and juniors football on December 1 at the Rizal Memorial Stadium.

UST, the league’s most successful team in terms of general championships, will try to extend its dominance for the third straight season.

The Growling Tigers annexed their 42nd overall seniors title last season, while the Tiger Cubs also emerged triumphant in the juniors side for the 18th time.

WITH COMPLETE UNIT, CHALLENGE’S ON GUIAO C

OACH Yeng Guiao got the luxury of honing a complete roster of players vying for slots on the national team for the fourth window of the Fiba World Cup Asian Qualifiers.

This after the Philippine Basketball Association (PBA) went into a two-week break to give Guiao a hassle-free training camp for the country’s match against Iran on September 13 in Tehran, and against Qatar in a closed-door match at the Smart Araneta Coliseum on September 17.

According to PBA Commissioner Willie Marcial, Governors’ Cup action will resume on

September 19 with a double-header pitting Blackwater against NorthPort and Meralco against Phoenix.

All 16 players on Guiao’s wish list showed up in previous sessions, an indication of their enthusiasm to don the country’s colors.

The NLEX Road Warriors coach could only offer inspiring words upon seeing the national pool train as a unit.

“We are awed, we are delighted at having the most talented players in the PBA in one building, in one court,” said Guiao, who replaced suspended Chot Reyes as national coach.

“It’s been a while since we managed to gather and bring together this kind of talent,” he added.

Present during the training sessions were Christian Standhardinger, Alex Cabagnot and Marcio Lassiter of San Miguel Beer, Paul Lee and Ian Sangalang of Magnolia and Scottie Thompson, Japeth Aguilar and Greg Slaughter of Barangay Ginebra.

Stanley Pringle of GlobalPort, Poy Erram and Allein Maliksi of Blackwater, Asi Taulava of NLEX, Matthew Wright of Phoenix and Gabe Norwood, Raymond Almazan and Beau Belga of Rain or Shine are also in the pool.

St. Benilde’s Blazers flex muscles against Eze, Altas

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OLLEGE of Saint Benilde put to naught Nigerian Prince Eze’s monster effort for University of Perpetual Help

as the Blazers eked out a 91-87 victory over the Altas to remain in third spot in the 94th National Collegiate Athletic Association

seniors basketball tournament on Thursday at the Filoil Flying V Centre in San Juan City.

Yankie Haruna scored 19 points,

“These guys are the most talented, the best players in the PBA, and they’re willing to make that sacrifice to represent us,” Guiao said.

“Now that the talent is here, the next question is, ‘how am I, as a coach, going to be able to orchestrate this talent and make them play good basketball together as a team?’ That’s the challenge,” he said.

Ramon Rafael Bonilla

ALEX CABAGNOT is one of three San Miguel Beermen who are in the pool.

including the go-ahead basket with 55 seconds remaining that sealed the Blazers their seventh victory against three defeats— good for No. 3 spot behind the Lyceum of the Philippines University Pirates (10-0) and San Beda Red Lions (9-1).

Justin Gutang hit a crucial triple, and Unique Naboa drained four charities in the stretch to help Saint Benilde fend off Perpetual Help’s desperate rally.

The 6-foot-9 Eze scored a career-best 36 points, including a three-point play off Haruna that gave the Altas an 8382 lead with 1:14 minutes remaining.

But that turned out as the Las Piñas school’s last taste of the lead as Haruna, Gutang and Naboa burned the hoops for the Blazers.

The Altas heavily missed starting guard Edgar Charcos, who nursed an injured knee for the third straight game.

Without Charcos—who averaged 17 points, 4.3 rebounds, 3.9 assists and 1.9

TIBETAN SQUAD JOINS 3X3 HOOPS AS GUEST TEAM

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GUEST team from Tibet will be pitting their skills against Philippine squads in the 3x3 Golden League Manila set from September 12 to 15.

Tournament commissioner Allan Caidic said the dribblers from Tibet are joining the tournament as a guest team.

The Tibetans turned heads when they defied odds to win the Chengdu leg of the SINA 3x3 Golden League 2018 to qualify for the SINA 3x3 Golden League National Finals in October.

As a guest team, Caidic said that the Tibetans will not be eligible to win prizes.

Caidic said the victory by the squad of Tibet, is a shining example of what the 3x3 Golden League Manila seeks to achieve—to help develop 3x3 basketball outside Metro Manila.

“With 128 teams, it provides opportunities for other players to showcase their skills in 3x3 through this tournament. This is their chance to be noticed,” Caidic said.

Caidic is also a firm believer that the Philippines has the potential to excel in 3x3 basketball, which was a medal event in the recent 18th Asian Games and the Tokyo 2020 Olympics.

“With this tournament, we can already identify potential talents that we could tap for international competitions,” Caidic said.

Registration is still open for the tournament set from September 12 to 14 at the Taft Food by the Court and September 15 at the Vista Mall in Taguig City.

Registration centers are at all Chris Sports or call 0917-8982489.

Spieth eyes ‘normal’ week in Cup playoff

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steals before he hurt his knee— Perpetual Help lost for the third straight time to drop a 5-5 card.

The Blazers entered the game burdened by a bad news that spitfire guard JJ Domingo suffered a season-ending ACL (anterior cruciate ligament) injury in a tuneup game last week.

But Naboa stepped up and chipped in 14 points, as well as Rob Nayve, who added seven.

COLLEGE of Saint Benilde’s Clement Leutcheu holds fort against University of Perpetual Help’s Prince Eze (15) and Kim Aurin (35). NONOY LACZA

EWTOWN SQUARE, Pennsylvania—Easily overlooked in golf this week is that other “cup,” the one more about finances than flags.

Jordan Spieth sure hasn’t forgotten about the FedEx Cup. One year after he was in the mix for the $10-million bonus until the final hour at East Lake in Atlanta, Spieth is simply trying to make sure he has a tee time at the Tour Championship. He is No. 27 in the FedEx Cup, and only the top 30 move on to the finale in two weeks.

“Each year you pick a schedule, and I have essentially assumed—based on the previous years— that I would be part of it, and have a chance to win the FedEx Cup,” Spieth said on Wednesday at the BMW Championship. “Each year, I’ve had an opportunity to win the FedEx Cup at the end of the year. This year, at this current state, I’m in a more difficult position to win the FedEx Cup than I’ve been in the last five years.”

He’s still inside the top 30 from the 70-man field at Aronimink who hope to advance to East Lake. Spieth figures he only needs a “normal” week in the third FedEx Cup playoff event, which starts on Thursday.

A year ago, Louis Oosthuizen came into the BMW Championship at No. 24 and missed out on the Tour Championship by one point. The highest-seeded player who didn’t advance was Rickie Fowler in 2016, when he was No. 22 and missed by 0.57 points.

So for Spieth, there is work to be done.

And it’s not just the mathematical shot at the $10-million bonus, or even pride to not be left out of the Tour Championship for the first time since turning pro.

The PGA Tour has a policy that requires its members to play in a minimum of 25 tournaments. If they fall short of that, players have to add a tournament they have not played in four years. Because he added nothing new to his schedule this year, Spieth has to reach 25 events. And the only way to reach 25 events (the Ryder Cup counts) is to make it to the Tour Championship.

The policy is in its second year, and no one has violated it yet.

Also on the bubble are Tiger Woods and Rickie Fowler.

Woods has finished out of the top 20 in both playoff events and has dropped five spots to No. 25, needing to play well to avoid missing the Tour Championship for the first time when playing a full schedule. Fowler missed the first two events with an injury and is No. 26.

As for that other cup? AP

Abadiano, Quiambao lift Bulldogs in Fr. Martin Cup

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ATANG Gilas standout Gerry Abadiano and Kevin Quiambao delivered the goods as National University beat San Beda University-B, 116-90, over the weekend in the 16th Fr. Martin Cup Division 2 basketball tournament at the Saint Placid Gym of San Beda-Manila.

Abadiano and Quiambao scored 15 points apiece for the Bullpups, who finished their Group A campaign with a 5-2 win-loss record.

Dominic Dayrit added 14 points for the

Bullpups, who earned the first quarterfinals slot, according to commissioner Robert de la Rosa.

It was the Bullpups’ second consecutive triumph after beating La Consolacion CollegeManila, 61-51, the other week.

University of Perpetual Help-Molino picked up its first win in four games at the expense of Pamantasan ng Lungsod ng Muntinlupa, 102-97, in overtime.

Diliman College, meanwhile, claimed its second win by beating NU, 94-84.

In the junior division, Chiang Kai Shek College moved a win closer to a quarterfinals berth after posting its sixth straight victory over Diliman Preparatory School, 70-60. The Blazing Dragons earlier scored a 65-51 rout of La Consolacion College-Manila.

Angelo Magno made 22 points for Rich Golden School Montessori in stopping Paco Citizens Academy Foundation, 76-68, and University of Santo Tomas outplayed San Beda, 98-83, in the other juniors action.

orts

sMirror

Friday, September 7, 2018

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QUE WRESTS LEAD

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NGELO QUE stumbled and recovered coming off a first weather delay and took the clubhouse lead over Aussie Damien Jordan and Zanieboy Gialon when play was stopped the second time around due to heavy rain halfway through the $100,000 Aboitiz Invitational at the Orchard’s Palmer course on Thursday in Dasmariñas, Cavite.

The long-hitting, latestarting Japan Professional Golfers Association (PGA) Tour campaigner extended his birdiebinge in his solid

first round 65 with back-to-back feats from No. 2 to draw level with Jordan and Gialon, who had wrapped up their respective morning rounds with 70 and 71, respectively, before play was stopped due to lightning threat.

Que actually stumbled with his first bogey in 23 holes on No. 5 at resumption of play but quickly got his game going again, hitting three straight birdies from No. 6 from short range to move ahead by three. But two bogeys at the back in tough condition slowed down his charge though he hit another birdie on No. 15 to go three-under for the day before play was suspended due to heavy rain and darkness.

“The strong rain affected my game on No. 13, otherwise it was pretty okay,” said Que, who had a provisional 10-under overall card with three holes to play, moving him 39 holes away

from nailing his first Aboitiz crown after two runner-up finishes in 2013 and last year. “I’ll try to finish this tomorrow morning [today] and let’s see what would be my strategy given the wet condition.”

All stranded flights will finish their respective rounds at 6:30 a.m. today with the third round set right after the last flight will have completed play.

Gialon, meanwhile, tied Jordan at 135 with Ira Alido posting a one-under card and eight-under overall with three holes to play. Thai Namchok Tantipokhaul, on the other hand, shot a 69 for a 136.

Jobim Carlos and Tony Lascuña had identical three-under cards after 15 holes for seven-under total, while South Korean Kim Dae-won also went three-under and six-under overall with three holes to play.

ANGELO QUE (left) takes the clubhouse lead as Zanieboy Gialon stays in the hunt. ALYSA SALEN

Wack Wack sparkles at home W

ACK WACK (WW) pulled off a rare victory at home but Santa Elena and Forest Hills came away solid finishes to press their respective charges in the overall race after six legs of the 2018 Women’s Golf Association of the Philippines (WGAP) Circuit at WW West Course in Mandaluyong City recently.

The hosts broke a run of winless campaign by ruling Class B on a 150 with Andrea Dy Buncio firing 39 Stableford points, and Jay Crisologo, Sophia Araneta and Monique Arroyo adding 38, 37 and 36 points, respectively, as they edged their rivals from Forest Hills (148) and Santa Elena (147).

But the Santa Elena side struck back in Classes A and C which they ruled via a pair of one-point escapes, both over Forest Hills, in what proved to be the most tightly fought leg in the annual tournament organized and conducted by the Women’s Golf Association of the Philippines.

Santa Elena, behind Candice Yulo and Caret Ricamonte’s 36 and 35 points, respectively, and a pair of 32 points from Rio Co and Marit Yuchengco, pooled a 135 and nipped Forest Hills (134), paced by Grace Cho’s 36 points, by one with Canlubang claiming third place with a 131 in the premier class of the event among the leading golfing ladies from the country’s top golf clubs.

Canadian Lee Sang and Aussie Tim Stewart were tied at 138 after a 70 and 68, respectively in the 72-hole championship serving as the fifth leg of the second season of the Philippine Golf Tour Asia put up by the International Container Terminal Services Inc. and organized

by Pilipinas Golf Tournaments Inc. Staying in the hunt with completed rounds were Jay Bayron, the other two-time Aboitiz champion who shot a 69 for a 139 in a tie with Thai Wisut Artjanawat (72), Jun Bernis (69), Michael Bibat (67), Keanu Jahns (69) and South Korean Kim Joo-hyung (71).

Gialon, impressive with his eagle-aided 65 on Wednesday, hobbled with two bogeys in the first five holes but rebounded with four birdies in a nine-hole stretch from No. 6 to save a two-under card.

Jordan, who bettered Que’s bogey-free opening seven-under round with his lead-

grabbing eagle-spiked 64, sustained his charge in a scorching backside start of three birdies in the first six holes. But he missed the par-3 16th and made his first bogey then dropped another stroke on No. 7, while missing a couple of birdie chances to settle for a 71.

Though most of the pretournament favorites are on their way to the last 36 holes of the event backed by ICTSI, Custom Clubmakers, Meralco, Champion, Summit Mineral Water, K&G Golf Apparel, BDO, Sharp, KZG, PLDT and M.Y. Shokai Technology Inc., some failed to make their move, including reigning PGT Order of Merit winner Clyde Mondilla (73-142), Thai Pasavee Lertvilai (70143), PGTA leg and recent PGT Bacolod winner Justin Quiban (72-143), two-time Aboitiz champion Elmer Salvador (70-143), last week’s Club Filipino de Cebu titlist and PGTA Forest Hills leg winner Jhonnel Ababa (74-144).

Tagaytay came in fourth with a 131 followed by Villamor (130), Eagle Ridge (115) and Camp Aguinaldo (103) with Alabang’s Joan Morales bagging the individual crown in Class A with 39 points.

Santa Elena, behind Nancy Co’s 37 points, Barbara Park and Cheese Ong’s identical 33 points and Mary Jane Ishihara’s 32 points, also scored a 135 and foiled Forest Hills, led by Bernadette Jalosjos’s 38 points, again by one for the Class C plum with Alabang taking third place with a 133 followed by Tagaytay Highlands (131), Villamor (125), Canlubang, Eagle Ridge and Camp Aguinaldo, which both assembled 122s, Wack Wack (118) and Orchard (100). Ellen Chua of Wack Wack took the individual crown with 38 points.

Forest Hills’s Mi Jin Lim bagged the individual title in Class B with Villamor ending fourth in team play with a 139 followed by Tagaytay (135), Alabang (120), Camp Aguinaldo (112), Eagle Ridge (110) and Orchard (109).

Santa Elena and Forest Hills’s impressive finishes, likewise, tightened the race for the overall plum heading to the last two legs of the eight-stage circuit at Canlubang’s North course on September 10 and at Forest Hills on October 8.

Despite its so-so campaign in three divisions, Villamor held sway with 19 points but Santa Elena surged to second with 16 points, Aguinaldo stayed in the hunt, despite slipping to third with 15 points, while Forest Hills tied Tagaytay at fourth with 13 points and Alabang is in fifth with 10 points.

NIKE UNVEILS KAEPERNICK AD N IKE has unveiled its first “Just Do It” ad narrated by Colin Kaepernick, a spot scheduled to air during the National Football League (NFL) season opener on Thursday night, as well as during the US Open tennis tournament and other major sporting events.

The two-minute spot released on Wednesday highlights superstar athletes LeBron James, Serena Williams and others, and touches on the controversy of NFL players protesting racial inequality, police brutality and other issues by demonstrating during the national anthem.

Kaepernick narrates the full spot but first physically appears midway through. As a camera pans to reveal Kaepernick’s face, a reflection of a United States flag is visible on the facade of a building behind him.

Kaepernick says: “Believe in something, even if it means sacrificing everything.”

At the start of the ad, Kaepernick says: “If people say your dreams are crazy, if they laugh at what you think you can do, good.

Stay that way, because what nonbelievers fail to understand is that calling a dream crazy is not an insult, it’s a compliment.”

The former 49ers quarterback is revealed as the narrator toward the end of the spot.

The commercial’s universal theme is about athletes pushing for bigger dreams. It features young athletes who compete amid various challenges, touching on issues of gender, disabilities and weight loss, among others.

Kaepernick says at the end: “Don’t ask if your dreams are crazy. Ask if they are crazy enough.”

The spot is expected to air this week during college football and Major League Baseball games, and stream on various music, gaming and other platforms, Nike Spokesman Sandra Carreon-John said.

Kaepernick hasn’t spoken to the media publicly since opting out of his contract with San Francisco and becoming a free agent in 2017. He scored a legal victory last week in his grievance against the NFL and its 32 teams when an arbitrator allowed his case to continue to trial.

The quarterback claims NFL team owners conspired to keep him out of the league because of his protests. His case hinges on whether owners worked together rather

than decided individually to not sign Kaepernick.

A similar grievance is still pending by former San Francisco teammate Eric Reid, a Pro Bowl safety who joined in the protests.

Kaepernick already had a deal with Nike that was set to expire, but it was renegotiated into a multiyear agreement to make him one of the faces of Nike’s 30th anniversary “Just Do It” campaign, according to a person familiar with the situation who spoke on condition of anonymity because details of the detail had not been revealed publicly.

The campaign includes video ads and billboards, like one displayed atop a Nike store in downtown San Francisco on Wednesday.

Nike also will create an apparel line for Kaepernick, including a signature shoe, and contribute to his Know Your Rights charity, the person said. The deal puts Kaepernick in the top bracket of NFL players with Nike.

The endorsement deal between Nike and Kaepernick prompted a flood of debate on Tuesday. It was a trending topic on Twitter and other social networks, with some fans urging a boycott of the company’s clothes and sneakers—even burning and cutting out the signature swoosh logos on their gear.

“I stand for anybody that believes in change. I stand for anybody that believes in a positive attitude,” LeBron James said on Tuesday night at a Nike fashion show and awards ceremony in New York. “I stand with Nike, every day, all day.”

Nike also provides all NFL teams with game day uniforms and sideline apparel, a partnership that was extended in March to run through 2028.

President Donald J. Trump, a frequent critic of protesting NFL players, tweeted on Wednesday that Nike is getting “killed” over the endorsement deal.

“Nike is getting absolutely killed with anger and boycotts,” Trump tweeted. “I wonder if they had any idea that it would be this way? As far as the NFL is concerned, I just find it hard to watch, and always will, until they stand for the FLAG!” The College of the Ozarks, a private Christian school in Point Lookout, Missouri, that competes in sports at the National Association of Intercollegiate Athletics level, said it will remove all uniforms purchased from Nike that contain the brand’s logo. AP

Sports BusinessMirror

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| Friday, September 7, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

De Marchi wins Vuelta’s longest stage ALESSANDRO DE MARCHI jumps into a solo lead in heavy rain on the final climb to secure his third career stage victory in the Vuelta.

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UINTRA, Spain—Alessandro de Marchi broke away with 5 kilometers left to win the longest stage of the Spanish Vuelta on Wednesday, while Simon Yates kept his slim lead over Alejandro Valverde in the overall standings.

De Marchi was in a group of 19 riders who escaped from the peloton about halfway into the 207.8-kilometer 11th stage in northwestern Spain. He then jumped into a solo lead in heavy rain on the final climb to secure his third career-stage victory in the Vuelta.

“This victory is special. I had been chasing it for quite some time,” de Marchi said. “Sometimes you feel like you’ve lost it. Now I feel like I’m back at my best.”

The BMC Racing Team rider, who had also won stages in this year’s Tour de Suisse and the Volta a la Comunitat Valenciana, was 28 seconds ahead of Jhonatan Restrepo, and nearly a minute in front of third-place Franco Pellizotti.

“I knew there was this uphill section. I only had one shot, the legs were empty. It was all in the mind,” the 32-year-old Italian rider said. “Now I can take it a bit easier in the peloton in the next few days, and I want to try again in the last week, but I’ll be more relaxed.”

There was little change overall, with Yates staying one second ahead of Valverde and 14 in front of Nairo Quintana.

“I never thought I would lose the red jersey,” Yates said.

“The first 100 kilometers were very intense and chaotic. We expected a lot of attacks...we had to take some risks and, in the end, I’m still in the red. The legs felt good, without any problem, and now I’m looking forward to the real mountain stages.”

Thursday’s 12th stage will be a hilly 181.1-kilometer route from Mondonedo to Estaca de Bares, the northernmost point in Spain. AP

Prayer-saving God

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RAYER-SAVING God, in Jesus You deliver us from all that is evil. In hope we pray: Show us Your mercy, Oh God. Grant salvation to all throughout the world. Remain with those who are persecuted for their Christian faith. Protect all people and every creature from the plots of terrorists. Save us from devastating wild fires that destroy many properties and lives of people. May our heavenly Father shine the light of His countenance upon us and grant us salvation, through Christ, the light of the world. Amen GIVE US THIS DAY SHARED LUISA M. LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life BusinessMirror

GAB FAB: THERE’S STILL HOPE FOR LOCAL CINEMA D4

Friday, September 7, 2018

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CHER HAS NEVER

BEEN A HUGE CHER FAN. BUT SHE LOVES BEING CHER.

BY PHILIP GALANES New York Times News Service

the way Sonny (Bono, her ex-husband) was. He was a Sicilian man of his generation.

EW YORK—“Can we do it in bed?” Cher asked, smiling slyly as she emerged from a knot of corridors in her sprawling hotel suite in midtown Manhattan at about 9 pm on a sultry August night. Who would say no?

“I’m freezing in here!” she said. The rooms were meat-locker cold. So I trailed her back to the much warmer bedroom where she reclined on a king-size bed in all her Cher-ness: a trim black sweatshirt and jeans set off by the biggest, most sparkling belt ever worn outside a prizefighting ring.

Waves of dark hair spilled around her shoulders; a printed bandanna was tied over the crown of her head. Her feet were bare.

She’d spent the last several hours in a recording studio, putting the final touches on Dancing Queen, her new album of Abba covers, which will be released on September 28. It was inspired by her return to the big screen in the movie musical Mamma Mia! Here We Go Again in July, and precedes the debut of The Cher Show, the Broadway musical about her life, with performances beginning November 1.

Suddenly, a wave of uncertainty crashed over me: Was I supposed to get on the bed, too?

“Where’s your drink?” she asked, as I worried.

Cher, 72, had ordered us frozen hot chocolates from Serendipity 3—“the most magical place in New York,” she said. (“I wish I’d bought it when it was for sale.”) I picked up my cup from the bedside table. “Good, sit there,” she said, pointing to the chair beside the bed.

For the next 90 minutes, she talked about the sweep of her life and multi-hyphenate career. From variety show TV star to pop diva. From flamboyant concert headliner to Oscar-winning actress. And now, activist and legend: Her Twitter feed, with almost 3.5 million followers, is often politically bracing.

She will be awarded a Kennedy Center Honor in Washington on December 2, the night before The Cher Show, which she is coproducing, officially opens on Broadway. And in a reflective mood, Cher offered a clear-eyed assessment of how her ultra-splashy public persona has coexisted with her naturally quiet self for more than 50 years. These are edited excerpts from the conversation.

It’s weird to hear you say that. You were such a boss on The Sonny & Cher Comedy Hour.

Well, I really was confident before I met Sonny. I was this teenage ball of fire with unbelievable energy but no focus. And Sonny was all focus. He was like, “OK, you’re going to go this way; you’re going to go that way.” And I was thrilled because I had no way. I was just bouncing off walls.

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When you left home, at 16, was it to become a singer or actress, or did you just not want to be at home anymore?

I didn’t want to be bossed anymore. Little did I know I was going to get bossed a lot more. But that’s

But singing wasn’t the goal?

No, that’s not what I started out to do. But I’d always sung. My mother, my uncle, my grandfather— there was always singing and guitars. My favorite thing in the world is to rehearse. I can pick any song and just stand there and sing it. No one in the audience to judge me. And I love the way singing feels in my body—because it’s so big, and I’m not. But the music comes out in the biggest way.

So, if you could do anything in the world, it would still be singing?

I was talking to Barbra Streisand one day, and she asked, “Why do you still sing?” And I said, “Because there’s going to come a day when I can’t.” No one will want to come and see me, and I won’t be able to sing the way I’m singing now. I have unbelievable pipes! My doctor says I’m a freak. But if I couldn’t sing, I’d be miserable.

And all the other things you do—the acting, the concert spectaculars, the tweeting—those are lesser...

I don’t account for things that way. I just do them.

I’ve never planned a single thing in my entire life. It’s like this Abba album. I did the film. I didn’t ask to do it.

My friend Ronnie Meyer called and said, “You’re doing Mamma Mia,” and hung up.

But you didn’t say no.

Ronnie used to be my agent. He ran Universal, and he’s my dear friend. So when he hung up, I thought, “Damn!” Then I thought, “Well, it’s going to take five minutes, and no one will even know I’m there.”

I hate to tell you, but you stole that movie.

I haven’t seen it. But can I tell you, I don’t remember doing anything memorable, except singing “Fernando.” Afterward, when Jen (her assistant) and I were packing to go home, I said, “You know what might be fun?” This is how I get myself into all kinds

of trouble. “It might be fun to do an Abba album.” The songs are easy to sing, but they’re complicated, too.

Some of them are hard as hell, which is why I was in the studio again tonight.

When did you start feeling confident as a singer?

I never feel confident. Off and on, I’ve felt good about my singing. But I’ve never been a huge Cher fan. I like doing it more than hearing it. So except for a couple of albums...

What’s your favorite?

It’s probably between Believe and a highly underrated album called Closer to the Truth. There’s not a bad cut on either one of them. I’ve made millions of albums, and most of them are absolutely no good. But some of them aren’t bad.

Let’s talk about acting. When your TV variety show went away and your pop career stalled for a minute, you moved effortlessly, it seemed, to acting. You said you didn’t set out to sing. Did you set out to act?

I set out to be famous! I set out to be Cinderella.

I saw two movies when I was a kid: Dumbo and Cinderella. And on the way home, I started singing the songs in the car. My mother punched my dad and said: “Listen! She’s singing songs from the movie.” I’d never heard them before. I didn’t understand the reality. I just knew I wanted to be on that screen.

Was it hard to get into rooms with directors like Robert Altman and Mike Nichols?

I knew all these famous people, but none of them would give me the time of day. I went to Mike Nichols one day for a part in a movie called The Fortune, and he said: “No. You’re wrong.” I just looked at him and said: “You know what? I’m very talented, and one day you’re going to be sorry.” I have no idea why I said that.

And when I was doing 5 & Dime (Come Back to the 5 & Dime, Jimmy Dean, Jimmy Dean) on Broadway, Mike came to see me backstage, and he said: “You’re very talented. And I’m sorry.” Then he asked if I wanted to do a film with him and Meryl Streep. I said sure. I was actually more interested in something else that day, but I thought: This could be fun.

Did you like the script?

When we started filming Silkwood, I had no part whatsoever. It was tiny. And then Mike would say, “Cher, I want you in this scene.” Or:

“Cher, I want you to say that.” I had no idea I was even working—or acting. “Sit on the couch and eat popcorn, and when the kids come in, say this.” That’s what it was like. I just knew that everyone was my friend, and Mike was like my dad. I even called him “Dad.” It was like playing.

For many people, acting is extremely hard work.

It didn’t feel that way to me. Also, I didn’t have to look at an audience. My whole life, I had to look out at the audience and go: “How am I doing? Do you like this?” But when you act, you only have to look at the other actors. You just have to trust them and find a way to become this other thing.

Were the people in your life surprised you were good at it?

When Silkwood came out, Mike called and told me that the trailer was playing at this theater in Westwood (in Los Angeles). He said: “You’ve got to see it. It’s great.” So, I went. They showed scenes from the movie, but I didn’t really look like Cher.

And the announcer said, “Starring Meryl Streep,” lots of applause. “And Kurt Russell,” more applause.

“And Cher,” and everyone in the theater started laughing. I was really hurt, but I kept thinking, No, this is their honest reaction. So I called Mike and said, “Dad, they all laughed.” And he said, “They might be laughing before the movie, but they won’t be laughing after the movie.”

In fairness, the big feat of your acting career is that you’re able to submerge your gigantic public persona into these human-size roles.

Listen, people have all kinds of ideas about me.

There’s the sparkly me and the quiet me. But the quiet me comes more naturally. If I could do Silkwood for the rest of my life, I’d be very happy.

You made a spate of good films: Mask, The Witches of Eastwick, Moonstruck—your Oscar.

But then they stopped. Did you start saying no, or did the offers dry up?

No, I got really sick (with the Epstein-Barr virus).

For two years, I couldn’t work. It was terrible. I ended the second year with pneumonia. All these movie offers were coming in, but I had to turn them all down. I was really, really upset about it. And when I came back, I had to work my way back up from the beginning—doing concerts and stuff like that.

CONTINUED ON D4

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Friday, September 7, 2018

Society BusinessMirror

www.businessmirror.com.ph

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Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Evan Rachel Wood, 31; Shannon Elizabeth, 45; Toby Jones, 52; Michael Emerson, 64.

HAPPY BIRTHDAY: You can forge ahead this year. All the ideas and plans you’ve been waiting to unleash can now be put into play. Doors that were closed in the past will now open, and the hard work you’ve put in will pay off. Changes to how or where you live will motivate you to strive toward greater success. Your lucky numbers are 2, 12, 18, 22, 27, 35, 44.

MOROCCAN National Tourism Office In China Khalid Fathi (from left), Honorary Consul General of Morocco Rico Tantoco, Madame Monia Zaoui and husband H.E. Ambassador of the Kingdom of Morocco Mohammed Rida El Fassi, Tourism Secretary Bernadette Fatima Romulo Puyat, Rustan’s Commercial Corp. Chairman Emeritus Amb. Bienvenido Tantoco Sr., Rustan’s Commercial Corp. Chairman and CEO Zenaida Tantoco, HSBC Philippines CEO Wick Veloso and Raffles & Fairmont Hotel General Manager David Batchelor

a

ARIES (March 21-April 19): Express yourself emotionally. Share your feelings and find out where you stand. Don’t let a situation that is bothering you build into a feud when communication, understanding and solutions are what’s required. A romantic gesture will enhance your personal life. HHHH

b

TAURUS (April 20-May 20): Look for an alternative if a situation isn’t going according to plan. Listen to suggestions offered, and do your best to stick to tried-and-true methods. A practical approach will help to ward off mistakes that can be costly. HH

c

GEMINI (May 21-June 20): Don’t take anything or anyone for granted. Be willing to do your part, and stick to the truth to avoid being called out by someone fact-checking. Personal improvements should include health, as well as your domestic environment. HHHH

HERA GERIENE, Rustan’s Commercial Corp. President Donnie Tantoco, Criselda Lontok and Mia Borromeo

ZENAIDA TANTOCO and Mohammed Rida El Fassi

d

CANCER (June 21-July 22): Working hand in hand with trusted individuals will help promote steady progress. Shy away from anyone exhibiting excessive tendencies or who is emotionally manipulative. Know when to say no, and surround yourself with people who are practical, moderate and efficient. HHH

GEN. Loven Abadia and Tony Leviste

A Moroccan Festival T

HE land of lyrical landscapes and exotic treasures, Morocco seems tailor-made for travelers with its beautiful Saharan dunes, romantic waterfalls and caves, and exciting souks and corners.

Morocco is more than just an ancient city; it’s a rich cultural capital, where one can find colorful diversity in fashion, food and wares. True to its promise of providing customers with experiences with no boundaries, Rustan’s brought the heart of Morocco to the Philippines at its Makati store recently.

For all of August, shoppers were able to enjoy the full Moroccan experience as Rustan’s brought the sights, sounds, tastes and feels of this exotic city through a monthlong festival, titled “Le Coeur du Maroc” (The Heart of Morocco), held in partnership with The Embassy of The Kingdom of Morocco, the Moroccan National Tourism Office in China, HSBC and Fairmont Makati. Showcased were a wide range of authentic Moroccan home items, fashion pieces and beauty products, plus delectable Moroccan cuisine.

H.E. Ambassador Mohammed Rida El Fassi said during the launch: “It is always with great pride and excitement that we share the beauty and bounty of our home country. From

our cuisine to our crafts, fashion and beyond, the Kingdom of Morocco is such an important cultural and historical country. It is with great joy that we are able to share more of it to the Filipinos.”

“Of course, nothing beats visiting Morocco and experiencing it firsthand. But festivals like this do well in helping share a glimpse into our wonderful country. We bring the best and most iconic, aiming to give you an authentic and exotic experience of the Kingdom of Morocco here with the Filipino people,” Khalid Fathi of the Moroccan National Tourism Office in China added.

During the opening night of the festival, special guests and patrons were transported to the street markets in Morocco, complete with an astonishing display of authentic Moroccan merchandise, festive sounds by the Moroccan musicians, and artisans doing henna hand tattoo and traditional Arabic calligraphy.

The evening started off with a welcome by the lovely host Joey Mead King, calling onstage Anton Huang on behalf of Rustan Commercial Corp. Chairman and CEO Zenaida Tantoco, to shed light on the celebration and to formally thank those who made the festival possible. He was followed by

e

Ambassador El Fassi, who gave an inspiring speech about how happy he was to share the rich culture of Morocco with the Filipinos. Also gracing the event was the Philippines’s Tourism Secretary Bernadette Fatima Romulo Puyat as the keynote speaker of the evening, and talked about how the culture of our country and Morocco are quite similar in some ways, especially in terms of the importance of the craft of their artisans and how the people value the arts and culture of their country.

Commemorating the special evening, a ceremonial toast was made between Moroccan National Tourism Office in China Khalid Fathi, Honorary Consul General of Morocco Rico Tantoco, Madame Monia Zaoui and husband H.E. Ambassador of the Kingdom of Morocco Mohammed Rida El Fassi, Tourism Secretary Bernadette Fatima Romulo Puyat, Rustan Commercial Corp. Chairman Emeritus Amb. Bienvenido Tantoco Sr., and Rustan Commercial Corp.

Chairman and CEO Zenaida Tantoco. Also joining them were special partners HSBC Philippines CEO Wick Veloso, and Raffles and Fairmont Hotel General Manager David Batchelor.

Traditionally signifying hospitality and friendship, the dignitaries toasted with a special Moroccan mint tea. n

Diamond Hotel general manager receives Rotary Club of Manila award

FARID SCHOUCAIR (from left), Rotary Club of Manila Director Bobby Joseph, Diamond Hotel Philippines General Manager Vanessa LedesmaSuatengco (awardee) and Rotary Club of Manila President Jimmie Policarpio

DIAMOND Hotel Philippines General Manager Vanessa Ledesma-Suatengco was the recipient of the Hotel Management Tourism Award, given by the Rotary Club of Manila in celebration of its 14th Tourism Awards.

She received the award for her remarkable contribution to the development and promotion of the tourism industry along with other personalities from the government and different sectors of the society who were also recognized in other categories.

Being entrusted with numerous responsibilities, from leading a five-star hotel to managing roles in the Tourism Promotions Board and other organizations, Suatengco keeps a strong desire and motivation in making game-changing innovations in the property.

Her journey in the industry was challenging but exciting.

She started her career in human-resources management, and became the first female Filipina general manager of a five-

star hotel when she assumed the stewardship of Diamond Hotel Philippines. She is focused in making Diamond Hotel (www.diamondhotel.com) competitive with international luxury hotel chains by strengthening its brand recall and spearheading major renovation projects.

The complete transformation, enhancement of services and persistent marketing efforts brought the hotel back into the limelight—making it one of the top hotels in the bay area and accommodation of choice by embassies, corporate clients, convention organizers and entertainment producers.

With that, the hotel has evolved to become one of the major players in the industry.

“There are still challenges that need to be overcome—the industry has been growing at a fast rate and the competition is getting tougher. But this has energized us even more, and we are always seeking ways to improve not only on our service, but also ourselves,” said Suatengco.

LEO (July 23-Aug. 22): Getting all worked up over nothing will not serve you well. Before you initiate an emotional conversation with someone, get your facts straight. If you act on an assumption or hearsay, you will not only offend someone, you’ll damage your relationship. HHH

f

VIRGO (Aug. 23-Sept. 22): A day trip or visiting old friends or relatives should be scheduled. Attending a reunion and socializing with people from different walks of life will stimulate you mentally, as well as prompt you to make changes to your life and future endeavors. HHH

g

LIBRA (Sept. 23-Oct. 22): Tread carefully when dealing with friends and family.

Not everyone will see things your way.

Someone will put demands on you or try to interfere with what you want to do. Don’t let indulgent behavior be your way of dealing with negativity. HHHH

h

SCORPIO (Oct. 23-Nov. 21): An emotional situation will escalate quickly if you don’t pull back and rethink your strategy. Focus on something you have control over, not something you don’t. HH

i

SAGITTARIUS (Nov. 22-Dec. 21): No one knows better than you when it comes to how you feel and what you want. Try not to pussyfoot around issues that need to be discussed.

By avoiding the truth, you will give someone a false impression. HHHHH

j

CAPRICORN (Dec. 22-Jan. 19): Find the best way to use your knowledge to bring about positive changes at work and at home.

A chance to reinvent yourself will turn out to be quite prosperous. HHH

k

AQUARIUS (Jan. 20-Feb. 18): Emotions will take over if you aren’t careful. Don’t let anyone bait you into a discussion about something you aren’t ready to talk about. If you want to change something, start with yourself. HHH

l

PISCES (Feb. 19-March 20): You’ll have some interesting ideas. Discuss your plans with an expert to work out any kinks that could slow you down. Money, contracts and a change in the way you earn your living look promising. HHH BIRTHDAY BABY: You are smart, thoughtful and accommodating.

You are progressive and upbeat.

‘crazed phrase’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Floppy hats 5 Lapel-attached device 9 Prefix with “structure” 14 “Once ___ a Mattress” 15 Goat with curvy horns 16 Some soft drinks 17 Mouthy coal passageway?

20 Some canonical hours (var.)

21 Like some glasses 22 Ait kin 23 Sweeping garment 24 “___ circumstances beyond...”

27 Display a short fuse 32 Grp. of objectors?

35 On the ball 37 Milanese money, once 38 Thing on a cowboy’s truck?

42 Walked purposefully 43 Tablecloth material 44 Competitor 45 Shoe part 48 Shopping con-veniences 50 Quick jotting

2 Oxidizes 5 56 Eggo preparer 60 Lettering guide 62 What collects well water?

64 Tossing back the covers 65 Huge swine 66 It’s upped in poker 67 Musical breaks 68 “As a result...”

69 School trial?

DOWN 1 Frutti partner 2 Plant-sucking genus 3 Mushroom to eat 4 Was a disruptive bedmate 5 Minute pest 6 Wading bird 7 Plastic guy 8 Like 10th and 11th innings 9 Block deliverers of old 10 Chuck who coached the Steelers 11 Sooty passageway 12 Ovine-logoed trucks 13 Dangerous vipers

8 Simulated? No 1 19 Shakers on the dance floor 23 Curtain-fixture concealer 25 Lamb’s parent 26 Animal feature 28 Priest’s garment 29 Chanteuse Edith 30 Exxon competitor 31 Director’s unit 32 Sparkling Italian wine 33 Rural structure 34 Noisy bouts of commotion 36 Sicilian tourist sight 39 Banned pesticide 40 That woman 41 Fancy dinner feature?

46 Walks on stage 47 Coffee shop entertainer 49 Beach headwear 51 Native American group 53 Biscuit relative 54 Doesn’t stay upright 55 Stinging precipitation 56 It glides over snow

7 Bedfordshire river 5 58 Variety show lineup 59 58-Down feature 60 Doe chaser 61 Via, cut 63 Neither partner?

Solution to yesterday’s puzzle:

www.businessmirror.com.ph

Relationships BusinessMirror

Friday, September 7, 2018

D3

Son, given up for adoption, leads birth parents to altar 36 years later

BY NATALIE SHUTLER New York Times News Service

DAVE LINDGREN puts the wedding ring on Michele Newman as their son, Martin Schmidt, officiates. LAUREN

M

ARTIN SCHMIDT knew from a young age he was adopted, but he didn’t seek out his biological parents until he was about to have children of his own.

His adoptive parents, William and Cynthia Schmidt, gave him the paperwork he needed for meeting his biological parents when he turned 18 but “didn’t push it,” Schmidt said.

“They absolutely loved me like I was biologically born. I have a great family.”

Still, Schmidt, 36, a road foreman for Gunnison County in Colorado, said finding out his wife, Carin, was pregnant in 2014 with their firstborn, Malcolm, “kind of pushed the issue. It made me want to meet the rest of the family I didn’t know.”

He initiated contact through the Wisconsin Department of Children and Families, and the state first got in touch with his biological mother, Michele Newman. At the time, she was living in Hilo, Hawaii, working at a families services nonprofit organization with men who had experienced or were accused of domestic violence.

Newman was on her lunch break when she received the call from the state. She burst into tears.

“It was immediate waterworks,” she said. “I called my mom. Then I went back to work and told my boss, ‘I’ve got to go home for the rest of the day.’”

Within a few days, she and Schmidt spoke on the phone. “It was just incredible, and overwhelming to hear his voice,” Newman said.

Schmidt said, “We were two strangers, meeting for the first time, who already had an emotional bond.”

Newman told Schmidt about the day he was born, 35 years earlier, during a severe snowstorm that kept Newman from leaving the hospital for days. At the time, Newman, now 53, was a high-school junior.

She and Schmidt’s biological father, Dave Lindgren, grew up in the small farming community of Loyal, Wisconsin, and their families were close.

But Lindgren was a little older, and in addition to going to high school, he was working at a dairy plant.

The two had dated for several months and broke up before Newman realized she was pregnant.

“There was never any real bitterness between us,” she said. “Dave was a good man with a good heart, and we were both doing things we shouldn’t have.”

A couple of weeks later, Newman was still turning it all over in her head. “I was thinking about who I am and where life had taken me,” she said. “It had been 35 years, and I hadn’t spoken to Dave since I told him I was pregnant.”

But she knew he had consented to opening the adoption file, too and that he might have spoken with Schmidt. She decided to reach out, curious to know what he was feeling. “My plan was just to send him a text,” Newman said.

When he got her text, Lindgren was five hours ahead, getting ready for bed at his home in Marshfield, Wisconsin. “It was an odd area code and number, so at first I ignored it,” Lindgren, 55, said.

“But once I realized who it was, we texted back and forth a few times, and I asked, ‘Do you mind if I give you a call?’” Since they last spoke, Lindgren had married three times and had become

JUSTICE FOR THE NEW YORK TIMES

a father many times over. “I have four biological children, including Martin, and four stepchildren that are also my kids,” Lindgren said. “I was always meant to be a dad.”

Lindgren was eager to hear about his son but expected his conversation with Newman would be a short one. Four hours later, at 2 am, he got off the phone and realized there was still so much more to say. A few days later, they spoke on the phone again.

And then they couldn’t stop talking. He learned about the many jobs she held before she moved to Hawaii in her 40s and got her undergraduate degree and a masters in counseling psychology. He learned about her passion for advocating for victims of sexual assault and those struggling with addiction. Newman learned that Lindgren was going through a divorce, and about his children and the goings-on of his large extended family.

“We had long deep discussions,” Newman said.

“We were going through all these serious life topics.

We became very close that way.”

Soon, they were talking every day, sometimes multiple times. And one day Lindgren said, “You know, I’ve always wanted to go to Hawaii.” Newman said: “I didn’t think this was any romantic kind of thing. Dave was in the middle of a divorce.”

So she said she’d be happy to show him around the Big Island. For his part, Lindgren knew there was an “instant connection.” And though he was interested in Hawaii, he had never before had any intention of traveling there. He bought two tickets for the trip— one for him, and one for his nephew Nate, who could double as a travel partner and potential buffer.

Newman picked up leis and drove to the airport to

greet them. When she saw Lindgren walking down the escalator toward her, something shifted.

“I guess my heart was already halfway there,” she said. “Because the minute I saw him, I just thought to myself, ‘Oh, my God.’” He felt it too. “I could just tell,” he said. “This is it.”

They gave each other a hug. And then a kiss. And from there, Lindgren said, “it took over from us being 16 and 17 years old again.”

Schmidt was having other new conversations, too.

“We quickly started hearing from my biological grandmothers,” Schmidt said. “We get cards, presents for the kids’ birthdays, for our birthdays—that warmth has made it really simple to become part of the family.”

Within a few months of the Hawaii trip, Newman decided to move back to Wisconsin for good. It wasn’t just about Dave. “I wanted to be closer to my mom,” she said. “And I just started to feel Hawaii wasn’t the place for me to be anymore.”

She was also very eager to meet her son. She packed her belongings and flew to the mainland, meeting her mother, Kay Schaefer, in Portland, Oregon. The two then embarked on a road trip back to Wisconsin, with a significant stop in Colorado.

“She drove to me first,” Schmidt said. “It’s a powerful moment to give a hug to your birth mom.”

It was during this visit that Schmidt learned of the romance unfolding between his biological parents.

“Dave posted a picture of them in Hawaii on Facebook and I thought, ‘There’s definitely something happening here,’” Schmidt said. “But Michele’s visit was when we understood she was going back to be with her mom and see if this relationship with Dave

would really work.”

But as the couple’s love grew, their families grew close again, too. (Lindgren’s mother, Edna, said of Newman’s mother, Kay: “She was one of the first people I met when we bought the farm.” Schmidt was the first grandchild for both of them. “You can’t forget that,” she said.)

The couple moved in together, and on December 12, 2015, exactly one year after that fateful first text message, Lindgren proposed. She protested at first.

They had both been married multiple times, and she felt it was unnecessary when they knew how they felt about each other. “I told him, ‘We’re old. We don’t need this,’” she said. But he insisted. “I want to marry my sweetheart,” he told her.

On the first Saturday in August, he did. The wedding was a casual backyard affair, hosted at the couple’s home, a white house nestled between cornfields in Marshfield, Wisconsin.

The events of the day were held somewhat in reverse: First, there was a party, followed by dinner, and at sunset, a quick ceremony.

Their son, the one who reunited the two highschool sweethearts, officiated the ceremony. (Several years earlier, he was ordained, on a lark, by the Church of the Latter Day Dude. This was a delight to Newman, whose favorite movie is The Big Lebowski, for which the online church is named.)

Standing safely under the big tent while the rain poured, Schmidt grinned and began the ceremony. “For those of you who haven’t met me, I’m Martin Schmidt; I’m their son,” he said to loud cheers. “And related or not, this is the group of people we call family.” n

interview that he wanted to see more of the widow he had just dated. He marveled at her being a well-traveled musician, and for her smarts and sophistication. Unfortunately, in the final on-cam interview, the woman was cool to the idea of another meet-up, and felt a yawning gap in their experiences.

(The man had never traveled out of the UK.) It was tragic to watch the man’s eagerness visibly tempered; he tried to immediately recover, then grudgingly agree with the woman that they came from quite different worlds. Shucks.

There are also some amusing episodes, like when a 72-year-old went on a date with a fellow senior, and she tells the waitstaff that “the best thing about dating my age is I don’t have to meet his parents!” Just cute!

In some cases, the chemistry between the dating pair is apparent. There is an easy banter, and laughter, although I sometimes cringe over the amount of personal information that’s put on the table immediately. (“I have cancer.”) A few go on more dates, away from the cameras. Yet there are surprises.

Despite the seeming pleasure expressed over the date, some couples opt to go their separate ways. (“I like you a lot,” said one woman to her date at the final interview, “but I just don’t feel the spark, you know. I’d like us to remain friends.” Ouch.)

More often than not, the gay/lesbian couples seem to be more open to the possibilities of a new

relationship. When there is a hint of attraction or after having a warm or pleasant conversation with their date, the couples often agree to meet again. Are gays or lesbians willing to take more emotional risks in finding The One? I have no idea.

In one interview with Fred, he explained that experts are actually consulted so the couples can be properly matched.

“Each participant for the show has to complete a huge dossier, which detail their dating history and what they’re looking for in a potential parnter,” he explains in heart.co.uk. “For some people we can find them a match straight away and others, it take so much longer. It really is a science.”

I have yet to see one, but apparently there have been special episodes where marriage proposals were made by couples who met on the show. I also found news in 2016 of a couple having a baby just months after they dated. Wow! In this age of Internet hookups, it’s charming how First Dates has revived an old-fashioned concept, where strangers get to know one another properly via a meal and a real conversation. You may not find that “spark” with a potential Mr. or Ms. Right on the first date, but maybe others will follow. The key, as some show returnees have indicated, is to be always open to the adventure. If at first you don’t succeed...well, you know what comes after.

Searching for that spark SOMETHING LIKE LIFE

MA. STELLA F. ARNALDO

@akosistellaBM

ONE of my guilty pleasures on cable TV these days is First Dates (Blue Ant Entertainment channel).

It’s a reality show filmed in a real restaurant in London, where strangers meet for the first time for, yes, a first date!

Each half of the couple on a date is welcomed by the cheery maitre’d (of love) Fred Sirieix, and then brought to the bar where drinks are served by the delightful bartender Merlin Griffiths. The two serve as main anchors of the show by dispensing bits of love advice, in Fred’s case, and finding out what couples want in a potential mate, as Merlin inquires.

(Unlike some of the show’s restaurant crew, both Fred and Merlin are not actors and are actually veterans in the hospitality and service industry. No wonder they come across as naturals and appear

sincerely inclined to get to know their guests, without being pushy or annoying.)

There’s nothing more satisfying than seeing paired couples try to overcome their respective anxiety and nervousness, as they go meet their potential mates for a meal and drinks, and talk about their hopes and dreams, life’s challenges, and previous dating experiences/relationships.

What makes the show engaging is that the dating couples are quite diverse and inclusive.

They’ve had dating pairs from opposite sexes, gays, lesbians, Asians, Caucasians, those with African heritage, Catholics, Muslims, divorcees, widows and widowers, young people in their 20s to seniors over their 70s! All of them looking for love and a potential life partner. (Would-be participants are encouraged to send in their applications on the show’s web site.)

Each half of the dating pairs is given £25 for their meals, so they can choose to go Dutch and pay for their own meal. But it was nice to see some gentlemen paying for the entire meal, no matter how the date turned out. Awww. After the date, the couples are interviewed if they want to see each other or just move on. A few times, I found it a tad heartbreaking when the feelings for each other are unmatched.

In one episode featuring a middle-aged couple, for instance, the man excitedly said in a separate

D4

Show BusinessMirror

Friday, September 7, 2018

CHER HAS NEVER BEEN A HUGE CHER FAN. BUT SHE LOVES BEING CHER. CONTINUED FROM D1 Was there ever a partner in your life—Sonny, Gregg Allman, David Geffen—or a good friend who was a great adviser to you? Or have you always relied on your own instincts?

Before I met Sonny, I was very much a person who relied on her own instincts. But I was very young and just handed that over to Sonny. Then when I left him, I was real happy. But I started to make huge mistakes in front of everyone because I was still 16 inside. I hadn’t grown.

Let’s talk about The Cher Show, the Broadway musical of your life that features a host of your hits. The premise is three versions of you—teenage Cher, pop-star Cher and mature Cher—all interacting with one another. Was that your idea?

No, that was the idea Rick Elice (the show’s book writer) always had. It was what kept me coming back to him. It took years and years to develop this show.

But I think it’s a great idea because I’ve lived for so long that I really have been distinct personalities.

Right now, which version jumps out at you?

The young girl, (called) Babe (played by Micaela Diamond), is so brilliant. She just graduated from high school, and it was either go to college or come do this show. She took a big gamble. And she’s so much like me when I was young that she doesn’t even have to do anything. But they’re all working to find me at different points in my life. That’s the great hook.

Your life has been so public. Did you want to use the musical to correct the story of your life or add to it?

We go back and forth on this a lot. You have to know something more about me after the musical.

That’s important to me. Listen, I didn’t have a play about myself before, and I was living very happily. So, I want it to be true and fun and like life is: Sometimes you’re great, and sometimes you’re pathetic.

Sometimes you’re tired, and sometimes you break down. It should be like that. And nothing should be glossed over.

Can you feel tender toward young Cher now?

The mistakes she made?

I try not to think about her much. Everybody has good things happen and bad things happen, and long stretches where nothing happens at all.

You’ll be receiving a Kennedy Center Honor this year. Has it annoyed you not to be inducted into the Rock & Roll Hall of Fame?

It used to annoy me. But I know it’s just a boys’ club, and they don’t think I’m cool enough. But that’s OK. My life is humming along without it. It’s humming along even without the Kennedy Center Honor. I was just terrified that Trump would be there.

There’s still hope for local cinema

LOS ANGELES—NBC’s Law & Order franchise is adding what the network calls a “relevant” new series about hate crimes.

The network said on Tuesday that it’s ordered 13 episodes of Law & Order: Hate Crimes. The drama from Law & Order creator Dick Wolf is based on New York state’s Hate Crimes Task Force.

The fictional version of the task force will be introduced in the upcoming 20th season of sister program Law & Order: Special Victims Unit.

Wolf said in a statement that he wants to shine a light on the wide range of crime victims in big US cities and show that justice can prevail.

A debut date hasn’t been announced for Law & Order: Hate Crimes, created and produced by Wolf and Warren Leight. AP

DANIEL PADILLA and Kathryn Bernardo

GAB FAB JET VALLE

@jetvalle

T

HANK God the Crazy Rich Asians fever is waning. Not that I’m complaining as I was gingerly entertained by the movie and by the book, and I’m genuinely happy for its success. But over and over, the Crazy Rich Asians mania has flooded my social-media timelines. I would barf and kick myself 200 more times in the head if I ever see another caption that goes “We’re crazy and Asian... but not rich” one more time.

There’s also the Miss Granny mania. While it’s a lot tamer than Crazy Rich Asians madness, I was also hit by posts of people watching it and their short reviews of the movie.

Now it’s Kathniel fever and their latest blockbuster, The Hows of Us, that’s conquering my timelines. I haven’t seen the latest Kathryn Bernardo and Daniel Padilla-starrer but if I were to believe the daughter of one of my friends, “it’s the perfectest movie of all time.” To say she is a diehard Kathniel fan is an understatement. She was almost rushed to the ER when the loveteam finally admitted that they’re a real-life couple.

Anyway, my daughter’s friend watched the movie with her cousins and their matching parent chaperones, and all of them can only gush how it’s the “perfectest” movie.

All I can think of is how wonderful that all three movies made a killing at the box office and that cinema is still alive After the reportedly abysmal performances of Cinemalaya and Pista ng Pelikulang Pilipino, this is welcome news—that, yes, there’s remains a cinema audience. But the battle is far from over. Moviemakers should still find a way to lure the madlang people into watching their movies and, hopefully, we find a balance wherein even the non-formulaic Pinoy films are supported. Same way the Koreans and Iranians and the Japanese support their local cinema. I sincerely hope that one day we can achieve this. nnn SKYCABLE earned local and international honors at the 2018 PANAta Awards in Makati and the Faxies Awards in New York for its marketing campaign for

Game of Thrones Season 7.

The winning campaign, dubbed #GOTOnSKY, was recognized in the Marketing for a Continuing Series category for creating innovative multimedia publicity about the HBO series among Pinoy fans at the Faxies awards. It competed against HBO (for Curb Your Enthusiasm Season 9), E! Entertainment (for The Arrangement), WeTV (for Bridezillas Museum of Natural Hysteria) and USA Network (for What’s Cooking With Julie Chrisley).

Meanwhile, the same campaign won a bronze award for Brand Builder Excellence in Marketing Innovation at the PANAta Awards of the Philippine Association of National Advertisers.

In order to create buzz about the return of Game of Thrones on cable via HBO, Skycable produced promotional stunts on various platforms. Among

their executions was a commissioned cover of the Game of Thrones opening theme by a local folk group Kontra Gapi, which used traditional percussion instruments. This trended on social media worldwide.

To further generate widespread interest to watch Game of Thrones on cable and online via HBO Go, Skycable also implemented on-ground activations featuring the iconic iron throne in select malls and TV programs (Tonight With Boy Abunda and Myx Daily Top Ten). An online video showing how Game of Thrones brings families together also created a lasting impression among netizens as it garnered almost 3 million views on Facebook.

The milestone solidifies how Skycable continues to achieve its mission to bring quality content close to more Filipinos on cable and online. Visit www.mysky. com.ph to learn more about its innovative services. n

SM Cinema celebrates 100 years of Philippine cinema with ‘Goyo’ IN time for the centennial anniversary of Philippine cinema, SM Cinema presents the country’s biggest epic to date, Goyo: Ang Batang Heneral.

The second installment to TBA Studios’s historical trilogy, Goyo: Ang Batang Heneral follows the events happened after Heneral Luna, focusing on the life of one of the youngest Filipino generals during the PhilippineAmerican War, Gen. Gregorio del Pilar. The final installment of the historial saga will be the film about former President Manuel L. Quezon.

Regarded as one of the most

Do you worry about alienating Trump supporters with your freewheeling, often political Twitter feed?

Trump voters don’t like me anyway. And I don’t blame them. I say terrible, true things about him. I hate him because he’s using his job to make money.

But mostly, I hate him because he’s tearing this country down, and it’s going to take generations to put it back together, if we even can. n

NBC’S ‘LAW & ORDER’ FRANCHISE ADDING NEW HATE CRIMES DRAMA

www.businessmirror.com.ph

trusted and loyal generals of President Emilio Aguinaldo, Gen. Gregorio del Pilar will have to face not only the Americans during the revolution but also the consequences of his decisions and actions being henchman of President Emilio Aguinaldo.

The historical epic is a salutation to the fallen heroes of the Philippine revolution and a dedication to the 100th year celebration of Philippine cinema.

Directed by the awardwinning director Jerrold Tarog, the film stars Paulo Avelino as Gen. Gregorio del Pilar, Carlo Aquino as Col. Vicente Enriquez,

Alden Richards to hold second major concert MULTITALENTED GMA actor, TV host and singer Alden Richards is once again ready to conquer the stage as he holds his second major concert on September 21, 8 pm, at the Kia Theater.

Dubbed as Adrenaline Rush, Alden’s fans are in for a treat as his concert features intense production numbers, his charttopping songs, and tracks from his new album under GMA Records, Until I See You Again. Following the huge success of his Upsurge concert last year, Alden promised to double his efforts in coming up with a total concert experience for his fans.

“I want to challenge myself even more, kaya mas gagalingan ko. By doing so, it’s my way na rin po of thanking all the fans who continue to support me no matter what,” he shared.

The concert promises a night of pure entertainment as special guests Regine Velasquez-Alcasid, Ai Ai de las Alas, Rodjun Cruz, Betong Sumaya, One Up, Ex Battalion and many more join Alden onstage.

Adrenaline Rush is produced by GMA Records, directed by GB Sampedro, with musical direction by Marc Lopez.

Ticket prices are available at P4,780 for VIP (with free album), P3,880 for Platinum, P2,780 for Gold and P1,780 for Silver via TicketNet. Alden’s five-track album Until I See You Again carries the single “I Will Be Here,” with backing tracks of the songs plus one bonus track. It is now available for digital preorder and will be officially released on September 21 via iTunes, Spotify, Amazon and various digital platforms worldwide.

Mon Confiado as President Emilio Aguinaldo, Epy Quizon as Apolinario Mabini, Arron Villaflor as Joven Hernando, Gwen Zamora as Remedios Nable Jose, Empress Schuck as Felicidad Aguinaldo, Che Ramos-Cosio as Hilaria Aguinaldo, Art Acuna as Maj. Manuel Bernal, Rafa Siguion-Reyna as Col. Julian del Pilar and Benjamin Alvez as Lt. Manuel Quezon.

Goyo: Ang Batang Heneral is now playing in SM Cinema branches nationwide. Book tickets through www.smcinema. com, or download the SM Cinema mobile app.

Motoring BusinessMirror

Henry Ford Awards Best Motoring Section 2007, 2008, 2009, 2010 2011 Hall of Fame

Editor: Tet Andolong

THE new lineup of Suzuki Raider Combat Series

BENCH models strut the catwalk.

Friday, September 7, 2018

E1

Moto

Business

E2 Friday, September 7, 2018

Yulon opens auto financing business

TRIESENBERG Auto Corp. Vice Chairman Atty. Rene Limcaoco (from left), Independent Director Charles Kohchet Chua, Taguig City Mayor Lani Cayetano, Representative of the Taiwan Economic and Cultural Office in the Philippines Ambassador Michael Hsu, YFP Chairman Kuo-Hsing Hsu and YFP President Steven Hu Story & photo

by Randy S. Peregrino

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ULON Group, Taiwan’s leading company in the auto industry for more than 60 years, brought in to the Philippines its auto financing business as Yulon Finance Philippines Corp. (YFP). Its parent company, Taiwan Acceptance Corp., meantime, has accumulated 30 years of business practice in the financial industry. As a vehicle financing group of Yulon Group, TAC offers financial services such as auto loan installment, leasing, corporation finance and used-car sale intermediation in Taiwan and Mainland China.

In the recently inauguration of its new office at the Curve in Bonifacio Global City, the ribboncutting ceremony was attended by Taguig City Mayor Lani Cayetano, Representative of the Taiwan Economic and Cultural Office in the Philippines Ambassador Michael Hsu, YFP Chairman Kuo-Hsing Hsu, YFP President Steven Hu, local bank partners and Car dealers, among others. “In today’s opening ceremony of the Yulon Finance Philippines Corp., it is truly a major milestone in our vision toward an international company. It is also a way to declare our commitment on quality and professional services to both dealers and clients,” said YFP Chairman Kuo-Hsing Hsu. He also expressed the company’s good cooperation experiences with local distributors and dealers. “We

hope that in the course of the Philippines’s fast-growing automotive market, it is possible to provide consumers more convenient and comprehensive financial services, and contribute to the economic development of the Philippines,” he added.

Meanwhile, Hu also expressed his gratitude and shared several of YFP’s goals for the local market.

“We emphasize to provide highquality product and service to our clients. Acquiring from its parent company, YFP aims to accomplish its core values.” TAC’s core values are sincerity, advance, value and efficiency (SAVE). The company is committed to providing financial solutions and convenience that the customers desire. Whether it’s an individual in need of vehicle financing, or a company that is looking for financial plan for equipment, with the connections between TAC and holding companies, YFP is confident that its service and solutions would be the best choice.

“I believe in the near future, many companies born from the Internet will penetrate into auto financing businesses and become our main competitors, as well.

However, I do believe the best way to survive in this battle is to provide differentiation and comprehensive services to our clients,” Hu explained. He also pointed out that this is where YFP comes in as the company that not only provides wholesale and retail financing to support dealer operation, but also

looking at offering leasing schemes for dealers to come up with more aggressive sales promotions.

Moreover, YFP will launch a mobile-phone application for dealers and salesmen to enhance loan efficiency. Through smartphones, loan applications and credit advice, processing will be easier for both salesmen and managers. All it takes is to submit the process through the app in order to fast-track loan processes and conclude transactions.

By adapting this method, which includes gathering of necessary prerequisites for the entire process, ultimately, the approval ratio is likely to be higher. “Because based on our understanding, the bank’s approval ratio currently is low,” Hu pointed out. When asked about how many days are they targeting to reduce the loan approval and release, Hu stated that they are looking at achieving a same-day approval and release of loans.

Yulon Finance Philippines Corp. was established only last April 2018 with an investment capital of P750 million. Its shareholder structure is 100-percent owned by TAC. To date, the auto financing firm has a total of 30 employees committed to delivering the company’s core businesses, such as new car/used-car financing for retail clients, and floor-stock financing for auto dealers. To know more about the company’s offerings, customers can visit the company’s official web site at http://www.yulonfinance.com.ph.

Hino turns over five mixer trucks to CLJV

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INO Motors Philippines (HMP), the exclusive distributor of Hino trucks and buses in the Philippines, through its dealer—Hino Cebu, recent ly suppl ied f ive m i xer trucks to Cebu Link Joint Venture (CLJV).

HMP delivered five out of 10 FS2PMUM 9-cubic-meter mixer trucks from the Hino 700 series to CLJV during the turnover ceremony. CLJV is a multinational consortium with the vision to complete the Cebu-Cordova Link Expressway (CCLEX), a project that reflects the booming infrastructure industry in the Queen City of the South.

Hino is keen to provide the best products and services to ensure smooth logistics and operations for projects such as those being undertaken in Cebu. With its premium Japanese quality, Hino offers Total Support to all its business partners from the engine, chassis, cab, body to aftersales, a 360-degree support that reflects the company’s commitment to serve Filipinos nationwide.

HMP Chair man Vicente T. Mills Jr. expressed his gratitude for Hino’s involvement in the

HINO Cebu Business Unit Manager Danilo S. Heramis (from left), HMP AVP-General Sales Oliver de la Cruz, Hino Cebu President and COO Franklin Ong, and Cebu Link Joint Venture executives Equipment Manager Angel Pola and Procurement Department Manager Emmanuel M. Castro

project. “Hino is honored to be part of the construction of the Cebu-Cordova Link Expressway.

We are also grateful for the trust Cebu Link Joint Venture has given us, and as such we will always aim

to surpass customer expectations with our products and services.

We assure our business partners of our total support all the way from day one until this project is finished and beyond,” Mills said.

FORD PHIL FORD Philippines Managing Director Bertrand Lessard with their best-selling mini-SUV.

LAUNCHES 201 H

Story & Photos by Patrick P. Tulfo

ARD to believe that it has been four years since Ford launched the EcoSport that not only pioneered the “Mini-SUV” segment but redefined it, as well. As of today, Ford Philippines has already sold more than 34,000 units of this fine sport-utility vehicle, thereby grabbing the market share in its segment.

Ford Philippines recently unveiled to the media the refreshed version of this highly successful model. Bertrand Lessard, the company’s managing director, summed it all up when he said in his speech, “The Ford EcoSport is an SUV in a league of its own combining quality design, rugged capability, bestin-class features, superior economy and great value for money, all into a single and fun vehicle.”

Design-wise, the front end has been revised quite extensively, which now features a full grille that is similar to its Everest kin as opposed to the double grill design of the old model. The bigger headlamps, which now incorporate the daytime running lights (DRLs), are available on all models except on the base Ambiente trim, provide better illumination at night and it matches the new triangular shaped foglamps located immediately below it. Rounding it off is a new sculpted hood that has a bigger central dome.

The rear, on the other hand, features a pair of slightly tweaked taillights that is barely noticeable, but the newly designed spare tire cover will surely elicit attention from those following the vehicle, especially when stuck in traffic.

Meanwhile, the interior receives a makeover, as well. It now features soft materials that scream quality with the top-of-the-line Titanium variant getting a more stylish design and a leather dashboard to boot. Controls have been relocated for better ergonomics, with

Ford deciding to stick to traditional knobs rather than going digital. The much-appreciated SYNC infotainment system now on its third iteration features an offline GPS aside from voice control command to use your phone features, whether IOS or Android. This can be accessed on the newly designed 8-inch touchscreen monitor for the Titanium model and an even bigger 9-inches for the lower variants Trend and Ambiente.

The 2019 Ecosport offers two engine trims for its buyers, the awardwinning 1.0L Ecoboost and the new and more powerful 1.5L equipped with Twin Independent Variable Camshaft Timing (TiVCT). Both engines produce an almost identical horsepower rating of 125 and 123, respectively.

The Ecoboost, Ford’s most technologically advanced engine, is better than ever as it now comes with an auto start/stop feature that temporarily shuts down the engine in traffic and restarts it as soon as the driver lifts his/ her foot off the brakes. This new feature decreases emission and improves fuel economy further.

Both engines can be paired with a five-speed manual transmission or a new six-speed automatic transmission that promises a smoother and faster acceleration compared to the old dualclutch setup.

Safety-wise, this model maybe the safest one yet with a slew of safety features designed to prevent accidents

INTERIOR now is even better with soft materials, rede

from happening and protect its passengers if ever it happens, such as HillStart Assist Control, Electronic Brakeforce distribution system, Electronic Stability Program, Anti-lock Brake System, and most of all six air bags that are available across all variants.

But the good news for all buyers is that Ford has only raised the prices of the vehicles only a bit starting at P918,000 for the Ambiente MT; P968,000 for the Trend MT; P1.028 million for the Trend AT equipped with the 1.5L engine while the top-of-theline Ecoboost Titanium AT is priced at P1.168 million.

The EcoSport is available in six stylish colors—Ingot Silver, Absolute Black, Crystal White, Ruby Red (Trend and Titanium variants only), and Canyon Ridge and Blue Lightning for the top variant Titanium.

For more information about the new Ford Ecosport, interested buyers may visit the nearest Ford dealership.

oring

sMirror

Friday, September 7, 2018

E3

YOUNGER BUYERS SEEK ENGAGING EXPERIENCE DURING VEHICLE-SHOPPING

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ILIPPINES

19 ECOSPORT

N increasing number of younger buyers (29 years old and younger) are seeking a more engaging and seamless convergence between their online and offline vehicle-shopping experience, according to the J.D. Power 2018 Philippines Sales Satisfaction Index Study. These younger buyers are more satisfied when they use a combination of both online channels, such as the web site, and offline channels, such as visits to dealerships when purchasing a vehicle.

The study finds that this group of customers are active both online and offline when researching their vehicle purchase. When searching for a vehicle, nearly 60 percent of shoppers 29 years and younger use the Internet versus 43 percent of those 30 years and older. Additionally, 80 percent of younger buyers compare prices from different dealerships online versus 68 percent of older buyers.

When interacting with the dealer, 63 percent of younger buyers contact a dealership directly to schedule an appointment versus 54 percent of older buyers. At the dealership, 28 percent of younger buyers engage with a staff member with deep product knowledge, such as product specialists, compared with 20 percent of older buyers.

In addition, 81 percent of younger buyers take a test drive versus 80 percent of older buyers.

“The use of such digital tools as virtual and augmented reality demonstrations, ‘live’ consultations and videos of car-driving experiences are likely to provide a more engaging purchase journey, while equipping sales consultants with deep product knowledge, encouraging interaction with product specialists and offering test drives are likely to enhance the instore experience,” said Sigfred M. Doloroso, country manager, Philippines, J.D. Power. “When deciding on their next vehicle, younger

buyers are not just looking online, so it is crucial for manufacturers to redefine both their digital and traditional strategy if they want to improve the customer experience.”

Study rankings

AMONG the 10 brands ranked in this year’s study, Kia ranks highest across all factors, with an overall score of 842. Suzuki ranks second with a score of 831 and Toyota ranks third with a score of 826.

The 2018 Philippines Sales Satisfaction Index (SSI) Study is a comprehensive analysis of the new-vehicle purchase and delivery experience. The study is based on responses from 2,072 new-vehicle owners who purchased their vehicle between August 2017 and May 2018 and was fielded between

February and July 2018.

Now in its 18th year, the study has been entirely redesigned and now examines six factors—including dealer web site—that contribute to overall customer satisfaction with the new-vehicle purchase experience. In order of importance, they are sales consultant; dealer facility; delivery process; paperwork completion; working out the deal; and dealer web site. SSI performance is reported as an index score based on a 1,000-point scale, with a higher score indicating higher customer satisfaction.

The study now also includes the Net Promoter Score, which measures customers’ likelihood to recommend both their vehicle make and model on a 0 to 10 scale.

JAGUAR NOW HUMS THE WAY YOU DRIVE

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HE British/Kosovan singer-songwriter behind chart-topping songs, “New Rules,” and “IDGAF,” Dua Lipa collaborates with Jaguar to make music in a completely new way. Using Jaguar’s custom-made software, she created an exclusive remix of her latest track, “Want To” and empowered fans all over the world to create personalized remixes using their own data—from the way they drive, the songs they listen to, or by tapping a rhythm on a mobile.

To create her own remix of “Want To,” Dua Lipa drove the Jaguar I-PACE, and her style of driving was captured by the car’s intelligent sensors. From the amount of electrical energy consumed, to the way Dua Lipa accelerated and braked, the data captured was used to influence the track; from the tempo to the arrangement and the overall feel.

It’s not only drivers who can remix the track, music fans across the globe will also be able to create their own versions of the Dua Lipa song by using Jaguar’s clever remix software at http://remix.jointhepace.com.

esigned dashboard with better ergonomics and a new touch-screen monitor.

Jaguar and technology innovations

THIS collaboration of music and technology is the latest example of Jaguar creating a more connected experience between a driver and their car. In-car Jaguar technology, such as InControl and Smart Settings, monitors the driver’s style and preferences, and adjusts the settings to improve their experience.

Connected Car engineer, Matt Peirce, explained, “Thousands of intelligent sensors are fitted to all Jaguar PACE cars and respond to the driver, their driving style and the surroundings to personalize the driving experience and excite the senses. Capturing data from inside and outside the car during every drive allows us to customize the car to every driver.”

Capturing data: How the technology works

BUYERS can’t go wrong with either the 1.0L Ecoboost engine or the new 1.5L engine with Twin Independent Variable Camshaft Timing (TiVCT).

EVERY Jaguar E-PACE, F-PACE and I-PACE has thousands of intelligent sensors that collect data designed to improve the driving experience. Everything from the driving style to the chosen settings is captured.

Six different data sets are collected from each journey using Jaguar’s InControl infotainment system. This can include information on braking and accelerating, energy captured through regenerative braking and electrical energy consumption, to average vehicle speed and direction.

The “Dua Lipa x Jaguar” track uses this data from the car, together with stateof-the-art software, to give you a personalised remix.

From the Web-based app, there is the option for Spotify users to remix the track using streaming history data: the music styles you most often listen to, the average tempo of those songs, etc. This information is used to rearrange and remix the Dua Lipa song, to personalize it for every user.

Those without a Spotify account can also create a remix in the app by tapping

their mobile to “set the pace” of a new version of the song.

Creating the most remixed song in history

TO make it possible for everyone to remix the Dua Lipa x Jaguar track, a specialist music production team deconstructed Dua’s master version, taking the core essence of the track and stripping it down into its component parts, exploring how the song could be rearranged by adjusting mood and style, instrumentation and tempo.

Over 3,500 audio stems were created through this process and these are the ingredients for every remix—the components that sit within a state-of-the-art intelligent piece of software, ready to be arranged by data from the car, Spotify streaming history or a pace set by the user.

Know more about Dua Lipa and Jaguar collaboration through https://www. youtube.com/watch?v=eqrFYOY03FE&feature=youtu.be https://www.youtube. com/watch?v=09S6_x38JdM&feature=youtu.be.

Motoring BusinessMirror

E4 Friday, September 7, 2018

How stupid can one get? Just enforce the laws!

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HAT would be next in the traffic laboratory that is Edsa? I ask that because the latest one—limiting to just one occupant any vehicle traversing Edsa—seems to not be making any difference when it comes to easing the flow of traffic in the nation’s most famous (infamous?) highway.

So unrealistic, seemingly, is the new scheme that several lawmakers—some are senators at that— want it immediately struck down.

Others insist it should be on a voluntary basis and, if done so, “violators” should never be penalized, fined or punished at all.

Don’t our traffic officials still get it?

Traffic at Edsa and elsewhere i n t he met ropol i s i s m a i n ly caused by the nonenforcement of road laws.

Buses, jeepneys and ta xis, which comprise the main bulk of

vehicles plying the metropolis, are the chief traffic violators.

T hey load /un load r ight at the ver y spot where a sig n that reads, “No loading, unloading any time,” is easily seen. T his is but one blatant k ink in our traffic system.

But all of the time, this traffic signage is being ignored. And, most of the time, with a law enforcer in blue just standing by, looking the other way.

Buses a lmost a lways cross Edsa’s yellow line and join the “mainstream” vehicles, crowding the already crowded center lanes of Edsa to worsen traffic jams practically 24/7.

The 15 or so bus stations at Edsa stubbornly refuse to heed LTFRB-ordered laws on entry/ exit procedures along Edsa, stupendously contributing to the traffic mess, especially during rush hours.

Why? Blame the letter C for it: C as in corruption. You still wonder why President Duterte is exasperated no end?

As I have always said here, the cause of traffic problem at Edsa had been established for the longest time. The solution, too.

Problem: Choke points caused mainly by buses, jeepneys and taxis.

Solution: Consistent enforcement of traffic laws. Easy as ABC? Seemingly, not to our law enforcers.

They love to look the other way more than lick the scourge which they alone have the power to overpower.

They prefer band-aid solutions, like the High Occupancy policy, that is inutile all the way, rather than long-lasting surgeries, like consistently enforcing traffic laws.

We want change. But what can we do, what do we do, when those who can make the difference refuse change?

Change them. Revamp. Beginning from the top. Now.

Innovative Toyota stickers

M A K E way for Carlo Nemo’s pektus: “Let your thoughts resonate with flair through these clever and colorful ‘Say it with Toyota’ Viber stickers!

“In celebration of its 30 years of bringing always better cars and always better lives, Toyota Motor Philippines Corporation once again breaks ground by being the first-ever local automotive brand to imprint its models on the widely used digital messaging app.

“The sticker pack, which highlights Toyota’s current lineup,

allows you to choose from your favorite Toyota vehicles recreated in full, vibrant colors.

“Each sticker comes with a unique caption, perfect for that quick one-line reply or eye-catching conversation starter.

“The limited offer is available for free only from August 1 to September 20, 2018.

“For Android and IOS users, be sure to get the creativity flowing by downloading Say it with Toyota on this link https://vb.me/ sayitwithtoyotastickers.”

So there. What are you waiting for?

PEE STOP

His will be done, and so, Danny “Sir John” Isla, by God ’s grace, should be back by now in New Z e a l a nd . T he for me r L e x u s founding president and the Joy of his life were set to leave on Septembers 6 after spending almost three months in their home sweet home that is Alabang. It is also of course home sweet home for them in the Land of Sheep, mainly because all of their three children and their respec t ive fa m i l ies now l ive there. W hat could be a better life than being with your entire family, especially at a time when you are freed, finally, from the

drudger y of office existence?

W hile there, enjoy your carpentr y work, Sir John. Till then, as The Mills Brothers sang it…Advance birthday greetings (September 14) to Pareng Ramon Uy, the Fortuner-driving, foremost inventor of world-class shredders. He is now also into solar water technology, tremendously helping the irrigation needs of our countr y’s millions of farmers who are almost perennially deprived of enough water supply to nourish their farmlands.

Many more birthdays to come, Pareng R amon! Here’s a glass to you and the many more that you continuously inspire to propagate your advocacy.… Congratulations to the recent soft office inauguration of Visor, the latest motoring-sav v y outpost put up online by Vernon B. Sarne, the former no-nonsense editor in chief of Top Gear Philippines. I’m almost certain that, under Vernon’s stewardship, Visor will go places, given that the exceedingly erudite Vince Socco has become a regular Visor writer. I should know. For more than 10 years, I had written the column “Revolution” for Vernon’s Top Gear. Under him, I’ve learned a lot. Welcome to the second coming. Cheers, Boss Tsip!