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VOL. XXX • NO. 264 • 4 SECTIONS 20 PAGES • P18 • THURSDAY, NOVEMBER 3, 2016 • www.thestandard.com.ph • editorial@thestandard.com.ph

SAFE BUT NOT QUITE. A homeless family and their child on the inappropriately named Finance Road in Manila take their shelter from the sun and rains Wednesday, challenging authorities to correctly spend money on new housing for the poor and the homeless—a situation described by American writer Teri Hatcher as ‘a disaster for everyone.’ Lino Santos

US funding cuts loom Rights watch blames Du30’s war

Think tank belies PH claim China vessels left Panatag By Florante S. Solmerin SATELLITE images from a USbased think tank dated Oct. 29 show a Chinese Coast Guard vessel in the disputed waters of Scarborough Shoal, contradicting reports from the Palace that Filipino ﬁshermen are now able to return to their traditional ﬁshing ground in the disputed territory unmolested.

The images, from the Asia Maritime Transparency Initiative of the Washington-based Center for Strategic and International Studies, showed that a Chinese Coast Guard vessel apparently anchored and blocking the mouth of the shoal “where it has been for most of the period since China seized the shoal in 2012.” There was not a single Filipino ﬁshing boat seen inside the shoal

By Sara Susanne D. Fabunan and Macon Ramos-Araneta

as all of the 17 boats were outside it with two other civilian Chinese vessels. “This corroborates reports that Filipino ﬁshermen ﬁshed ‘just outside Scarborough’s lagoon’ over the last week. There were also two Chinese civilian ships in the vicinity. According to the Philippine Navy, three other CCG vessels continue to patrol near ScarborNext page ough,” Amti said.

Rody sets out for sea-crimes gab PRESIDENT Rodrigo Duterte will be in Thailand to pay respects to the late King Bhumibol and in Malaysia to discuss cross-sea crimes on a two-day trip beginning Nov. 9. “I have to go to Malaysia maybe four days from now. And go to Thailand to pay my respects to the memory of their King who died. Very important to show our

solidarity with the Thais,” Duterte said Tuesday, shortly after paying respects to his own parents at a cemetery. Duterte will be making a twohour stop in Thailand, where he is expected to meet with Crown Prince Maha Vajiralongkorn to express his condolences to the Thai nation, which is observing a one-year state of mourning.

US POLL W A T C H

Clinton sets Trump bent final week on last-gasp offensive poaching FORT LAUDERDALE―Hillary Clinton launched a final week election offensive Tuesday to lock down the state of Florida, key to Donald Trump’s White House dream, as the polls showed their race narrowing. The Republican had been buoyed earlier in the day by a national poll that showed him sneaking a narrow lead in national voting intentions, sending shivers through US markets. But when the 69-year-old Democratic candidate took to the stage for a late Fort Lauderdale rally, her fierce rhetoric was backed by a new survey of early voters that shows her winning Florida. “Well, I’ll tell you what!” she declared, her voice cracking but her tone triumphant. Next page

EAU CLAIRE―Republican Donald Trump has spent much of the past week in enemy territory, desperate to poach a Democratic state and carve a perilously narrow path to victory in his White House race against Hillary Clinton. Polls, history, demographics and Trump’s abrasive rhetoric are not on his side, even as he seeks to capitalize on the neverending revelations about his rival’s use of a private e-mail server while secretary of state. But with the campaign in its ﬁnal week, the braggadocious billionaire is determined to make a last-gasp play for a blue state or two that could put him over the top―if he holds on to Republican ground and seizes the crucial battleground of Florida. Next page twitter.com/ MlaStandard

Bhumibol, the world’s longestreigning monarch, died in hospital in Bangkok Oct. 13 at the age of 88. From Bangkok, Duterte ﬂies to Malaysia to meet with Prime Minister Najib Razak. “We have a lot to talk to about— the piracy on the Malacca Strait, kidnapping, criminality abounds in that area. Very important that Next page

UMAN Rights Watch warned Wednesday that two other US funding programs for the Philippine National Police worth a total of $41 million are at risk because of President Rodrigo Duterte’s bloody war on illegal drugs.

In a statement, the group said this includes $9 million in aid for counter-narcotics and law enforcement programs for 2017 and the $32 million in assistance pledged by US Secretary of State John Kerry in July. HRW Asia Division Deputy Director Phelim Kine said if Duterte’s war against drugs will continue, the Philippines could lose the funding, given the recent announcement of the American government that the $32-million assistance to promote human rights and security is now subject to “rigorous vetting.” “Duterte and [PNP chief Ronald] dela Rosa are now on notice that US Secretary of State John Kerry

the bloodletting they have encouraged carries a cost with its longtime ally,” Kine said. Kine made his statement after an unverified reports said that the US government has decided to cancel its planned sale of some 27,000 assault rifles to the PNP due to the increasing concern over human rights violations in the country’s campaign against illegal drugs. In July, during Kerry’s visit to Manila, the US pledged $32 million in aid to the Philippines in the form of training and services to bolster the country’s law enforcement efforts. US Embassy Press Attaché And First Secretary Molly Koscina said both countries are now discussing where and how the money will be spent. “The funds which were recently announced can only be used when both countries agree on their specific use,” Koscina said. “If no agreement is reached, the funds may be used in a country other than the Philippines,” she added. Next page

FVR told: Tirades to uphold PH dignity By F. Pearl A. Gajunera and John Paolo Bencito DAVAO CITY—President Rodrigo Duterte described former President Fidel V. Ramos, the person who inspired him to seek the presidency, as an “American boy,” shortly after accepting his resignation as the country’s special envoy to China. In an interview after paying respects to his parents at a cemetery here, Duterte said his mentor failed to understand that his expletive-laced tirades on the United States were in defense of the country’s dignity. “For me, it is matter of honor. We didn’t understand each other about that,” Duterte said of Ramos. “It is all right for America to criticize me on the extrajudicial killings but there are many policemen who are dying every day…. Everybody should realize that,” the President said.

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ALERT STATUS. Weather forecaster Rene Paciente closely monitors the Intertropical Convergence Zone, the

area encircling the earth near the equator where the northeast and southeast trade winds come together, appearing as a band of clouds, usually thunderstorms—only days after two typhoons pounded the country and left a swathe of death and destruction. Manny Palmero

Curses! Rody breaks own For every vow not to say expletives cussword, By John Paolo Bencito peso takes a beating AFTER claiming that God admonished him to stop cursing, President Rodrigo Duterte broke his vow Tuesday and cursed the United States and some cops involved in the illegal drug trade. During his visit to his parent’s grave at the Davao Roman Catholic Cemetery on Tuesday

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night, Duterte blurted an expletive against the so-called ninja cops involved in drugs. “Before, no one’s caught because the police, including generals, were included in the illegal drug trade. Even the ninjas. There’s no one caught, so there’s no one dying. But now, I instructed them to do their work…. Next page

THE last time the Philippine peso neared 50 to the dollar, the global ﬁnancial system was melting down and the central bank raised interest rates to defend it. This time, it has been driven Next page

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KL, Beijing seal deal on 4 combat vessels B

EIJING―Malaysia will buy four combat vessels from China in a “landmark” defense deal, Prime Minister Najib Razak said, signaling a potential strategic shift away from the United States.

The agreement marked the first time Kuala Lumpur had purchased warships from Beijing and came only two weeks after Philippine President Rodrigo Duterte announced his “separation” from Washington during a visit to China. Under the terms of the deal, two of the vessels will be built in Malaysia and two in China, Najib said in an op-ed published in the China Daily newspaper on Wednesday during his weeklong trip to Beijing. “I call this a landmark decision because before this we have not bought such vessels from China,” Najib said after talks with Chinese Premier Li Keqiang on Tues-

day, according to the Malaysian newspaper The Star. In Manila, Foreign Affairs spokesman Charles Jose said Manila respects Malaysia’s decision. “Countries act based on their national interest,” he said. Malaysia has historically acquired the bulk of its major defense hardware from the United States, Russia and Europe. Analysts said the accord was a setback for Washington’s “pivot” towards Asia and underlined China’s increasing diplomatic and economic gravitational pull in the region―despite its ongoing territorial disputes. “This is the new regional

FVR...

US...

Duterte said that while he understood why the “pro-Western” Ramos urged him not to veer away from America, but he said he would not change his already sour attitude towards the country’s long-term ally. “I know [FVR] is pro-American. He’s a product of western education—he’s graduate of West Point. Me? I am just a local boy,” Duterte said. “He really didn’t want to fight. That’s Ramos. I’m different,” he added. Duterte said America’s rude treatment of him was nothing to Ramos, but for he felt he was treated like a dog on a leash, being given food only if it follows orders. “If they can swallow it, fine. The problem is, he’s not the President anymore. It’s me,” he said. Despite their differences, Duterte said he was thankful for Ramos’ contributions to his administration, and he still saw him as a valued adviser. “I will still consult with [Ramos] in the future. Yes of course, if he cares to listen. It doesn’t mean that if he resigns as special envoy, I won’t be consulting him,” Duterte said. On Monday, Ramos resigned as the country’s special envoy to China shortly after criticizing Duterte’s repeated tirades against the United States and an apparent tilt towards China. The country’s oldest living ex-President said his job to break the ice and to help restore the ties of goodwill and friendship with China was done. Ramos, whom Duterte credits for handing him the presidency, in a series of newspaper columns said that the government was “losing badly” by prioritizing the war on drugs at the expense of issues such as poverty, living costs, foreign investment and jobs—calling it a “huge disappointment and letdown.” Sources had earlier told the Manila Standard that Duterte canceled Ramos’ China trip after he advised the incumbent President not to push through with the trip to China if they do not comply with certain conditions. Instead of heeding Ramos’ advice, Duterte personally took control of talks with Chinese officials.

Dela Rosa said Wednesday they had not received any official notice that the sale had been called off. “As per letter from [the US company] Sig Sauer dated Nov. 1, 2016, the export license for the delivery of the rifles is undergoing normal process in the US State Department,” he said. In the letter of Global Defense Sales executive vice president Amaro Goncalves to the PNP, the American company Sig Sauer Inc. said they have contacted the US State Department to verify the status of the processing of licenses for the assault rifles procured by the PNP. “This request is the result of media reports indicating that the license processing may be stalled in the US Senate. Sig Sauer contacted the State Department for the status of the license and was advised earlier today that the license was being processed as normal.” “We will continue to monitor the status of this license and advise of any meaningful changes,” the PNP chief said. The sale involves 27,394 basic assault rifles worth P64,000 each. The contract was signed on July 13 while the notice to proceed was approved on July 29 for Sig Sauer Inc., the winning bidder, represented by InTrade Asia Pacific Corp.

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because T*** i**, I will finish you off. I tell you,” Duterte said in Filipino. He then used the same expletive when talking about the possible cancellation of a sale of assault rifles because of a US senator’s concerns over allegations of human rights abuses in the country’s war on illegal drugs. “That’s my problem with America. I admire them, but the problem is, I’m losing my respect for them so I curse them. Look at those monkeys. The 26,000 rifles that we want to buy, they won’t sell. Son of a bitch!” Duterte said in Filipino. He didn’t stop there, and re-

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On Sunday he was in Colorado and New Mexico, both of which voted for President Barack Obama in 2008 and 2012, and are leaning toward Clinton. On Monday it was Michigan, then Tuesday it was Pennsylvania, also favoring Clinton. Both states have voted Democratic in presidential elections since 1992. Also on Tuesday, Trump visited Wisconsin whose Democratic streak goes back further, to 1988. But Trump’s team is showing some swagger in the blue states. “I feel like it’s going to happen,” Carol Robertson, a 57-year-old on disability assistance, told AFP at Trump’s rally in Eau Claire. called how the Americans plundered the country’s resources during their occupation here. “For 50 years, you have benefitted from this country. All the mines are yours. All the pineapples. Now you are making noises. Son of a whore!” he said. The foul-mouthed Philippine President, who once told US President Barack Obama to “go to hell,” said after arriving from a trip to Japan that he has promised to God he wouldn’t use curse words again. “Everybody was asleep, snoring, but a voice said that, you know, if you don’t stop epithets, I will bring down this plane now,” Duterte said in his arrival speech at the Davao International Airport after an official three-day visit to Japan.

norm. Now China is implementing the power and the US is in retreat,” said Southeast Asia politics analyst Bridget Welsh. Gu Xiaosong, a researcher at the government think tank Guangxi Academy of Social Sciences, was quoted in China’s Global Times as saying: “Southeast Asia’s diplomatic situation has shifted towards China following the visits of Philippine President Rodrigo Duterte and Vietnam’s leader this year.” Najib called for Malaysia and China’s disagreement over the rights to the strategically vital South China Sea, which is claimed almost in its entirety by Beijing, to be resolved “calmly and rationally through dialogue.” Malaysia’s relations with the United States warmed after Najib took office in 2009 following decades of periodic distrust. But he has increasingly leaned towards China as it became Ma-

laysia’s biggest trading partner and after the eruption last year of a massive corruption scandal implicating Najib and a state investment fund he founded. Billions are alleged to have been siphoned from the fund 1MDB in a stunning international campaign of embezzlement and money-laundering that has sparked investigations in several countries. Najib’s ties with Washington became strained when the US Justice Department moved in July to seize more than $1 billion in assets it says were purchased by Najib’s relatives and associates using stolen 1MDB money. In Beijing this week, Najib signed 14 memorandums of understanding worth 144 billion ringgit ($34.4 billion), including an agreement for China to build a rail line on Malaysia’s east coast, Malaysian media reported. AFP, with Sara Susanne D. Fabunan

The US State Department has remained quiet about the reported cancellation of the rifle deal. In Davao, Duterte said the country could buy rifles from Russia and China. “Remember what the Russian diplomat said? ‘Come to Russia. We have here anything you need,’” he said. Earlier, reports said US Senator Ben Cardin was blocking the sale of rifles amid concerns of human rights violations in the anti-drug campaign. John Kirby, a spokesman for the US State Department, said his department cannot comment on export license approvals on commercial defense sales. “The department is restricted under Federal regulations from commenting on the status of and/or internal deliberations regarding export license approvals of proposed commercial defense sales. ‎ We are committed to working closely with members of Congress to deliver security assistance to our allies and partners worldwide,” Kirby said in a press briefing at Washington. Kirby said the rifle deal is governed by commercial export license approvals. “They are US commercial sales,” he said, adding that while America is committed to the alliance it has with the Philippines, the US government is deeply concerned with reports of extrajudicial killings under the Duterte administration and wants a probe into these allegations.

Kirby said the US government strongly urges the Philippines to make sure its law enforcement efforts are consistent with its international human rights obligations. Senator Panfilo Lacson said the cancellation of the rifle sale exhibited the “bully attitude” that the Americans have toward the Philippines. In a statement, Lacson decried the decision as unfair. “Prudence dictates that the US State Department should first show a conclusive investigation that affirms what Senator Benjamin Cardin has alleged before issuing a statement banning the sale of assault rifles to our uniformed services,” said Lacson. Senate Majority Leader Vicente Sotto III said the country could find other sources. “Israel, Austria and Russia also produce the same or better assault rifles and ammo. With enough funding, the Philippines can also be good producers,” Sotto added. But Senator Leila de Lima said the US reactions should have been expected. “The Duterte administration saw this coming and of course was most probably indifferent to its consequences as its social media support groups and fake news sites will now drum this up as an opportunity to be independent of the US,” De Lima said. She said this so-called independent positioning is “hollow and all bluster.” With F. Pearl A. Gajunera, John Paolo Bencito

Polls have shown Clinton reliably ahead in Wisconsin for several months, and she is leading by 5.7 percentage points now, according to the latest RealClearPolitics aggregate. Robertson dismissed the polls as unreliable, and said a silent majority will rise up in Wisconsin and elsewhere. “People are afraid to say ‘I support Trump,’” but they’ll vote for him in the privacy of the polling booth, she said. In his quest to reach the 270 electoral votes needed to prevail on Nov. 8, Trump is aiming to snatch the Rust Belt states like Ohio, a bona fide swing state that voted twice for Obama but where working-class voters feel disenfranchised with the collapse of the manufacturing sector. If Trump holds all the states

Republican Mitt Romney won in 2012, and wins Ohio and Florida, he is still short. He needs to break into the Democratic states. “If you look at the electoral map, there’s little question that Trump has to find some of these blue states to flip over,” said Geoffrey Peterson, chairman of political science at the University of Wisconsin-Eau Claire. Wisconsin could be “a logical target” because of its large manufacturing base, which has shrunk in recent decades. Its population is also considerably whiter than the national average, which means a broader potential base for Trump who draws heavily from white working class males. But Peterson said it won’t be about Trump winning over new voters at this point: “It’s a getout-the-vote race.” AFP

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by the president cursing his trading partners and his finance chief accepting the declines. Credit Suisse Group AG and Rabobank Groep predict the currency will weaken past 50 per dollar next year, a level last seen in November 2008. Pioneer Investment Management Ltd. doesn’t see the peso as a longterm, strategic investment. The currency fell to a sevenyear low of 48.618 in October and was Asia’s worst performer in the third quarter, when it fell 3 percent. Global funds have pulled more

than $600 million from Philippine stocks since inflows this year peaked in August as Rodrigo Duterte cursed while talking about President Barack Obama and announced a separation from the US during an official visit to China. Concerns that his outbursts may jeopardize the investments in the nation’s more than $20-billion business outsourcing industry have forced his administration’s top officials to assure companies their interests will be protected as the leader builds new global alliances. “Economic impact is difficult to gauge at this stage and may only be seen longer term, but the uncertainty on his foreign policy could deter foreign investment,”

Storm brewing over eastern Luzon A TROPICAL depression will likely enter the Philippine area of responsibility today, Thursday, the Philippine Atmospheric, Geophysical and Astronomical Services Administration said Wednesday. The agency said the weather disturbance will be named “Marce” if it does. The weather disturbance was 2,920 kilometers east of Luzon as of 5 p.m. on Wednesday. It was packing maximum sus-

tained winds of 55 km per hour near the center and gustiness of up to 70 kph. It was moving west-northwest at 19 kph. Pagasa also said an inter-tropical convergence zone will continue to affect Southern Luzon, the Visayas and Mindanao, and rain will persist in Northern and Central Luzon due to the northeast monsoon. It has said three typhoons may enter the country this month. Rio N. Araja

Rody...

racy and kidnapping on the high seas, a problem that affects both counttries as well as Indonesia. Duterte said he is looking forward to his talk with Malaysian Prime Minister Najib Razak and again with Indonesian President Joko Widodo on ways to stop attacks around the Malacca Strait, the new piracy hot spot. John Paolo Bencito

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Malaysia, Indonesia, and the Philippines talk about this and once and for all come up with a solution,” Duterte said. The leaders are expected to discuss possible solutions to pi-

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The update by Amti counters the claim of National Security Adviser Hermogenes Esperon Jr. that President Rodrigo Duterte and Chinese President Xi Jinping reached “a friendly understanding” about access to the fishing grounds during the Philippine leader’s state visit to China. Shortly after Duterte’s four-day visit, the Palace reported that Filipino fishermen were able to return to the disputed shoal, which the Philippines calls Panatag. Esperon said Manila will never surrender its historical rights to the shoal, which were bolstered by the decision of the Permanent Court of Arbitration in The Hague to dismiss Beijing’s “9-dash line” claim to the entire South China Sea as excessive. Amti said the satellite images suggested “a return to the status quo that has existed for

much of the last four years, not the pre-2012 status quo in which Philippine fishermen regularly entered Scarborough Shoal.” “At many points over the last four years, Filipino fishermen have been able to approach the outside of the shoal, but always at the forbearance of the CCG (Chinese Coast Guard),” Amti said. Senator Francis Pangilinan on Wesdnesday said even if China does not leave the shoal, he was glad that Filipino fishermen are able to go there without being harassed by Chinese ships. “We know that the Panatag Shoal, which is about 230 kilometers from Zambales, is within our exclusive economic zone, or 370 kilometers from the shore,” said Pangilinan. According to the United Nations Convention on the Law of the Sea, which the international arbitral tribunal in July upheld, the Philippines has the exclusive rights to fish there, he aded. With Macon Ramos-Araneta

“Donald Trump has proven himself to be temperamentally unfit and unqualified to be president of the United States.” As she spoke, pollster TargetSmart forecast that she could win Florida―and effectively bar Trump any route to the White House―by a massive eight-point margin, 48 to 40 percent. The Florida poll, conducted with the College of William and Mary, used only a small sample of voters but crucially it targeted those who had already cast ballots under the state’s early voting law. An average of earlier Florida polls by tracker RealClearPolitics gives Trump a narrow one point lead there, but TargetSmart’s survey suggests that many registered Republicans have switched camps. The 70-year-old real estate mogul will be undaunted by the numbers, claiming at his own Wisconsin rally to be ahead in all the key battlegrounds and citing a new nationwide poll that pit him in the lead. The ABC News/Washington Post tracking poll showed him leading Clinton by 46 to 45 percent, reflecting other polls that still put Clinton in the lead but suggest the race has narrowed as Nov. 8 looms. And renewed FBI scrutiny of Clinton’s controversial use of a private e-mail server as sec-

retary of state has excited Republicans and underlined public doubts about the Democrat’s trustworthiness. Trump boasted about the new numbers as he addressed a raucous crowd―chanting “Lock her up!” and “Drain the swamp!”―in Eau Claire, Wisconsin, before turning the knife. “The Clintons are the sordid past. And we will be the bright and clean future,” he declared. Also on the attack, Clinton was introduced by Alicia Machado, a former Miss Universe whom Trump, then the owner of the pageant, publicly humiliated by mocking her post-victory weight gain. “Can we just stop for a minute and reflect on the absurdity of Donald Trump finding fault with Miss Universe?” Clinton snorted. Trump’s doctor says he is more than overweight at 236 pounds. “What about our girls? What happens to their confidence, their sense of self-worth?” she demanded, warning against a president “who insults more than half the population.” And she again cited a notorious tape where Trump is overheard on a hot mic bragging about being able to grope women and get away with because he is a star. The surprise close poll spooked the markets, which had expected the former secretary of state to comfortably defeat a populist who economists fear could plunge the world into recession. AFP

said Trang Thuy Le, a macro strategist in Hong Kong at Credit Suisse. “For now, we think it warrants a higher degree of risk premium and volatility to be priced in the Philippine peso.” A gauge of the swings in the peso climbed to a two-year high of 7.3 percent on Oct. 12 after Duterte said he may travel to Russia after his official visits to China and Japan. One-month implied volatility was at 6.1 percent on Wednesday, compared with a 12-month low of 4.4 percent in August. The Philippine currency was little changed from Friday at 48.43 per dollar as of 9:13 a.m. in Manila. Local markets were shut Monday and

Tuesday for the holidays. The peso has weakened from a seven-month high of 45.85 on June 9 before Duterte started his six-year term. Credit Suisse predicts the currency will drop to 50.3 by March, while Rabobank expects that level to be reached by June. The forecasts compare with the median estimate of 48.2 by mid2017 in a Bloomberg survey of strategists. Rabobank’s projection mainly reflects its expectations of a weaker Chinese yuan and is yet to factor in political tensions with the US, according to Michael Every, its head of financial markets research for Asia Pacific in Hong Kong. Bloomberg

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Govt bid to regain shares of SMC rejected By Rey E. Requejo THE Supreme Court has rejected the government’s petition to reconvey the 25.45-million shares in San Miguel Corp. from coconut levy funds subject of a 1990 compromise agreement. In a 27-page resolution dated last October 5 but released only on Wednesday, the SC denied the government’s motion seeking to include the SMC shares in the assets to be forfeited in favor of the state in Civil Case No. 0033, which involves the recovery of ill-gotten wealth. The SC held that the motion was denied simply because SMC is not a party in the civil case filed by the government to recover the SMC shares of stock registered in the name of the Coconut Industry Investment Fund Holding Companies (CIIF) Holding Companies. The high court highlighted the fact that SMC cannot be compelled to surrender the shares because it has not been “given a chance to justify, let alone ventilate, its claim over the 25.45-million shares it has in its possession even when it had volunteered to participate and moved to intervene in the said case.” “Indeed, it is unsporting, nay the height of injustice a clear violation of the due process guarantee, to order SMC to comply with any decision rendered in Civil Case 0033-F when it was never given the opportunity to present, explain, and prove its claim over the presently contested shares,” stated Associate Justice Presbitero Velasco Jr. in the decision. The Supreme Court faulted the government, citing its opposition to the bid of SMC to intervene in the case and present its argument. In March 1990, a Compromise Agreement was entered into by the SMC Group and the United Coconut Planters Bank Group, which contained as its subject the contested 25.45-million SMC shares. SMC subsequently converted these to treasury shares. The Supreme Court also elaborated the government actually participated and approved the compromise deal since majority of SMC board members that forged the agreement were nominated and elected by government at that time. “Indeed, for all intents and purposes, it is safe to state that SMC is an innocent bystander caught in the conflict between the government, certain individuals, and Cocofed over the shares. There is, therefore, no reason for the Court to now resolve the incident at bar to benefit the Republic at the expense of SMC,” it pointed out. The SC also stated that the present case involving these SMC shares are not the same from those filed by the Presidential Commission on Good Government. “Unlike in the foregoing cases, SMC presently has a legitimate claim over the 25.45-million shares in its treasury by a commercial transaction not otherwise alleged to be conducted under any ‘illicit or anomalous conditions.’ SMC and the CIIF Companies (through UCPB) entered into the contract of sale in March 1986 and SMC paid P500 million on April 1, 1986 or several days prior to the actual sequestration…As the manner of SMC’s acquisition of these shares was arms-length and not made through public funds, the present issue does not fall within the ambit of our pronouncements in Republic v. Sandiganbayan,” it explained. On the last note, the Supreme Court pointed out the lack of proof that there was an offer by the government to return the P500 million to the SMC Group in exchange for the reconveyance of the 25.45-million shares.

900 HOMELESS. A firefighter trains a hose at a burning house in Talon 2, BF Resort Village, Las Piñas City on Wednesday. About 900 houses worth P50 million were razed during the fire that reached Task Force Alpha. Norman Cruz

Finance chief begins Customs’ crackdown By John Paolo Bencito and Vito Barcelo

By Maricel V. Cruz

INANCE Secretary Carlos Dominguez III on Wednesday ﬁred a Customs deputy commissioner shortly after President Rodrigo Duterte ordered a crackdown on corruption in the ranks of the bureau.

A new Deputy Commissioner for Enforcement, Isabelo Tibayan, was named to replace Arnel Alcaraz who was accused of corruption by a group of businessmen, according to the Customs Public Information and Assistance Division “There is only an OICDeputy Commissioner of Intelligence. Intelligence ba ‘yun? Intelligence. There’s only an OIC right now. But a new OIC will be appointed actually today,” Dominguez said in a Palace press brieﬁng. BoC and the National Bureau of Investigation are conducting a joint probe of the graft case against Alcaraz, the division said. President Duterte, shortly

after visiting his parent’s grave, said that he wanted a deputy at the Bureau of Customs sacked for alleged corrupt practices. The President said he wanted the Customs deputy for intelligence suspended and removed from the agency. “I have yet to talk to Col. Faeldon, but I have instructed my aide to relay. I want him suspended immediately... suspended and out immediately. If he does not want to leave Customs, I will force him out,” the President said. Duterte added that pending investigation, he wants the Customs deputy to be removed from ofﬁce. “Gusto ko, totoo man o hindi, tanggalin mo muna at imbestigah-

Finance Secretary Carlos Dominguez III

an... I want them immediately taken out of the office,” Duterte said. The bureau, which traditionally accounts for a fifth of state revenues, had consistently fallen below its collection target which was down two percent from previous year as of the first quarter. Customs collected P90.5 billion as of March, lower than P92.3

billion raised in the same period last year, Treasury data showed. The bureau’s tag of being “most corrupt” came from a survey of Social Weather Stations in August last year where it was rated a “very bad” -55 by businessmen. This followed a “bad” grade in 2012 and “execrable” ratings from 2005 to 2009.

Court junks Comelec-Smartmatic case THE Manila City Prosecutor’s Office has dismissed for lack of merit and insufficiency of evidence the criminal complaint filed against seven officers of the Commission on Elections and Smartmatic-Total Information Management Corp. by former Abakada party-list representative Jonathan dela Cruz for alleged violations of the Cybercrime Prevention Act of 2012 (Republic Act No. 10175) committed during in the May 2016 National and Local Elections. In a 27-page resolution dated

Sept. 28, 2016, Manila City Prosecutor Edward Togonan concluded that the preliminary investigation conducted from June 7 to Aug. 12, 2016 failed to show convincing proof that the Comelec and Smartmatic ofﬁcers named in the complaint had violated the following provisions of RA 10175: ﬁrst, Section 4(a)(1) purportedly by accessing computer system, without right; second, Section 4(a)(3), allegedly by intentionally altering computer data, without right; and third, Section 4(a)(4) allegedly

Solon not giving up on House’ ﬁve-day work week

by intentionally altering or recklessly hindering interfering with the functioning of a computer and computer network by inputting, deleting and altering computer data and program, without right or authority, when the special character “?” was changed to “ñ” in the script of the transparency server on Election Day. The resolution stated that among the seven respondents (Messrs. Elie Moreno, Marlon Garcia, and Neil Baniqued of Smartmatic; and Messrs. Rouie

Peñalba, Mauricio Herrera and Nelson Herrera and Ms. Frances Mae Gonzales of Comelec), only Garcia performed the action alleged in the complaint to have violated RA 10175. The other six respondents cannot be considered as Mr. Garcia’s coconspirators as they were either IT personnel merely present when Mr. Garcia took the action resulting in the hashcode incident, or were located elsewhere and merely informed about the action taken by Garcia.

MEDICAL ATTENTION.

Major Jo Ann Monica Dacanay (left) tends to a wounded soldier airlifted in a C130 plane from Jolo, Sulu to Zamboanga City on November 1 following clashes between soldiers and Moro re bels. Presidential Photo

CONGRESS is being pressed to adopt a five-day work week to enable lawmakers to speed up its deliberations on federalism along with other priority measures requiring urgent action. With the Constitutional Assembly route to Charter Change getting closer by the day, CamSur Rep. LRay Villafuerte said a five-day work week would allow the House to hasten debates on the proposed switch to a federal system of government, as well as on other priority measures that would be agreed upon by Malacañang and the Congress in the upcoming LegislativeExecutive Development Advisory Council meeting. Senate President Aquilino Pimentel III and Speaker Pantaleon Alvarez had agreed to work on proposed amendments to the Constitution beginning January next year. The House committee on constitutional amendments had approved by a 32-7-3 vote the resolution calling on Congress to convene itself as a Con-Ass to rewrite the 1987 Constitution and clear the way to the shift to a federal system. As Congress will resume sessions on Nov. 7, Villafuerte, head of the House bloc of first-term congressmen, said that now is the time to push the shift to federalism via Charter Change, given the high trust and performance ratings of President Rodrigo Duterte as reflected in the recent separate surveys by Pulse Asia and the Social Weather Stations. He noted that both surveys showed that the President has maintained his “excellent” ratings, both in terms of trust and performance, across all regions and all socioeconomic classes. “Holding sessions from Mondays to Fridays would give us enough time and make us work faster in performing our lawmaking duties along with the extra workload of amending the Constitution via the Con-Ass route,” he said. Villafuerte has pointed out that Con-Ass will be a faster and cheaper option than convening a Constitutional Convention. “Con-Ass will save the government more money that can be used instead for the Duterte administration’s priority programs on restoring peace and order, stimulating economic growth and reducing poverty,” L-Ray said. He stressed said forming the Con-Ass to propose constitutional amendments, including the shift to federalism, is an even much cheaper option.

Opinion

THURSDAY, NOVEMBER 3, 2016

mst.daydesk@gmail.com

Adelle Chua, Editor

EDITORIAL

Being careful

HEN President Rodrigo Duterte assumed office, he immediately expressed disdain for the Paris Agreement—a global pact that acknowledges the need for decisive action on greenhouse gas emissions that in turn contribute to the warming of the planet. Climate change is worsening, scientists say, with dire consequences for the planet especially those living along coasts and who do not have the wherewithal to be resilient. The only way

this can be mitigated is for all countries of the world to commit to cutting greenhouse gas emissions. Cuts are a tricky matter, though. There is an ongoing debate on historical responsibility —that the developed countries, which began industrialization centuries ago, contributed more to the warming and should thus cut more than the less-industrialized ones. And then, for each individual country, there is the dilemma of balancing a country’s developmental needs with its commitment to the Paris pact. The Philippines for instance still has an energy crisis, and coal-fired power plants—which do emit

the gases that are supposed to be curbed—are still the cheapest and most widely available source of energy. “Greener” options are being introduced, but these are still limited and expensive. Against the backdrop of this dilemma, members of the Philippine delegation will fly to Morocco this week for this year’s climate talks. What message from the President will they carry? This week Mr. Duterte clarified that he did not really say he would not sign the Paris Agreement—it had not yet been officially brought to his attention. He was just being careful: “Of course I had my misgivings. But

those were just misgivings.” Nobody denies the need to be careful in weighing the demands of development and the long-term consequences of runaway climate change, given that coal is not really “cheap” because there are hidden costs that come with the exposure of communities to the pollution it brings. We also need to be careful that we do not sacrifice the well-being of future generations for today’s material gains. The Philippines has always stood with the community of nations in recognizing that we collectively need to do something today to avert more and worse disasters in the future.

The President should also take his caution further—and apply it to his propensity to utter strong words about issues, personalities, countries or organizations. If he continues to “clarify” his statements or let his subalterns put them “in the proper context,” he will soon cease to be a fascinating, colorful character—and will be reduced to a man devoid of credibility every time he opens his mouth. The issue of climate change will outlast the Duterte administration and all of us. Bigger than any one person or nation, it is encompassing and far-reaching. Careful, indeed, we must be—we owe the next generations that much. DUTY CALLS FLORENCIO FIANZA

A resounding success

No memo for Cardin LOWDOWN

JOJO A. ROBLES AMERICAN officials are trying their best to ignore the incendiary remarks of President Rodrigo Duterte, in a bid to ratchet down the tension between the US and the new administration in the Philippines. But at least one senator didn’t get the memo and now the US once again comes off as a bully, justifying Duterte’s belief that the Americans can’t be relied upon as our longtime ally and main defense partner. Foreign Affairs Secretary Perfecto Yasay Jr. was not at all surprised that a US senator has blocked the sale of 26,000 assault rifles to the Philippine National Police. To Yasay, Senator Ben Cardin, a Democrat from Maryland, was “arrogant” and would not listen to his explana-

tions about the war on drugs being waged by the Duterte administration. Yasay said he met the senator on a recent trip to the US, where he was sent by Duterte to explain what he was trying to do to stop the proliferation of illegal drugs. One time, he talked to a bunch of American officials, including Cardin, the top Democrat on the Senate foreign relations committee. “I was speaking to a group of officials when this senator just stood up and left,” Yasay recounted. “I didn’t give it much thought at the time, but what he did struck me as arrogant.” This week, Cardin sent word to the US State Department that he was blocking the sale of the M4 assault rifles procured by the PNP from an American manufacturer, citing concerns about the killings that have attended Duterte’s drug war. The US Congress has the power to question sales of arms to foreign

countries and Cardin’s committee has oversight functions over the State Department—which understandably did not comment on the senator’s boneheaded action. Last Sept. 26, he described the

If the US really wanted to punish Duterte, it can do better than taking money from its own arms manufacturers. Philippine president’s anti-drug campaign in a Senate speech as “systematic, wide-spread, brutal and beyond the bounds for a constitutional democracy.” And

to think that Cardin has never even set foot in Manila’s worldfamous airport or experienced gridlock on Edsa yet. Philippine officials were quick to point out that the Philippines did not really have to buy arms from the Americans, our longtime sentimental source for military materiel. The M4 assault rifle that the PNP was buying, after all, has many variations that are also manufactured by suppliers in Israel, Russia, Europe and China—at lower prices and with better quality. Duterte himself was dismissive of the blocked sale, which only gave him a new opportunity to bash the Americans. Other officials like Senator Panfilo Lacson wondered if the American senator was not really hurting the US’ own armsmakers, predicting that the aftermath of the failed deal was like going from “one gun store to another.” National Security Adviser

Hermogenes Esperon Jr. said that while Cardin’s action would delay the PNP’s timetable in the eradication of illegal drugs, it would not do any more damage than that. The procurement of the M4s, Esperon said, was not made with any concessions or discounts because of the mutual security treaties in force between the two countries. It was a straight-up deal involving hard currency that we were paying for American firearms. If the Americans don’t want our money, we can certainly offer it to someone else— and probably get a better deal all around. And if the US really wanted to punish Duterte, it can certainly do better than taking money from its own arms manufacturers and sending it to other countries. Well played, Mr. Senator; all the other gun manufacturers outside the US will surely give money for your reelection, if you hit them up for campaign funding. Turn to A5

BY ALL accounts, the state visits of President Duterte to the two Asian economic power houses, China and Japan, were a resounding success. In money terms alone, it can really be said that the President did bring home the bacon. From China, about $24 billion was promised, divided into P15 billion in investments and P9 billion in credit facilities. Most of the money will go to agriculture, renewable energy, tourism, food, manufacturing, telecommunications and infrastructure. The fact that Filipino fishermen can now fish at the Scarborough Shoal is an added bonus. The stock of the President will therefore undoubtedly soar to new heights and the bragging rights will be rightfully his. The public may now also be inclined to say that the President is right after all in pivoting towards China and that to achieve these beneficial results, we have to continue to engage China on a bilateral basis, something that China has always wanted as opposed to the multilateral approach taken by the previous administration. From the President’s visit to Japan, he also brought home $17 billion that will go to transport, roads, highways and power. $1.85 billion of this is committed investments. Summing up the visits, the President brought home a total of about $43B in short- and longterm investments. If we divide the amount into six that would cover the term of the President, that would amount to more than $7 billion a year. This is enough to keep the country very busy for the next six years. If the administration can buckle down to work, this will go a long way in creating hundreds of thousands of jobs and keeping the economy churning in the years to come. This will certainly improve the lives of many Filipinos. This amount does not include investments that can come in from other countries. It was not only in the economic sphere that the state visits were successful. Japan which is also a close ally of the United States, was initially apprehensive with the state visit coming in the wake of the President’s tirades against the United States during his trip to China. The Japanese political leaders led by Prime Minister Shinzo Abe were not altogether sure how to Turn to A5

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Opinion

By Ed Fernandez PRESIDENT Rodrigo R. Duterte’s pronouncement on separation from America’s military and economy is so unsettling to Japan, other US Allies, American companies, and Filipinos here in the Philippines and in the US His continued verbal attack on America while in state visit to Japan intensifies his seeming personal vendetta against the US First he wanted the US troops out of Mindanao. Then he said something about the American massacre of 600 Muslims in 1906. Next, he said China doesn’t want joint military exercise in the South China Sea. And lately he said he wants Foreign Troops out of the country in two years. He has been building a case little by little or piece by piece against the US in my opinion. Are his announcements unscripted without consulting his advisers that his words after they are delivered would always need clarifications from Secretary Yasay and others? Is he doing this unilaterally without the consent of our people or askingCongress’ approval? He is making new friends but at the same time “separating” from a dependable and proven ally.Is this an “Independent Foreign Policy” the administration has been talking about? Many of our countrymen want to be enlightened by our President’s actions and announcement in Beijing. Because of the latest events, I am sure that many of us are losing faith in him and perhaps wondering if his “Independent Foreign Policy” is just a cover for his inability to articulate his vision with civility and defend himself from his American and International critics on his war on drugs, and to explain “extra judicial killings” or protect disadvantaged citizens just because they are or were labeled as “drug pushers or drug addicts. In addition, the international community has had difficulty accepting what our president is up to when he has seemingly encouraged people to take the law in their own hands to eliminate “drug personalities”. I, for one, don’t have any problem with our country being “independent”, or standing tall, or diversify on who our friends are. We can even declare ourselves a non-aligned nation. I don’t have any qualms on war on drugs and actions being taken against corruption. However, President Duterte cannot stomach being criticized on how he is conducting the war on drugs. It is easy for his supporters and others to understand and accept “collateral damage” as a result of war on drugs, but families whose loved ones have been victims of “vigilante killings” or unexplained killings don’t have any recourse in most cases but to accept that the victims were “unlucky.” There is not even a compensation for a wrongful death of their loved ones or justice pursued mandatorily by the government for the innocent victims unless the families affected have moneyand other resources to pursue it. Because of the concerns of our “righteous” citizens and the International community on the “unexplained killings” and their right to be heard or desire to know the facts, the war on words has become ugly. It now appears that our President is reacting negatively against the US primarily, UN and EU for their concerns, and he is seemingly using the China “card” to counter against or shame the traditional friends of the Philippines. We have had a long good history with the US and the UN but it is now being shaken. But to simply do away with them is unwise. President Duterte did win convincingly against hisPresidential opponents and we can call that a landslide victory. He garnered 16- million votes or 36 percent of all the people who voted or 30 percent of the 54-million registered voters. But his votes represented only 16 percent of the entire population of 100 million. It would have been a “mandate” if President Duterte won at least 50 percent of the registered voters or

26-million votes. The point that I want to make is if President Duterte thinks that he has a license to do whatever he wants under the disguise of the “will of the majority” or he believes he has an absolute mandate, I believe he is wrong because there are still 38million of the registered voters who didn’t vote for him. He shouldn’t act unilaterally on major actions and decisions that will affect the long term direction of this country. He needs to be an “all inclusive” President. He needs to consider the likes and dislikes of the 38-million registered voters who didn’t vote for him. He is also their President and by considering their values and what are important to them for this nation, President Duterte would better serve his countrymen and become a true hero for all.That’s how democracy works unless we the people can accept being subservient to an autocratic president. His tough talk is good but rough or insulting talk is not good for the image that we want to project to the world. Words matter in diplomacy although actions matter the most in his execution of his duties as President. He demands respect from the world leaders but does he also show respect to them? His mannerism when he dislikes other world leaders is shameful in my book. I believe he is not naïve about diplomacy but he is acting like a leader ofan economic and military power against the Western Alliance. Does he need China and Russia to prove his point as being “independent” or just want to build a new alliance so he cannot be answerable to treaties with the UN and the US? What will happen if China and Russia won’t give him all the things that he wants for the Philippines? If he believes that he was shamed or has been disrespected by the US Ambassador, he doesn’t need to ask for his formal apology. He can simply ask the US Secretary of State John Kerry to replace the US Ambassador because he can’t work with him effectively anymore. He has the right to do that rather than destroy our relationship with our most established and valued ally of our country. I don’t believe that the American Government or the American people have ill feelings against the Filipino people. What if we broke ties with the US and do away with the Mutual Defense Treaty and Edca for good? Let’s say that we become a non-aligned nation and will not take side in case of conflict or war? The US can possibly seize the Scarborough Shoal and those artificial islands made by China in the Spratlys and occupy them to invoke the freedom of navigation right in the South China Sea. Would the Philippines react and be drawn into the war or conflict? Would President Duterte sympathize with China or the US and its alliance in this region? But before this happens, I believe the US will always use diplomacy and World opinion to resolve conflict. They are cautious in many ways but they are always prepared for war because that is their posture to protect their economic and political interests. I can almost predict that there will be a war in the South China Sea if China will insist on controlling the navigation in or over the South China Sea. The US presence in or near the South China Sea is vital to the US That’s why the Philippines is a strategic location for the US to station their forces here in the conduct of enforcing the freedom of navigation in and over the South China Sea and for staging war against extreme Muslim terrorists (i.e. Abu Sayaf and ISIS sponsored groups) in the South. To be part of the community of peaceful nations, I believe that this country has the role to play for peace. Let’s be reminded that we are still a member of the union of the civilized nations and a signatory of treaties that protect the rights of individuals and the human existence. Ed Fernandez is a former defense analyst, a retired hi-tech industry executive, and a book author.

mst.daydesk@gmail.com

Holiday traffic: Avoiding the worst

EVERYMAN

For the love of my country, the Philippines

THURSDAY, NOVEMBER 3, 2016

MINORITY REPORT DANILO SUAREZ TWO weeks after the implementation of the “no-window hour” policy in the number coding scheme, which was the subject of my House Resolution, the Metro Manila Development Authority reported that traffic eased in the major roads of the Metro. The MMDA reports that the travel time along Edsa was cut by at least 19 minutes and 47 seconds, on October 17, a Monday. On October 19, Wednesday, the Edsa travel time was reduced by 14 minutes and 25 seconds. While we can say that this new policy implementation has been effective, we should be proactive especially with the advent of the Christmas season. The joy of the season should not be dampened by monstrous traf-

fic jams and the anticipatory stress that precedes having to go through Edsa and other notoriously congested streets. We hope for a temporary reduction in the number of vehicles during the holidays. While the new MMDA scheme has been effective, we need to calibrate our traffic solutions according to the increased volume of holiday traffic. If proactive measures are not implemented to anticipate Christmas traffic, it will not be a Happy Holiday for anyone. We should celebrate the holidays with our families and loved ones. No one should spend the holidays stuck in their cars, whining, miserable, and hating everyone. I believe the government is doing the best that it can, with a seemingly impossible situation. We should do the same. We now suggest the Department of Transportation to temporarily implement a three-digit

number coding scheme during the Christmas season. Before December comes in, the DOTr should have a prescribed schedule of banned vehicles per day (i.e. 1,2,3 for December 1; 4,5,6 for December 2; and so on). This must be implemented until the end of the Three Kings’ Day celebration, when we will revert to the twodigit number coding scheme. I can already anticipate the resistance by many. It requires change. Big change. Change is often met with instant refusal. Change is seen as a negative thing. I think, in this case, big problem, big solution. So please consider, do we leave things as they are and allow traffic to get worse? Isn’t it better to do something now before a serious problem arises? I would also like to call the attention of our local government officials who are in charge of the secondary roads. There are

many cars parked on the roads that block other cars from passing these roads. These roads are for our vehicle owners and commuters to use, and are not private parking slots. While we work on decongesting the main thoroughfares, we should also open all the secondary roads. In terms of numbers, the government has estimated around $3 billion worth of annual loss due to Manila traffic congestion. We lose in terms of productivity, wasted fuel, illness, vehicle maintenance, and business opportunities. Our businesses should thrive, not dive, during the holidays. While this mess was left behind by the previous administration, we are not powerless in doing our part to improve a situation, not just for ourselves, but for everyone else. We can work around it. Work and not complain. Complaining gets us nowhere.

The pig years: Hunter Thompson on Marcos POP GOES THE WORLD JENNY ORTUOSTE IT HAD been a while since I’d read anything by Hunter Thompson, so when I saw a pristine copy of Generation of Swine (1988) going at half-price for $6.99, I grabbed it. Buying it turned out to be a good decision, not only because I’d gotten a bargain, but also because when I was flipping pages, I came across a reference to “The Man from Manila” – Ferdinand Marcos. The book is subtitled “Tales of Shame and Degradation in the ‘80s” and is a collection of Thompson’s weekly columns for the San Francisco Chronicle. This chance reencounter with Thompson’s work was all the more timely because Marcos is in the news again, as his family, with the support of President Rodrigo Duterte, recently moved to have the deceased strongman’s remains interred at the Libingan ng Mga Bayani. Arrangements for this were being made by the military in September, but with seven lawsuits or so filed in a bid to halt the proceedings, the Supreme Court issued a status quo ante order holding the burial in

abeyance as the court sought to resolve the case on merits.The order was extended until Oct. 18, then again until Nov. 8. Those of us who grew up under the shadow of martial law will remember with varying degrees of clarity why Marcos was deposed. He held on to power for over two decades and during that time ransacked the nation’s coffers. These deeds are on record. And it might be that there are secrets yet unknown. In his Feb. 24, 1986 column “Memo from the War Room,” Thompson makes an interesting allegation that I have not read about before. “Ferdinand is big in the greyhound business—$2 million or $3 million a year, just for shaking hands on the portico with any sweating roundeyed fixer who would front all the dogs—and then a quick autograph on the contract, washing his hands of the details or leaving it all with Imelda. His wife was good at business.” What happened to the venture? In another column, “Just Another Terrorist,” dated April 28, 1986, Hunter claims “Manila was no place for amateurs in those days. Not even Bob Arum could handle it. At one point, a few years ago, he talked to Imelda and thought he had a lock on the national dog-racing concession…But when he finally went down to the Palace she

stiffed him and demanded more front money than even Don King would call reasonable. “Arum left in a funk and never went back. The dog-racing license was pieced off to a combine from Singapore, which prospered briefly and then went up in smoke when bit the bullet.” Two or three million dollars a year in kickbacks from a dog-racing deal is a drop in the ocean compared to the “$20 billion that Marcos was originally accused of stealing and embezzling for his own gain… Twenty billion dollars is half of the Philippines’ gross national product for 1984.” Marcos allegedly didn’t steal only dollars, but other things as well. Thompson describes him this way: “We are talking, here, about a man who ran the whole Philippine islands for twentysix years like it was some kind of personal dog kennel. He used silk handkerchiefs like Kleenex and routinely stole ten thousand full-grown mahogany trees with a single phone call.” Thompson mentions the Marcos couple in the same breath as dictators Baby Doc Duvalier of Haiti, also overthrown in 1986 by a popular uprising, also flown to safety by a US Air Force plane, but in his case to France, after the Reagan administration pressured him to

step down; and Idi Amin, who plundered Uganda, perpetrated human rights abuses, and committed economic mismanagement. The tarring with the same brush is telling. But is Thompson reliable? “Facts blended with a savage embroidery of the truth,” New York Times critic Michael E. Ross called Thompson’s style of writing, who is famous for having founded “gonzo” journalism, where the writer is immersed in the action and becomes a figure in their own stories. Thompson’s essays often leave one wondering where truth ends and fiction begins. However, his deep involvement in politics during those times is unquestioned, and his analyses are insightful and penetrating. Whatever one might say about his writing, Thompson stands as a third-party witness to our history, a counterpoint to the revisionists who are burnishing Marcos’ tarnished image. The Supreme Court’s decision, due in a few days, will tell us whether Thompson’s generation of swine has been born again.

ing museum piece equipment. If for no other reason but to maintain our self-respect. Although our country is still poor, our economy can afford to buy some brand new equipment. If we have to receive second-hand equipment, these must not be 40 years old so that we could still benefit in using them. The Japanese on the other hand will be providing us with brandnew equipment like fast patrol boats for anti-terrorism operations in the south. But there will also be a problem with the new equipment if our government does not provide the corresponding budget for the maintenance of these new boats. The Americans, having dealt with us the longest, have learned that we are not up to par as far as logistics are concerned. So, to them, it probably is better to provide second-hand equipment which is cheaper to repair and maintain and since we are

good in improvising, can maintain and use these equipment in good order. There is good logic in this. It is a lot more expensive if a brand new ship or plane cannot be used because of very poor maintenance. In the end, it will be absolutely necessary that we establish an efficient logistics system so we can acquire new defense equipment and maintain them. To achieve this, it is imperative for the government to provide maintenance budget and the funds be used as intended and not end up in the pockets of a corrupt military or coast guard officials. Think of how much better it would be if by adding China as a returning friend and trading partner, we do not have to drive away longstanding friends. There must be room in this country for maintaining friendly relations to the three biggest economies in the world.

*** Dr. Ortuoste is a Californiabased writer. Follow her on Facebook: Jenny Ortuoste, Twitter: @jennyortuoste, Instagram: @jensdecember

A resounding... From A4

interact with their visitor without souring the state visit. Would it be safe to ask him what exactly happened in China or is the Philippines now really separating with the United States? Simply asking for asking for clarification from the President concerning his recent controversial remarks might trigger another round of tirades. As it turned out, there was no need. The Japanese were completely reassured with statements coming from the President with regards to Filipino - Japanese relations. The President even mentioned about the possibility of a joint sea patrol with the Japanese which was music to the ears of his hosts. This was something he is unwilling to do with the Americans. The Japanese visit also showed the difference on how the Japanese provide aid in contrast to the Americans. The Japanese reaffirmed their earlier intention

to provide ten coast guard patrol boats and two larger patrol vessels ostensibly with blue water capability. The Americans, on the other hand, always provide us with 40-year-old ships. The latest which was a Hamilton class coast guard cutter which was turned over to us recently with the remark from the US Coast Guard Commandant that “there are no more companies that manufacture spare parts for the ship.” In which case, we will have to scrounge around for spare parts or fabricate them ourselves. That ship might end up being used more for display purposes rather than combat or patrolling our territorial waters. By accepting that ship, we in fact saved the American government money that it would have spent to scrap the ship. Instead, we will pay them to recondition the ship. This is one big reason why we really should stop receiv-

No... From A4

*** And like clockwork, the US-based Human Rights Watch hailed the aborted sale, which it called “the first real US move to put teeth in its criticism of... Duterte’s drug war” that “hit the [Philippine] police where it hurts, [its] efforts to expand [its] arsenal.” In a statement in the group’s website, HRW deputy director for Asia Phelim Kline said Duterte is “now on notice that the bloodletting they have encouraged carries a cost with its longtime ally.” Kline feverishly warned that other US funding to the Philippines police, “including $9 million in State Department aid for counter-narcotics and law enforcement programs for 2017 and $32 million in assistance

pledged by US Secretary of State John Kerry in July, may be at risk unless [Duterte and PNP chief Ronald dela Rosa] stop the killings and honor their government’s obligation to defend, rather than abuse, the rights of Filipinos.” Me, I’ll have what Kline’s been smoking, please. HRW has always maintained, even without investigating any of the so-called extra-judicial killings since Duterte launched his drug war, that the president himself has ordered the execution of the thousands that have been killed in the anti-narcotics campaign. The only reports of state-sponsored killings that HRW has seen are apparently those emanating from the foreign media and the anti-Duterte political opposition in the Philippines. If Cardin’s action stopping the sale of as-

sault rifles to the PNP is the US’ first real action against Duterte, why isn’t the State Department announcing it as such? Why doesn’t Barack Obama himself say that the US will now tighten the screws on Duterte if he doesn’t shape up? Unless you’re irreversibly pro-American and anti-Duterte, you’ll know why: Cardin just threw a monkey wrench in the US’ plans to ignore Duterte’s trash-talking and to not give him any more reason to make the Americans look bad to Filipinos and to the world. And you wonder why Malaysian Prime Minister Najib Razak is now in Beijing, talking about signing a new mutual defense agreement with the Chinese? Get a grip, HRW.

THURSDAY, NOVEMBER 3, 2016 mst.daydesk@gmail.com

News

Probe of vaccines buy sought By Maricel V. Cruz

LADY lawmaker has sought a congressional investigation into the National Dengue Prevention and Control Program of the Department of Health of what she described as “hasty and impulsive” approval of dengue vaccines.

Nueva Ecija Rep. Estrellita Suansing also wants an inquiry into the parallel allotment of P3 billion from available funds to buy the vaccines to boost the country’s dengue efforts by vaccinating one million Grade 4 pupils in public schools. She said the purchase of the P3billion dengue vaccines is apparently not included in the General Appropriations Act of 2015. “Hence, the source of fund might not have undergone the scrutiny of the House of Representatives where an appropriation must originate as mandated by the Constitution. Consequently,

there is an urgent need to review the purchase of vaccines and the sources of funds to determine if government standards on accountability and transparency were followed,” said Suansing. Suansing, in filing House Resolution 480, urged the House committee on health to review the processing and registration of the dengue vaccine, including the contract to purchase from Sanofi Pasteur; examine relevant research and studies on the efficacy and safety of the vaccine; and propose remedial measures that promote public safety.

Suansing said: “The DoH must enlighten the House of Representatives about the seemingly hasty and impulsive approval of the dengue vaccines and allotment of P3 billion from available funds to purchase the vaccines aimed at supposedly boosting the country’s dengue efforts by vaccinating a target of one million Grade 4 pupils in public schools, the first mass dengue vaccination in the world. “The actual procurement was delegated to the Philippine Children’s Medical Center and the Purchase Order was issued on March 9, 2016.” Suansing said in the meeting of the Strategic Advisory Group of Experts in Geneva, Switzerland in April 2016, the results of review done by the group was presented. The review showed Asian children, who had their first vaccination when they were two to five years old, demonstrated a statistically significant increased risk of hospitalized dengue, she said. She said the vaccination program was administered only to

children nine years old and above. Suansing said: “An estimated 489,000 Grade 4 pupils in Central Luzon, Calabarzon and the National Capital Region had received the first dose of vaccine early this year and are set to receive their second dose from October to December 2016. “Thus, the necessity to examine if there were procedural lapses in the approval of the dengue vaccine or any violations of existing laws, rules or regulations that endangered the lives of the school children.” Suansing, chairperson of the committee on ecology, said there have been serious and highly significant doubts in the scientific community about the safety of the Dengvaxia vaccine. Only last April, two pupils, one in Bataan and the other in Muntinlupa City, who had been inoculated reportedly died after receiving the first dose of the vaccine. “Based on a Resolution dated July 21, 2016 of the Dengue Expert Panel, composed of independent and

uninvolved experts convened by the Secretary of Health, the first dose of dengue vaccine immunization to be administered to Grade 4 pupils should be immediately stopped and only the 489,003 pupils who have been immunized or given the first dose will be given the second and third doses,” she said. Suansing said there were concerned sectors that stressed the need to determine if there were any adverse effects of the vaccine and the postponement of the vaccination program would pave the way for a more rigid monitoring and parallel research to ascertain its safety and efficacy. Suansing said: “The Congress of the Philippines is the bulwark of freedom and democracy as enshrined in the Constitution. As such, it must ensure that public funds are utilized intelligently and efficiently. “The utilization of P3 billion for the purchase of a vaccine that apparently increases the risks of its more life threatening form in the

Increase in passenger volume recorded

CoA hits P18.2-b uncredited payments

By Joel Zurbano

By Rio N. Araja THE Social Security System and other government agencies have incurred uncredited payments amounting to P18.28 billion in 2015, the Commission on Audit said. CoA said SSS was liable for P9.9 billion in “undistributed collections” of members’ premiums and loan payments. The Government Service Insurance System, on the other hand, failed to credit P2.7 billion in collections. CoA said the Social Housing Finance Corp. (formerly the National Home Mortgage and Finance Corp.) had undistributed payments of P372.6 million, while the Pag-IBIG’s Home Development Mutual Fund had P264.1 million. The Small Business Corp. also failed to credit P1.8 million in payments while the Armed Forces of the Philippines-Retirement and Separation Benefits System failed to credit P4.9 billion. CoA said delays in the crediting of collections to individual accounts of members and borrowers could lead to double collections and lower entitlements. CoA, in partiular, told GSIS to refund its members, who would have to bear the brunt of the uncredited payments.

long term and may be potentially harmful to our children is a senseless squander of public funds.” She added: “In the spirit of checks and balance between the branches of government, a congressional investigation must be conducted to determine why the DoH under the previous administration hastily and knowingly entered into an agreement or contract that might have been grossly disadvantageous to the government. “Moreover, it is but fitting that an investigation be immediately carried out on the mysterious deaths of the two pupils after they were inoculated not only to give justice to them and recommend the prosecution of offenders but more importantly to prevent future deaths.” Suansing said there was a need to review the system of approving drugs for use by the consumers among the different agencies concerned such as the Food and Drug Administration (FDA), the Formulary Executive Committee (FEC) and the DoH.

WHERE ARE YOU? Some members of the families of The Disappeared, also called by the Spanish term ‘Desaparecidos’—a symbol of a long harrowing nightmare—gather in front of Quiapo Church in Manila Wednesday to remember their missing loved ones, some reading the names upside down, while asking President Duterte to set up a truth commission to look into the cases of disappeared Filipinos. Norman Cruz

4 vie for next Philippine Navy chief By Florante S. Solmerin THE Philippine Navy will have a new f lag-officer-incommand on November 12, a day before the mandatory retirement of outgoing Navy chief Vice Admiral Caesar Taccad. Of the four contenders to replace Taccad, Western Command chief Vice Admiral Ronald Joseph Mercado, a

member of the Philippine Military Academy Matikas Class of 1983. The others contenders are Navy Vice Commander Rear Admiral Rafael Mariano, Fleet Commander Bayani Gaerland and Naval Education and Training Commander Narciso Bengson. Taccad’s retirement will spur major changes in at least two area commands: the West-

com if Mercado is chosen as the new FOIC and the Central Command, which is currently headed by Maj. Gen. Raul del Rosario. Del Rosario, an Air Force pilot, is touted to replace Mercado if he assumes the top Navy post. Sources from the AFP said Inspector General Maj. Gen. Oscar Lactao may replace Del Rosario as Centcom head.

Lactao, a member of the PMA Maharlika Class of 1984, was linked to the so-called “Novotel generals” who allegedly met with then presidential candidate Manuel Roxas II weeks before the May polls. Lactao denied that he was part of the meeting, saying he was at the Novotel hotel in Cubao for personal reasons and that he was only “at the wrong place and at the wrong time.”

South Korean criminal arrested in golf course By Vito Barcelo

HAZARDOUS WASTE. Trash left by thousands who visited the graves of their departed dead on Monday, like this one at the Sangandaan cemetery in Caloocan City, pose some serious threat to the health of individuals—unless the heaps of garbage are immediately collected and brought to the necessary landﬁlls in the metropolis. Andrew Rabulan

A SOUTH Korean fugitive wanted in his homeland was nabbed by agents of the Bureau of Immigration while playing golf inside a posh golf course in Silang, Cavite. Seo Wun Sub was arrested by BI agents and officers of the South Korean embassy in Manila at the Riviera Golf Club, according to Immigration Commissioner Jaime Morente. Seo reportedly duped several Korean businessmen amounting to more than P100 million and fled to the Philippines last year to evade prosecution. Morente said there is a standing arrest warrant against the Korean from the Tongyeong branch of Changwon District Court. Morente reiterated that he would not allow foreign fugitives to use the country as their hiding place. He ordered the bureau’s intelligence group to intensify the government’s drive against illegal and undesirable aliens in the country.

THE Manila International Airport Authority has recorded a significant increase in the volume of passengers in domestic flights at the three terminals of the Ninoy Aquino International Airport days before and during the observance of All Saints’ Day. Jesus Martinez, head of the MIAA media affairs division, said Wednesday the volume of passengers in domestic flights from Oct. 25 to Nov. 1 increased by 20 percent. He added 453,990 departing and arriving passengers were recorded, a 17,854 increase from last year’s 436,136. A week before “Undas,” there was heavy influx of arriving and departing passengers at the Naia Terminals 2, 3 and 4. The passengers’ growth served as the foundation for the steady increase of passengers in domestic flights. Terminal 2 posted 38,643 passenger arrivals and 41,902 departing passengers from Oct. 25 to Nov. 1, a total 80,545 compared to 75,285 last year. Terminal 3 had 139,139 arrivals and 153,138 departures compared to last year’s 143,766 and 155,550 arrivals and departures, respectively. Terminal 4, on the other hand, recorded 38,262 arrivals and 42,906 departures compared to last year’s 30,559 arrivals and 30,976 departures. In 2015, the airport authority also recorded more than 36 million passengers transited through the Naia, surpassing its previous high. Records showed that 36,681,601 passengers used the four terminals of the Naia—a rough increase of two million passengers from 2014 when passengers totaled 34,094,159. The 34-million mark was reached early in December 2015. There were also more domestic passengers—at 19,513,514— compared to international travelers, totaling 17,168,087 in 2015. Airport officials said developments in the previous year served as the foundation for the steady increase of passengers. Among others, flight operations were enhanced with the reactivation of Runway 31 for departures which allowed flight movements to take place concurrently on both runways. The extension of Taxiway N (November) further decongested the taxiway—particularly at the intersection of the runways—and facilitated a more flexible handling of international operations. The rehabilitation project of Terminal 1 also widened passenger movement areas with the redesigning of the terminal interiors. Some projects include the upgrading of the air conditioning systems at Terminals 2 and 3 as well as the introduction of Transportation Network Companies to the airport.

Sports

THURSDAY, NOVEMBER 3, 2016 sports_mstandard@yahoo.com

Lavandia settles for silver By Peter Atencio

The Cleveland Cavaliers dance team performs during the Cleveland-Houston game at Quicken Loans Arena in Cleveland, Ohio. AFP

ERLINDA Lavandia made a heave of 30.28 meters Tuesday to win a silver medal in the 60-above category of the women’s javelin throw in the 22nd World Masters Athletics Championships in Perth, Australia. The 64-year-old Lavandia ﬁnished behind Anne Kristine Jensen of Denmark, who took the gold with her 30.59-meter performance. Lavandia made her best effort on her sixth and last attempt after making a 30.42-meter throw on her ﬁrst attempt. Anna Matinho of Portugal settled for the bronze after she hurled the spear at a distance of 25.89 meters on her third try. Lavandia’s effort was better than what she did in

Lyons, France last year. She also landed a decent silver-medal ﬁnish after recording 28.23 meters in the ﬁnal round. She was behind Linda Cohn of the United States, who topped the women’s 60-63 age division with her 34.11 meters. The heave was far below Lavandia’s best. In 2013, the Ilonggoborn athlete took her sixth WMA gold medal in the javelin throwing competition with her best record of 39.83 meters when it was held in Brazil. Earlier, Danilo Fresnido opened Team Philippines’ bid when he dominated the men’s 40-44 javelin throw competition. Fresnido, who is the current national coach and national record holder, heaved the spear to a distance of 62.30 meters to beat seven

Irving, Love spark Cavs; Allen confirms retirement C

LEVELAND—Kyrie Irving scored 32 points and Kevin Love produced a defensive masterclass as the Cleveland Cavaliers extended their unbeaten start to the season to 4-0 with a 128-120 victory over the Houston Rockets on Tuesday.

Irving’s haul helped quell a spirited Rockets side who were driven on relentlessly by James Harden, who ﬁnished with 41 points in a losing effort. Kevin Love added 24 points for the Cavs while LeBron James weighed in with 19 points as Cleveland’s trio of heavyweights delivered. The victory means the reigning NBA Finals champions are 4-0 for the ﬁrst time since the start of the 2000-2001

season 16 years ago. But the Cavs were made to work hard for victory by Houston, who pulled to within three points of the home side in the fourth quarter before Cleveland rallied to pull clear. Love was crucial in engineering Cleveland’s fourth quarter rally, coming up with two steals and a blocked shot to help the Cavs go clear. Love now has six steals from four games this season.

“I don’t know what the stats say, but I’d bet you that statistically I’m not a bad defender, so to speak,” Love said. Meanwhile, two-time NBA champion Ray Allen announced his retirement from basketball on Tuesday after 18 seasons, ﬁnally ending the long-running guessing game over his future. Allen, 41, had not played since the 20132014 season but has been regularly linked to rumors of a return in the two years since. However the 10-time All-Star formally drew a line under his career in a letter addressed to his younger self on The Players’ Tribune website on Tuesday. “I write this to you today as a 41-yearold man who is retiring from the game,” Allen wrote. “I write to you as a man who is com-

pletely at peace with himself.” Allen, a virtual certainty to enter basketball’s Hall of Fame, is the NBA’s alltime leader in three-pointers with 2,973. He averaged 18.9 points, 4.1 rebounds and 3.4 assists in 1,300 games during a career in which he forged a reputation as one of the greatest three-point and freethrow shooters the sport has ever seen with averages of 40 and 89.4 percent. Allen was chosen as the ﬁfth outright pick in the 1996 draft by the Minnesota Timberwolves before being traded to the Milwaukee Bucks. He joined the Seattle Supersonics in 2003 before heading to the Boston Celtics in 2007 where he later was part of a formidable line-up featuring Kevin Garnett and Paul Pierce. AFP

Milliam, Guillano net kings ALEXA Milliam hacked out a pair of tough victories, including a come-from-behind win in the girls’ 14-and-under class as she shared top honors with Drixcyn Guillano in the Palawan Pawnshop-Palawan Express Pera Padala San Carlos leg regional tennis 2016 at the Sakata Tennis Club in San Carlos City, Negros Occidental last Monday. The 12-year-old Milliam, one of the rising stars from La Carlota, subdued Jufe-an Cocoy, 6-4, 6-3, in the 12-U ﬁnals then went one division higher to upend Kianna De Asis, 2-6, 7-6(3), 10-5, for the 14-U crown, emerging the lone “double” winner in the Group 2 tournament sponsored by Palawan Pawnshop and presented by Slazenger. The fourth ranked Milliam

earlier toppled top seed Bliss Bayking, 1-6, 6-2, 12-10, in the semis to gain a crack at the third seeded De Asis in the weeklong top-ranking event sanctioned by Philta and backed by Asiatraders Corp., exclusively distributor of Slazenger, the official ball, and held as part of the host city’s Pintaflores Festival. Guillano also shocked top seed Khenz Justiniani, 6-1, 6-3, in the semis then the Roxas City, Capiz ace crushed No. 2 Pete Rodriguez, 6-2, 6-3, to capture the boys’ 12-U plum in the event which drew a record close to 300 entries in nine age group categories. “Winning two titles in such a big field speaks well of Milliam’s caliber. And with a number of reversals posted in this top ranking event, the future of

Philippine tennis looks bright indeed with so many young talents emerging,” said Palawan Pawnshop president and CEO Bobby Castro. Top seed Elsie Abarquez from Carcar, Cebu held off Gennifer Pagente of Cagayan de Oro in the second set and came away with a 6-0, 7-5 victory in the girls’ 18-U ﬁnals to atone for her 5-7, 6-4, 7-10 setback to the latter in the 16-U ﬁnals while No. 2 Vince Tugade of Sultan Kudarat wore down top seed Cenon Gonzales, 4-6, 6-2, 108, to clinch the boys’ title in the event backed by San Carlos City Mayor Gerardo Valmayor Jr., councilor Criston Carmona, former Rep. Julius Ledesma IV and Vice Gov. Bong Lacson along with the LGUs of San Carlos.

70 win over the University of Batangas Brahmans last Saturday, the CDSL Grifﬁns are slightly favored over the DC Blue Dragons in their 2 p.m. showdown. Expected to lead CDSL are Jonjon Gabriel and Mark Carongoy, who combined for 42 points the last time as the Grifﬁns improved to 2-3.

UNTV CUP. Bureau of Fire Regional 3 Director Aloveel Ferrer tries to go

inside for a basket against the Senate Defenders in the UNTV Cup. The BFP Fireﬁghters won, 90-78.

But the Grifﬁns can’t take the Blue Dragons for granted owing to their vaunted pressure defense. Multi-titled Centro Escolar University completed a sixgame sweep of the ﬁrst round elims with a 76-61drubbing of the Olivarez Sea Lions also last Saturday, snapping the latter’s three-game winning run.

Getting back into the winning track will be Olivarez’s top agenda as they take on the TIP Engineers at 12 noon. Since Olivarez and TIP are carrying similar 3-2 records, UCBL fans can expect another thrilling ﬁnish as both teams target solo second in the seventeam tournament organized by

UCAL and presented by Lamoiyan Corp. and Euro-Med. Out to provide ﬁrepower and stability for the team are Vin Belaso, Harold Sala and Albert Rabe. Games Today

(Olivarez Sports Center, Parañaque City) 12 noon – Olivarez vs TIP 2 p.m. – CDSL vs Diliman

Lavazza wins Naresh Tandan trophy in New Delhi T H E t e a m sponsored by Maria Teresa Lavazza has won the Team of Four Gold tournament: Zia Mahmood, Giorgino Duboin, Norberto Bocchi and Dennis Bilde grab the Naresh Tandan Trophy and a prize money of 2,000.000 Indian rupees. The Team of Four Gold was the main event of the HCL International Bridge Championships, held in New Delhi, India (October 19-23, 2016). In the final match Lavazza defeated Russia (Andrey Gromov, Aleksandr Dubinin, Georgy Matushko and Evgeny Rudakov, Oleg Kazantsev) by 6 IMPs (109-103). -oOoI feature an interesting article where he received the question about card memorizing from Giampaolo and asked him: Are their techniques to develop some specific memory. In his opinion, Giampaolo asking dealt with a main key of bridge thinking.

The responses from Giorgio Dubuion and Mark Horton. Two weeks ago I started a class of bridge at Ascoli Piceno’s Circolo Cittadino (City Club); my three pupils, Cinzia, Giampaolo and Valentina didn’t know anything of the game, it was their very first time at the table. I dealt a deck, turning up the last card, and I started to explain the Whist. I pointed out that it needed to carefully watch and remember any card. Later, at home, I received an email from Giampolo; he wrote about card memorizing and asked me: Are there techniques to develop some specific memory?... Could be possible to make a choice of what might be more useful to memorize? In my opinion, Giampolo’s asking dealt with a main key of bridge thinking, and it deserved many responses, not one only; therefore I forwarded it to others. Today the responses from Giorgio Duboin and Mark Horton. Giorgio Duboin—I have been always distract, one who passes a good

Mabuhay Miles golf set Nov. 8 FREQUENT flyers are trooping to The Orchard Golf and Country Club in Dasmarinas, Cavite, on Nov. 8 in search of exciting prizes and bragging rights during the 24th edition of the Philippine Airlines Mabuhay Miles Elite Inviational Golf tournament. Golfers who are either Elite, Premium Elite or Million Miler members of PAL’s Mabuhay Miles will be challenging last year’s winners - Simon Carino, David Cheu Ka Wah, Jenz Vincent, Michael Go, Orlando de Leon, Tranquilino Magpantay, Ma. Cristina Lava and Rudy Fulo – at The Orchard’s two 18-hole championship courses designed by Arnold Palmer (Legacy) and Gary Player (Tradition). The Orchards takes pride at the special Tifton 419 grass that line up the fairways as well as the fine variety of Tofdwarf grass used on the greens for that ideal “bite”. The two courses are also dotted with lakes, lagoons, hills, scenic fairways, roughs and sand traps Players are divided into four divisions according to their handicap. The Ladies and seniors will have their own division. All six divisions split play at the two courses. Special prizes go to golfers with: nearest to the pin, longest drive, most number of birdies and most number of pars. Prizes include trophies, miles equivalent to two roundtrip Business Class tickets and premium merchandise items. Those with below par golfing skills get a chance to win thrilling raffle prizes. Players can also look forward to the fun-filled awards party that has become a much-awaited attraction of the event.

Eagle Ridge’s 4x4 stakes cars

CDSL Griffins shoot for second straight win in UCBL COLEGIO De San Lorenzo shoots for its ﬁrst back-to-back wins when it collides with Diliman College, even as Olivarez College and Technological Institute of the Philippines part ways in the Universities and Colleges Basketball League at the Olivarez Sports Center in Parañaque City. Coming off a convincing 84-

rivals for the gold. Finnish Harri Leivonen placed a distant second with 54.92 meters, while Indian Ved Prakash Singh took the bronze with a 52.38m throw. Other ﬁnishers were Finnish Sami Salo (50.23m), American Erick Friedman (48.51m), German Markus Paque (47.85), British Graham Lay (44.74m), and Australian Rene Doel (43.78m). The 44-year-old Fresnido managed to claim the silver last year. There are four other tracksters in the Philippine delegation, including javelin thrower Erlinda Lavandia, pole vaulter Emerson Obiena, marathoner Lorna Vejano, and Olympian long jumper Marestella Torres-Sunang, who is debuting on the world masters stage.

part of the day looking for objects and documents which he can’t remember where himself had put them. If I have a meeting, I must note down it, otherwise I often risk to forget it; if in the evening, emptying out pockets I find I have little money, almost always I don’t remember how I did spent what I had, and the like. My visual memory works better indeed, though; if a memory is linked to an image, any kind of, usually it remains stamped my memory. For what deals with cards, I think my brain is now used to memorize them automatically. Keep in mind that I started playing since when I was child, and bridge around nine years aged, so that cards are part of my life since ever. The only technique of memorization I use, but in absolutely spontaneous way, is that for recollect, for example, the sequences of my bidding system I write them; if I only study them after a little the memory fades, if I write it’s more lasting, thus it suffices a brief revision to make it surfacing again. Mark Horton—Not easy! What a

tough question. It is clear that a good player attempts to play all 52 cards rather than the 26 which are on view. A player who does not attempt to reconstruct the hidden hands will never be better than fair. There are two issues-do you need to remember every card, or only some of them along with the distribution? After the opening lead the distribution of a suit is frequently established immediately and almost for certain when it is played a second time. For a defender it is usually possible to form a picture of the distribution at a relatively early stage. It is not so easy for declarer, who generally has less to go on. To make any progress one has to be capable of making simple observations (declarer has played three rounds of hearts and everyone has followed, so only one card is left in the suit etc.) However, do you need to remember the specific cards and if so how to do it? The answer is probably somewhere in the middle and to some ex-

tent may come from experience at the table. For example if West leads out the AKQ of a suit to the first three tricks that is easy to remember, but will you have taken as much notice of East’s cards (and for that matters those in dummy and your own hand)? A key element is the ability to maintain total concentration-get distracted for a moment and you will miss a card that was played in the sense that you haven’t recorded the denomination in your memory bank. I think this process of recalling the cards can be acquired, but for many it takes much time and effort, while for a gifted minority, it comes naturally. One observation: When I took the game seriously I could write down all the hands from a session, usually down to the spots. For example West held ♠AK942 ♥AJ54 ♦1093 ♣7. Nowadays West would have ♠Kxxx ♥AJxx ♦xxx ♣x. Comments to: sylvia.alejandro@ yahoo

A LUCKY member and guest will have the chance to drive home a brand new Toyota Wigo compact sedan each in the grand raffle draw of Eagle Ridge’s 4x4 Invitational golf tournament which unwraps Nov. 5 at the sprawling Eagle Ridge Golf and Country Club in General Trias, Cavite. The two Wigos, courtesy of Toyota Calamba, will be given away as main prizes in the grand raffle, spicing up the final major club event that aims to thank clubs members and friends for another fruitful year for Eagle Ridge. Aside from maintaining four championship courses all year, Eagle Ridge has upgraded its clubhouse facilities and entered into a partnership with Daily Sha, which owns and operates nine top and challenging layouts in Japan. Just recently, the ERGCC signed an agreement with Champions Bar as the food and beverage concessionaire with the club also opening a bigger pro golf shop, according to 4x4 committee chairman and club director Fred Pareja. “We are happy with the developments at the ERGCC and we would like to extend our gratitude to the membership through the 4x4,” said Pareja of the event sponsored by Concepts Golf Management, Sta. Lucia Land, WGC Golf, CHEQ Systems and LK Golf.

LOTTO RESULTS

6/55 00-00-00-00-00-00 P0 M+ 6/45 00-00-00-00-00-00 P0 M 4 DIGITS 0-0-0-0 3 DIGITS 0-0-0 2 EZ2 0-0

Riera U. Mallari, Editor Reuel Vidal, Assistant Editor sports@thestandard.com.ph sports_mstandard@yahoo.com

THURSDAY, NOVEMBER 3, 2016

Sports

Addison Russell (27) of the Chicago Cubs celebrates with Anthony Rizzo (44), Ben Zobrist (18) and Kyle Schwarber (12) after hitting a grand slam home run during the third inning against the Cleveland Indians in Game Six of the 2016 World Series at Progressive Field in Cleveland, Ohio. AFP

Cubs, Indians will go the distance to end droughts C

LEVELAND—Two teams with Major League Baseball’s longest title droughts have gone the distance in the 112th World Series, setting up the sport’s ultimate drama, a winner-take-all one game championship showdown on Wednesday.

The Chicago Cubs, whose title drought since 1908 is the longest in American sports history, rolled 9-3 Tuesday over the host Cleveland Indians, who have not won the best-of-seven event since 1948, to pull level at 3-3 and set up the 37th decisive seventh game in World Series history. One set of long-suffering supporters will finally celebrate the end of epic misery while the other

will endure yet another heartbreak and be left to wonder if their wait will ever be rewarded. Cleveland pitcher Corey Kluber, who won the opener and then game four on short rest, will take the mound for the third time in eight days in game seven against Chicago’s Kyle Hendricks in a battle of right-handers, neither of whom have ever pitched in a game seven before.

“This is the ultimate dream,” Hendricks said. “When you are out in your backyard as a kid, playing Little League at the field with your friends, this is the moment you dream about.” Not since 1985 has a team rallied from a 3-1 deficit to win the World Series as the Cubs are attempting to do. And not since 1979 has a team done it by winning the last two on the road as the Cubs must to take the title. Kluber’s short-rest Series double had not been accomplished since 1990. Now he could become only the 11th man to pitch three wins in the same seven-game World Series. “Game seven of the World Series, I don’t think you need any ex-

tra motivation,” Kluber said. Kluber went 18-9 with a 3.14 ERA this season and is 4-1 in the playoffs with a 0.89 ERA, even with Indians manager Terry Francona trimming his rest time. “I don’t think it has hurt,” Francona said. “I wouldn’t want to do this all year, but for a couple starts, I think he can handle it just fine. “The way he treats his body, the way he works his routines, good pitchers can do special things. He’s in that category. It was an easy decision after talking to him.” Hendricks was 16-8 with a 2.13 earned-run average and a 1-1 playoff record and a 1.31 ERA. It’s the third game seven in six World Series matchups, with Madison Bumgarner pitching five shut-

out relief innings in 2014 to lift San Francisco over Kansas City and St. Louis beating Texas in 2011 after coming within one strike of defeat. Game Seven drama also has included Arizona scoring twice in the bottom of the ninth to beat the New York Yankees 3-2 in 2001, Florida’s Edgar Renteria driving in the winning run in the 11th inning in 1997 to beat Cleveland and Pittsburgh’s Bill Mazeroski blasting a walk-off home run to beat the Yankees in 1960. “I’m just going to embrace the opportunity, approach it like any other game, simple thoughts, same old thing,” Hendricks said. Cubs manager Joe Maddon likes how Hendricks stays cool under pressure. AFP

Arum: Vargas can KO Pacman LAS VEGAS—There has been a cauldron of activity bubbling in Nevada not only because it is a hotly contested swing state in the 2016 US elections; it’s also because it’s five days to go before Philippine boxing legend and Senator Manny Pacquiao (58-6-2, 38 KOs)—coming out of retirement—goes up against World Boxing Organization (WBO) Welterweight Champion Jessie Vargas (27-1,10 KOs). Joining a Pacquiao-headlined fight for the first time on Nov. 5 at the Thomas & Mack Center in Las Vegas is Nonito “The Filipino Flash” Donaire (373, 24 KOs), who will defend his WBO Super Bantamweight title against the undefeated Jessie Magdaleno (23-0, 17 KOs). The fight—billed as The Legend vs The Champ—will be shown on Nov. 6 at 4 a.m. in KSA and 5 a.m. in Dubai, live (with replays) via TFC.tv PPV subscription is at 80 SAR. The

Legend vs. The Champ is also available via OSN, ELife and Mozaic TV Powered by Ooredoo. In the US, it will be shown on Nov. 5 live, distributed by Top Rank PPV. In a recent interview with Stephen A. Smith and Max Kellerman on First Take on ESPN, Top Rank Founder and CEO Bob Arum claimed that far from being an easy fight for Pacquiao, Vargas could end up knocking out the legendary Filipino fighter. “Jessie Vargas has become a terrific fighter,” said Arum. “He has a trainer—Dewey Cooper—that has turned him from being a defensive fighter into an offensive force. And when he won the world title, he knocked out Sadam Ali, who is a terrific fighter, who was a member of the US Olympic team, and he [Vargas] knocked out Ali cold. Let me tell you something: the way Manny fights and the way Vargas

fights, if Vargas hits him—which he is capable of doing—he could knock Pacquiao out. Remember, Vargas had Bradley out in the last round. The referee stopped the fight by mistake because he thought the 10th second was the bell.” Arum also told ABS-CBN in another interview: “I think you will see, one way or another, a knockout in this fight. And it’s a lot because Jessie will be fearless, and some people say reckless, and he will be going after Manny, to try and knock Manny out.” Vargas, who is 10 years younger than Pacquiao, said in an interview with ABS-CBN that “It’s my time to shine. I’m going for a knockout. The minute that he [Pacquiao] gives me that opening, I’m taking it. The 8th round sounds very, very good to me.” The bold predictions don’t end with Vargas; Magdaleno also had daring words to say against Donaire in an ABS-CBN interview.

POC panel to discuss appeal, protest Canlubang Little Leaguers By Peter Atencio honor Pinoy baseball great THE three-man election panel of the Philippine Olympic Committee meets today to discuss the appeal of boxing chief Ricky Vargas and a protest by filed the camp of cycling president Abraham “Bambol” Tolentino. POC secretary general Steve Hontiveros said the panel will deliberate on the merits of the issues surrounding the disqualiﬁcation of Vargas in his bid to run for president, and questions raised by the Tolentino group on triathlon chief Tom Carrasco’s bid seek reelection as chairman.

“The panel will meet. But I will just be there as an observer,” said Hontiveros. The panel is composed of Bro. Bernie Oca of La Salle and Cong. Conrado Estrella, who is the chairman of the House Committee on Youth and Sports Development. Vargas, who is the president of the Amateur Boxing Alliance of the Philippines, believes that the process by which the Commission on Elections of the POC disqualified him to run for president in its coming election is flawed. He has motion for reconsideration ﬁled before the POC Come-

lec, headed by Frank Elizalde, the former International Olympic Committee representative to the country. The decision, according to Vargas ‘must be reversed,’ after the election panel questioned his attendance over the last four years. Vargas and Tolentino were both disqualiﬁed by the election committee for not being ‘active members’ of the POC general assembly, and have not been regularly attending meetings. On the other hand, the Tolentino has put the candidacy of Carrasco for the chairmanship under protest.

THE Canlubang Little League will honor the late baseball legend Filomeno “Boy” Codinera, a mainstay of the Canlubang Barons during the opening rites of the CLL annual tournament this Saturday at the old Canlubang stadium. Codiñera, who was a key ﬁgure in the Barons dynastic reign in Philippine baseball in the 60s and 70s, passed away last week due to failing health. He was 77. The Canlubang little leaguers will observe a moment of silence and say a prayer for the late baseball icon at the start of the tourna-

ment which has drawn 17 teams competing in four divisions. There will be seven teams in the minor (8-10 years old) division, four teams in the majors (11), four teams in the juniors (13-14) and two in the seniors (15-16). Former Baron Joseph Hardillo will make the invocation, CLL board member Felix Yulo will do the opening remarks while CLL president Andy Locsin will deliver an inspirational talk. Rod Valencia, another Baron stalwart, is the tournament director.

Foton resumes title bid Games Today:

(FilOil Flying V Center) 3 p.m. – Foton vs Generika 5 p.m. – F2 Logistics vs Cignal 7 p.m. – RC Cola-Army vs Petron

AN explosive triple-header goes full blast when the 2016 Asics Philippine Superliga Grand Prix presented by PLDT Home Ultera resumes today at the FilOil Flying V Center in San Juan. Powerhouse Foton continues its title-retention bid when it clashes with Generika at 3 p.m., while F2 Logistics formally rolls the red carpet for its new import when it battles Cignal at 5 p.m. followed by the clash between heavyweights RC Cola-Army and Petron in the 7 pm main offering of this tourney bankrolled by Mikasa, Mueller, Grand Sport and Senoh with TV5 as official broadcast partner. With prolific import Stephanie Niemer doing damage, the Tri-Activ Spikers had a blazing start as it posted a pair of convincing wins over Generika and F2 Logistics before the league, which is also sponsored by Focus Athletics, KLab Cyscorpions, Foton, Petron and F2 Logistics, took a three-week break to give way for the country’s hosting of the FIVB Women’s Club World Championship last month. Petron is on top of the team standings with 2-0 while Foton and RC Cola-Army had an identical 1-0 slate. Generika and F2 Logistics, meanwhile, are tied at the basement with 0-2, leaving Cignal as the only team that has yet to see action in the season-ending conference. But the tempo of the tourney will completely change as the Cargo Movers parade their prized import in Hayley Spelman, a 6-foot-7 opposite spiker who won a gold medal for United States in the NORCECA Women’s Juniors Continental Championship in 2008. With Spelman finally on board, the Cargo Movers will be at full strength, especially with the presence of fellow import Sydney Kemper and local stalwarts Mika Reyes, Ara Galang, Cha Cruz, Aby Marano, Dawn Macandili and Kim Fajardo, who gained significant experience after competing against the best of the world in the FIVB battle two weeks ago.

Tinola fuels Manny By Robbie Pangilinan LAS VEGAS via YSA—Many attribute the Pambansang Kamao’s success to his past. Some say he is victorious because of his faith. Others think it’s his family that keeps him on top of the game. But one of the simplest secrets of the People’s Champ Manny Pacquiao is his diet. No, he does not like fancy food or gourmet dishes. He likes simple Filipino recipes, with his favorite being Tinolang Manok. Before he trains, he eats as much as eight cups of rice with Tinola, or ginger-stewed chicken. Many cook Tinola the traditional way—sauteeing garlic, onion, and ginger in oil; adding pieces of chicken; and boiling it with broth, green papaya, and chili leaves. Pacquiao likes it boiled with no oil, and with the miracle vegetable malunggay. The eight-division World Boxing Champion has also tried Tinolang Tagalog—which takes more time and ingredients to prepare. This is usually cooked using backyard chickens, since the chicken’s blood is needed for the recipe. Raw rice grains are put ﬂat on a plate, then the chicken blood is poured over the rice, submerging it. When the blood on the rice coagulates after a few minutes, one-inch cubes would be cut from the mixture. These will be saved for later. Garlic, onion, and ginger are sautéed, then chicken pieces are added. The blood cakes are laid on top of the chicken, covered, and boiled until the blood cakes are cooked. Then water and green papaya are added, seasoned with salt, and topped with dahon ng sili.

SPC asks high court to review Naga case

Business

Ray S. Eñano, Editor Roderick T. dela Cruz, Assistant Editor business@manilastandardtoday.com extrastory2000@gmail.com THURSDAY, NOVEMBER 3, 2016

Trump’s lead rattles markets S

TOCKS extended their slump to an eighth day, amid a global sell-off after a poll showed Donald Trump overtaking market favorite Hillary Clinton in the race for the White House. The Philippine Stock Exchange index, the 30-company benchmark, plunged 152 points, or 2.1 percent, to close at 7,252.40 Wednesday, after a four-day break. It was the bellwether’s weakest ﬁnish in more than ﬁve months. The heavier index, representing all shares, also dropped 71 points, or 1.6 percent, to settle at 4,326.83, on a value turnover of P7.9 billion. Losers outnumbered gainers, 137 to 46, while 49 issues were unchanged. All six sectors posted losses, while only one of

the 20 most active stocks ended in the green. GT Capital Holdings Inc., the investment company of tycoon George Ty, gained 0.2 percent to P1,313. Banks were the biggest losers Wednesday. Security Bank Corp. retreated 6.9 percent to P205.20, while Metropolitan Bank & Trust Co. fell 5 percent to P77.20. BDO Unibank Inc. lost 2.3 percent to P110.20. The peso slightly rose Wednesday to close at 48.37 against the US dollar, from 48.405 per dollar on Oct. 28. The local currency was hovering near a seven-year low, as investors shied away from emerging markets in anticipation of an interest rate hike by the US Federal Reserve before the end of the year. Finance Secretary Carlos Dominguez III said the weakening of the peso against the greenback was not a “bad thing” for the country, as it would even boost the remittance and business process outsourcing sectors. “As you know, there have been talks about the US Fed increasing their interest rates and actually,

with the speculations such as that, practically all currencies in the world have slid against the US dollar,” Dominguez said. “The Philippine [peso], in the last month, from Sept. 21 to Oct. 28, went down by one and a half percent. The Thai baht went down by 1 percent. The yen went down by three and a half percent. So across the board, across the world, currencies have been depreciating against the US dollar and primarily, it’s because of the potential increase in interest rates in US dollar,” Dominguez said. Dominguez said people were buying the US dollar to take position once the Fed increased the interest rates. Meanwhile, Asian stocks also traded lower Wednesday. With Clinton until last week comfortably ahead, traders were upbeat about her chances of winning on Nov. 8 but news Friday that the FBI were again looking at her emails has raised the prospect of Trump becoming president.

Trump is viewed as a wildcard, in part because of his harsh criticism of Federal Reserve chief Janet Yellen and international trade pacts. “Since the FBI reopened its case into Hillary Clinton’s emails last Friday, her substantial lead in the polls has been decimated and some now even show Trump in the lead,” Craig Erlam, a senior market analyst at Oanda, said in a note. “It’s been clear for some time now that markets would much prefer the stability that a Clinton victory would bring for the US economy and the reaction over the last 24 hours or so since the polls started to change so dramatically just conﬁrms this. Trump risk is well and truly being priced in again,” Erlam said. The news battered markets on Wall Street and in Europe, while the VIX volatility index, which is seen as a measure of the US market’s fears, was sitting near levels last seen after Britain voted in June to leave the EU. With AFP, Bloomberg, Gabrielle H. Binaday

Security Bank’s net income climbs 9% By Julito G. Rada SECURITY Bank Corp., the sixthlargest lender, said Wednesday net income in the ﬁrst nine months climbed 9 percent to P6.6 billion from a year ago, led by strong net interest proﬁt this year. Security Bank said in a statement it posted a net interest income of P11.5 billion in January to September, on the back of a 24-percent loan growth. “We are pleased with the consistency of our results. The continuing growth in our net interest income has been making up for lower trading gains,” Security Bank president

and chief executive Alfonso Salcedo Jr. said. “Our consumer loan portfolio has further picked up pace while low-cost deposits are growing at a healthy rate. Our financial results over the last several quarters reflect our single-minded focus on executing our strategy which is to grow our retail banking business into a strong third pillar complementing our wholesale banking and financial markets businesses, aimed at generating a more stable and sustainable income,” Salcedo said. Security Bank’s net income grew 26 percent in the third quarter to P1.8 billion, driven by a 27-percent

increase in net interest income to P4.1 billion. Total deposits grew 9 percent, while low-cost deposits increased 21 percent. High-cost deposits were ﬂat year-on-year as the bank used the P37-billion capital investment received from The Bank of Tokyo Mitsubishi UFJ, Ltd. in April 2016. Corporate and commercial loans increased 20 percent year-on-year. Key consumer loan portfolios composed of home and auto loans and credit card receivables posted a 74-percent growth. Consumer loans accounted for 13 percent of the bank’s total loan portfolio, up from 10 percent a year ago.

PH-JAPAN COOPERATION. Trade Secretary Ramon Lopez (left) and his Japanese

counterpart, Minister of Economy, Trade and Industry Hiroshige Seko sign the Joint Statement on Industrial Cooperation Initiatives in Tokyo. The joint statement reiterated commitment of the Philippines and Japanese governments to promote further bilateral industrial cooperation in areas of automobile industries, manufacturing, micro, small and medium enterprises, services, business environment and human resource development. Aligned with the Philippines-Japan Industrial Cooperation Plan, the joint statement also noted developments that are supportive of the country’s Comprehensive Automotive Resurgence Strategy program and recognized importance of convening an industrial cooperation dialog.

Manila

Standard

TODAY HEAD OFFICE: PBCom Tower, 6795 Ayala Avenue corner V.A. Rufino Street, 1226 Makati City Trunk Line: 830-7000 * E-mail: customercare@pbcom.com.ph * Website: http://www.pbcom.com.ph

BALANCE SHEET (Bank and Financial Subsidiaries)

BALANCE SHEET (Head Office and Branches) As of September 30, 2016 As of June 30, 2016

IN BRIEF BPI’s proﬁt rises 25.6% to P17.38b

BANK of the Philippine Islands, the third-largest lender, said Wednesday net income in the ﬁrst nine months grew 26 percent to P17.38 billion from P13.8 billion a year ago, driven mainly by strong loan and deposit growth. “I am very pleased with BPI’s strong earnings momentum going into the end of the year. We are doing some very innovative things with both clients and our own organization to build this momentum,” BPI president and chief executive Cezar Consing said in a statement. Consing said BPI’s shareholders could expect the bank to continue to achieve volume and topline growth within a context of strong risk and cost discipline. Total loans rose 19.4 percent to P931.12 billion in the nine-month period, with a 77-percent to 23-percent corporate-retail mix. Gross 90-day nonperforming loans dropped to 1.6 percent from 1.8 percent a year earlier. Total deposits increased 11.6 percent to P1.32 trillion, while Casa ratio stood at 75.2 percent. Net interest income rose 9.1 percent to P31.28 billion. Non-interest income jumped 23.9 percent to P19.14 billion, on strong trading gains and fees earned from core transactional and bancassurance businesses. Julito G. Rada

Pilmico buys 100% of Vietnamese unit

PILMICO International Pte. Ltd., a wholly-owned subsidiary of Aboitiz Equity Ventures Inc., said it now has 100-percent ownership interest in Pilmico Vietnam Trading Company Ltd. AEV said in a disclosure to the stock exchange the transaction amounted to 800 million Vietnamese dong. Pilmico Vietnam Trading is a limited liability company operating in Vietnam. The company is engaged in the wholesale of food products, beverages, agricultural and forestry raw materials. “Pilmico Vietnam Trading will be the vehicles used for the importation and distribution of Pilmico products in the Vietnam market,” AEV said. “Pilmico expects to expand its market in the Asean region,” it said. The closing of the transaction is subject to the approval of the Ministry of Industry and Trade of Vietnam. Pilmico Foods Corp., the food arm of the Aboitiz group, earlier said it aimed to increase ﬂour exports to Asean. Pilmico recently openned a new ﬂour packing plant in Mindanao to serve the export market. Anna Leah E. Gonzales

PNOC-EC booked lower net income

PNOC Exploration Corp. said net income in the ﬁrst nine months fell 20 percent to P825.4 million from P1.043 billion a year ago, on lower revenues. Revenues declined to P2.937 billion from P3.494 billion in the same period last year on account of lower oil prices. PNOC Exploration, the oil and gas arm of stateowned Philippine National Oil Co., derives bulk of its revenues from its 10-percent share in the Malampaya

gas-to-power project in northwest Palawan. The company has been unable to pursue other exploration projects due to Executive Order 556 requiring the company to conduct a bidding on oil and gas exploration ventures. EO 556 mandated government corporations engaged in the upstream and downstream oil industries to conduct public bidding in farm-in or farm-out agreements. “This has been our major stumbling block simply because oil exploration is a very expensive business, high risk and it would be absurd for us to ask would-be investors or partners to undergo public hearing,” PNOC Exploration president Pedro Aquino said earlier. He said PNOC Exploration was “ﬁnding it difﬁcult to comply” with the EO since the ruling was issued in 2006. Alena Mae S. Flores

ABS-CBN, Globe to renew agreement ABS-CBN Corp. said it is in talks with Globe Telecom Inc. to renew their mobile network sharing agreement. “We are in discussion already for the renewal,” said Cat Lopez, ABS-CBN finance head for broadcast, news and current affairs and access group. Lopez said the contract with Globe would expire in 2018. Under the original agreement signed in May 2013, Globe will provide the capacity and coverage on its existing cellular mobile telephony network to ABS-CBN Convergence Inc. on a nationwide basis. The parties may also share assets such as servers, towers and switches. The company had over 600,000 subscribers as of September, or more than 50 percent higher than in the first nine months of 2015. ABS-CBN chief financial officer Aldrin Cerrad said the company expected to trim down the losses of ABS-CBN Mobile next year. ABS-CBN Mobile posted a net loss of P560 million as end-September. Darwin G. Amojelar

PH cargo volume up 9% in 9 months

STATE-run Philippine Ports Authority said Wednesday cargo volume rose 9 percent in the ﬁrst nine months from a year ago, boosted by strong international trade. Data from PPA showed that cargo throughput reached 183.730 million metric tons in January to September, up from 168.074 million MT registered in the same period last year. Foreign volume grew 12.7 percent in trafﬁc anchored on the 15-percent increase in export volume, from 47.945 million MT in 2015 to 55.134 million MT this year. Import volume posted a 10.75 percent increase from 55.490 million MT to 61.459 million MT. “This is a great indication that Philippine exporters are gearing up to compete in the international market and would not be left out in the run-up to Christmas,” said PPA general manager Jay Daniel Santiago. Domestic volume posted a modest growth of 3.9 percent to 67.139 million MT from 64.638 million MT last year. Darwin G. Amojelar

As of September 30, 2016

ASSETS Cash and Cash Items Due from Bangko Sentral ng Pilipinas Due from Other Banks Financial Assets at Fair Value through Profit or Loss Available-for-Sale Financial Assets - Net Held-to-Maturity (HTM) Financial Assets - Net Unquoted Debt Securities Classified as Loans - Net Loans and Receivables - Net Interbank Loans Receivable Loans and Receivables - Others Loans and Receivables Arising from RA/CA/PR/SLB General Loan Loss Provision Other Financial Assets Equity Investment in Subsidiaries, Associates and Joint Ventures - Net Bank Premises, Furniture, Fixture & Equipment - Net Real and Other Properties Acquired - Net Other Assets - Net

841,054,054.87 12,776,757,212.00 2,050,441,125.70 222,483,103.77 44,452,432.50 17,289,327,097.32 3,670,503,970.80 35,471,513,232.70 48,500,000.00 35,779,146,286.02 356,133,053.32 421,922,868.41 913,118,479.56 1,927,693,215.85 446,081,706.13 6,060,100,864.20

905,856,518.21 13,094,149,836.56 1,683,507,210.47 3,301,860,504.34 44,452,432.50 17,143,481,951.75 3,761,931,990.88 35,089,668,474.29 47,060,000.00 34,610,872,074.61 773,969,453.00 342,233,053.32 583,689,613.38 902,299,312.93 1,986,662,735.11 451,555,492.32 5,815,560,113.89

TOTAL ASSETS

P 82,135,449,363.81

84,764,676,186.63

Cash and Cash Items P 870,573,649.42 Due from Bangko Sentral ng Pilipinas 12,861,075,912.51 Due from Other Banks 2,391,253,496.54 Financial Assets at Fair Value through Profit or Loss 222,483,103.77 Available-for-Sale Financial Assets - Net 44,452,432.50 Held-to-Maturity (HTM) Financial Assets - Net 17,289,327,097.32 Unquoted Debt Securities Classified as Loans - Net 3,670,503,970.80 Loans and Receivables - Net 37,289,329,058.57 Interbank Loans Receivable 48,500,000.00 Loans and Receivables - Others 37,613,857,074.02 Loans and Receivables Arising from RA/CA/PR/SLB General Loan Loss Provision 373,028,015.45 Other Financial Assets 451,361,455.83 Equity Investment in Subsidiaries, Associates and Joint Ventures - Net 27,062,303.29 Bank Premises, Furniture, Fixture & Equipment - Net 2,038,400,280.69 Real and Other Properties Acquired - Net 510,623,358.08 Other Assets - Net 6,593,894,166.93

937,089,421.39 13,176,130,195.57 1,953,830,326.78 3,301,860,504.34 44,452,432.50 17,143,481,951.75 3,761,931,990.88 37,042,222,904.61 47,060,000.00 36,581,995,971.91 773,969,453.00 360,802,520.30 613,660,212.90 26,777,101.67 2,099,274,217.75 515,388,578.33 6,349,616,575.93

TOTAL ASSETS

86,965,716,414.39

65,535,877,386.75 8,719,203,662.73 32,629.99 7,494,511,031.12 1,224,660,001.62 591,912,764.79 2,188,954,857.66 77,035,948,671.93

P 84,260,340,286.25

LIABILITIES

Financial Liabilities at Fair Value through Profit or Loss Deposit Liabilities Bills Payable: Other Deposit Substitutes Others Other Financial Liabilities Other Liabilities

25,470,000.00 61,356,204,861.10 7,799,562,916.81 7,799,562,916.81 583,402,452.37 2,335,427,515.22

TOTAL LIABILITIES

P 72,100,067,745.50

- Financial Liabilities at Fair Value through Profit or Loss 63,425,075,782.74 Deposit Liabilities 8,719,171,032.74 Bills Payable: 7,494,511,031.12 Interbank Loans Payable 1,224,660,001.62 Other Deposit Substitutes 564,740,050.83 Others 2,075,455,646.76 Other Financial Liabilities Other Liabilities 74,784,442,513.07 TOTAL LIABILITIES

STOCKHOLDERS’ EQUITY 12,884,054,099.96 1,335,685,361.07 -4,184,357,842.72

TOTAL STOCKHOLDERS’ EQUITY

10,035,381,618.31 P 82,135,449,363.81

12,884,054,099.96 Capital Stock 1,280,537,416.32 Other Capital Accounts -4,184,357,842.72 Retained Earnings Minority Interest in Subsidiaries 9,980,233,673.56 TOTAL STOCKHOLDERS’ EQUITY 84,764,676,186.63 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

CONTINGENT ACCOUNTS Financial Standby Letters of Credit Commercial Letters of Credit Trade Related Guarantees Spot Foreign Exchange Contracts Trust Department Accounts Trust and Other Fiduciary Accounts Agency Accounts Others TOTAL CONTINGENT ACCOUNTS

25,470,000.00 63,393,516,159.22 7,799,562,916.81 7,799,562,916.81 609,222,369.67 2,447,722,339.91 P 74,275,493,785.61

STOCKHOLDERS’ EQUITY

Capital Stock Other Capital Accounts Retained Earnings

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

As of June 30, 2016

ASSETS

12,884,054,099.96 1,374,698,969.07 -4,264,148,359.18 -9,758,209.21 9,984,846,500.64 P 84,260,340,286.25

12,884,054,099.96 1,319,551,024.32 -4,264,148,359.18 -9,689,022.64 P

9,929,767,742.46 86,965,716,414.39

CONTINGENT ACCOUNTS

P 2,224,126,280.69 554,950,291.83 1,102,900,653.99 2,405,867,210.56 5,846,345,757.99 1,317,365,812.16 4,528,979,945.83 102,962,367.36

1,991,088,054.69 470,297,934.71 862,780,371.12 3,320,247,749.93 6,014,662,484.01 1,347,368,159.09 4,667,294,324.92 118,522,974.33

P 12,237,152,562.42

12,777,599,568.79

Financial Standby Letters of Credit Commercial Letters of Credit Trade Related Guarantees Spot Foreign Exchange Contracts Trust Department Accounts Trust and Other Fiduciary Accounts Agency Accounts Others

P 2,224,126,280.69 554,950,291.83 1,102,900,653.99 2,405,867,210.56 5,846,345,757.99 1,317,365,812.16 4,528,979,945.83 102,967,506.36

1,991,088,054.69 470,297,934.71 862,780,371.12 3,320,247,749.93 6,014,662,484.01 1,347,368,159.09 4,667,294,324.92 118,528,566.33

TOTAL CONTINGENT ACCOUNTS

P 12,237,157,701.42

12,777,605,160.79

ADDITIONAL INFORMATION Gross total loan portfolio (TLP) Specific allowance for credit losses on the TLP Non-Performing Loans (NPLs) a. Gross NPLs b. Ratio of gross NPLs to gross TLP (%) c. Net NPLs d. Ratio of Net NPLs to gross TLP (%)

37,581,461,816.96 1,753,815,530.94 2,283,081,027.49 6.08% 529,265,496.55

1.41% Classified Loans & Other Risk Assets, gross of allowance for credit losses 111,033,320.42 DOSRI Loans and receivables, gross allowance of credit losses 16,407,790.80 Ratio of DOSRI loans and receivables, gross of allowance f or credit losses, to gross TLP (%) 0.04% Gross non-performing DOSRI loans and receivables 82,861.31 Ratio of gross non-performing DOSRI loans and receivables to TLP (%) 0.00% Percent Compliance with Magna Carta (%) a. 8% for Micro and Small Enterprises

1.76%

b. 2% for Medium Enterprises 11.37% Return on Equity (ROE) (%) -1.32% Capital Adequacy Ratio (CAR) on Solo Basis, as prescribed under existing regulations

a. Total CAR (%) b. Tier 1 CAR (%) c. Common Tier 1 Ratio (%) 1/

15.14%

11.88% 11.88%

Common Equity Tier 1 is only applicable to all Universal and Commercial Banks and their subsidiary banks.

ADDITIONAL INFORMATION 37,138,192,469.60 1,706,290,941.99 1. List of Financial Allied Subsidiaries (excluding Subsidiary Insurance Companies) 1. Rural Bank of Nagcarlan, Inc. 2,290,272,280.26 2. Banco Dipolog, Inc. a Rural Bank 6.17% 2. List of Subsidiary Insurance Companies 583,981,338.27 1. PBCom Insurance Services Agency, Inc. 1.57% 3. Capital Adequacy Ratio (CAR) on Consolidated Basis, as prescribed under existing regulations a. Total CAR (%) 15.03% 172,523,615.64 b. Tier 1 Ratio (%) 11.87% c. Common Tier 1 Ratio (%) 1/ 11.87% 17,141,555.32 1/ Common Equity Tier 1 is only applicable to all Universal and Commercial Banks and their subsidiary banks.

14.74% 11.64% 11.64%

0.05% 82,861.31 REPUBLIC OF THE PHILIPPINES) 0.00% City of Makati )S.S. 1.50%

10.32% We, Arlene M. Datu and Patricia May T. Siy, of the above-mentioned bank do solemnly swear that all -3.00% matters set forth in the above balance sheet are true and correct to the best of our knowledge and belief. 14.86%

11.68% 11.68%

(SGD.) ARLENE M. DATU Controller, SVP

(SGD.) PATRICIA MAY T. SIY President & CEO

REPUBLIC OF THE PHILIPPINES) SUBSCRIBED AND SWORN to before me this 21st day of October 2016 at City of Makati, affiants City of Makati )S.S. exhibiting their SSS nos. 0356633451 and 0373099955, respectively. We, Arlene M. Datu and Patricia May T. Siy, of the above-mentioned bank do solemnly swear that all matters set forth in the above balance sheet are true and correct to the best of our knowledge and belief. (SGD.) ATTY. GERVACIO B. ORTIZ JR. (SGD.) ARLENE M. DATU (SGD.) PATRICIA MAY T. SIY Controller, SVP President & CEO st SUBSCRIBED AND SWORN to before me this 21 day of October 2016 at City of Makati, affiants Doc. No. 185 exhibiting their SSS nos. 0356633451 and 0373099955, respectively. Page No. 38 Book No. LXXV (SGD.) ATTY. GERVACIO B. ORTIZ JR. Series of 2016. NOTARY PUBLIC City of Makati until December 31, 2016 IBP no. 656155 - Lifetime Member MCLE Compliance No. V-0006934 Doc. No. 186 Appointment no. M-38 -(2015-2016) Page No. 39 PTR no. 5323504 Jan. 4, 2016 Book No. LXXV Makati City Roll no. 40091 Series of 2016. 101 Urban Ave., Campos Rueda Bldg. Brgy. Pio del Pilar, Makati City

NOTARY PUBLIC City of Makati until December 31, 2016 IBP no. 656155 - Lifetime Member MCLE Compliance No. V-0006934 Appointment no. M-38 -(2015-2016) PTR no. 5323504 Jan. 4, 2016 Makati City Roll no. 40091 101 Urban Ave., Campos Rueda Bldg. Brgy. Pio del Pilar, Makati City

Member: Philippine Deposit Insurance Corporation Maximum Deposit Insurance for each Deposit P500,000.00

Business

THURSDAY, NOVEMBER 3, 2016 extrastory2000@gmail.com

GIC to sell shares in Shakey’s By Jenniffer B. Austria

INGAPORE’S sovereign wealth fund GIC may sell some of its shares in Shakey’s Pizza Asia Ventures Inc. in the latter’s initial public offering, a source said Wednesday.

The source said GIC would opt to sell some of its shares in SPAVI, formerly International Family Food Services Inc., depending on the final IPO price. “It will all depend on the final pricing of the IPO,” the source said. SPAVI filed a registration statement with the Securities and Exchange Commission last month to raise as much as P5.5 billion

from the sale of 352 million primary and secondary shares, including 46 million shares to meet extra demand at a maximum price of P15.58 apiece. Of the 352 million shares, 104 million are primary commons shares while 202 million are secondary shares held by existing shareholders. SPAVI, in the registration statement, did not identify the

selling shareholders. The Prieto family will likely retain a minority stake in SPAVI as they have knowledge in running the business, the source said. “The Prieto family will likely stay as minority shareholders because it was only this year when the company was acquired by the Po family and GIC,” the source said. Century Paciﬁc Group, Inc., the holding company of the Po Family and Singapore’s GIC acquired IFFI, the owner and operator of the Shakey’s pizza chain in the Philippines, for an undisclosed amount in March this year. The transaction included Bakemasters Inc., a supplier of bakery products to Shakey’s, other food service customers and the Philip-

pine franchise for Project Pie, a US artisan pizza restaurant chain. SPAVI had 177 stores all over the country as of end-June, with plans to expand in Greater Manila area and provincial areas. The company is expected to open at least seven more stores before the end of 2016. Twenty new stores are in the pipeline for 2017. Apart from the Philippines, the company also owns perpetual rights to the Shakey’s brand for the Middle East, Asia (ex Japan and Malaysia), China, Australia and Oceania. GIC is a leading global investment ﬁrm with over $100 billion in assets under management. Established in 1981 to secure the

financial future of Singapore, the firm manages Singapore’s foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including real estate, private equity, equities and fixed income. SPAVI is expected to finalize the final IPO offer price this month, ahead of the listing in the Philippine Stock Exchange in December. The company earlier said it planned to use the proceeds from the IPO to expand its in-house commissary and raise funds for working capital requirements, potential acquisitions and repayment of debt.

MANILA STANDARD BUSINESS DAILY STOCKS REVIEW WEDNESDAY, NOVEMBER 2, 2016

NAME

OPEN

HIGH

LOW

AG FINANCE ASIA UNITED BANK PH ISLANDS BDO LEASING BDO UNIBANK BRIGHT KINDLE CHINABANK COL FINANCIAL EAST WEST BANK IREMIT MANULIFE MEDCO HLDG METROBANK PB BANK PBCOM PHIL NATL BANK PHIL STOCK EXCH PHILTRUST RCBC SECURITY BANK SUN LIFE UNION BANK VANTAGE

3.36 47.95 101.1 3.9 110 1.3 37.95 16.08 19.14 1.8 641 0.83 80.7 14.24 22.05 57.8 265 146 35.85 216 1,480 74.75 1.38

3.56 47.95 102 3.9 110.9 1.3 37.95 16.12 19.72 1.8 641 0.84 80.7 14.24 22.05 58 265 149 35.9 217.2 1,480 75.5 1.38

3.36 46.7 98.45 3.9 109.9 1.3 37.7 16.08 19.12 1.8 641 0.79 77 14.2 22.05 57 260 146 35.5 204.6 1,475 74.7 1.37

ABOITIZ POWER AGRINURTURE ALLIANCE SELECT ALSONS CONS ASIABEST GROUP BASIC ENERGY BOGO MEDELLIN CEMEX HLDG CENTURY FOOD CHEMPHIL CIRTEK HLDG CNTRL AZUCARERA CONCEPCION CONCRETE A CROWN ASIA DAVINCI CAPITAL DEL MONTE DNL INDUS EEI CORP EMPERADOR ENERGY DEVT FIRST GEN FIRST PHIL HLDG GINEBRA HOLCIM INTEGRATED MICR IONICS JOLLIBEE LIBERTY FLOUR LMG CHEMICALS MABUHAY VINYL MANILA WATER MAXS GROUP MEGAWIDE MERALCO MG HLDG PANASONIC PEPSI COLA PETRON PHINMA ENERGY PHX PETROLEUM PHX SEMICNDCTR PRYCE CORP PUREFOODS RFM CORP ROXAS HLDG SPC POWER SWIFT FOODS TKC METALS UNIV ROBINA VICTORIAS VITARICH VULCAN INDL

45.95 3.85 0.93 1.45 18 0.203 139.8 11.42 16.42 164.9 23.4 34 62 98.5 2.07 6.73 12.5 10.98 7.2 7.25 5.89 22.95 69.35 12.46 16.6 6.04 2.02 238.2 82 2.09 3.91 30 27 15 277 0.26 4.61 3.13 10.36 2.16 5.82 1.52 3.66 220 4.2 3.19 4.1 0.147 1.7 178 4.16 2.17 1.15

45.95 3.85 0.95 1.45 18.74 0.204 139.8 11.42 16.7 210 23.4 34 66 98.8 2.07 6.73 12.5 11.08 7.2 7.27 5.89 22.95 69.95 12.46 16.66 6.12 2.02 240 82 2.6 3.92 30 27 15.12 280.4 0.26 4.61 3.17 10.36 2.17 5.97 1.52 3.66 223 4.5 3.2 4.1 0.147 1.72 179.1 4.56 2.18 1.2

44.9 3.7 0.9 1.4 17.6 0.203 120 11.18 16.34 164.9 23 30 62 98.5 2.02 6.3 12.16 10.82 7.16 7.24 5.71 22.6 67.8 12.44 16.6 6.04 1.97 236 75 2.08 3.7 28.8 26.5 14.9 273.4 0.26 4.48 3.13 10.18 2.15 5.8 1.47 3.62 219 4.18 3.15 3.82 0.144 1.63 175.8 4.16 2.15 1.14

ABACORE CAPITAL ABOITIZ EQUITY ALLIANCE GLOBAL ANGLO PHIL HLDG ANSCOR ATN HLDG A ATN HLDG B AYALA CORP COSCO CAPITAL DMCI HLDG FILINVEST DEV FJ PRINCE A GT CAPITAL HOUSE OF INV JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA PRIME ORION SAN MIGUEL CORP SM INVESTMENTS SOC RESOURCES SOLID GROUP TOP FRONTIER UNIOIL HLDG WELLEX INDUS ZEUS HLDG

0.395 76.7 14.58 1.25 5.93 0.31 0.31 850 8.4 12.24 8.17 6.04 1,320 6.1 73.3 1.02 7.75 14.32 0.465 7.19 0.038 1.91 80.45 681 0.88 1.19 232.6 0.3 0.193 0.26

0.395 76.7 14.58 1.25 5.93 0.325 0.31 850 8.52 12.6 8.18 6.04 1,325 6.27 75 1.08 7.95 14.52 0.465 7.19 0.039 1.91 80.5 681 0.88 1.2 235 0.3 0.193 0.26

0.37 75.1 13.96 1.18 5.93 0.31 0.31 827.5 8.4 12.1 8.03 6.04 1,301 6.1 73.25 1 7.75 13.9 0.465 6.88 0.037 1.9 79.4 669 0.88 1.19 231 0.29 0.193 0.255

8990 HLDG A BROWN ANCHOR LAND ARANETA PROP ARTHALAND CORP AYALA LAND BELLE CORP CEBU HLDG CENTURY PROP CITY AND LAND CITYLAND DEVT CROWN EQUITIES CYBER BAY DOUBLEDRAGON EMPIRE EAST EVER GOTESCO FILINVEST LAND GLOBAL ESTATE IRC PROP MEGAWORLD MRC ALLIED

7.11 1.12 6.72 2.3 0.295 36 3.07 5.16 0.6 1.12 1.07 0.153 0.62 55.8 0.74 0.131 1.76 0.98 1.05 4.03 0.167

7.25 1.12 6.85 2.4 0.3 36.25 3.25 5.16 0.6 1.12 1.07 0.154 0.64 55.8 0.74 0.131 1.77 0.98 1.07 4.05 0.168

7.1 1.07 6.72 2.26 0.29 35.6 3.03 5.16 0.57 1.1 1.05 0.149 0.56 53 0.73 0.131 1.74 0.97 1.05 3.8 0.155

VOLUME

FINANCIAL 3.49 19,000 47.5 19,200 98.6 1,843,870 3.9 2,000 110.2 3,378,380 1.3 36,000 37.7 8,700 16.12 40,000 19.6 365,900 1.8 1,000 641 10 0.8 5,186,000 77.2 8,940,050 14.2 700 22.05 500 57 105,970 260 530 146 1,650 35.6 148,600 205.2 1,494,840 1,475 730 75 131,390 1.37 77,000 INDUSTRIAL 45 2,317,000 3.77 498,000 0.95 1,445,000 1.4 392,000 18.26 11,000 0.203 320,000 121.1 6,130 11.2 4,678,000 16.58 2,584,300 210 5,450 23.4 411,800 33 10,600 63.4 94,240 98.8 280 2.02 405,000 6.64 8,587,600 12.3 77,800 11 5,799,800 7.16 376,700 7.25 1,101,700 5.75 8,830,000 22.7 994,300 68.9 148,250 12.46 2,100 16.64 282,100 6.12 1,226,000 1.97 386,000 236 625,330 82 3,170 2.31 328,000 3.8 50,000 29.5 1,303,600 27 226,900 14.98 1,706,100 275 128,550 0.26 10,000 4.48 62,000 3.15 1,522,000 10.28 685,800 2.15 693,000 5.8 1,933,600 1.47 56,000 3.62 52,000 223 1,850 4.45 2,622,000 3.15 18,000 4.1 44,000 0.145 2,890,000 1.66 437,000 176 2,384,110 4.56 6,000 2.15 2,811,000 1.14 38,000 HOLDING FIRMS 0.37 860,000 75.8 2,250,470 13.98 5,214,200 1.24 23,000 5.93 5,000 0.325 1,370,000 0.31 100,000 833 300,190 8.49 6,884,300 12.1 9,477,400 8.13 64,500 6.04 1,400 1,313 152,095 6.27 200 73.5 2,164,060 1.08 17,829,000 7.84 653,900 14.52 2,315,800 0.465 10,000 6.94 41,023,500 0.039 33,500,000 1.9 1,494,000 80.5 136,590 671 323,150 0.88 42,000 1.19 651,000 235 4,060 0.295 1,190,000 0.193 40,000 0.255 80,000 PROPERTY 7.25 503,100 1.08 641,000 6.85 3,600 2.3 554,000 0.295 2,310,000 35.9 14,886,700 3.03 7,701,000 5.16 25,100 0.58 4,070,000 1.12 68,000 1.05 90,000 0.149 9,540,000 0.56 54,841,000 53 458,490 0.74 77,000 0.131 60,000 1.76 7,341,000 0.98 817,000 1.07 16,000 3.9 55,752,000 0.155 39,850,000

VALUE

NET FOREIGN BUYING/(SELLING), PHP

64,200 910,705 182,429,227 7,800 372,234,804 46,800 329,060 644,000 7,137,530 1,800 6,410 4,190,270 693,569,503 9,944 11,025 6,041,500 138,440 241,635 5,322,030 310,407,710 1,077,180 9,854,090.50 105,500

352,530 -75,627,987 -9,580,009 -644,000.00 2,002,572 -84,500 -432,422,324.50 91,003 -117,300 398,965 -137,152,226 -929,530 508,369

104,298,035 1,872,600 1,325,390 554,780 199,904 65,090 753,925 52,497,030 42,897,608 1,124,967 9,613,175 351,200 6,017,369.50 27,611 824,470 54,424,979 958,756 63,240,908 2,701,530 7,987,454 50,804,055 22,561,515 10,166,433.50 26,142 4,692,252 7,484,418 769,160 148,258,270 252,446 770,210 191,830 38,313,365 6,118,335 25,563,730 35,421,040 2,600 277,970 4,794,850 7,044,784 1,490,550 11,223,187 83,250 189,160 407,290 11,586,570 57,260 179,020 421,410 725,590 422,112,396 26,960 6,053,010 44,420

-43,198,685 207,900 -20,400 -11,946,968 8,228,026 2,118,120 49,722.50 119,180 1,584,639 10,000 6,965,394 892,182 -3,946,232 -17,772,657 -6,392,195 -4,250,891 4,577,590 2,546,953 10,300 -37,615,232 -14,933,485 -458,365 -1,995,826 882,526 2,467,570 1,360,058 1,219,050 -10,527,310 -48,840 -259,600 -471,920 1,650 -218,869,300 -375,620 -

327,400 170,206,220 73,677,240 27,690 29,650 435,000 31,000 249,640,375 58,500,405 117,006,990 522,337 8,456 199,617,330 1,237 159,216,859.50 18,692,940 5,123,978 32,811,676 4,650 284,821,795 1,273,500 2,840,290 10,976,973 217,271,300 36,960 774,700 951,198 352,300 7,720 20,600

-95,807,267.50 -9,555,306 28,726,765 4,246,385 -13,115,744 -244,324.00 27,060,225 -11,973,165.50 120,080 -1,330,363 622,778 -83,863,711 654,704 -33,715,475 29,500 -

3,597,141 692,910 24,452 1,293,090 679,600 534,576,505 23,996,090 129,516 2,355,740 75,620 95,500 1,434,370 32,193,550 24,583,505 56,810 7,860 12,861,100 797,760 16,940 216,133,650 6,321,910

2,912 295,000 -76,096,350 -6,725,440 61,404 57,000.00 29,800 2,285,340 -7,193,805 -2,142,010 -20,583,940 -88,100

NAME

OPEN

HIGH

LOW 0.265 0.415 3.25 32.3 29.9 1.55 3.23 26.1 0.99 0.95 5.14

PHIL ESTATES PHIL REALTY PRIMEX CORP PTFC REDEV CORP ROBINSONS LAND ROCKWELL SHANG PROP SM PRIME HLDG STA LUCIA LAND SUNTRUST HOME VISTA LAND

0.265 0.415 3.36 32.3 30.6 1.62 3.24 27.2 1 0.97 5.2

0.27 0.415 3.37 32.3 30.75 1.62 3.28 27.3 1 1 5.26

2GO GROUP ABS CBN ACESITE HOTEL APC GROUP APOLLO GLOBAL ASIAN TERMINALS BERJAYA BLOOMBERRY BOULEVARD HLDG CALATA CORP CEBU AIR DFNN INC FAR EASTERN U GLOBE TELECOM GMA NETWORK GOLDEN HAVEN HARBOR STAR IMPERIAL A INTL CONTAINER IP EGAME IPEOPLE IPM HLDG ISLAND INFO ISM COMM JACKSTONES LEISURE AND RES LIBERTY TELECOM LORENZO SHIPPNG MANILA JOCKEY MELCO CROWN METRO RETAIL MLA BRDCASTING NOW CORP PACIFIC ONLINE PAL HLDG PHIL SEVEN CORP PHILWEB PLDT PREMIUM LEISURE PRMIERE HORIZON PUREGOLD ROBINSONS RTL SBS PHIL CORP SSI GROUP STI HLDG TRAVELLERS WATERFRONT

7.7 47.15 1.29 0.57 0.057 10.54 5.38 5.92 0.084 3.06 105 6.7 970 1,779 6.26 13.4 2.07 17 75.15 0.0094 11.76 9.17 0.205 1.48 3.67 5.16 1.71 1.02 2 4.27 4.78 22.5 3 11.4 5.16 155 8.79 1,530 1.12 0.4 40.75 78 5.55 2.76 0.78 3.35 0.34

7.8 47.2 1.29 0.58 0.057 10.54 5.38 5.92 0.085 3.12 105.2 6.71 970 1,820 6.26 13.6 2.16 17 75.95 0.0095 11.76 9.18 0.205 1.48 3.67 5.2 1.71 1.02 2 4.27 4.78 22.5 3 11.72 5.16 155 8.79 1,530 1.13 0.41 40.75 78 5.72 2.76 0.78 3.35 0.35

ABRA MINING APEX MINING ATLAS MINING BENGUET A BENGUET B CENTURY PEAK COAL ASIA HLDG FERRONICKEL GEOGRACE LEPANTO A LEPANTO B MARCVENTURES NICKEL ASIA NIHAO ORNTL PENINSULA ORNTL PETROL A PETROENERGY PHILODRILL PX MINING PXP ENERGY SEMIRARA MINING TA PETROLEUM

0.0036 3 3.98 2.1 2.2 0.58 0.39 1.23 0.275 0.198 0.199 1.63 6.84 2.74 1 0.011 4.19 0.012 8.19 4 125.9 3.11

0.0036 3.14 4.03 2.14 2.25 0.58 0.4 1.25 0.275 0.2 0.2 1.69 6.86 2.84 1 0.012 4.19 0.012 8.3 4.02 125.9 3.11

ABS HLDG PDR DD PREF FGEN PREF G FPH PREF C GLO PREF P GMA HLDG PDR GTCAP PREF A GTCAP PREF B LR PREF PCOR PREF 2B PF PREF 2 PNX PREF 3A PNX PREF 3B SMC PREF 2C SMC PREF 2E SMC PREF 2F SMC PREF 2G SMC PREF 2H SMC PREF 2I

46.1 104 115 510 540 5.96 1,003 1,005 1.05 1,160 1,018 107.5 114.8 81 77.7 79.05 77.5 76.2 78

47.3 104 115 510 542 5.96 1,010 1,005 1.05 1,160 1,028 107.5 115 81 77.7 79.05 77.5 77.5 78

LR WARRANT

2.41

ALTERRA CAPITAL ITALPINAS MAKATI FINANCE XURPAS

3.16 4.03 2.92 11.68

3.3 4.03 3.1 11.68

FIRST METRO ETF

122.5

0.27 1,000,000 0.415 80,000 3.28 1,494,000 32.3 1,000 30 4,041,400 1.55 32,000 3.28 55,000 26.2 10,189,600 1 1,676,000 0.97 539,000 5.18 6,792,800 SERVICES 7.63 7.7 118,700 47 47.15 36,300 1.29 1.29 30,000 0.55 0.55 647,000 0.053 0.053 61,360,000 10.54 10.54 100 5.38 5.38 400 5.71 5.85 7,582,000 0.083 0.083 15,140,000 2.95 2.97 2,136,000 104.5 104.9 763,040 6.7 6.71 24,300 970 970 10 1,728 1,740 84,830 6.18 6.19 27,600 13.06 13.6 47,200 2.03 2.09 1,308,000 16.36 16.36 7,800 74.35 74.55 1,159,390 0.0094 0.0094 60,000,000 11.76 11.76 4,500 9.15 9.15 493,100 0.195 0.199 22,180,000 1.44 1.47 766,000 3.37 3.38 33,000 5.04 5.04 582,500 1.53 1.58 737,000 1.02 1.02 10,000 2 2 5,000 4.13 4.24 2,782,000 4.5 4.62 1,379,000 22.5 22.5 2,600 2.83 2.86 3,819,000 11.4 11.6 18,400 5.16 5.16 10,400 153.4 153.4 40,450 8.58 8.61 293,300 1,501 1,512 269,640 1.1 1.13 11,477,000 0.4 0.405 50,000 39.85 39.85 832,400 75 75.35 523,330 5.55 5.66 4,700 2.66 2.69 2,219,000 0.75 0.77 16,932,000 3.23 3.25 520,000 0.33 0.35 120,000 MINING & OIL 0.0034 0.0035 14,000,000 3 3.01 488,000 3.94 3.94 212,000 2.04 2.14 53,000 2.05 2.19 92,000 0.58 0.58 115,000 0.39 0.39 330,000 1.21 1.23 36,532,000 0.27 0.27 20,000 0.198 0.198 4,720,000 0.199 0.199 1,010,000 1.57 1.69 766,000 6.7 6.85 2,393,200 2.71 2.81 160,000 0.96 0.96 40,000 0.011 0.012 6,800,000 4.1 4.1 44,000 0.012 0.012 2,400,000 8.19 8.3 300,200 3.78 3.8 6,033,000 122 124.5 91,720 3.04 3.09 51,000 PREFERRED 46.05 47 575,400 103.5 104 87,160 112 112 44,970 510 510 2,000 540 542 2,240 5.89 5.89 227,500 1,003 1,004 4,100 1,004 1,005 650 1.05 1.05 300,000 1,160 1,160 50 1,018 1,028 840 107.5 107.5 11,300 114.8 115 16,140 80.5 80.5 14,500 77.3 77.3 10,500 79.05 79.05 1,100 77.5 77.5 3,300 76.2 77.5 10,000 78 78 106,630 WARRANTS 2.34 2.36 165,000 SME 3.11 3.11 2,107,000 3.9 3.9 30,000 2.9 3.1 35,000 10.64 10.64 5,155,800 EXCHANGE TRADED FUNDS 119.7 119.7 30,380

MS TRADING SUMMARY

FINANCIAL

25,062,964

INDUSTRIAL

61,710,440

HOLDING FIRMS

132,248,553

PROPERTY

225,606,514

SERVICES

217,858,201

MINING & OIL

76,664,829

GRAND TOTAL

746,510,251

VOLUME

VALUE

NET FOREIGN BUYING/(SELLING), PHP

267,500 33,200 4,912,620 32,300 121,312,865 50,250 178,390 269,856,300 1,662,370 516,950 35,151,536

818,600 -13,036,980 -81,841,255 123,750 81,480 -4,533,118

907,511 1,711,395 38,700 362,220 3,325,750 1,054 2,152 43,934,386 1,263,650 6,416,920 80,006,654 162,845 9,700 148,419,275 170,761 630,230 2,702,640 129,236 86,675,367.50 565,200 52,920 4,512,105 4,424,140 1,108,370 115,030 2,974,177 1,251,170 10,200 10,000 11,685,130 6,346,460 58,500 11,045,870 214,600 53,664 6,230,252 2,531,100 407,982,085 12,838,930 20,200 33,349,860 39,618,267.50 26,533 5,985,620 13,055,410 1,698,670 40,850

55,000 8,481,794 83,000 36,000 2,093,827 -83,114,640 14,420 6,210.00 -9,106,346 1,020,110 -2,160,840 -511,840 574,130 -145,764 -285,818 46,887,835 -487,820 -21,373,270 -15,498,700 -835,820 4,353,160 6,470 -13,250

48,700 1,476,900 842,570 109,480 195,330 66,700 131,700 44,917,390 5,450 935,290 201,710 1,244,400 16,290,541 436,270 38,560 75,000 180,670 28,800 2,477,009 23,201,290 11,353,002 156,130

-558,310 -5,356,730 3,035,264 -203,715 -538,960 2,295,190 -12,160

27,026,935 9,044,862 5,110,610 1,020,000 1,210,680 1,347,179 4,118,170 653,150 315,000 58,000 856,220 1,214,750 1,854,860 1,173,500 815,650 86,955 255,750 768,500 8,317,140

3,129,385 739,281 -54,200 -872,279 -50,250 -

388,120

6,638,520 117,560 104,380 56,503,888

189,920 -15,124,982

3,659,572

608,420

VALUE 1,733.65 (down) 58.05 1,921,963,813.806 FINANCIAL INDUSTRIAL 11,408.81 (down) 183.44 1,180,003,988.11 HOLDING FIRMS 7,372.84 (down) 106.76 2,340,682,766.377 PROPERTY 3,205.06 (down) 61.58 1,391.72 (down 26.46 1,305,002,076.74 SERVICES MINING & OIL 11.376.37 (down) 21.31 975,010,177.71 PSEI 7,252.4 (down) 152.4 104,420,351.645 All Shares Index 4,326,83 (down) 71.75 7,894,109,581.543 Gainers: 46 Losers:137; Unchanged: 49; Total: 232

BDO’s net profit rises 10% to P19.3b By Julito G. Rada BDO Unibank Inc., the country’s largest lender controlled by tycoon Henry Sy, said net income in the first nine months jumped 10 percent to P19.3 billion from a year ago, on strong loans and deposits. “The bank’s core lending, deposit-taking and fee-based businesses delivered solid results during the period, offsetting a more normalized contribution from treasury activities,” BDO said in a statement Wednesday. Net interest income grew 16 percent to P48.4 billion. Customer loan portfolio expanded 15 percent to P1.4 trillion, on broad-based growth across all market segments. Meanwhile, total deposits rose 14 percent to P1.8 trillion, supported by the 21-percent increase in lowcost Casa (current account, savings account) deposits which now comprise 70 percent of total deposits. Fee-based income also increased 15 percent to P16 billion, but trading and foreign exchange income declined 29 percent to P4.5 billion. Operating expenses increased 29 percent to P52.8 billion, which reflected the consolidation of One Network Bank and BDO Life Insurance operations. “On a comparable basis net of these new businesses, operating expenses would have grown by only 12 percent in line with the bank’s continued business expansion,” BDO said.

Benguet contains leak in old mine BENGUET Corp. assured the Environmental Management Bureau, the Mines and Geosciences Bureau and the local community that the minor and intermittent mine tailings leak in Antamok was put under control. The mine tailings leak was discovered following regular inspection conducted by the company after the heavy rains brought by super typhoon Lawin. The leak occurred in the drain tunnel of the Antamok underground mine, which has not been operated by the company since 1989. Benguet Corp. said upon investigation, initial findings showed the mine tailings came from the Antamok tailings impoundment area, which may have entered the drain tunnel through a breach caused by the intense rains. “No further leaks have been observed to date. Preliminary estimates showed only a negligible 50,000 metric tons of tailings material leaked into Liang River which is substantially less compared to previous incidents involving other mines,” the company said. Benguet Corp. said there were no reports of damage to property or injury to persons directly attributable to the leak. “Claims of incidental damage due to siltation, if any, are being verified. Discussions have also been held with the local communities,” it said. The company said that upon discovery of the mine tailings leak, it mobilized its workforce and equipment to prevent any further outflow and initiated containment and clean-up activities in the immediate area to make sure that the residents in the surrounding communities would not be affected.

Business

THURSDAY, NOVEMBER 3, 2016 extrastory2000@gmail.com

All set for power retail competition RESIDENTIAL and commercial electricity consumers may not realize it yet, but they may enjoy lower power rates as early as next year. Competition in the electricity sector, or market forces, will be enforced by the Energy Regulatory Commission, with dominant retail Manila Electric Co. finally indicating its intention to comply with the rules on retail competition and open access, or RCOA. For a while, it looked like the efforts of the ERC to speed up the advent of competition in the local power sector would be stalled, after Meralco obtained an injunction from the Pasig Regional Trial Court to stop the energy regulator from implementing the RCOA rules. RCOA is a scheme in which retail power suppliers vie for contracts in an open market, or the “contestable market.” The framers of the Electric Power Industry Reform Act had thought that competing in an open market was an effective way to drive electricity prices down. The creation of that market begins with the one-megawatt-and-up peak consumption category, and will eventually include large residential customers. Meralco initially was not pleased with the rules. The RCOA guidelines excluded it and other local distribution utilities from selling electricity to end-users in the open field, whether or not that market is in their respective franchise areas. The ERC said Meralco and other retailers must form affiliate distribution utilities to obtain a retail electricity supplier license, if they qualify under the rules. Meralco lawyers managed to get the Pasig RTC injunction, a move that baffled some lawyers. The law says only the Supreme Court may review and act on petitions related to decisions made by the ERC. The high court later stopped the Pasig RTC through a temporary restraining order that effectively prevented the lower court from implementing its own injunction against the ERC-issued RCOA rules. ERC chairman Jose Vicente Salazar has been pushing hard for the RCOA despite grumblings from major power players that could be adversely affected by open competition in the higher-end electricity market. Salazar weathered heavy pressure coming from power heavyweights. Salazar is a seasoned lawyer and once served as national president of the Integrated Bar of the Philippines. Industry observers also recall that Salazar led the advocacy for alternative dispute resolution, which has now become widely adopted. Salazar understands how the judicial system works and has used that understanding well in this particular case. Level playing field The SC ruling has estopped the lower courts from meddling in the RCOA issue. ERC’s Salazar had put the issue back in the proper legal process and into the hands of the proper body, that is, the Supreme Court. The RCOA actually is a win-win solution to both consumers and retail electricity suppliers. The SC TRO has prevented further delays in the implementation of a scheme that will eventually create a regime of genuine competition in the power sector. When there is real competition, the market emerges as a winner. Suppliers compete in terms of prices and quality of service, while customers get the value of their money. The SC ruling also brings the public closer to its dream of becoming the real market power. If and when RCOA realizes its goal, a bigger chunk of the market can move from being “captive” to being “contestable.” To be “contestable” means one is able to select from the available and competing options. The other winner, of course, is the electric power industry itself. Competition develops the market and enlarges the pie. It compels players to sharpen strategies and clearly define their competitive edge. When industry players do these, they up their business revenue potentials. Meralco, meanwhile, may form an affiliate entity that will apply for a RES license from the ERC, after apparently realizing the merits of open competition. The ERC recently issued a draft resolution amending the schedule of mandatory retail competition and open access, which allows large power users to choose their own suppliers. The ERC said in a draft resolution that end users with an average monthly peak demand of at least 1 megawatt were mandated to enter into supply contracts with a retail electricity supplier by Feb. 26, 2017. The regulator earlier imposed a December 2016 deadline for the retail supply contracts. The draft resolution is still subject to comments by industry players. The ERC said the December 2016 timeline was no longer feasible for the contestable customers, or those with a monthly demand of at least 1 MW, to negotiate and migrate to the competitive retail electricity market.

JAPAN’S DONATION. WNI WxBunka Foundation, a corporate social responsibility effort of Weather News Inc. of Japan, is donating 2.5 million yen or P1.7 million to enable Weather Philippines Foundation to convert 50 of its automated weather stations in priority meteorological sites into solarpowered units. Shown are (from left) Weather News Inc. (Manila) operation leader Koro Hirozaku, Weather Philippines Foundation president Susan Valdez, WNI WxBunka Foundation head director Jiro Miyabe and WPF general manager Dave Valeriano.

SPC asks high court to review Naga case By Alena Mae S. Flores

PC Power Corp., a listed power plant operator, asked the Supreme Court to reverse its ruling on the ownership of the 153.1-megawatt Naga power plant complex in Cebu. SPC said it appealed the Oct. 26 ruling on the Naga power plant complex, “with an alternative motion to refer the matter to the en banc.” The Supreme Court earlier upheld a decision that nulliﬁed the awarding of the Naga power plant complex to SPC and effectively recognized a unit of Aboitiz Power Corp. as the right winner for submitting the highest bid in 2014. Aboitiz Power said the Supreme Court ordered the reinstatement of the notice of award dated April 30, 2014 in favor of subsidiary Therma Power Visayas Inc. PSALM earlier awarded the power plant complex to SPC Power, because of the “right to top” provision in the agreement. The complex consists of the 52.5-megawatt Cebu 1 and 56.8-

MW Cebu 2 coal-ﬁred thermal power plants, and the 43.8-MW Cebu diesel power plant 1 composed of six 7.3-MW bunker-C fed power units. Therma Power Visayas emerged as the highest bidder with an offer of P1.09 billion in 2014, beating the P859-million offer of SPC Power, which was the existing operator then. PSALM allowed SPC to exercise its right to top the offer of Therma Power Visayas. Senator Sergio Osmeña III ﬁled a case with the SC in 2014 seeking to stop the sale of the Naga power plant complex in Cebu to SPC Power and nullify the stipulation in the lease agreement. The Supreme Court voided the PSALM-SPC lease agreement in January 2016 and upheld the decision in October.

Venezuela: Bad diplomacy, worse economics DURING my days in economics school, one of the countries that were held up as one of the most fortunate economies in the developing world was the Latin American country of Venezuela. Located close to where Central America links up with the South American continent, Venezuela— the Spanish conquistadors gave the land this name because of the resemblance of the inhabitants’ dwellings to the houses of Venice—had much going for it. The fourth largest oil reservers in the world, fertile Amazon-drained land, a small and industrious population—Venezuela appeared to be destined for eventual First World status. How different things are today in Little Venice. What is happening today in Venezuela—particularly in the domain of economics—is one of the saddest and most pathetic spectacles in the whole of Latin America. What happened in the intervening period? The short answer is, Hugo Chavez happened. When the flamboyant colonel— a paratrooper no less—passed away several years ago after serving the constitutionally allowed two terms, he was succeeded by his deputy, Nicolas Maduro. What the Venezuelans call Chavismo has been continued in full by Maduro. Chavismo was the name given to the whole gamut of policies—diplomatic, political, economic and social—that Hugo Chavez brought into play in governing, or misgoverning, Venezuela. Especially diplomatic. Like his friend Fidel Castro, the longtime dictator of Cuba, Hugo Chavez appeared to be a friend of the US during his

first years in office. The Venezuelan president’s anti-Americanism gradually began to show, and by the end of his life he was every bit as anti-US as his pal Fidel Castro. He did not insult the mother of America’s president, or tell him to go to hell, but President Rodrigo Duterte would have been proud to be called Hugo Chavez’s friend. Through all the years of anti-American diatribe emanating from Caracas, the US could only grin and bear it. The reason? Venezuela was the US’s third largest foreign supplier of oil. Thanks to the nature of oil and to the circumstances of the world oil market, here there was a bizarre case of an exporting country treating its No. 1 customer badly. In the meantime, self-proclaimed socialist—sound familiar?—Hugo Chavez generously distributed the proceeds from Venezuela’s oil reserves among the citizenry, especially the poorer classes, maintaining a national budget that provided free education, healthcare and other goodies to his country’s masses. Little wonder that the paratrooper-turned-president remained very popular with Venezuela’s poor. The gravy train could continue chugging for as long as the price structure of Opec (Organization of Petroleum Exporting Countries) stayed strong and the US remained heavily dependent on Venezuelan oil. Unfortunately for Venezuela – and for Chavez—those two conditions did not hold. The world recession that began in 2008 sharply reduced world demand for oil, and thanks to the improved technology for shale oil extraction, the US began moving in the direction of self-sufficiency in oil.

Now no longer heavily dependent on Venezuelan oil, the US began to take a tougher stand against Hugo Chavez. It worked to isolate the Venezuelan president in the OAS (Organization of American States), to which all Central American and South American countries belong. The re-establishment of diplomatic relations between the US and Cuba after 50 years of estrangement completed the diplomatic isolation of Venezuela. Predictably, the socialist expenditures which Venezuela’s government had maintained for years brought the nation’s budget to near-ruin, and the sharp decline in Venezuelan oil revenues brought the gravy train to a screeching halt. The long joyride, punctuated by Hugo Chavez’s unrelenting animosity toward Venezuela’s No. 1 trading partner, had come to a long-overdue end. Today, all the news coming out of Venezuela is laden with sadness and desperation. Government employees are not being paid on time, if paid at all. Businesses are closing and jobs are being lost steadily. Both foreign and local funds are leaving the country. And, most ominous of all, store shelves are becoming empty. Are Maduro and his fellow-leaders still insulting the US and telling Washington to go to hell? Certainly not. Those demagoguery days are over. It is possible that President Duterte is modeling his administration’s—and especially his own personal—diplomatic philosophy on Chavismo and its extension. If that is the case, the Man from Davao has some lessons to learn from the chaos and disarray in Caracas.

SPC Power, however, said the high court’s decision was “grossly disadvantageous to the government” and “destabilizes the investment climate in the Philippines and retroactively changes the rules on competitive bidding.” “With the Supreme Court’s ruling to reinstate the notice of award to Therma Power Visayas Inc., the government not only stands to lose P54 million but is deprived of a rebid of the Naga Power plant which would likely result in an even higher price for the government,” SPC Power said.

SPC said the court’s decision to reinstate the award of the Naga facility to Therma Power Visayas was contrary to its earlier position that “public bidding is the better means to secure the best bid for the government.” “We urge PSALM, chaired by the Finance Department, to ﬁle its own motion for reconsideration as clearly, the decision is disadvantageous to the government at a time when government needs much-needed funds for employment and other basic services,” SPC said.

Manila

Standard Form 2B (Revised June 2014)

TODAY 16th to 19th Floors, Fort Legend Towers 31st Street corner 3rd Avenue, Bonifacio Global City, Taguig City 1634 Statement of Condition (Head Office and Branches) As of September 30, 2016 AMOUNTS

ASSETS

CURRENT QUARTER

Cash and Cash Items PhP Due from Bangko Sentral ng Pilipinas (BSP) Due from Other Banks Financial Assets at Fair Value through Profit or Loss Available-for-Sale Financial Assets-Net Held-to-Maturity (HTM) Financial Assets-Net Unquoted Debt Securities Classified as Loans-Net Investments in Non-Marketable Equity Security-Net Loans and Receivables - Net Interbank Loans Receivable Loans and Receivables - Others Loans and Receivables Arising from RA/CA/PR/SLB General Loan Loss Provision Other Financial Assets Bank Premises, Furniture, Fixture and Equipment-Net Real and Other Properties Acquired-Net Other Assets-Net

383,924,242.65 3,968,161,419.01 908,865,869.66 445,264,109.18 320,711,100.01 265,856,170.56 59,695,483.20 12,440,816.63 25,320,717,009.91 2,323,129,033.00 23,296,444,534.40 0.00 298,856,557.49 86,392,402.34 201,348,656.95 76,674,687.91 882,082,544.66

PREVIOUS QUARTER 349,371,538.69 3,451,256,455.39 4,223,718,658.75 782,204,030.48 643,342,666.25 293,932,258.87 70,017,787.13 12,440,816.63 23,179,972,704.68 1,421,251,524.58 20,865,290,650.81 1,114,516,012.00 221,085,482.71 103,677,269.79 208,848,944.69 41,957,166.61 1,896,246,110.96

TOTAL ASSETS

PhP

32,932,134,512.67

35,256,986,408.92

Financial Liabilities at Fair Value through Profit or Loss Deposit Liabilities Bills Payable a) Interbank Loans Payable Due to Bangko Sentral ng Pilipinas Other Financial Liabilities Other Liabilities

PhP

111,080,754.26 22,183,618,352.32 1,940,000,000.00 1,940,000,000.00 0.00 161,174,146.66 1,498,070,559.54

263,417,558.92 21,985,725,381.79 2,917,720,000.00 2,917,720,000.00 0.00 538,369,461.61 2,641,892,500.25

TOTAL LIABILITIES

PhP

25,893,943,812.78

28,347,124,902.57

PhP

2,533,200,985.17 212,577,388.05 4,292,412,326.67

2,533,200,985.17 129,286,520.77 4,247,374,000.41

LIABILITIES

STOCKHOLDERS’ EQUITY Capital Stock Other Capital Accounts Retained Earnings TOTAL STOCKHOLDERS’ EQUITY

PhP

7,038,190,699.89

6,909,861,506.35

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

PhP

32,932,134,512.67

35,256,986,408.92

Financial Standby Letters of Credit Performance Standby Letters of Credit Commercial Letters of Credit Trade Related Guarantees Spot Foreign Exchange Contracts Trust Department Accounts a) Trust and Other Fiduciary Accounts b) Agency Accounts Derivatives Others

PhP

1,212,750,000.00 1,246,505,795.72 768,190,806.40 3,102,224.80 2,259,056,470.92 1,634,662,720.83 785,841,346.10 848,821,374.73 16,094,170,628.17 980,953,079.85

1,176,750,000.00 1,301,565,779.17 285,267,171.21 5,604,437.92 2,424,194,612.97 1,497,971,522.65 726,995,028.69 770,976,493.96 19,811,253,131.58 1,286,598,770.82

TOTAL CONTINGENT ACCOUNTS

PhP

24,199,391,726.69

27,789,205,426.32

PhP PhP

25,936,486,629.62 316,913,062.22

23,712,109,862.25 311,051,674.86

PhP

485,595,806.28 1.87% 168,682,744.06 0.65%

472,679,805.76 1.99% 161,628,130.90 0.68%

PhP

535,248,141.84

532,991,003.38

PhP

44,400,567.36

21,880,570.59

PhP

0.17% 0.00

0.09% 0.00

0.00%

2.95% 3.64% 3.78%

2.57% 2.68% 3.08%

21.54% 20.71% 20.71%

21.77% 21.08% 21.08%

CONTINGENT ACCOUNTS

ADDITIONAL INFORMATION Gross Total Loan Portfolio (TLP) Specific Allowance for credit losses on the TLP Non-performing Loans (NPLs) a. Gross NPLs b. Ratio of gross NPLs to gross TLP (%) c. Net NPLs d. Ratio of Net NPLs to gross TLP (%) Classified Loans & Other Risk Assets, gross of allowance for credit losses DOSRI Loans and receivables, gross of allowance for credit losses Ratio of DOSRI Loans and receivables, gross of allowance for credit losses, to TLP (%) Gross Non-performing DOSRI loans and receivables Ratio of gross non-performing DOSRI loans and receivable to TLP (%) Percent Compliance with Magna Carta (%) a. 8% for Micro and Small Enterprises b. 2% for Medium Enterprises Return on Equity (ROE) (%) Capital Adequacy Ratio (CAR) on Solo Basis a. Total CAR (%) b. TIER 1 Ratio (%) c. CET 1 (%) REPUBLIC OF THE PHILIPPINES ) TAGUIG CITY ) S.S.

PhP

I/We, ANDRE P. PAYAWAL and STEVE TSAI of the abovementioned Bank, do solemnly swear that all matters set forth in the above statement of condition are true and correct to the best of my/our knowledge and belief. (Sgd.) ANDRE P. PAYAWAL (Sgd.) WEN-HSIUNG TSAI a.ka. STEVE TSAI Chief Finance Officer, SVP President and CEO (Signature Over Printed Name) (Signature Over Printed Name) SUBSCRIBED AND SWORN to before me this October 21, 2016 affiants exhibiting to me his/their TIN 150-031-779-000 and 462-868-631-000. Doc. No. 411; (Sgd.) ATTY. JOWELL A. MENDOZA Book No. 84; NOTARY PUBLIC FOR AND IN TAGUIG CITY, PASIG, PATEROS, Page No. 42; SAN JUAN METRO MANILA Series of 2016 UNTIL DECEMBER 31, 2016 APPT. NO. 254 (2015-2016) PTR NO. 1383551, 1/4/2016, PASIG CITY IBP No. 1031952, 2/19/2016 ROLL NO. 59661 MCLE COMPLIANCE NO. IV-0017486-4/19/13 32nd ST. CAR PLAZA BONIFACIO GLOBAL, TAGUIG CITY

Ray S. Eñano, Editor business@manilastandardtoday.com extrastory2000@gmail.com

THURSDAY, NOVEMBER 3, 2016

Thompson to reduce 2,000 jobs worldwide THOMPSON Reuters Corp. is eliminating 2,000 jobs worldwide as the news and information provider restructures to focus on growth areas like its risk and legal units. The company will take a fourth-quarter charge of $200 million to $250 million, mostly in its enterprise, technology and operations group, as part of the cuts, according to a statement Tuesday. The resulting savings are projected to be of “a similar magnitude” to the charge, it said. The shares jumped as much as 5.5 percent, the biggest intraday gain in more than 5 years. It traded up 4 percent to $41 at 10:53 a.m. in New York. Thomson Reuters has about 50,000 employees, according to a company spokesman. So the cuts, disclosed in an e-mailed statement, will affect about 4 percent of its workforce. In an earnings call, chief executive officer Jim Smith cited “a more challenging revenue environment than we had expected at the start of the year” and said the charge “allows us to significantly simplify the business and deliver more value to customers.” The cuts come even as Reuters reported third-quarter profit that beat analysts’ estimates as its core financial subscription businesses improved, bolstered by growth in the Americas. Earnings excluding some items rose 20 percent to 54 cents a share, the New York-based company said in the statement. That compared with the 47-cent average of analysts’ estimates compiled by Bloomberg. Revenue from continuing operations was $2.74 billion, slightly below analysts’ projections for $2.75 billion. Smith and chief financial officer Stephane Bello are relocating to Toronto, the company said last month as it expands its Canadian operations with a new technology center in the city. Thomson Reuters, which provides news, data and analytics to the financial industry, law and accounting firms, corporations and governments, in April forecast revenue growth of as much as 3 percent for the year, excluding discontinued operations. Bloomberg

Business

MARKET ROUT. Traders work on the ﬂoor of the New York Stock Exchange on November 1, 2016 in New York City. As Wall Street continues to feel election uncertainty, the Dow Jones closes fell more than 100 points. AFP

US Federal Reserve likely to freeze rates W

ASHINGTON― Despite some division in its ranks, the US Federal Reserve is expected to leave interest rates unchanged Wednesday as policymakers gathered in the shadow of the hotly contested presidential election.

Despite some recent signs of improving health in the world’s largest economy, analysts say the Federal Open Market Committee, the Fed’s monetary policy board, is not under pressure to move on rates so close to the start of voting. Tim Duy, an economist at the University of Oregon and author of the Fed Watch blog, told AFP the Fed members have concluded they should raise rates before the end of the year, but they likely will wait until they are no longer sharing the stage with White House candidates Donald Trump and Hillary Clinton.

“There is really no pressing reason in the data to hike rates,” Duy said. Raising rates just before an election, which could invite needless political controversy, is rare for the Fed, which has done so only once since the 1980s. However, researchers say there is little evidence the FOMC acts based on the US political calendar. Instead, the Fed may use the occasion to put the public on notice to expect a rate increase in December. Fed Chair Janet Yellen in recent months has signaled that the case for raising rates has grown stronger. Yet even that is far from guaranteed. “Although we think the committee will hike in December, our analysis suggests that the fundamental macroeconomic argument for hiking rates is as weak as it was last December when they hiked rates for the ﬁrst time in a decade,” Steven Ricchiuto, chief economist at Mizuho Americas, said in a client note. The course of policy tightening has been far slower and more shallow than forecast by the Fed since last December, as the

FOMC repeatedly put off raising rates citing weak global and domestic economic performance and uncertainty from political events. Some US policymakers wanted to raise rates sooner to ward off possible inﬂation. But they have been out-voted by other FOMC members who did not want to interrupt what has been a disappointingly slow economic recovery. Since the last policy meeting in September, the US economy has gained strength, growing at a 2.9 percent clip in the third quarter and adding a solid 156,000 jobs in September, with unemployment holding steady at 5 percent. On an annual basis, inﬂation stood at 1.2 percent in September, its highest level in nearly two years but well below the Fed’s 2 percent target range. However, the economic and political calendars contain much which could derail a December rate hike, such as raucous US elections and their uncertain aftermath, two more monthly jobs reports, and struggling crude markets, as well as political developments in Europe. AFP

Gold climbs toward $1,300 GOLD advanced for a ﬁfth straight day, gaining toward $1,300 an ounce, as mounting anxiety ahead of next week’s US election spurs demand for haven assets and investors await the outcome of the year’s penultimate Federal Reserve policy meeting. The metal for immediate delivery rallied as much as 0.5 percent to $1,294.53 an ounce, the highest intraday level since Oct. 4, and traded at $1,293.43 at 3:29 p.m. in Singapore, according to Bloomberg generic pricing. Prices climbed as global stocks retreated for the sixth time in seven days. Bullion investors are zeroing in on the US contest, with latest polls showing that Hillary Clinton’s once-dominant lead over Donald Trump is withering, as well as the likely trajectory of US monetary policy. With the Republican candidate seen as a riskier choice for global growth and US policy should he prevail, gold has been in demand. While the Fed isn’t expected to raise rates this meeting, it may signal a hike next month, potentially hurting gold. “Market nerves increased with polls showing a tightening in the US presidential race and ahead of” the Fed, Australia & New Zealand Banking Group Ltd. said in a note. The US central bank may “tweak its language such that it will be clear to the market that December is ‘live’,” it said. Bullion declined last month amid expectations that the Fed is poised to raise borrowing costs as the US economy recovers. While the odds of a hike at this week’s meeting, which concludes later Wednesday, are at just 16 percent, they stand at 68 percent for the December gathering. Investors have been boosting their holdings in bullionbacked exchange-traded funds. The assets rose for a sixth straight month in October, the longest streak since 2009, and extended the increase on Tuesday, climbing by about 2 metric tons to 2,043 tons, data compiled by Bloomberg show. In China, bullion of 99.99 percent purity added as much as 1 percent to 282.85 yuan a gram ($1,300.48 an ounce) on the Shanghai Gold Exchange, the highest in three weeks. On global markets, spot silver rose 0.2 percent, heading for a ﬁfth day of gains and the longest rising streak since Sept. 6. Platinum fell 0.3 percent, while palladium dropped 0.4 percent. Bloomberg

With rising startups, Lisbon eyes Europe’s Silicon Valley tag By Thomas Cabral LISBON, Portugal―Lisbon is betting that hosting the Web Summit, Europe’s largest tech event, will spur the growth of startups and draw foreign investors, helping it compete with the continent’s main innovation hubs. Portugal, struggling with a high debt and low growth, requested a three-year 78-billion-euro ($85 billion) international bailout in 2011 that imposed higher taxes and steep spending cuts. While the crisis hammered the economy, depriving it of state funding and easy bank loans, it also drove change, pushing people to come up with new ideas for businesses―many of them tech startups. During the first half of the year the number of new companies that were created was 3.3 times higher than the number of firms that went under, according to government figures. To fuel the expansion of the startup sector the government lobbied hard to bring the annual Web Summit to Lisbon. The tech expo has been held every year in Dublin since its launch in 2010. Some 50,000 participants and 15,000 companies from around the world are expected to attend the November 8-10 event, nearly double the 27,500 people who attended last year. Lisbon will host the annual event until at least 2018. Portugal’s secretary of state

for industry, Joao Vasconcelos, said he hoped hosting the event will give rise to a new generation of entrepreneurs. “A Web Summit generation, with a global mentality,” he told AFP. “We are a peripheral market, the digital economy is a unique opportunity for Portugal,” added Vasconcelos, the former head of a Lisbon startup incubator. ‘Good environment’ Web Summit chief executive Paddy Cosgrave said the strong government support given startups in Portugal was one of the reasons why he moved the event to Lisbon. “They recognize the value of technology and want to put Portugal on the map as a tech hub,” he said. The Portuguese capital is well placed to become a tech hub because it has strong infrastructure, a “vibrant tech community,” cheap rents and an educated workforce that is ﬂuent in English, Cosgrave said. “These are all key factors for making a good environment for startups,” he added. The city has already given rise to a number of “brilliant” new ﬁrms with strong growth potential such as Codacy, which has developed a software tool that automatically reviews computer code, said Cosgrave. The company, which employs 16 people, won the Web Summit Pitch competition in 2014. “The Web Summit will place Lisbon amid the European startup capitals, alongside

French startup company “Moneytis” founders Christophe Lassuyt (left) and Etienne Tatur (center) pose with their business development manager Sophie Froget at their ofﬁce in Lisbon on September 29, 2016. Lisbon hopes hosting the Web Summit, Europe’s largest tech event, will spur the development of startups, attract more foreign entrepreneurs and help it compete with the continent’s main hubs for innovation. AFP

London and Berlin,” said Codacy co-founder Jaime Jorge, who often travels to Silicon Valley in California, the heart of the tech universe, to drum up business. Codacy is one of 40

Portuguese startups that have raised at least $1 million each from investors. Since 2010 they have raised a combined total of more than $166 million, according to a European Commission report on

Portuguese startups published last year. While the ﬁgures trail those of Britain, Germany and France, the report said “the data tells you how recent and strong is the growth of the Portuguese startup

ecosystem”. ‘Springboard for startups’ Ricardo Marvao, co-founder of Beta-i, a non-profit that helps startups develop by providing office space and free legal consultancy, said “2015 was a turning point” for Lisbon’s notoriety as a startup center. “When a dozen Portuguese startups raised five to ten million euros each in just a few months, investors started to show interest in what is happening here. With the Web Summit, the hype around Lisbon will rise,” he added. Foreigners are behind many of Portugal’s new startups. Of the 220 firms that took part in the Lisbon Challenge, a three-month startup acceleration program organized by Beta-i in 2013, roughly two-thirds were founded by foreigners who were drawn by the city’s low costs and mild weather. Among them is Moneytis, an online comparator of money transfer services founded in 2015 by two Frenchmen. After eight months in Amsterdam they moved to Lisbon because they were looking for a “flourishing environment that is cheaper than Paris or London”, said Moneytis co-founder Christophe Lassuyt. “Lisbon has great chances in Europe. The city has already proven itself to be a good springboard for startups and the Web Summit will be a great opportunity to meet major investors and partners,” he added. AFP

LGUs LOCAL GOVERNMENT UNITS

THURSDAY, NOVEMBER 3, 2016

ROCKWALL HERITAGE. The Angono Petroglyphs, oldest known work of art in the Philippines in Rizal province east of Manila, with 127 human and animal figures engraved on the rockwall probably carved during the late Neolithic period between 8000 B.C. and 6000 B.C. Art hot shots say the inscriptions show stylized human figures, along with other designs that may have depicted other interesting figures, the engravings mostly symbolic representations and are associated with healing. Teddy Pelaez

Festival vows ‘total tourism experience’ By Sandy Araneta

UERTO Princesa—Thousands of visitors are expected to arrive for the 11-day Mimaropa Festival in Puerto Princesa City starting today, highlighted by street-dancing competition, agriculture-tourism-trade fair, and crowning of Festival King and Queen.

Mimaropa stands for the provinces of Mindoro (Occidental and Oriental), Marinduque, Romblon, Palawan, which comprise Region IV-B and possess a wealth of natural wonders and kaleidoscope of authentic Filipino culture and traditions. “International and domestic visitors alike will be treated to a total tourism experience throughout the 11-day extravaganza, showcasing Filipino religiosity,

native cuisine, and indigenous arts and performances,” said Tourism Secretary Wanda Teo. Teo lauded the local government units of Oriental Mindoro, Calapan City, Occidental Mindoro, Marinduque, Romblon, Palawan, and Puerto Princesa City for strong regional unity and cooperation in staging the festival to boost tourism. “Promotion of rural tourism is at the very soul of fiestas. As each tourist ends his visit, he

holds on to special memories of the place and people, as well as stimulate business for small to medium businesses in the Mimaropa region,” said Teo, who spent her childhood years in Puerto Princesa City. Co-sponsoring the event with the Department of Tourism are the Tourism Promotions Board, Duty Free Philippines, Air Asia, Philippine Airlines and Philippine Information Agency-Mimaropa. Tourism Mimaropa Director Danilo Intong said the opening salvo starts with the Agri Trade and Tourism Fair on Nov. 7 and the remarkable celebration of the Puerto Princesa Underground River proclamation on Nov 11, 2011 as one of the New 7 Wonders of Nature. Activities include a Business to Business Meeting with

Philippine Tour Operators, National Association of Independent Travel Agents and Taiwanese Travel Agents with the DoT Accredited Properties and Tour Operators in the Mimaropa Region at the Hotel Centro on Nov. 8. The culminating activity will be the Tourism Awards to be given to the Local Government Units and DoT Accredited Tourism Related Establishments with great contributions to the development and promotion of tourism in the Region, Intong said. Performers from the seven LGUs of Puerto Princesa, Calapan City, Mindoro Occidental, Mindoro Oriental, Marinduque, Romblon and Palawan will compete in street dancing showdown and colorful float and costume competitions.

Highway lanterns underline Yuletide By Honor Blanco Cabie GERONA, Tarlac—A little over 140 kms from Manila is a balmy barangay, inappropriately named Caturay, which has become, at least among highway travelers, an early Central Luzon symbol of Christmas in this predominantly Christian country. The barangay name is derived from the corkwood tree whose flowers are relished as salad by Ilocanos in the Central Plains north of the capital up to the northernmost towns and villages of Ilocos and the Cagayan Valley. As early as the latter part of September up to the cold weeks of December, the area provides stiff business competition to lantern makers 73 kms south of this town, where the giant lantern parade has become an icon for Christmas festival in this country which received the Cross in the 16th century. The highway in Caturay here, a dominant agricultural economy

Quality of air still good to fair

30 Miss U contestants to visit summer capital By Dexter See BAGUIO CITY—Some 30 contestants participating in the Miss Universe pageant in Manila will be visiting the country’s summer capital, nestled 1,524 meters above sea level, before the coronation night in Metro Manila next January. Anthony de Leon, general manager of the Baguio Country Club and president of the Hotel and Restaurant Association of Baguio, said the visiting beauties will be selected by the Miss Universe organizers and will stay in the city for less than 24 hours— seen by old hands as an added international exposure for the city to boost its local tourism industry. “The city’s private sector will shell out at least P15 million to be paid to the Miss Universe organizers aside from the ex-

penses for their food, transportation and accommodation just to bring the contestants to the city for various activities lined up by the local organizers led by executives of the Baguio Country Club,” De Leon said. The initial activities for the Miss Universe contestants and reigning Miss Universe titlist Pia Wurtzbach include a golf tournament, tree planting and fashion show to maximize their stay in the city. According to him, since the time the Duterte administration announced the Philippines will host the Miss Universe beauty pageant next year, officials of the city’s only exclusive club had been making representations directly with the Miss Universe organizers and the Tourism department to lobby that Baguio will be included as part of the itinerary of the beauty pageant contestants.

BASEY’S BANIG. Mat weavers inside one of Samar’s Sohoton caves, known for stalactites, stalagmites and an underground river, hack out a living, intricately designing tikog leaves dyed with different strong colors to make beautiful, colorful and unique designs. Mel Caspe

Funeral parlors warned vs improper disposal of hazardous waste BAGUIO CITY—The Cordillera office of the Environmental Management Bureau has warned owners of funeral parlors in the city and La Trinidad town to properly dispose of their hazardous health care waste. This is intended to prevent posing a serious threat to the health of individuals exposed to the contaminated wastes generated by the

environmentally critical establishments, offricials said. In a letter to owners of funeral parlors, EMB-CAR OIC engineer Nestor Donaal said appropriate notices of violation were issued by the agency against the management of several funeral parlors in Baguio and La Trinidad for their alleged gross violation of the guidelines.

with rice and sugar cane as main products of this second class town of Tarlac, the “melting pot” of Central Luzon, twinkles with different colors and lantern shapes from sundown to dawn. Farther north, in Rosario town in La Union, 216 kms from Manila, a tree house at the junction is decked with multi-colored lanterns that provide lights to and tribute from night travelers passing by—those from the Ilocos and Benguet or those driving from the metropolis for quick visits to the province at this time. Some towns in La Union, like Aringay and Bacnotan, Ilocos Sur, like Cabugao and Sinait, and Ilocos Norte, like Badoc, the hometown of the Lunas, and the Darat junction in Pinili, where Filipino guerrillas fought hand-to-hand combat against the Americans during the Philippine American War, have their share of the night lights from giant lanterns along the concrete MacArthur highway.

Officials said they have discovered some owners of funeral parlors did not follow the prescribed rules and regulations regarding handling and disposal of the hazardous waste. Donaal informed owners of funeral parlors they could not dispose of blood contaminated gloves and surgical blades alongside domestic waste even if they were reportedly disinfected.

He added this was not a guarantee those exposed to the hazardous heath care waste would not contract illnesses that would pose a serious threat to their health. Under existing guidelines, health care waste generators such as mortuaries, hospitals, and laboratories are required to avail themselves of the services of the Environment department

accredited transporters and treaters for the disposal of their hazardous waste. He advised funeral parlor and other hazardous waste generators to be transparent on how they were treating cottons contaminated with blood prior to their disposal to prevent garbage collectors from being exposed to extreme health hazards. Dexter See

BAGUIO CITY—The Cordillera office of the Environmental Management Bureau said the air quality in the Baguio-La Trinidad-ItogonSablan-Tuba-Tublay (Blistt) area remains good to fair during the third quarter of 2016 amid the increasing volume of vehicles and rapid urbanization there. In a report submitted to Mayor Mauricio Domogan, Bureau chief for Clearance and Permitting Division engineer Nestor Donaal said there were 10 particulate matter monitoring stations monitored during the third quarter using the manual method for sampling at the established stations within Blistt airshed. He pointed out all results obtained from the sampling stations were within the national ambient air quality guidelines value which is 150 micrograms per cubic meter for suspended particulate matter. Results from eight sampling stations were within the good air quality index range—from 0-54 micrograms per cubic meter while results from two sampling stations, in Lower Session Road Plaza Garden in Baguio City and Km. 6 in La Trinidad, Benguet—were within the fair air quality index range, from 55-154 micrograms per cubic meter. Dexter See

THURSDAY, NOVEMBER 3, 2016

LGUs

Bicol firms nix ‘endo’

By Vito Barcelo

ORE local firms in the region have voluntarily absorbed their contract workers 14 days after attending a regional consultation led by the Department of Labor and Employment on ending the ‘endo’ scheme where contractuals are hired every six months.

“We were expecting this to happen. We know that our local firms would understand the context of ‘endo’ and will positively react to it,” Labor regional director for Bicol Ma. Karina Perida-Trayvilla said. At least 285 contract workers were absorbed as regular employees by 24 local firms across the region, Trayvilla said. The absorbed contract workers were from shopping malls, restau-

rants, manufacturing, distribution, electric cooperative, sales and even from a national government agency. “This is a very positive development. The absorption of the workers were voluntary. We hope that other establishments will follow,” she added. Trayvilla said voluntarily absorbing contractual workers will give employers a better deal rather than waiting for the labor depart-

ment to issue a compliance order. “If they do it voluntarily, they can get some leeway in terms of giving monetary benefits to the former contractual employees. If we issue a compliance order, the processes will have to be followed strictly,” she said. Labor Secretary Silvestre Bello III earlier vowed to reduce by half the number of recorded contract workers by the end of the year.

P1.5m for poor Manila students MANILA Mayor Joseph Estrada has released another P1.5 million in funds as cash gift for indigent public elementary and high school students in the city. Estrada distributed P5,000 cash each to 311 students, the latest batch of beneficiaries of the Educational Assistance Program that he started when he assumed office in 2013. “Education is more important than material wealth. Education is everything. I want you to grow up as well-educated and responsible citizens. Who knows? Maybe one of you will become mayor in the future,” Estrada told the students during simple ceremonies at the Manila City Hall. “You can spend this money to buy school supplies, uniforms, and whatever you need in school. I hope this would be enough to pay for all your school expenses,” he added. Josephine Sison, a single mother of three, expressed her gratitude to Estrada. She said the P5,000 cash aid is a big help to support her children’s school needs. Another parent, Rolando Santos, said the cash assistance is enough to buy his seventh child a new set of uniforms for the incoming second semester.

Cannibal charged for eating neighbor By Lance Baconguis

DESAPARECIDOS. Families of victims of involuntary disappearance and human rights advocates remember their loved ones on All Souls’ Day at the Bantayog ng mga Bayani in Quezon City. Manny Palmero

MMDA collects 168 trucks of ‘Undas’ garbage By Joel E. Zurbano THE Metro Manila Development Authority collected at least 168 truckloads of garbage from various cemeteries in the metropolis during the observance of All Saints’ Day. This despite the appeal of Church officials and various environmental groups for the faithful to avoid leaving their trash inside cemeteries. “The number is lesser com-

pared to last year’s celebration with 183 truckloads of garbage,” said Francis Martinez, head of MMDA’s Metro Parkway Clearing Group. He said his group are still conducting cleanup operations in various cemeteries in the cities of Pasay, Valenzuela, San Juan, Quezon, Parañaque, Taguig, Marikina, Manila, Pasig and Mandaluyong and in the municipality of Pateros. Environmentalist group Eco-

QC to manage medical wastes By Rio Araja

PROPER disposal of medical wastes will soon be managed by the Quezon City government. This after Mayor Herbert Bautista announced that the city government will soon be collecting waste materials generated by QC-based medical clinics to minimize the risks to public health and the environment. “What the city government will be doing is to make sure that these waste materials are properly disposed in the most environmentfriendly manner,” Bautista said. “This is better instead of just allowing these wastes to be dumped illegally,” he added. However, Bautista reminded clinic owners that the city government will be imposing certain fees for the collection and disposal of medical wastes.

waste Coalition lamented the “throw-away culture” that again defined the annual observance of Undas. “The culture of throwing discards wherever and whenever it is convenient again spoiled our time-honored tradition of remembering our departed relatives,” said Aileen Lucero, Ecowaste national coordinator. “Many people still litter, rain or shine. The repeated reminders

from government, church, political and environmental leaders were no match for these hardened litterbugs,” she added. Based on the group’s monitoring of 15 private and public cemeteries in Metro Manila, Cavite and Rizal, many visitors failed to bring home their discards for proper recycling and disposal at home. The group bewailed the rampant littering in the Caloocan Public Cemetery in Caloocan

City, Manila North Cemetery in Manila City, Manila South Cemetery in Makati City, Loyola Memorial Park in Marikina City and the Bagbag Cemetery in Quezon City. “Bagbag cemetery was filled with rubbish strewn all over the place. In many cases, we saw people sitting next to piles of garbage. It was the most pitiful sight we have seen during our Undas trash monitoring this year,” Lucero added.

CAGAYAN DE ORO CITY— The family of a 65-year-old man who was butchered, cooked, and eaten by his neighbor over the weekend has filed murder charges against the suspect, Teddy Boy Villegas. The Bukidnon police said yesterday relatives of the victim, Edwin Ma, have already submitted an affidavit before the provincial prosecutor’s office. Sr. Insp. Danielo Bellezas, chief of the Bukidnon police community relations office, confirmed initial reports that Villegas was suffering from mental illness, which may have caused him to brutally kill his neighbor. “But only an expert can attest to his [Villegas] real mental condition in court, which will decide if he can be acquitted due to his illness,” Bellezas added. Police discovered parts of the victim’s body in the middle of a banana plantation. Ma’s other body parts were discovered inside a cooking pot. IT’S BEGINNING TO LOOK A LOT LIKE CHRISTMAS. Mall of Asia workers install white Christmas trees along Macapagal Boulevard on Wednesday. Lino Santos

World

THURSDAY, NOVEMBER 3, 2016

Park sacks prime minister S

EOUL― South Korean President Park Geun-Hye replaced her prime minister and finance minister Wednesday, as she scrambled to contain a damaging scandal over a close friend accused of meddling in state affairs

POSE. Julie Machado and a guest pose for a photo at Tequila Cazadores’ Mister Cartoon Celebrate Dia de los Muertos on November 1, 2016, in Los Angeles, California. AFP

‘Angels of the Mud’ Shelling forces recalled in Florence schools to shut down SRINAGAR―Hundreds of schools were ordered to close indefinitely in Kashmir Wednesday after shelling by Indian and Pakistani troops in the disputed region killed 14 civilians in two days. Authorities on the Indianadministered side of Kashmir, which is split between the two nations, said nearly 300 schools had been ordered to close from Wednesday morning, following the death of eight civilians on Tuesday in mortar shelling along the highly militarized border. Officials on the Pakistani side said around 25 schools would be closed in the Nakyal sector for the rest of the week due to shelling by Indian forces that had killed six civilians since Monday. The closures represent another blow to a beleaguered education system already hit by widespread closures in Srinagar, the main city of Indian-administered Kashmir, and arson attacks on schools. Eight civilians including two children were killed on Tuesday when mortar bombs hit two locations in the Samba and Rajouri sectors, in the Jammu region of the Indian state of Jammu and Kashmir. “Nearly 300 schools, both private and government-run, have been asked to close down in Jammu, Samba and Kathua districts,” Pawan Kotwal, a top official in Jammu, told AFP. He said the border remained relatively calm overnight with only a few cases of cross- border firing in some areas. On Monday Pakistani authorities said an 18-month-old girl was among six civilians killed on its side of the border in firing by Indian forces in the Jammu region. Islamabad summoned a senior Indian diplomat to protest over the killings. The closure order in the Jammu region comes at a time when teaching at many government and private schools in Srinagar and elsewhere in the Kashmir Valley remains severely disrupted. Although schools are officially open, many pupils and teachers have been unable to attend class for months because of a continuing shutdown called by separatist groups, which has hit public transport and businesses. AFP

FLORENCE―Fifty years after the river Arno burst its banks with devastating consequences, Florence will this week remember the Angels of the Mud who came to save the Italian city’s artistic treasures. The army of cultural rescue volunteers came from all over and, half a century later, the events of November 4, 1966 and its aftermath still burn bright in the memory of Antonina Bargellini. “There is not one Florentine who is not moved when the subject of the disaster comes up,” recalls the 72-year-old, whose late father, Piero, was mayor of the city at the time. “We were living in the neighborhood around the Santa Croce church,” she said. “I can remember being with my brothers and sisters watching the water come into our garden and then rising up to ﬁve meters high. We had a roaring river crashing against our doors.” Bargellini also recalls vividly her father being called away amid fears the city’s fabled old bridge, the Ponte Vecchio, would crumble under the deluge, and the acts of kindness between neighbours without food, potable water or electricity. “It was like in medieval days, information being circulated by word of mouth, door to door,” she recalled. Two days later the waters receded, exposing vast meadows of mud, studded with debris and contaminated by heating fuel that

had been stored in city center cellars. The flood had left 34 people dead, half of them in the city, the others in the surrounding countryside. The water got everywhere, up to the first floor of town houses but also into every nook and cranny of churches, the central library and museums, causing immense damage to the city’s priceless cultural heritage. Despair however quickly gave way to a spontaneous outburst of offers to help, not just from locals but also from all over Italy and the rest of the world. “Gli Angeli del Fango” (Angels of the Mud) they they came to be called, many of them young students brimming with the idealism and optimism of the time. And hundreds of the estimated total of 10,000 volunteers are back in Florence this week to celebrate the anniversary of the disaster and their efforts to save irreplaceable books, paintings and other works of art. “We want to remember them and thank all of them in order to commemorate an event that is part of the city’s identity,” said Dario Nardella, the current mayor of Florence. Among those due to join President Sergio Mattarella at a gala dinner in the Palazzo Vecchio on Friday is Susan Glasspool, a 71-year-old Englishwoman who met her future husband during the clean-up at the Academy of Fine Arts. AFP

GALA. TV personality Frankie Grande and Singer/tv personality Jessica Sanchez attend The Walt Disney Family Museum’s 2nd Annual Gala at Disney’s Grand Californian Hotel & Spa at The Disneyland Resort on November 1, 2016, in Anaheim, California. AFP Manila

Arm citizens, Mexican senator urges MEXICO CITY―A Mexican senator has a radical and controversial plan to combat rising violence in his country: Let citizens legally arm themselves in their cars and businesses. Senator Jorge Luis Preciado’s push for wider access to guns has faced resistance in a country where drug cartels have wreaked havoc with illegally-obtained assault riﬂes. Even his conservative National Action Party has refused to endorse his proposal. Undeterred, Preciado launched last week a national campaign to collect 120,000 signatures, which would force Congress to look at the constitutional amendment. The lawmaker seeks to seize on Mexicans’ anger and frustration

at the dismal state of justice in a country where only one percent of crimes are punished, according to an impunity study by University of the Americas Puebla. Mexico is “a failed state in terms of security. We aren’t asking [the authorities] to defend us. We are telling them, ‘Let us defend ourselves,’” Preciado told AFP in an interview in the Senate. While the law allows Mexicans to possess small-caliber weapons at home for protection, Preciado said it only beneﬁts “a very select group, including soldiers, businessmen, politicians.” The only way to legally buy a ﬁrearm is at a store in Mexico City overseen by the defense ministry after obtaining a $115 per-

mit. Only 3,075 gun permits have been authorized in recent years. Preciado’s proposal would allow gun possession inside private businesses and vehicles. In Mexico City, for instance, thieves take advantage of the mega-capital’s notorious trafﬁc jams to rob drivers at gunpoint. “Today in Mexico you can steal, rob and extort with total impunity. The citizen doesn’t have the tiniest possibility to defend himself,” Preciado said. One man took justice into his own hands on Monday. After four armed people robbed a bus near Mexico City, a passenger pulled out a gun and killed them all, according to witnesses. The shooter then left and disappeared. AFP

Standard

TODAY

(MS-NOV. 3, 2016)

The top-level reshuffle, which also saw a new public safety minister, was the latest attempt to appease growing public anger with the president and her administration. Park has been engulfed in a political storm over allegations that she allowed long-time friend Choi Soon-Sil, who holds no political position, to vet her speeches and have a voice in policy decisions―including cabinet appointments. Choi is currently being detained and questioned by prosecutors over her links to Park and other allegations of influencepeddling and embezzlement. A spokesman at the Seoul Prosecutors Office said a formal request had been made Wednesday to a local court to issue an arrest warrant for Choi on charges of fraud and abuse of power. The fraud relates to allegations that Choi―who is already in emergency detention―used her friendship with Park to strong-arm companies like Samsung into donating large sums to non-profit foundations Choi set up and used for her personal gain. The spokesman said the “abuse of power” charge―usually restricted to government officials―was based on allegations that Choi worked with one of Park’s top presidential aides, Ahn Jong-Beom, to secure the corporate donations. Ahn, who was forced to resign at the weekend, presented himself for questioning by prosecutors earlier Wednesday. A presidential spokesman said Prime Minister Hwang Kyo-Ahn had been replaced “in connection with the current situation.” The new premier was named as Kim Byong-Joon, a former top aide to the late liberal president Roh Moo-Hyun. The prime minister is a largely symbolic post in South Korea, where power is firmly concentrated in the presidency. It is the only cabinet post requiring parliamentary approval. Opposition parties said the reshuffle was a smokescreen and suggested they would block Kim’s nomination. “People demanded that the president get rid of the Choi Soon-Sil-controlled cabinet, but this is just a second Choi SoonSil cabinet,” a spokesman for the main opposition Democratic Party said. The media has portrayed the 60-year-old Choi as a Rasputinlike figure, who wielded an unhealthy influence over Park that continued after her presidential election victory in December 2012. AFP

THURSDAY, NOVEMBER 3, 2016

World

2 lawmakers brawl with security in HK H

ONG KONG―Two lawmakers who want Hong Kong to split from China wrestled with security in parliament Wednesday, with one of them dragged from the chamber as fears grow Beijing will step in over the saga. There are widespread concerns in the semi-autonomous city that China is tightening its grip, fueling an independence movement. In the third consecutive week of chaos in the legislature, pro-independence lawmakers Baggio Leung and Yau Wai-ching entered the chamber despite being banned from doing so, pending the result of a judicial review into whether they can take up their seats. Yau ran up to a table at the front, set up her own microphone and proceeded to read out her oath of office. She was then surrounded by female members of security and carried from the chamber when she tried to resist. After also trying to take his oath, Baggio was flanked by other pro-democracy lawmakers who pushed and shoved against at least five security officers who surrounded them in a cordon and tried to push them out. The meeting was adjourned after security failed to eject Baggio from the chamber. Pro-Beijing lawmakers shouted: “They are not qualified to take their oaths!” while the democratic camp chanted for them to be allowed to take their pledges. “My mission today was to complete the oath,” Yau told reporters after she was taken out. “I did complete my oath today.” Yau and Baggio won seats in citywide polls last month, in which a number of new lawmakers advocating self-determination or independence swept to victory. But they are yet to be sworn in to the Legislative Council―Hong Kong’s lawmaking body. Their oath-taking was put on hold and they have been barred from meetings, pending a judicial review into their first attempt at taking the pledge three weeks ago. At that ceremony, they draped themselves in “Hong Kong is not China” flags and altered the wording of their pledges, including derogatory terms and expletives. The judicial review, brought by the city’ leader and the justice secretary, into whether they should be disqualified will take place at Hong Kong’s High Court Thursday. Local media reported Wednesday that China’s top legislative body will issue its own interpretation of the city’s constitution in a bid to bar the two lawmakers. Asked whether she was concerned about Beijing stepping in, Yau said: “My concern is the destruction of ‘one country two systems’,” referring to Hong Kong’s semiautonomous status. “It means the dictatorship of the CCP government will come to Hong Kong, which no Hong Kong people want to see.”

Ukraine officials declare riches KIEV-A luxury watch collection, millions of dollars in cash and a Picasso painting are just several items listed on Ukraine officials’ income and asset declarations, shocking a country vowing to curb corruption. Officials are required under a new law to declare their assets and income online, a requirement for the disbursement of a $1-billion (920-million-euro) loan that Ukraine received in September from the International Monetary Fund after a delay of more than a year. The move comes as the ex-Soviet republic, where the minimum monthly salary stands at $56, attempts to shed its reputation as one of Europe’s most corrupt countries. More than 100,000 Ukrainian bureaucrats have complied, including President Petro Poroshenko who appears to be one of the nation’s richest officials. Prior to being elected in May 2014 in the aftermath of Russia’s annexation of Crimea, Poroshenko headed the Roshen sweets empire. In his declaration, Poroshenko said he owned more than 100 firms in different countries, including Russia, and had more than $26 million in various bank accounts. According to Novoye Vremya magazine, Poroshenko’s wealth amounts to some $949 million (860 million euros), which would make him Ukraine’s fourth richest man after oligarchs Rinat Akhmetov, Viktor Pinchuk and Igor Kolomoisky. Prime Minister Volodymyr Groysman meanwhile declared more than $1 million in cash as well as a watch collection that includes two Rolexes. Interior Minister Arsen Avakov declared three apartments, one measuring 657 square metres (7,100 square foot), as well as a cellar stocked with 750 bottles of wine. He also listed antiques and art pieces including a Picasso painting. Even lesser-known officials have declared jawdropping riches and possessions. Independent lawmaker Vyacheslav Konstantinovsky declared $15 million in cash, despite having officially made $2,825 as a parliamentarian last year. Like many other officials, Konstantinovsky says he made his money before being elected to public office. AFP

Probe ordered into deadly Karaoke ﬁre

PROMOTION. Singer Lady Gaga poses for photographers in front of her new album cover during a photo call to promote the album ‘Joanne’ in Tokyo on November 2, 2016. AFP

HANOI―Vietnam has ordered an investigation into a blaze that killed 13 at a karaoke bar and took five hours to put out, as officials said Wednesday some victims likely suffocated in windowless rooms. Most of the dead were government woarkers enjoying a staff party when the fire broke out Tuesday afternoon in the multi-story building in Hanoi’s commercial Cau Giay district, and quickly tore through neighboring buildings. Inspectors picked through rubble in the charred building Wednesday, where broken beer bottles were scattered and several motorbikes burned to a crisp. “Hundreds of firemen and police officers were mobilised to extinguish the fire,” The Chung, a ward official told AFP, adding that two police officers were being treated for injuries sustained trying to put out the blaze. State-run media quoted an official as saying 11 of the victims were government employees. “They went out partying after finishing a test during a political training course,” Hanoi’s party chief Hoang Trung Hai said, according to Tuoi Tre newspaper. He said the fire might have been sparked by construction inside the building and trapped patrons likely suffocated inside the windowless karaoke rooms. Photos showed plumes of smoke billowing out of the building as firefighters in cranes doused the flames. “I was carrying my stuff when I saw the fire suddenly start,” said Do Thi Kha, 77, a food vendor in the area. “The fire spread over to two or three neighboring buildings before I saw fire trucks come in. It was terrible. I was terrified. They did not have enough water to extinguish the fire,” she told AFP. AFP

Envoys taken to strife-torn Rakhine YANGON―Foreign diplomats visited ﬂash point areas of Myanmar’s strife-torn Rakhine state on Wednesday, authorities said, as pressure mounts on the government to address accusations of rights abuses in a region home to the Muslim Rohingya minority. The military has heavily restricted access to the state’s northwestern strip, which abuts Bangladesh, since surprise raids on border posts left nine police dead on October 9. The hunt for the culprits, who the government says are radicalized Rohingya Muslims, has seen more than 30 people killed, dozens arrested and 15,000 ﬂee their homes in fear. The government has denied allegations that security forces have raped villagers, looted towns and torched homes belonging to the Rohingya and is keen to show that

its operations to flush out the attackers were proportionate. The ambassadors of China, the United States and United Kingdom were among diplomats and UN officials who arrived in the area on Wednesday morning, Myanmar’s Ministry of Information said on its website. They were joined by a high-level Myanmar government delegation “to study villages in Maungdaw district... from November 2nd to 3rd” the ministry added. The surge in violence, in a state that has seen repeated rounds of religious unrest since 2012, has renewed international pressure on Myanmar leader Aung San Suu Kyi to tackle the conflict and probe allegations of army abuse. Those reports are difficult to verify with the army barring journalists from some areas of the remote region.

The violence has also raised a question mark over the extent of her leverage over an army that dominated the country for decades until her pro-democracy party was swept to power by elections a year ago. A local policeman, requesting anonymity, said the ambassadors began the day by “checking the area around Wapaik village near Kyikanpyin BGP commanding ofﬁce,” referring to the Border Guard Police post hit by the attack on October 9. Later a hundreds-strong group of Rohingya met their convoy as it toured the area. “We told them we were kicked out from our village. We hope they can do something for us,” Aung Thura, a Rohingya man who ﬂed his village as it was engulfed in violence, told AFP. AFP Most of the one-million strong

OPERATION. Shiite ﬁghters from the Hashed al-Shaabi (Popular Mobilisation Units) enter the village of Abu Shuwayhah, south of jihadist-held Mosul, on November 1, 2016, during the ongoing operation to retake the last major Islamic State group stronghold in Iraq. Just over two weeks into the massive offensive to retake Mosul, soldiers managed to push within city limits. AFP

Life

Isah V. Red, Editor Bernadette Lunas, Writer isahred@gmail.com

WELLNESS & ENVIRONMENT

THURSDAY, NOVEMBER 3, 2016

VALPI’s team of fertility specialists

By Isah V. Red

AVING difficulties having a baby? Worry no more. IVF or in vitro fertilization is now accessible to couples that aren’t lucky to have a baby immediately when they decide to have a family. I met recently the father and daughter tandem behind Victory A.R.T. Laboratory Phils Inc. (VALPI), Doctors Gregorio Pastorfide, an OB-GYN and pioneer of IVF in the Philippines, and Gia, reproductive endocrinology and infertility specialist, over lunch in Makati. Dr. Pastorfide said Victory A.R.T Laboratory Phils Inc. is part of the Hong Kong-based Victory Group of A.R.T. Laboratories. “It is the pioneer IVF laboratory in the Philippines,” he emphasized. Dr. Pastorfide, if you’re unfamiliar with the name is a renowned and internationally acclaimed OB-GYN. VALPI, he said, continues to assist and provide infertility solutions using state-of-the-art equipment and an ever growing and adapting medical team in the last decade. Dr. Pastorfide said that infertility is nothing new among married women in the Philippines. “You are familiar with how some couples try to cope with it. Some do the traditional sayaw sa Obando, others who find it impossible to conceive a baby resort to adoption.” The doctor added, “Now you can try having one with the help of Assisted Reproductive Technologies or ART. It has been around the last decade or so, but not very many know about it. Located in the heart of Makati City, VALPI together with its experienced and customer-oriented staff, provide trying couples a chance to conceive their parenting dreams into reality. Victory Group of Laboratories traces its roots in Central Hong Kong. It was established in 1998. Victory Central HK is a leading IVF facility in Asia with over 1200 cycles a year. A few years later, Victory Group expanded to its second branch in Makati, the Philippines and is one of the pioneer laboratories in the country with over 250 IVF cycles. To date, Victory Philippines offers a decade of solid and innovative ART and genuine patient service. Following the demand for IVF centers, another branch was opened in Malaysia. A growing number of patients go to Victory JB Malaysia for egg and sperm donation programs. The recent addition to the family is Victory Kowloon in Hong Kong. But Filipino women who have infertility problems need not travel outside of the country. “We are right where you need our assistance and care,” emphasized Dr. Pastorfide. “Victory is committed to provide state-of-the-art fertility treatment in an empathic and caring environment. Our goal is one with our patients, from conception, to the delivery of a healthy baby,” he said. “Our staff includes highly trained and dedicated reproductive specialists, embryologists, fertility nurses who understand the challenges that each patient undergoes.” The laboratory plays a critical role in the success of infertility treatment. “We, at Victory, implement a goldlaboratory standard. Investing in technologies necessary to maintain a clean room environment, and strict sterile practices from garment to equipment used for culture,” shared Dr. Pastorfide. We asked the doctor who were his high-profile patients. But, the doctor

When having a baby is no longer a problem

BRINGING HOPE TO LIFE. The ‘Father of in vitro fertilization in the Philippines,’ Dr. Gregorio Pastorfide with daughter, Dr. Gia.

Victory A.R.T. Laboratory Phils. Inc. is the pioneer in vitro fertilization laboratory in the country

Dr. Greg Pastorfide leads his experienced and customer-oriented staff

insisted that he couldn’t divulge them as he is bound by doctor-patient confidentiality clause. “Fertility treatment is highly sensitive and complex, thus, we value our patient’s right to privacy. All records involving patient’s case is stored in our database and handled in a strict confidential manner. We respect the moral and ethical beliefs of our patients thus, we treat each egg, sperm and embryos according to consent,” the doctor explained. The “Natural Method” relies on the woman’s ability to produce her own egg, which leads to the natural production of the female hormone estrogen vital for building up the endometrial lining necessary for implantation. For women who do not produce egg naturally, as with Polycystic Ovaries

VALPI provides solutions to infertility using state-of-the-art equipment and with the help of highly trained and dedicated reproductive specialists, embryologists and fertility nurses.

(PCO), a small dose of stimulatory hormones may be required. “Artificial Method” is reserved for women who have a lot of difficulty in producing their own eggs as with severe PCO. Estrogen tablets are then used to develop the endometrium lining rather than relying on the woman’s natural hormones. Monitoring for FET is by transvaginal ultrasound scanning and/ or using ovulation prediction test. Once the ovulation is detected, the frozen embryos are replaced two to three days later. On the day of embryo transfer, frozen embryos will be removed from the liquid nitrogen storage tank and thawed to resume its bioactivity. Embryo quality will be assessed after the thawing process and only embryo with good survival rate, which indicated with at least 75 percent intact blastomeres will be chosen for transfer. The embryo transfer procedure for frozen-thawed embryos is as in a conventional embryo transfer. After embryo transfer, patient will be given progesterone hormone pessaries to support the endometrium lining. But, IVF can only be helpful to young infertile women. The doctor said, “Older women can have problems as well, so we suggest that when couples want to have their babies and the women feel she is having fertility difficulties, they should immediately seek assistance. Our clinic is open everyday and there are doctors there who can attend to their needs.” How much will IVF cost? We asked. The doctor smiled and said, “Just tell the couple to go to my clinic. We can talk about it there.”

Life

THURSDAY, NOVEMBER 3, 2016 isahred@gmail.com

Glutathione

is more than just a

whitening supplement By Bernadette Lunas

ESPITE the commercial success of glutathione supplement—due, in part, to its skin whitening side effect—in the Philippines, many are still concerned about the safety of taking the supplement. Glutathione has been rumored to induce gastrointestinal pain, skin allergies and other adverse health effects. But unknown to many, glutathione has been present in our system long before glutathione supplements became a commercial success in 2007. It is, in fact, a substance produced naturally by the liver. Leading food supplement manufacturer VIDA Nutriscience, Inc. and Japanese glutathione brand Kohjin Life Sciences team up to set the record straight and raise the standard of awareness on glutathione supplement. “Our body naturally produces glutathione but it is depleted by various factors that are common to us such as stress, pollution, aging, alcohol and other vices, and even heavy exercise,” says Hitomi Ito of Kohjin’s Global Sales and Marketing Bio-Chemicals Division. Apart from the skin lightening effect of glutathione, it is actually an agent in detoxifying liver and overall body from

harmful toxins and heavy metals. “The skin whitening is the side effect of the detoxification,” states Kohjin Global Sales and Marketing Bio-Chemicals Division Manager Yusuke Sauchi. “Glutathione is an antioxidant first before it is a whitening agent.” Assistant Professor Wataru Aoi Kyoto of Prefectural University in Japan adds the said substance also improves lipid metabolism and lessens fatigue. Experts also agree that despite it being naturally produced by the body, glutathione—whether in soap, cream, or injectables or capsule format—does not pose serious threat to a person’s health. “Our body recognizes glutathione so it’s not true that you can overdose on it. Our body knows what to do with it and if we supplement, we’re just aiding a natural process,” says Rodrigo Silvestre, president and managing director of Holchem Industrial Sales, Inc.,

IN FAIRNESS TO GLUTATHIONE. Experts set the records straight about the alleged adverse effects of taking glutathione, saying that the supplement—popular for its skin whitening side effect—is a substance produced naturally by the liver.

From left: Vida Nutriscience Vice President and Managing Director Jhun Tizon, Vida Brand Architect Erick Amigos, Kohjin Life Sciences Dr. Wataru Aoi, Kohjin’s Hitomi Ito, Kohjin’s Yusuke Sauchi and Halchem Industrial Sales, Inc. President and General Manager Rodrigo Silvestre

exclusive importer and distributor of Kohjin glutathione in the Philippines. Vida and Kohjin warned the public though to use products with certification from the government institution responsible for checking the effects and standards of products. Kohjin is the only brand of glutathione that is recognized safe and effective by the United States Food and Drug Administration. Vida’s Snowcaps, on the other hand, is the first oral glutathione in the Philippines and is among the leading skin whitening supplements in the market today. Snowcaps contains premium FDAapproved 500mg of L-Glutathione formulation, Alpha Lipoic Acid and Vitamin C for safe and effective whitening in as fast as six weeks. Go to www.vidanutriscience.com for more information on Snowcaps Glutathione.

Preferred forwarding company

Keep your clothes and cabinet fresh with the help of closet freshener that fights bad odors

Tips on cabinet cleaning during this rainy season A COZY rainy day indoors can sometimes be filled with lulls and sighs but it could also be one productive day to finally go through your closets. Although spring is not present in the country, it is still wise to have a “spring cleaning” session. So for those who are in the mood for some much-needed closet-cleaning, here are a few tips to make the task doable and still enjoyable. 1. Empty your closet That’s right, take everything out. Put your clothes on your bed or in containers temporarily so you can have a better view of the space available in your cabinet. At the same time, you’ll see the amount of clothes you have. Do you really need that many yellow skirts? 2. ‘Take, Toss, Store’ Those three powerful words are famous from the film “Sex and the City” which showed a scene where the main character, Carrie Bradshaw had to clean out her closet in preparation for moving to a new apartment. Her friends, Sam, Miranda and Charlotte made it a fun experience as they helped decide which clothes to take with them, which clothes to toss and throw out, and which ones Carrie should store and hang on to.

FOR the second year in a row, loyal LBC customers have given the company the ultimate recognition by awarding the title Preferred Freight Forwarding Company to the country’s no. 1 express delivery and logistic company. In addition, the brand’s values and innovations were put on the spotlight as they took home the award for Best Marketing Campaign of the Year, for LBC’s Padama sa Padala. “We are very honored to have received not just one, but two awards that demonstrate the trust that our customers have for LBC and how our values resonate with them,” says LBC VP for Middle East Operations, Mark Agalo-os Hosted by The Filipino Times, the first Filipino-centric publication in the Middle East that gave UAEbased Filipino migrants a voice, the

awards is on its second year and focuses on brands that highlight the values and hard work demonstrated by Filipinos. For 2016, the event drew voters together to recognize the worldclass and dedicated organizations and personalities that reflect Filipino ingenuity, with over 165 brands competing for recognition. Voting took place via a public voting system that took into consideration the exemplary ways brands and individuals contributed to the causes and interests of Filipino migrants and communities. Judges included the multi-awarded professional and community leader, Mary Jane Alvero-Al Mahdi, CEO of Prime and Geoscience Testing Laboratory; Lou Olvido-Parroco, a senior level HR director with over 20 years’ experience in management

and human resources; Ken Fortun, project consultant at MyGMA Pay TV Service; and Jojo Dass, editor at The Filipino Times Nominees were joined by key members of the Philippine Diplomatic Corps, representatives from the UAE government, Filipino community leaders, officers of the Philippine Business Council, Officials of the Bayanihan Council, The Filipino Times partners and advertisers at the prestigious ceremony. “We pride ourselves for offering a brand experience built on trust and a lasting connection with our customers that will translate into something that they can always rely on. Rest assured that we will strive harder to give our customers the best sending experience and ensure that their padama will be sent with every padala,” he ends.

One business attire, two formal attires and three vacation outfits should do the trick. 4. Organize and use matching hangers After choosing which clothes to keep, you can now place them back inside. If possible, try to have matching hangers. This is a visual treat as your clothes will look neat and organized. And speaking of organizing, a good way to do that is to sort out the clothes by their type, size and color. Pants should be sorted together. The same goes for dresses, shirts and other items. This way, it’s easier for you to locate an item. It would also look pleasing to the eyes if the clothes are sorted by their shade. It could be from darkest to lightest or the opposite. You could also try putting together pastelcolored items against dark-toned items. 5. Keep your closet fresh Finally, make sure that your closet is fresh. Your closet can harbor bad odor which can put a damper on your day. While choosing your OOTD (Outfit of the Day), you’ll have a more enjoyable time with the help of Albatross Closet Freshener. The product, which comes in cool colors like orange, pink and blue can simply be hanged inside the cabinet. Albatross Closet Freshener is also available in three scents: Lemon, Rose and Ocean. But if you’re worried that the closet freshener’s scent might get too overpowering and cling to your clothes, you can use a cloth cover which allows the release of just the right amount of fragrance.

3. Stick to essentials It is always good to keep your closets upto-date which means, if you have unworn clothes for a minimum of a year, you should think about tossing it out or letting your friends take them as it is just some extra item that takes up space in your closet. So Albatross Closet Freshener is available make your closet up-to-date by only keeping items that you always wear and those in all Mercury Drug and leading supermust-have outfits for special occasions. markets nationwide.

LBC Senior Sales and Marketing Manager Allan Bautista and LBC UAE Area Head Chris Eusebio accept the award for ‘Preferred Freight Forwarding Company’

THURSDAY, NOVEMBER 3, 2016

Parkmall

signals start of Christmas season

‘Forever Sucks 2’

on D5Studio

CHRISTMAS came early at Parkmall in Cebu with a two-day Season Opening Sale on Oct. 14 to 15. The excitement of anticipation for the holidays was boosted with Parkmall’s great shopping finds, hot dining deals, daytime fireworks and spoken poetry, among others. A Christmas Lighting Ceremony highlighted the event with rising ABS-CBN leading man Jerome Ponce serenading and winning the shoppers. To usher in the celebration, the Mandaue skies were lit by a dazzling daytime fireworks display on Oct.14. Such a grand display was true to Parkmall’s pioneering spirit in coming up with innovative and out-of-the-box malling experience like the 36-Hour Non-Stop Sale. Live performances entertained shoppers taking a quick break from hunting for great finds. It gave friends and families time to bond. Those who were in the mood to play wordsmiths for a day had a blast at the Spoken Word Poetry Open-Mic session on the second floor of the two-level mall.

MILLENNIALS’ CHOICE. The

cast of the hit web series “Forever Sucks” led by Jasmine Curtis-Smith and Felix Roco

5STUDIO is a digital powerhouse that offers a full suite of digital-ﬁrst services including brand, marketing, content, and production.

Its production hub, D5STUDIO Originals, focuses on original digital content revolving around Filipino pop culture, entertainment, and music. “Since our launch last year, our D5STUDIO

FROM an indie band, Autotelic debuts as a recording group with MCA Music with the album Papunta Pabalik. Those who have heard the recording say Autotelic could be the next band to watch. It has been making loud buzz with a now large following on the indie scene. The much awaited album, which contains the new single “Gising,” a song about daydreaming lets yourself drown in the feeling of being in love, very easy to relate to. The band calls the music “Iyak Sayaw” genre, fresh and very modern sounding but at the same time has its 80s/90s vibe in it. “Masasaya ang tunog at tono ng mga kanta namin, pero karamihan ng lyrics ay malungkot o di kaya ang pagkaramdaman ng nostalgia” said Josh Villena, band vocalist. “The moment we were signed by MCA Music, the feeling did not sink in immediately. We were all processing our thoughts and never have we imagined becoming an artist of a major music label. ” Josh said. The album is a very personal experience and journey for the vocalist of the band, “As I move forward and go on with my life, I always look back to the past. Kadalasan mahirap lang makakalimot, kahit alam mong dapat ay isunusulong mo na lang ang buhay”. Most of the songs are based on true experience. The band describesthe whole album “Para siyang rollercoaster ng emotions ng bawat isa sa amin.” Autotelic is a six-piece Filipino pop/rock band comprised of guitarist and vocalist Josh Villena, Kai Honasan (keyboards and vocals), Neil Tin (guitars), EJ Edralin (synth), Timothy “Pabs” Vargas (bass guitar) and Gep Macadaeg (drums). Papunta Pabalik is available on CDs at

Originals has been parading the new breed of digital programming that has been braving the online content landscape with unconventional show themes and formats,” noted D5Studio vice president and head Lloyd Manaloto. Staying true to this quest is the success of Forever Sucks, an online series that tells the story of Izabel (Jasmine Curtis-Smith), a 170-year-old vampire. Season 2 premiered on Halloween with a new plot twist, as Izabel finally gives up on her life-long search for everlasting love. That is, until she encounters Kiko (Felix Roco), the

Autotelic releases debut album ABS-CBN rising leading man Jerome Ponce

Indie band Autotelic goes mainstream with the release of its major label debut album “Papunta Pabalik” under MCA Music

Astroplus and Astrovision and through digital downloads via Spinnr and iTunes and streaming also at Spinnr, Apple Music, Spotify and Deezer. For bookings and inquiries, contact MCA Music Artist Management at +639209682991 or

CROSSWORD PUZZLE Thursday, November 3, 2016

ACROSS 1 Rain forest parrot 6 Sound reasoning 11 Chinese “way” 14 Suspect’s need 15 Socrates’ hangout 16 Bad actor 17 Of yore 18 Fish basket 19 Before, to bards 20 Ess moldings 22 Tire center 24 Degree holder 28 Basic assumptions 29 Ceremony 30 Moon position 32 Hieroglyphics bird 33 Orchard yield 35 Kitchen meas. 39 Coy 40 Visitor from Melmac 41 “The Gambler” actor 42 German coal region 43 Meat-stock jelly 45 Valjean’s creator 46 Vows 48 Kitchen gadget 50 Bright songster 53 Pretense

54 — globulin 55 Reel 57 Double helix 58 Messy quarters 60 Emcee’s remarks 65 Turtle-to-be 66 Jeweler’s unit 67 Defiant reply 68 PBS “Science Guy” 69 Ice-skating jumps 70 Mural base DOWN 1 “Little Red Book” author 2 The works 3 British FBI 4 Homer’s dad 5 A Ryder 6 Shoestrings 7 Horrible boss 8 Leaves 9 Choler 10 Port opposite Dover 11 Yonder 12 “Rodeo” Composer — Copland 13 Shamans watch for them 21 Wide gap 23 Whine expert? 24 Tunes for divas 25 October sign

new guy at the office who successfully tugs at all her emotional strings. Will her love woes end, or will Kiko change Izabel’s mind for good? The guys behind the series feels at this point they are good on the web. “We don’t think we can migrate to mainstream television yet, as our demographics points to millennials that enjoy their entertainment on their mobiles or tablets. Someday, perhaps.” Forever sucks, indeed. Watch all episodes here http://www.d5.studio/ shows/forever-sucks

26 Carthage neighbor 27 Grow out of control 28 Hood’s weapon 30 Lurid novels 31 LP player (hyph.) 34 Headstrong 36 Dry-heat bath 37 Leafed through 38 Disturb a sleeper 43 Corroded, as acid 44 Salmon variety 47 Gold Rush state

49 Fence stake 50 Utah city 51 Tall and lanky 52 Reflection 53 Sells for 55 Foal’s parent 56 Clap of thunder 59 Kind of shelter 61 Born as 62 Motel room fixtures 63 Legal matter 64 El Dorado loot

email mcabooking@umusic.com. For more updates and information on Autotelic, log on to the following pages: Facebook- MCA Music (Universal Music Philippines), Instagrammca_music, Twitter- @mcamusic.

But, it was really the chinky-eyed Kapamilya heartthrob Ponce who sent hearts aflutter with a meet-and-greet session. The looker gained popularity in the hit early morning comedy-drama Be Careful With My Heart where he played Luke, one of the children of male lead Richard Yap. He has since been a fixture in various ABS-CBN shows. Parkmall’s Season Opening Sale took on a more solemn tone the evening of Oct. 15 in A Classic Christmas Affair: Parkmall’s Christmas Lighting Ceremony. It was graced by the angelic voices of the award-winning Mandaue Children’s Choir that first came to prominence when they won the grand prize in the National Music Competitions for Young Artists (NAMCYA) in 2004. To cap the two-day season opening celebration, early Christmas gifts were given to indigent children. “Christmas is really for children. It is also about families coming together,” says Neal Co, Parkmall general manager. “Parkmall will always think of ways to celebrate the spirit of sharing and giving that’s why we decided to usher in the Christmas season early as a way of thanking all our loyal patrons and tenants for being with us through the good times and the challenging ones.”

Showbiz

Isah V. Red, Editor Nickie Wang, Writer isahred@gmail.com

THURSDAY, NOVEMBER 3, 20

SHINE BRIGHT LIKE A DIAMOND. For the second time, jewelry brand My Diamond is tapping actress Heart Evangelista to become its brand ambassador

SPARKLY

HEART Evangelista By Bernadette Lunas Photos by Sonny Espiritu

T SEEMS like there is no stopping Heart Evangelista.

If she’s not on the small screen starring in a TV series, she’s in a gallery exhibiting her hand-painted luxury bags, or at a press launch for a product endorsement, or at home painting and fulﬁlling her role as wife to husband Senator Chiz Escudero. Heart is everywhere, so to speak. But, wherever she goes and whatever she does, Heart, or Love Marie Ongpauco-Escudero in real life, never loses her charm and elegance. Even in an all-white ensemble, she sparkles and stands out in the crowd—and a quick scan on her will reveal how she does that. Apart from her innate beauty and impeccable style, Heart’s jewelry is her

statement. “It’s like fashion, whenever you wear it, it makes you feel good about yourself,” Heart told Manila Standard. “Even if you’re just wearing rubber shoes and plain T-shirt, when you put a nice [pair of] stud earrings, they instantly dress up your outﬁt.” Her preference for authentic, sophisticated jewelry is known among her peers. In fact, she got immersed in this sparkly world at an early age. “My mom’s a collector and my dad is also into jewelry. When I was young, my dad would buy my mom loose stones and she would design them and do the settings and everything. So I kinda grew up with that kind of love for anything sparkly,” shares Heart. Now that she’s older, Heart is beginning to build her collection with the help of her exacting mother. “It’s good to start early when buying jewelry pieces,” she says and adding, “Aside from being investments, they are classic, they are timeless, and they are something that you pass on—it’s a memory, it’s an heirloom.”

She admits that most of her jewelry is from her mom, one of which is the pair of heart-shaped, two-carat diamond set earrings her mom gave her when she was young. “I love that. I was wearing that on my wedding day.” The timelessness of jewelry makes Heart believe that women should invest in this luxury. “Because it’s not just for you—it’s something that you pass on to your daughter, your daughter-in-law, or your son for his engagement or wedding,” she says. She adds, “It’s a memory, it’s so personal and it’s like leaving a part of you behind. So for me, it’s important to have even just a few pieces.” As for the piece she can’t leave home without, she says it’s her engagement ring. While her favorite jewelry is the 18-carat white gold, heart-shaped diamond wedding ring her husband gave her. “It’s so special since it was speciﬁcally made for me,” shares Heart. It was actually a realization of what her father, Reynaldo Ongpauco, told her when she was young. “My dad

Jeepney TV marks

4th anniversary JEEPNEY TV celebrates its fourth year anniversary, highlighted by the comeback of the phenomenal and well-loved series Be Careful With My Heart. ABS-CBN’s daytime hit series, which tells the love story of widower and businessman Richard or “Ser Chief” (Richard Yap) and nannyturned-ﬂight attendant Maya (Jodi Sta. Maria) is seen weeknights. More Kapamilya hits are in store on Jeepney TV’s anniversary month, like Nathaniel with child star Marco Masa, Gerald Anderson, Shaina Magdayao, and Coney Reyes starting and Galema: Anak ni Zuma, with Andi Eigenmann and Matteo Guidicelli. The romantic Koreanovela Princess Hours is also seen at noon, and the groundbreaking U.S. series Jane The

Virgin caps Jeepney TV’s weeknights. Meanwhile, Saturday afternoons are more action-packed with the addition of the Ejay Falcon-starrer Dugong Buhay,, followed by Lastikman with the popular Pinoy superhero played by Vhong Navarro. Saturday nights also gain more muscle with the recent Koreanovela hit Blood and Pasada Astig that features Pinoy Cinema’s biggest action movies and heroes. Reminisce the good times and watch the mostloved programs on Jeepney TV (Skycable channel 9, Destiny Cable Analog 41 and Digital 9). For more information, like Jeepney TV on Facebook (facebook.com/ JeepneyTV)

would always tell me, ‘you know, when you get married one day dapat ang ring mo heart. Kasi sayang yung name mo’.” Hence, her favorite diamond cut is obviously heart-shaped. But Heart is not limiting herself to heart-shaped pieces. The actress-turnedpainter is known to stack jewelry to create a bolder, bigger look—something that she can achieve with My Diamond’s Diamond Dream collection. For the second time, the Filipino jewelry brand tapped Heart to become its ambassador. “The ﬁrst time was last year during the time of her engagement until her wedding. This time around, we’re renewing the relationship and we’re continuing on for Heart to endorse until end of the year,” says John Paul Paglinawan, marketing manager of the Cullinan Group of Companies, which operates My Diamond. The Diamond Dream collection is composed of stud and drop earrings, which can be worn alone or stacked together for bolder statement. Each piece is handmade by internationally

trained craftsmen. While Heart has no hand in designing any of the pieces, she admits to looking forward to venturing in jewelry designing, too. But right now, she’s working on her 2017-18 collection, which she’ll be exhibiting at Ayala Museum late next year or in February 2018. “I’m working hard for that ‘cause I still have a lot to go.” She also shares that she’s going to develop her own line of clutch bags in a limited edition only, “so that the value won’t go down. They’re still an artwork.” She is also planning to put together a home line and design clothes for kids. The ever-present Heart has so many plans but on top of her list is to get pregnant by January or February next year. And to do that, she admits that she needs to take a break. “I kinda need my time to breathe a little and enjoy.” My Diamond is in 11 malls nationwide, and will soon open its 12th branch in Cebu. Visit My Diamond PH on Facebook for more information.

Sony’s got

Nadine Lustre DEDICATED to capturing life’s best moments, leading camera and imaging solutions provider Sony Digital Imaging welcomes actress and singer Nadine Lustre as its newest brand ambassador for its popular Sony ILCE-5000L and Sony ILCE-5100L models. “We are pleased to have Nadine on board for Digital Imaging. Her knack for taking interesting photographs, coupled with her exciting lifestyle that have won over many fans, make her an ideal ambassador for the Sony ILCE-5000L and Sony ILCE-5100L cameras,” says Nobuyoshi Otake, managing director, Sony Philippines. Apart from acting and singing talents, Nadine also has a natural talent for photography. Her Instagram feed, which has 2.8 million followers, is a rich collection of travel mementos that perfectly narrates her experiences. The actress-singer discovered her love for

photography very early. “As a kid, I was traveling to places that I did not want to forget. Photography started out as a hobby to help me preserve these memories, but now it’s become a big part of me,” shares Lustre. She tells how Sony plays a big part in her journey to improve her craft. “Getting the best shot involves trial-and-error and exploring my creativity. Luckily, my Sony ILCE5100L camera helps me create great images every time inspiration strikes,” adds Lustre. Photography enthusiasts who are looking for compact cameras with top-of-line features will be delighted with the Sony ILCE5000L and Sony ILCE-5100L. With large sensors, interchangeable lenses, and manual controls, users will ﬁnd themselves with gadgets that are travel-friendly and powerful at the same time. They are available in Sony Centers nationwide. The ILCE5000L priced at P22,900 is available in black, white, and pink while the ILCE-5100L priced at P34,990 is available in black. Both models come with a 16-50mm Kit Lens.