Manila Standard - 2019 July 10 - Wednesday by Manila Standard

Ample powers CLOONEY TO DEFEND RESSA, PANELO EAGER TO DEBATE for Rody’s use to solve PH ills

PROMINENT rights lawyer Amal Clooney says she will join the legal team defending Philippine journalist Maria Ressa, whose news site has repeatedly clashed with President Rodrigo Duterte. Ressa, who was named a Time magazine “Person of the Year” in 2018 for her journalism, faces several criminal charges along with her website Rappler, in what press freedom advocates have branded an act of “persecution.” “Maria Ressa is a courageous journalist who is being persecuted for reporting the news and standing up to human rights abuses,” Clooney said in a statement issued Monday by London’s Doughty Street Chambers, where she works. “We will pursue all available legal remedies to vindicate her rights and defend press freedom and the rule of law in the Philippines,” added the BritishLebanese lawyer. Responding to the announcement, President Duterte’s spokesman said Clooney could not practice law in the Philippines but added he was “excited” to debate with the lawyer whom he described as “beautiful and sexy.” “Attorney Amal is misinformed. Maybe when we see each other, I can, to use the word of the President, educate her,” Presidential Spokesman Salvador Panelo told reporters. “When Maria and I were debating, she was pitiful because she is not a lawyer. So perhaps she needs a lawyer... They are welcome to defend Maria,” Panelo added.

By MJ Blancaflor and Macon Ramos-Araneta PRESIDENT Rodrigo Duterte can impose martial law, declare a revolutionary government, and use other emergency powers to solve the problems of the country, the Palace said Tuesday. Presidential Spokesman Salvador Panelo said the President can do “many things” to curb the country’s problems with drugs, corruption, terrorism, and rebellion, in line with the 1987 Constitution. “He can do a lot of things. He can impose martial law; he can declare a revolutionary government; he can use other emergency powers,” Panelo said during a press briefing. Panelo said President Duterte refered to these measures when he said that he has “a card” he can throw anytime. During his visit in Leyte last week for the inauguration of a rice processing complex, Duterte said: “Don’t force me to declare war because I have something else. I have a card which I can throw anytime.” Next page

Panelo

Clooney

VOL. XXXIII • NO. 146 • 4 SECTIONS 24 PAGES • P18 • WEDNESDAY, JULY 10, 2019 • www.manilastandard.net • mst.daydesk@gmail.com

No case on Sino sea intrusions By Rey E. Requejo and Nat Mariano HE fishermen who had asked the Supreme Court to order the government to protect and rehabilitate Panatag Shoal and Panganiban Reef in the West Philippine Sea have withdrawn their names from the petition, saying they were being used for political reasons, the state’s top lawyer said Tuesday.

The announcement from Solicitor General Jose Calida came as the Palace said President Rodrigo Duterte would use his fourth State of the Nation Address to “educate” the public on the constitutionality of his verbal deal in 2016 with Chinese President Xi Jinping to allow the Chinese to fish within the country’s exclusive economic zone. During the resumption of hearings at the Supreme Court, Calida said all parties have agreed to dismiss the case that would have compelled the government to move against Chinese Next page

POIGNANT REMEMBERING. Protesters led by the Akbayan Party-list march Tuesday to Mendiola between San Beda University and Centro Escolar University to stage a protest in the runup to The Hague ruling anniversary on July 12. The protesters are demanding that China be held accountable for the ramming incident at the Recto Bank last June 9. Norman Cruz

‘Manga Mura’ operator nabbed Romualdez takes majority leader post; House smooth sailing seen By Vito Barcelo

A MAN who ran an illegal online manga comic library read by around 100 million people each month has been arrested in Manila, Philippine authorities said Tuesday. Romi Hoshino, 28, also known as Zakay Romi, managed “Manga Mura” (Manga village), which shut down on its own in April last year as Japan launched a manhunt for the website’s founder for massive violation of copyright. About 100 million people each month used the popular pirate website, which made around 60,000 manga—Japanese graphic novels or comics—available to the public for free immediately after publication. Manga publishers lost about 320 billion yen ($2.94 billion) in potential revenues over a six-month period to February 2018 alone, Japan’s Content Overseas Distribution Association said. “It’s an enormous amount and Manga Mura was a very Next page

More dirt, more trust Duterte gets—Palace By Nat Mariano THE more the critics of President Rodrigo Duterte hit him with dirt, the more Filipinos trust and admire him, the Palace said Tuesday following Duterte’s new net satisfaction rating. Social Weather Stations said eight out of 10 Filipinos or 80 percent were satisfied with the President’s overall performance in its latest survey. Next page

Cockatoos love to dance SNOWBALL, a sulphur-crested cockatoo, shot to YouTube stardom a decade ago for his uncanny ability to rock out to the Backstreet Boys. Now Snowball’s back—alright!— having taught himself a dizzying array of new moves that might put you to shame, and have scientists excited about Next page

By MJ Blancaflor and Maricel V. Cruz THERE will be no delays in congressional procedures despite the termsharing agreement for the speakership, Malacañang said on Tuesday. Presidential Spokesman Salvador Panelo assured the public that the term-

sharing agreement between Taguig City Rep. Alan Peter Cayetano and Marinduque Rep. Lord Allan Velasco—which had the blessings of President Rodrigo Duterte—would not disrupt the work of Congress. Duterte on Monday night ended the speakership squabble by endorsing Next page

Iceland meddling in drugs war hit Nations Rights Council to investigate drugrelated killings in the Philippines. In a statement sent to the media, DDB THE Dangerous Drugs Board on Tuesday slammed Iceland for meddling in the asserted “like any states, the Philippines government’s war on illegal drugs, after it must be accorded with the full respect for Next page signed a draft resolution urging the United

By Rio N. Araja

In good taste: Spitting wine SPITTING is frowned upon in polite society—unless of course the spitter is engaged in tasting wines. “It’s by spitting out the wine that you will be even more distinguished in society,” pleads Pierre-Jules Peyrat, a Paris sommelier. Next page

News

WEDNESDAY, JULY 10, 2019

mst.daydesk@gmail.com

Probe sought on toddler’s death “However, may this be a reminder to all public officials to always protect the primacy of the right to life―both in words and actions. We cannot diminish its importance, alongside all other human rights, as they are crucial in living a dignified life.” In House Resolution 41, Representatives Carlos Zarate, Ferdinand Gaite, Eufemia Cullamat of Bayan Muna, Arlene Brosas of Gabriela, and France Castro of ACT Teachers denounced the death of Ulpina. “The death of Kateleen Myca Ulpina is the latest addition to the list of over one hundred minors killed in the Duterte administration’s anti-illegal drugs

campaign,” the congressmen said. They said in the resolution that Myca’s mother had already belied the police’ claim that the little girl was used as a human shield by his drug suspect father Renato, claiming that police broke in and smashed their windows while they were sleeping without a warrant of arrest or any legal documents. Citing data from the Philippine National Police the lawmakers also said at least 29,000 cases of killings classified as deaths under inquiry had been recorded nationwide since President Rodrigo Duterte launched his crackdown on illegal drugs. With Rio N. Araja

He submitted to the justices affidavits of the 19 fishermen manifesting their withdrawal as petitioners in the case filed by the IBP’s Andre Palacios and losing senatorial candidate Chel Diokno. Calida also presented a video of the interview with the fishermen where they narrated the circumstances of their involvement in the case. The group’s leaders, Monico Abogado and Roberto Asiado, said in their respective affidavits that they were “deceived” into signing the petition. “This is a big deception and manipulation of our association. We attest that we have no knowledge about this petition against agencies of the government,” Abogado said, in his affidavit. “We don’t know anything about this and we don’t support the petition filed,” Asiado added. On these grounds, Calida moved for the dismissal of the petition because the counsels for petitioners no longer have legal standing to pursue the case without the petitioners. Chief Justice Lucas Bersamin and the justices quickly suspended the hearing and called the counsels of both parties to a closed-door conference. After about 15 minutes, the conference ended and the Court en banc decided unanimously to suspend the oral arguments on the case and give parties time to file a joint motion which insiders said could mean move for a dismissal of the case. In a briefing at the Palace, Presidential Spokesman Salvador Panelo said Duterte will “school” critics and detractors for viewing his independent foreign policy as “unconstitutional” in his fourth SONA. “He will not defend. He will educate people who think what he did was unconstitutional. He will lecture [them] on the constitutionality of what he has done,” Panelo said in a Palace press briefing. Panelo said Duterte felt the need to lecture others for their “outdated” knowledge of the country’s laws. “He feels that others do not read [enough] and what they know is already

passe,” he added. On Monday night, Duterte maintained that his verbal agreement with the top Chinese leader was “in keeping with the law.” “To those who said it’s unconstitutional, well, you wait. Maybe in the SONA, I will educate [them] that what I did was, telling them that they can fish, [right]. I’m really right and that’s not unconstitutional,” he said. “By any stretch of the imagination, what I did was not unconstitutional. As a matter of fact, it was in keeping with the law,” he added. Following the Recto Bank incident where 22 Filipinos were left in distress at sea after being “sideswiped” by a Chinese vessel, the Chief Executive said he had entered into a “mutual agreement” with Xi in 2016. Duterte said Chinese vessels are allowed to fish in the country’s EEZ, saying he allowed the “give-and-take” of fish in the disputed waters. Foreign Affairs Secretary Albert del Rosario said Duterte could be impeached for his failure to secure Philippine-owned territories. Detained Senator Leila de Lima also viewed the President’s remarks as “simply repugnant” and “clear grounds for impeachment.” Maritime law expert professor Jay Batongbacal said the mere presence of foreign vessels in one’s EEZ is already a crime. Therefore, Duterte allowed such illegal activities in contravention of the country’s laws. Moves by the Duterte administration to bolster the President’s stand come on the third anniversary on July 12 of the decision by the Permanent Court of Arbitration in The Hague to uphold Manila’s sovereign rights to its 200-nautical-mile EEZ, and rejecting Beijing’s claims in the South China Sea as “excessive.” China has refused to recognize the jurisdiction of the court or its decision. Critics have questioned the administration’s decision to set aside the decision in favor of seeking improved relations with China.

a task force just to take measures against Manga Mura,” the association official added. Hoshino, who holds a Japanese passbig issue for manga editors,” an official port, was arrested on Sunday at Manila airport after the Japanese embassy in from the anti-piracy group told AFP. “The Japanese government created Manila sought help in locating him, im-

migration commissioner Jaime Morente said in a statement, describing him as the Manga Mura manager. “His presence in the country is a risk to public safety and security,” and will likely be deported to Japan, Morente said. With AFP

the more people trust him. The more the Left assault him with a torrent of false narratives, the greater our people admire him,” Panelo said in a statement. “The uglier the militant groups of the church paint the Chief Executive, the prettier his image becomes. And the more the biased media assault him with negative propaganda, the more the people are enamored with him.” Panelo touted the survey results at a time when the Recto Bank incident could have affected Duterte’s satisfaction rating from the public, saying the results proved that Filipinos trusted the President’s “honest intentions” despite

the criticisms. “We note that this survey, with data being gathered from June 22-26 this year, is the first post-midterm election independent survey conducted and was done at the height of the Recto Bank incident, an issue which the anti-Duterte forces pulverized the President with venom, and until now pilloried ad nauseam,” Panelo said. “The reality is unmistakable. More and more Filipinos, even former cynics, are believing in the President’s honest intentions for our nation.” Duterte meanwhile downplayed his new rating, saying he was just doing his job.

The President was referring to the country’s problems that needed to be solved, not to impeachment threats against him in the wake of his revelation that he had allowed Chinese fishermen within the country’s exclusive economic zone, Panelo said. Panelo also said that the country’s problems would be easier to solve by limiting constitutional restraints imposed on the branches of government. “For instance, he wants foreign investors to come in without restriction, but they cannot come in if the 60 percent of the capital weren’t from Filipinos,” Panelo said, referring to a constitutional restraint on foreign ownership of businesses. “Several things need to be changed in the Constitution,” he said. “The Constitution is, as I said before, a living instrument, it’s dynamic. I don’t think the framers of the Constitution [wanted to] chain the head of the state from performing his duty which is to serve and to protect the people by placing provisions there in derogation of that obligation,” he said. The fate of Charter change will be significantly affected by the outcome of the 2022 presidential election, Senate Minority Leader Franklin Drilon said Tuesday. The next presidential election may still be three years away, but this early Drilon could sense some of his colleagues casting a “moist eye” on the presidency, saying it will be the “biggest factor” in their vote on Charter change. “It is difficult to predict at this time how the senators will vote considering the new composition of the Senate. But what is becoming clear is the presidency in 2022 will play a huge role in how our colleagues will treat this renewed call for Charter change and decide on their vote,” Drilon said.

as the House Speaker in the first 15 months, while Velasco will occupy the post in the remaining 21 months. Leyte Rep. Martin Romualdez, who both Cayetano and Velasco for the top was a top contender in the speakership post, will sit as the House majority leadpost in the House. Duterte said Cayetano will serve er, Duterte said.

Critics have voiced concerns that the term-sharing between Cayetano and Velasco will jeopardize committee hearings and the passage of the national budget when the Congress opens on July 22. “They agreed that it will not happen to them because the three of them are

talking,” Panelo said. The Palace also dimissed fears that the transition between Cayetano and Velasco will undermine the continuity of committee leadership and passage of crucial bills pushed by the Duterte administration.

By Maricel V. Cruz

AWMAKERS from the Makabayan Bloc on Tuesday sought a congressional inquiry into the death of three-year-old Kate Leen Myca Ulpina who was caught in a crossfire during a police operation in Rodriguez, Rizal, last month.

Ulpina was laid to rest on Tuesday. In a Balitangali report by Dano Tingcungco, Myca’s family appealed for justice during the funeral at the Forest Lawn Memorial Park in Rodriguez, Rizal. Meanwhile, the Commission on Human Rights has accepted the public apology of Senator Ronald dela Rosa

over his remarks on the death of Ulpina. “We welcome the apology of Senator Ronald de la Rosa on the unfortunate remark he made about the death of a three-year old being a collateral damage of a buy-bust operation in Rodriguez, Rizal,” lawyer-spokesman Jacqueline Ann de Guia said.

Clooney... From A1

No case... From A1

Clooney will work with a team of international lawyers based in the US and Britain as counsel to Ressa and coordinate with lawyers in Manila. Ressa was arrested twice this year and has accused Duterte of using the prosecutions against her―including the ongoing cases of alleged tax evasion and libel―to silence critics and intimidate the press. Duterte has branded Rappler a “fake news outlet.” The government is insisting it is simply enforcing the law as cases pile up against the website, which frequently publishes reports critical of the President’s deadly anti-drug crackdown. “I am delighted that Amal Clooney and her team will be representing me at the international level to challenge the violations of my rights and those of the media organization I represent,” Ressa said in the statement. Ressa said Tuesday she faced at least 11 cases that required her to post bail eight times and pay a bond to travel overseas. “Rappler should not have to face tactics of harassment, intimidation. We are trying to find the best way forward to make sure our rights are protected,” Ressa told AFP. Clooney, appointed special envoy for media freedom by the British government, also defended two Reuters journalists jailed for more than 16 months in Myanmar and freed in May. Clooney’s taking on Ressa’s case will increase international attention on the journalist and her website, which have received a series of global awards from press freedom advocates. AFP with MJ Blancaflor

intrusions in the West Philippine Sea. He said the fishermen from Palawan and Zambales have submitted sworn statements expressing their intent to withdraw their signatures from the petition. Monico Abogado, who led the Kalayaan Palawan Farmers and Fisherfolk Association also said they were being used for the political agenda of the Integrated Bar of the Philippines. “Nineteen of the affiants said they did not actually sign the petition; they disowned the petition. But, anyway that is moot and academic now because the parties have agreed that we dismiss the case by Friday,” Calida said, when interviewed by reporters. Calida said the dismissal of the case was agreed to during a closeddoor session. Free Legal Assistance Group headed by Dean Jose Manuel Diokno, counsel for the petitioners, said “after being called to chambers, both parties agreed to explore the filing of a joint motion in the premises and were given until Friday to do so,” effectively confirming the forthcoming dismissal of the case. SC spokesman Brian Keith Hosaka could not confirm what was agreed upon by the parties and their counsels during the conference, said the Court decided to suspend the oral arguments in view of the submissions of the solicitor general and the manifestations of the counsels during the oral arguments. In his opening statement, Calida moved for the withdrawal of the petition seeking to compel the government to protect disputed shoals in the West Philippine Sea where Chinese fishermen have reportedly been harvesting marine resources. Calida told the justices that the IBP filed the petition without the express consent and knowledge of the fishermen from Palawan and Zambales, who are named petitioners in the case.

Iceland... From A1 its sovereignty and territorial integrity. The principle of non-intervention in the internal affairs of states must be observed by all.” “While the world drug problem is a common and shared responsibility, we underscore the sovereign right and duty of the Philippines to determine and implement the best approaches to address its drug problem, considering its historical, political, economic, social and cultural contexts and norms,” it noted. On July 4, Iceland filed a draft resolution urging the UNHRC act on the rising number of killings in the Philippines, including those under the bloody anti-illegal drug campaign. The draft resolution called on the government to cooperate with UN offices and mechanisms by facilitating country visits and “refraining from all acts of intimidation or retaliation.” Once approved, the UNHRC would request rights chief Michelle Bachelet to prepare a comprehensive report on the human rights situation in the Philippines to be presented to the council. The council is expected to vote on the draft resolution before the 41st session ends on July 12. “The Philippine government has used appropriate means and opportunities to present the real drug abuse situation and the government’s response to the international community. We have been participating in conferences and sessions of the Commission on Narcotic Drugs where we update UN-member states of the real data, statistics and information concerning the anti-drug campaign,” DDB’s statement read. With PNA

Cockatoos... From A1 parrots’ ability to process music and respond creatively. His rhythmic body-rolls, headbangs, shimmies, and many variations thereof were documented in a new paper published in Current Biology on Monday. “This shows for the first time that another species truly dances to human music, spontaneously and without training, just based on its own development and social interaction with hu-

Eleazar relieves another ‘viral’ Pasig policeman

‘Manga Mura’... From A1

More dirt,... From A1 The pollster also said President Duterte garnered a +68 net satisfaction rating, surpassing his previous record of +66 in March 2019 and June 2017. Viewing the latest survey results as a “habitual vexing news” to the critics, detractors and the opposition, Presidential Spokesman Salvador Panelo said “the few boisterous minorities should begin to see the President in the best lights and not with jaundiced eyes.” “The more they hit PRRD with dirt,

Romualdez... From A1

mans,” senior author Aniruddh Patel, a psychologist at both Tufts and Harvard universities, told AFP. This isn’t the first time Snowball has rendered his services for the noble pursuit of scientific discovery. An earlier study by Patel in the same journal confirmed our feathered friend could groove to the beat—though at the time, his dancing was confined to head bobbing and lifting his feet, actions long associated with courtship. Soon after, Snowball’s owner Irena Schulz, who takes care of him at a bird sanctuary in Duncan, South Carolina, noticed he was making movements to

music she hadn’t seen before. The development was all the more remarkable for the fact that she hadn’t attempted to train him, save for providing some verbal encouragement with words like “Good Boy!” as she swayed back and forth and waved her hands. Had Snowball lifted his game to another level and taught himself some slick new moves? To answer this vital question, the scientists played him the 1980s classics “Another One Bites the Dust” and “Girls Just Want to Have Fun,” each three times, for a total of 23 minutes. AFP

In good taste... From A1

Holding forth before a rapt crowd at a wine-tasting in the French capital, Peyrat begins by sticking his expert nose into a glass of chilled rose: it is important to get a good whiff before tasting the wine. Once in the mouth, the wine is swirled around—or chewed—for a few seconds. The taster may then make a “duck face” to allow a bit of air in to detect further characteristics, a step called “grumage.”

By Joel E. Zurbano METRO Manila Police Chief Guillermo Eleazar on Tuesday ordered the relief of another Eastern Police District policeman who was caught on video beating an eight-year-old boy in Pasig City. Staff Sergeant Nicolas Lapie Jr. grabbed the child by the neck and beat him while watching a basketball game at a covered court in Bambang village around 7:56 pm on Sunday. The incident was caught on video and went viral on social media, just like what happened to Police Senior Master Sergeant Arnulfo Ardeles, also an EPD policeman, who was relieved for threatening to arrest a man for “disrespecting” him at an eatery in San Juan City. “Just last Sunday, I ordered the relief of a policeman, P/SMS Arnulfo Ardales, who was caught on video showing him verbally abusing and harassing an ordinary citizen,” said Eleazar. “As if this incident was not enough, the other night, a policeman from the Marikina City Police Station, P/SSgt Nicolas Lapie Jr., was caught in another video that has also gone viral. Worse, the video shows physical assault on an eight-year-old kid.” Eleazar ordered the transfer of Ardeles to the National Capital Region Police Office―Regional Headquarters Support Unit in Camp Bagong Diwa, Bicutan, Taguig City, while Lapie was reassigned to the EPD-District Headquarters Support Unit. Lapie, now detained in the Pasig City Police Station Custodial Cell, was charged with physical injury in relation with The Anti-Child Abuse Law.

Ample powers... From A1

Next, the mouthful of liquid is spewed back out in an unapologetic burst into a spittoon. For professionals—winegrowers, oenologists, sommeliers, wine merchants—tasting wine means assessing its appearance, or robe, its interaction with air, its aromas and finally its taste, as well as its “structure” in the mouth. The first step is to identify the wine’s basic quality: is it bitter, sweet, salty, acid or umami—that elusive taste between acid and sweet that is prized in Asia? The appraisal then turns to the tactile sensation the vintage creates: coarse, astringent, effervescent? AFP

News

WEDNESDAY, JULY 10, 2019 mst.daydesk@gmail.com

17 airport projects done in first half of Du3o’s term CLARK, PAMPANGA—Advancing air connectivity throughout the country and with the world, the Duterte administration, through the Department of Transportation Aviation and Airports Sector and the Civil Aviation Authority of the Philippines, has completed 17 commercial airport projects, with 28 more ongoing, in the first half of President Rodrigo Roa Duterte’s term. DOTr Secretary Arthur Tugade highlighted the vital importance of air connectivity in regional development. “Connectivity and mobility in transport are key components in socioeconomic development. By building new airports and rehabilitating existing ones, the transportation sector contributes to both regional and national progress,” Tugade said. During the first half of Duterte’s term, two new international airports have been built—the Lal-Lo International Airport in Cagayan, and the country’s first eco-airport, the BoholPanglao International Airport. Fifteen other existing gateways have also been upgraded, two of which are international and 13 domestic. Under rehabilitated international airports, Tugade said the MactanCebu International Airport, hailed as the world’s friendliest resort airport, opened its new Passenger Terminal Building last year, boosting the annual capacity to 13.5-million passengers. The Puerto Princesa Airport’s PTB was also expanded, and its runway extended to accommodate larger aircraft. On July 5, Ormoc Airport’s new facilities, including a renovated PTB and a widened runway, were inaugurated by no less than President Duterte himself. Additionally, infrastructure developments for the domestic airports of Virac, Marinduque, Tuguegarao, San Vicente, and Busuanga in Luzon; Maasin, Tacloban, and Catarman in the Visayas; and Ipil, Camiguin, and Siargao in Mindanao, have been accomplished. New, upgraded airport projects to come Testament to the government’s continuing drive for air connectivity, the DOTr-CAAP is accelerating the ongoing infrastructure development in 27 commercial airports and one military air base. The government is also set to build one more international airport. The Ninoy Aquino International Airport, the country’s main gateway, continues the rehabilitation works for its Terminal 2. These include the expansion of departure check-in hall and arrival baggage area; architectural improvements in passenger movement areas; upgrade of aerobridge areas and elevated roadway; new glass wall panels and partitions; upgrade of airconditioning system, power, lightings, fire protection, and electronics and communications systems; installation of an improved flight information display system and a new public address system; and waterproofing works for building exterior, among others. As the NAIA rehabilitation continues, the government is also working to decongest the main gateway through complementary infrastructure development. Additional facilities at the Sangley airport in Cavite are now under 24/7 construction to meet the November 2019 deadline of the President for the military air base to commence general aviation and turboprop operations. Construction is also ongoing for the second PTB of the Clark International Airport. The expansion is seen to increase the CRK’s overall capacity to 12.2-million passengers annually. An additional runway is also set for construction. PNA

Sangley-Manila Pasig River ferry services proposed By Maricel V. Cruz

CLEANSING PROGRAM. Philippine National Police Chief Gen. Oscar Albayalde is interviewed by the media during the launch of the New PNP Internal Cleansing Program held at the Multi- Purpose hall in Camp Crame in Quezon City.

BOC reshuffles collectors for failure to meet target By Vito Barcelo

HE Bureau of Customs reshufﬂed its district collectors for failing to meet its assigned collection targets and cited graft and corruption continues to exist because it is tolerated by unscrupulous individuals. Commissioner Rey Leonardo Guerrero said that graft and corruption is the reason for decrease in revenue collection and it is also the reason criminals are able to sneak in illegal drugs into the country through the ports. Among the affected BOC collectors is Port of Manila District collector and customs spokesperson Atty. Erastus Sandino B. Austria , who was transferred to Port of Davao and was replaced by Collector Guillermo Pedro A. Francia IV. The country’s premier port, the Port of Manila is now under Collector Arsenia C. Ilagan while former POM District Collector Atty. Ma. Rhea

M. Gregorio is now the new District Collector of the Port of San Fernando La Union. Atty. Ruby Claudia M. Alameda takes the reign as Acting District Collector of the Port of Clark, while Atty. Micheal D.C. Vargas is designated as Acting District Collector, Port of Limay. Atty. Francis T. Tolibas and Atty. Lilibeth Sandag are reassigned as Acting District Collector of the Port of Tacloban and NAIA Deputy Collector for Operations, respectively. Atty. Romalino G. Valdez is new District Collector of the Port of Batangas, while Atty. Charlito Martin R. Mendoza was designated as acting

District Collector of the Port of Cebu and the new Batangas Deputy Collector for Assessment is Atty. Edward R. Ibera. During the turnover ceremony, Guerrero said “graft and corruption in the Bureau involves not only BOC personnel but also those transacting business with the agency. And it continues to exist because it is tolerated by unscrupulous individuals.” The BOC chief encouraged all BOC personnel and stakeholders to expose, report and ﬁle cases against corrupt emoloyees, importers, brokers, ﬁxers and other entities involved in smuggling, bribery, illegal drugs and other illegal activities. Despite the numerous challenges faced by the Bureau, it never wavered in its determination and commitment to perform its mandated tasks to increase revenue collection, to comply with President Rodrigo Duterte’s order to stop corruption and to help boost the country’s global trade competitivenes.

Solon files bill regulating pay parking areas A NEOPHYTE lawmaker wants pay parking operators to be responsible for the safety of vehicles parked in their premises as well as the people using the facilities. In House Bill 1037, Parañaque City Rep.Joy Myra Tambunting also sought the creation of parking spaces for persons with disability and allocation of specific slots for senior citizens. Tambunting, the first female representative of Parañaque, said pay parking is very common nowadays. She said malls, airports, hotels and other business establishments have begun to operate pay parking areas for the use of their customers. “But upon close scrutiny of your parking tickets, a fine line can be seen. Most stipulate that establishments have no liability for

any loss or damage a vehicle incurs while parking inside their premises.” Tambunting wife of former fomer congressman Gus Tambunting, said. Tambunting said the practice is “very disadvantageous” to the paying public considering that they are paying for the use of the parking space. She said her bill shall regulate the conduct of business parking station by proprietors who usually impose exorbitant parking fees at malls, hotels and other business establishments to the detriment of customers. “House Bill 1037 protects the rights and interests of the public by regulating pay parking areas and ensure the protection and safety of vehicles in these areas,” Tambunting said. Tambunting said the proposed “The

Proprietors Regulations Act” is in line with the constitutional provision that the State shall protect public interest. “With this mind, something has to be done to correct this ongoing practice of bias towards the paying public,” she said. The bill aims to redeﬁne and regulate contractual agreements, terms, or conditions which have been traditionally used within the commercial parking industry and recognize the rights of the paying public, said Tambunting. “By doing so, the rights and interests of both parties will be protected and both will also equally beneﬁt,” she said. The bill covers any land conveniently located and may be used as commercial stations. Maricel V. Cruz

Loan window for schoolteachers sought

LOW-PRICED RICE. The price of sacks of rice remains low in the market in Bocaue, Bulacan as seen in this rice store. Andrew Rabulan

A NEOPHYTE lawmaker has filed a bill authorizing government-owned banks to open a special loan window that would cater to granting financial aid or assistance to public schoolteachers who wish to avail of loans with low interest rate. Rep. Precious Hipolito-Castelo of Quezon City, in House Bill 1015 or the proposed “Public School Teachers Special Loan Window Act,” said every bona fide public school teacher with the right to avail and apply for loan or financial assistance, with low interest rate, under the Special Loan Window of government-owned banks. The bill provides that such loan shall be different and separate from any existing emergency loans for public school teachers, which usually impose high interest rates. Hipolito-Castelo, wife of former

Quezon City congressman, Rep. Winston Castelo, said that unlike other noble professions, teaching prescribes that teachers should serve as role models themselves. “To achieve this end, teachers should be allowed or better still, empowered to lead simple but decent lives, free from the dangers or risks of having to borrow money or ﬁnancial resources from loan sharks,” said Hipolito-Castelo. Hipolito-Castelo said the bill intends to help teachers cope with the hard times. “Their improved salaries and allowances have not truly reached the desired point where teachers no longer need to look for fund sources, such as loans or lending schemes, which only turn them into victims of loan sharks,” said Hipolito-Castelo. Maricel V. Cruz

THE interconnection of the proposed Sangley-Manila commuter boat service with the new P2-billion Pasig River Ferry System should be seriously considered by the Department of Transportation to ease trafﬁc in Metro Manila, a congressman said on Tuesday. “If the DOTr is going to allow new commuter boats to run between Sangley airport in Cavite City and Manila via Manila Bay, then we might as well integrate the service with the Pasig River ferry system,” Makati City Rep. Luis Campos Jr. said. Campos made the statement after the DOTr’s Maritime Industry Authority announced that it is set to open applications for private commuter boat operators between Sangley and Manila. The DOTr plans to deploy ferries to quickly move passengers to and from Sangley airport, without having to go through the jammed roads between Manila and Cavite. President Rodrigo Duterte recently ordered the DOTr to activate Sangley as reliever aviation gateway by November to ease aircraft and passenger congestion—the root cause of persistent ﬂight delays—at the Ninoy Aquino International Airport. “Joining together the Sangley-Manila-Pasig River ferry services, possibly via a common terminal later on, might be highly sensible, if we want to encourage the optimization of water buses as an alternate mode of public transportation in and around Metro Manila,” Campos said. In this year’s General Appropriations Act, the national government is spending P2 billion to revive the Pasig River ferry system, this time with smaller boats moving faster between stations. The new money is being spent to build 17 new stations along the 25-kilometer river in the cities of Manila, Mandaluyong, Makati, Taguig, Pasig and Marikina. The new stations are on top of the 12 previously built for the old and nowdefunct ferry service. Once fully operational, the new Pasig River ferry service is projected to convey some 76,000 commuters every day on water buses—24 air-conditioned boats with 50 seats each moving through 29 terminals in 15-minute intervals.

Imee seeks end to Smartmatic’s ‘monopoly’ By Macon Ramos-Araneta SENATOR Imee Marcos seeks to end COMELEC bondage to Smartmatic and render Philippine elections more transparent and reflective of the people’s will. The neophyte senator filed Senate Bill No. 221 proposing to strike out a provision in Republic Act 9369 which bars other service providers from participating so that Smartmatic becomes the only available choice. “Because of this provision, COMELEC will choose only Smartmatic,” said Marcos. “Inilagay sa batas ang Smartmatic control sa automated elections ng ating bansa,” he said. Marcos pointed out the particular section of the law (Section 12) which she says, in effect, sets a pre-condition before an AES can be considered for use by the COMELEC. It requires that the AES should have “demonstrated the capability and had been successfully used in a prior electoral exercise here or abroad.” “It narrowed the field of qualified service providers to Smartmatic alone and negates the entire purpose of setting other technical requirements in choosing an AES provider,” she said. Amending the controversial provision will give other AES providers the chance to be chosen by COMELEC and will “pave the way for more transparent elections,” Marcos added. The clamor to ban Smartmatic has grown because of alleged widespread cheating in the May 9, 2016 elections. President Rodrigo Duterte himself told COMELEC in a speech last May to “dispose of that Smartmatic and look for a new one that is free of fraud.”

Opinion

WEDNESDAY, JULY 10, 2019

mst.daydesk@gmail.com

House disunity will worsen

I WROTE today’s column yesterday afternoon, before my deadline. I was not aware that President Duterte would finally endorse the aspirants for the Speakership: Taguig Rep. Alan Peter Cayetano for the first 15 months, and Marinduque Rep. Lord Allan Velasco for the next 21 months. The President also endorsed Leyte Rep. Martin Romualdez as Majority Floor Leader. Mr. Duterte made these endorsements in the wake of a possible disunity among administration allies as the Speakership race heats up.

I am not convinced term-sharing in the House leadership will do the country good. The President’s move brings to fore several questions. First, since House members will still vote, does this mean the endorsements are still not yet cast in stone? Second, since it was apparent that Romualdez already had more than 160 signatures in a manifesto, will this be an exercise in futility? I think the term-sharing arrangement will create further disunity. I don’t think it will work for the nation’s good. Remember, Mr. President, in politics, self-interest prevails over everything. Another question that arises is independence of Congress as one of three branches of government. With the President dictating who should lead the House, what now happens to the independence and autonomy of the lower House?

Adelle Chua, Editor

EDITORIAL

*** When I listen to Presidential Spokesman Salvador Panelo defending the President, I cannot help but laugh. In an obvious attempt to echo the President’s version of that ramming incident in Recto Bank, which Mr. Duterte described as a “little maritime incident,” Panelo says some funny things about the findings of the Philippine Coast Guard and Maritime Industry Authority on the incident. These agencies which conducted a joint probe concluded that what happened was a “serious maritime casualty.” Panelo said there was no contradiction between the findings and the President’s pronouncements. My gulay! Does he even understand English? Surely he must know that “little” is very different from “serious.” *** Amnesty International has joined the call of some United Nations members to have Human Rights Watch investigate President Duterte’s brutal war against drugs. As expected, the Palace condemned the move to investigate the war on drugs, calling it an interfer interference into the country’s sovereignty. Since 2016, when the President launched this campaign against illegal drugs, I have been saying that he was going about it the wrong way. It was not and will never be a peace and order problem. The Duterte administration says the police has killed “only” 5,000; there are estimates that put the number to as high as 27,000. Most of the killings took place in Bulacan province, called the “killing fields” of Duterte’s war. But has the bloody campaign even made a dent on the problem? It looks like it has not. Illegal drugs continue to be smuggled into the country either through the Bureau of Customs or any of the porous borders of our archipelago. The demand remains and will per-

Strange bedfellows

OLITICS makes strange dfellows, and none would be stranger than the self-exiled leader of the Communist Party of the Philippines and his avowed enemy, the United States.

Yet over the weekend, CPP founding chairman Jose Ma. Sison said Washington could influence the Philippine military and police to arrest President Rodrigo Duterte as a traitor and instigate a coup. Sison issued the statement after the President, accusing Washington of egging him into provoking Beijing over the territorial dispute in the West Philippine Sea, dared the United States to fire the “first shot” against China. The communist leader, however, said even that shot was unnecessary. "Without firing a single shot, the US can easily instruct its following within the military and police forces under Duterte to take him into custody as a traitor and to install Vice President [Leni] Robredo as the constitutional successor," Sison said in a statement. Sison claimed the US refrains from ousting Duterte because it is

still trying to use him against communist rebels and to pave the way for Charter change, which he said would "allow 100-percent foreign ownership" of businesses engaged in the "exploitation of land and natural resources." Sison, meantime, also alleged that Duterte has been "heavily bribed" by China. The Palace promptly dismissed the Sison’s warning that the United States could stage a coup against Duterte, calling it “wishful thinking coming from a tired, old, failed, revolutionary.” Presidential Spokesman Salvador Panelo said Sison should wake up from his slumber. “He has to wake up from a halfcentury of sleep because 50 years, 50 years, they have been fighting,” he said. He added that it was both ironic and pitiful that Sison had to rely on a foreign country to effect a change in the leadership in the Philippines.

“It is an admission in fact that their revolution has failed,” Panelo said. The narrative of an aging revolutionary leader out of touch with his own people is not difficult to sell. After all, Sison has been in self-exile in The Netherlands since 1988 while his comrades risked life and limb battling successive governments back home. But it probably isn’t all that wise for the Palace to play the “tired and old” card so quickly. The President, after all, has himself invited talk of coups by telling the military that he would step down if they asked, and for seeing enemies behind diagrams whose provenance and credibility are suspect. There was a short moment when Sison and the President, given their shared history in the political left, seemed ready to pursue peace. That moment has long gone, however, and the two old men—strange bedfellows indeed—need to stop muddying the waters and step aside and give a new generation of leaders with fresh ideas work for peace and progress.

Turn to A5

Ben Diokno’s mantra LOW inflation, low interest rates, high growth rates, deeper financial inclusion using technology. On these four core policy thrusts will public management expert and political economist Benjamin E. Diokno, 71, be remembered by the Filipino people as governor of the Bangko Sentral ng Pilipinas. The central bank chief thinks the inflation rate or the rate of increase in prices of goods and services consumed by an average Filipino household will be 2.9 percent for the whole of 2019. In September and October of 2018, inflation climbed to 6.7 percent— the highest in 11 years, thanks to the state-owned National Food Authority announcing a rice shortage before it happened and NFA, given P5 billion, deciding to pay its debts instead of buying rice to boost the stockpile of the Filipino staple food. Rice is 15 points of a poor man’s consumer price index (CPI or the basket of goods and services). Together, all food items account for 50 percent of that CPI. Since rice is a bellwether food item, when its price goes up, so do prices of other food items. Since food prices have psychological effect on all other products, the price of all other products rise as well. Worsening the situation last year was the sudden spike in prices of refined petroleum products, thanks to TRAIN. Diesel used to be zero excise tax per liter. It was taxed at P2.50 per liter in 2018; P4.50 by January 2019. The government claimed diesel is dirty and is used mainly by the rich. Not true. Diesel is used by farmers for irrigation, by fishermen for their fishing boats, by drivers for their jeepneys, the main transport of the poor. Diesel is also a bellwether product. You increase its

price with a tax, you increase the prices of other commodities. The government now allows private companies to import rice. Rice imports were no longer limited by quotas, but by tariffs, meaning as long as the importer pays tariffs, he can import as much rice as he can. The result: A flood of imported rice, bringing its price down from P50 per kilo to as low as P27. If you halve the price of rice and rice is 15 points of the CPI and all food is 50 percent of the CPI, you readily

Financial inclusion through technology reduce inflation by at least 25 percent. In fact, inflation by April 2019 was cut by half to 3.0 percent or less than half of the 6.7 percent September-October 2018 inflation. Diokno thinks inflation for the whole of 2019 will be 2.9 percent, if not lower. How will Diokno cut interest rates? He will flood the banking system with money. How? By lowering the reserve requirement on bank deposits. Reserve is the percentage of deposits banks must park with the central bank. It is useless, idle money. You release it to the system by lowering the reserve requirement, initially, from 18 percent when Diokno took over BSP governor last March 2019, to 16 percent, a reduction of 2 percentage points. One percentage point is equivalent to P100 billion. Two percentage points is P200 billion. With reserve at 16, only P84 billion of each P100 billion will be released to the system. So P200 billion less 16 percent reserve is P168 billion. Usually, banks can lend a peso of deposit 7x, assuming their capital can handle the risk, so 7x P168 billion is P1.176 Turn to A5

Vintage fashion: Senior models bridge South Korea’s age divide By Claire Lee AGED 70 she was working 20 hours a day in a hospital just to make ends meet. Now at 75, Choi Soon-hwa is an unlikely fashion star and model in South Korea, one of a handful of seniors who have become social media and fashion celebrities in a country where inter-generational conflict is mounting as the population ages. "I think of having this job at this age as a miracle," Choi says. She is now the oldest professional model in the South, and has walked runway at Seoul Fashion Week. It is a far cry from her life even just a few years ago when she was a care worker, forced to take long shifts often seven days a week. "It was hard to even get myself

lunch. The stress was excruciating—it was as if a volcano was about to erupt inside me," she confesses, adding that she was in heavy debt and all her earnings were spent paying off loans. Around 45 percent of older people in South Korea live in relative poverty and the country has one of the weakest social safety nets among developed nations. By chance Choi saw a TV commercial about senior models and saw an opportunity to make a change. She decided to enroll in classes and was snapped up by agency The Show Project, making her catwalk debut soon after. When she worked at the hospital, she says she had to dye her hair as patients didn't want someone who "looked too old" to look after them. Now her pale locks have become an

asset to a new generation of designers who value distinctiveness. Life of hardship "I make clothes for those in their 20s and early 30s," explains Kim Heejin, a 32-year-old designer who hired Choi for her Seoul Fashion Week show last year, where the senior model donned a bright purple padded jacket, red-flame tights and a dress adorned with an English-language obscenity. "There is something very unique about Choi—she has a quality that is different from anyone else [in her generation], and I thought it goes well with the kind of originality that I strive to achieve when making clothes," she adds. This echoes a new-found trend in Western markets, where brands now Turn to A5

Rolando G. Estabillo Publisher ManilaStandard

Published Monday to Sunday by Philippine Manila Standard Publishing Inc. at 6/F Universal Re Building, 106 Paseo de Roxas, corner Perea St., Legaspi Village, Makati City. Telephone numbers 832-5554, 832-5556, 832-5558 (connecting all departments), (Editorial) 832-5554, (Advertising) 832-5550. P.O. Box 2933, Manila Central Post Office, Manila. Website: www. manilastandard.net

ONLINE

can be accessed at: manilastandard.net

MEMBER

PPI

Philippine Press Institute The National Association of Philippine Newspapers

Former Chief Justice Reynato S. Puno Anita F. Grefal Baldwin R. Felipe Edgar M. Valmorida

Board Member & Chief Legal Adviser Treasury Manager Head—Ad Solutions Circulation Manager

Ramonchito L. Tomeldan Chin Wong/Ray S. Eñano Joyce Pangco Pañares Adelle Chua

Managing Editor Associate Editors News Editor Opinion Editor

Emil P. Jurado

Honor Blanco Cabie Night Editor Jimbo Gulle City Editor Roberto Cabrera Chief Photographer

Chairman Emeritus, Editorial Board

Opinion Deforestation+climate change = dead end for wildlife By Marlowe Hood CLIMATE change combined with

galloping tropical deforestation is cutting off wildlife from lifesaving cooler climes, heightening the risk of extinction, researchers said Monday. Less than two-fifths of forests across Latin America, Asia and Africa currently allow for animals and plants to avoid potentially intolerable increases in temperature, they reported in the journal Nature Climate Change. "The loss of tropical forests between 2000 and 2012 led to an area larger than India losing the capacity to protect species from the effects of climate change," lead author Rebecca Senior, a professor at the University of Sheffield, told AFP. "Not only does forest loss remove habitat directly, it also makes it harder for species to move." The lack of escape routes to cooler habitats means that warming "will likely result in national and global extinction of vulnerable species," she added. At current rates of climate change, animals and plants moving to the least heat-ravaged spots accessible today would, on average, be exposed by 2070 to an environment 2.7 degrees Celsius (4.8 F) hotter than during the second half of the 20th century, the study found. Even under a best-case scenario in which humanity caps global warming at 2 C—an increasingly unlikely prospect—species in tropi-

cal regions would still see a jump of droughts and temperature extremes 0.8 C by that date. on the International Union for the Conservation of Nature Red List. Extreme fragmentation The 2015 Paris climate treaty Nail in the coffin enjoins nations to hold warming to They include mammals such at "well below" 2 C. red-handed howler monkeys, jagLast year, the UN climate sci- uars and giant otters. ence panel concluded that even this Amphibians—already besieged threshold would not prevent severe globally by mysterious pathogens— impacts, such as the loss of shallow- are especially vulnerable. water coral reefs, which anchor a "They are highly specialized to quarter of marine life. particular habitats, can't move very A single degree of warming since far, and are very sensitive to overthe industrial revolution has already heating and drying out," Senior boosted the frequency and intensity pointed out. of heat waves, droughts and tropical "This is another nail in their cofstorms. fin." Animal and plant species have alHigher temperatures force some ways moved up or down mountains, tropical hummingbirds to seek towards or away from the poles, or shade rather than forage, testing into cooler or warmer waters when their capacity to adapt. faced with shifts in climate. Other research has documented But rarely has climate change species decline and loss due to forbeen so rapid, and never has it been est loss and fragmentation, which combined with extreme habitat has created islands of primary forfragmentation. est hemmed in by palm oil planta"Tropical species are particularly tions, biofuel crops, cattle ranches sensitive to temperature change," and the soyabean crops used to feed Senior said. "Most are found no- livestock. where else on Earth, and make up An area of tropical forest five a huge proportion of global biodi- times the size of England—some versity." 600,000 square kilometers (230,000 Scores of studies have shown square miles) —has been destroyed how rising temperatures have since 2014, according to Global forced fauna and flora to adapt their Forest Watch, a research unit at the behaviour in ways that curtain their University of Maryland. ability to collect food, reproduce or The new study, however, is the both. first to investigate the interaction Some 550 species—more than between tropical habitat loss and half already threatened with extinc- climate change on a global scale tion—are listed as vulnerable to over more than a decade. AFP economically. Their economy is flooded with deposit money. With the spending buoyant and the economy expanding, you have high growth rates. This is not happening yet though. In fact, economic growth as measured by GDP growth rate, is slower—from 7.2 percent in third quarter (Q3) 2017, 6.5 in Q4 2017, 6.6 in Q12018, 6.2 in Q2 2018, 6 in Q3 2018, 6.1 in Q4 2018, and finally, down to 5.6 percent in Q1 2019. Why the slowing growth? I suspect government people are stealing the money (the so-called corruption) or are simply incompetent to implement projects (the so-called absorptive capacity). And private companies have been slow to react to the improved economic environment (the so-called economic lag of projects). How can the poor benefit from all this good news? That is where financial inclusion comes in. Banks will pay more attention to you. Some 600 towns have no banks. BSP explains financial inclusion this way: “Financial inclusion is a state

wherein there is effective access to a wide range of financial services for all. Effective access does not only mean that there are financial products and services that are available. These products and services must be appropriately designed, of good quality and relevant to benefit the person accessing the said service. Wide range of financial services refers to a full set of products such as savings, credit, insurance, payments and remittance services for different market segments, particularly those that are traditionally underserved or unserved.” Diokno hopes to achieve financial inclusion through technology— through your cellphones, Facebook, the internet of things, the digitalization of banking functions. You get your remittance through your cellphone. You pick up your money from 7-11, Jollibee, Mcdo, Starbucks, your corner pawnshop. You pay your bills through them too. Kasama ka, kasali ka. Sa pera ng bangko.

ing full time while being a lone parent in a nation that can be hostile to single mothers. From A4 "During my years as a single parchoose models who reflect the diver- ent of two kids I would wear the same clothes for as long as 20 years," she sity in society and social media. In the past five years, catwalks adds. globally have seen greater age diDemographic crisis versity and models such as Jacky Today South boasts a 43 trillion O’Shaughnessy, Jan de Villeneuve, and Elon Musk’s mother Maye Musk, won (US$ 37 billion) fashion industry making names for themselves as fash- but Koreans aged 60 or older spend an average of 38,000 won (US$33) ion stars in their 60s and 70s. South Korea's elderly have lived a month on clothes and shoes, while through Japanese colonial rule, the those under 40 spend three times as Korean War, severe post-war poverty much. Now in her mid-seventies, Choi and the 1997 Asian Financial Crisis. "This country was very poor when I says her generation had been "forcing was young," says Choi, who confesses themselves to be too frugal" and says she grew up admiring clothes worn by now is the time to try and live her own children at orphanages—children in life. Choi and other older celebrities such establishments in post-war South Korea were the beneficiaries of dona- have captured the imagination of South Korea's youth and garnered tions from the US. Her adult life was also one of hard- large numbers of acolytes online, providing a small link between genship. After her husband abandoned her erations that are increasingly divided and their two children—simply leav- both politically and socially. Fellow senior model Kim Chiling home one day and never returning—she was forced to juggle work- doo, age 64,has some 75,000 follow-

Vintage...

ers on Instagram, while 72-year-old Park Mak-rye, whose posts include make-up tips, is a YouTube sensation with more than 400,000 fans. But with the nation facing a demographic crisis, and the ratio of elderly to those of working age set to soar, tensions are mounting. Usage of derogatory terms to describe senior citizens—such as teulttakchung, meaning a "denture-wearing insect" and yeongeumchung, a "pensioner insect"—has become more common. A study by the state-run Human Rights Commission found more than half of those aged 19-39 were worried measures to encourage job creation for the old would reduce opportunities for the young. But for many older people, making a life change like Choi is not "even imaginable" says Michael Hurt, a sociologist at the University of Seoul. He adds: "Opening a social media account while photographically documenting yourself all the time isn't something they know even exists, let alone something that they would actually do." AFP

House...

countries as well. Thus, for the President to be avoiding scrutiny from the United Nations is to worsen our image in the international community. *** Those who voted for Senator Ron-

Ben... From A4

trillion. Over the next four years of his governorship, Diokno promises to cut RR by half or to 9 percent, in effect releasing P900 billion which the banks will have to lend as loans—to corporations (including government), to consumers, to you and me. If there is more supply of money, interest rates (which is the price of money) will go down. The cheaper money borrowed then will go into capital goods (roads, bridges, machinery and equipment, cars, your smart), and consumption (shopping at SM, travel abroad, trip to Tagaytay, dining at Mang Inasal). Businesses will expand. Government will improve infra. More factories will be opened and more people will be hired. So good times are ahead. Diokno notes that other countries in ASEAN have even lower RR. Thailand is one percent. Malaysia is 3.5 percent. No wonder these countries are robust,

The right way, I think, is to focus on rehabilitating addicts to cut off the demand. Drug abuse is first and foreFrom A4 most a health issue. sist even after Duterte steps down in The problem is not unique to the 2022. Philippines. We see it in many other

biznewsasia@gmail.com

WEDNESDAY, JULY 10, 2019

mst.daydesk@gmail.com

Rockstar One next sees television footages of a wide boulevard, Claro M. Recto, from Tutuban to Asuncion, which people never imagined possible. Then a Plaza Miranda, once the political center of gravity fronting historic Quiapo church, now AS OUR Tagalog ancestors would cleared of itinerant vendors selling keep saying, “pagka haba-haba man their wares, congesting traffic along ng prusisyon, sa simbahan din ang Quezon Boulevard and depriving pedating.” destrians of walking space. Again, As we kept writing in this column, something you never imagined could all the noise and political skirmishes yet be done. attendant to the choice of the speakerHe called for a meeting with the ship of the House of Representatives heads of Tourism Infrastructure and will amount to nothing in the end. Enterprise Zone and Intramuros This is because the only voice that Administration, the national govmatters is that of their audience of ernment agencies under the Departone—the President. ment of Tourism, and got them to We knew all along that when push pledge assistance towards reviving comes to shove, the congressmen who Manila’s historic spots, and the frukept preening about their “choices” ition of a Heritage Trail that would and their “favorites” will eventually link Luneta, Intramuros, Liwasan come trooping to the Palace and ask and Chinatown, which are the nathe president to decide for them. Of tion’s most cherished monuments course they retain to history. the right to vote They in turn come July 22, but requested for only to vote the help to clear the Our people are endorsee of the auWalled City of keeping their faith. dience of one. informal settlers, The President without which kept everybody efforts to revive in tenterhooks, his playful, even mismis historic glory would be for naught. chievous wont being to test the char- And he promised them his political acter of the major players. will. Congratulations, Speaker Alan He went to the Manila Zoo, and Peter. You are now in charge of vowed not to commercialize the 5.4 pushing through within the next 15 hectare city property, just as he vowed months after 22 July, some of the to preserve the Arroceros Park beside most important pieces of legislation the Pasig River, while promoting conin our contemporary history. And servation and urban renewal. together with the President you supHere is a suggestion, Mayor Moreported in 2016, create that rendez- no: Talk to the president and DENR vous with meaningful change. Secretary Cimatu, about relocating the *** zoo at the much bigger Ninoy AquiAs political compromises go, Rep. no Parks and Wildlife Center, which Martin Romualdez who comes from is more than four times bigger, and one of the least favored and oft-ne- where the Parks and Wildlife Bureau glected regions in our political prac- is more technically adept at caring for tice, will be the Majority Floor Lead- the animals. Truth is, animal lovers, er. It’s not an easy job, husbanding whose numbers keep growing, frown major pieces of legislation through on keeping animals in captivity for the the committees and the floor, but visual delectation of kids. Martin has both the academic creInstead, convert the present Madentials and the experience in both nila Zoo premises into an arboretum government and the private sector to cum botanical garden and orchisteer through muddled waters. darium that would exhibit our finest The President’s stated desire to flora. And instead of flower vendors see constitutional change, which he crowding the narrow streets of Larightly says can be done while he is ong Laan and premises beside the on the saddle, will find Martin and Dangwa bus terminal, selling mostly Alan willing and capable allies. highland-grown flowers, why not rePlease, let us effect major changes locate them in the more spacious (and in the political system, through a re- professionally designed, we hope) vision of the Constitution of 1987. corner of Quirino Avenue and AdriNever mind if we do not federalize. atico, closer to the bigger markets of That may be too tall an order and cur- Makati and BGC and the tourist belt rently not pragmatic given the state in Malate-Ermita.Little expense; bigof our economy, where inequality ger returns; more aesthetic. is both demographic and territorial. Over dinner with Ping Lacson last But bring us back to the two-party week, the senator also expressed adsystem if we remain presidential, miration for Mayor Isko, and the foland bring back both order and san- lowing day tweeted: “I hope I am not ity in our electoral system. Open up speaking too soon. As long as we see the economy just wide enough to en- the emergence of new leaders like courage investment flows we need so Mayor Isko Moreno, we can look badly to employ our big labor force. forward to retirement and continue And reorganize government into a dreaming big for our beloved counlean and effective bureaucracy. try. Let’s pray he will not be eaten by *** the system that consumed many othHis victory in the last elections ers before him.” was a given, at least from this writRep. Lito Atienza, who once ruled er’s vantage view, both as a Manile- Manila for nine years as mayor, no and as one whose feel of the pub- likewise expressed his hope that the lic pulse has allowed me to predict new mayor will continue with his the victory of many presidents after reforms, at the risk of “looking old Ferdinand Marcos, the most unlike- after three years.” ly being that of a city mayor from Isko Moreno is fast becoming an the deep South when everyone was instant rockstar of Philippine polilooking at the big political superstars tics. from Luzon in 2015. Remember that the world always But Mayor Isko Moreno’s first gives way to a young man who week in office is something to appre- knows where he is going. ciate. We look forward to many more *** such weeks. Just as we write this piece, SoMy information officer gave me cial Weather Stations released its a Facebook video of Mayor Isko ad- net satisfaction ratings for President monishing the street vendors of Di- Duterte. Despite the Recto Bank visoria about the need to put order incident and the rather clumsy comin the streets. He communicated to munication efforts of his cabinet’s them in their language, the lingua handling of the incident, the Presifranca of the streets of Tondo, mak- dent’s net satisfaction ratings remain ing them feel that he was one of stratospheric, inching up a point furthem, which he truly was, having ther from the March 2019 findings. been once a poor scavenger making Our people are keeping their faith in both ends meet for him and his Sa- Duterte. marena mother. And eliciting their Now that’s a real political rockcooperation in the process. star! ald dela Rosa must now be discovering what kind of man they put in office. Imagine, when reacting to the death of a three-year-old girl shot during a buy-bust operation in Rizal, Bato said

“sh*t happens.” He was promptly castigated by his colleagues and by media. Obviously, he is trying to mimic his boss. www.emiljurado.weebly.com

News

WEDNESDAY, JULY 10, 2019

mst.daydesk@gmail.com

DOJ orders NBI to probe Dinagat prov’l official’s slay By Rey E. Requejo THE Department of Justice has ordered the National Bureau of Investigation to conduct a parallel investigation into the killing of Dinagat Islands provincial board member Wenefredo Olofernes. In Department Order 347, Justice Secretary Menardo Guevarra directed the NBI to conduct a fact-finding probe and case build-up on the incident and “if evidence warrants, to file the appropriate charges against persons found responsible thereof.” Guevarra also ordered NBI Director Dante Gierran to submit progress reports on the investigation. Olofernes was shot dead by unidentified assailants last Sunday in Surigao City, Surigao del Norte. Police investigators said they were not ruling out politics as possible motive for the killing. They said the 52-year-old elected official could have known his assailants because he greeted them when their motorcycle drove past his motorbike before he was shot, according to his partner Olive, who suffered bruises when she fell off the motorcycle. Olofernes, who ran as an independent, was serving his second term. He also served for three terms as councilor of Basilisa town. The Caraga regional police office has put up a reward of P100,000 for information leading to the arrest of the assailants. On Monday, Malacañang urged the police to speed up its investigation of what it described as the “senseless” murder of Olofernes. In a statement, Cabinet Secretary Karlo Nograles, in charge for regional development for the Caraga region, condemned the killing and said “We’ve been assured that this is an isolated occurrence.” Sources said Olofernes, the top board member of Dinagat Islands, had just had his morning exercise and was heading home on his motorcycle at 9:18 a.m. on Sunday when two men on another motorcycle shot him along Kilometer 2 at Barangay Luna in Surigao City. Meanwhile, Dinagat Gov. Arlene “Kaka” Bag-ao ordered a no-nonsense investigation into the assassination.

ROAD SAFETY. Land Transportation Office Chief Asistant Secretary Edgar Galvante delivers Tuesday a message during the launching of the Integration of Road Safety in the Basic Education Curriculum at the LTO main office in Quezon City.

Agents seize shipments of guns, ammunitions By Joel E. Zurbano

OVERNMENT agents have seized shipments of firearms, airgun and ammunitions in three separate occasions at an airport bonded warehouse in Pasay City, officials said Tuesday. Customs operatives assigned at the Ninoy Aquino International Airport intercepted a Glock pistol with four magazines and 92 live ammunitions; and 35 pieces of rifle parts on July 1 and 4 from DHL warehouse. Customs NAIA district collector Carmelita Talusan said based on documents, the rifle parts from Hong Kong were misdeclared as general merchandise while the Glock pistol and pistol parts bound for Taiwan were misdeclared as “new water pump.” In the same warehouse, the abandoned goods examined on July 7 also yielded an airgun rifle with accessories and gun parts from China. Talusan said her men conducted the operations in close coordination with the Philippine National Police-Firearms and

Explosive Office. “An investigation is now being conducted to identify its perpetrators and in preparation for the filing of appropriate charges,” she said. Talusan said her office will never stop its campaign to protect the country’s premier airport from the entry of illegally imported goods, especially those that would endanger human lives. “We do not sleep at the NAIA District office, if only to ensure that illegal goods, especially guns and drugs are apprehended and are not able to get through customs,” Talusan said. Last February, Talusan’s men also intercepted a shipment of firearms and live ammunitions also at a bonded warehouse of NAIA. The contraband—composed of 8 pieces

of .9mm Glock 19 pistols, 20 magazines and 266 live ammunitions—were discovered inside a solar panel and tool cart placed in two parcels bound for Taiwan. Customs-NAIA personnel discovered the contraband through profiling and subsequent X-ray scanning of the outbound packages at the airport warehouse. The importer misdeclared the P500,000 worth of shipment as solar panel and tool cart based on the shipment documents. Exportation of firearms and ammunition through fraudulent misdeclaration and without necessary permits constitute violation of the Customs Modernization and Tariff Act and Republic Act 10591 or Comprehensive Firearms and Ammunition Regulation Act. Manila International Airport Authority general manager Eddie Monreal said the recent bomb attacks in Sulu caused further intensified security measures at the country’s main gateway. The authorities also make simultaneous checking of all passengers entering at the initial and final security check to ensure that no firearms or explosives could be smuggled.

Glutathione needs prescription, considered as drug, says FDA THE Food and Drug Administration said Tuesday the use of glutathione, widely used for skin lightening, requires a doctor’s prescription. Glutathione is not registered as a skin-lightening product but as a drug for illnesses, said Katherine Lock, ofﬁcer-in-charge of FDA’s Center for Drug Regulation and Research. She told in Tagalog radio dzMM, in an interview heard nationwide, “This should not be used for other purposes since this is for a ceretain illness. If a person does not have any illness, then this should not be used.” She added: “A doctor’s prescription is required, especially for those given through drips or those called injectibles.” The FDA earlier warned consumers of the “toxic side effects” to the liver, kidney, and the nervous system linked to glutathione use, adding it ‘has not approved’ injectable products to whiten skin.” “This is a drug that should only be used to cure illnesses. Skin lightening is only a side effect of the drug.” Lock said the FDA would look into the sources of beauty clinics that offer glutathione drips and other products. Lock added: “Our next move is to investigate where they are getting these drugs because glutathione distributors should only sell to licensed establishments of the FDA.”

RESPONSIBLE SERVICES. Newly appointed president and CEO of PhilHealth retired Maj. Gen. Ricardo Morales discloses, in his first news conference Tuesday as Philhealth chief at the ‘Kapihan with Media’ at the PhilHealth office in Pasig City, the possibility of a reorganization to coincide with the Universal Health Care Act which President Rodrigo Duterte signed into law last February.

Palace says Piñol’s transfer to MinDA not yet finalized By Nat Mariano THERE is no certainty yet on the transfer of Agriculture Secretary Emmanuel Piñol to the Mindanao Development Authority, the Palace said on Tuesday. In a Palace press briefing, Presidential Spokesman Salvador Panelo said the DA chief’s reassignment to be the government’s representative in the MinDA has not been finalized. Panelo said, recalling the instruction of the President, Piñol’s transfer lay with the decision of Moro Islamic Liberation Front chief Al-Hajj Ebrahim Murad and other Bangsamoro ofﬁcials. Asked if it is still subject to the approval of the MILF chief, Panelo said: “Yes, that’s what the President said. It came from him.” Almost two weeks ago, the President previously said he was considering Piñol as the new head of MinDA, replacing the late Datu Abul Khayr Dangcal Alonto who passed

away last month. According to him, he expects the Agriculture chief, a farmer and a former governor, to help the Bangsamoro Autonomous Region in Muslim Mindanao to “have a ﬁrst regular organized government that they have long wished for.” “The problem is I have yet to see Murad and all ofﬁcials of the BARMM,” Duterte said, clearing Piñol of corruption allegations. Meanwhile, some Moro leaders are wary of Duterte’s plan to make the embattled Agriculture chief as the government’s “point man” in the BARMM, recalling the role Piñol played in the junking of the memorandum of agreement on ancestral domain (MOA-AD) in 2008. “[T]he reality is Manny Piñol is not popular among the Bangsamoro people, having been known in the past as principally and vocally against the struggle of the Bangsamoro,” Murad said in a text message. “This was further aggravated when he [Piñol] spearheaded the petition in the Supreme Court

against the MOA-AD that would have been the ﬁrst framework agreement to be signed between the MILF (Moro Islamic Liberation Front) and the government before it was struck down as unconstitutional by the Supreme Court,” he added. For his part, Drieza Lininding, chairman of the Marawi-based Moro Consensus Group, said Piñol is not welcome among the Moro people. Marawi civic leader Samira Gutoc-Tomawis also urged the President to reconsider his decision, saying Piñol is perceived by many Moro communities as anti-Moro. Asked if the Palace will take into consideration the comments of the Moro people, Panelo said yes. “I supposed the President will always take any factor being introduced by concerned players in that region. Of course, the President considers everything,” he said. “Anything is possible. Duterte can change the mind of Mr. Murad. Or the President can replace Secretary Piñol,” he added. “Let’s see how it evolves.”

DOH joins school-based immunization campaign By Macon Ramos-Araneta and Jun David THE Department of Health has joined the School-based Immunization campaign north of Manila as it continued to encourage mothers and caregivers to avail of the government’s free immunization services. The program intends to provide children, as well as adolescents, greater protection against vaccinepreventable diseases. “School-based immunization is a strategy for reaching older children and adolescents,” Health Secretary Francisco T. Duque III said Tuesday. “It is a platform to provide a second opportunity for vaccination and an excellent platform that integrates other public health interventions like mass deworming.” The program aims to reach a total of 9,913,032 learners, under the schoolbased platform. For the 2019 school-based immunization, school children from kindergarten to Grade 7 (K - 7) are the target population to be vaccinated. In the ﬁrst week of July, SBI was launched in Signal Village National High School, Taguig City, where a total of 2,259 Grade 7 learners are targeted for measles vaccination and booster shots of Tetanus-diphtheria. For the City of Valenzuela, a total of 58,037 learners from Grades 1 to 7 will be given measles containing vaccine (MCV), 14,967 Grades 1 and 7 learners will be given booster shots of Tetanus-diphtheria, and 3,473 Grade 4 female pupils will be given the Human Papillomavirus (HPV) vaccine. The DOH’s school-based immunization program aims to reach more children, especially with the yearly increase in the number of enrollees. Piloted in 2013 in selected provinces and cities nationwide, in August 2015, the DOH, in collaboration with Department of Education and the Department of the Interior and Local Government, successfully conducted vaccinations in 38,688 public schools nationwide providing a second dose for measles and booster doses for diphtheria and tetanus. Since then, August has been declared School-Based Immunization month and the program has become an annual undertaking.

Security guard who shot student inside school nabbed A SECURITY guard who shot and killed a 15-year-old student inside a classroom in Calamba, Laguna has been arrested, a radio dzMM report, beamed nationwide, said Tuesday. The suspect was identified as Renz Ivan Valderama, also known as Renando Valderama, was arrested in Barangay Pansol in Calamba, Laguna before 4 a.m. after he was spotted by residents, according to eyewitnesses. The eyewitnesses had said Valderama, jailed in 2017 for theft according to police, entered the classroom at around 12:30 p.m. last July 4 and shot the 15-year-old victim before escaping. Witnesses quoted a caretaker as saying Valderama was able to enter the school by mingling with construction workers who had entered the premises. Relatives of the victim earlier said the two had a relationship until last month after the student accused Valderama of raping him from March to June of this year.

Sports Bacoor blasts Zamboanga BACOOR blasted Zamboanga, 8375, to notch its fourth straight win in the MPBL Lakan Season even as Bicol and Davao Occidental posted contrasting victories late Monday night at the Cuneta Astrodome. The Strikers of Bacoor put one over a Zamboanga team that is orphaned by its head coach, who served a onegame suspension for misconduct. Ex-pros Michael Mabulac and fellow All-Star and reigning league Most Valuable Player Gab Baal combined forces while team captain Oping Sumalinog also hit clutch baskets in towing the Strikers to their fourth consecutive win. Bacoor improved its win-loss record to 4-1 in the third season of the fastest growing regional amateur basketball league put up by Senator Manny Pacquiao with PBA legend and former MVP Kenneth Duremdes serving as commissioner. Mabulac, the team’s premier big man, ﬁnished with a double-double of 24 points and 11 rebounds. Banal also came away with a double-double showing of 10 points and 11 boards while Sumalinog, a former standout of Alab Pilipinas in the ABL, added 12 markers. Bai Cristobal took over as head coach of Zamboanga in lieu of suspended coach Raymond Valenzona, but the Strikers were not ready to give the veteran bench tactician a warm welcome as they dealt him and his team a sound beating.

WEDNESDAY, JULY 10, 2019 sports_mstandard@yahoo.com

PH boxers ready for busy stretch

HE ﬁnal two quarters of the year will be a busy stretch for the Philippine boxing team as it competes in three major tournaments capped by its bid in the 30th Southeast Asian Games to be held here in December. Men’s team coach Roel Velasco said the Filipino pugs are now in the thick of their preparations for the coming World Championships in Yekaterinburg, Russia this September, followed by the SEA Games three months after, and then possibly, the Olympic qualiﬁers beginning in January of 2020. Although the world meet is next in the radar of the Alliances of Boxing Association in the Philippines as the tournament is set on Sept. 7 to 15, it’s the SEA Games

which is first and foremost the priority of the team especially with the biennial meet coming over to the country for the first time in 14 years. Velasco confidently said before the weekly Philippine Sportswriters Association Forum at the Amelie Hotel-Manila the boxers are capable of surpassing the 2-1-2 gold-silver-bronze medal finish the country achieved in the last staging of the event held in Kuala Lumpur, Malaysia two years ago. “Malalagpasan natin ‘yung ginawa nila sa Malaysia lalo na at tayo ang host this December,” said Velasco, a bronze medalist in the 1992 Barcelona Olympics. Two of the gold medalists in Eumir Felix Marcial and John Marvin, along with bronze winner Ian Clark Bautista were with Velasco in the forum presented by San Miguel Corp. Braska Restaurant, Amelie Hotel, and the

Philippine Amusement and Gaming Corporation. The 26-year-old Marvin, who won the light-heavyweight gold in Malaysia, said he’s definitely aiming to retain his title especially fighting before an expected frenzy Filipino crowd at the PICC center, venue of the boxing events. “Anything less than a gold medal. I’m after that gold,” said Marvin, a member of the British Army, whose father is from the United Kingdom while his mother hails from Pampanga. Marcial, 23, is also aiming for a double gold, who considers just about everybody as a major threat in his bid to score a back-to-back. “Lahat naman ‘yan malalakas kasi lahat ‘yan nag-aasam ng gold,” he said. Velasco hopes to trim the final roster of eight boxers for the men’s team and five for the distaff side by late October or early November.

Premier Volley League finals on ABS-CBN

Boxing coach Roel Velasco (second from left) is shown with John Marvin (left), Ian Clark Bautista and Eumir Felix Marcial (right) during their appearance at the PSA Forum at the Amelie Hotel-Manila.

Breaking the ‘Big Three’ strangehold over burger, fries LONDON—Roger Federer is one win away from his 100th victory at Wimbledon after making a 17th quarter-ﬁnal, but told the wilting chasing pack that they could ﬁnd hope in their pursuit—over a humble happy meal. The eight-time champion, as well as Novak Djokovic and Rafael Nadal, moved into the last-eight on Monday with embarrassing ease. The trio, with 14 Wimbledon titles, dropped only 19 games between them, facing a grand total of just one break point. Federer breezed past Italy’s Matteo Berrettini 6-1, 6-2, 6-2 in just 74 minutes to make sure of a 55th quarter-final at the Slams. It was his 99th win at the All England Club and at 37, he is the oldest man to reach the last eight at the majors since 39-year-old Jimmy Connors at the 1991 US Open. Despite Berrettini being 15 years his junior, the Italian carved out a meagre 11 points on the Federer serve in a brutal Centre Court demolition. However, Federer told his bewildered opponent not to lose heart, recalling some desperate defeats that he suffered in his own early career. “One day at the US Open, I played Max Mirnyi, I waited 10 hours to play, it was raining all day,” said Federer of his 2002 visit to New York. “They sent me out at 11:00pm, I believe, Court Eight, lost in straight sets, went to McDonald’s at two in the morning. “You’re like, What happened? Some losses you can’t explain. “It’s okay to take a step back, but then

Djokovic

Federer

you have to take two forward. I hope that’s what he does exactly from today on.” Twelve months earlier at the US Open, Federer’s conﬁdence, which had sky-rocketed with his famous triumph over Pete Sampras at Wimbledon, came crashing down. Against Andre Agassi in the fourth round, he managed to win just seven games. ‘Take out Andre? Nah’ “I thought I was going to take Andre out. Nah. You get smashed, go home, don’t understand what happened,” added Federer who was told by Berrettini at the net: “Thanks for the lesson”.

Nadal

“You realize, Well, I’ve just got to work harder. It’s that simple,” added the Swiss. Defending champion Djokovic was just as dominant seeing off French rookie Ugo Humbert 6-3, 6-2, 6-3 to reach the Wimbledon last-eight for the 11th time, and 45th time at the Slams. Nadal, a two-time winner, saw off Portugal’s Joao Sousa 6-2, 6-2, 6-2 for his seventh quarter-ﬁnal slot and 39th overall at the majors. Djokovic said he, Federer and Nadal are so dominant because they “transcend the sport”. “I am the player that I am today because

of these guys, because of the rivalries I have with two of them,” said the four-time champion. ‘Brady, LeBron’ “It does transcend. It’s like Tom Brady (in the NFL), for example, who at his age is still playing on the top level, winning rings and everything. LeBron James (in NBA), Serena Williams.” Nadal, on 19 majors and just one behind Federer who he could face in the semi-ﬁnals this week, believes the pack will catch up. However, he does not want to put a time-frame on when that might be. AFP

CEU Scorpions favored in PBA D-League Foundation Cup THIS early, Centro Escolar University has emerged as the frontrunner to romp away with the title in the coming PBA D-League Foundation Cup. The Scorpions are marked men when the tournament kicks off on July 25 at the new Paco Arena following a remarkable campaign in the season-opening conference that saw them ﬁnish runner-up behind champion Cignal HD-Ateneo Blue Eagles despite coach Derek Pumaren making do with just an eight-man roster. CEU assistant coach Gabby Velasco however, was quick to deﬂect the tag of the Scorpions as title favorites since according to him, this will be a different team from the one that underachieved during the

last D-League staging. “The seven or six players from last conference would still be there, but the rest manggagaling sa training team namin, while the others are from our recent tryouts. So this is going to be a totally different team,” said Velasco, speaking on behalf of Pumaren in the Philippine Sportswriters Association Forum at the Amelie Hotel-Manila on Tuesday. Added the former De La Salle and St. Francis of Assisi coach: “We wanted to improve and raise the basketball program of CEU that’s why we joined the D-League. So I don’t think it would be fair to look us at again with the same caliber and same strength that

we have last conference. Velasco was joined in the weekly forum presented by San Miguel Corp., Braska Restaurant, Amelie Hotel, and the Philippine Amusement and Gaming Corporation by Technological Institute of the Philippines coach Potit De Vera, Marinero Pilipino’s Jonathan Banal, and D-League ofﬁcials Mauro Bengua and Rosc Teotico. CEU is one of six school-based teams seeing action in the meet that will run until October. Aside from the Scorpions, other school-based teams, according to Teotico, are AMA Titans, TIP Engineers, BRT Sumisip Basilan-St. Clare, Nailtalk-St. Dominic Savio, and McDavid La Salle Araneta University.

Ramirez to bank on experience of his SEAG deputies SITTING down for the first time as a team, Philippine Delegation to the 30th Southeast Asian Games Chef de Mission and Philippine Sports Commission Chairman Butch Ramirez met his Deputy Chefs de Mission today, assigning Stephen Fernandez as his 1st Assistant among the six DCDMs. “He will be my first alternate when I am unable to attend to an official function,” the sports chief explained. Ramirez said he is banking on the experience of his DCDMs to contribute positively on the delegation’s preparations. Fernandez, meanwhile,

thanked Ramirez and his co-DCDMs for welcoming him to the group as expressing that he is “happy to be working with such driven people.” During the meeting, Ramirez reminded everyone of the President’s instruction to ensure that the athletes are given the support they need and are shielded from the issues hounding the sports community these days. Fernandez was appointed DCDM last week along with Philippine Rugby Football Union Secretary General Ada Milby and PSC Commissioners Celia Kiram, Arnold Agustin, Charles Maxey and Mon Fernandez.

The DCDMs also got their cluster assignments in the same meeting. Milby and Agustin split the 19 sports in the Clark hub plus surﬁng in Pangasinan. Kiram will oversee the Subic Cluster which has 16 sports. Maxey and (Mon) Fernandez will cover Metro Manila and South Luzon sports. Stephen Fernandez will assist Ramirez in the overall monitoring and support for the national team. They have agreed to continue the weekly Thursday meetings and will be going around training venues of Team Philippine Sports Commission Chairman Butch Ramirez Philippines for monitoring, starting to his Deputy Chefs de Mission: Basta tayo trabaho next week. lang. Tulungan ang mga atleta.

IT’S Creamline versus PetroGazz for the Premier Volleyball League Reinforced Conference crown starting Wednesday at the FilOil Flying V Centre in San Juan. Fans can catch the live coverage of ABS-CBN Sports on S+A, S+A HD, LIGA, LIGA HD, and via streaming on iWant starting at 3 pm. The reigning and defending Reinforced Conference champs Cool Smashers formalized the dream match-up by fans when they swept the PacificTown Army Lady Troopers last Saturday (July 6). The Angels booked their maiden appearance on the Finals stage by defeating the BanKo Perlas Spikers also in two games, and are now seeking to dethrone the current queens. The Lady Troopers and the Perlas Spikers, meanwhile, will dispute the bronze medal at 3 p.m., with the Game 1 of the Finals starting at 5 p.m. The underlying story between the two rival squads was how they were the only ones to beat each other dating back to the elimination rounds. PetroGazz drew first first blood against Creamline in the season opener, giving the Cool Smashers their only loss in the conference. After that opening-day defeat, the defending champs racked up 11 straight victories, including the semifinal series against the Lady Troopers, to barge into the Finals. “What hurts Creamline opponents the most right now is that their reinforcements have been playing so well. (Kuttika) Kaewpin and (Ale) Blanco have been scoring a lot and they still have Alyssa Valdez, Jema Galanza, there’s just so much firepower,” said volleyball analyst Mozzy Ravena on “The Score” last Friday (July 5) when asked about how Creamline has sustained its blazing form. Meanwhile, fellow analyst Fille Cainglet-Cayetano cited that aside from the Cool Smashers’ offense, the team’s defense has been stout thanks to the likes of Liberos Melissa Gohing and Kyla Atienza. On the other side of the fence, the analysts believe that the Angels gained the upperhand thanks to the combined firepower of the troika of Wilma Salas, Janisa Johnson, and to their surprise, Cherry Nunag. “Every game, the imports have been consistent, then there’s that one local who bolsters their attack,” said Ravena. Aside from the three, the Angels can also rely on tried and tested veterans with championship experience like Stephanie Mercado and Jeanette Panaga.

Stewart... From A8

the ICTSI Iloilo Golf Challenge of the PGT two weeks ago, kicked off his bid at the back with three straight birdies and closed it out in the same fashion— birdying the last three for a 33-30 card that also included a three-birdie effort in a four-hole stretch from No. 14. He did fumble with a bogey on the slightly dog-leg right par-4 No. 4 but more than made up for the slip with those birdies in the last three from short range spiked by powerful drives and superb approach shots, taking command by two over the strongest cast ever assembled thus far in the three-year-old circuit backed by PLDT Enterprise, Meralco, BDO and PGT Asia ofﬁcial apparel Pin High. “I was on target most of the time. It was an incredible feeling. Overall my driving and irons were near perfect and my putting was impressive. I just need to sustain this kind of game in the next three days,” said Stewart. Still, a good number of pre-tournament favorites groped for form despite the absence of the wind and in danger of missing the 50-plus ties cut today (Wednesday), including Juvic Pagunsan, who swept three titles in the Visayas in the PGT last month, four-time PGT Asia leg winner Jhonnel Ababa, PGT Asia Luisita champion David Gleeson of Australia, Elmer Salvador and multititled three-time PGT Order of Merit winner Tony Lascuña, whose one-under 70s were good for joint 34th to 49th.

Sports

Riera U. Mallari, Editor; Reuel Vidal, Assistant Editor sports@manilastandard.net sports_mstandard@yahoo.com

WEDNESDAY, JULY 10, 2019

Alaska rules UNTV Cup; PBA Legends to get P2M WILLIE Miller showed why he won the much-coveted Most Valuable Player twice as he helped lift Alaska Milk to a thrilling 77-75 win over San Miguel Beer in the UNTV Cup PBA Legends Faceoff on Monday before a sizable crowd at the Smart Araneta Coliseum. Still wily and funny at 41, Miller exploded for 34 points in leading the Milkmen to a vengeful win over the Beermen in their winner-take-all match for the P1million top prize. He also produced four assists, three rebounds to share the limelight with one-time MVP Johnny Abarrientos, who masterminded the team’s fightback early in the payoff period that saw them rally from a 60-52 deficit. Flashing some of his patented moves, Abarrientos scattered 12 points to go well with hi six assists, six rebounds and four steals. Playing his best game in the fourteam, one-month tournament, four-time MVP Alvin Patrimonio put on a doubledouble show as Purefoods overpowered Ginebra, 98-75, in the battle for third place in the event organized by UNTV President and CEO Dr. Daniel Razon. Patrimonio tallied 16 points and 13 boards, the bulk coming early in the fourth period where the Hotdogs made a decisive run to rip the game wide apart. But the night’s biggest winner was the PBA Legends Foundation, headed by former Crispa hotshot Atoy Co. Including the top purse of P1 million, the foundation received a tax-free P2 million prize from the organizing UNTV. Razon, who was accompanied by other Breakthrough and Milestones Productions International-UNTV bigwigs including Gerry Panghulan, said the P2 million will be used by former PBA players who are either sick or in need of financial assistance. Alaska’s title win ended San Miguel’s four-game winning run in the tournament, including a massive 76-61 drubbing of the Milkmen in the elims. The scores: ALASKA 77 – Miller 34, Abarrientos 12, Laure 8, Cariaso 8, Santos 6, Ferriols 5, Hawkins 3, Lastimosa 1, Lim 0, Gomez 0. SAN MIGUEL 75 – Calaguio 23, Caidic 16, Adriano 15, Racela 8, Castillo 6, Belasco 5, Gamboa 2. Quarters: 19-21, 37-34, 52-60, 77-75.

Rockets eye deal for OKC Thunder star Westbrook NEW YORK—NBA All-Star guard Russell Westbrook, who suddenly finds himself on a rebuilding Oklahoma City Thunder squad after they traded away Paul George, could be traded to the Houston Rockets, according to reports Sunday. The Rockets are interested in a deal for the point guard even though one source told ESPN it was a “longshot” because of the difficulty in making such a move, involving multiple other teams or obtaining talent the Thunder desire. The Athletic website also reported Houston’s interest in Westbrook, saying that Miami and Detroit were hopefuls in making a deal for the versatile 30-yearold playmaker. Oklahoma City turned to rebuilding thoughts after George asked for a trade and the Los Angeles Clippers assembled a deal involving five first-round NBA Draft picks plus Italian forward Danilo Gallinari and Canadian point guard Shai Gilgeous-Alexander. The shock move completed early Saturday leaves Westbrook on a team looking to rebuild and likely looking for a trade deal himself. NBA scoring champion James Harden, last year’s Most Valuable Player, and Chris Paul already have made the Rockets into a title contender, but adding Westbrook could tip the NBA’s delicate balance of power in their direction. It would require all three players to change in order for them to co-exist given the amount of time each likes with the ball and might even force more moves from the Rockets, especially given the remaining $171 million (152.2 million euros) over four years remaining on Westbrook’s contract. Paul has $125 million remaining on a three-year deal. AFP

UNTV Cup Founder Kuya Daniel Razon and BMPI-UNTV officials hand the P2-million cash donation to the PBA Legends Foundation after the title clash between Alaska and San Miguel Beer in the UNTV Cup PBA Legends Faceoff on Monday at the Smart Araneta Coliseum. (Photovill International)

Blazers edge Generals; Altas turn back Cardinals By Peter Atencio

OPSCORER James Pasturan scored his only basket in the last period but it helped the College of St. Benilde Blazers edge the Emilio Aguinaldo College Generals, 6966, in the 95th National Collegiate Athletic Association men’s basketball tournament Tuesday at The Arena in San Juan. Pasturan, who led with 19 points, knocked in a crucial charity with 8.4 seconds left but it proved enough to hand the Blazers the win. “It’s good to be back with our ﬁrst win of the season,” said Blazers’ coach TY Tang, who recalled their loss to the San Sebastian Stags in their ﬁrst match last year.

Games Friday

(The Arena in San Juan) 8 a.m. JRU vs San Beda (jrs) 10 a.m. Letran vs Arellano (jrs) 12 noon JRU vs San Beda (srs) 2 p.m. Letran vs Arellano (srs) 4 p.m. EAC vs Lyceum (srs) 6 p.m. EAC vs Lyceum (jrs)

They were eventually awarded that victory by forfeiture by the NCAA management committee. SSC forfeited its first game against the Blazers last season after it was learned that Stags’ cager RK Ilagan played in a pre-season cagefest without clearance from the league. Pasturan’s basket put a halt to the Generals’ rally from eight points down in the last five minutes. Justin Gutang backed up Pasturan with 17 points, with his two freebies in the final 2:26 of the third handing the Blazers a 4227 spread. JP Magullano unloaded 18 points for the Generals, while Jethro Mendoza fired

16, eight coming in the last period. The Blazers struggled with the injuries sustained by veterans Clement Leuntcheu and Yanqui Haruna during a pre-season game. Leuntcheu is recovering from a hurt quad strain, while Haruna is still undergoing rehabilitation from a broken jaw. Meanwhile, Edgar Charcos led a big run in the endgame to lift the University of Perpetual Help Altas to an 80-78 triumph over the Mapua Cardinals. Charcos’ efforts allowed the Altas to shatter a 69-all deadlock with an 8-0 run that he initiated as they moved ahead, 7769, with 4:14 remaining. The Cardinals still came back off Jasper Salenga and Laurenz Victoria, who unloaded a triple that allowed Mapua stay within range, 78-79, with 8.2 ticks to go. But a split free throw from Charcos with 3.3 seconds left settled the ﬁnal count in the Altas’ favor. Tonton Peralta and Charcos led the Altas with 16 points.

Stewart takes command; Hong, Que lurk CARMONA, Cavite—Aussie Tim Stewart lived up to his big-hitting ways and fired an eight-under 63 in morning play but barely held off late charge by two local aces in their hunt for birdies that came like rain at the start of the ICTSI Manila Southwoods Championship at the softened Legends course here yesterday. Charles Hong rattled off five birdies at the back where he teed off in one of the late flights, highlighted his fiery start with three straight from No. 15. He added three birdies at the front to tie Stewart at eight-under but hit the fairway bunker on his drive on the ninth, dumped his approach shot on the left greenside bunker and muffed a nine-footer for par. He slipped to solo second at 64 while Angelo Que bucked an e a r l y bogey on the par-3 third hole with six birdies and an eagle as the duo put themselves in the mix after the foreign aces dominated the leaderboard of the $100,000 event put up by ICTSI early on. Que, coming in straight from the Japan PGA Tour to boost the local challenge in this third leg of the third season of the Philippine Golf Tour Asia, dropped another stroke on No. 16, another par-3, but holed out with a birdie to force a six-way at 65 that includes American Lexus Keoninh, Thai Tawit Polthai, and Macedonia’s Peter Stojanovski, who also put in 33-32s, Justin Quiban and Chris Hichman of the US, who

also charged late with three birdies in row at the front to string a 31-34 card. Actually in pursuit of a second PGT Asia diadem after ruling final leg of the circuit’s inaugural staging at Luisita three years ago, the young Quiban hit three birdies at the front then strung up three straight from No. 13 to emerge as the best local player until Hong and Que came charging home late in the day. True to its promise, the event organized by Pilipinas Golf Tournaments, Inc. drew a run of under-par scores on the flat, rain-softened par71 layout which yielded 47 under-par cards under preferred lies rules. Rufino Bayron, Michael Bibat, Clyde Mondilla and Dutch Guido Van der Valk all carded 66s, Keita Sudo of Japan and Thai Thammasack Bouahom fired identical 67s, and Miguel Tabuena came through with a birdie-eagle feat Justin Quiban from No. 13 to save a 68 for joint 16th with Joenard Rates, Zanieboy Gialon, Mars Pucay, Thai Ratchapol Jantavara, Pete Vilairatana of the US and KoreanAmerican Micah Shin. Stewart, who failed to cash in on his power at the tight, short Sta. Barbara layout and ended up joint 12th in Turn to A7

4 squads battle for quarterfinal seats in PBA Games Today

(Araneta Coliseum) 4:30 p.m. Magnolia vs Rain or Shine 7:00 p.m. Phoenix vs San Miguel Beer

By Jeric Lopez FOUR teams fighting for places in the quarterfinals are in dire need of a win in the homestretch of the 2019 Philippine Basketball Association Commissioner’s Cup elimination round. Magnolia (5-4) and Rain or Shine (45) square off at 4:30 p.m., while Phoenix (4-5) and San Miguel (3-5) figure in a heated battle at 7 p.m. in the main event today at the Araneta Coliseum. All four teams, who are in the middle up to the lower echelon of the standings, have yet to formally secure berths in the quarters as they continue the wild chase for a place in the top eight. As of now,only four of the eight quarterfinal tickets are claimed with TNT KaTropa, NorthPort, Barangay Ginebra and Blackwater all safely tucked into the next round. The final four slots are being disputed by seven teams which are still in the running, including all four squads bound to play. A victory for Magnolia will put it in the quarters while for Rain or Shine and Phoenix, a win can put either or both of them halfway there. As for the Beermen, they need to sweep their remaining three games to assure themselves of a spot in the next round. Following their five-game winning streak, the Hotshots suffered a devastating 102-81 manhandling at the hands of Barangay Ginebra last Sunday. On the other hand, they will play an Elasto Painters’ side which came off a slim 86-84 win over Alaska last Saturday. However, Rain or Shine lost import Denzel Bowles for the rest of the conference after injuring his knee severely against the Aces. New reinforcement Carl Montgomery from Chicago State takes his place.

Blaze Spikers notch 5th victory BACOOR CITY—Reigning while, finished with 10 markers Games Tomorrow champion Petron doused cold highlighted by four blocks (Muntinlupa Sports Center) water on Generika-Ayala’s to underscore the Blaze 4:15 p.m. – Marinerang Pilipinas vs F2 Logistics sizzling streak after pulling Spikers’ dominance de7:00 p.m. – Generika-Ayala vs PLDT off a 25-18, 25-12, 25-16 fensively all throughout the conquest in the Philippine match that lasted for 78 minutes. Superliga All-Filipino Conference yesterday at “We’ve been struggling the past few games, but the Bacoor Strike Gym here. good thing we’re slowly getting into our real game. Skipper Frances Molina was at her best, towing Although we’re not yet in our 100 percent, we’re the Blaze Spikers to their ﬁfth win in six matches already moving well inside the court,” said Petron in this prestigious women’s club tourney bank- coach Shaq Delos Santos. rolled by Team Rebel Sports, SOGO, Eurotel, Aiza Maizo-Pontillas and Remy Palma were also PCSO, Cocolife, UCPB Gen, Mueller, Senoh, instrumental with seven points apiece while Rhea DiAsics, Bizooku and One Sport. maculangan did a marvelous job setting the plays with Molina, the last remaining player from the Petron 18 excellent sets to compliment the 11 digs and seven squad that swept its way to an All-Filipino title in excellent receptions by libero Buding Duremdes. 2015, delivered 10 kills and two aces for 12 points More than that, the Blaze Spikers managed to Petron’s Ria Duremdes dives to keep the ball alive. while Sisi Rondina notched eight attacks, two aces shut down the attackers of the Lifesavers led by and a block for an 11-hit performance. Fiola Ceballos and Patty Orendain. Generika’s attackers,” said Delos Santos after the match that also Former national team skipper Mika Reyes, mean“They followed our game plan and they stopped ahs ESPN5 and Kapatid TV5 as broadcast partners.

IN BRIEF

Gardenia sees sales rising to P8b in 2019

MABALACAT, Pampanga—Gardenia Bakeries Philippines Inc. expects to post P8 billion in gross sales this year after opening two new plants in Luzon and Mindanao. Gardenia president Simplicio Umali said the 2019 sales would be about 25 percent higher than P6.6 billion in 2018. “We’ve opened two more facilities to better service and cover areas which are far from our distribution channels. This will ensure the fast and efficient delivery of breads particularly in times of calamities,” he said during the inauguration of the third Gardenia facility in Pampanga. Gardenia investments reached P3.5 million in the first half of 2019, with the Mabalacat plant accounting for P2 billion and the Mindanao plant, inaugurated in March, contributing P1.5 million. The newest facility in Pampanga has two production lines capable of producing 400,000 loaves of bread a day. With addition of the new facilities, Gardenia effectively raised its efficiency rate producing 1.8 million loaves and buns daily. Othel V. Campos

Insular Life names Bonilla as new EVP

INSULAR Life, the country’s largest Filipino-owned life insurer, has named Claro Bonilla as the company’s new chief strategy and financial officer with the rank of executive vice president. Bonilla’s appointment was announced by the company’s president and chief executive officer, Mona Lisa De la Cruz, during the recent annual members’ meeting held at its Alabang headquarters. Bonilla will lead the company’s Strategy and Financial Management Group. He will be responsible for strategy development, finance, investment management, real property operations and enterprise risk management. Bonilla is a seasoned executive with a solid senior financial management experience gained primarily from Citibank N.A., both in its domestic and international operations. He has a track record of implementing efficient financial operations resulting in business growth and savings in his various roles in the Philippines and overseas (Singapore, South Korea).

Business Council to start second round of mining review T By Julito G. Rada

HE interagency Mining Industry Coordinating Council is set to launch the second round of “objective, science-based and factﬁnding” audit of mining operations later this month, Finance Undersecretary Bayani Agabin said Tuesday.

Agabin said the review would cover 17 mining operations across the country and would be conducted by the same technical teams that undertook the ﬁrst round of review last year covering 26 mines. The second round was expected to be completed by January 2020. He said the MICC would complete

the composition of management teams by the second or third week of July. “We will tap around 15 experts from the same technical teams that did the first audit,” said Agabin who chaired the MICC meeting held recently at the DOF main office in Manila. Agabin said the 15 experts would be grouped into three teams with five members for each panel. They would include senior and junior technical and research assistants to help them with the audit. The review will cover the environmental, economic, social, legal and technical aspects of the mining operations, he said. The MICC earlier deferred a recommendation on the lifting of the moratorium on the issuance of new mineral agreements Executive Order 79 imposed a moratorium on new mineral agreements “until a legislation rationalizing existing revenue sharing schemes and mechanisms shall have taken effect”.

The Tax Reform for Acceleration and Inclusion Law or Republic Act 10963 increased the excise tax on mineral products from 2 percent to 4 percent. The Environment Department asked if the increase had satisfied the condition of the law rationalizing the existing revenue sharing scheme. The Finance Department, however, said the Train law only increased the excise taxes and did not cover the implementation of a new fiscal regime for mining. The new fiscal regime proposed by the DOF covers other taxes and fees, such as royalty, windfall, profit and incentives. After considering the clarification, the MICC resolved to defer a recommendation to lift the moratorium on new mineral agreements, saying that a new revenue-sharing scheme and mechanisms for mining would be covered in Package 2 plus of the Comprehensive Tax Reform Program which will have to be refiled in the incoming 18th Congress.

ERC clarifies public offerings under EPIRA

THE Energy Regulatory Commission issued a new resolution clarifying the mode of public offering of power generation and distribution companies in compliance with the Electric Power Industry Reform Act of 2001. The EPIRA requires generation companies and distribution ﬁrms to offer and sell to the public a portion of not less than 15 percent of their common shares of stocks. The modes include the listing of the generation companies and distribution utilities in the Philippine Stock Exchange and listing of the shares of stock in any accredited stock exchange or direct offer of a portion of registered enterprises’ capital stock to the public or their employees. The ERC, however, said the offer of the common shares of stock through an employee stock option plan or any other plan would not be considered a public offering because it is limited only to the workers. “Said offer and sale of shares of stock, through ESOP, is considered as public offering only when the generation company or DU is a registered company or DU is a registered enterprise under the Omnibus Investment Code,” the resolution said. Alena Mae S. Flores

TRADE HUB. The Department of Trade and Industry launches the One Town One Product Philippines Hub at the DTI Main Building in Makati City with a blessing and buyers’ day on July 4, 2019. The store features 600 products from 110 local enterprises, mostly processed food, drinks, bags and handicrafts. Leading the opening ceremony are (from left) Trade Secretary Ramon Lopez, Duty Free Philippines chief operating officer Vicente Angala, assistant secretaries Demphna Du-Naga and Blesila Lantayona, Association of Laguna Food Processors chairman and president Clarke Nebrao and Leon Flores of the DTI regional operations group.

Mandaluyong court voids provisions in newly-enacted franchise of More

By Alena Mae S. Flores THE Mandaluyong City Regional Trial Court Branch 209 ruled in favor of Panay Electric Co. by declaring certain provisions of the franchise of More Electric and Power Corp. as “void and unconstitutional for infringing on Peco’s rights to due process and equal protection of the law.” The Mandaluyong RTC, in a decision signed by Judge Monique QuisumbingIgnacio, also made permanent the TRO issued against More. More president Roel Castro said the company was looking at its own legal options following the decision of the Mandaluyong court. “The temporary restraining order dated 14 March 2019 in so far as it enjoins respondent More and/or any of its representatives from enforcing any of the rights and obligations set forth

GLOBE-UNILAB PARTNERSHIP. Globe

Business, the enterprise arm of Globe Telecom Inc., and United Laboratories Inc. strengthen their partnership through the provision of top-of-the-line mobile technology and services designed to bolster the operations of the country’s leading pharmaceutical and healthcare company. Displaying mobile devices to signify the partnership between the two companies are (from left) Globe Business industry sales head Andrew Besinal, cluster sales head Karen Cafe, vice president for sales Marianne Quiambao, senior vice president Peter Maquera, Unilab president and chief operating officer Sebastian Baquiran, chief financial officer Luis Vaca, senior vice president Lawrence Ong and division vice president Frankie Ortega.

under RA 11212, including but not limited to commencing or pursuing the expropriation proceedings against petitioner More under the assailed provisions and takeover by respondent More of petitioner Peco’s distribution assets in the franchise area is hereby made permanent,” the court said. RA 11212 signed by President Rodrigo Duterte in February this year granted More a 25-year power distribution franchise in Iloilo City. Peco’s franchise expired on Jan. 19 but it was granted a provisional certiﬁcate of public convenience and necessity by the Energy Regulatory Commission to ensure uninterrupted supply of electricity in Iloilo City. “Wherefore, premises considered, judgment is hereby rendered declaring Sections 10 and 17 RA No. 1121 void and unconstitutional for infringing on Peco’s rights to due process and equal protection of the law,” the court said.

Ray S. Eñano, Editor Roderick T. dela Cruz, Assistant Editor business@manilastandard.net extrastory2000@gmail.com WEDNESDAY, JULY 10, 2019

Petron defers expansion of Bataan refinery By Jenniffer B. Austria OIL refiner Petron Corp. said Tuesday it put on hold the planned expansion of its Bataan refinery given the current volatility of oil prices in the world market and the proliferation of the so-called “white stations” that are selling cheaper fuel to the domestic market. Petron president Ramon Ang said in an interview at the sidelines of the stockholders’ meeting of Top Frontier Holdings Corp. these two factors would likely reduce the net income of the oil refiner to between P8 billion and P9 billion this year. “Petron’s business moves together with the fluctuation of oil prices in the world market. Second, there are many white stations that are selling cheaper gasoline. What is the reason? How can they be P10 cheaper than us?” Ang said. Petron said in May it planned to invest over $1 billion for its refinery optimization and retail network expansion in the Philippines and Malaysia. Petron owns the country’s biggest oil refinery in Bataan with a capacity of 180,000 barrels per day that supplies about 40 percent of the country’s fuel requirements. It also owns the Port Dickson Refinery in Malaysia with a capacity of 88,000 barrels a day. Ang said to partially offset the weakness in domestic oil operations, Petron would focus on other businesses of the company including the petrochemical business and the operations in Malaysia. Petron is nearing the completion of the $100-million expansion of its polypropylene plant that would give higher margins for smaller volumes. The company will also commission a new lube oil blending plant with a capacity twice of its current Pandacan plant. Ang said Petron would continue to expand in Malaysia which is currently contributing about 40 percent to its total business. Petron has a network of 3,000 stations in the Philippines and Malaysia which it plans to increase to 6,000 stations by 2022.

Duterte govt completed 17 airport projects in three years By Darwin G. Amojelar THE Department of Transportation said Tuesday it completed 17 commercial airport projects in the ﬁrst half of President Rodrigo Duterte’s term and is undertaking 28 more projects. “Connectivity and mobility in transport are key components in socio-economic development. By building new airports and rehabilitating existing ones, the transportation sector contributes to both regional and national progress,” said Transportation Secretary Arthur Tugade. The agency said two new international airports that in the ﬁrst half of Duterte’s six-year term were built, including LalLo International Airport in Cagayan and Bohol-Panglao International Airport. Fifteen other existing gateways were upgraded, two of which are international and 13 domestic. Under rehabilitated international air-

ports, the Mactan-Cebu International Airport, hailed as the world’s friendliest resort airport, opened a new passenger terminal building last year, boosting annual capacity to 13.5 million passengers. The Puerto Princesa Airport’s PTB was also expanded and its runway extended to accommodate larger aircraft. Domestic airports were not left behind, according to the department. It said that on July 5, 2019, Ormoc Airport’s new facilities, including a renovated PTB and a widened runway, were inaugurated by no less than President Duterte. Infrastructure developments for the domestic airports of Virac, Marinduque, Tuguegarao, San Vicente, and Busuanga in Luzon; Maasin, Tacloban, and Catarman in the Visayas; and Ipil, Camiguin and Siargao in Mindanao were accomplished. The government is set to build one

more international airport. The Ninoy Aquino International Airport, the country’s main gateway, continues the rehabilitation works for Terminal 2. These include the expansion of departure check-in hall and arrival baggage area; architectural improvements in passenger movement areas; upgrade of aerobridge areas and elevated roadway; new glass wall panels and partitions; upgrade of air-conditioning system, power, lightings, ﬁre protection, and electronics and communications systems; installation of an improved ﬂight information display system and a new public address system; and waterproofing works for building exterior, among others. It said that as the Naia rehabilitation continued, the government was working to decongest the main gateway through complementary infrastructure development. Additional facilities at Sangley Air-

PAL appoints two new key executives PHILIPPINE Airlines officer-in-charge Vivienne Tan announced the appointment of two key executives who will lead the airline’s commercial and human resources groups, signaling the start of the flag carrier’s transition to new leadership. Tan, in a speech following PAL’s weekly flag-raising ceremony, introduced Rosemarie Katalbas as senior vice president of the human capital department and Eugene Go as chief commercial and marketing officer. Katalbas brings with her vast experience in human resource management leadership roles across multiple industries both in the region and globally. These industries include electronics manufacturing, solar energy, pharmaceutical, audit and management firm and financial services. She was awarded the People Manager

of the Year by the People Management Association of the Philippines and was a recent recipient of the Philippines’ Most Talented Leaders World HRD Congress. Go is a product of De La Salle University with post-graduate studies in Singapore Institute of Technology where he ﬁnished with academic distinction. He has over 27 years of marketing and commercial experience in companies like Unilever and Johnson & Johnson and was instrumental in the rise to market leadership of household brand names. He is an Agoda awardee for marketing excellence. “We’re working to make PAL more efﬁcient and productive by improving business procedures―how we do things. Most importantly, I call on all of you to stand united as you carry out your duties and responsibilities in PAL,” Tan said. Joel E. Zurbano

Business

WEDNESDAY, JULY 10, 2019 extrastory2000@gmail.com

Stocks slip; Globe, ISM decline

HE stock market fell Tuesday as investors re-evaluated the Federal Reserve’s interest rate options following last week’s strong US jobs report.

The Philippine Stock Exchange Index fell 9.48 points, or 0.1 percent, to 8,042.04 on a value turnover of P5.9 billion. Losers beat gainers, 125 to 71, with 44 issues unchanged. Globe Telecom Inc., the secondbiggest telecommunications company, dropped 2.9 percent to P2,132, while Megaworld Corp., the largest lessor of ofﬁce spaces, lost 2 percent to P6. Speculative stock ISM Communications Corp. of businessman Dennis Uy slumped 11.3 percent to P6.07, while sister unit Chelsea Logistics and Infrastructure Holdings Corp. fell 9.7 percent to P8.15.

Most Asian markets, meanwhile, extended losses Tuesday. Traders globally ran for cover after the forecast-beating payrolls ﬁgures dealt a blow to hopes for a steep cut in borrowing costs, stopping in its tracks an equities rally and pushing the dollar higher. Seoul fell 0.6 percent to extend a sell-off sparked by last week’s decision in Tokyo to restriction exports used by South Korea’s chip and smartphone companies, in a row linked to Japan’s use of forced labour during World War II. The stand-off has hammered South Korean titan Samsung Electronics and SK Hynix, crucial producers of memory chips. Samsung is down around ﬁve percent since Monday and SK Hynix is off more than three percent. Sydney was 0.1 percent lower, while Wellington, Taipei and Mumbai were also down.

The focus now turns to the release of minutes from the Fed’s June policy meeting and the two-day congressional testimony of central bank boss Jerome Powell, while dealers continue to monitor developments in the China-US trade talks. “The better-than-expected job rebound is forcing the market to rethink its pricing on the number of rate cuts,” said OANDA senior market analyst Alfonso Esparza. “Three was the group-think forecast, now moving down to two, but always with an eye on the US-China trade war and its possible negative impact on US growth.” The fading likelihood of a 50-basispoint cut in rates, as had widely been hoped, provided strong support to the dollar, which has held gains against the pound and euro while pushing to a more than one-month high on the yen.

But while the weaker Japanese unit helped Tokyo’s Nikkei to positive territory in the morning, most other markets were in the red. Hong Kong slipped 0.8 percent while Shanghai closed down 0.2 percent with observers pointing out that liquidity was being hit by preparations for the start of a new technology board on July 22. “The pace of issuance and the timetable of trading debuts on the tech board are faster than the market expected,” Jiang Liangqing, at Ruisen Capital Management in Beijing, told Bloomberg News. “Investor enthusiasm seems very strong for these new shares.” On oil markets, both main contracts were in negative territory as a pick-up in the dollar made it more expensive, while traders continue to fret over the impact of weaker global growth on demand. With AFP

MANILA STANDARD BUSINESS DAILY STOCKS REVIEW TUESDAY, JULY 9, 2019

VALUE

NET FOREIGN BUYING/(SELLING),

FINANCIALS 58.5 2,610 78.3 4,724,740 2.44 216,000 142.5 806,800 1.22 31,000 26.9 139,800 18.76 400 12.18 673,600 4.84 73,000 1.37 3,000 0.48 50,000 71.4 2,231,630 0.97 190,000 13.2 201,400 20.5 2,000 52.65 148,800 189.1 630 26.6 16,500 173 406,440 60.9 4,960 1.12 10,000

151,880 369,279,630 526,030 114,665,175 37,880 3,767,105 7,500 8,192,416 348,190 4,040 24,100 159,706,007 184,230 2,658,520 41,020 7,898,752 119,961 438,960 70,059,117 302,576 11,200

87,500 9,246,487.50 45,218,781 -1,784,660 -2,438,202 5,483,890.50 -122,760 3,078,480.50 11,350 -18,620 8,498,430 -256,236 -

36.7 14.16 0.77 1.34 0.26 89.25 2.99 14.32 15.72 17.38 40.95 88.2 100 2.06 5.01 6.1 10.24 15.44 10.66 7.55 1.6 27 88.8 53.05 2.47 13.5 10.1 1.66 281.2 9.05 24.5 13.78 18.6 384 0.187 5.86 1.78 4.61 5.87 8.23 2.3 12 38.65 4.89 4.86 1.35 1.91 1.07 13.94 102.2 6.54 1.19 173.8 2.48 1.18 16.02 1.32

INDUSTRIALS 36.8 764,600 14.28 1,222,900 0.79 5,851,000 1.36 1,020,000 0.27 2,620,000 100 380 3.02 6,878,000 14.32 481,200 17.3 975,300 17.42 3,000 40.95 100 98.9 99,410 120 19,730 2.06 50,000 5.01 74,600 6.1 65,800 10.28 2,132,200 15.54 28,000 10.78 553,700 7.6 35,400 1.7 23,000 27.25 2,150,200 91.5 386,130 54.75 709,190 2.52 6,214,000 13.86 358,800 10.1 167,500 1.7 2,074,000 284 244,110 9.42 4,000 25.4 4,831,900 13.82 884,400 18.64 1,734,000 387 85,820 0.194 270,000 5.86 2,000 1.79 14,782,000 4.72 28,000 5.9 1,821,800 8.23 59,000 2.36 17,836,000 12.2 111,900 38.95 272,600 4.9 137,000 4.9 12,000 1.36 193,000 1.96 109,000 1.11 1,117,000 14 765,300 104.5 1,082,160 6.56 33,900 1.19 469,000 176 981,550 2.48 5,000 1.21 8,012,000 16.02 2,400 1.34 6,788,000

28,143,685 17,553,248 4,607,410 1,375,160 687,400 37,282 20,700,820 6,905,520 16,365,682 52,188 4,095 9,803,226 2,277,481 103,000 373,746 409,603 21,919,988 434,404 5,959,892 267,657 39,540 58,646,165 35,255,886 39,047,821 15,632,300 4,887,392 1,709,976 3,517,090 69,013,334 37,171 122,268,895 12,264,056 32,320,726 33,129,890 50,780 11,730 26,676,850 130,220 10,755,263 525,340 42,228,620 1,356,068 10,586,710 ( 671,170 58,760 261,410 227,400 1,213,940 10,714,004 111,421,730 222,028 563,340 172,360,970 12,620 9,745,430 38,448 9,076,140

-680,125 3,650,956 40,500 -3,655,120 -460,022 -3,748,820 -141,058 -29,560 -5,825,172 -64,122 2,659,760 29,410 28,469,020 -8,881,406 10,536,726 460,000.00 838,702 377,926 791,876 1,727,555 109,284 24,991,350 19,662,186 -1,460,150 -2,061,765 82,300 -1,200,090 299,459.9996) 58,760 -21,800 4,553,976 103,282,716 32,143,898 -386,530 -663,990

0.99 55.45 15.32 0.77 7 13 1.31 1.38 919.5 3.8 7.09 10.24 14 858 6.44 68.95 0.495 4.41 15.78 0.62 4.78 0.04 1.62 175.5 960 0.83 1.4 265 0.234 0.325

0.91 54.65 15.14 0.73 6.88 12.5 1.28 1.3 915 3.62 6.87 10.1 13.62 840 6.4 67.9 0.48 4.32 15.3 0.6 4.72 0.039 1.54 174.6 945 0.81 1.35 260.2 0.23 0.295

HOLDING FIRMS 0.93 80,858,000 55.05 626,770 15.2 3,753,700 0.74 698,000 6.88 200,600 12.7 51,300 1.3 2,391,000 1.3 189,000 917 246,460 3.78 11,546,000 7 4,771,200 10.12 3,101,000 14 74,100 846 112,940 6.4 212,200 68.95 835,990 0.48 190,000 4.4 1,283,000 15.76 2,787,200 0.62 1,682,000 4.78 24,348,000 0.039 20,800,000 1.62 5,565,000 174.6 146,990 950 763,110 0.81 509,000 1.38 649,000 261 2,840 0.232 3,720,000 0.295 28,980,000

76,843,600 34,499,278.50 57,137,452 527,930 1,393,800 647,132 3,087,900 246,550 225,991,200 42,751,890 33,134,862 31,432,390 1,027,142 95,796,880 1,358,580 57,432,211 91,400 5,602,960 43,046,738 1,032,610 115,818,550 812,700 8,797,040 25,698,896 725,004,665 412,680 890,970 741,588 859,450 8,766,950

1,936,540 -8,264,715.50 -26,917,698 986,400 -1,380 36,167,260 1,050,420 -493,635 -8,557,378 -334,114 -14,642,350 -589,280 24,913,118.50 -337,690 -12,615,108 122,000 31,958,030 -5,768,782 451,108,480 125,270 -73,126 -58,900

15.46 0.88 1.11 52.4 2.35 5.18 6.34 0.61 0.81 0.93 0.238 0.485 10.32 24.9 0.48 1.86 1.38 6.09 0.34 0.51 1.75 0.41 2.17 26.8 2.27

14.96 0.82 0.95 51.25 2.31 5.05 6.07 0.59 0.78 0.89 0.238 0.46 10.02 24.2 0.465 1.81 1.36 5.9 0.33 0.47 1.68 0.4 2.11 26.4 2.22

PROPERTY 15.3 885,300 0.83 5,797,000 1.11 36,851,000 51.45 8,054,490 2.31 676,000 5.12 1,178,900 6.34 190,800 0.6 31,475,000 0.8 91,000 0.93 39,000 0.238 150,000 0.46 2,200,000 10.02 262,800 24.45 294,600 0.475 2,170,000 1.83 32,502,000 1.36 1,931,000 6 23,530,000 0.335 11,200,000 0.5 10,490,000 1.7 5,757,000 0.4 1,180,000 2.14 1,664,000 26.5 1,872,500 2.24 418,000

13,533,342 4,865,300 38,520,390 415,138,326.50 1,573,260 6,025,230 1,161,919 18,858,530 72,480 34,900 35,700 1,036,000 2,663,736 7,194,505 1,025,250 59,461,140 2,652,900 140,771,152 3,750,000 5,230,450 9,831,340 472,650 3,581,100 49,618,175 936,040

-812,224 -42,000 -552,550 81,328,502.50 -469,510 163,880 -424,013 375,080 12,600 -18,400 -954,632 2,756,790 -24,500 -4,364,380 -55,196,354 70,350 -205,100 -370,550 -42,800 17,186,810 22,200

NAME

OPEN

HIGH

LOW

ASIA UNITED BANK PH ISLANDS BDO LEASING BDO UNIBANK BRIGHT KINDLE CHINABANK COL FINANCIAL EAST WEST BANK FERRONOUX HLDG IREMIT MEDCO HLDG METROBANK NTL REINSURANCE PB BANK PBCOM PHIL NATL BANK PHIL STOCK EXCH RCBC SECURITY BANK UNION BANK VANTAGE

58 78.05 2.43 141.1 1.22 27 18.72 12.16 4.79 1.3 0.485 71.6 0.98 13.2 20.55 54.4 190 26.5 172 61.1 1.12

58.5 78.4 2.44 143 1.28 27.15 18.76 12.26 4.84 1.37 0.485 71.9 0.98 13.24 20.55 54.4 192 26.7 173 62 1.12

58 77.85 2.43 141.1 1.22 26.75 18.72 12.1 4.72 1.3 0.48 71.4 0.96 13.2 20.5 52.65 189 26.5 171.8 60.5 1.12

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

37.1 14.48 0.82 1.35 0.265 89.25 3.01 14.4 16.04 17.38 40.95 94.5 108.2 2.06 5.01 6.49 10.24 15.46 11 7.57 1.6 27.45 91.7 57.4 2.51 13.58 10.12 1.72 282 9.05 24.7 14.2 18.68 384 0.187 5.87 1.85 4.63 5.9 9.06 2.3 12.02 39.05 4.92 4.86 1.36 2.1 1.12 14 103 6.56 1.2 179.8 2.59 1.26 16.02 1.35

37.1 14.48 0.82 1.36 0.27 109 3.04 14.4 17.36 17.42 40.95 109 134.8 2.06 5.01 6.49 10.32 15.82 11 7.6 1.73 27.45 93 57.4 2.56 13.88 10.3 1.72 284 9.45 25.4 14.2 18.7 387 0.194 5.87 1.85 4.72 5.95 9.06 2.41 12.2 39.1 4.92 4.9 1.36 2.1 1.12 14.04 104.5 6.56 1.24 179.8 2.59 1.26 16.02 1.37

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

0.99 55 15.22 0.74 7 12.98 1.3 1.38 915 3.8 6.88 10.24 13.86 840 6.41 68 0.495 4.38 15.78 0.61 4.78 0.04 1.57 175 959.5 0.81 1.4 265 0.234 0.325

8990 HLDG A BROWN ARTHALAND CORP AYALA LAND BELLE CORP CEB LANDMASTERS CEBU HLDG CENTURY PROP CITY AND LAND CITYLAND DEVT CROWN EQUITIES CYBER BAY DM WENCESLAO DOUBLEDRAGON EMPIRE EAST FILINVEST LAND GLOBAL ESTATE MEGAWORLD MRC ALLIED PHIL ESTATES PHIL INFRADEV PHIL REALTY PRIMEX CORP ROBINSONS LAND ROCKWELL

15.3 0.88 0.96 52.05 2.35 5.17 6.1 0.6 0.81 0.89 0.238 0.46 10.32 24.9 0.47 1.86 1.38 6.09 0.335 0.485 1.75 0.405 2.12 26.5 2.23

VOLUME

NAME

OPEN

HIGH

LOW

VOLUME

VALUE

NET FOREIGN BUYING/(SELLING),

SHANG PROP SM PRIME HLDG STA LUCIA LAND STARMALLS SUNTRUST HOME VISTA LAND

3.1 37.85 1.92 6.21 0.78 7.23

3.15 38.45 1.97 6.28 0.78 7.23

3.1 37.85 1.89 6.2 0.77 7.17

3.14 38.45 1.97 6.21 0.78 7.19

1,033,000 2,923,400 820,000 127,800 215,000 4,534,700

3,244,880 111,671,015 1,603,590 794,534 167,600 32,597,615

52,268,550 49,660 89,600 -7,645,465

2GO GROUP ABS CBN ACESITE HOTEL APC GROUP APOLLO GLOBAL ASIAN TERMINALS BERJAYA BLOOMBERRY BOULEVARD HLDG CEBU AIR CENTRO ESCOLAR CHELSEA DISCOVERY WORLD EASYCALL GLOBE TELECOM GMA NETWORK GOLDEN BRIA HARBOR STAR IMPERIAL INTL CONTAINER IPM HLDG ISLAND INFO ISM COMM JACKSTONES LEISURE AND RES LORENZO SHIPPNG MACROASIA MANILA BULLETIN MANILA JOCKEY METRO RETAIL METROALLIANCE A METROALLIANCE B MLA BRDCASTING NOW CORP PACIFIC ONLINE PAL HLDG PAXYS PH RESORTS GRP PHIL SEVEN CORP PHILWEB PLDT PREMIUM LEISURE PRMIERE HORIZON PUREGOLD ROBINSONS RTL SBS PHIL CORP SSI GROUP STI HLDG TRANSPACIFIC BR TRAVELLERS WATERFRONT WILCON DEPOT

10.92 17.96 1.36 0.54 0.044 21.5 2.69 11.44 0.055 93.4 7.18 9.1 2.32 10.08 2,164 5.42 420 2.21 1.91 141.5 5.7 0.116 6.9 2.99 3.72 0.85 19.28 0.52 3.09 2.62 1.55 1.57 14.4 2.5 3.09 9.46 3.06 5.32 136 4.15 1,205 0.73 0.85 44 77 9.2 3.47 0.79 0.36 5.46 0.77 16.9

10.94 17.96 1.36 0.54 0.045 21.5 2.72 11.52 0.056 93.7 7.18 9.36 2.32 10.08 2,164 5.42 420 2.23 1.95 143.5 5.7 0.117 6.95 2.99 3.72 0.85 19.5 0.52 3.21 2.64 1.55 1.57 15.5 2.52 3.12 9.46 3.06 5.49 136 4.27 1,225 0.75 0.86 44.8 77.3 9.4 3.52 0.8 0.36 5.52 0.77 17

10.92 17.5 1.36 0.52 0.044 21.3 2.46 11.42 0.055 58 7.18 8.1 2.32 9.98 2,112 5.35 412 2.18 1.87 141.5 5.7 0.116 5.98 2.97 3.64 0.83 19.28 0.5 3.05 2.6 1.54 1.57 14.4 2.35 3.01 9.01 2.92 5.25 136 4.02 1,179 0.73 0.82 43.85 76.5 9.2 3.4 0.78 0.35 5.45 0.74 16.9

SERVICES 10.94 17.54 1.36 0.52 0.044 21.3 2.49 11.44 0.055 58 7.18 8.15 2.32 9.98 2,132 5.39 420 2.2 1.95 142 5.7 0.116 6.07 2.97 3.69 0.85 19.48 0.52 3.19 2.61 1.54 1.57 15.5 2.37 3.02 9.01 3.06 5.49 136 4.15 1,193 0.75 0.84 44.8 77.3 9.39 3.46 0.8 0.355 5.51 0.76 16.94

9,100 167,800 3,000 3,745,000 7,000,000 600 2,356,000 4,114,000 42,520,000 204,970 1,500 29,825,800 2,000 91,600 62,390 49,100 1,450 1,524,000 262,000 1,141,540 3,900 1,170,000 50,648,900 60,000 443,000 207,000 391,200 590,000 285,000 2,540,000 45,000 5,000 300 4,202,000 72,000 8,600 6,000 58,600 10 5,929,000 149,155 4,704,000 37,025,000 88,000 65,280 27,400 5,478,000 10,488,000 8,720,000 1,142,700 3,769,000 894,400

99,482 2,947,962 4,080 1,968,060 310,700 12,820 6,081,750 47,132,566 2,356,060 15,694,839 10,770 255,587,702 2 4,640 916,492 132,860,700 263,838 606,100 3,350,290 499,830 162,619,218 22,230 135,870 318,404,996 178,810 1,628,980 172,510 7,604,272 303,710 906,300 6,636,620 69,590 7,850 4,430 10,086,760 220,090 80,434 17,940 310,941 1,360 24,496,630 177,772,495 3,472,160 31,108,350 3,901,295 5,038,542 256,739 19,026,570 8,351,140 3,098,700 6,288,443 2,829,130 15,149,186

1,094 261,710 -28,802,446 5,968,564.50 ,685,522.9999 -51,291,790 2,220 21,041,436 -11,207,770 22,200 4,519,154 -2,507,890 214,280 -91,700 420 31,920 1,360 -3,336,480 -47,146,510 -1,269,570 2,377,770 812,205 4,250,219 7,017,470 2,788,030 -3,621,386

1,283,600 3,158,130 2,820 137,838 34,260 2,979,420 142,800 2,350 2,859,440 26,260 684,610 7,500 1,106,170 4,416,610 61,500 387,130 15,600 6,000 494,100 213,760 491,920 14,705,634 21,824,480 6,400

153,100 145,960 -2,071,480 15,000 4,000 361,903.00 -1,232,605 -

MINING AND OIL 0.0017 752,000,000 1.15 2,754,000 2.82 1,000 12.14 11,800 1.18 29,000 2.81 1,058,000 0.28 510,000 7.86 300 1.46 1,975,000 0.218 120,000 0.105 6,600,000 0.0075 1,000,000 1.17 948,000 2.17 2,026,000 1.04 62,000 0.86 457,000 0.012 1,300,000 0.012 500,000 0.01 49,400,000 4.8 45,000 3.47 141,000 7.88 1,844,400 23.25 942,600 0.0064 1,000,000

ABRA MINING APEX MINING ATLAS MINING ATOK BENGUET B CENTURY PEAK COAL ASIA HLDG DIZON MINES FERRONICKEL GEOGRACE LEPANTO A MANILA MINING A MARCVENTURES NICKEL ASIA NIHAO ORNTL PENINSULA ORNTL PETROL A ORNTL PETROL B PHILODRILL PHINMA PETRO PX MINING PXP ENERGY SEMIRARA MINING UNITED PARAGON

0.0018 1.16 2.82 12.5 1.19 2.83 0.28 7.82 1.48 0.225 0.106 0.0075 1.16 2.2 1.05 0.86 0.012 0.012 0.011 4.68 3.5 7.98 23.15 0.0064

0.0018 1.18 2.82 12.5 1.19 2.83 0.28 7.86 1.48 0.225 0.106 0.0075 1.22 2.2 1.05 0.87 0.012 0.012 0.011 4.8 3.52 8.15 23.25 0.0064

0.0017 1.13 2.82 11.06 1.18 2.8 0.28 7.82 1.42 0.218 0.102 0.0075 1.13 2.17 0.98 0.84 0.012 0.012 0.01 4.67 3.47 7.84 22.7 0.0064

AC PREF B2 DD PREF GLO PREF P GTCAP PREF A HOUSE PREF A LR PREF MWIDE PREF PCOR PREF 2A PCOR PREF 3A PCOR PREF 3B SMC FB PREF 2 SMC PREF 2B SMC PREF 2C SMC PREF 2D SMC PREF 2E SMC PREF 2F SMC PREF 2H SMC PREF 2I

490 99 480 918 96.9 1 99.7 1,000 1,011 1,014 965 75 76.8 73.55 73 74 73.8 73.7

497 99 480 943 96.9 1 99.7 1,000 1,012 1,014 970 75.5 76.8 73.55 73 74.95 73.8 73.7

485 99 480 918 96.9 0.99 99.7 1,000 1,010 1,011 965 74.5 76.1 73 73 74 73.8 73.7

PREFERRED 497 4,060 99 8,960 480 30 943 2,000 96.9 90 0.99 6,000 99.7 10 1,000 120 1,010 145 1,012 3,650 970 12,370 74.5 40,330 76.1 16,340 73 1,010 73 20,970 74.95 4,640 73.8 510 73.7 340

1,977,470 887,040 14,400 1,883,350 8,721 5,980 997 120,000 146,595 3,693,960 11,937,800 3,018,430.50 1,245,410 73,735.50 1,530,810 345,901 37,638 25,058

45,495 2,489,470 145,500 251,130.00 -

ABS HLDG PDR GMA HLDG PDR

17 5.49

16.84 5.21

DDS 16.84 5.21

1,621,564 26,614

-1,621,564 -

LR WARRANT

1.86

1.82

WARRANTS 1.83 297,000

545,280

XURPAS ITALPINAS

1.19 5.02

1.19 5.05

1.13 4.97

1.15 4.98

10,188,330 1,618,402

-289,110 -4,491

FIRST METRO ETF

120.5

120.6

119.5

445,464

TRADING SUMMARY FINANCIAL

SHARES 9,472,210

INDUSTRIAL

101,866,783

HOLDING FIRMS

148,291,884

PROPERTY

199,648,311

SERVICES

217,853,682

MINING & OIL

267,583,149

GRAND TOTAL

949,006,050

SME

95,400 5,100

8,831,000 324,400

EXCHANGE TRADED FUNDS 120.6 3,710

VALUE 1,728.09 (down) 13.92 679,947,333.31 FINANCIAL 11,973.17 (down) 15.15 INDUSTRIAL 1,214,156,360.137 7,724.09 (down) 73.12 HOLDING FIRMS 945,086,291.96 PROPERTY 4,351.80 (down) 27.95 1,676.00 (down) 23.04 SERVICES 1,569,813,551.545 7,463.59 (up) 29.30 MINING & OIL 1,076,898,691.045 8,051.52 (down) 66.42 PSEI 138,767,258.99 All Shares Index 4,913.47 (down) 32.21 Gainers: 74; Losers: 119; Unchanged: 50; Total: 243 5,631,455,776.69

SEC issues crowdfunding rules to assist start-up firms By Jenniffer B. Austria THE Securities and Exchange Commission issued rules and regulations covering crowdfunding to enable startups, micro and small and medium enterprises to raise up to P50 million for a venture or business through an online electronic platform. The SEC said in a statement it issued the rules in compliance with the Securities Regulation Code and international best practices and standards. Aside from helping small businesses raise capital through the internet, the new rules will provide the public more legitimate investment options. “Information and communication technology has made a significant impact on our financial environment,” SEC chairperson Emilio Aquino said. “With the rules and regulations governing crowdfunding in place, the commission hopes to support recent financial innovations on providing easier access to finance especially for smaller business startups or ventures while ensuring fairness of financial systems and the protection of investors,” he added. Under the rules, a small business may offer or sell securities to the public without prior registration with the SEC, as long as the offering is over P10 million and covers only a period of 12 months. Meanwhile, offering of securities with an aggregate value of above P10 million but not more than P50 million within a 12-month period can only be offered and sold to qualified buyers. Securities under the SRC should not be sold or offered for sale or distribution within the Philippines without a registration statement duly filed with and approved by the Commission. To promote capital market development and access to finance, however, the new rules exempt the securities from SEC registration as long as the issuer, intermediary and investors comply with the regulations. The rules mainly govern the operation and use of equity- and lending-based crowdfunding by registered persons such as brokers, investment houses, funding portal and issuers and investors who participate in such fund-raising activities online.

BSP study says e-wallets now top credit card users By Darwin G Amojelar PAYMAYA Philippines Inc. said Tuesday e-wallet account penetration is growing faster in the Philippines as it now surpasses credit card users. “Digital payments adoption is fast growing and PayMaya can attest to the Filipino consumers’ shift to e-wallet as their top payment method,” said Kenneth Palacios, director and head of Consumer Business at PayMaya. The latest Financial Inclusion dashboard released by the Bangko Sentral ng Pilipinas reported that e-wallet accounts rose 22 percent to 33 million in 2018. E-wallet account penetration surpasses that of the credit card. Based on the same report, 31 e-wallet accounts are used for every 100 Filipinos as of the fourth quarter of 2018. Meanwhile, there are nine credit cards per 100 individuals. The 2019 Consumer Brand study conducted by PayMaya Philippines showed that respondents turn to e-wallets like PayMaya because of the convenience to open an account (60 percent), no fees (54 percent) and easy Add Money features (36 percent). Such features are answers to the top barriers cited by the respondents of the BSP’s latest Financial Inclusion survey for not owning a formal account—not having enough funds to start an account (60 percent) and lack documentary requirements (18 percent). “PayMaya simply offers the most convenient way to open an account. You can have an account either by downloading the PayMaya app from the App store or Google Play Store or through Messenger. We do not require any maintaining balance. You can control your ﬁnances with PayMaya because the amount that you place in the account is the only money you can spend, no more, no less,” Palacios said. Moreover, a PayMaya account allows accountholders to pay bills, shop instore and online, buy telco load and buy gaming pins, among others. One simply has to download the app from App store or from Google Play Store and provide the necessary details to open an account. They can also open an account through Messenger.

World

WEDNESDAY, JULY 10, 2019 CESAR BARRIOQUINTO, Editor mst.daydesk@gmail.com

Tehran goes past uranium enrichment cap in deal

ARRIVAL. Queen Mathilde and King Philippe of Belgium are welcomed upon their arrival in Erfurt-Weimar airport for a two-day visit to Thuringia and Saxony-Anhalt on July 9, 2019. AFP

Potential sale of arms to Taiwan OK’d WASHINTON-The US State Department has approved the potential sale to Taiwan of $2.2 billion in arms, including battle tanks and anti-aircraft missiles, the Pentagon said on Monday, a move likely to anger China. It would be the first big-ticket US military sale to Taiwan in decades, and comes amid the already strained ties between Washington and Beijing―which has expressed “serious concerns” about the weapons. The deal includes 108 M1A2T Abrams tanks, 250 Stinger portable anti-aircraft missiles, related equipment and support at an estimated cost of just over $2.2 billion, according to the Defense Security Cooperation Agency (DSCA). The proposed sale “will contribute to the modernization of the recipient’s main battle tank fleet”, improve its air defense system and “support the foreign policy and national security of the United States by helping to improve the security and defensive capability [of Taiwan],” DSCA said. It would not alter the “basic military balance in the region,” the agency added, and Congress has been notified. US lawmakers have 30 days to object to the sale but are unlikely to do so. Beijing had made clear its opposition to the possible sale earlier this month, stressing the “extremely sensitive and damaging nature” of arms sales to Taiwan. The island has been ruled separately from China since the end of a civil war in 1949, but Beijing considers it a part of its territory to be retaken―by force if necessary. China has significantly stepped up diplomatic and military pressure on Taipei since the election in 2016 of President Tsai Ing-wen, whose Democratic Progressive Party refuses to acknowledge that the island is part of “One China”. It has staged military exercises near the island, and steadily reduced the already small number of nations that recognize Taiwan. AFP

Protesters ignore Lam pronouncement on bill H ONG KONG― Hong Kong’s embattled proBeijing leader on Tuesday said a China extradition bill that sparked unprecedented political unrest “is dead”― but protesters immediately dismissed her comments, threatening more mass rallies.

The international ﬁnance hub has been plunged into its worst crisis in recent history by a month of marches and sporadic violent confrontations between police and pockets of hardcore protesters. The rallies were sparked by a draft law that would have allowed extraditions to mainland China. But they have

morphed into a wider movement calling for democratic reforms and a halt to sliding freedoms in the semi-autonomous territory. In a city unaccustomed to such upheaval, police have ﬁred tear gas and rubber bullets while the parliament has been trashed by protesters―as Beijing’s authority faces its most serious challenge since Hong Kong was handed back to China in 1997. On Tuesday the city’s chief executive Carrie Lam admitted her administration’s attempt to introduce the bill was a “complete failure”, saying that her government would not seek to reactivate it in parliament. “There is no such plan. The bill is dead,” Lam said. But she once against refused to buckle to demands to completely withdraw the bill from the legislative agenda, provoking outcry from the anti-government camp. Lam’s words about the bill are “an-

other ridiculous lie” tweeted leading democracy activist Joshua Wong, who was recently released from jail for his role in protests in 2014. “The bill still exists in the ‘legislative program’ until July next year.” The Civil Human Rights Front― which has organized some of the mass rallies―said it would announce fresh protests over the coming days. With calls mounting for her resignation, Lam has made few public appearances in recent weeks. But on Tuesday she resurfaced, agreeing to meet student protesters and adding that she recognized the swirling economic, political and social challenges facing the city. “I come to the conclusion that there are some fundamental and deep-seated problems in Hong Kong society,” she said. Analyst Dixon Sing said her words would do little to defang the protest movement. AFP

IN BRIEF China to US: Cancel arms sale to Taiwan

BEIJING―China urged Washington Tuesday to “immediately cancel” the potential sale of $2.2 billion in weapons to Taiwan, including battle tanks and antiaircraft missiles. The US State Department’s decision to green-light the ﬁrst big-ticket US military sale to the self-ruled democratic island in decades comes amid already strained ties between Washington and Beijing. “The sale of weapons by the United States to Taiwan... seriously violates the one-China principle... grossly interferes in China’s internal affairs and undermines China’s sovereignty and security interests,” said foreign ministry spokesman Geng Shuang. Geng said that China has already lodged formal complaints through diplomatic channels expressing “strong dissatisfaction and resolute opposition” to the move. “China urges the US to... immediately cancel the planned arms sale and stop military relations with Taipei to avoid damaging Sino-US relations and harming peace and stability in the Taiwan Strait,” Geng said. According to the US Defense Security Cooperation Agency (DSCA) the deal includes 108 M1A2T Abrams tanks, 250 Stinger portable anti-aircraft missiles and related equipment and support. Taiwan has been ruled separately from China since the end of a civil war in 1949, but Beijing considers it a part of its territory to be retaken -- by force if necessary. AFP

Migrant center to close in Italy

DIVING BULL. A bull jumps in the water during the traditional running of bulls ‘Bous a la mar’ (Bull in the sea) at Denia’s harbor near Alicante on July 8, 2019. AFP

US department requests 1,000 soldiers to manage migrant crisis WASHINGTON―The US Department of Homeland Security requested 1,000 additional soldiers to help manage the migrant crisis in Texas, the Pentagon said Monday, amid the growing outcry over the conditions in migrant detention facilities. In a statement, the Pentagon said they had been asked to authorize the Texas National Guard to lend support to Customs and Border Protection (CBP) ofﬁcials, who say they are overwhelmed by the numbers of refugees crossing the southern US border. Thousands of active duty and National Guard troops have already been deployed for months along the US-Mexico border to support immigration ofﬁcials.

TEHRAN―Iran on Monday breached a uranium enrichment cap set by a troubled 2015 nuclear deal and warned Europe against taking retaliatory measures, as France decided to send an envoy to Tehran to try to calm tensions. The move came more than a year after Washington pulled out of the landmark accord between world powers and Tehran, which says it has lost patience with perceived inaction by the remaining European partners. After Tehran’s latest step, US President Donald Trump held talks with his French counterpart Emmanuel Macron on “ongoing efforts to ensure that Iran does not obtain a nuclear weapon and to end Iran’s destabilizing behavior in the Middle East”, the White House said in a statement. Iran surpassing the cap and reaching 4.5 percent enrichment was announced by the country’s atomic energy organization spokesman Behrouz Kamalvandi. “This level of purity completely satisfies the power plant fuel requirements of the country,” he said, quoted by the semi-official ISNA news agency. Kamalvandi hinted that the Islamic republic might stick to this level of enrichment for the time being, which is well below the more than 90-percent level required for a nuclear warhead. The UN nuclear watchdog, the International Atomic Energy Agency (IAEA), confirmed that Iran had enriched uranium to a level above the deal’s cap. The IAEA said its inspectors “on 8 July verified that Iran is enriching uranium above 3.67 percent U-235”. AFP

“DHS requests authorization for 1,000 Texas National Guard members... to provide supplemental holding and Port of Entry (POE) enforcement support to CBP within the State of Texas,” the statement said. The Guard members will help manage CBP-run holding facilities for single, adult migrants in the towns of Donna, on the eastern end of the border with Mexico, and Tornillo, which is in the middle of the border. They will also provide support at ports of entry and commercial airports in El Paso and Laredo, in order to improve border security and trafﬁc ﬂow. While the Pentagon did not specify

when they received the request or if they had made a decision, the statement did note that “Texas Governor [Greg] Abbott has consented to the use of the National Guard to support CBP.” The Department of Homeland Security (DHS) has been criticized after a report from its inspector general, a watchdog, last week warned about “dangerous overcrowding” in migrant detention facilities in Texas. The report included images taken at several Texas sites, showing dozens of migrants including young children packed shoulder to shoulder into cagelike holding areas or cells. Most single adults had not had a

shower in a month and were being given wet wipes. Some detainees were suffering from constipation after a diet consisting only of bologna sandwiches. The report came a day after a group of Democratic lawmakers toured the detention centers and denounced the conditions as “horrifying.” Representative Alexandria OcasioCortez, who toured two such centers, told reporters the migrants were being subjected to “abuse.” “They put them in a room with no running water and these women were being told by CBP ofﬁcers to drink out of the toilet,” she said upon returning to New York. AFP

MINEO, Italy-What was once Europe’s biggest migrant reception center, in Mineo in Sicily, is to officially close on Tuesday in the presence of its biggest critic, far-right Interior Minister Matteo Salvini. “Promise kept,” Salvini, in government also as deputy prime minister for the past year, said last week when the center’s final inhabitants were removed, to be sent to another center in Calabria. This reception center, a former housing complex for the US military that resembles an American suburb, is now guarded by Italian troops who block access under a roasting Sicilian sun. At its peak in 2014, Mineo housed more than 4,100 people. Its population then steadily dropped. When anti-migrant Salvini and the populist Five Star Movement came to power in June last year, it housed 2,500. Psychologist Massimiliano Terrasi stood amid the arid countryside outside the center where he worked since 2011, disappointed at what he said could have been. “Hopes were high when the center first opened and we grew professionally,” he told AFP-TV. “Well managed, it could have been an asset for the area and for people’s mutual understanding,” he lamented, voicing anger at the abrupt end to his years of work, final wages still unpaid. AFP

LGUs

Jimbo Owen Gulle, Editor lgu@manilastandard.net editor.lgustandard@gmail.com

WEDNESDAY, JULY 10, 2019

LOCAL GOVERNMENT UNITS

CORREGIDOR NOW. Corregidor Foundation Inc. chairman and CEO Cynthia Carrion (center) leads officials of the Department of Tourism, the Tourism Promotions Board and

the Tourism Infrastructure and Economic Zone Authority in launching the new brand of the historic island, ‘Corregidor Now’ during a recent press conference at the Conrad Hotel in Pasay City. The new brand seek to help tourists learn the unique history of the island, to explore the place as an exciting tourist destination, and to attract investors for new hotels, resort facilities and attractions there. Also in photo are (from left) Bing Francisco, representing TIEZA general manager Pocholo Paragas, Consul Anette Ablan, representing Senator Dick Gordon, TPB general manager Venus Tan, and Tourism Undersecretary Rica Bueno.

Isko: Remove all ‘epal’ signs Sweet potato featured in FIESTA event

By Vito Barcelo

By Butch Gunio

“I ordered the removal of all the politicians’ names, including my name, painted or hanging in schools’ walls,” Moreno said in Filipino during a press briefing Tuesday after meeting with the Manila School Board. Moreno said he wants to distance public education from traditional politicking. “Let’s leave politics to politicians,

THREE science and technology research consortiums are hosting clustered two-day Farms and Industry Encounters through the Science Technology Agenda (FIESTA) featuring sweet potato. “From a lowly crop, sweet potato is now a superfood. We have to change the perception of the crop,” said Dr. Reynaldo Ebora, Acting Director of the Philippine Council for Agriculture, Aquatic Resources Research and Development, in his keynote message on Tuesday at the Bureau of Soil and Water facility in Quezon City. “PCAARRD had funded researches that included developing sweet potato varieties, and as suitable crop in disaster prone areas,” Ebora said. “The researches we had done elevated sweet potato from a poor man’s commodity to a high-value crop,” he added. “Nutritious sweet potato can even be an alternative to rice,” the doctor noted. PCAARRD Applied Communication Division Director Marita Carlos said creamy sweet potato is rich in calcium; yellow to orange sweet potato, rich in beta carotene; and purple sweet potato, rich in anthocyanin. Researches in sweet potato in the Philippines started in 1975. Many of these researches were conducted in the Philippine Rootcrops Research and Training Center based in Visayas State University. VSU president Dr. Edgardo Tulin said researches have also been made with regards to medicinal value of the sweet potato. The consortiums that hosted the clustered sweet potato FIESTA are Central Luzon Agriculture, Aquatic Resources Research and Development Consortiun, Visayas for Agriculture Aquatic Resources Program, and Bicol Consortium for Agriculture, Aquatic Resources Research and Development.

ANILA Mayor Francisco “Isko Moreno” Domagoso has ordered all school officials in the city to remove the names of politicians— including his own—from public school buildings in the city, saying he will not allow “epal” (political opportunists) to use schools for their publicity stunt.

RANK UP. The Laguna Police Provincial Office holds its simultaneous mass oath-taking and pinning of ranks of 388 police personnel, graced by Laguna Provincial Director PCol. Eleazar P. Matta at Camp BGen. Paciano Rizal in Bagumbayan, Sta. Cruz, Laguna. Roy Tomandao

By Rio N. Araja THE Commission on Audit has flagged the Pasig City government for using only P196.137 million out of its total budget of P951.787 million, or just over 20 percent, for the procurement of supplies and other materials. State auditors raised concerns that the remaining P755.649 million might go to waste in their report released Tuesday. COA’s 2018 audit said the Pasig City government’s “excessive” procurement of supplies and materials led to slow-moving inventory items, such as merchandise inventory worth P213.675 million, food supplies for distribution worth P22.432 million, medicines worth P12.610 million, textbooks and other educational materials worth P15.284 million. “Procurement of supplies and materials were made beyond the normal three-month requirements,” it read. Previous city mayor Robert Eusebio, who stepped down July 1 after losing in the May elections to Vico Sotto, received COA’s report last June 28. State auditors told the city government to procure only “appropriate quantities at the right time.” “A more comprehensive plan that would tend to correct erroneous procurement projections was being executed,” COA said, quoting the Office of the Mayor. The bids and awards committee consolidated requests, resulting in a slow procurement process that had caused delays in the repairs of schools and other government facilities.

Balgos, NUP dads left out of chairmanships BAYOMBONG, Nueva Vizcaya— Board Member Edgardo Balgos said he will continue being a fiscalizer in the provincial board despite failing to land any committee chairmanships. Balgos, along with fellow board members Cirilo Galindez and Roland Carub, were left out of the key roles during the inaugural session of the 10th Sangguniang Panlalawigan presided by Vice Governor Jose Tomas Sr. The trio are all members of the opposition National Unity Party, as is Tomas, in contrast to Governor Carlos Padilla and Nacionalista Party, which holds six of the 10 seats on the provincial board. “I will continue my role in the provincial board as a ‘fiscalizer’, along with our fellow colleagues so that we can safeguard the utmost interest and welfare of Novo Vizcayanos,” he said. In the 9th SP, Balgos was co-chairman of the committee on municipal affairs and the committee on Good Governance and Ethics and Spiritual Affairs. Balgos, who represents the province’s first district, also expressed his sympathy to Tomas, who was disgusted with the turnout of the committee chairmanship elections. A lawyer by profession, Balgos said experience and expertise should have been the basis in choosing board members to chair committees. Ben Moses Ebreo

SM Baliwag marks Nutrition Month with senior citizens By Jun David BALIWAG, Bulacan―In celebration of Nutrition Month this July, SM City Baliwag recently conducted “Lutong Bahay ni Nanay” a cooking competition highlighting some of the unique and healthy dishes prepared by senior citizens here.

NPAs strip Isabela cops of guns CAMP MARCELO A ADDURU, Tuguegarao City—The Police Regional Office 2 has condemed the New People’s Army for its “agaw-armas” (weapons snatching) against five members of the Isabela police and the killing of a member of the Provincial Environment and Natural Resources Office-Isabela Environment Protection Task Force in Ilagan City. PRO2 Regional Director Police Brig. Gen. Jose Mario M. Espino condemned the atrocities made by the communist NPAs against members of Philippine National Police Isabela in a statement issued Tuesday. The rebels seized weapons from PCpl Gaudencio Castillo Jr and PCpl

and our educational institutions to academicians,” Moreno told members of the City School Board. “No ‘epal’ in schools’ walls. No ‘epal’ in basketball courts, gymnasiums that were built by politicians inside schools. ‘Epal’ is strictly prohibited. Let’s stop it,” he added. “All politicians’ names were painted on the walls, as if you are immortalizing yourself or as if it is your

money, that is not your money. That is people’s money,” he added. Also on Tuesday, Moreno said he will revive the Nutribun bread program in Manila’s public elementary schools to address malnutrition among elementary students, particularly from poor families. Despite the city government facing a huge financial deficit, Moreno assured Manileños that his administration will steadfastly implement the Nutribun program, first staged in the early 1970s as a supplementary feeding program for public elementary schoolchildren. Moreno said the nutritious breads would be part of free meals for Kinder and Grade 1 public school students daily starting next year.

COA flags Pasig for using just 20 percent of budget

Earl Brian Gannaban, both assigned at the Cauayan City Police Station; PSSg Fernando Capillian of the Cordon PS; PMSg Julius Baribad and PCPL Bryan Q Balisi of the Divilacan PS. Investigation disclosed that at about 7:30 am on July 5 in Sitio Lagis, Purok 7, Brgy. Sindun Bayabo, Ilagan, Castillo, Gannaban and Capillian boarded a pick-up while traversing Ilagan-Divilacan road going to Divilacan. Upon reaching the place of incident, the policemen were accosted by 25 fully armed NPA members headed by Ka Uno and Ka Damian, and took their issued short firearms, handheld radios, money and other personal belongings. Brenda Jocson

In line with the Nutrition Month theme “Kumain ng wasto at maging aktibo…Push natin to!” SM City Baliwag held a cooking competition for seniors’ to introduce and further recognize some healthy option to preparing food. At least 140 senior citizens from the 27 barangays in Baliwag attended the event that aims to promote healthy diet and

physical activity among individuals and families. Barangay Makinabang, led by Remedios Leonardo, emerged as the champion with the winning recipe Crispy Banana Blossom with Malunggay Leaves and their unique beverage called Camote Tops Juice. Makinabang’s recipe was cited for its nutritional ingredients such as malung-

gay (moringa), which is rich in antioxidants that help combat malnutrition and lower blood sugar level and cholesterol. Banana blossoms are a rich source of vitamins and minerals and helps manage diabetes and anemia, and camote tops do wonders for the heart, eyes and bones, and has antibacterial components, organizers said.

PETS AND DENIM. Pet

owners and their dogs gather at the Atrium of SM City Masinag in Antipolo as SM supermalls celebrates anything denim this July with fashionable canines and felines and their pet parents sashaying on the mall runway for the ‘Paws Denimnation’ event. Manny Palmero

With pillars of development successfully founded

Mayor Arlene builds a safe, stable and sustainable home for Santa Rosa family

N 2007, when Arlene B. Arcillas ﬁrst assumed ofﬁce as City Mayor, she envisioned Santa Rosa as a progressive city with sustained growth and improved quality of life of the residents, as encapsulated in her slogan SERBISYONG MAKATAO, LUNGSOD NA MAKABAGO.

With a firm belief that for development to be sustainable, it is vital to strengthen the fundamentals of the city in all aspects, Mayor Arlene established her administration’s platform of governance and framework of sustainable development which she called as the Four Pillars of Development. Anchored on the major sectors that local governance must address, the platform is grouped into four building blocks that will ensure the local government is responsive, pro-active, inclusive and participative: Pillar of Knowledge and Skills for the Youth and Women; Pillar of Clean Environment and Healthy Lifestyle; Pillar of Livelihood and Job Generation; and Pillar of Peaceful and Orderly Communities. While pushing for development, she recognizes that the city must also prepare its people, its stakeholders and its institutions so it can properly adapt and adjust to the changing needs and demands of the times. Mayor Arlene boosted the city’s revenue generation through the computerization program, increasing efficiency in revenue collection. By the end of her first year in office, the income of the City of Santa Rosa has breached the PhP1 billion mark, placing the city as comparable to the major cities of Metro Manila. Red tape and fixers were also eliminated, with implementation of the Citizen’s Charter under the Anti-Red Tape Act. Santa Rosa was the pilot city of the Civil Service Commission. Further enhancing the efficiency of the city government’s departments and offices was the ISO certification, which is an ongoing program for all offices. ISO certification ensures that the services of the city government are at par with international standards. Proof of the transparency, efficiency and accountability of the city government under the administration of Mayor Arlene were many awards and accolades such the Seal of Good Housekeeping from the DILG, the Blue Ribbon Certification from the Office of the Ombudsman, among others. The most

Mayor Arlene Arcillas was given the Presidential Lingkod Bayan Award in 2011

prestigious received was the Presidental Lingkod Bayan Award in 2011, the highest award given in the country through the Civil Service Commission and the Office of the President of the Republic. Mayor Arlene was the first city mayor to receive such honor. In her three terms as City Mayor, Mayor Arlene worked on further strengthening these Pillars by instituting reforms that she believed are needed to sustain the state of progress the city is in at the time. Programs and services executed were geared towards achieving the vision for Santa Rosa to become a “world class, smart and green city with a sustained and inclusive economic growth that is driven by a transparent and accountable local government, effective civil servants and empowered citizenry.” In 2016, Arlene ran unrivaled as Representative of the First District of Laguna and extended her care and leadership to constituents in Cities of Santa Rosa and San Pedro. During this time, Mayor Danilo Ramon Fernandez continued the flagship projects of former Mayor Arlene and implemented a few of his own. It was during his administration when the City of Santa Rosa Multi-Purpose Complex and the state-of-the-art Central Command Center were inaugurated. As support to President Rodrigo Duterte’s campaign, he also initiated the anti-drug abuse campaign of the city and established the Dangal ng Pagbabago Rehabilitation Center. The unveiling of the marker of Cuartel de Continued on C3

City officials during the groundbreaking of RDCG Bridge and Diversion Road on 2007

WEDNESDAY, JULY 10, 2019 advertise@manilastandard.net

S THE City of Santa Rosa turns 15, indeed, a lot of changes and developments happened. From a rustic town it was before, Santa Rosa is now considered as one of the modern and cosmopolitan cities in the country. It has achieved different feats and milestones that became a part of its wonderful history and fruitful journey, hence, it should also be highlighted and celebrated in this remarkable day of Santa Rosa. 2004 July 10, 2004 – Santa Rosa was officially converted into a City by virtue of Republic Act 9264 2005 Joey Catindig assumed office as acting Mayor on May 2005 Cuartel de Santo Domingo was declared as a National Historical Landmark by the National Historical Institute on July 21, 2005. The Santa Rosa Business Club was founded December 6, 2005 – INFOXX, the first call center to rise in Santa Rosa, was founded 2006 Santa Rosa City Expo was launched on 2006 in time with the Sikhayan Festival March 31, 2006 – The first batch of Santa Rosa Science and Technology High School graduated. August 23, 2006 – City museum was inaugurated and City plaza was renovated.

Groundbreaking of the proposed wastewater treatment facility at the Santa Rosa Community Hospital on 2008.

Highlights of Santa Rosa’s

15 years as a City

2007 Then Vice Mayor Arlene B. Arcillas won the Mayoral election on 2007 and became the first female Mayor of the City of Santa Rosa. On 2007, the groundbreaking of RDCG Bridge and Diversion Road was conducted The first graduation ceremony of PUP Santa Rosa happened City of Santa Rosa hit its 1 billion mark of income. January 18, 2007 – The Investment Code of the City was launched 2008 On July 31, 2008, the City held its first-ever Business Awards, awarding outstanding partners in business. Santa Rosa Community Hospital set up its wastewater treatment facility.

Santa Rosa Community Hospital during its 20th anniversary on 2015

Mayor Arlene received the Seal of Good Housekeeping Award from the DILG

2009 March 30, 2009 – The City of Santa Rosa launches its Citizen’s Charter. The ﬁrst Sikad-Lakad-Takbo (SILAKBO), a fund-raising activity for the Silang-Santa Rosa Watershed kicked-off The City of Santa Rosa was awarded the Hall of Fame Award on the Implementation of Pabasa sa Nutrisyon First Mayor’s Caravan kicked-off on 2009 2010 Santa Rosa was recognized as the Top Next Wave City in the Philippines by the Business Processing Association of the Philippines (BPAP) and DOST-ICTO for being the top emerging IT-BPO hub in the Philippines according to talent, infrastructure, business environment and risk management, and cost. Santa Rosa received the Best City Police Station award given by the Philippine National Police and Department of Interior and Local Government (DILG). 2011 The City was awarded the Seal of Good Housekeeping by the DILG in recognition of its efforts in advancing the principles of accountability and transparency in local governance. Mayor Arlene Arcillas was given the Presidential Lingkod Bayan Award in 2011, the highest award given in the country through the Civil Service Commission and the Ofﬁce of the President of the Republic. July 10, 2011 – The City’s Seat of Government was unveiled during the cityhood anniversary. Environment Code was signed into law on July of 2011. Mayor Arlene was awarded as the Promising Rotarian of the Year. 2012 The City was recognized as the Best LGU Implementor of RA 9482 known as the Rabies Act September 12, 2012 – Mayor Arlene B. Arcillas and Mr. Nino Lu, head of City Rescue Unit, was awarded the

Unveiling of the City’s Seat of Government during the cityhood anniversary way back 2011

Free medicines were given during the Mayor’s Caravan on year 2009

Bakas Parangal ng Kabayanihan by the Houses in Toyota-City of Santa RosaNDRRMC GK Village were initially turned over to An environmental campaign called family beneﬁciaries Project Clean ALWAYS was launched PAG-ASA Youth Rehabilitation Center was inaugurated 2013 October 25, 2013 – City of Santa Then Santa Rosa Business Awards was Rosa hosted the Philippine Automotive re-launch with a new name, Lion Awards Manufacturing Industry for Business Mayor Arlene B. Arcillas was reDecember 6, 2013 – The City elected as mayor via landslide victory received the Green Banner Award from the National Nutrition Council Region 2014 IV-A for being the outstanding City on Basuranihan or “Basura at Bayanihan” Nutrition Program campaign was launched

Launching of the “Project Clean ALWAYS” campaign

Rosanenses participating during the Basuranihan launching on 2014

City was awarded the Seal of Good received the ISO 9001:2008 Certiﬁcation Housekeeping (Silver Grade) on from ISC Global. February of 2014 The City was among the awardees of the prestigious Seal of Good Local 2015 Governance. City Hall Building B was inaugurated February 16, 2015 – The new PUP Santa Rosa was recognized as the Santa Rosa Building was inaugurated Outstanding LGU during Meralco The Luminaries 2015 Awards 2016 Santa Rosa Community Hospital June 30, 2016 – City of Santa Rosa celebrated its 20th anniversary welcomed new administration headed by Ayala Malls Solenad opened in City of then Mayor Dan S. Fernandez. Santa Rosa August 18, 2016 – City of Santa Rosa was September 15, 2015 – The City Continued on C3

WEDNESDAY, JULY 10, 2019

advertise@manilastandard.net

Mayor Arlene... From C1

Santo Domingo as an Important Cultural Property by the National Museum was also realized during his time. These are only some of the priority programs that Mayor Dan’s administration implemented which he considered to guide the city in a smooth journey towards further growth and development. The Pillars were established and strengthened during Arlene’s administration as Mayor from 2007 to 2016, and were reinforced even more during the term of Mayor Dan on 2016 to 2019. Now, similar to a mother coming home to her family, she is back to where her heart truly belongs. After careful focus on founding and boosting the “Pillars” of the city she calls home, Mayor Arlene will now focus on the “Family” and achieve the city’s vision for them. Upon her assumption of ofﬁce as the elected city mayor of the City of Santa Rosa this 2019, she now endeavors to make the city safe, stable and sustainable for its people – just like what a home should be for its family. Safe. As deﬁned, safety is a state where one is protected from harm or not exposed to danger. This clearly includes safety in terms of peace and order, and

Inauguration of the City Plaza on 2006 after its renovation.

preparedness against disaster; but also among others. economic condition, opportunities for includes care for the people’s health Stable. Every family wants stability growth in terms of education and skills and environment, and providing shelter, and this area comprise of favorable development, reliable social services

City officials together with the City scholars under the Libreng Pag-aaral sa Pribadong Paaralan Program

A client securing a permit during Business One-Stop Shop every January

Mayor Arlene spending time with Day Care children

Inauguration of the Dangal ng Pagbabago Rehabilitation on 2017

and more. Sustainable. Though not usually associated to families, sustainability – which means the ability to be maintained or continued – is also something families long for. Yes, safety and stability in homes are of vital importance, but sustainability is what parents truly want for their self and their children. Same goes for the city government. As an institution mandated to provide for the needs of its people, programs and services to be offered must be long-term and continuing for the benefit of families today and in the future. Sustainability is desired not only with regards to, for example, environment and livelihood, but more importantly, for the resources of the city government to be able to last and carry on. This means investment must be made with sound judgment and careful planning so it can be beneficial for more generations of Rosenians. Safe, stable and sustainable. These words briefly illustrate what Mayor Arlene B. Arcillas wants for the people of Santa Rosa whom she refers to as her family. These three words will guide her as she performs her mandate as leader of this city and as she works to truly provide for the needs of her constituents – an act befitting of a true mother of Rosenian families. (macariño)

Mayor Arlene takes time conversing with Brgy. Market Area PWD President

Groundbreaking of PUP Santa Rosa Building

Highlights... From C2

hailed as the National Earth Hour Capital by WWF for its pioneering initiatives on climate mitigation and adaptation. The City had its groundbreaking of the Dangal ng Pagbabago Rehabilitation Center The Business One Stop Shop of the City of Santa Rosa obtained the Blue Certification Level 1 from the Office of the Ombudsman 2017 January 14, 2017 – Dangal ng Pagbabago Rehabilitation Center, the first-ever LGU-operated rehabilitation center was officially launched Groundbreaking of Cavite-Laguna Expressway (CALAX) was held March 5, 2017 – Santa Rosa MultiPurpose Complex was inaugurated 2018 College Educational Assistance Program (CEAP) of the City of Santa Rosa was launched July 31, 2018 – The City received the highest and most prestigious award by National Nutrition Council, the Nutrition Honor Award The state-of-the-art command center of the City of Santa Rosa formally opened August 20, 2018 – Pabasa sa Nutrisyon Diamond Award was given to the City of Santa Rosa in recognition of its outstanding implementation of the Pabasa sa Nutrisyon Program Santa Rosa Manpower 2019 February 11, 2019 – The City hosted the CALABARZON Heroes Games 2019. May 6, 2019 – Cuartel de Santo Domingo was recognized as an Important Cultural Property by the National Museum. June 25, 2019 – The City of Santa Rosa was declared as a Drug-Cleared City (tbumali)

City officials celebrates the birthday of senior citizens

Mayor Arlene receives the award of the City as the National Earth Hour Capital 2016

Initial turnover of the houses in Toyota-City of Santa Rosa-GK Village

Declaration of Cuartel de Santo Domingo as a National Historical Landmark by the National Historical Institute on July 21, 2005.

Applicants during the conduct of jobs fair in the City

Mayor Arlene pays visit to patients of the City’s Dialysis Center

CYAN MAGENTA YELLOW BLACK Manila

WEDNESDAY, JULY 10, 2019

Standard

TODAY underwriting of securities of another person or enterprise, including securities of government and its instrumentalities, among others.

viii. been found by a competent judicial or administrative body to have willfully violated any provisions of securities, commodities, banking, real estate or insurance laws, or has willfully aided, abetted, counseled, commanded, induced or procured such violation; or

L. Retailinvestor is a person who is not a Qualified Investor. SEC MEMORANDUM CIRCULAR NO. 14 Series of 2019 SUBJECT

: RULES AND REGULATIONS GOVERNING CROWDFUNDING (CF)

M.Funding portal is an intermediary organized and registered as a corporation to facilitate transactions involving the offer or sale of CF securities through online electronic platform. Funding portal does not:

ix. been judicially declared insolvent. For purposes of this subsection, the term “competent judicial or administrative body” shall include a foreign court of competent jurisdiction and a foreign financial regulator.

Offer investment advice or recommendations;

ii.

In recognition of the recent financial innovation of raising funds for a venture or business using internet platforms, the Commission formulated rules on crowdfunding in accordance with the Securities Regulation Code (SRC) and international practices and standards.

Solicit purchases, sales or offers to buy the securities displayed on its platform;

C. The applicant’s Board will be able to ensure the crowdfunding intermediary complies with all the requirements under the SRC and its Rules, including any directive or any term or condition imposed by the Commission;

iii. Compensate employees, agents, or other persons for such solicitation or based on the sale of securities displayed or referenced on its platform; or

D. The applicant will be able to manage risks associated with its business and operation including demonstrating the processes and contingency arrangement in the event the applicant is unable to carry out its operations;

PREAMBLE

iv. Hold, manage, possess, or otherwise handle investor funds or securities.

E. The applicant shall establish and maintain policies and procedures to monitor crowdfunding activities in its platform and ensure compliance with these Rules;

NOTICE

WHEREAS, it is the policy of the Commission to encourage investments and active public participation in the capital market, foster good governance and ensure protection of investors; WHEREAS, the continuous advancement of information and communication technology and the globalization of financial markets facilitate innovative financial environment, which includes fund raising through internet platforms such as crowdfunding; WHEREAS, crowdfunding will help raise capital and resources for small and local business start-ups or ventures, given standards set by these Rules. WHEREAS, crowdfunding will provide alternative investment opportunity for the investing public; WHEREAS, Section 8 of the SRCprovides that securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with the and approved by the Commission; WHEREAS, Section 10.2 of the SRC provides that the Commission may exempt securities transactions from registration requirement if it finds that registration is not necessary in the public interest or for the protection of the investors such as by reason of small amount involved or the limited character of the public offering;

N. Persons associated with a crowdfunding intermediary are any partner, officer, director or manager of a crowdfunding intermediary (or any person occupying a similar status or performing similar functions), any person directly or indirectly controlling or controlled by such crowdfunding intermediary, or any employee of a crowdfunding intermediary, except that any person associated with a crowdfunding intermediary whose functions are solely clerical or ministerial shall not be included in the meaning of such term. O. Nonresident funding portal is a funding portal incorporated in or organized under the laws of a jurisdiction outside of the Republic of the Philippines, or having its principal place of business in a place not located in the Republic of the Philippines.

Bank;

ii.

Registered investment house;

iii. Insurance company iv. Pension fund or retirement plan maintained by the Government of the Philippines or any political subdivision thereof or managed by a bank or other persons authorized by the Bangko Sentral ng Pilipinas to engage in trust functions; v.

vi. Such other person as the Commission may by rule determine as qualified buyers, on the basis of such factors as financial sophistication, net worth, knowledge, and experience in financial and business matters, or amounts of assets under management.

S. Material information is any fact or information that may result in a change in the market price or value of any of the Issuer’s securities, or may potentially affect the investment decision of an investor.

CONTENTS

CHAPTER TWO: Exemption from Registration of Securities

ARTICLE ONE:

Section 3. Eligibility for Exemption from Registration of Securities – An issuer may offer or sell securities under these Rules without the need for registering said securities under Section 12 of the SRC, provided that:

Section 1. Applicability and Coverage – These rules shall be known as the “Rules and Regulations Governing Crowdfunding (CF).” These rules shall primarily govern the operation and use of equity-based and lending-based CF by registered persons such as brokers, investment houses, funding portal, and issuers and investors who participate in CF through an online platform. Crowdfunding through means or medium other than online electronic platform is not within the coverage of these Rules, hence, the usual requirements under the SRC shall apply. Section 2. Definition of Terms – For purposes of theseRules, the following definition of terms shall apply unless the context otherwise requires: A. Crowdfunding refers to the offer or sale of securities of a limited scale usually for start-ups, micro, small and medium enterprises (MSMEs) done throughan online electronic platform. B. Crowdfunding intermediary or intermediary refers to a registered broker, investment house, or funding portal which mediates offer and sale of crowdfunding securities through it online electronic platform. C. Crowdfunding platform or platform is a program or application accessible via the Internet or other similar electronic communication medium through which a registered broker or a registered funding portal acts as an intermediary in a transaction involving the offer or sale of securities. D. Investor refers to any person or entity that seek to make, are making, or have made an investment in an investment vehicle with the expectation of achieving profit. E. Issuer refers to the originator, maker, obligor, or creator of the security which shall be registered with the intermediary. F. SRC refers to the Securities Regulation Code under the Republic Act No. 8799. G. Commission refers to the Securities and Exchange Commission. H. Start-up refers to an organization, company, venture or project which is at the initial phase of a business cycle. I.

MSMEas defined in Republic Act (R.A.) 9501 or the Magna Carta for MSMEs,is “any activity or enterprise engaged in industry, agribusiness, and/or services, whether single proprietorship, cooperative, partnership or corporation whose total assets, inclusive of those arising from loans but exclusive of the land on which the particular business entity’s office, plant and equipment are situated, shall have value falling under the following categories: Micro : not more than P3,000,000 Small : P3,000,001 - P15,000,000 Medium : P15,000,001 - P100,000,000”

J. Securities are shares, participation or interests in a corporation or in a commercial enterprise or profit-making venture and evidenced by a certificate, contract, instruments, whether written or electronic in character. It includes: (a) Shares of stocks, bonds, debentures, notes evidences of indebtedness, asset-backed securities; (b) Investment contracts, certificates of interest or participation in a profit sharing agreement, certifies of deposit for a future subscription; (c) Fractional undivided interests in oil, gas or other mineral rights; (d) Derivatives like option and warrants; (e) Certificates of assignments, certificates of participation, trust certificates, voting trust certificates or similar instruments (f) Proprietary or nonproprietary membership certificates in corporations; and (g) Other instruments as may in the future be determined by the Commission,as defined under Section 3 of the Securities Regulation Code (SRC). K. Registered persons are entities such as brokers and investment houses with fiduciary responsibilities engaged in buying and selling of securities for the account of others. I.

Brokers refer to persons engaged in the business of buying and selling of securities for the account of others.

II. Investment houses refer to enterprises engaged in the

A. The issuer is an entity organized under the laws of the Philippines or a Filipino natural person, and accredited and/or accepted by a crowdfunding intermediary to utilize its platform; B. The aggregate amount of securities that can be offered and sold by issuer within a 12-month period shall comply with the following limits:

ii.

to ensure proper functioning of the market;

iii.

to promote fairness and transparency;

iv.

to manage any conflict of interest that may arise;

to promote fair treatment of its users or any person who subscribe for its services;

vi.

to promote fair treatment of any issuer, or potential issuer, on its portal;

ix. I.

Q. Registrar of qualified buyers are authorized registers which have been granted the appropriate secondary license by the Commission to act as Registrar upon proper application and compliance with registration requirements under the 2015 SRC.

NOW THEREFORE, the Commission hereby issues and promulgates the following Rules Governing Crowdfunding and the transactions and persons involved therein.

for the protection of investors and public interest;

viii. to provide an avenue of appeal against the decision of the crowdfunding operator; and

For the purposes of Section 2.O.vi. above, such other persons that the Commission may by rule determine as qualified buyers shall comply with the requirements of the 2015 SRC Rule 10.1.11.

WHEREAS, it is essential to ensure that crowdfunding shall operate in a manner that is consistent with investor protection, and in the interest of the public, market integrity and transparency;

vii. to ensure proper regulation and supervision of its users, or any person utilizing or accessing its portal, including suspension and expulsion of such persons;

Investment company; or

R. Sensitive personal information are information that can be used to distinguish or trace an individual’s identity, either alone or when combined with other personal or identifying information that is linked or linkable to a specific individual.

ARTICLE ONE: GENERAL PROVISIONS CHAPTER ONE: Definitions

H. The operational framework, policies and procedures of the intermediary shall make satisfactory provisions-

Rule 10.1.3, which are the following:

WHEREAS, Section 37 of the SRC promotes national economic development and competitiveness in the market and directs the Commission to promulgate rules for the registration and licensing of innovative and other trading markets for innovative securities, securities of small, medium, growth and venture enterprises and technology-based ventures;

GENERAL PROVISIONS....................................................................................4 CHAPTER ONE: Definitions.................................................................................4 CHAPTER TWO: Exemption from Registration of Securities..............................6 ARTICLE TWO: CROWDFUNDING INTERMEDIARY REQUIREMENTS............8 CHAPTER ONE: General Requirements for Intermediaries................................8 CHAPTER TWO: Ongoing Obligations...............................................................11 CHAPTER THREE: Prudential Requirements...................................................12 CHAPTER FOUR: Measures to Reduce Risk of Fraud.....................................13 CHAPTER FIVE: Account Opening....................................................................14 CHAPTER SIX: Requirements with Respect to Transactions............................15 CHAPTER SEVEN: Completion of Offerings, Cancellations, and Reconfirmations...................................................................................................18 CHAPTER EIGHT: Payments to Third Parties...................................................19 CHAPTER NINE: Permitted Activities for Intermediaries...............................2019 ARTICLE THREE: FUNDING PORTAL REGULATION........................................25 CHAPTER ONE: Registration of Funding Portals..............................................25 CHAPTER TWO: Exemption..............................................................................26 CHAPTER THREE: Conditional Safe Harbor.....................................................26 CHAPTER FOUR: Compliance..........................................................................26 ARTICLE FOUR: ISSUER REQUIREMENTS......................................................28 CHAPTER ONE: Disclosure Requirements.......................................................28 CHAPTER TWO: Disqualification Provisions.....................................................28 CHAPTER THREE: Prohibition on Advertising Terms of Offering......................29 CHAPTER FOUR: Issuer Forms........................................................................30 ARTICLE FIVE: REPORTS, RECORDKEEPING AND OTHER POST REGISTRATION/OPERATIONAL REQUIREMENTS..........................................31 CHAPTER ONE: General Reporting Requirements..........................................31 CHAPTER TWO: Ongoing Reporting Requirements for Issuers.......................31 CHAPTER THREE: Ongoing Reporting Requirements for Intermediaries........32 ARTICLE SIX: MISCELLANEOUS PROVISIONS...............................................36

G. The applicant will be able to take appropriate action against a person in breach including directing the person in breach to take any necessary remedial measure;

P. Qualified investor is a person who is a Qualified Buyer as defined under the 2015 SRC IRR

WHEREAS, Section 32.2 (a) of the SRC prohibits brokers, dealers, salesmen and associated persons of broker or dealer from making, creating or operating, or enabling another to make, create or operate, any trading market, otherwise than on a registered Exchange, for the buying and selling of any security, except in accordance with the rules and regulations that the Commission prescribes;

WHEREAS, Section 72 of the SRC authorizes the Commission to issue, amend and rescind rules and regulations as may be necessary or appropriate, including rules and regulations defining accounting, technical, and trade terms used in the SRC, and prescribe forms in which information shall be set forth in registration statements, applications, and reports to the Commission. For this purpose, the Commission may classify persons, securities, and other matters within its jurisdiction, prescribe different requirements for different classes of persons,securities, or matters, by rule or order, conditionally or unconditionally exempt any person, security, or transaction, or class of persons, securities or transactions from any or all provisions of the SRC;

F. The applicant will appoint at least one lead person as required under Section 5 – Appointment of Lead Person;

the applicant has sufficient financial, human, and other resources for the operation of crowdfunding activities, at all times.

Before the applicant is allowed to fully operationalize the platform, the Commission may require among others: i.

The intermediary to provide an IT assurance regarding the system readiness; and

ii.

A written declaration by the intermediary’s internal auditor or lead person confirming that the intermediary has, in relation to the crowdfunding market: a.

Sufficient human, financial and other resources to carry out operations;

Adequate securities measures, systems capacity, business continuity plan and procedures, risk management, data integrity and confidentiality, record-keeping and audit trail, for daily operations and to meet emergencies; and

Sufficient IT and technical support arrangements.

For purposes of this rule, users mean issuers, investors, potential investors who have the authority to use or access a crowdfunding intermediary’s platform. Section 5. Appointment of Lead Person – A crowdfunding intermediary shall appoint at least one Lead Person who shall be the chief executive of the intermediary or any person who is primarily responsible for the operations and financial management, by whatever name he is called. At all times, the Lead Person shall undertake the role of the main contact person for the purpose of liaising with the Commission and perform any duty as may be directed by the Commission.

Offering of securities with an aggregate value of up to Ten Million Pesos or Php10,000,000.00 within a 12-month period can be offered and sold to any investor;

Any vacancy in relation to the position of a Lead Person shall be filled within one month from the date of resignation or the date of effectivity of resignation of the former Lead Person in compliance with this Chapter.

ii.

Offering of securities with an aggregate value of above Ten Million Pesos or Php10,000,000.00 but not exceeding Fifty Million Pesos or Php50,000,000.00 within a 12-month period can only be offered and sold to Qualified Investors.

Section 6. Training of Lead Person and Persons Associated with a Crowdfunding Intermediary – A crowdfunding intermediary shall ensure that the Lead Person and Persons associated with the crowdfunding intermediary undergo relevant trainings with regard to crowdfunding activities and its related activities.

C. The aggregate amount of securities sold to any investor across all issuers in securities crowdfunding during the 12-month period shall not exceed the following limits set forth:

Section 7. Management of Conflict of Interest – A crowdfunding intermediary shall establish a framework which sets out policies and procedures to effectively and efficiently manage conflicts of interest including potential conflicts of interest which may arise in the course of the intermediary carrying out its functions. Such conflicts shall be managed in a timely manner.

ii.

Retail Investors with income of up to Two Million Pesos or Php2,000,000.00 per year may purchase securities through a Crowdfunding Intermediary in a maximum value of 5% of their total income per year. Retail Investors with income of more than Two Million Pesos or Php2,000,000.00 per year may purchase securities through a Crowdfunding Intermediary in a maximum value of 10% of their total income per year.

iii. Qualified Investors are not subject to the limits set forth above, provided that the Qualified Investor complies with 2015 IRR Rule 10.1.3 and 2015 IRR Rule 10.1.11.

The intermediary and its officers are prohibited from providing any financial assistance to investors to invest in the securities offered on or through its platform. The intermediary is prohibited from providing any funding to issuers or investing in any of the security offered on or through its platform. Notwithstanding the paragraph above, officers of the intermediary are permitted to invest subject to the intermediary having in place appropriate process and procedure to manage conflict of interest. CHAPTER TWO: Ongoing Obligations

D. The issuance of securities is conducted through an intermediary that complies with the requirements for intermediaries and the related requirements under these Rules, and the issuance of securities is conducted exclusively through the intermediary’s platform; and

Section 8. Disclosure of Extent of Review Activities – A crowdfunding intermediary shall disclose the extent of its review, due diligence exercise, and/ or risk assessment activities carried out on prospective Issuers, including its disclosures, intending to use its crowdfunding platform.

For purposes of calculating aggregate amount of securities offered and sold by an issuer under Section 3(B) above and determining whether an issuer has previously sold securities within a 12-month period, issuer shall include all entities controlled by or under common control with the issuer and any predecessors of the issuer.

The scope of the review and due diligence exercise by a crowdfunding intermediary shall include taking reasonable steps to: A. Conduct background checks on the issuer to ensure fit and properness of the issuer, its board of directors, senior management and controlling owner;

Similar crowdfunding done through medium other that online electronic platform may not avail of this exemption from registration of securities under Section 12 of the SRC.

B. Verify the business proposition of the issuer;

ARTICLE TWO: CROWDFUNDING INTERMEDIARY REQUIREMENTS As defined in Section 2, crowdfunding intermediaries refer to brokers, investment houses, and funding portals mediating sale and resale of crowdfunding securities. Article Three details funding portal eligibility and disclosure requirements.

D. Ensure the issuer’s disclosure document lodged with the crowdfunding intermediary is verified against public records and any available thirdparty sources.

CHAPTER ONE: General Requirements for Intermediaries Section 4. Registration of Crowdfunding Intermediary – No person shall act as an intermediary in a crowdfunding transaction unless he is registered as (i) a broker pursuant to the requirements of Section 28 of the SRC, or (ii) an investment house under the Investment Houses Law and its Implementing Rules and Regulations, or (iii) a funding portal in accordance with the requirements of Section 34 – Registration of Funding Portals. In applying for registration as a crowdfunding intermediary, the applicant shall specifically signify in the application his intention to conduct the activities of a crowdfunding intermediary, either singly or in concert with others, prior to engaging in said activities through SEC Form CF-I and the submission of the requirements An applicant to register as a crowdfunding intermediary before the Commission shall satisfy the following criteria: A. The applicant shall demonstrate that it is capable to operate an orderly, fair and transparent market in relation to the offer and sale of securities through its electronic facilities; B. The applicant’s board, chief executive, controller, and any other person who is primarily responsible for its operations, are fit and proper and have noti.

willfully violated any provision of these Rules, the SRC and its rules, any rule, regulation or order made hereunder, or any other laws administered by the Commission, or in the case of a registered broker has failed to supervise, with a view to preventing such violation, another person who commits such violation;

C. Carry out assessment on the issuer’s creditworthiness; and

In compliance with the requirements of paragraph A above, the crowdfunding intermediary shall require the submission of NBI Clearance of the issuer, its board of directors, senior management and controlling owner among other things. Section 9. Monitoring and Compliance – A crowdfunding intermediary monitors and ensures compliance, by itself, its officers and staff, the issuers and users, of the SRC and its Implementing Rules and regulations, the Rules and Regulations Governing Crowdfunding, its own Rules and Regulations as prescribed under Section 4.H of these Rules (Requirement for Operational Framework, Policies and Procedures), and other rules and conventions that would be prescribed by the Commission. Section 10. Immediate Notifications to the Commission – A crowdfunding intermediary shall immediately notify the Commission of: A. Any irregularity or breach of any provision of the SRC, its Rules, of these Rules, including any alleged or suspected violations of any law or guidelines in relation to money laundering and terrorism financing by its participants; B. Any material change in the information submitted to the Commission; and C. Any matter which adversely affects or is likely to adversely affect its ability to meet its obligations or to carry out its functions under these Rules. Section 11. Information on Platforms – A crowdfunding intermediary shall disclose and display prominently on its platform, any relevant information relating to its crowdfunding activities including– A. Information relating to issuer as specified under Article Four - Issuer Requirements;

ii. willfully made or caused to be made a materially false or misleading statement in any application for registration or report filed with the Commission or a self-regulatory organization, or has willfully omitted to state any material fact that is required to be stated therein;

B. Issuer disclosures and other Issuer submissions, including Offering Statement, Annual Report and Progress Update;

iii. failed to satisfy the qualifications or requirements for registration prescribed under Article Two of these Rules—Crowdfunding Intermediary Requirements, and any related provisions in the SRC and its rules;

D. General risk warning in participating in CF;

iv. been convicted, by a competent judicial or administrative body of an offense involving moral turpitude, fraud, embezzlement, counterfeiting, theft, estafa, misappropriation, forgery, bribery, false oath, or perjury, or of a violation of securities, commodities, banking, real estate or insurance laws; v. been enjoined or restrained by a competent judicial or administrative body from engaging in securities, commodities, banking, real estate or insurance activities or from willfully violating laws governing such activities; vi. been subject to an order of a competent judicial or administrative body refusing, revoking or suspending any registration, licensed or other permit under these Rules, the SRC and its rules, and any other laws administered by the Commission; vii. been subject to an order of a self-regulatory organization suspending or expelling him from membership or participating therein or from association with a member or participant thereof;

C. Information on how the crowdfunding platform facilitates the investor’s investment;

E. Information on rights of investor relating to participation in CF; F.

Information about complaints handling or dispute resolution and its procedures;

G. Commission approved fees, charges and other expenses that it may charge to, impose on an issuer or investor; and H. Information on processes and contingency arrangement in the event the crowdfunding intermediary is unable to carry out its operations or cessation of business. CHAPTER THREE: Prudential Requirements Section 12. Expenditure- and Risk- Based Minimum Capital Requirement – An intermediary in a transaction involving the offer or sale of securities in reliance on Rules Governing Crowdfunding shall, at all times, maintain a capital amount which exceeds its annual operational expenditure which constitutes all expenses and losses that arise in the crowdfunding intermediary’s normal course of business facilitating the offer or sale of securities in reliance to these Rules in a twelvemonth accounting period.

CYAN MAGENTA YELLOW BLACK

WEDNESDAY, JULY 10, 2019

Manila

Standard

TODAY

If a crowdfunding intermediary has (i) a material change in its expenditure; or (ii) varied its crowdfunding activities, it shall recalculate its expenditure-based minimum capital accordingly. Where a crowdfunding intermediary has recalculated its annual operational expenditure and its expenditure-based minimum capital, it shall submit this recalculation to the Commission within 10 days of its completion and seek approval from the Commission. The Commission may within 30 days upon receipt of the recalculation object to the recalculation and require the crowdfunding intermediary to revise its expenditure-based minimum capital. The Commission may require additional capital in the form of cash or insurance to cover any risky activities arising from the proposed or actual operations of the Crowdfunding Intermediary.

a. There are restrictions on the investor’s ability to cancel an investment commitment and obtain a return of his or her investment;

c. Investing in securities offered and sold in reliance on these Rules involves risk, and the investor should not invest any funds in an offering made in reliance on these Rules unless he or she can afford to lose the entire amount of his or her investment.

Section 20. Communication Channels – An intermediary shall provide on its platform communication channels by which investors and potential investors can communicate with one another and with representatives of the issuer about offerings made available on the intermediary’s platform, provided:

Section 13. Measures to Reduce Risk of Fraud – An intermediary in a transaction involving the offer or sale of securities in reliance on Rules Governing Crowdfunding shall:

The intermediary permits public access to view the discussions made in the communication channels;

The intermediary restricts posting of comments in the communications channels to those persons who have opened an account with the intermediary on its platform; and

The intermediary requires that any person posting a comment in the communication channels clearly and predominantly disclose with each posting whether he or she is a founder or an employee of an issuer engaging in promotional activities on behalf of the issuer, or is otherwise compensated, whether in the past or prospectively, to promote the issuer’s offering.

A. Have a reasonable basis for believing that an issuer seeking to offer and sell securities in reliance to these Rules through the intermediary’s platform shall not commit any form of fraud including Section 26 of the SRC on Fraudulent Transactions and the related requirements of this part. In satisfying this requirement, an intermediary may rely in the representations of the issuer concerning compliance with these requirements unless the intermediary has reason to question the reliability of those representations;

ii.

Has reasonable basis for believing that the issuer or any of its officers, directors (or any person occupying a similar status or performing a similar function) or beneficial owners of 20 percent or more of the issuer’s outstanding voting equity securities, calculated on the basis of voting power, is subject to disqualification under Article Four Chapter Two – Disqualification Provisions. In satisfying this requirement, an intermediary shall, at a minimum, conduct a background and securities enforcement regulatory history check on each issuer whose securities are offered by the intermediary and on each officer, director or beneficial owner of 20 percent or more of the issuer’s outstanding voting equity securities, calculated on the basis of voting power. Has a reasonable basis for believing that the issuer of the offering presents the potential for fraud or otherwise raises concerns about investor protection. In satisfying this requirement, an intermediary shall deny access if it reasonably believes that it is unable to adequately or effectively assess the risk of fraud of the issuer or its potential offering. In addition, if an intermediary becomes aware of information after it has granted access that causes it to reasonably believe that the issuer or the offering presents the potential for fraud or otherwise raises concerns about investor protection, the intermediary shall promptly remove the offering from its platform, cancel the offering, and return (or for funding portals, direct the return of) any funds that have been committed by inventors in the offering.

A. The process for the offer, purchase and issuance of securities through the intermediary and the risks associated with purchasing securities offered and sold in reliance to these Rules; B. The types of securities offered and sold in reliance on these Rules available for purchase on the intermediary’s platform and the risks associated with each type of security, including the risk of having limited voting power as a result of dilution;

Section 22. Notice of Investment Commitment – An intermediary shall promptly, upon receipt of an investment commitment from an investor, give or send to the investor a notification disclosing: A. The peso amount of the investment commitment; B. The price of the securities; C. The name of the issuer; and D. The date and time by which the investor may cancel the investment commitment. Section 23. Maintenance and Transmission of Funds –The proceeds resulting from the offer and sale of Crowdfunding securities, or an amount equal to these proceeds, shall be credited into a sub-account, moved to a sub-portfolio, or otherwise tracked by the Crowdfunding Intermediary in an appropriate manner and attested to by a formal internal process. In compliance with this section, an intermediary shall direct investors to transmit the money or other consideration directly to a bank that has agreed in writing to hold the funds for the benefit of, and to promptly transmit or return the funds to the persons entitled thereto.

The criteria are (i) reasonably designed to highlight a broad selection of issuers offering securities through the funding portal’s platform; (ii) applied consistently to all issuers and offerings; and (iii) clearly displayed on the funding portal’s platform;

ii.

The criteria may include, among other things, the type of securities being offered (for example, common stock, preferred stock or debt securities); the geographic location of the issuer; the industry or business segment of the issuer; the number or amount of investment commitments made, progress in meeting the issuer’s target offering amount or, if applicable, the maximum offering amount; and the minimum or maximum investment amount; provided that the funding portal may not highlight an issuer or offering based on the advisability of investing in the issuer or its offering; and

iii.

The funding portal does not receive special or additional compensations for highlighting one or more issuers or offerings on its platform;

Provide search functions or other tools that investors can use to search, sort, or categorize the offerings available through the funding portal’s platform according to objective criteria where; i.

ii.

The criteria may not include, among other things, the advisability of investing in the issuer or its offering, or an assessment of any characteristic of the issuer, its business plan, its key management or risks associated with an investment;

Provide communication channels by which investors can communicate with one another and with representatives of the issuer through the funding portal’s platform about offerings through the platform, so long as the funding portal: i.

Does not participate in these communications, other than to establish guidelines for communication and remove abusive or potentially fraudulent communications;

ii.

Permits public access to view the discussions made in the communication channels;

iii.

Restricts posting of comments in the communication channels to those persons who have opened an account on its platform; and

iv.

Requires that any person posting a comment in the communication channels clearly disclose with each posting whether he or she is a founder or an employee of an issuer engaging in promotional activities on behalf of the issuer, or is otherwise compensated, whether in the past or prospectively, to promote an issuer’s offering;

Advise an issuer about the structure or content of the issuer’s offering, including assisting the issuer in preparing offering documentation;

Compensate a third party for referring a person to the funding portal, so long as the third party does not provide the funding portal with sensitive personal information of any potential investor, and the compensation, other than that paid to a registered broker, is not based, directly or indirectly, on the purchase or sale of a security in reliance on these Rules offered on or through the funding portal’s platform;

An intermediary in a transaction involving the offer or sale of securities in reliance on these shall promptly direct the bank to:

Section 14. Accounts and Electronic Delivery – No intermediary may accept an investment commitment in a transaction involving the offer or sale of securities in reliance on these Rules until the investor has opened an account with the intermediary and the intermediary has obtained from the investor consent to electronic delivery of materials.

Section 15. Educational Materials – An intermediary shall deliver educational materials to investors establishing an account on their platform that explain in plain language and are otherwise designated to communicate effectively and accurately:

Section 21. Resale of Securities – An intermediary intending to provide a secondary market for the offer and sale of securities in reliance to these Rules, shall include in its operational framework the rules and procedures by which the resale of securities in reliance to these Rules will be conducted, and provide in its platform the necessary arrangements in conducting the resale of such securities.

CHAPTER FIVE: Account Opening

An intermediary shall provide all information that is required under these Rules, including, but not limited to, educational materials on investing in crowdfunding, notices and confirmations, through electronic means. Unless otherwise indicated in the relevant rule under this Article, in satisfying this requirement, an intermediary shall provide the information through an electronic message that contains the information, through an electronic message that includes a specific link to the information as posted on the intermediary’s platform, or through an electronic message that provides notice of what the information is and that it is located on the intermediary’s platform or on the issuer’s website. Electronic messages include, but are not limited to, e-mail, social media messages, instant messages or other electronic media messages.

iv. A proof of income from Retail Investors,or a certificate issued by a Registrar of Qualified Buyers from Qualified Investors.

If the intermediary is a funding portal, it does not participate in these communications other than to establish guidelines for communication and remove abusive or potentially fraudulent communications;

Apply objective criteria to highlight offerings on the funding portal’s platform where:

iii. A signed declaration that the investor has not exceeded his/her investment limit pursuant to Section 3(C)of these Rules.

C. Deny access to its platform to an issuer if the intermediary:

b. It may be difficult for the investor to resell securities acquired in reliance on these Rules; and

CHAPTER FOUR: Measures to Reduce Risk of Fraud

B. Have a reasonable basis for believing that the issuer has established means to keep accurate records of the holders of the securities it would offer and sell through the intermediary’s platform, provided that an intermediary has reason to question the reliability of those representations;

sell securities in reliance on these Rules through its platform; provided that a funding portal otherwise complies with this section;

investor’s understanding that:

For the purposes of this section, a crowdfunding intermediary shall calculate its relevant annual operational expenditure with reference to its most recent audited financial statements. If the crowdfunding intermediary’s most recent audited financial statements do not represent a twelve-month accounting period, it shall calculate its annual operational expenditure on a pro rate basis so as to produce an equivalent annual amount. If a crowdfunding intermediary has not completed its first twelve months of business operations, it shall calculate its annual operational expenditure based on forecast expenditure as reflected in the budget for the first twelve months of business operations, as submitted with its application.

A. Transmit funds from the bank to the issuer when the aggregate amount of investment commitments from all investors is equal to or greater than the target amount of the offering, and the cancellation period as set forth in Chapter Seven of this Article – Completion of Offerings, Cancellations, and Reconfirmations has lapsed, provided that in no event may the intermediary direct this transmission of funds earlier than 15 days after the date on which the intermediary makes publicly available on its platform the information required to be provided by the issuer under Section 43 – Disclosure Requirements;

G. Pay or offer to pay any compensation to a registered broker for services, including referrals pursuant to paragraph (F) of this section, in connection with the offer or sale of securities by the funding portal in reliance on these Rules, provided that:

B. Return funds to an investor when an investment commitment has been cancelled in accordance with Chapter Seven of this Article – Completion of Offerings, Cancellations, and Reconfirmations (including for failure to obtain effective reconfirmation as required under Section 27 – Cancellations and Reconfirmations Based in Material Changes); and

C. Return funds to investors when an issuer does not complete the offering. Section 24. Confirmation of Transaction – An intermediary shall, at or before the completion of a transaction in a security in reliance on these Rules give or send to each investor a notification disclosing:

A. The date of the transaction; B. The type of security that the investor is purchasing; C. The identity, price, and number of securities purchased by the investor, as well as the number of securities sold by the issuer in the transaction and the price(s) at which the securities were sold;

Such services are provided pursuant to a written agreement between the funding portal and the registered broker; and

ii.

Such services and compensation are permitted under this part;

Receive any compensation from a registered broker for services provided by the funding portal in connection with the offer or sale of securities by the funding portal in reliance on these Rules, provided that: i.

Such services are provided pursuant to a written agreement between the funding portal and the registered broker; and

ii.

Such compensation is permitted under this part;

Advertise the existence of the funding portal and identify one or more issuers or offerings available on the portal on the basis of objective criteria, as long as: i.

The criteria are reasonably designed to identify a broad selection of issuers offering securities through the funding portal’s platform, and are applied consistently to all potential issuers and offerings;

ii.

The criteria may include, among other things, the type of securities being offered (for example, common stock, preferred stock or debt securities); the geographic location of the issuer; the industry or business segment of the issuer; the expressed interest by investors, as measured by number or amount of investment commitments made, progress in meeting the issuer’s target offering amount or, if applicable, the maximum offering amount; and the minimum or maximum investment amount; and

iii.

The funding portal does not receive special or additional compensation for identifying the issuer or offering in this manner;

D. If a debt security, the interest rate and the yield to maturity calculated from the price paid and the maturity date; F.

If callable security, the first date that the security can be called by the issuer; and

C. Any restriction on the resale of a security offered and sold in reliance on these Rules;

G. The source, form and amount of any remuneration received or to be received by the intermediary from persons other than the issuer.

D. The types of information that an issuer is required to provide under Section 43 – Disclosure Requirements, the period and frequency of the delivery of that information;

CHAPTER SEVEN: Completion of Offerings, Cancellations, and Reconfirmations

Section 25. Cancellation – An investor may cancel an investment commitment for any reason until 48 hours prior to the deadline identified in the issuer’s offering materials. During the 48 hours prior to such deadline, and investment commitment may not be cancelled except as provided in Section 27 – Cancellations and Reconfirmations Based in Material Changes.

Deny access to its platform to, or cancel an offering of an issuer, pursuant to Section 13 – Measures to Reduce Risk of Fraud, if the funding portal has a reasonable basis for believing that the issuer or the offering presents the potential for fraud or otherwise raises concerns about investor protection;

Accept, on behalf of an issuer, an investment commitment for securities offered in reliance on these Rules by that issuer on the funding portal’s platform;

Direct investors where to transmit funds or remit payment in connection with the purchase of securities offered and sold in reliance on these Rules; and

E. The limitations on the amounts an investor may invest pursuant to Section 3 – Eligibility for Exemption from Registration; F.

The limitations on an investor’s right to cancel an investment commitment and the circumstances in which an investment may be cancelled by the issuer;

G. The need for the investor to consider whether investing in a security offered and sold in reliance to these Rules is appropriate for that investor; H. That following completion of an offering conducted through the intermediary, there may or may not be any ongoing relationship between the issuer and intermediary; and I.

That under Section 58 – End of Compliance, an issuer shall cease to publish annual reports.

Section 26. Early Completion of Offering – If an issuer reached the target offering amount prior to the deadline identified in its offering materials pursuant to Section 43 – Disclosure Requirements, the issuer may close the offering on a date earlier than the deadline identified in its offering materials, provided that: A. The offering remains open for a minimum of 15 days pursuant to Chapter Six of this Article – Requirements with Respect to Transactions; B. The intermediary provides notice to any potential investors, and gives or sends notice to investors that have made investment commitments in the offering, of:

An intermediary shall make the most current version of its educational material available on its platform at all times and, if at any time, the intermediary makes a material revision to its education materials, it shall make the revised educational materials available to all investors before accepting any additional investment commitments or effecting any further transactions in securities offered and sold in reliance to these Rules. Section 16. Promoters– In connection with establishing an account for an investor, an intermediary shall inform the investor that any person who promotes an issuer’s offering for compensation, whether past or prospective, or who is a founder or an employee of an issuer that engages in promotional activities on behalf of the issuer on the intermediary’s platform, shall clearly disclose in all communications on the intermediary’s platform, respectively, the receipt of the compensation and that he or she is engaging in promotional activities on behalf of the issuer. Section 17. Compensation Disclosure– When establishing an account for an investor, an intermediary shall clearly disclose the manner in which the intermediary is compensated in connection with offerings and sales of securities in reliance on these Rules. CHAPTER SIX: Requirements with Respect to Transactions Section 18. Issuer Information – An intermediary in a transaction involving the offer or sale of securities in reliance to these Rules shall make available to the Commission and to investors any information required to be provided by the issuer of the securities under Section 43 – Disclosure Requirements. A. This information shall be made publicly available on the intermediary’s platform, in a manner that reasonably permits a person accessing the platform to save, download, or otherwise store the information; B. This information shall be made publicly available on the intermediary’s platform for a minimum of 15 days before any securities are sold in the offering, during which time the intermediary may accept investment commitments; C. This information, including any additional information provided by the issuer, shall remain publicly available on the intermediary’s platform until the offer and sale of securities in reliance to these Rules is completed or cancelled; and D. An intermediary shall require any person to establish an account with the intermediary to access this information. Section 19. Investor Qualification – Each time before accepting any investment commitment (including any additional commitment from the same person), an intermediary shall: A. Have a reasonable basis for believing that the investor satisfies the investment limitations established by these Rules. An intermediary may rely on an investor’s representations concerning compliance with the investment limitation requirements, and the amount of the investor’s other investments made pursuant to these Rules unless the intermediary has reason to question the reliability of the representation; B. Obtain from the investor the following: i.

ii.

A representation that the investor has reviewed the intermediary’s educational materials delivered pursuant to Section 15 – Educational Materials, understands that the entire amount of his or her investment may be lost, and is in a financial condition to bear the loss of the investment; and A questionnaire completed by the investor demonstrating the

CYAN MAGENTA YELLOW BLACK

The new anticipated deadline of the offering;

ii.

The right of investors to cancel investment commitments for any reason until 48 hours prior to the new offering deadline; and

iii. Whether the issuer will continue to accept investment commitments during the 48-hour period prior to the new offering deadline. C. The new offering deadline is scheduled for and occurs at least five business days after the notice required in paragraph (ii) of this section is provided; and D. At the time of the new offering deadline, the issuer continues to meet or exceed the target offering amount. Section 27. Cancellations and Reconfirmations Based in Material Changes– If there are changes to material information, as set forth in the 2015 SRC IRR Rule 14.1, to the terms of an offering or to the information provided by the issuer, the intermediary shall give or send to any investor who has made an investment commitment notice of the material change and that the investor’s investment commitment will be cancelled unless the investor reconfirms his or her investment commitment within five (5) business days from receipt of the notice. If the investor fails to reconfirm his or her investment within those five business days, the intermediary within five business days thereafter shall: A. Give or send the investor a notification disclosing that the commitment was cancelled, the reason for the cancellation and the refund amount that the investor is expected to receive; and B. Direct the refund of investor funds. If material changes to the offering or to the information provided by the issuer regarding the offering occur within five business days of the maximum number of days that an offering is to remain open, the offering shall be extended to allow for a period of five business days for the investor to reconfirm his or her investment. Section 28. Return of Funds If Offering is Not Completed – If an issuer does not complete an offering, an intermediary shall within five business days: A.

Give or send each investor a notification of the cancellation, disclosing the reason for the cancellation, and the refund amount that the investor is expected to receive;

Direct the refund of investor funds; and

Prevent investors from making investment commitments with respect to that offering on its platform.

CHAPTER EIGHT: Payments to Third Parties Section 29. Prohibition on Payments for Sensitive Personal Information – An intermediary may not compensate any person for providing the intermediary with the sensitive personal information of any investor or potential investor in securities offered and sold in reliance on these Rules. For purposes of this rule, sensitive personal information means information that can be used to distinguish or trace an individual’s identity, either alone or when combined with other personal or identifying information that is linked or linkable to a specific individual. CHAPTER NINE: Permitted Activities for Intermediaries Section 30. Permitted Activities – the following are permitted activities forcrowdfunding intermediaries, consistent with the prohibitions under Section 2(M) – Definition of Funding Portal: A.

Determine whether and under what terms to allow an issuer to offer and

M. Direct the assigned bank, as required by Section 23 –Maintenance and Transmission of Funds, to release proceeds to an issuer upon completion of a crowdfunding offering or to return proceeds to investors in the event an investment commitment or an offering is cancelled. Section 31. Disqualification of Intermediaries–Operation with respect to crowdfunding of investment houses, brokers and funding portal may be refused, or any registration granted may be revoked, suspended, or limitations placed thereon, by the Commission if, after due notice and hearing the Commission determines the application or registrant: A. Has willfully violated any provision of these Rules, the SRC and its rules, any rule, regulation or order made hereunder, or any other law administered by the Commission, or in the case of a registered broker has failed to supervise, with a view to preventing such violation, another person who commits such violation; B. Has willfully made or caused to be made a materially false or misleading statement in any application for registration or report filed with the Commission or a self-regulatory organization, or has willfully omitted to state any material fact that is required to be stated therein; C. Has failed to satisfy the qualifications or requirements for registration prescribed under Article Two of these Rules—Crowdfunding Intermediary Requirements, and any related provisions in the SRC and its rules; D. Has been convicted, by a competent judicial or administrative body of an offense involving moral turpitude, fraud, embezzlement, counterfeiting, theft, estafa, misappropriation, forgery, bribery, false oath, or perjury, or of a violation of securities, commodities, banking, real estate or insurance laws; E. Is enjoined or restrained by a competent judicial or administrative body from engaging in securities, commodities, banking, real estate or insurance activities or from willfully violating laws governing such activities; F.

Is subject to an order of a competent judicial or administrative body refusing, revoking or suspending any registration, licensed or other permit under these Rules, the SRC and its rules, and any other law administered by the Commission;

G. Is subject to an order of a self-regulatory organization suspending or expelling him from membership or participating therein or from association with a member or participant thereof; H. Has been found by a competent judicial or administrative body to have willfully violated any provisions of securities, commodities, banking, real estate or insurance laws, or has willfully aided, abetted, counseled, commanded, induced or procured such violation; or J.

Has been judicially declared insolvent.

Section 32. Forms for Intermediaries – Intermediaries shall use the following forms for application for registration, withdrawal of registration, annual report, and amendments: A. FORM CF-I Schedule A: Application for Registration

The registration will be effective the later of: (1) Thirty (30) calendar days after the date that the registration is received by the Commission; or (2) The date the application of the crowdfunding intermediary is approved by the Securities and Exchange Commission Annex A1: Application for Registration as Funding Portal – If crowdfunding intermediary is not a licensed broker or investment house, the crowdfunding intermediary shall register as a Funding portal.

CYAN MAGENTA YELLOW BLACK Manila

WEDNESDAY, JULY 10, 2019

Standard

TODAY

Schedule B: Amendment to Application for Registration

A crowdfunding intermediary shall file an amendment to Form CF-I within 30 days of any of the information previously submitted on Form CF-I becoming inaccurate for any reason.

E. If any issuer shall refuse to permit an examination to be made by the Intermediary and/or the Commission, its refusal shall be ground for the refusal or revocation of the registration of its securities. F.

Schedule C: Withdrawal from Registration as crowdfunding intermediary

If a crowdfunding intermediary succeeds to and continues the business of a registered crowdfunding intermediary, the registration of the predecessor will remain effective as the registration of the successor if the successor, within 30 days after such succession, files a registration on Form CF-I and the predecessor files a withdrawal on Form CF-I; provided, however, that the registration of the predecessor funding portal will be deemed withdrawn 45 days after registration on Form CF-I is filed by the successor. SEC FORM 17-A – An annual report on SEC Form 17-A for the fiscal year in which the registration statement was rendered effective by the Commission, and for each fiscal year thereafter, within one hundred five (105) calendar days after the end of the fiscal year.

Section 33. Registration Fee for Intermediaries –Upon the submission of application of registration as a Crowdfunding Intermediary, including the application of registration as a Funding Portal, the applicant shall pay an amount of Php50,000.00 plus a Legal Research Fee (LRF) of Php500.00 within such period as the Commission may fix. ARTICLE THREE: FUNDING PORTAL REGULATION CHAPTER ONE: Registration of Funding Portals Section 34. Registration – No entity shall act as a funding portal unless it is registered as such. An applicant shall comply with the following requirements: A. Shall be organized as a corporation and registered with the Commission; B. Shall have paid-in capital of at least Php5,000,000.00 in addition to the requirements of Section 12 –Expenditure- and Risk- Based Minimum Capital Requirement; C. Registration Statement (Form CF-I Schedule A) which would include information concerning: i.

Funding portal’s principal place of business;

ii.

Funding portal’s legal status and disciplinary history, if any;

iii. Business activities, including types of compensation the funding portal would receive;

If the Intermediary and/or Commission deems it necessary, it may issue an order suspending the offer and sale of the securities pending any investigation. The order shall state the grounds for taking such action, but such order of suspension although binding upon the persons notified thereof, shall be deemed confidential, and shall not be published. Upon the issuance of the suspension order, no further offer or sale of such security shall be made until the same is lifted or set aside by the Intermediary and/or Commission. Otherwise, such sale shall be void.

G. Notice of issuance of such order shall be given to the issuer and every broker who shall have notified the Intermediary and/or Commission of an intention to sell such security.

Section 36. Withdrawal – A funding portal shall promptly file a withdrawal of previously approved funding portal registration on Form CF-I Schedule C in accordance with the instructions on the form upon ceasing to operate as a funding portal. Withdrawal will be effective on the later of 30 days after receipt by the Commission (after the funding portal is no longer operational), or within such longer period of time as to which the funding portal consents or which the Commission by order may determine as necessary or appropriate in the public interest or for the protection of investors. Section 37. Nonresident Funding Portals – Registration pursuant to this section by a nonresident funding portal shall be conditioned upon there being an information sharing arrangement in place between the Commission and the competent regulator in the jurisdiction under the laws of which the nonresident funding portal is organized or where it has its principal place of business, that is applicable to the nonresident funding portal, and is subject to reciprocity. CHAPTER TWO: Exemption Section 38. Exemption from Broker Registration Requirements– A funding portal that is registered as such with the Commission pursuant to these Rules is exempt from the broker registration requirements of Section 28 of the SRC and its rules connection with its activities as a funding portal. CHAPTER THREE: Conditional Safe Harbor Section 39. Conditional Safe Harbor –Under Section 2(M) – Definition of Funding Portal, a funding portal acting as an intermediary in a transaction involving the offer or sale of securities in reliance on these Rules may not: A. Offer investment advice or recommendations; B. Solicit purchases, sales, or offers to buy the securities offered or displayed on its platform or portal; C. Compensate employees, agents, or other persons for such solicitation or based on the sale of securities displayed or referenced on its platform or portal; D. Hold, manage, possess, or otherwise handle investor funds or securities. This Chapter is intended to provide clarity with respect to the ability of a funding portal to engage in certain activities, consistent with the prohibitions under Section 2(M) – Definition of Funding Portal. No presumption shall arise that a funding portal has violated the prohibitions under Section 2(M) – Definition of Funding Portal or this part by reason of the funding portal engaging in activities in connection with the offer or sale of securities in reliance on these Rules that do not meet the conditions specified under this section. CHAPTER FOUR: Compliance Section 40. Policies and Procedures – A funding portal shall implement written policies and procedures reasonably designed to achieve compliance with the requirements under these Rules relating to its business as a funding portal. Section 41. Anti-Money Laundering – A funding portal shall comply with the requirements of the Anti-Money Laundering Act of 2001, as amended and its Implementing Rules and Regulations. Section 42. Corporate Governance – A funding portal shall comply with the requirements of the Revised Code of Corporate Governance of 2009 and its Implementing Rules and Regulations. Section 43. Confidentiality – A funding portal shall comply with the requirements of 2015 SRC IRR Rule 30.2.1.2.4.2 as they apply to brokers, as well as the Data Privacy Act of 2012. Section 44. Inspections and Examinations – A funding portal shall permit the examination and inspection of all of its business and business operations that relate to its activities as a funding portal, such as its premises, systems, platforms, and records by representatives of the Commission. ARTICLE FOUR: ISSUER REQUIREMENTS CHAPTER ONE: Disclosure Requirements Section 45. Disclosure Requirements –An issuer offering or selling securities under these Rules shall register with an intermediary and provide information enumerated below: A. Name and other details of the intermediary; B. Nature of its business, financial condition, historical reports of operation; C. Business plan with respect to CF offering; D. Risk factors of investing in its project; E. Procedure on how to return funds if target offering is not met; and F.

Procedure to complete or cancel investment commitment There shall only be one intermediary per offering of securities under these Rules.

CHAPTER TWO: Disqualification Provisions Section 46. Disqualification of Issuer–Article One Chapter Two – Exemption from Registration of Securities shall not be available for issuer if the Commission finds: A. The issuer: i.

Has been judicially declared insolvent;

ii.

Has violated any of the provision of these Rules, and the SRC and its rules, or any order of the Commission of which the issuer has notice in connection with the offered securities;

iii. Has been or is engaged or is about to engage in fraudulent transactions; iv. Has made any false or misleading representation of material facts in any disclosure concerning the issuer or its securities; or v.

Has failed to comply with any requirements that the Intermediary may impose as a condition for application of securities for crowdfunding.

B. The disclosure statement is on its face incomplete or inaccurate in any material respect or includes any untrue statements of a material fact required to be stated therein or necessary to make the statement therein not misleading. C. The issuer, any officer, director or controlling person performing similar functions, or any underwriter has been convicted, by a competent judicial or administrative body, upon plea of guilty, or otherwise, of an offense involving moral turpitude and /or fraud or is enjoined or restrained by the Intermediary, the Commission or other competent or administrative body for violations of securities, commodities, and other related laws. D. The Intermediary and the Commission may compel the production of all the books and papers of such issuer, and may administer oaths to, and examine the officers of such the issuer or any other person connected therewith as to its business and affairs.

All daily, monthly and quarterly summaries of transactions effected through the funding portal, including:

For purposes of this subsection, the term “competent judicial or administrative body” shall include a foreign court of competent jurisdiction and a foreign financial regulator.

ii.

Transaction volume, expressed in:

CHAPTER THREE: Prohibition on Advertising Terms of Offering

K. Number of securities involved in a transaction;

Section 47. Advertising –A notice may advertise any of the terms of an issuer’s offering made if it directs investors to the intermediary’s platform and includes no more than the following information:

A. A statement that the issuer is conducting an offering, the name of the intermediary through which the offering is being conducted and a link directing the potential investor to the intermediary’s platform;

N. A log reflecting the progress of each issuer who offers or sells securities through the funding portal toward meeting the target offering amount.

B. The terms of the offering; and C. Factual information about the legal identity and business location of the issuer, limited to the name of the issuer of the security, the address, phone number and website of the issuer, the e-mail address of a representative of the issuer and a brief description of the business of the issuer. Notwithstanding the prohibition on advertising any of the terms of the offering, an issuer, and persons acting on behalf of the issuer, may communicate with investors and potential investors about the terms of the offering through communication channels provided by the intermediary on the intermediary’s platform, provided that an issuer identifies itself as the issuer in all communications. Persons acting on behalf of the issuer shall identify their affiliation with the issuer in all communications on the intermediary’s platform.

Number of transactions;

Total amounts raised by, and distributed to, issuers; and

M. Total dollar amounts raised across all issuers, expressed in U.S. dollars; and

Section 56. Records of Crowdfunding Transactions –The intermediary shall make and keep all pertinent information on crowdfunding transactions including records of all oral and written communications provided or received concerning sales, resales, offers, cancellation, instructions, and prices, whether communicated by telephone, voicemail, facsimile, instant messaging, chat rooms, electronic mail, mobile device or other digital or electronic media. The record shall specifically include the following: A.

Reliable timing data for the initiation of the trade that would permit complete and accurate crowdfunding transactions;

A record of the date and time, to the nearest minute, using Philippine Standard Time, by timestamp or other timing device, for each crowdfunding transaction;

All terms of each CF, including all terms and information regarding payment or settlement instructions;

CF portal and/or broker and other CF participants shall make and keep record of each CF that it centrally clears, categorized by transaction and counterparty;

The name of the investor with which each CF was executed;

FORM CF – Application as Issuer of crowdfunding securities shall be filed prior all other forms here Form CF-O: This shall be filed before the commencement of the Offering Statement offering. An amendment filed prior to the effective date of the registration statement shall recommence the forty-five (45) day period within which the Intermediary shall act on a registration statement. An amendment filed after the effective date of the registration statement shall become effective only upon such date as determined by the Intermediary. For amendment, use Form CF/A.

The price at which the CF was executed, in end of day Peso rate;

Form CF-AR: Annual Report

This shall be filed not later than one hundred five (105) days after the end of the fiscal year. For amendments, use Form CF-AR/A.

Form CF-TR: Termination of Reporting

For issuers eligible to terminate its obligation to file annual reports, shall file within five business days from the date on which the issuer becomes eligible to terminate its reporting obligation, to advise investors that the issuer will cease reporting.

CHAPTER FOUR: Issuer Forms

Section 35. Amendments of Registration – A funding portal shall file an amendment to Form CF-I Schedule B within 30 days of any of the information previously submitted on Form CF-I Schedule A becoming inaccurate for any reason.

H. All written agreements (or copies thereof) entered into by such funding portal relating to its business as such;

Issuers for which the target offering amount has been reached and funds distributed; and

E. Business Conduct Rules

Funding portal’s website address(es) or other means of access.

G. All notices provided by such intermediary to issuers and investors generally through the crowdfunding platform or otherwise, including, but not limited to, notices addressing hours of crowdfunding platform operations (if any), crowdfunding platform malfunctions, changes to crowdfunding platform procedures, maintenance of hardware and software, instructions pertaining to access to the crowdfunding platform and denials of, or limitations on, access to the crowdfunding platform;

D. Account Opening and Disclosure Rules

All records required of intermediary to demonstrate compliance with, in accordance with these Rules;

H. A disclosure statement may be withdrawn by the issuer only with the consent of the Intermediary and/or the Commission.

Section 48. Issuer Form–Issuer shall use Form CF for offering, progress updates, termination of reporting, amendments, and annual report. Form CF may be used to file or to report any of the following. The Commission shall be furnished with a copy of the disclosures duly received by an Intermediary. The Intermediary shall also make available the disclosures provided by the Issuer on its Crowdfunding Platform.

iv. Control affiliates of the funding portal and disclosure of their disciplinary history, if any; and

Form CF-U: Progress Update

An issuer shall file with the Intermediary and provide to investors Progress Update to disclose its progress in meeting the target offering amount no later than five (5) business days after each of the dates when the issuer reaches 50 percent and 100 percent of the target offering amount, and in case of changes to material information, as set forth in the 2015 SRC IRR Rule 14.1. For detailed discussion, refer to Article Five of these Rules. ARTICLE FIVE: REPORTS, RECORDKEEPING AND OTHER POST REGISTRATION/OPERATIONAL REQUIREMENTS CHAPTER ONE: General Reporting Requirements Section 49. Recordkeeping – Every Crowdfunding Intermediary and/or Issuer shall make, keep and preserve for such periods, records, furnish copies thereof, and make such reports, as the Commission by its rules and regulations may prescribe. Section 50. Location of Records – All records required shall be kept at the principal place of business of the Intermediary and/or Issuer or such other principal office as shall be designated by the Intermediary or Issuer. If the principal place of business is outside the Philippines, then upon the request of the SEC, the Intermediary and/or Issuer shall provide such records as requested at the place in the Philippines within seventy-two (72) hours after receipt of the request. Section 51. Submission of Yearly Reports – An Intermediary and/or Issuer shall file with the Commission and post on the intermediary’s website an annual report along with Issuer disclosures and other Issuer submissions certified by the principal executive officer of the Issuer to be true and complete in all material respects and a description of the financial condition of the Issuer as described in Article Four - Issuer Requirements. A crowdfunding intermediary shall, at the end of each year, submit a report on all CF transactions in its crowdfunding platform. Section 52. Examination of Records–All records held by an Intermediary and/ or Issuer are subject at any time, or from time to time, to reasonable periodic, special, or other examination by the representatives of the Commission as the Commission may deem necessary or appropriate in the public interest or for the protection of investors. Every Intermediary and/or Issuer shall furnish promptly to the Commission true, correct, complete and current copies of such records of the Intermediary and/or Issuer that are requested by the representatives of the Commission.

G. Fees or commissions and other expenses, identified by transaction; H.

A record of all oral and written communications provided or received concerning sale, resale, offers, prices, cancellation and other material changes whether communicated by electronic mail, portal’s messaging, or other digital or electronic media;

All terms of each related cash or clearing transaction;

The price at which the related sale or resale transaction was executed;

Records of each transaction, including all documents on which CF transaction information is originally recorded. Such records shall be kept in a form and manner identifiable and searchable by transaction, and shall include all documents customarily generated in accordance with market practice that demonstrate the existence and nature of the CF transaction, including, but not limited to, records of all orders (filled, unfilled or cancelled), correspondence, journals, memoranda, ledgers, confirmation, risk disclosure documents, statement of purchase and sale, documents of Article, if applicable;

Records of each transaction executed on a funding portal or market cleared by bank/s maintained in compliance with SEC regulations;

M. A record of the any other relevant financial information relating to transactions in crowdfunding; and N.

Any other relevant information;

The records required to be maintained and preserved pursuant this Chapter shall be produced, reproduced, and maintained in the original, non-alterable format in which they were created. The records required to be made and preserved pursuant to this Chapter may be prepared or maintained by a third party on behalf of an intermediary. An agreement with a third party shall not relieve an intermediary from the responsibility to prepare and maintain records as specified in this rule. A crowdfunding intermediary shall file with the Commission, a written undertaking, signed by a duly authorized person of the third party, stating in effect that such records are the property of the crowdfunding intermediary and will be surrendered promptly on request of the crowdfunding intermediary. The undertaking shall include the following provision: With respect to any books and records maintained or preserved on behalf of [name of CF intermediary], the undersigned hereby acknowledges that the books and records are the property of [name of CF intermediary], and hereby undertakes to permit examination of such books and records at any time, or from time to time, during business hours by representatives of the Securities and Exchange Commission, and to promptly furnish to the Commission, a true, correct, complete and current hard copy of any, all, or any part of, such books and records. Section 57. Business Records –An intermediary shall keep full, complete and systematic records of all activities related to its business as an intermediary of crowdfunding, including, but not limited to, the following: A. Matters pertaining to its governance; B. Financial records;

CHAPTER TWO: Ongoing Reporting Requirements for Issuers

C. Complaints; and

Section 53. Annual Report of Issuers –An issuer that has offered and sold securities under these Rules shall file with its intermediary and post on the issuer’s website an annual report along with the financial statements of the issuer certified by the principal executive officer of the issuer to be true and complete in all material respects and a description of the financial condition of the issuer. If, however, an issuer has available financial statements that have either been reviewed or audited by a public accountant that is independent of the issuer, those financial statements shall be provided and the certification by the principal executive officer will not be required.

D. Marketing and sales materials

The annual report also shall include the Disclosure Requirements of these Rules. The report shall be filed using Form CF-AR and submitted to the Intermediary no later than 105 days after the end of the fiscal year covered by the report. An issuer providing financial statements that are not audited or reviewed shall have its principal executive officer provide the following certification: I,

[identify the certifying individual], certify that the financial statements of [identify the issuer] included in this Form are true and complete in all material respects. [Signature and Article].

Section 54. Progress Updates –The issuer shall make, keep and maintain the following reports and records which shall be submitted to or be open for inspection by the Intermediary and/or the Commission, as provided in this Chapter: A. An issuer shall file with the Intermediary and provide to investors progress report using Form CF-U: Progress Update to disclose its development in achieving the target offering amount no later than five (5) business days after each of the dates when the issuer reaches 50 percent and 100 percent of the target offering amount, and in case of changes to material information, as set forth in the 2015 SRC IRR Rule 14.1. B. If the issuer will accept proceeds in excess of the target offering amount, the issuer shall file with the Intermediary and provide to investors, no later than five business days after the offering deadline, a final Form CF-O/A: Amendment to Statement of Offering to disclose the total amount of securities sold in the offering. C. The requirements of paragraphs (A) and (B) of this section shall not apply to an issuer if the relevant intermediary makes publicly available on the intermediary’s platform frequent updates regarding the progress of the issuer in meeting the target offering amount; however, the issuer shall still file a Form CF-O/A: Amendment to Statement of Offering to disclose the total amount of securities sold in the offering no later than five business days after the offering deadline.

Section 58. End of Compliance – An issuer shall continue to comply with the ongoing reporting requirements until one of the following occurs: A. The issuer or another party repurchases all of the securities issued in reliance with these Rules, including any payment in full of debt securities or any complete redemption of redeemable securities; or B. The issuer liquidates or dissolves its business in accordance with applicable rules and regulations. Section 59. Sanction and Penalties– If the Commission finds that there is a violation of any provision of these Rules or any applicable rules under the SRC, or that any person, in a registration statement or its supporting papers and the prospectus, as well as in the periodic reports required to be filed with the Commission has made any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to have made the statements therein not misleading or refused to permit any lawful examination into its corporate affairs, the Commission shall, in its discretion impose additional sanctions in addition to the existing sanctions and/or penalty fees approved and published by the Commission through its official publications such as the SRC Section 54, memorandum circulars, resolutions, website and other issuances. The imposition of foregoing administrative sanctions shall be without prejudice to the filing of criminal charges against the individuals responsible for the violation in accordance with Section 73 of the SRC. ARTICLE SIX: MISCELLANEOUS PROVISIONS Section 60. Transitory Provision –Any person or corporation engaged in equitybased and/or lending-based crowdfunding prior to the effectivity of these Rules shall comply with the requirements under Article Two – Crowdfunding Intermediary Requirementswithin three (3) months upon the effectivity of these Rules. Those who submit an application for registration in accordance with Article Two – Crowdfunding Intermediary Requirementsof these Ruleswithin three (3) months from effectivity of these Rulesmay continue its operations until the application has been approved, and in doing so, will not be regarded as carrying on crowdfunding activities in contravention with these Rules. Section 61. Repealing Clause –All rules and regulations, circulars, orders, memoranda, or any part thereof and the rules and regulations previously promulgated by the Commission, in conflict with or contrary to these Rules are hereby repealed or modified accordingly.

CHAPTER THREE: Ongoing Reporting Requirements for Intermediaries

Section 62. Separability Clause –If any portion or provision of these Rules is declared unconstitutional or invalid, the other portions of provisions thereof, which are not affected shall thereby continue in full force and effect.

Section 55. Records to be Made and Kept by Intermediary –An intermediary shall make and preserve the following records for five years, the first two years in an easily accessible place:

Section 63. Effectivity –These rules shall take effect fifteen (15) days after its publication in two (2) newspapers of general circulation in the Philippines.

A. All records related to an investor who purchases or attempts to purchase crowdfunding securities;

8 July 2019, Pasay City Philippines.

B. All issuer forms and disclosures submitted by issuers; C. All other records related to issuers who offer and sell or attempt to offer and sell crowdfunding securities;

EMILIO B. AQUINO Chairperson

D. Records of all communications that occur on or through its platform; E. All records related to persons that use communication channels provided by a funding portal to promote an issuer’s securities or communicate with potential investors; (MS-JULY 10, 2019)

CYAN MAGENTA YELLOW BLACK

CYAN MAGENTA YELLOW BLACK WEDNESDAY, JULY 10 2019 Standard D4 TODAY Manila

Securities and Exchange Commission

EXHIBITS

SEC Form CF-I

Exhibit C. Detailed plan of operation. participants/users.

Schedule A: Application for Registration as Crowdfunding Intermediary Annex A1: Application for Registration as Funding Portal Schedule B: Amendment to SEC Form CF-A Schedule C: Withdrawal of Registration as Crowdfunding Intermediary

On the basis of the attached Statements and Exhibits, the undersigned hereby:

submits an amendment to SEC Form CF; or



withdraws its registration as a Crowdfunding Intermediary under SEC Memorandum Circular No. __ - Rules and Regulations Governing Crowdfunding

The undersigned is:

4. 5.

Adequate securities measures, systems capacity, business continuity plan and procedures, risk management, data integrity and confidentiality, record keeping and audit trail, for daily operations and to meet emergencies; and

(3)

Sufficient IT and technical support arrangements.

Exhibit F. If applicant is a nonresident Funding Portal, copy of the Information Sharing Agreement between the Philippine Securities and Exchange Commission and the relevant competent regulator in the jurisdiction under the laws of which the nonresident Funding Portal is organized, or where it has its principal place of business, that is applicable to the nonresident Funding Portal.

a licensed investment house under the Investment Houses Law and its IRR; or

Exhibit G. Risk Management Manual and Internal Control Procedures.



a registered funding portal/ an applicant to be a registered funding portal in accordance with Section 30 of SEC Memorandum Circular No. ___

Exhibit H. A complete set of all forms pertaining to: (1) application for issuers to raise funds through the Crowdfunding Intermediary’s platform; (2) account opening for investors; and (3) making investment commitments for investors.

Instructions for SEC Forms CF-I Schedule A, B, and C

Exhibit I. Copy of all proposed educational materials of the Crowdfunding Intermediary.

All answers to items of the Statement shall be stated as briefly as completeness will permit, and may be expanded upon or qualified by reference to applicable pages, articles, sections or paragraphs of any Exhibit.

STATEMENT Statement to be filed in connection with an application for registration as a Crowdfunding Intermediary under the Securities Regulation Code, and amendments thereto on SEC Forms CF-I Schedule A and CF-I Schedule B, respectively.1

Securities and Exchange Commission Republic of the Philippines

Exhibit K. The organizational chart of the Crowdfunding Intermediary, indicating filled and unfilled position and the identity of persons presently occupying the title or position. The Chart should be accompanied by the list of qualifications/requirements and Statement of Duties and Responsibilities for each position/item.

SEC FORM CF Forms for Issuer of Crowdfunding Securities

(1)

If the Crowdfunding Intermediary does not use the printed Forms CF-I and Statement, it shall type or print a complete Forms CF-I and Statement containing both the items in each and the answers thereto. Forms CF-I and Statement and the accompanying Statement and Exhibits shall be typed or printed on good quality A4-sized paper or letter-sized 8 ½ by 11 inches white paper and shall have a margin of at least 1 ½ inches on the left.

If any item of the Statement is inapplicable, a statement to that effect shall be made following the item, provided however, that when filing an Amendment on SEC Form CF-I Schedule B, only the item in the Statement being amended needs to be included therein. If any Exhibit called for is inapplicable, a Statement to that effect shall be furnished in lieu of such Exhibit, provided, however, that when filing an amendment on SEC Form CF-I Schedule B, only Exhibits being amended need to be included therein.



been convicted, whether within or outside the Philippines, of an offence involving fraud or other dishonesty or violence or the conviction of which involved a finding that he acted fraudulently or dishonestly;

engaged in any business practices appearing to the Commission to be deceitful or oppressive or otherwise improper (whether unlawful or not) or which otherwise reflect discredit on its method of conducting business;

Appendices and/or exhibits shall be attached using A4 paper (8.27” x 11.69”).

(6)

engaged in or has been associated with any other business practices or otherwise conducted himself in such a way as to cast doubt on his competence and soundness of judgment; or

The Commission must be furnished with a copy of the disclosures duly received by an Intermediary. The Intermediary must also make available the disclosures provided by the Issuer on its Crowdfunding Platform.

(7)

engages in or has been associated with any conduct that cast doubt on his ability to act in the best interest of investors, having regard to his reputation, character, financial integrity and reliability;

Withdrawal of Registration as a Crowdfunding Intermediary under SEC Memorandum Circular No.___:

I swear or affirm that I have the power and authority to complete this Form, and sign this page, for and on behalf of my principal, and I have attached an evidence of such power. I further swear and affirm that said evidence attached hereto is genuine and authentic.

_______________/_______/_____ Month Date Year

_______________________________________ Name of Applicant Organization

(a) State the date of incorporation and SEC corporate registration number; (b) State the name of each organization which has been merged into, absorbed by, or consolidated with the subject organization, giving the date when each merger, absorption or consolidation occurred;

_______________________________________ Date

State the name, branch, address, contact information, and compensation arrangement of the bank/s that has agreed in writing to hold and direct funds for the benefit of issuers and/or investors in relation to crowdfunding.

State the date the Crowdfunding Intermediary ceased its business in relation to crowdfunding activities or withdrew its registration request.

(a) State the name, address, and contact information of entity where books and records are kept after Withdrawal of Registration; (b) Indicate if the entity where books and records of the Crowdfunding Intermediary are kept after withdrawal is (i) branch offices or affiliates, (ii) a thirdparty unaffiliated record-keeper, or (iii) other;

Subscribed and sworn to before me this _____ day of __________ 20__, affiant exhibiting to me his/her Identification/Passport No. ___________________ issued at _______________________________ on ______________________________. Doc No._______; Page No._______; Book No._______; Series of _______.

SEC Form CF-I Annex A1 (Funding Portal) and the accompanying Statements and Exhibits shall be filed in triplicate, each of which shall be signed and attested by duly authorized official/s of the Funding Portal.

A Funding Portal may use the printed Form CF-I Annex A1 and Statement. If the space provided in the Statement for an answer to any item is insufficient, the answer may be typed on a separate insert page of pages which shall be incorporated by reference thereto in the space provided for in the item.

If the Funding Portal does not use the printed Form CF-I Annex A1 and Statement, it shall type or print a complete Form CF-I Annex A1 and Statement containing both the items in each and the answers thereto. Form CF-I Annex A1 and Statement and the accompanying Statement and Exhibits shall be typed or printed on good quality A4-sized paper or letter-sized 8 ½ by 11 inches white paper and shall have a margin of at least 1 ½ inches on the left.

EXHIBITS

Registration as a Crowdfunding Intermediary under SEC Memorandum Circular No.___:

If the information called by an Exhibit is available in printed form, the printed material may be used provided it does not exceed A4-sized paper or 8 ½ by 11 inches in size.

If any item of the Statement is inapplicable, a statement to that effect shall be made following the item. If any Exhibit called for is inapplicable, a Statement to that effect shall be furnished in lieu of such Exhibit.

Exhibit A. Board Resolution attesting to particulars in the application. Exhibit B. Copy of proposed Crowdfunding Intermediary rules and operational framework to be submitted to SEC for approval pursuant to procedures set forth in the Code and IRR. Crowdfunding Intermediary Rules and operational framework should provide for the following items: (1)

Organization and governance;

(2)

Qualification and rights of investors;

(3)

Qualification and rights of issuers;

(4)

Communication channels among participants/users;

(5)

Ethical conduct of participants/users;

(6)

Supervision and control of participants/users;

(7)

Financial and operation responsibilities of participants/user;

(8)

Discipline of participants/users, including a list of sanctions/fines for violative conduct;

(9)

Identification and description of fair procedure for disciplining participants/users and the penal and/or schedule of sanctions;

(10)

Identification and description of procedures (and systems to be used, if any) to prevent and/or detect fraudulent and manipulative acts and practices;

(11)

Identification and description of procedures for appeal against the decision of the Crowdfunding Intermediary; and

The names of the directors and officers including any person/s occupying a similar status or performing a similar function of the issuer, address, contact number and nationality, all positions and offices with the issuer held by such persons, the period of time in which such persons served in the position or office and their business experience during the past three years, including: (1) Each person’s principal occupation and employment, including whether any officer is employed by another employer; and (2) The name and principal business of any corporation or other organization in which such occupation and employment took place.

(c)

The name of each person, as of the most recent practicable date but no earlier than 120 days prior to the date the offering statement or report is filed, who is a beneficial owner of 10 percent or more of the issuer’s outstanding voting equity securities, calculated on the basis of voting power, if applicable;

( d)

A description of the business of the issuer and the business plan of the issuer with respect to the crowdfunding offerings;

(e)

The current number of employees of the issuer;

(f)

A discussion of the material factors that make an investment in the issuer speculative or risky;

(g)

The target offering amount and the deadline to reach the target offering amount, including a statement that if the sum of the investment commitments does not equal or exceed the target offering amount at the offering deadline, no securities will be sold in the offering, investment commitments will be cancelled and committed funds will be returned;

(h)

Whether the issuer will accept investments in excess of the target offering amount and, if so, the maximum amount that the issuer will accept and how oversubscriptions will be allocated, such as on a pro-rata, first comefirst served, or other basis; A description of the purpose and intended use of the offering proceeds; A description of the process to complete the transaction or cancel an investment commitment, including a statement that: (1) Investors may cancel an investment commitment until 48 hours prior to the deadline identified in the issuer’s offering materials; (2) The intermediary will notify investors when the target offering amount has been met; (3) If an issuer reaches the target offering amount prior to the deadline identified in its offering materials, it may close the offering early if it provides notice about the new offering deadline at least five business days prior to such new offering deadline (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment); and (4) If an investor does not cancel an investment commitment before the 48-hour period prior to the offering deadline, the funds will be released to the issuer upon closing of the offering and the investor will receive securities in exchange for his or her investment;

(i) (j)

Instructions for SEC Form CF-I Annex A1 1.

(d) Brief description of books and records kept at indicated location;

Exhibits to be filed in connection with:

(b)

Annex A1: Application for Registration as Funding Portal



_______________________________ Signature over Printed Name of the Chief Executive Officer

By_____________________________________ Name/Title

State the name, title, and contact information of the Lead Person;

Provide the following: (a) The name, legal status (including its form of organization, incorporation), physical address, website of the issuer, industry or nature of project, nationality, and BIR Tax Identification Number;

THE APPLICANT MUST READ THE FOLLOWING VERY CAREFULLY.

SEC Form CF Guidelines is Filling in SEC Form CF. This part must be accomplished in reference with the SEC Crowdfunding Rules Article Four Chapter One―Disclosure Requirements.

EXECUTION PAGE

If a name and/or website URL in (1) and/or (4) has changed since the Crowdfunding Intermediary’s most recent Form CF, enter the previous name and/or website URL and specify whether the name change is of the organization name (1), or name/website URL (4);

General Instructions These forms shall be used by Issuers of Crowdfunding Securities in accordance with SEC Crowdfunding Rules.

(5)

Name(s)/Website URL(s) under which business is conducted;

________________________________________________________________

Issuer shall use the forms provided, and add another page if necessary.

I swear or affirm that I have read and understood the items and instructions on this Form and that my answers (including attachments) are true and complete to the best of my knowledge. I understand that I am subject to administrative, civil or criminal sanctions if I give false or misleading answers.

Submits Termination of Reporting (Form CF-TR);



An amendment to any of these forms shall be filed no later than seven (7) days from discovery of the inaccuracy. Amendments shall be filed using the amendment forms provided, and each amendment shall be numbered and dated in the order of filing.

Name(s)/Website URL(s) under which business is conducted;

Submits Progress Update (Form CF-U);  Amends Progress Update (Form CF-U/A)

State the address(es) and contact information of the organization;



contravened any provision made by or under any written law whether within or outside the Philippines appearing to the Commission to be enacted for protecting members of the public against financial loss due to dishonesty, incompetence or malpractice by persons concerned in the provision of financial services or the management of companies or against financial loss due to conduct of discharged or undischarged bankrupts;

Exhibit B. Particulars of any investigation, investor-initiated-complaint, and/ or private civil litigation where the Crowdfunding Intermediary is subject of or named.

State the exact name of organization and describe the nature of its business;

Submits Annual Report (Form CF-AR);  Amends Annual Report (Form CF-AR/A);

(4)

(a) State the date of incorporation and SEC corporate registration number;



SEC Forms CF to Forms CF-TR and accompanying appendices or exhibits shall be filed with a registered Crowdfunding Intermediary.

State the address(es) and contact information of the organization;

Submits Statement of Offering (Form CF-O);  Amends Statement of Offering (Form CF-O/A);

Statement to be filed in connection with a withdrawal of registration as a Crowdfunding Intermediary under the Securities Regulation Code, and amendments thereto on SEC Forms CF-I Schedule C.



been subjected to any action taken by the Commission under the SRC;

Applies as Issuer of Crowdfunding Securities (Form CF);

(3)

Amendment to registration as a Crowdfunding Intermediary. File changed pages/exhibits with a cover sheet indicating the Statement item/Exhibit number being amended and the date that such change became effective.

(b) State the name of each organization which has been merged into, absorbed by, or consolidated with the subject organization, giving the date when each merger, absorption or consolidation occurred;



Exhibit A. Board Resolution attesting to particulars in the withdrawal.

State the name, title, and contact information of the Lead Person;

On the basis of the attached Statements and appendices and/or exhibits, the undersigned hereby:

been convicted of an offence under the SRC or any law outside the Philippines relating to capital market;

State the exact name of the organization and describe the nature of its business;

Check applicable box/es:

(2)

Any changes to the Statement or any Exhibit shall be filed as an amendment to SEC Form CF-A on SEC Form CF-B and shall consist of an executed cover page, items being amended, and copies of exhibits being amended along with amended language thereto.

Exhibit N. NBI Clearances of the Crowdfunding Intermediary president, board, chief executive, controller, and any other person who is primarily responsible for the operations of financial management of the intermediary together with original signed copy of declaration by the president of the organization that the Crowdfunding Intermediary’s board, chief executive, controller, and any other person who is primarily responsible for the operations of financial management of the body corporate, are fit and proper and have not:

A Crowdfunding Intermediary may use the printed Forms CF-I and Statement. If the space provided in the Statement for an answer to any item is insufficient, the answer may be typed on a separate insert page of pages which shall be incorporated by reference thereto in the space provided for in the item.

Exhibit M. Brief description as to any material pending legal proceeding affecting the applicant directly or to which any of its properties or assets, directors, or officers is part of the case.

If Crowdfunding Intermediary is also applying for registration as funding portal, comply also with Annex A1.

If the information called by an Exhibit is available in printed form, the printed material may be used provided it does not exceed A4-sized paper or 8 ½ by 11 inches in size.

Exhibit E. Original signed copy of IT assurance regarding the system readiness of the Funding Portal.

Exhibit J. List and explanation of all dues, fees and charges for the Crowdfunding Intermediary’s activities.

Exhibit L. Copy of the written agreement with the bank that has agreed to hold and direct the funds for the benefit of issuers and/or investors in relation to crowdfunding.

A Crowdfunding Intermediary must file a withdrawal on SEC CF-I Schedule C promptly upon ceasing to operate as a Crowdfunding Intermediary. Withdrawal will be effective on the later of 30 days after receipt by the Commission, after the Crowdfunding Intermediary is no longer operational, or within such longer period of time as to which the funding portal consents or which the Commission by order may determine as necessary or appropriate in the public interest or for the protection of investors.

(2)



An amendment to SEC Form CF-I Schedule A shall be filed in duplicate on SEC CF-I Schedule B and each amendment shall be dated and numbered in order of filing. No later than seven (7) days after the discovery that any information in the Statement is no longer accurate, the Crowdfunding Intermediary shall file with the SEC an Amendment on SEC Form CF-I Schedule B correcting such inaccuracy; provided, however when the number of changes to be reported in an amendment, or the number of amendments are so great that the purpose or clarity of the disclosure will be promoted by the filing of a new complete Statement and Exhibits, a Crowdfunding Intermediary may, at its election, or shall, upon request of the SEC, file as an amendment a complete new Statement together with all exhibits which are prescribed to be filed with SEC Form CF-I.

Exhibit D. Copy of proposed Funding Portal Business Conduct Rules. Exhibit E. Copy proposed Funding Portal Account Opening and Disclosure Rules.

Exhibit F. Business Continuity and Disaster Recovery Plan.

Exhibit C. Copy of the articles of incorporation with all amendments thereto, and of existing by-laws or instruments corresponding thereto, whatever the name, of the organization.

Sufficient human, financial and other resources to carry out operations;

a licensed broker pursuant to the requirements of Section 28 of the SRC;

SEC Forms CF-I (Crowdfunding Intermediary) and the accompanying Statements and Exhibits shall be filed in triplicate, each of which shall be signed and attested by duly authorized official/s of the Crowdfunding Intermediary.

Exhibit A. Copies of identity cards/passports of directors and persons who control more than 10% of the applicant.

(1)



Exhibits to be filed in connection with Registration as a Funding Portal under SEC Memorandum Circular No. __:

Exhibit E. Original signed copy of written declaration by the Crowdfunding Intermediary’s internal auditor or Lead Person confirming that the Crowdfunding Intermediary has, in relation to the crowdfunding:

applies for registration as a Crowdfunding Intermediary under SEC Memorandum Circular No. __ - Rules and Regulations Governing Crowdfunding; or



This should include the target

Exhibit D. Comprehensive Information Technology Plan, to include among others, list and brief description of the following: software and hardware to be primarily used by the Crowdfunding Intermediary and their location; backup system or sub-system and their location; security system and procedures to be employed; procedures to check sufficiency of system’s capacity and expansion program, if necessary; and, IT system maintenance schedule.

Check applicable box/es:



Date of organization in present form and SEC registration number.

Procedure for resale of resale of CF securities, if the applicant is intending to provide for a secondary for CF securities.

(k)

A statement that if an investor does not reconfirm his or her investment commitment after a material change is made to the offering, the investor’s investment commitment will be cancelled and the committed funds will be returned;

(l)

The price to the public of the securities or the method for determining the price, provided that, prior to any sale of securities, each investor shall be provided in writing the final price and all required disclosures;

(m)

A description of the ownership and capital structure of the issuer, including: (1)

The terms of the securities being offered and each other class of security of the issuer, including the number of securities being offered and/or outstanding, whether or not such securities have voting rights, any limitations on such voting rights, how the terms of the securities being offered may be modified and a summary of the differences between such securities and each other class of security of the issuer, and how the rights of the securities being offered may be materially limited, diluted or qualified by the rights of any other class of security of the issuer;

(2)

A description of how the exercise of rights held by the principal shareholders of the issuer could affect the purchasers of the securities being offered;

(3)

The name and ownership level of each person, as of the most recent practicable date but no earlier than 120 days prior to the date the offering statement or report is filed, who is the beneficial owner of 10 percent or more of the issuer’s outstanding voting equity securities, calculated on the basis of voting power;

(4)

How the securities being offered are being valued, and examples of methods for how such securities may be valued by the issuer in the future, including during subsequent corporate actions;

(5)

The risks to purchasers of the securities relating to minority ownership in the issuer and the risks associated with corporate actions including additional issuances of securities, issuer repurchases of securities, a sale of the issuer or of assets of the issuer or transactions with related parties; and

(6)

A description of the restrictions on transfer of the securities;

Statement to be filed in connection with an application for registration as a Funding Portal under the Securities Regulation Code on SEC Forms CF-I Annex A1. 1.

State the exact name of the organization and describe the nature of its business;

State the Funding Portal’s principal place of business;

State the Funding Portal’s legal status and disciplinary history, if any;

State the date upon which the fiscal year of the organization ends;

State the name and address of legal counsel for the organization;

State the Funding Portal’s business activities, including types of compensation the Funding Portal would receive;

List the names of the control affiliates and/ or beneficial owners of securities of the organization/applicant and disciplinary history, if any;

If the organization is owned and controlled by any person/ juridical person, provide the following information in respect of such juridical person: (a)

Name and address;

(b)

Form of organization (e.g. association, corporation, etc.);

(n)

The name, SEC Registration Number of the CROWDFUNDING

CYAN MAGENTA YELLOW BLACK

CYAN MAGENTA YELLOW BLACK Manila

Standard WEDNESDAY, JULY 10 2019 TODAY INTERMEDIARY1 through which the offering will be conducted. (o)

A description of the CROWDFUNDING INTERMEDIARY’s financial interests in the issuer’s transaction and in the issuer, including: (1)

The amount of compensation to be paid to the intermediary, whether as a peso amount or a percentage of the offering amount, or a good faith estimate if the exact amount is not available at the time of the filing, for conducting the offering, including the amount of referral and any other fees associated with the offering, and

(2)

(p)

Any other direct or indirect interest in the issuer held by the intermediary, or any arrangement for the intermediary to acquire such an interest; A description of the material terms of any indebtedness of the issuer, including the amount, interest rate, maturity date and any other material terms;

(q)

A description of exempt offerings conducted within the past three years;

(r)

A description of any transaction since the beginning of the issuer’s last fiscal year, or any currently proposed transaction, to which the issuer was or is to be a party and the amount involved exceeds five (5) percent of the aggregate amount of capital raised by the issuer during the 12-month period, inclusive of the amount the issuer seeks to raise in the current offering, in which any of the following persons had or is to have a direct or indirect material interest: (1)

Any director or officer of the issuer;

(2)

Any person who is, as of the most recent practicable date but no earlier than 120 days prior to the date the offering statement or report is filed, the beneficial owner of 10 percent or more of the issuer’s outstanding voting equity securities, calculated on the basis of voting power;

(3)

If the issuer was incorporated or organized within the past three years, any promoter of the issuer; or

(4)

Any member of the family of any of the foregoing persons, which includes a child, stepchild, grandchild, parent, stepparent, grandparent, spouse or spousal equivalent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sisterin-law, and shall include adoptive relationships. The term spousal equivalent means a cohabitant occupying a relationship generally equivalent to that of a spouse.

(s)

A discussion of the issuer’s financial condition, including, to the extent material, liquidity, capital resources and historical results of operations;

(t)

If financial statements of the issuer are available that have either been reviewed or audited by a public accountant that is independent of the issuer, the issuer must provide those financial statements instead and need not include the information reported on the income tax returns or the certifications of the principal executive officer. For offerings that, together with all other amounts sold within the 12-month period, have, in the aggregate, the following target offering amounts:

(u)

(1)

More than Ten Million Pesos (Php10,000,000.00), the amount of total income, taxable income and total tax, or the equivalent line items, as reported on the income tax returns filed by the issuer for the most recently completed year (if any), which shall be certified by the principal executive officer of the issuer to reflect accurately the information reported on the issuer’s income tax returns, and financial statements of the issuer, which shall be certified by the principal executive officer of the issuer to be true and complete in all material respects;

(2)

More than Fifty Thousand Pesos (Php50,000.00), but not more than Five Million Pesos (Php5,000,000.00), financial statements of the issuer reviewed by a public accountant that is independent of the issuer; and

(3)

More than Five Million Pesos (Php5,000,000.00), financial statements of the issuer audited by a public accountant that is independent of the issuer; provided;

However, that for issuers that have not previously sold securities, offerings that have a target offering amount of more than Five Million Pesos (Php5,000,000.00), but not more than Ten Million Pesos (Php10,000,000.00), financial statements of the issuer reviewed by a public accountant that is independent of the issuer. Any matters that would have triggered disqualification. The failure to provide such disclosure shall not prevent an issuer from continuing to rely on exemption if the issuer establishes that it did not know and, in the exercise of reasonable care, could not have known of the existence of the undisclosed matter or matters;

(v)

Updates regarding the progress of the issuer in meeting the target offering amount in accordance with Article Five Chapter Two - Ongoing Reporting Requirements for Issuers;

(w)

Where on the issuer’s or intermediary’s website investors will be able to find the issuer’s annual report, and the date by which such report will be available on the issuer’s intermediary’s website;

(x)

Whether the issuer or any of its predecessors previously failed to comply with the Article Five Chapter Two - Ongoing Reporting Requirements for Issuers; and

(y)

Attach any material information necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.

CYAN MAGENTA YELLOW BLACK

CYAN MAGENTA YELLOW BLACK WEDNESDAY, JULY 10 2019 Standard D6 TODAY Manila

ANNEX A Item 1. Changes in Control of Issuer (a)

If, to the knowledge of management, a change in control of the issuer has occurred, state the name of the person(s) who acquired such control; the amount and the source of the consideration used by such person(s); the basis of the control; the date and a description of the transaction(s) which resulted in the change in control; the percentage and actual number of shares of voting securities of the issuer now beneficially owned directly or indirectly by the person(s) who acquired control; and the identity of the person(s) from whom control was assumed.

(b)

If the source of all or any part of the consideration used is a loan made in the ordinary course of business by a bank, the identity of the bank may be omitted. In lieu thereof, the material shall indicate that disclosure of the identity of the bank has been omitted and filed separately with the Commission.

(c) The terms of any loans or pledges obtained by the new control group for the purpose of acquiring control, and the names of the lenders or pledgees shall be stated. Any arrangement or understanding among members of both the former and new control groups and their associates with respect to election of directors or other matters shall be described. (d)

Describe any arrangement known to the issuer, including any pledge by any person of securities of the issuer or any of its parents, the operation of which may at a subsequent date result in a change in control of issuer.

Item 2. Acquisition or Disposition of Assets (a) If the issuer or any of its majority-owned subsidiaries has acquired or disposed of a significant amount of assets or amounting to ten percent (10%) or more of the company’s total assets, otherwise than in the ordinary course of business, furnish the following information: (1)

the date and manner of the acquisition or disposition and a brief description of the assets involved, the nature and amount of consideration given or received therefor, the principle followed in determining the amount of such consideration, the identity of the person(s) from whom the assets were acquired or to whom they were sold and the nature of any material relationship between such person(s) and the issuer or any of its affiliates, any director or officer of the issuer, or any associate of any such director or officer. If the transaction being reported is an acquisition, identify the source(s) of the funds used unless all or any part of the consideration used is a loan made in the ordinary course of business by a bank in which case the identity of such bank may be omitted. In lieu thereof, the material shall indicate that the identity of the bank has been omitted and filed separately with the Commission.

(2)

If any asset so acquired by the issuer or its subsidiaries constituted plant, equipment or other physical property, state the nature of the business in which the assets were used by the persons from whom acquired and whether the issuer intends to continue such use or intends to devote the assets to other purposes, indicating such other purposes;

Provided, however, that no information need be given as to: (A) any transaction between any person and any wholly-owned subsidiary of such person; (B) any transaction between two or more wholly-owned subsidiaries of any person; or (C) the redemption or other acquisition of securities from the public, or the sale or other disposition of securities to the public, by the issuer of such securities. (b)

For purposes of this item, the term “acquisition” shall include every purchase, acquisition by lease, exchange, merger, consolidation, succession or other acquisition; provided that such term does not include the construction or development of property by or for the issuer or its subsidiaries or the acquisition of materials for such purpose.

(c)

For purposes of this item, the term “disposition” shall include every sale, disposition by lease, exchange, merger, consolidation, mortgage, or hypothecation of assets, assignment, whether for the benefit of creditors or otherwise, abandonment, destruction, or other disposition.

(d)

For purposes of this item, an “acquisition” or “disposition” shall be deemed to involve a significant amount of assets: (1)

if the issuer’s and its other subsidiaries’ equity in the net book value of such assets or the amount paid or received therefor upon such acquisition or disposition exceeded ten percent (10%) of the total assets of the issuer and its consolidated subsidiaries, or

(2) if it involved a business which is significant as defined in “Annex B”. (e)

Where assets are acquired or disposed of through the acquisition or disposition of control of a person, the person from whom such control was acquired or to whom it was disposed of shall be deemed the person from whom the assets were acquired or to whom they were disposed, for the purposes of this item. Where such control was acquired from or disposed of to not more than five persons, their names shall be given; otherwise it will suffice to identify in an appropriate manner the class of such persons.

(f)

Attention is directed to the requirements in Item 10 of this Form with respect to the filing of: (1) financial statements for businesses acquired; (2) pro forma financial information; and (3) copies of the plans of acquisition or disposition as exhibits to the report.

(g)

The information called for by this Item is to be given as to each transaction or series of related transactions of the size indicated. The acquisition or disposition of securities shall be deemed the indirect acquisition or disposition of the assets represented by such securities if it results in the acquisition or disposition of control of such assets.

Item 3. Changes in Issuer’s Certifying Accountant (a) Resignation or Dismissal If an independent accountant who was previously engaged as the principal accountant to audit the issuer’s financial statements, or an independent accountant of a significant subsidiary as defined in “Annex B” resigns (or indicates it declines to stand for re-election after the completion of the current audit) or is dismissed, disclose the reason thereof and provide the information required by Part III, Paragraph (B) of “Annex C”. (b) Appointment of New Independent Accountant If a new independent accountant has been engaged as either the principal accountant to audit the issuer’s financial statements or as an independent accountant on whom the principal accountant has expressed, or is expected to express, reliance in its report regarding a significant subsidiary, identify the newly engaged accountant and indicate the date of the accountant’s engagement. ********* Explanation. The resignation or dismissal of an independent accountant, or its declination to stand for re-election, is a reportable event separate from the engagement of a new independent accountant. Item 4. Resignation, Removal or Election of Registrant’s Directors or Officers (a) Resignation or Removal (i) Disclose the name of any director or officer who has ceased to hold office, the date of any such cessation, the office held by any such person and the reason/s for such cessation. If a director has been removed by issuer for cause, it shall provide a discussion of the reason for the removal. (ii) If a director has resigned or declined to be re-elected to the board of directors since the date of the last annual meeting of shareholders because of a disagreement with the issuer on any matter relating to the issuer’s operations, policies or practices, and if the director has furnished the issuer with a letter describing such disagreement and requesting that the matter be disclosed, the issuer shall state the date of such resignation or declination to stand for re-election and summarize the director’s description of the disagreement. In such a case, the issuer shall file a copy of the director’s letter as an exhibit to Form CF-U. If the issuer believes that the description provided by the director is incorrect or incomplete, it may include a brief statement presenting its views on the disagreement. (b) Election or appointment (i) If a director or officer who has died, resigned or been removed has been replaced by the issuer or elected at any meeting of the shareholders, it shall state the name of the appointee or electee, the office to be held by such person, the date of such appointment or election including the qualification and business experience for the past five years of such person. (ii) If any director or officer is appointed or elected at any meeting of the shareholders or otherwise, then state the name, office, and date of such appointment or election. (c) Where a director is identified, either in pars. (a) or (b) above, disclose whether such person is an “independent director” under Section 38 of the Code and SRC Rule 38.1 thereunder. Indicate if a director or officer died. (d) Reporting under this Item 4 is deemed to satisfy the reporting requirements set forth in Section 26 of the Corporation Code of the Philippines and any rules thereunder. Item 5. Legal Proceedings Describe briefly any material pending legal proceedings to which the registrant or any of its subsidiaries or affiliates is a party or of which any of their property is the subject. Include the name of the court or agency in which the proceedings are pending, the date instituted, the principal parties thereto, a description of the factual basis alleged to underlie the proceeding and the relief sought. Include similar information as to any such proceedings known to be contemplated by governmental authorities or any other entity. A proceeding that primarily involves a claim for damages does not need to be described if the amount involved, exclusive of interest and costs, does not exceed 10% of the current assets of the registrant. Item 6. Changes in Securities (a) If the constituent instruments defining the rights of the holders of any class of registered securities have been materially modified, give the title of the class of securities involved and state briefly the general effect of such modification

CYAN MAGENTA YELLOW BLACK

Manila

upon the rights of holders of such securities. Standard

TODAY

(b) If the rights evidenced by any class of registered securities have been materially limited or qualified by the issuance or modification of any other class of securities, state briefly the general effect of the issuance or modification of such other class of securities upon the rights of the holders of the registered securities.

Manila

(a)

(c)

(1)

If any material arrearage in the payment of dividends has occurred or if there has been any other material delinquency not cured within thirty (30) days, with respect to any class of preferred stock of the issuer which is registered or which ranks prior to any class of registered securities, or with respect to any class of preferred stock of any significant subsidiary of the issuer, give the title of the class and state the nature of the arrearage or delinquency. In the case of an arrearage in the payment of dividends, state the amount and the total arrearage on the date of filing this report.

If it is impracticable to provide the required financial statements for an acquired business at the time the report on SEC Form CF-U is filed, the issuer should: (A) so indicate in the SEC Form CF-U report; (B) file such required financial statements as are available; (C) state when the required financial statements will be filed; and (D) file the required financial statements for an acquired business as an amendment to this Form as soon as practicable, but not later than sixty (60) days after the report on Form CF-U has been filed. In such circumstances, the issuer may, at its option, include unaudited financial statements in the initial report on Form CF-U. Requests for additional extensions of time will not be considered.

Defaults or arrearages with respect to any class of securities all of which is held by, or for the account of, the issuer or its totally held subsidiaries, need not be reported pursuant to this Item.

(d)

Disclose the how long will the defaults occur and the sources of funds for payment thereof.

(e)

The terms of the plan of payment or of any restructuring agreement shall be disclosed in the current report.

(b)

Item 8. Change in Fiscal Year If the issuer determines to change its fiscal year from that used in its most recent filing with the Commission, state the date such determination was made, the period of the new fiscal year and the period from which the fiscal year was changed.

(c)

ERRORS & OMISSIONS In Classified Ads section must be brought to our attention the very day the advertisement is published. We will not be responsible for any incorrect ads not reported to us immediately.

changes in the issuer’s corporate purpose and any material alteration in the issuer’s activities or operations or the initiation of new ones;

resignation or removal of officers or senior management and their replacements;

any decision taken to carry out extraordinary investments or the entering into financial or commercial transactions that might have a material impact on the issuer’s situation;

losses of a significant part of the issuer’s net worth;

occurrence of any event of dissolution with details in respect thereto;

acts and facts of any nature that might seriously obstruct the development of corporate activities, specifying its implications on the issuer’s business;

any licensing or franchising agreement or its cancellation which may materially affect the issuer’s operations;

any delay in the payment of debentures, negotiable obligations, bonds or any other publicly traded security;

creation of mortgages or pledges on assets when they exceed a significant part of the issuer’s net worth;

N OTICE Notice is hereby given that CEBU AIR, INC. with office address at Cebu Pacific Building, Domestic Road, Barangay 191, Zone 20, Pasay City, is applying for registration with the Board of Investments (BOI) as a New Operator of Air Transport Services (A320 NEO #2 with CAB Registration No. RP-C3281 and Serial No. MSN9061) with capacity of 188 passenger seats on a non-pioneer status with home base at Airline Operations Center, Manila Domestic Airport, Pasay City. Any person with valid objection/s on the abovementioned project may file his/her objection in writing, under oath, with the BOI within three (3) days from the date of this publication. (SGD.) ANGELITA F. ARCELLANA Officer-In-Charge Infrastructure and Services Industries Service (MS-JULY 10, 2019)

Republic ofthe Philippines UNIVERSITY OF NORTHERN PHILIPPINES Tamag, Vigan City 2700 llocos Sur

Pro forma financial information.

NOTICE OF SEARCH FOR UNIVERSITY OF NORTHERN PHILIPPINES (UNP) PRESIDENT AND CALL FOR APPLICATION

Exhibits.

The UNIVERSITY OF NORTHERN PHILIPPINES BOARD OF REGENTS publicly announces the opening of the Search for Presidency:

Item 9. Other Events (a) The issuer shall report every fact or event that occurs which would reasonably be expected to materially affect the decision of investors to buy, to sell or to hold securities. To the extent not covered above, the following are illustrative of the types of events required to be reported under this Item. This list is only indicative and will not relieve anyone of the obligation to inform the public, the exchange and the Commission of every other act which may reasonably be considered to materially affect the issuer’s securities or investors’ decisions in respect thereto. 1)

Financial statements of businesses acquired. NOTE: The Commission may require, depending upon the relative size of the business to be acquired to the size of the issuer, that financial statements of the business to be acquired be audited for as much as three years. If it has been deemed impractical to complete an audit of the business to be acquired, this filing should include a letter from an auditor explaining the work that has been done to determine whether an audit could be completed. The letter also should explain briefly the basis for the conclusion that it is not practical to complete an audit (e.g. the acquired business did not maintain inventory records and it is not practicable to do any alternative auditing steps that would establish inventory values at financial statement dates and costs of sales for periods of time covered by income statements.)

Item 7. Defaults Upon Senior Securities (a) If there has been any material default in the payment of principal, interest, a sinking or purchase fund installment, or any other material default not cured within thirty (30) days, with respect to any indebtedness of the issuer or any of its significant subsidiaries exceeding five (5%) percent of the total assets of the issuer and its consolidated subsidiaries, identify the indebtedness and state the nature of the default. In the case of such a default in the payment of principal, interest, or a sinking or purchase fund installment, state the amount of the default and the total arrearage on the date of filing this report. Only events which have become defaults under the governing instruments, i.e., after the expiration of any period of grace and compliance with any notice requirements, need be reported hereunder. (b)

WEDNESDAY, JULYStandard 10, 2019 TODAY

information and exhibits, if any, to be filed as part of this report.

1. 2. 3. 4. 5.

MINIMUM QUALIFICATIONS: Not less than Thirty-Five (35) years old and not more than Sixty-One (61) years at the time of application. Sixty-one (61) years old mean from actual date of birth and not a day older beyond 61 years old. A natural born Filipino Citizen; Holder of an earned doctorate degree from a reputable higher education institution; Proven track record as an administrator (President, Vice President, Dean. Campus Administrator, Director), preferably in the academe, whether in public or private, for at least Five (5) years; For candidates who have not previously served as President, he/she must not have been convicted of any administrative offense or any crime involving moral turpitude wherein the penalty is more than six (6) months.

An applicant who does not meet one ofthe abovementioned minimum qualifications and cannot submit pertinent supporting documentary evidences for these minimum qualifications on the set deadline shall be disqualified from the Search process. DOCUMENTARY REQUIREMENTS 1.

The complete set of documents shall include the following: A. Formal application letter addressed to: DR. PERFECTO A. ALIBIN Commissioner, CHED & Chair, UNP Board of Regents 4th Floor HEDC Building, C.P. Garcia Avenue UP Dlliman. Quezon City B. Detailed curriculum vitae, signed under oath (personal data, educational qualifications, work: experience including organizational chart of the institution showing the candidate’s position, research output and publications, extension activities, experience in resource generation, awards and certificates, conferences attended) C. Certified true copy of documents in support of the data stated in the Curriculum Vitae. The HR Officer ofthe organization where the applicant comes from shall certify to the authenticity of the documents provided that the original is presented to him/her for comparison. D. Proposed Vision, Mission and Development Goals for the SUC in not more than five (5) pages.

10) any purchase or sale of stock or convertible debt securities of other companies when the amount exceeds a significant part of the issuer’s or purchaser’s net worth;

E. Certificates/Clearances from the following government agencies, obtained not more than one (1) month from the date of filing of application, indicating applicant has no pending administrative and/or criminal case:

11) contracts of any nature that might limit the distribution of profits with copies thereof;

1. 2. 3. 4. 5.

12) postponement of stockholders’ meeting according to the by-laws or as previously scheduled; 13) declaration of any kind of dividend;

Sandiganbayan Civil Service Commission (CSC) National Bureau ofInvestigation (NBI) Ombudsman (for government employees) Institution/Company where applicant is presently employed

F. PSA (NSO) -authenticated Birth Certificate

14) change in business address or location of principal plant;

G. Medical Certificate of Physical Fitness issued by a Physician from DOH accredited health institutions hut not the same institutionwhere the applicant is presently employed letterhead of hospital or clinic must indicate DOH accreditation number.

15) facts of any nature that materially affect or might materially affect the economic, financial or equity situation of those companies controlling, or controlled by the issuer including the sale of or the constitution of sureties/pledges on an important part of such issuer’s assets;

H. Result of Neuropsychiatric examination conducted by a physician from a DOH accredited health institution but not the same institution where the applicant is presently employed. Result should be signed by a neuropsychiatric doctor. Letterhead of clinic/hospital must indicate DOH accreditation number. The test result shall also include a statement indicating the purpose for which the test is taken, e. g., “this test was taken in connection with the applicant’s application for the presidency of UNP.”

16) authorization, suspension, retirement or cancellation of the listing of the issuer’s securities on an exchange or organized over-the-counter electronic marketplace domestically or abroad; 17) fines of more than P 50,000 and/or other penalties to the issuer or to its subsidiaries by regulatory authorities and the reasons therefore;

I. Duly accomplished CSC Form 212 made under oath.

18) merger, consolidation or spin-off of the issuer;

The Search Committee for Presidency reserves the right to validate and verify the authenticity of documents submitted and the right to accept or reject any document that it deems to be questionable.

19) Entry into or termination of a material agreement not made in the ordinary course of business; 20) Termination or reduction of a business relationship with a customer that constitutes a significant amount of the company’s resources;

IMPORTANT: Interested applicants must submit one (1) set of original and six (6) sets of certified photocopies of documents (hard and soft copies) on or before July 31, 2019 at 5:00 P.M. (Philippine Standard Time) to:

21) Events triggering a direct or contingent financial obligation that is material to the company, including any default or acceleration of an obligation; 22) Material modifications to rights of holders of the company’s securities; 23) Grant of the subscription rights to new shares as stock options;

(MS-JUL. 10, 2019)

24) Credits of subsidiary become likely to be in default;

For fast ad results, please call

25) Material conditional provisions in any agreement concerning ownership or control; 26) Changes in a material contract which may have financial, technological or administrative impact on the company; 27) Renegotiations or restructuring of debts; 28) Modification of disclosed projects by the company; 29) Any restructuring of the company’s equity which has been approved by the Board of Directors; 30) similar transactions as items 3, 10 and 18, entered into by any director, officer or substantial stockholder of the issuer as a representative of a group of companies in which the issuer is a member thereof. For purposes of this item, term “group of companies” shall refer to various companies which are owned or controlled by a person who directly, or indirectly through one or more persons or intermediaries, controls, or is controlled by, or is under common control with, the person specified, or whose three or more directors, officers or substantial stockholders are the same persons. (b) With respect to information which is not otherwise called for by this Form, the issuer may, at its option, also report under this item any events that the issuer deem important to security holders. Item 10. Fraud and Error (a)

The issuer shall describe any of the following findings by its external auditor during the conduct of audit for the company’s recently completed fiscal year, and determined in accordance with generally accepted auditing standards. 1. Any material finding/s involving fraud or error, as defined under paragraph (b) hereof; 2. Losses or potential losses the aggregate of which amounts to at least ten percent (10%) of the consolidated total assets of the company; 3. Any finding to the effect that the consolidated assets of the company, on a going concern basis, are no longer adequate to cover the total claims of creditors.

(b)

For purposes of this item, the following shall have the following meaning: Fraud means an act proven intentional, by one or more individuals among management, employees, or third parties that results in a misrepresentation of financial statements, which will reduce the consolidated total assets of the company by at least five percent (5%). It may involve:

Advertising

i. Manipulation, falsification or alteration of records or documents. ii. Misappropriation or diversion of assets. iii. Suppression or omission of the effects of transactions from records or documents. iv. Recording of transactions without substance. v. Misapplication of accounting policies.

Department

Error means an unintentional mistake in financial statements, which will reduce the consolidated total assets of the company by five percent (5%). It may involve: i.

Mathematical or clerical mistakes in the underlying records and accounting data. ii. Oversight or misinterpretation of facts. iii. Misapplication of accounting policies. 1

Item 11. Financial Statements and Exhibits Listed below are the financial statements, pro forma financial

CYAN MAGENTA YELLOW BLACK

Note that there shall only be one intermediary per crowdfunding project. Each Project shall undergo this filing process.

832-5547 CYAN MAGENTA YELLOW BLACK