TRAPPED
BIR GETS P200M FROM 6 ‘POGO’ FIRMS
A man grimaces on the ground after getting handcuffed and detained by police during street protests in Hong Kong on August 3. Hong Kong protesters removed a Chinese national flag from its pole and flung it into the city’s iconic Victoria Harbor on Saturday. Police later fired tear gas at demonstrators after some of them vandalized a police station. Story on A7. AP
ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year
By Rea Cu
@ReaCuBM
T
HE Bureau of Internal Revenue (BIR) has collected an initial P200 million from six companies working in the Philippine Offshore Gaming Operators (Pogo) sector, in line with its drive to collect the proper taxes due the government from foreign nationals working in the country. At the sidelines of the BIR’s 115th Anniversary last week, BIR Commissioner Caesar R. Dulay said the companies that were sent letter-notices on taxes that should be paid to the government are now paying their deficiencies. “They are paying already,” Dulay told reporters.
Deputy Commissioner Arnel SD. Guballa said that based on the preliminary figures of the BIR, the bureau has so far collected P200 million in taxes just from these six companies working in the Pogo sector since it started in July its drive to collect the taxes from foreign workers in the country. “It’s around P200 million [from six companies in the Pogo].... That’s just the start,” Guballa said. Dulay earlier said the BIR sent out 29 letter-notices to several Pogo service providers, telling them to remit the taxes due from them as withholding agents, in the amount of P4.44 billion.
Fast-tracked TIN LAST month, the Department of Finance
See “BIR,” A2
BusinessMirror A broader look at today’s business
www.businessmirror.com.ph
n
Monday, August 5, 2019 Vol. 14 No. 299
More RCEP market access issues sealed I
By Elijah Felice E. Rosales
@alyasjah
N the face of escalating trade tensions between Japan and South Korea, negotiators of the Regional Comprehensive Economic Partnership (RCEP) are poised to conclude the trade deal by November after resolving over two-thirds of market access issues.
Trade ministers of RCEP negotiating countries over the weekend disclosed three annexes of the agreement were concluded by the Trade Negotiating Committee (TNC). With this, the trade deal now has seven concluded
chapters and three concluded annexes. “The ministers, in particular, welcomed the conclusion of the annexes on telecommunication services, financial services and professional services, bringing a
total number of seven concluded chapters and three concluded annexes, and noted that some of the remaining chapters or annexes are nearing conclusion,” trade ministers said in a joint statement.
32.2% The share in 2018 of RCEP economies in the global economy. The RCEP countries accounted for nearly half of the world population, 29.1 percent of global trade and 32.5 percent of global investment inflow
At present, over two-thirds of market access negotiations were completed. Market access negotiations are the most difficult to conclude since they deal with tariff rates, concessions, and sensitive products and services of the parties. See “RCEP,” A2
By Samuel P. Medenilla @sam_medenilla
HE Philippine Overseas Employment Administration (POEA) said the Social Security System (SSS) premium requirement for overseas employment certificates (OEC) remains on hold for now. POEA Administrator Bernard P. Olalia said the on-hold status follows the failure of representatives of the Department of Labor and Employment (DOLE), Department of Foreign Affairs (DFA) and SSS to settle the issue during their meeting last month. The three agencies are still discussing how to implement the controversial provision of Implementing Rules and Regulation (IRR) of the Social Security Act (SSA) of 2018, amid questions by
PESO EXCHANGE RATES n
stakeholders on its legality. Under the IRR, aspiring overseas Filipino workers would have to pay for their SSS premium before they could get their OEC, a document issued by POEA to allow them to work abroad. Migrant worker solidarity groups said it made no sense, and is unfair, to compel outbound first-timer OFWs to pay for their SSS premiums when they have not even begun working. The said IRR provision has now already been deferred for over a month. “For now, collection of SSS contribution is still not tied up with the issuance of OEC,” Olalia said. The POEA chief said among the issues tackled in the July interagency meeting was the question of which agency will be responsible for collecting the premiums, as well See “POEA,” A2
2018 EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS PHILIPPINE STATISTICS AUTHORITY
DATA CHAMPION
P25.00 nationwide | 5 sections 28 pages | 7 DAYS A WEEK
MOODY’S, S&P ASSESS PHL SAMURAI ISSUANCE By Bianca Cuaresma @BcuaresmaBM
I
NTERNATIONAL credit watchers assessed and assigned ratings to the Philippine government’s planned samurai issuances, mirroring that of the country’s standings for the ratings agencies. In a statement, Moody’s Investors Services assigned a “Baa2” senior unsecured rating to the government’s issuances. Moody’s said the Japanese yendenominated multitranche bond offerings by the Government of the Philippines, with planned maturities of 3, 5, 7 and 10 years, are direct, unconditional and unsecured obligations of the Government of the Philippines and therefore will rank “pari passu” or equal to all other senior unsecured debt obligations of the issuer. Over the weekend S&P Global Ratings, meanwhile, assigned its “BBB+” long-term foreign currency rating to the issuance—also rank-
POEA chief: SSS premium rule for OFWs still on hold
T
(DOF) said the BIR is fast-tracking the processing of taxpayer identification numbers ( TIN) for foreign nationals working in the country, including those working in the Pogo sector, in line with the government’s initiative to collect proper taxes. Finance Undersecretary Antonette C. Tionko said the BIR’s processing of the TIN for foreign nationals working in the country is going “pretty fast,” with the bureau now receiving bulk applications. She explained that the BIR has already processed around 10,000 TINs for foreign nationals working in the Pogo sector within the vicinity of Parañaque City alone.
ing equal with the country’s ranking for the credit ratings agency. “The notes represent direct, general, unconditional, unsecured, and unsubordinated obligations of the sovereign, and rank equally with the sovereign’s other unsecured and unsubordinated debt obligations,” S&P said. Moody’s said the emergence of macroeconomic instability that would lead to a deterioration in fiscal and government debt metrics and/or an erosion of the country’s external payments position would likely prompt a downgrade of their ratings to the Philippines, and consequently their ratings of the issued samurai bonds. Meanwhile, a marked convergence of per-capita incomes and revenue generation, and as a result debt affordability, with higherrated peers would trigger a rating upgrade of the Philippines’s sovereign rating and the bond issuance, as well. See “Moody’s,” A2
‘Household spending won’t slow anytime soon’
T
MONEY IN TRASH A resident of the R10 area in Manila looks for something that could be resold from the trash washed ashore by a low pressure area that enhanced the southwest monsoon (habagat) over the weekend. NONIE REYES
HE Philippines’s household spending will not slow anytime soon, but actually accelerate further in the coming years as inflation slows down and labor conditions improve in the Philippines, according to an assessment by Fitch Solutions, the research arm of the Fitch Group. Their assessment shows that private consumption, which has been one of the pillars of the recent growth story of the Philippines, is projected to grow by 6 percent for this year, from the average 5.8 percent in previous years. “Private consumption in the Philippines will remain buoyant, given lower levels of inflation and a strong labor market backdrop. Furthermore, See “Spending,” A2
US 51.1050 n JAPAN 0.4761 n UK 62.0159 n HK 6.5301 n CHINA 7.4088 n SINGAPORE 37.1214 n AUSTRALIA 34.7463 n EU 56.6601 n SAUDI ARABIA 13.6244
Source: BSP (2 August 2019 )
News
BusinessMirror
A2 Monday, August 5, 2019
www.businessmirror.com.ph
Veto of bills prompts rewrite of House rules By Jovee Marie N. dela Cruz
W
@joveemarie
ITH the number of bills that have been rejected by President Duterte, the leadership of the House of Representatives will review and revise its rules to expedite the approval of vetoed bills in the 18th Congress. With this, Senior Deputy Majority Leader Crispin Remulla said the House Committee on Rules’ subcommittee will propose a new provision
RCEP. . .
Continued from A1
“The ministers were pleased to note that over two thirds of market access negotiations have reached mutually satisfactory outcomes, and that work on the remaining areas are being intensified through constructive engagements at all levels,” the trade ministers added. They also called on RCEP parties to resolve remaining trade issues, as this will be crucial in fulfilling the target of finalizing the trade deal by November. Japan and South Korea, negotiators of the RCEP, have been engaged in a trade conflict the past weeks, with Tokyo’s decision last Friday to revoke South Korea’s preferential status as a supplier of military arms being the latest move. “Determined to keep the momentum toward achieving the leaders’ mandate to conclude the RCEP negotiations by the end of the year, the ministers called on all [RCEP negotiating parties] to find pragmatic and solution oriented approaches to narrow divergence on various remaining issues,” the trade ministers said. In a statement, Trade Secretary Ramon M. Lopez said significant progress has been made in discussions on key chapters of the RCEP. He added that negotiators are becoming more flexible and pragmatic with their demands in the trade deal, which should help speed up the talks. “Parties are more pragmatic in the spirit of wanting to reach conclusion. We are seeing more flexibility and they are more mindful of the sensitivities of each country, taking into account the level of its economic development,” Lopez said. “With the competitive advantage of our country in resources, people and business environment, we hope to enhance our trade relations with other countries, and build more local industries and create more jobs,”he added. The RCEP is one of the world’s largest trade agreements. It is negotiated by member-states of the Association of Southeast Asian Nations, Australia, China, India, Japan, New Zealand and South Korea. Last year RCEP economies accounted for nearly half of the world population, 32.2 percent of the global economy, 29.1 percent of global trade and 32.5 percent of global investment inflow. The trade deal covers trade in goods, trade in services, investments, intellectual property, movement of people, electronic commerce, dispute settlement, among others.
BIR. . .
Continued from A1
According to Finance Secretary Carlos G. Dominguez III, the tax collections from the foreign nationals working in the country will ramp up further once they are all issued TINs. The DOF earlier reported that an estimated P2 billion in taxes can be collected from foreign nationals working in the Pogo sector alone. Dominguez has been the main driving force behind getting various agencies involved in collecting income taxes from alien labor working in the country. He said that the Bureau of Immigration (BI), Philippine Amusement and Gaming Corp. (Pagcor), Department of Labor and Employment (DOLE) and law-enforcement agencies such as the Philippine National Police (PNP) and National Bureau of Investigation (NBI) should get their act together to weed out illegal aliens working in the country.
requiring only one committee hearing to refine vetoed bills. Remulla said this new rule is expected to fast-track the process
and persuade the President to sign the measure into law. Remulla was designated by House Majority Leader and House Committee on Rules Chairman Martin G. Romualdez to head the panel’s rewriting subcommittee. “We are going to avoid the normal long process of legislation for any vetoed bill. An expeditious process should be observed after the refinements,” said Remulla. In his three years in office, Duterte has already vetoed several bills due to some reservations and opposition to the unified version of both the House of Representatives and the Senate. Among these vetoed bills are: the General Tax Amnesty, Coconut Farmers and Industry Development
“We are going to avoid the normal long process of legislation for any vetoed bill. An expeditious process should be observed after the refinements.” —Remulla
Trust Fund Act, the bill strengthening the Philippine Coconut Authority Law, bill expanding the powers of the Office of Solicitor General, bill seeking to grant survivorship benefits to the children of deceased retired members of constitutional offices and the bill banning corporal punishment. Ironically, the most recent to
6 months before deadline, PHL agencies still lack data on progress in meeting GHG goals
T
HE Senate Committee on Energy is poised to open an inquiry into the status of the country’s greenhouse-gas emissions (GHG) and the nationally determined contribution (NDC) to limit global warming to aid lawmakers in assessing the need for crafting remedial legislation. Sen. Sherwin Gatchalian, committee chairman, earlier filed an enabling resolution paving the way for the upcoming review of the country’s GHG emissions following President Duterte’s directive for the Department of Energy to “transition into cleaner energy alternatives, including solar and wind, and reduce the country’s dependence on coal.” Gatcha l ian af f ir med t he “need for Congress to examine the efforts of various government agencies in arriving at their respective sectoral NDCs and their specific adaptation and mitigation strategies, and the status of the country’s GHG emissions in relation to the development of the NDC with the end in view
of ensuring compliance with the Paris Agreement.” In a statement, Gatchalian cited the Duterte administration’s “constitutional obligation to protect and advance the right of the people to a balanced and healthful ecology in accord with the rhythm and harmony of nature.” He noted that the Philippines has until 2020 to submit its NDC, detailing mitigation and adaptation measures to be undertaken to address climate change. The Senate Energy Committee chiarman reported, however, that the Philippine government agencies concerned “ have yet to f ina l ize t heir submissions for the NDCs and some are still conducting their respective stakeholder consultations,” six months before the 2020 deadline. Gatchalian disclosed that so far, the only available official data on the Philippines’s GHG emissions dates back to the year 2000—at 126.879 gigagrams of carbon dioxide equivalent. Still, the senator recalled that the Philippines, last October 1,
POEA. . .
Poor diets. . .
as the proposal of Labor Secretary Silvestre H. Bello III to make OFWs pay their SSS premium only three months after their arrival in their destination country. “There was still no decision on the said matter,” Olalia told reporters in an ambush interview last week. He said the decision may be in the form of a resolution or an amendment of the IRR, which was issued in June. Olalia told the BusinessMirror they are currently waiting for the next interagency meeting to finalize the implementation of the mandatory SSS membership of OFWs stipulated by the SSA. “SSS is the one scheduling the meeting,” Olalia said.
declining cost of unhealthy foods. Addressing this can be done by increasing taxes for these food items. However, more needs to be done. The authors said the consumption of unhealthy food items implies the need for better nutrition education and improvements in food labeling. “One thing is for certain: reducing the immense global health burden of poor diets will be a huge challenge in the 21st century, and fixing the global food system must
Continued from A1
SSS. . .
Continued from A12
The MSC is one of the factors considered in the computation of SSS benefits. “SSS aims to provide meaningful social protection to its members through the benefits we provide and programs that we continuously develop. A member who has paid at least six contributions in the 12-month period before the semester of contingency at the maximum MSC of P20,000 may receive P600 in sickness benefit per day from the previous P480 per day,” said Ignacio. “We hope that our members would see this increase in contribution rates as bigger savings for their future, especially in times of need,” she added.
Continued from A12
Spending. . . Continued from A1
growing remittance inflows will also support disposable incomes in the country and in turn, boost spending,” Fitch said. In July, the Bangko Sentral ng Pilipinas (BSP) reported a 5.7-percent rise in May remittances alone, bringing the five-month average growth to 4.5 percent. This is higher than the 3.1-percent average growth in 2018. “The inflationary pressures that weighed on household consumption through the first three quarters of 2018 have dissipated, while a strong labor market backdrop will also prove supportive of household confidence and subsequently, consumption growth,” Fitch said. The BSP also issued a statement earlier expressing confidence that inflation will continue its downtrend in July 2019 after a one-off blip earlier this year. Their projection for July inflation is to settle somewhere between the 2 and 2.8 percent range for
2015, had submitted its Intended Nationally Determined Contribution (INDC) to the United Nations Framework Convention on Climate Change (UNFCCC), where it manifested its intent to undertake a 70-percent reduction in GHG emissions from its 2000 levels by 2030, to be entirely conditional on external support. He added that the following year, the country inked the Paris Agreement establishing a global warming goal of below 2°C from pre-industrial averages and requests, upon ratification, for a definite voluntary pledge on emission reduction as the signatory country’s NDC. He also recalled that after President Duterte signed the Instrument of Accession to the Paris Agreement on February 28, 2017, this was unanimously concurred in by the Senate on March 14, 2017, effectively completing the ratification process, after which the Instrument of Accession was accepted by the UNFCCC on March 23, 2017, and officially took effect on April 22, 2017. Butch Fernandez
be at the very center of efforts to meet this challenge,” they said. In the Philippines, the poorest Filipinos are very sensitive to food prices. National Statistician Claire Dennis Mapa said this can be explained by the difference in the inflation felt by all households and the inflation experienced by the bottom 30 percent or the poorest Filipinos. He explained that the weight of food in the basket of goods used for the computation of the inflation experienced by the poorest 30 percent is 70 percent, against 39 percent for all the households. the month. This is a more optimistic forecast compared to the 2.2 to 3 percent projection range it gave for the June print, where actual inflation hit 2.7 percent. “We are forecasting inflation to cool to 3 percent and 3.3 percent in 2019 and 2020 respectively, down from 5.2 percent recorded in 2018,” Fitch Solutions said. This is well within the 2 to 4 percent target range of the BSP for the year. “A strong labor market outlook will also suppor t consumption growth...Alongside falling unemployment, a rise in minimum wages will also provide support to consumer spending in the Philippines,” Fitch Solutions said. Private consumption proved to be the key driver of economic growth in the country. Growth, meanwhile, proved to be lackluster in the first quarter of the year as it posted a disappointing gross domestic product (GDP) print of 5.6 percent. This is, however, mostly due to the government’s inability to pass a budget on time. Bianca Cuaresma
be vetoed, the security of tenure (SOT) bill—also dubbed “end to Endo bill”—had been certified by the President as a priority measure. The President, meanwhile, also vetoed P95.3 billion in budget items in 2019 General Appropriations Act. Earlier, the House leadership said it will conduct a regular monthly meeting with counterparts in the Senate and the Executive department to assure smooth approval of the priority measures of the 18th Congress. Moreover, Remulla said the subcommittee will also adopt the Supreme Court ruling in the election of the minority leader and going paperless by providing tablets for 300 legislators in the performance of their legislative work.
According to Remulla, an estimated P6 million or P20,000 each for an android tablet will be needed for this proposal. “The House has been spending an estimated P9 million every year for paper. Going paperless will result in savings,” said Remulla. Moreover, Remulla said these new rules will be approved by December, and expressed confidence they will be more responsive to the legislative process. “The new House rules will be adopted by December this year after passing the 2020 national budget,” said Remulla. Last July 22, the House of Representatives provisionally adopted the rules of the 17th Congress.
Death toll in 3 boats’ sinking in Guimaras Strait climbs to 25 By Rene Acosta
T
@reneacostaBM
HE death toll from the sinking of three motorized bancas in the waters of Guimaras Strait on Saturday climbed to 25 as of Sunday, the Police Regional Office (PRO)-6 reported, as search and rescue teams continued to look for five more people listed as missing. The number of casualties rose as Coast Guard personnel, Maritime policemen and other seaborne units prowled the waters between Parola Wharf in Iloilo and Jordan Wharf in Guimaras, the PNP Regional Maritime Units-6 reported to Western Visayas Regional Director Brig. Gen. Rene Pamuspusan. The sudden wind change in the Guimaras Strait forced the capsizing of the three boats, although all the three incidents are currently being probed by the National Bureau of Investigation, said the PRO-6 through police Maj. Bryan Gregorio. Based on the report, the M/B Chichi, with four crewmen and 47 passengers, capsized between Parola Wharf and Jordan Wharf at around 12:30 p.m. on Saturday due to what the Coast Guard said was a sudden wind gustiness. The PRO-6 said 12 people aboard the banca died. Another banca, the M/B Kezia,
SWAT. . .
Continued from A12
Under such a scenario, the senator suggested that “DICT people should be among the first ‘boots on the ground,’” adding: “ I think DICT should become a first responder, too. As chief overseer of telcos, it should ensure that the phone network is working.” According to Recto, what the DICT did in Itbayat, Batanes, where it rolled out free Wi-Fi access points, should also be done in areas “facing the same trying circumstances,” reminding the agency, in a mix of English and Filipino, that “it should be [just one key aspect of the] DICT response package. There should be more measures, and responsive to complicated situations if the damage is more extensive.” In a st atement over t he
Moody’s. . .
Continued from A1
“This could materialize over time as the government makes greater progress on its reform agenda, including addressing infrastructure gaps, increasing competitiveness and the ease of doing business, and ensuring
with four crewmen, also sank in the area, the report said. The PRO-6 said that at around 3 p.m., the M/B Jenny Vince, with five crewmen and 39 passengers, also capsized in the area, drowning 13 of the passengers, including a minor. Another six passengers are still missing and are currently the subjects of the ongoing search and rescue. The PRO-6 said of 13 of the casualties have been identified while the identities of the 12 others are still being ascertained. Meanwhile, Coast Guard Spokesman Capt. Armand Balilo said that the Panamanian-registered cargo vessel that ran aground in the waters of Talisay, Cebu, on Saturday had not spilled oil, although authorities continued monitoring and assessment of the vessel. The MB Arikun, with 18 crewmen and carrying 4,210 tons of wheat, ran aground in the waters of Lauis Ledge Light House in Talisay, Cebu, at around 7:30 a.m. on Saturday. Balilo said the foreign vessel was bound for Cebu International Port and ran aground while entering a “traffic separation scheme,” on the south Cebu-Mactan channel. Arikun was running on 287,167 liters of fuel. Balilo said Coast Guard safety inspectors are investigating the cause of the incident. weekend, Recto also recalled that DICT Secretary Gregorio Honasan had ordered the installation of the free Wi-Fi access points in the hard-hit municipality based on what he said was President Duterte’s order for the government to have an “independent communications system” that is redundant with the telcos. The senator said the DICT should “scale up” its disaster response capacity while bringing down its huge backlog of Wi-Fi hot spots. Despite receiving P8 billion in taxpayer money since 2015, he noted that DICT has been able to roll out only 2,677 spots out of the original target of 34,236 sites by end of 2019. Still, Recto reaffirmed his belief that “mission-oriented” Honasan, a former Senate colleague, “will be able to fix the bugs of this program and implement a catch-up plan.” Butch Fernandez
sustainable and inclusive growth,” Moody’s said. In August last year, the Philippine government returned to the yendenominated samurai bond market after an eight-year hiatus, with a multitranche ¥154.2-billion transaction, or $1.39 billion, which yielded a weighted average spread of 34.7 basis points above benchmark.
The Nation BusinessMirror
www.businessmirror.com.ph
Editor: Vittorio V. Vitug • Monday, August 5, 2019 A3
DOH hoard of soon-to-expire drugs, supplies gets DOJ, lawmakers’ focus
T
By Jovee Marie N. Dela Cruz @joveemarie & Joel R. San Juan @jrsanjuan1573
HE alleged P18.5 billion worth of soon-to-expire medicines and medical supplies stored in warehouses of the Department of Health (DOH) have drawn the attention of lawmakers and the Department of Justice (DOJ). Justice Secretary Menardo Guevarra made this assurance after Ang Bagong Henerasyon Party-list Rep. Bernadette Dy asked the National Bureau of Investigation (NBI) to probe the expiring drugs. While he has yet to receive a formal request from Dy, Guevarra said he would already secure a copy of the Commission on Audit (COA) report to determine what further actions can be taken from the report. Dy said DOH officials should be made to answer for the COA audit report and, if liable, charges should be filed against them. “If the matter goes beyond simple
administrative liability, then I will direct the NBI to do its own probe,” Guevarra said. The NBI is the investigating arm of the justice department.
House resolution
R E P. M i c h a e l D e f e n s o r o f Anakalusugan also filed a resolution directing the House Committee on Health to investigate the DOH’s overstocking of medicine. In House Resolution 145, Defensor said the House Committee on Health should get to the bottom of the COA report that flagged the DOH’s unusually huge hoard of un-
distributed medicines. “We must stress that officials trusted with public resources are duty-bound to see to it that these supplies are used efficiently for the public good and benefit, and not just left to spoil away,” Defensor said. “In this case, we sure hope the problem has nothing to do with the over-purchasing of medicines owing to possible enticements from large pharmaceutical suppliers,” he added. According to the lawmaker, negligence in the management of perishable inventories, especially life-savings drugs, is unacceptable, considering that many poor Filipinos desperately need these medicines. “In fact, we’ve come across many cases wherein patients in public hospitals are being told to buy their own medicines from private pharmacies because the [hospital’s] subsidized dispensary has run out of supplies,” Defensor said.
COA report
CITING the COA report, Defensor said that as of December 31, 2018, the DOH has P18.449 billion worth of medicines purchased from 2015 to 2018 that the agency has yet to distribute to government hospitals
Vacancies in House committees remain
T
HE leadership of the House of Representatives is still completing its list of committee chairmen two weeks after the 18th Congress formally convened. As of Wednesday last week, the lower chamber has only organized 21 committees out of 75 committees. Of these committees, there are 61 regular committees and 14 special committees. The committees of the lower chamber appraise and evaluate the bills and resolutions within their jurisdictions. Currently, 132 resolutions and 2,950 local and national bills are pending for committee actions. For this week, only the House Committee on Metro Manila Development has a schedule of hearing. Under the rules, the committee where the bill was referred to evaluates it to determine the necessity of conducting public hearings. If the committee finds it necessary to conduct public hearings, it schedules the time thereof, issues public notices and invites resource persons from the public and private sectors, the academe and experts on the proposed legislation.
Based on the result of the public hearings or committee discussions, the committee may introduce amendments, consolidate bills on the same subject matter, or propose a substitute bill. It then prepares the corresponding committee report. The committee approves the committee report and formally transmits the same to the Plenary Affairs Bureau for approval.
PCFI expectations
POLITICAL parties and blocs in the lower chamber are still talking to Speaker Alan Peter S. Cayetano on matters concerning the committee chairmanship. Over the weekend, Party-list Coalition Foundation Inc. (PCFI) President Michael L. Romero said Cayetano is on a daily contact and discussions with them. “The PCFI is very solid and intact. There is no truth or basis on the claims that any of our 54 members is leaving the [coalition] or, moreso, that any exodus [is] happening,” 1-Pacman Party-list Rep. Romero said. “All [our] members are very satisfied and even elated with the way
the Speaker has taken care of all PL bloc members,” he said. The Party-list Coalition is asking for 20-percent allocation, or 15 committee chairmanship, of the House of Representatives. To date, Romero said the coalition has three deputy speakers, deputy and assistant majority leaders, deputy and assistant minority leaders, committee chairmanship, including Committee on Games and Amusement and vice chairmen of various major, standing and special committees. “Next week, most of the Partylist Committee chairmanships, vice-chairmanship and memberships, as well as membership in various oversight committees, comprising of about 20 percent of the House composition shall be elected in the plenary as committed by the Speaker,” he said. Romero said the PCFI will submit on Monday a signed manifesto to Cayetano stating that the coalition is intact and that “none of our members has joined any political parties [that], by law, is also not permitted.” Jovee Marie N. Dela Cruz
Comelec optimistic on bill vs premature campaigning By Samuel P. Medenilla @sam_medenilla
T
HE Commission on Elections (Comelec) is “guardedly optimistic” the pending bill on premature campaigning will finally be passed in the 18th Congress. Comelec Spokesman James B. Jimenez reiterated their support for the legislative proposal, which is expected to finally plug the legal loophole allowing candidates to engage in election campaign even before the actual start
of the campaign period. However, he noted, lawmakers anticipate the bill will go through an uphill battle in Congress due to its implications especially for politicians. “Say you are candidate, if this law is passed, one of the possible effects is that if you announce in any venue after the filing [of their COC], they might be accused of premature campaigning,” Jimenez said in an interview. “We want to see it started, but we know that the process will have to go through to become law might be more
complicated than not,” he added. To recall, Senators Richard Gordon and Leila M. de Lima filed in the 17th Congress separate bills to address premature campaigning. Gordon’s bills will make people who file their certificate of candidacy (COC), immediately covered by election campaign rules, by declaring them as official candidates. Meanwhile, de Lima’s bill makes prospective candidates liable for premature campaigning within one year before the start of the campaign period.
and health centers. He said the report also showed that P294.767 million worth of medicines in DOH warehouses were found to be nearing expiration as of January 31, 2019, increasing the probability of losing their efficacy. “Another P19.165 million worth of medicines procured by the DOH central office and already delivered to hospitals and health centers were also found to be nearing expiration. These were distributed late; or less than one year before expiry,” Defensor said quoting the report. Meanwhile, the report said another P30.353 million worth of medicines distributed to the hospitals and health centers have already expired as of December 31, 2018.
DOH response
HEALTH Undersecretary Eric Domingo earlier said they would look into the nondistribution of the said medicine and medical supplies. Domingo added that while 80 percent of the medicine has been distributed to areas where they are needed the most, the department will still look at what happened to the rest stored in warehouses. To date, the DOH said all stocks of filariasis kits, CD4 cartridge kits, Tuberculin PPD and Japanese encephalitis vaccines have already been distributed. Remaining metformin inventory (133,500 units from 988,800 units) will be distributed to local government units, Centers for Health and Development (regional
offices) and DOH-run hospitals for use of patients in outpatient departments until the end of July. As for the remaining stocks of micronutrient powder sachets (84,100,140 units from 157,060,620 units), these will be distributed to DOH Hospitals for Pediatric Patients, nongovernment organizations, orphanages and miners positive for mercury. The DOH will, likewise, provide these to the Supplementary Feeding Program and Reception and Study Centers for Children. The DOH said it has also implemented organizational changes to ensure that dedicated units for logistics-monitoring and management, and procurement monitoring and management are in place.
A4 Monday, August 5, 2019 • Editor: Vittorio V. Vitug
Economy BusinessMirror
www.businessmirror.com.ph
‘Asian nations should emulate PHL’s 4Ps’
T
By Cai U. Ordinario
@caiordinario
HE Pantawid Pamilyang Pilipino Program (4Ps) being implemented by the Philippines has a good grievance mechanism that Asian countries can emulate when rolling out social protection programs, according to a London-based professor. In an Asian Development Blog, London School of Economics Associate Professor Bob Babajanian said instituting grievance redress to avoid unfair selection and exclusion in a social protection program will help prevent corruption. Babajanian said many social protection programs in Asia operate with inadequate grievance redress. Sans this mechanism, he said, there will be more opportunities for nepotism and corruption. “Pantawid’s grievance redress system sets a good example in the region. Grievances can be submitted via multiple links, including faceto-face contacts, as well as SMS hotline, e-mail, letter and drop boxes. A computerized database allows effective recording and tracking of complaints,” Babajanian said. F u r t h e r, B a b a j a n i a n s a i d the 4Ps program requires spot-
checks done by senior officials and independent parties to determine the effectiveness of the grievance mechanism. As a result of the system put in place in the 4Ps, he said the government has made retroactive payments to households, and some beneficiaries found to be ineligible have been delisted. Babajanian said effective grievance redress requires various channels for feedback, appeals and complaints. Social protection programs also mean having enforcement mechanisms to act on grievances. “Developing clear and consistent rules and procedures for program implementation may be less resourceintensive than introduction of technology-based registries or payment systems. In practice, this translates into supporting the development of legislation, operational manuals and
STAFF of the Department of Social Welfare and Development’s office in Region 7 check the documents submitted by the Pantawid Pamilya partnerbeneficiaries before receiving their EMV chip-enabled cards from the Land Bank of the Philippines. DSWD PHOTO
guidelines that underpin programs,” Babajanian said. He also said the support of international organizations also makes social protection programs effective. Last June, the World Bank disclosed that it granted a fresh $300-million loan to support the Philippine government’s Condi-
tional Cash Transfer program for the next two years. The annual budget for the 4Ps is $1.7 billion. The additional funding from the World Bank will cover 9 percent of the 4Ps budget through June 2022. The new loan will address malnutrition and promote early-childhood
development. It will also help the government strengthen the implementation and impact, including more efficient payment systems, monitoring and evaluation, and family development sessions. The 4Ps is a conditional cash transfer program currently benefiting 4.2 million families, in-
cluding 8.7 million children. It provides cash grants to poor families to ensure that children stay healthy and in school, thus reducing school dropout rates, discouraging child labor and enabling them to break free from poverty in adulthood. Further, pregnant mothers receiving grants are required to get pre- and postnatal checks to help ensure safe motherhood. Parents attend “family development sessions” where they strengthen their knowledge of child care, and are empowered to demand better and expanded social services from the government. Implemented in 145 cities and 1,483 municipalities in the country, the 4Ps is responsible for a quarter of total poverty reduction in the country, according to the World Bank 2018 Poverty Assessment. Other achievements of the program include a 4.9 -percent increase in enrol lment among children 12-17 years old from a baseline of 80.4 percent, and a 10 -percent increase in enrol lme nt a mong c h i ld re n 16 -17 years old from a baseline of 60.8 percent. The World Bank also said the program was responsible for the 30-percent reduction in the enrollment gap between boys and girls ages 6-14, and increased access by poor women to maternal and child health services such as antenatal care.
ECC cuts penalty for failure to remit SSS contributions MinDa bats for sustainable By Samuel P. Medenilla @sam_medenilla
T
HE Employees’ Compensation Commission (ECC) has reduced employers’ penalties for failure to remit employees’ compensation (EC) contribution to the Social Security System (SSS) and the Government Service Insurance System (GSIS). Labor Secretary Silvestre H. Bello III disclosed that the ECC issued last month a new board resolution that slashed the
rate of monthly fines for late employee remittances to 2 percent, from 3 percent. Bello noted that the penalties will continue to accumulate until the contributions are paid by the concerned employers. The labor chief, who also chairs the ECC board, said the reform aims to standardize ECC regulations for members of the SSS and the GSIS. This, after the Social Security Act of 2018 was passed into law amending some policies of the SSS.
“The ECC deemed it proper to revise the prevailing percentage or the amount of penalty to be imposed on employers who fail to pay their EC contribution to avoid confusion in regard to the percentage or amount of penalty being enforced by SSS and GSIS,” Bello said in a statement. ECC Executive Director Stella Zipagan-Banawis said the commission expects that the new policy will lead to more efficient operations. “By revising the penalty for unpaid
More Filipino nurses took US licensure exam in Jan-June, says ACTS-OFW
Concern for health, convenience to drive purchasing decisions of Australians—DTI
BusinessMirror FILE PHOTO
M
A
TOTAL of 6,021 Filipino nurses hoping to practice their profession in America took the United States licensure examination for the first time, from January to June this year, the ACTS-OFW Coalition of Organizations said over the weekend. ACTS-OFW said the number is 33 percent higher than the 4,533 Philippine-educated nurses who took America’s eligibility test, or the National Council Licensure Examination (NCLEX), for the first time in the same period in 2018. A total of 669 Indians, 585 Puerto Ricans, 461 South Koreans and 381 Nigerians also took the NCLEX for the first time, from January to June. The NCLEX for registered nurses or for practical nurses is the licensure test administered by the US National Council of State Boards of Nursing (NCSBN). Since the $200-NCLEX is usually the final step in the US nurse-licensure process, the number of Filipinos taking the test for the first time is considered a good indicator as to how many of them are trying to enter the
profession in America. Citing newly released NCSBN statistics, ACTS-OFW said Jamaicans, Canadians and Cubans also compete with Filipinos in America’s nursing labor market. “Many Filipino nurses looking for greener pastures abroad still prefer to work and live in America, mainly due to the superior hourly pay, plus our fondness for the Western culture,” the group said in a statement. Registered nurses in America received a median pay of $71,730 per annum, or $34.48 per hour in 2018, according to the US Bureau of Labor Statistics (BLS). California and Texas are among the US states with the highest concentration of Filipino nurses working in hospitals, the group said. The US BLS sees the employment of nurses in America to grow by 15 percent over the next 10 years, mainly due to the aging “Baby Boomers” generation requiring extra health care. There are now some 76 million Americans aged 55 to 75.
contributions and setting the penalty at uniform rate with SSS and GSIS, the Commission, with its implementing agencies, the SSS and the GSIS, can better facilitate the implementation of its EC Program,” Banawis said. The ECC revised the schedule of penalties for failure to remit EC contribution to the SSS and GSIS as provided under Republic Act 11199, or the Social Security Act of 2018, and RA 8291, also known as the Government Service Insurance System Act of 1997.
ORE manufacturers are expected to continue investing in innovative new products that offer consumers healthier product alternatives, as a growing number of Australians are becoming health conscious. “Australian consumers are showing growing concern for their health and well-being, and this concern is increasingly reflected in their purchasing choices,” said Euromonitor Digest, the online publication of the Export Management Bureau of the Department of Trade and Industry (DTI). The report noted that Australian consumers indicate that products that have a health positioning, such as an “all-natural” claim, have an influence on their purchasing decision. Within beverages, this has translated into the growth of products perceived as healthier alternatives, such as ready-to-drink teas. It said products that provide functional benefits, such as Kombucha, also continued to record significant growth in 2018, as consumers seek out products that are promoted as supporting their well-being. “Growing concern about healthy living, including diet and nutrition, has encouraged consumers to seek out products with functional benefits,” the report said. It is thus anticipated that product ranges of fortified/functional beverages will become more differentiated as more niche players join the market. Major players have also committed to reduce sugar content of nonalcoholic drinks, reflecting the growing trend among Australians to limit their sugar consumption. Both distribution channels, supermarkets and discounters, are expected to continue focusing on providing healthier product alternatives for consumers, driven by growing consumer demand. In addition to seeking out healthier food and beverage products, the Euromonitor Digest further said convenience will also be a driving trend for Australians, many of whom live a busy lifestyle. Philexport News & Features
power supply in Mindanao By Manuel T. Cayon
@awimailbox Mindanao Bureau Chief
D
AVAO CITY—The Mindanao Development Authority (MinDa) said its membership in the Energy Investment Coordinating Council (EICC) affords it a larger platform to push for its power development agenda. The government’s socioeconomic planning unit for Mindanao is the newest addition to the interagency EICC that tackles regulation and development projects. The MinDA now sits as a member of the EICC after the meeting held recently at The Fort, Taguig City. The council adopted a resolution on MinDA’s inclusion in the council. This would now bring Mindanao into the perspective in the EICC’s planning and allocation of energy investment projects for the country, the MinDA said in a statement. The EICC was created in 2017 by Executive Order 30, mandating it to streamline the regulatory procedures “by establishing a simplified and harmonized approval processes for the development and implementation of energy projects deemed of national significance.” “Having paved the way for improving the power situation in Mindanao following the supply crisis in 2012, MinDA’s membership in EICC now provides us with a larger platform to push forward our current power development agenda of providing a reliable, affordable and sustainable energy supply for Mindanao,” said MinDA Acting Chairman Nathaniel Dalumpines. At the height of the Mindanao power crisis in 2012, the MinDA gathered leaders of government and private organizations, many coming from the energy sector, to discuss remedies. They later formed the Mindanao Power Monitoring Committee (MPMC) “to spearhead and coordinate” efforts of the national, regional and local governments to improve the power situation. The MinDA cochairs the MPMC with the Department of Energy. Assistant Secretary Romeo Montenegro, MinDA deputy executive director and head of the MPMC technical working group, said efforts of the EICC would complement the Energy Virtual One-Stop Shop (EVOSS) Act, which was created to cut down lengthy energy project permitting process for power investors. Montenegro was designated to represent MinDA in the EICC. The EVOSS was created through Republic Act 11234, to provide the portal for power investors and players to monitor status of their applications. The MinDA said it would support the government’s “strong push” for renewable-energy development, saying that power development was among the flagship programs pursued by MinDA “to realize a regime of reliable, sustainable, and affordable power in Mindanao.” In 2014, MinDA linked up with US Agency for International Development’s Clean Energy and Building Low Emission Alternatives to Develop Resilience and Sustainability to facilitate the implementation of power development projects in Mindanao. Projects to tap small hydroelectric, biomass and solar sources were given preference. MinDA had also pushed for the adoption of strategies under the Mindanao Energy Plan, in partnership with Department of Energy, to address the power demand that would be around 3,500 megawatts by 2030 and more than 10,000 MW by 2040.
Agriculture/Commodities BusinessMirror
www.businessmirror.com.ph
Editor: Jennifer A. Ng • Monday, August 5, 2019 A5
NTA expects hike in tobacco output
T
By Jasper Emmanuel Y. Arcalas
@jearcalas
HE National Tobacco Administration (NTA) said local tobacco production will not fall below 43 million kilograms, as higher demand from abroad would offset the adverse effects of higher excise taxes next year. NFA Administrator Roberto L. Seares also expressed optimism that tobacco output will be on an upward trend in the coming years due to the expected increase in
demand from abroad. “I don’t think [tobacco production] will go down below the 43 million kg [the Philippines produced last year]. The global market alone
requires about 32 million kg,” Seares told the BusinessMirror in a recent interview. “[Foreign buyers] love our [tobacco] products due to the taste and aroma. For example, our burley cigarette is very competitive against that of American cigarettes,” he added. Tobacco output in 2018 fell by 10.25 percent to 43.241 million kg, from 48.179 million kg in 2017, NTA data showed. The NTA, an attached agency of the Department of Agriculture, attributed the lower output to the decline in the number of farmers planting tobacco due to higher excise taxes.
NTA data showed that the number of tobacco farmers in the country registered a decline for the fourth consecutive year in 2018. Last year, the figure shrank by 5.26 percent to 32,652, from 34,465 tobacco farmers recorded by the NTA in 2017.
More shipments
DATA from the NTA also indicated that the combined unmanufactured and manufactured tobacco exports of the Philippines last year rose by 36.29 percent to 79.875 million kg, from 58.606 million kg. The increase was driven by the jump in the shipments of manu-
factured tobacco, which reached 41.963 million kg, more than double the 18.476 million kg recorded in 2017, according to NTA data. NTA data also showed that the value of the country’s total tobacco exports expanded by 60.04 percent to $511.065 million, from $319.337 million in 2017. “Our top buyers are Malaysia, Vietnam, Singapore, Indonesia, United States and Belgium, among others,” Seares said. “Tobacco smokers are after the taste and the aroma of the cigarettes. For example, US tobacco leaves have higher nicotine level that is why it has better aroma and taste. But then we have prod-
ucts from Isabela which are very competitive against US products,” he added. The Philippines hiked excise taxes on tobacco products to fund the rollout of the Universal Health Care law. President Duterte signed Republic Act (RA) 11346, or the Tobacco Tax Law of 2019, last July 25, which would further increase the tax slapped on tobacco products starting January 1, 2020. RA 11346 raises the excise tax from the current P35 per pack to P45 in 2020; followed by a series of P5 hikes until the rate reaches P60 in 2023, and a 5-percent annual increase thereafter.
Duterte gives 58,387 CLOAs to farmers in Mindanao A TOTAL of 58,387 certificates of land ownership awards (CLOAs) were distributed by President Duterte to 60,233 farmers under the Comprehensive Agrarian Reform Program (CARP), the Department of Agrarian Reform (DAR) said. The CLOAs covered a total of 102,727 hectares from five regions, namely, Zamboanga Peninsula, Northern Mindanao, Caraga, Davao region and Soccsksargen. Besieged by armed conflict between state forces and secessionist groups, the war-torn Mindanao, of late, became targets of terrorist activities, prompting the Duterte administration to place the entire
Mindanao under a state of martial law in May last year. Proclamation 216, the proclamation of martial law and suspension of the privilege of the writ of habeas corpus in the whole of Mindanao, was issued by Duterte on May 23, 2017, the same day he ordered an all-out offensive against ISIS-inspired armed groups that took hundreds of civilians hostage in Marawi City, Lanao del Sur. During the distribution, Duterte ordered the DAR to ensure that all the agrarian reform beneficiaries (ARB) of CARP-covered lands should have in their possession the titles and full exercise of ownership and control of their government-awarded lands.
Agrarian Reform Secretary John R. Castriciones said this is the first CLOA turnover to the Land Bank of the Philippines (LandBank) pursuant to Administrative Order 5, Series of 2019. “The DAR and the LandBank agreed that we have to boost the confidence of the farmers in the [CARP],” Castriciones said in a statement. The CLOAs distributed Friday covered lands in the Zamboanga Peninsula with 9,597.616 hectares; Northern Mindanao, 7,590 hectares; Caraga region, 18,865 hectares; Davao region, 29,492 hectares; and Soccsksargen, 37,182 hectares. A ceremonial distribution of
1,361 Certificates of Land Ownership Award to 1,709 agrarian reform beneficiaries of Davao region, involving a total of 1,452 hectares of lands acquired and distributed to them, was also held in Davao City. These CLOAs cover some 182 hectares of private agricultural lands acquired in later months of 2018 and early months of 2019, and 1,179 hectares of partitioned CLOAs, which were the resultant titles of collective CLOAs issued to agrarian reform cooperatives.
Irrigated farms
LAND distributed to farmer-beneficiaries of CARP includes irrigated
areas. In a report published recently, the Philippine Statistics Authority disclosed that the area of total irrigated lands in the country expanded at an average rate of 3 percent in the past five years, reaching 1.920 million hectares in 2018. In its annual report, titled “Agricultural Indicators System: Agricultural Structure and Resources,” the PSA said total the total irrigated area in 2014 was estimated at 1.708 million hectares. “The proportion of total irrigated land to estimated total irrigable area went up to 61.39 percent in 2018, from 60.35 percent in 2017. This indicated that the irrigation devel-
opment was 1.04 percentage points higher than the previous year’s record,” the PSA said in the report, which was published on Wednesday. Citing National Irrigation Administration (NIA) data, the country’s total irrigable area as of end2018 is estimated at 3.128 million hectares, PSA said. In 2014, only 56.57 percent of the total irrigable area had irrigation services, PSA data showed. Last year, NIA Administrator Ricardo R. Visaya said it would take the government four decades to supply water to all irrigable lands in the Philippines. Jonathan L. Mayuga & Jasper Emmanuel Y. Arcalas
A6
Monday, August 5, 2019 • Editor: Angel R. Calso
The World BusinessMirror
www.businessmirror.com.ph
US against China’s destabilizing behavior in Indo-Pacific–Esper
S
ECRETARY of Defense Mark Esper said the United States is firmly against China’s “destabilizing” behavior in the IndoPacific and won’t stand by while one country reshapes the region, continuing a war of words between the superpowers. There is a “disturbing pattern of aggressive” conduct, Esper said at a press conference in Sydney on Sunday, speaking after annual strategy talks with Australian counterparts. The US won’t “stand by idly while any one nation attempts to reshape the region to its favor at the expense of others, and we know our allies and partners will not either,” he said. China is “weaponizing the global commons using predatory economics and debt-for-sovereignty deals, and promoting statesponsored theft of other nations’ intellectual property,” Esper said.
Disagreements between the world’s two biggest economies have escalated into concerns over trade, human rights, the South China Sea, Taiwan and Huawei Technologies Co. So far, there are few signs of a resolution. In a defense white paper released in July, China accused the US of undermining global stability and provoking competition among major countries. Chinese Foreign Minister Wang Yi stressed the importance of cooperation with the US following talks with Secretary of State Michael Pompeo last week, adding “it is neither fair nor possible to try
to obstruct China’s development.” Pompeo has been one of the Trump administration’s most prominent critics of China.
Mutual benefit
“WE’RE not asking nations to choose between the United States and China, because that’s not how we operate,” Pompeo said in Sydney at the same press conference. Cooperation between the nations brings mutual benefit, he added, “not zero-sum deals where one side wins and the other risks losing.” Pompeo and Esper participated in the Australia-United States Ministerial Consultations, or AUSMIN talks, which have served as the principal forum for the allies’ joint strategic, foreign and defense policies for 34 years. Australia is vulnerable to worsening ties between the US, its most important strategic ally, and China, its biggest trading partner. Pompeo, in the press briefing with Australian Foreign Affairs Minister Marise Payne and Defense Minister Linda Reynolds, said the US and Australia were “both concerned about China’s militarization of their man-made islands in the South China Sea and we’re
US Defense Secretary Mark Esper briefs the media at a press conference following annual bilateral ministerial talks in Sydney, Australia, on Sunday, August 4, 2019. AP PHOTO/RICK RYCROFT
both keeping an eye on investment that mires our friends in debt and corruption.” Vietnam and the Philippines have accused China of becoming more aggressive in asserting its claim to vast swathes of the South China Sea—a move the US had termed “bullying behavior.” China said last month that the situation in the South China Sea was “generally stable and improving” as regional countries are properly managing risks and differences.
Code of conduct
TALKS on the second draft of a maritime code of conduct in the South China Sea between China and Southeast Asian countries are due to begin in October, a senior Thai government official said Friday. In December, the US joined a
ID theft stings, but it’s hard to pin on specific data hacks
N
EW YORK—Equifax 2017. Marriott 2018. Capital One 2019. Data breaches through hacking attacks are distressingly common these days, and personal details about you can lead to identity theft, such as credit cards and loans in your name. But it’s hard to pin the blame on any specific hack, as the most sophisticated criminals combine data from multiple attacks to better impersonate you. “That’s why fraud can be emotionally challenging,” said Kyle Marchini, a specialist in fraud management at the financial research group Javelin. “It just comes out of the blue, and there’s no way to identify where it came from or what I could have done to prevent that.” While the number of reported breaches decreased slightly last year to 1,244, according to the nonprofit Identity Theft Resource Center, the total number of records exposed more than doubled to 447 million. That suggests hackers are focusing on larger organizations with bigger payoffs. Last year’s figures include data on about 383 million Marriott guests in a breach that investigators suspect was tied to the Chinese government. Criminal rings often buy datasets from multiple hacks to commit fraud. The idea is to collect enough information to get past ID verification and authentication checks that banks and other institutions employ. One database with your Social Security number might have your old address, but hackers can simply sub in your current one
IN this July 30, 2019, file photo, the logo for Capital One Financial appears above a trading post on the floor of the New York Stock Exchange. Data breaches through hacking attacks are common these days, and personal details about you can lead to identity theft, such as credit cards and loans in your name. Yet, few victims can ever pin the blame on any specific breach, whether that’s Equifax from 2017 or the recently disclosed breach at Capital One. AP PHOTO/RICHARD DREW
from a more recent database. “We’re in this vicious cycle,” said Eva Velasquez, the ID theft center’s CEO. “We create and capture and use more and more data points about a specific individual in order to fight fraud and authenticate people. That, in turns, makes data more valuable to the thieves, so they are going to increase the efforts to get that data.” Fraudulent card charges are relatively easy to reverse, and US law limits credit card liability for consumers. But fraud involving new accounts is tougher to deal with. Javelin estimates that the average victim spends 18 hours dealing with the fallout, including convincing collection agencies and credit-ratings agencies that the accounts weren’t really theirs. And victims wind up spending hundreds of dollars out of
pocket. Javelin estimated that more than 3 million US adults were victims of new account fraud last year, nearly triple the number in 2013. Much of the increase can be attributed to the cumulative effect of data breaches and the types of information stolen. While credit-card numbers and passwords can be changed, birth dates and Social Security numbers typically stay with you for life. And US passport numbers stick around for 10 years. Hackers in the 2017 breach of credit monitoring firm Equifax got some or all of that from 147 million people. Equifax agreed last week to pay at least $700 million to settle lawsuits. Just a few days later, the bank Capital One disclosed a breach of personal information of 106 million
Capital One credit card holders or applicants in the US and Canada. The data included self-reported income, credit scores and account balances. Although Capital One said it doesn’t believe the information was used for fraud, the breach further increases worries about leaked data—in this case, the very types of information needed to submit credit-card applications. “Every breach increases the risk because different pieces of information come out,” said Deepak Patel, a vice president at the security firm PerimeterX. Beyond financial applications, personal data can be useful for telemarketing and e-mail phishing scams, as fraudsters try to trick you by claiming they already know you. And criminals armed with such data can impersonate you on calls with financial institutions to get money transferred or a mailing address changed. You can take such precautions as freezing your credit, which stops thieves from opening new credit cards or loans in your name. Doing so is now free, though you’ll have to temporarily unfreeze your credit if you apply for a new credit card or loan. You can also sign up for a credit monitoring service, which alerts you when someone is pinging your credit report, a precursor to opening a new account. There are also ID protection services that will scan the Internet underground for signs your personal data is for sale. Some of these services are available for free to customers hit with data breaches, including the one at Equifax. AP
group supporting infrastructure projects in the Pacific, stepping up its commitment in the region in a bid to counter China’s rising influence. The US has been increasingly critical of Chinabacked infrastructure projects in the Pacific Islands region, saying many aren’t properly planned or financially sustainable and are of questionable use. Australia’s relations with China have been strained since last year when it passed laws aimed at reducing Beijing’s meddling in national affairs and barred Huawei from helping build its 5G network. Pompeo on Sunday said Australia “independently and courageously” raised concerns about China’s ambitions “even before we caught on.” Australia’s moves
irked the government in Beijing; Chinese ports have delayed imports of Australian coal, while the Global Times, a mouthpiece for the Communist Party of China, said the reelection of Morrison’s government will “continue current poor relations.” A potential thaw in the icy relationship could be seen in Trade Minister Simon Birmingham’s visit to Beijing this weekend for Regional Comprehensive Economic Partnership talks. “Overall, you’re talking about a relationship that has seen phenomenal growth year on year for a sustained period of time,” Birmingham told Sky News on Sunday, adding that Australia’s economic relationship with China was “very sound.” Bloomberg News
US-China trade war not taking a summer break P RESIDENT Donald J. Trump’s unexpected decision to escalate the trade war is casting a darker pall over the world economy. The back and forth between China and the United States will likely continue this week as economists seek to work out what another 10 percent tariff on a further $300 billion in Chinese imports will mean for global growth. Bloomberg Economics reckons that tariffs at the current level are enough to inflict a drag on Chinese gross domestic product of about 0.2 percent and 0.4 percent respectively with the cost peaking in 2021. Additional US levies and a response from China would lift those numbers to 0.4 percent and 0.6 percent, according to chief economist Tom Orlik. “If all-out trade war hammers business and market confidence we’d anticipate a further 75 basis points in rate cuts by the Fed by year-end, with the People’s Bank of China moving in the same direction,” said Orlik. Here’s our weekly rundown of other key economic events:
US and Canada
MARKETS will still be reverberating not just to the trade war, but to
last week’s payrolls report and to the Fed’s decision to cut interest rates. Monday’s index on services will provide insight into whether that sector is being infected by the slowdown in manufacturing. Factory gate inflation data on Thursday will do the same and may show how much scope the central bank has to keep easing monetary policy. Canada releases jobs data on Friday too.
Asia
CENTRAL banks in Australia, New Zealand, India, Thailand and the Philippines will set interest rates and assess the global monetary outlook in the wake of the Fed’s rate reduction. All except Thailand have already cut rates at least once this year, with India, New Zealand and the Philippines seen as likely to act again this week. Australia’s central bank Governor Philip Lowe will expand on his thinking on Friday, when he’ll be queried by lawmakers and release his latest statement on monetary policy. On the data front, gross domestic product releases from Indonesia, the Philippines and Japan will be closely watched, as will trade and inflation numbers from China. Bloomberg News
Vladimir Putin’s pledge to ditch US dollar now slowly becoming a reality
R
USSIA is acting on a pledge by President Vladimir Putin to shrink the role of dollar in international trade as tensions sour between Washington and Moscow. The shift is part of a strategy to “de-dollarize” the Russian economy and lower its vulnerability to United States sanctions. But while the central bank was able to quickly dump half of its dollar holdings last year, progress in trade has been slow due
to ingrained use of the greenback for many transactions. The share of euros in Russian exports increased for a fourth straight quarter at the expense of the US currency, according to central bank data. The common currency has almost overtaken the dollar in trade with the European Union and China, and trade in rubles with India surged. The dollar’s share in import transactions remained unchanged at about a third.
“There’s been a strong incentive to change, not just for Russia but for its trading partners too,” said Dmitry Dolgin, an economist at ING Bank in Moscow. “The European Union is also now facing trade pressure from the US” pushing them to try to reduce dependence on the dollar, he said. The euro came close to replacing the dollar as the currency of choice for Russian exports to the European Union, with its share climbing to 42
percent in the first quarter from 32 percent a year earlier. Russia still relies on the dollar for more than half of its $687.5-billion annual trade, though less than 5 percent of those deals are with the US. Part of Russia’s motivation to shift is that companies suffer delays on as much as a third of international payments in dollars because Western companies have to check with the US whether the transactions are
allowed, Russian Finance Minister Anton Siluanov said in December. The euro’s share also increased in Russia’s $108-billion annual trade with China, jumping to more than a third of export settlements in the first quarter from almost nothing at the start of 2018. This shift, which covers commodity sales and big state contracts, has been accelerated by the development of payment infrastructure at the central bank and other lenders, according to
Sofya Donets, an economist at Renaissance Capital in Moscow. Trade in yuan is difficult because of capital restrictions that limit foreigners’ access to Chinese assets, Dmitry Timofeev, who heads the Finance Ministry’s sanctions department, told the RBC newspaper. “The yuan isn’t completely convertable, which means it can’t play a significant role in world trade,” Timofeev said. Bloomberg News
www.businessmirror.com.ph
The World BusinessMirror
29 killed in mass shootings in Texas mall and in Ohio
E
L PASO, Texas—A young gunman opened fire in an El Paso, Texas, shopping area packed with as many as 3,000 people during the busy back-to-school season on Saturday, leaving 20 dead and more than two dozen injured. Meanwhile, nine people in Ohio have been killed in the second mass shooting in the US in less than 24 hours, and the suspected shooter is also deceased, police said. Dayton police tweeted that an active shooter situation began in the Oregon District at 1 a.m., but officers nearby were able to “put an end to it quickly.” At least 16 others were taken to local hospitals with injuries, police said. Authorities were investigating the possibility the Texas shooting was a hate crime, working to confirm whether a racist, anti-immigrant screed posted online, shortly beforehand, was written by the man arrested in the attack on the 680,000-resident border city. El Paso Police Chief Greg Allen said the suspect was arrested without police firing any shots outside the Walmart near the Cielo Vista Mall, about 5 miles (8 kilometers) from the main border checkpoint with Ciudad Juárez, Mexico. Two law enforcement officials who spoke to The Associated Press on condition of anonymity, identified the suspect as 21-year-old Patrick Crusius. El Paso police didn’t release his name at a news conference but confirmed the gunman is from Allen, near Dallas. Many of the victims were shot at the Walmart, according to police, who provided updates about the shooting in English and Spanish throughout the day in the largely Latino city. “The scene was a horrific one,” said Allen, adding that many of the 26 people who were hurt had lifethreatening injuries. The shooting came less than a week after a 19-year-old gunman killed three people and injured 13 others at the popular Gilroy Garlic Festival in California, before dying of a self-inflicted gunshot wound. Residents quickly volunteered to give blood to the injured after the El Paso shooting, and police and military members were helping people look for missing loved ones. “It’s chaos right now,” said Austin Johnson, an Army medic at nearby Fort Bliss, who volunteered to help at the shopping center and later at a school serving as a reunification center. Adriana Quezada, 39, said she was in the women’s clothing section of Walmart with her two children when she heard gunfire. “But I thought they were hits, like roof construction,” she said of the shots. Her 19-year-old daughter and 16-year-old son threw themselves to the ground, then ran out of the store through an emergency exit. They were not hurt, Quezada said. She said she saw four men, dressed in black, moving together firing guns indiscriminately. Police later said they believed the suspect, who was armed with a rifle, was the only shooter. Ryan Mielke, a spokesman for University Medical Center of El Paso, said 13 of the injured were brought to the hospital with injuries, including one who died. Two of the injured were children who were being transferred to El Paso Children’s Hospital, he said. He wouldn’t provide additional details on the victims. Eleven other victims were being treated at Del Sol Medical Center, hospital Spokesman Victor Guerrero said. Those victims’ ages ranged from 35 to 82, he said. Relatives said a 25-year-old woman who was shot while holding her 2-month-old son was among those killed, while Mexican officials said three Mexican nationals were among the dead and six more were wounded. President Donald J. Trump tweeted: “God be with you all!” At a candidate forum on Saturday in Las Vegas, presidential candidate and former Texas congressman Beto O’Rourke, who is from El Paso, appeared shaken after news
of the shooting in his hometown was reported. The Democrat said he heard early reports that the shooter might have had a military-style weapon, saying we need to “keep that [expletive] on the battlefield. Do not bring it into our communities.” El Paso Mayor Dee Margo said police were investigating whether a document posted online shortly before the shooting was written by Crusius. In it, the writer expresses concern that an influx of Hispanics into the United States will replace aging white voters, potentially turning Texas blue in upcoming elections and swinging the White House to the Democrats. The writer also is critical of Republicans for what he described as close ties to corporations and degradation of the environment. Though a Twitter account that appears to belong to Crusius included pro-Trump posts praising the plan to build more border walls, the writer of the online document says his views on race predated Trump’s campaign and that any attempt to blame the president for his actions was “fake news.” Though the writer denied he was a white supremacist, the document says “race mixing” is destroying the nation and recommends dividing the United States into territorial enclaves determined by race. The first sentence of the four-page document expresses support for the man accused of killing 51 people at two New Zealand mosques in March after posting his own screed with a conspiracy theory about nonwhite migrants replacing whites. Margo said he knew the shooter was not from his town. “It’s not what we’re about,” he said at the news conference with Gov. Greg Abbott and the police chief. El Paso is nearly a 10-hour drive from Allen. In the hours after the shooting, authorities blocked streets near a home in Allen, associated with the suspect. Officers appeared to speak briefly with a woman who answered the door of the gray stone house and later entered the residence. El Paso County is more than 80 percent Latino, according to the latest census data, and the city, where the mayor said tens of thousands of Mexicans legally cross the border each day to work and shop, has become a focal point of the immigration debate. Trump visited in February to argue that walling off the southern border would make the US safer, while city residents and O’Rourke led thousands on a protest march past the barrier of barbed wire-topped fencing and towering metal slats. O’Rourke stressed that border walls haven’t made his hometown safer. The city’s murder rate was less than half the national average in 2005, the year before the start of its border fence. Before the wall project started, El Paso had been rated one of the three safest major US cities going back to 1997. Heidi Beirich, director of the Southern Poverty Law Center’s Intelligence Project, said the El Paso shooting suspect wasn’t on her group’s radar before the shooting. “We had nothing in our files on him,” Beirich wrote in an e-mail. The shooting is the 21st mass killing in the United States in 2019, and the fifth public mass shooting. Before Saturday, 96 people had died in mass killings in 2019 — 26 of them in public mass shootings. The AP/USATODAY/Northeastern University mass murder database tracks all US homicides since 2006 involving four or more people killed, not including the offender, over a short period of time regardless of weapon, location, victim-offender relationship or motive. The database shows that the median age of a public mass shooter is 28, significantly lower than the median age of a person who commits a mass shooting of their family. Since 2006, 11 mass shootings— not including Saturday’s—have been committed by men who are 21 or younger. AP
Monday, August 5, 2019 A7
Hong Kong police arrest over 20 protesters in new scuffles
H
ONG KONG—Hong Kong police said on Sunday that they arrested more than 20 people for unlawful assembly, assault and other offenses after confrontations between protesters and authorities continued deep into the night. Police said some violent protesters hurled petrol bombs, bricks, glass bottles and other objects at officers and refused to disperse at the preapproved location on Saturday. A peaceful pro-democracy rally devolved after protesters ignored police appeals to stick to the designated route, instead splintering off to various locations across Hong Kong’s northern Kowloon area. Some blocked streets and a major tunnel while others surrounded two different police stations, damaging vehicles parked inside one lot. The demonstrators committed arson at various locations, at one point pushing a burning trash bin toward officers, police said in a Sunday statement. In a different neighborhood, according to police, protesters hurled
fireworks and broke windows on residential buildings, threatening residents’ safety. Residents in one neighborhood, however, banded together with protesters and surrounded a police station, yelling at riot police to leave. Hong Kong has been rocked by nearly two months of mass demonstrations. They began as protests against a now-suspended extradition bill, but have since ballooned into broader calls for greater democratic rights and government accountability. A central demand of the largely leaderless movement is an independent investigation into alleged police abuse, including tactics used against protesters and the authorities’ response to a mob attack
Moscow police detain more than 800 at protest, monitor says
M
OSCOW—Police in Moscow cracked down hard on an unsanctioned election protest for the second weekend in a row on Saturday, detaining more than 800 people at a rally against the exclusion from city council contests of some independent and opposition candidates, an arrest monitoring group said. Election officials rejected signatures several candidates needed to qualify for next month’s local ballot. The decision tapped dissatisfaction with a political environment dominated by the Kremlin-aligned United Russia party, in which dissenting voices are marginalized, ignored or repressed. The OVD-Info organization, which tracks arrests in Russia, said 828 people were detained on Saturday. The Russian Interior Ministry said the number was about 600 in a crowd of about 1,500 protesters, although police are widely believed to understate crowd estimates for opposition events. The detentions came a week after authorities arrested nearly 1,400 people at a similar protest. Lyubov Sobol, one of the excluded candidates and a driving figure of the current wave of protests, was among those detained. She was grabbed by police in central Moscow and hustled into a police van, loudly demanding to know why she was being held. Demonstrators were aiming to hold a march along the Boulevard Ring, which skirts central Moscow and is a popular locale for people to walk around, despite repeated warnings that police would take active measures against a protest. Helmeted riot police lined the route and started seizing demonstrators from a scattered cluster on Pushkin Square and pushing them back from another square, further along the route. Some of the detentions were harsh, including one young bicyclist who was beaten with truncheons, as he lay on the pavement still straddling his bike. Some other detainees appeared nonchalant, smirking or checking their phones as police led them to buses. The demonstrations dissipated after about four hours, as a steady, cold rain began falling. Once a local, low-key affair, the September vote for Moscow’s city council is now emblematic of the division within Russian politics and the Kremlin’s ongoing struggles with how to deal with strongly opposing views in its sprawling capital of 12.6 million people. In the past month, the issue has provoked a surprisingly large outcry for a local election. On July 20, about 20,000 people turned out for a demonstration that was the largest in the city in several years. On Saturday, about 2,000 people attended another rally in Saint Petersburg supporting the Moscow protests, the local news site Fontanka.ru reported. The Moscow city council, which has 45 seats, is responsible for a large municipal budget and is now controlled by the pro-Kremlin United Russia party. All of its seats, which have a five-year term, are up for grabs in the September 8 vote. AP
A MAN is detained by police during street protests in Hong Kong on Saturday, August 3, 2019. Hong Kong protesters removed a Chinese national flag from its pole and flung it into the city’s iconic Victoria Harbor on Saturday, and police later fired tear gas at demonstrators after some of them vandalized a police station. AP
in a commuter rail station that left 44 people injured. Rallies in two different districts are expected on Sunday ahead of a general strike on Monday. A former British colony, Hong Kong was returned to China under the framework of “one country, two systems,” which promises the city
certain democratic freedoms not afforded to the mainland. In recent years, Hong Kong residents have accused the Communist Party-ruled central government in Beijing of increasingly encroaching on their liberties. The arrests of Hong Kong booksellers and activists have fed these fears. AP
Green Monday BusinessMirror
A8 Monday, August 5, 2019
www.businessmirror.com.ph • Editor: Lyn Resurreccion
Teen to bring her climate activism to US
S
TOCKHOLM—Greta Thunberg, the Swedish teenager whose social media-savvy brand of ecoactivism has inspired tens of thousands of students in Europe to skip classes and protest for faster action against climate change, said last week that she plans to take her message to America the old-fashioned way: by boat. The 16-year-old tweeted that she’ll sail across the Atlantic aboard a high-tech racing yacht, leaving Britain next month to attend UN climate summits in New York in September and Santiago, Chile, in December. Thunberg told The Associated Press ahead of her announcement that she spent months trying to figure out how to travel to the US without using planes, which she has long shunned because of their high greenhousegas emissions. Cruise ships are also notoriously big polluters, while sailors rarely brave the Atlantic in August because of hurricane risks. “Taking a boat to North America is basically impossible,” she said in an interview during her weekly “Fridays for Future” protest outside the Swedish parliament in Stockholm. “I have had countless
people helping me, trying to contact different boats.” Thunberg plans to take a year off from school to keep raising awareness of climate change and pressuring world leaders to step up efforts to curb global warming. Since star ting her “school str ikes” in August 2018, the daughter of an actor and an opera singer has appeared before policy-makers at last year’s UN climate conference in Poland, and harangued business and political leaders at the World Economic Forum in Davos, Switzerland. She also met with Pope Francis, who praised Thunberg’s efforts and encouraged her to continue campaigning. Although little-known in the United States, Thunberg has arguably become the figurehead for a new generation of European eco-activists worried that they’ll
Swedish climate activist Greta Thunberg (center) arrives for a meeting in the French National Assembly, in Paris, France, on July 23. AP/Rafael Yaghobzadeh
suffer the fallout from their parents’ and grandparents’ unwillingness to take strong actions to combat climate change. “This past year, my life has turned upside down,” Thunberg told the AP. “Every day is an adventure, basically. Sometimes I have to pinch myself and say ‘Is this really real? Has this actually been happening?’ Because it has all happened so fast and it’s hard to keep up with everything. “In a way, I am more optimistic, because people are slowly waking up and people are becoming more aware of the situation. This whole ‘Fridays for Future’ movement is very hopeful,” she said. “But also...one year has passed and still almost nothing has happened.” Thunberg has spearheaded a change in the climate debate in Europe largely because her activism
resonated with so many children, said Greenpeace Germany Executive Director Martin Kaiser. “She has read all the science,” he said. “That gives her a lot of credibility. She has motivated a whole generation in Europe to learn about climate change.” Her visibility has made Thunberg a target for those who reject the overwhelming consensus among scientists that climate change is being driven by manmade emissions of greenhouse gases, such as carbon dioxide, released by the burning of fossil fuels. “I don’t care about hate and threats from climate crisis deniers,” she said. “I just ignore them.” Thunberg said she’s unsure how her message will be received i n t he Un ited St ates, where there’s broad opposition to the kind of radical measures scientists say are required to limit
global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) by the end of the century compared with preindustrial times. “I will just try to go on as I have before,” the young Swede said. “Just always refer to the science and we’ll just see what happens.” Thunberg wouldn’t rule out meeting with President Donald J. Trump, who wants the US to withdraw from the landmark 2015 Paris climate accord, but appeared doubtful such an encounter would happen because she thinks it would be “ just a waste of time.” “As it looks now, I don’t think so, because I have nothing to say to him,” she told the AP. “He obviously doesn’t listen to the science and the scientists. So why should I, a child with no proper education, be able to convince him?” Besides attending a summit hosted by UN Secretary-General António Guterres on the sidelines of the global body’s annual assembly on September 23, Thunberg plans to take part in several climate protests in New York. The British band The 1975 has released an album with a short essay by Thunberg set to music. It ends with her declaring “it is now time for civil disobedience. It is time to rebel.” Thunberg stressed that she r e j e c t s v i o l e n c e , c it i n g h e r school str ikes for climate as the kind of action she backs. Last week she deleted a tweet showing her wearing a t-shirt
with the slogan “Antifascist All Stars,” after some accused her of supporting far-left extremists. “You can rebel in different ways,” she said. “Civil disobedience is rebelling. As long as it’s peaceful, of course.” After New York, Thunberg intends to travel to the annual UN climate conference in December, held in Chile this year, with stops in Canada, Mexico and other countries along the way, traveling by train and bus. The yacht she’ll be crossing the Atlantic with is a far cry from the Viking ships that first brought Scandinavians to America. The 60foot (18-meter) Malizia II is fitted with solar panels and underwater turbines to generate zero-carbon electricity on board. Thunberg will also be accompanied on the two-week journey by a filmmaker, her father Svante and Pierre Casiraghi, the grandson of Monaco’s late Prince Rainier III and American actress Grace Kelly. “I haven’t experienced anything like this before,” Thunberg said, a giggle breaking her normally serious demeanor. “I think this will be a trip to remember.” Thunberg will be setting a very high bar for the activists and leaders from outside the Americas who are attending the UN climate conferences, almost all of whom will likely be coming by plane. “I’m not saying that people should stop flying,” she said. “I’m just saying it needs to be easier to be climate neutral.” AP
French group sues over toxic lead from Notre Dame fire
P
ARIS—A French group has filed a lawsuit over potential public health threats from lead that was released into the environment during Notre Dame Cathedral’s devastating fire. Hundreds of tons of toxic lead in Notre Dame’s spire and roof melted during the April fire. Exceptionally high levels of lead later were detected in the surrounding air. French environmental protection group Robin des Bois said it brought the lawsuit on grounds of deliberately endangering human life. The group alleged Paris officials should have immediately taken measures to protect the public. The lawsuit doesn’t name specific individuals as defendants. Paris City Hall would not comment. Children are especially vulnerable to health problems from lead poisoning and exposure, which can cause nerve and brain damage in severe cases. Paris officials last week ordered a deep cleaning for neighborhood schools, and health authorities recommended blood tests for children and pregnant women who live near Notre Dame. Three French charities and the country’s culture minister signed an agreement ensuring
UK broke temperature record during heat wave
L
change was making extreme temperatures more common. He said “climate change has increased the likelihood and severity of heatwave episodes across Europe, which will have also increased the risks of a 40 Celsius temperature event in the UK.”
Hottest 10 years occurred since 2002
Britain’s weather service says the country’s 10 hottest years since the 19th century have all occurred since 2002, as climate change makes the UK warmer and wetter. The Met Office said in its State of the UK Climate report last week that 2014 was the warmest year
transparency in how donations to rebuild the damaged cathedral are used. An estimated €850 million ($946 million) have poured in from both within France and other parts of the rest of the world.
The agreement specifies that donations will be used exclusively for preservation and restoration work at Notre Dame and training exper ts with needed skills, the Culture Ministry said. AP
Summer school on sustainable, resilient food systems convene students from 15 countries
People flock to Broadstairs beach in Kent, England, on July 25. Paris and London, and many parts of Europe are bracing for record temperatures as the second heat wave this summer bakes the continent. The Paris area could be as hot as 42˚C (108˚F) as a result of hot, dry air coming from northern Africa that’s trapped between cold stormy systems. Wesley Johnson/PA via AP
ONDON—Britain has officially had its hottest day on record. Weather agency the Met Office says the temperature reached 38.7°C (101.7˚F) at Cambridge University Botanic Garden in eastern England during last week ’s heat wave. The temperature was recorded on Thursday and confirmed after “quality control and analysis” by the Met Office. The previous UK record was 38.5°C (101.3°F), set in August 2003. Temperature records fell across Europe last week as a suffocating heat wave swept up from the Sahara. Met Office climate scientist Mark McCar thy said c limate
Flames and smoke rise from Notre Dame Cathedral as it burns in Paris on April 15. The city of Paris has ordered a deep cleaning of schools nearest Notre Dame, whose lead roof melted away in the fire. AP/Thibault Camus
in records going back to 1884. The runners-up are 2006, 2011, 2007, 2017, 2003, 2018, 2004, 2002 and 2005. The 10 coldest years were all before 1964. Commenting on the report, published in the International Journal of Climatology, Saint Andrews University climate scientist Michael Byrne said the trend was “hugely significant, though not surprising” since the world has warmed by 1 degree Celsius since preindustrial times. Britain is also getting wetter, with 13 percent more summer rain falling in the 21st century than the 20th. AP
T
he Summer school on Sustainable and Resilient Food Systems in Vulnerable Areas has attracted students from 15 countries. The Southeast Asian Regional Center for Graduate Study and Research in Agriculture has coorganized the activity that was held at Searca in Los Baños, Laguna, from July 15 to 31 with field work in Camarines Sur from July 19 to 29. “The summer school was hosted in rotation by the members of the Searca-initiated Southeast Asian University Consortium [UC] for Graduate Education in Agriculture and Natural Resources, which includes the University of the Philippines Los Baños [UPLB],” said Dr. Maria Cristeta N. Cuaresma, Searca program head for Graduate Education and Institutional Development. Other members are universities in Indonesia, Malaysia, Thailand, Canada, Germany, Japan and Taiwan. Searca serves as the Consortium
Secretariat, Cuaresma added. She said the ongoing course is jointly organized by the UPLB; University of Natural Resources and Life Sciences, Vienna; Indonesia’s Universitas Gadjah Mada, a UC member; and Searca. “This year’s summer school is on its fifth offering since UC adopted it in 2015,” said Dr. Glenn B. Gregorio, Searca director. He added that “in 2017, the Summer School was first offered as a required course of the Master of Science in Food Security and Climate Change [MS FSCC], a new degree program jointly developed and offered by the UC member-universities with funding from the Erasmus+ of the European Union.” “In fact, this summer school is a pilot offering of a two-unit credit course called “Assessment of Sustainability in Agriculture Production and Food Processing Systems” under the MS FSCC,” Gregorio said.
The participants include 44 students from UC members and partner universities under the MS FSCC. They come from the Philippines, Cambodia, France, Germany, Indonesia, Iraq, Japan, Lao PDR, Malaysia, Myanmar, Taiwan, Thailand, TimorLeste, the United States and Vietnam. Also attending the summer school are 25 staff from the UC members and the MS FSCC project. Speaking before the participants at the opening program, Gregorio said “we have organized this summer school in a way that provides you with live and actual case studies, and experiences of farmers and farming communities in the Philippines.” “We hope that this mode of learning will give you a better understanding of the link between food and nutrition security and climate change, as well as the interdisciplinary and indigenous approaches in addressing the issues that go with it,” Gregorio said.
Biodiversity Monday BusinessMirror
Asean Champions of Biodiversity Media Category 2014
Monday, August 5, 2019
Editor: Lyn Resurreccion • www.businessmirror.com.ph
A9
Managing Asean’s nature parks effectively
M
anagers and senior staff of Asean region’s best nature parks gathered in Kota Kinabalu, Sabah, Malaysia, recently to share good practices in effective parks management.
Through a Regional Learning Workshop on the Effective Management of Protected Areas organised by the Asean Centre for Biodiversity (ACB), the 11 managers and senior staff involved in the management of Asean Heritage Parks and protected areas learned the elements and principles of ecotourism, as well as policies and standards of ecotourism as practiced in selected AHPs. They shared experiences and lessons learned on recreation, tourism, and ecotourism. Funded by the government of Japan through the Japan-Asean Integrated Fund and conducted in cooperation with Sabah Parks and the Biodiversity and Forestry Management Division of the Ministry of Water, Land and Natural Resources (K ATS) of Malaysia, the workshop equipped the participants with awareness and understanding on networking strategies for effective implementation of database management and strategies to promote their parks. It also familiarized the participants with the Asean approach in parks management and on how multiple stakeholders manage
protected areas through participatory processes. Highlighting the opening ceremonies were welcome messages by Dr. Jamili Nais, director of Sabah Parks; Undersecretary Dato Wan Mazlan bin Wan Mahmood, Biodiversity and Forestry Management Division of KATS; and ACB Executive Director Dr. Theresa Mundita S. Lim. Resource speakers included Dr. Filiberto Pollisco Jr. and Rolando Inciong, ACB Programme Specialist and Public Relations Consultant, respectively; Dr. Nasrul Bin Menhat, head of Protected Areas Unit, Biodiversity and Forestry Management Division, KATS; Dr. Maklarin Lakim, deputy director, Sabah Parks; Yassi Miki, park manager, Kinabalu National Park; Sithisack Paninhuan, deputy director, Nam Ha National Protected Area; Dr. Rogelio Andrada II, head, Botanic Gardens, Makiling Center for Mountain Ecosystem; Alain Quesea, chief, Tourism Division, Department of Tourism, Philippines and Dr. Ratchada Pongsattayapipat, director, Sanga Sabhasri Research and Development Center, Queen Sirikit Botanic Garden. The participants crafted their
India’s tiger population rises to nearly 3,000
N
EW DELHI—India’s tiger population has grown to nearly 3,000, making the country one of the safest habitats for the endangered animals. Prime Minister Narendra Modi released the tiger count for 2018 last week, and said it’s a “historic achievement” for India, whose big cat population had dwindled to 1,400 about 14 to 15 years ago. India estimates its tiger population every four years. Environment Minister Prakash Javadekar said the tiger population was 2,226 in the last count, in 2014. The tiger is India’s national animal and is categorized as endangered under the Wildlife Protection Act. The human conflict with tigers has gradually increased since the 1970s, when India started a tiger conservation program that carved out sanctuaries in national parks and made it a crime to kill them. “With around 3,000 tigers, India has emerged as of one of the biggest and safest habitats for them in the world,” Modi said, praising all the stakeholders involved in the country’s tiger conservation exercise. “Nine years ago, it was decided in Saint Petersburg [Russia] that the target of doubling the tiger population would be 2022. We, in India, completed this target four years in advance,” Modi said. He also said that the number of protected areas in the country rose to 860 last year from 692 in 2014.
Similarly, the number of community reserves has gone up to 100 from 43 in 2014. Belinda Wright, founder of the Wildlife Protection Society of India, based in New Delhi, said India should be very proud of its conservation achievement, as the latest study was a much larger and more thorough estimation of the tiger population than had previously been done. “But we still have a long way to go to secure a long-term future for wild tigers,” she cautioned, adding that human-tiger conflict was one of the biggest conservation challenges because India has so many people. The conflict between wildlife, confined to ever-shrinking forests and grasslands and India’s human population is deadly. Government data show about one person is killed every day by tigers or elephants. Last week, some enraged villagers chased and killed a tiger with sticks after it killed a woman working in a farm in the northern Indian village of Khiri. The region is part of the Pilibhit Tiger Range, forest officer Vivek Tiwari said. Tiwari said the police have arrested four villagers. The area is around 350 kilometers east of New Delhi. Wright said the government should not relax any protection measure and should avoid “huge linear intrusions, including highways, railways, electric power line and canals through protected areas, as this leads to increased human-tiger conflict.” AP
Shark week returns with a sustainability cause
I
t’s that time of the year when the ocean calls on all shark enthusiasts. The Discovery Channel brings Shark Week back with mind-blowing stories and innovative research technology to reveal compelling insights on some of the most unique shark species in the world. Along with Shark Week, Discovery Networks Asia-Pacific is rolling out #WorldIsOurs campaign, which champions conservation and preservation by celebrating the beauty of life in all forms. By par tnering with change -makers,
conservationists and social entrepreneurs, Discovery hopes to drive the message of sustainable living across Asia, and how everyone can make a difference in their own way. In the spirit of Shark Week and sustainability, Anna Oposa, cofounder of Save Philippine Seas, said: “One way to help sharks from land is to reduce our use of plastics and disposables. In the Philippines, we recently had a case of a dead whale shark with 40 kilograms of plastics and sacks found in its stomach. The world is ours, and every positive act can make waves of change.”
respective countries’ communication, education and public awareness strategies in promoting and advocating biodiversity conservation through their nature parks, focusing on engaging different sectors of government and society and emphasizing that conservation is a shared responsibility. Participants visited the Tunku Abdul Rahman National Park and the Kinabalu National Park. Both nature parks are known for good practices in implementing sustainability mechanisms, ecosystem-based approach, multistakeholder cooperation and biodiversity information management.
Tunku Abdul Rahman National Park
The Tunku Abdul Rahman Park is
a state park in Gaya Bay, 3 kilometers offshore from Kota Kinabalu. Named after Malaysia’s first prime minister, Tunku Abdul Rahman, it was gazetted in 1974 as Sabah’s second national park. The park, which covers an area of 50 square kilometers, comprising five islands, their surrounding reefs and sea, has good programs to protect fauna, flora and marine ecosystems. Geologically, the islands are par t of the Crocker R ange but became isolated from the massif when sea levels rose after the last ice age. T here is a lso a jungle trail located at Base Camp in Pu lau Gaya. T he trail that stretches around ha lf a k ilometer is enough to generally educate visitors on various
aspects of the marsh jungle. The names of the islands are symbolic of their history and early discoverers. The islands are Pulau Gaya (big), Manukan (fish), Mamutik (shell collection), Sapi (the sound of a mowing buffalo) and Sulug (commemorating the ancestry of the Sulu peoples of Sabah). Initially, the park covered two islands—Gaya and Sapi. In 1979, the park’s boundaries expanded to include three other islands: Manukan, Sulug and Mamutik. The administrative center of Tunku Abdul Rahman Park is in Manukan Island, although each of the five islands has its own administrative offices.
Kinabalu National Park
The Kinabalu National Park, with
a total area of 75,370 hectares, is an outstanding example of a diverse landscape that appeals to adventurous travelers, tourists and researchers alike. Its headquarters and several substations along its boundaries offer easy access to the challenging Mount Kinabalu Summit Route, various botanical gardens, nature trails and waterfalls. Researchers venture further into its deep rainforest to discover even more of the park’s rich biodiversity and ecosystems. Mount Kinabalu is one of the youngest volcanic mountains in the world and was formed within the last 10 million years to 35 million years. Standing at 4,095 meters, it is the focal point of the park and one of the most accessible mountains in the world. The different vegetation zones at Kinabalu National Park range from lowland dipterocarp forest to lower montane oak-chestnut forest, upper montane or cloud forest and subalpine meadow nea r t he su m m it pl ateau of Mount Kinabalu. The botanical sites contain a variety of flora and fauna that ranges over four climate zones from rich lowland dipterocarp forest to alpine meadow plants, and finally the stunted bushes of the summit zone. The mountain is also known for its many carnivorous plants and orchid species, most notable the Nepenthes rajah. It is also home to a multitude of endemic animal species, including the Kinabalu Giant Red Leech and Kinabalu Giant Earthworm. The park also plays host to a variety of birds, insects, mammals, amphibians and reptiles.
Oyster seeding: A ‘tangible, physical’ way to help keep the water clean
O
CEAN GATE, New Jersey— Restoring oyster beds and helping keep the water clean isn’t just for scientists and environmental groups anymore. Students, younger children and those with no particular scientific background like the idea that something they do this morning can be helping the Earth by this afternoon. Kenna Allocco, 12, of Beachwo o d , Ne w Je r s e y, re ce nt ly helped remove bags of whelk shells with baby oysters attached to them from a bubbling tank in preparation for their journey to a Barnegat Bay reef, in between asking a dozen or so incisive questions of program leaders. “I’m interested in how all the animal species interact with each other, and in biodiversity,” she said. “We’re learning about this in school. I made a speech about the problem of plastic pollution in the ocean, and I scared my entire class. None of them uses plastic straws anymore.” The efforts are part of a worldwide effort by scientists and volunteer environmentalists to dump millions of baby oysters into waterways where they once thrived before overharvesting and pollution virtually wiped out the shellfish. In addition to helping improve water quality and stabilize shorelines against strong storms, many people involved in the oyster seeding projects say one of their best benefits is providing an immediate, easy way for people to get involved and help the environment. “It’s a very real, tangible, physical thing you can do and see that it is helpful to the environment,” said Zack Royle, a habitat restoration coordinator with the American Littoral Society, a New Jersey coastal environmental group. “You place the seed oysters in the tank, you watch them grow and
Students load bags of baby oysters attached to whelk shells onto boats in preparation for putting them into the water in Ocean Gate, New Jersey, on July 25. People involved in similar oyster projects around the world say that in addition to helping clean water and stabilize shorelines, the projects provide a way to let volunteers help the environment in a tangible, easily understandable way. AP/Wayne Parry
you put them into action when you dump them overboard.” The Littoral Society was one of two New Jersey environmental groups to carry out oyster seeding projects in the past two weeks. The New York/New Jersey Baykeeper group is adding to an artificial reef it has built for oysters along the shoreline of the Earle Naval Weapons Station in Middletown, where the shoreline was ripped up by Superstorm Sandy in 2012. Both have been cultivating and growing oysters in New Jersey bays for years. Meredith Comi, restoration director for Baykeeper, said the baby oysters attach themselves
to the rows of concrete castles the group dumped a few hundred feet from shore. As the shells grow, they expand the mass and shape of the reef, providing “speed bumps against wave action during storms,” she said. A Baykeeper project in midJuly placed a million young oysters near the heavily guarded Navy pier. Over the past 10 years, they’ve set out 4 million of them in various spots. Since it built the base of an oyster reef using empty whelk shells in Ocean Gate, New Jersey, in 2015, the Littoral Society has placed 6.3 million oysters on those shells, estimating that
about 207,000 remain alive and growing. At least 70 million more could be planted in the next few years, said Capt. Al Modjeski, an official with the Littoral Society. Once they reach the water, the oysters have about a 10-percent survival rate, scientists say. Oyster restoration projects are under way or have recently been completed in San Francisco Bay; Puget Sound near Seattle; in coastal salt ponds in Rhode Island and the state’s Narragansett Bay; in the Carolinas; in Florida and the other Gulf Coast states; in New Hampshire; and particularly in Chesapeake Bay in Maryland and Virginia, where some of the nation’s biggest oyster restoration programs have been under way for years. Since launching in 2014, an effort to restore oysters in New York Harbor called the Billion Oyster Project has planted over 28 million oysters, with the goal of reaching a billion by 2035. In Europe, oyster restoration projects are being done in England, Scotland, Ireland, France, the Netherlands, Germany and Sweden. The work usually involves scientific groups setting up tanks in which to cultivate baby oysters. Then they turn to volunteers to help put them into waterways. “A really important part of this work is connecting people back to the environment,” said Tim Dillingham, executive director of the Littoral Society. “This gives them an opportunity to become citizen-scientists and actually participate in oyster restoration. “We call them ‘oyster wranglers,’ and there’s a very real aspect to this: At the end of the day, the oysters you took out of a tank and removed from a bag and put into the water are on the bottom of the bay, doing what they do, filtering water and providing storm resilience, and you did that.” AP
A10 Monday, August 5, 2019 • Editor: Angel R. Calso
Opinion BusinessMirror
www.businessmirror.com.ph
editorial
American missiles in the Philippines?
I
T does well to note that in 200 years, the foreign policy of the United States of America has not changed. In his farewell letter in 1796, President George Washington wrote: “It is our true policy to steer clear of permanent alliance with any portion of the foreign world.” Founding father and third US President Thomas Jefferson said in his first Inaugural Address, “Peace, commerce and honest friendship with all nations—entangling alliances with none.” Former US Secretary of State Henry Kissinger echoed that policy in the 1980s, saying: “America has no permanent friends or enemies, only interests.” Since independence, the Philippines has stayed closely in the sphere of US interests although paying lip service to the Non-Aligned Movement in 1993 after the US bases were removed. But during the height of the Cold War between the USSR and the US, the Philippines was firmly in the US camp. President Duterte has created waves by looking to China and Russia for greater engagement, which has caused some confusion among the opposition. Earlier this year a column on a Web-based news service concluded with the phrase “China-loving Duterte” while also writing that US military has gained a forward base in the Philippines based on furthering an agreement signed during the previous Aquino administration. The political opposition must also be confused by the public opinion of trust for both President Duterte and the United States and China. In the latest opinion survey, Duterte received an 85-percent rating for “Big Trust” and 4 percent for “Small/No Trust.” In an opinion poll taken at the same time, the US is trusted by 89 percent of the people and China is not trusted by 74 percent. A poll taken late in 2018 showed that 61 percent believed that the US could be trusted to defend the Philippines against an invasion. Since then, some are calling for the president to be more forceful in getting the US to protect Philippine interests against China. The US has alternately shown its willing to confront China over the West Philippine Sea issues and an unwillingness to get further involved in a “regional issue.” A few days ago a top Australian defense strategist wrote that China’s quest for regional dominance in the South China Sea has been helped by President Donald J. Trump’s inactivity. Comments in recent days by US Secretary of Defense Mark Esper may escalate the situation and could be filed under “be careful for what you wish for.” Esper said that he was in favor of placing ground-launched, intermediate-range missiles in Asia relatively soon. From Reuters: “Yeah, I would like to,” Esper said, when asked whether he was considering placing such missiles in Asia. “I would prefer months...but these things tend to take longer than you expect,” he told reporters. While these comments are undoubtedly a “trial balloon” for both Beijing and Southeast Asian capitals, it will be interesting to see how this is viewed by those who see China as a threat that needs to be strongly confronted. Likewise, those that are less concerned with Chinese aggression and more open to a balanced foreign policy will also have their ideas challenged.
Inspiration from an extraordinary female leader Atty. Jose Ferdinand M. Rojas II
RISING SUN
A
S we remember the 10th death anniversary of President Corazon “Cory” Cojuangco Aquino, the 11th president of the Philippines and the first female president of the country, it is perhaps timely to think about the role of women leaders in politics. President Cory Aquino was considered as a political outsider, which means that she did not have adequate political experience but was able to rise to power due to the political change that the Filipino people so yearned for at that time. She was placed in position in lieu of her late husband Ninoy and as replacement for former President Marcos whom the people ousted via the historic People Power Revolution on Edsa. A “plain housewife,” President Cory was able to restore democracy to a country that for decades longed for it, and led a powerful revolution that toppled a government that was in power for many years. This is her undying legacy not just for the Filipino people but also for our women, especially those who are struggling with leadership roles—whether in
politics, business or any other circle. Women have so much to learn from Tita Cory. She led as a woman, which means that she was firm yet quiet in her own way. One would remember the gentleness with which she spoke and her demeanor, which was authoritative yet warm and motherly. Women make good leaders because they are,
BusinessMirror A broader look at today’s business
Atty. Lorna Patajo-Kapunan
LEGALLY SPEAKING
✝ Ambassador Antonio L. Cabangon Chua Publisher Editor in Chief Associate Editor News Editor Senior Editors
T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Efleda P. Campos Dennis D. Estopace
Online Editor Social Media Editor
Ruben M. Cruz Jr. Angel R. Calso
Creative Director Chief Photographer
Eduardo A. Davad Nonilon G. Reyes
Chairman of the Board & Ombudsman President VP-Finance VP Advertising Sales Advertising Sales Manager Group Circulation Manager
Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Rolando M. Manangan
BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.
www.businessmirror.com.ph
Printed by BROWN MADONNA Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF
responsibilities as women, mothers, daughters, sisters, etc. To help counter these aforementioned challenges to getting more female representation in politics, it is important to realize that we must invest in our women. They need to get access to training and mentoring programs and other opportunities that can prepare them for top positions in government. In other countries, there is such a thing as a quota system to ensure gender-balanced lists during elections. Aside from this, access to funding must be opened for women candidates, as well as opportunities (i.e., revising political culture) for them to obtain more time for their careers and family. As the first female president of the Philippines, President Cory Aquino helped pave the way for women to gain entry into the world of politics. She presented a new and stronger image of the Filipina not only to her fellowmen but also to the whole world. We remember these valuable gifts today as we look back on her life and her legacies. And we thank her from the bottom of our heart.
Engage with the contemporary vanguard of the digital world
Since 2005
Founder
generally, good listeners, are empathetic,andarenurturing.Inanyarena, these female attributes go well with leadership roles. Tita Cory’s spirituality took center stage during her regime. She was not ashamed to announce her faith and dependence on God’s mercy and blessings. It is any leader’s prerogative to declare or not his or her religious beliefs or inclinations, but President Cory chose to lead by faith and was very vocal about it. This helped her win the hearts of many, especially because the Philippines is a country of many Catholics. According to research, there are far fewer women leaders because females generally are less confident about entering politics, and among those who do, there are still fewer who are elected into power. Politics is still a man’s world, even at this time when gender equality and women empowerment are terms that we hear almost every day. Add to these challenges the fact that women candidates don’t have access to as much funding as their male counterparts. Finally, they are also hindered by their domestic
A
VANGUARD is officially defined as “a group of people leading the way in new developments and ideas.” One can suggest, especially in this day and age, that a vanguard challenges the norm and relentlessly works for social change. A rebel with a good cause. And if that resonates with you, then join us at the Women@Work Accelerate, Create, Transform (ACT) in a Digital World summit on August 30, 2019, from 9 a.m. to 5 p.m. at the Dusit Thani Manila. Organized by the Women’s Business Council Philippines (WomenBizPH), the Women’s Business and Leadership Summit 2019 highlights various experts who create, capture, and deliver value through digital transformation. Women who have broken new grounds, defied cultural barriers and conquered summits never before reached. Much like a contemporary vanguard, they overcome every challenge that comes their way day by day. What makes Women@Work even more awesome is that it is a “not for women only” event, as both men and women participants are welcome to join! Composed of the country’s top women business leaders and entrepreneurs, the WomenBizPH is the leading voice of women in commerce, inspiring and empowering women in the Philippines. Serving as the platform to discuss issues for women in
business and possible government policies and solutions, WomenBizPH is the lead private-sector partner of the government, particularly the Department of Trade and Industry and the Philippine Commission on Women, and represents the Philippines in Apec and Asean events. (I am honored to be one of the founders, past chairman, president and current trustee of WomenBizPH.) WomenBizPH has partnered with numerous companies such as Capital One, KPMG, Ortigas & Co., Posible (Phoenix Fuels), SGV & Co., TeamAsia, Dusit Thani Manila, HBC, DoubleDragon, UnionBank, CDO, P&A Grant Thornton, Waters Philippines, PNB, CMG, BDB Law, Accenture Philippines, Business Innovations Gateway Inc. (BIG), Wellmade, CCI France Philippines, GAIN, Spark! PH, La Camara, Philippine Daily Inquirer, The Philippine Star, Island Rose, and
VMV Hypoallergenics to make the summit possible. The five panels in Women@Work will pique and satisfy your interest, the speakers will cover a variety of topics about our current digital world. Kristine Romano, managing partner at McKinsey & Co. Philippines, is the keynote speaker. The first panel focuses on customer experience-led digital transformation. Here, participants will learn about the important role and use of data to understand customer needs, wants and expectations. There will also be a discussion on how companies can leverage and access this knowledge for growth and sustainable success. Speakers for this panel include Catherine Candano, head of data platforms partnership in Google Asia Pacific; Gerry Dy, digital head of Security Bank; and Suzanne Lee, managing partner at Analytiks Inc. and CTO and CIO of Bridge Southeast Asia. Jonathan Joson, partner at Entropia CPR and Boozy.ph and cofounder of HairMNL, will be moderating the forum. The second panel centers on rapid start-up and scale-up through digital. Participants who are fascinated with the inner workings of a startup and their eventual scale-up in the industry will gain a lot of insights during this particular forum. The panelists will share case studies from different prominent companies. Albet Buddahim, CEO of Katapult Digital and chief marketing capability strategist of Mansmith and Fielders Inc., will be moderating.
Featured speakers include Bhavna Suresh, CEO of Lamudi Philippines; Mia Bulatao, president and COO of QuadX Inc.; and Minette Navarrete, president of Kickstart Ventures. Tackling the issue of capturing value through digital transformation, the third panel will look at fintech and blockchain technology. The panelists include Erica Valerio, chief business development officer of Satoshi Citadel Ventures Inc.; Fam Alonto, head of innovation at Insular Life Assurance Co. Ltd.; Linda Lan, VP of digital commerce at Oriente (Cashalo); and Yang Yang Zhang, cofounder of Philippine Digital Asset Exchange. Mench Dizon, founder of AskGina.ph, is the moderator. As we delve deeper into the impact of digital transformation, we will see the smaller, yet vital details that go into it. In the fourth panel, knowledgeable speakers such as Ireen Catane, enterprise commercial director of Microsoft; Ambe Tierro, senior managing director and artificial intelligence (AI) delivery and capability lead at Accenture Technology; and Dannah Majarocon, managing director of Lalamove Philippines will discuss how to deliver value through digital tools and applications. Vince Rodriguez, category head for banking, financial services, insurance, and public sector at PLDT Enterprise, completes the panel as moderator. Capping the Summit will be a special fireside chat between established leaders and next generation leaders See “Kapunan,” A11
Opinion BusinessMirror
www.businessmirror.com.ph
Leadership in the eyes of accountants
G fundamentals Siegfred Bueno Mison, Esq.
THE PATRIOT
John Paolo L. Leynes
DEBIT CREDIT
L
EADERS today are becoming more transformative in innovation, empowered in raising morale, and responsive in devising complex situations. Leaders are good not because they are always right but because they are willing to learn. A leader’s openness to change allows him to map out his art of creative leadership. As accountants, one of the many aspects of our professional life is to stay abreast with the practice. This also includes the appreciation for developing leadership skills. However, most accountants think that they are not well suited for such concept because of the notion that accountants are better off computing until the wee hours of the night. My two years of corporate life witnessed how harnessing leadership skills not only allows us to stretch the abilities we have already synthesized, but also prepare us for future professional opportunities. When accountants are clustered, various approaches to leadership can be seen. From being too passive to severely chaotic, accountants are really fluid as to what side of the spectrum they want to be at. No two leadership situations are alike. This is because of the variables involved, such as human complication, the work environment and numerous circumstances. With that being said, these situationally driven circumstances indicate that there is no tailored-fit leadership style. The Situational Theory of Leadership by Paul Hersey and Ken Blanchard is a model which argued that there is no single best style of leadership. The fundamental principle centers on how flexible leaders can be given the different kinds of situation at hand. Such flexibility requires genuine responses to failure, firm guidance during times of adversity and sincere accolades for success. It boils down to being flexible in thought, in response and in action. The workplace celebrates when the team that comprises it brings diverse sets of skills to the table. It is up to leaders to uncover, evaluate and strengthen each unique ability.
Kapunan. . .
continued from A10
in the digital field on the way forward for women leaders, their vision for shaping the world, their secrets to success, and advice on hurdling challenges and enabling women empowerment. Joining the conversation are Myla Villanueva, chairman of MDI Group and CEO of Novare Technologies Inc.; Maria Christina Coronel, president and CEO of Pointwest Technologies and concurrently president of the Health Information
An example would be having members possessing astounding technical skills, but one has better communication skills over the other. A flexible leader is required to know how and when to use his members’ skills. Times have become too rapid and dynamic. Intensified political views, cultural progression, changes in industry, and customer demands all point to a direction where leaders who are able to respond appropriately are needed. As social media, technology and world views march forward, flexible leadership is and will be challenged on how it will adapt to such. Everyone begins here. No accountant is already on the top of his game upon commission to the corporate life. Leaders started from soliciting feedback. Personally, this is my favorite part of developing my leadership skills. Constructive criticisms helped me to become contemplative in my work ethics. Additionally, it increased the trust and the level of camaraderie I have with my team members. A true flexible leader pays attention to all aspects in a situation. It is then that one can push the edge of his comfort zone. I have a long way to go, but I have decided to invest in nurturing this skill. Becoming an effective flexible leader takes time, patience, trial and error, and experience. What is important is that I continually seek the opportunity to learn in each scenario I face every day. John Paolo L. Leynes is a Certified Public Accountant and a Certified Management Accountant. He is currently a Tax Associate at Reyes Tacandong & Co. This column accepts contributions from accountants, especially articles that are of interest to the accountancy profession, in particular, and to the business community, in general. These can be e-mailed to boa.secretariat@gmail.com.
Management Association of the Philippines; Ana Maria Aboitiz-Delgado, head for consumer finance, chief customer experience officer and senior VP of UnionBank of the Philippines; and Kathleen Yu, founder and CEO of Rumarocket Inc. Ken Lingan, CEO of the Publicis Groupe Philippines, will moderate the panel. Excited yet? Visit https://www. womenbiz.ph/summit2019/ to know more about the Women@Work summit and sign up today. Registration rates start at P5,000. We can’t wait to accelerate, create and transform with you!
I
N a recent corporate governance seminar, Leonardo Matignas Jr., the chief risk officer of SGV &Co, provided a layman’s definition of governance. He said that governance is doing the right things, at the right time, by the right people and for the right purpose. It sounds easy to do if the company has a strong culture of integrity. In his book, Leaders Eat Last, Simon Sinek said that “in a weak culture, we veer away from doing the right thing in favor of doing the right thing for me.” The mantra is more about “I before you, me before we,” Sinek added, as he shared Saddam Hussein’s style of leadership in Iraq and the corporate ascent to power of a certain Stanley O’Neal in Merrill Lynch in 2001. Both leaders, more known as tyrants, focused more on themselves and got fixated in setting up more controls within to gain or stay in power. Eventually, they got more isolated from the rest, which caused their downfall. It did not happen overnight, but their failure to do the right things, especially for others they serve, caught up with them at the right time. By definition, governance refers specifically to the set of rules, controls, policies and resolutions put in place to dictate the right corporate behavior. It is a basic framework whereby the board of directors of
a company uses to balance the different interests of the shareholders, management, government and society. Worldwide, companies that adhere to three core principles of good governance—fairness, accountability/responsibility and transparency—usually attract the right investments and outperform their competition. While doing the right things and doing things right are two different things, good corporate governance allows all interested parties to understand what is right in the first place. A large part of how companies define what is right is, however, dependent on their leaders. In the words of Simon Sinek, “to be a true leader, to engender deep trust and loyalty, starts with telling the truth.” Some say truth has many versions. From each person’s point of view, integrity matters a lot when it comes to what is the truth. Inspirational author and pastor Rick Warren says that the principles of wholeness, authenticity and sincere motivation
Monday, August 5, 2019 A11
dictate what integrity really is. We are whole when we do what we say and say what we mean. We are authentic when we do not pretend who we are not and not be hypocrites, the root word of which means stage actors in the Greek language. Our motivations are pure and sincere whenever our conscience is not bothered by our conduct. I remember one time when, as a law professor, I was pressured to pass a failing student who happened to belong to a powerful family in society. Pressure from my own family and friends together with some ungodly offer of a juicy position in government made me think twice. Up to this day, I will remember the words of wisdom shared to me by our law school dean back then, Cesar Villanueva, who simply told me, “when the feeling is right, you can never go wrong.” I never got that government post. Selfish leaders are rewarded short term, either by position, possessions and power, whereas selfless leaders, likely persecuted and crucified at the start, reap the benefits of their righteous acts in the form of a good name. When I was a lieutenant, I disobeyed an order to allow illegally cut logs to pass through my checkpoint. As a result, my commanding officer pulled me out of that checkpoint and assigned me in one of the more isolated and difficult stations in our area. I knew the consequences of my refusal to obey such order. But I knew what was right, not for myself, but for others—the Army and the country. Short term, I had everything to gain—money and power. Long term, had I obeyed such illegal order, I would have lost what I stood for in
Bloomberg Opinion
J
UST like the recent violence against peaceful protesters, a new graffiti policy adopted by the city of Moscow reflects how the city of my birth has deteriorated under an authoritarian government that pretends to improve it at a huge cost. Elsewhere, thoughtful street art policies have driven enormous organic improvements of the urban environment—but implementing them requires an appreciation for freedom that today’s Russian authorities lack. The new rules, adopted last month, essentially outlaw any street art experimentation. They require artists and building own-
ers to apply for permits needing the approval of no fewer than seven different city departments. They will be granted only for murals that “popularize outstanding personalities, historic events, science, sports and art.” There’s also a list of what is impermissible, including depictions of smoking and drinking; any kind of advertising, including for nonprofits and causes; violence; images that may offend members of any social group or profession; images of explosives except fireworks; pictures that “discredit parents and educators”—it goes on and on. Even with permission, graffiti can only be painted between April and November, and the approval of a city-appointed commission is required when the work
For questions and comments, please e-mail me at sbmison@gmail.com.
Empowering industries for zero waste economy Dr. Jesus Lim Arranza
MAKE SENSE
T
HE zero-waste lifestyle is becoming more popular these days, especially among the younger generation who are already mindful of their role as stewards of nature. But while they are already adopting a zero-waste lifestyle, many of them are interpreting it as literally producing waste. Fact is, zero waste is about creating a circular economy, in which the products consumed by a community are made to be renewed, reused, repaired or upgraded, and to practically last a long time, to preserve natural resources and, more important, to reduce the product’s impact on the environment. Creating zero waste is not just about generating less waste, but managing that waste, so that every product made and consumed can be safely returned to nature, instead of ending up in landfills and oceans. While the zero-waste lifestyle sees a better future for the environment and more sustainable industries, there is still a lot of work to be done among the government and private sector in coming up
with viable systems that will make this happen. Companies can start designing their products or their packaging to become recyclable and reusable, especially if they are made of nonbiodegradable materials such as metals and plastics. They can also design their products so that it will need less raw materials from natural resources. Coca-Cola Philippines is one company that has invested in making its packaging more sustainable. Recently, it introduced the country’s first-ever food-grade PET bottle made of 100-percent recycled material. This is supposed to be the first step toward the beverage company’s global vision of a World Without Waste, the goal of which is
Creating zero waste is not just about generating less waste, but managing that waste, so that every product made and consumed can be safely returned to nature, instead of ending up in landfills and oceans.
to collect and recycle 100 percent of Coca-Cola’s packaging and achieve 50-percent recycled PET bottle usage by 2030. Another way to help support the zero-waste lifestyle and create a circular economy is to make one’s production and manufacturing processes more efficient so it would use only the necessary amount of raw materials to help replenish natural resources and to prevent generating waste. There is also a need for proper collection and diversion of recyclable materials so it will not end up in landfills and oceans. Companies, like Coke, have been partnering with communities, schools and other organizations to help set up bins where recyclable materials, such as metals, PET bottles and other plastics, can be efficiently collected. They can also partner with recycling companies, which can process the collected materials into entirely new products, or into raw materials for different industries. This will give the companies the opportunity to
Street art or just graffiti? Moscow decides to whitewash it all By Leonid Bershidsky
the organization. Looking back, I was miserable physically being in the boondocks but was happy in spirit, as I was able to stay true to the integrity principles that my parents—Salvador and Ione—have ingrained in me. In a corporate setting, I knew of one corporate officer, RB, who lost favor from management for submitting a report to the board that exposed some deviations, if not irregularities, in corporate governance. The immediate impact was harsh from the few affected but little did she know that most in the company admired her valiant effort to expose the truth. Practically bullied by her superiors, she never relented and did what she thought was fair to many. Her selfless act seemed to carry out the words of Mark Twain: “Always do right—this will gratify some and astonish the rest.” Men and women of integrity may fall in disgrace in the eyes of man but will be exalted in the eyes of God. In business, doing the right thing as part of good governance, as what RB did, can give us powerful enemies in the process. Believers should, however, find comfort in the Bible as it is written in Psalms 25:20-21, “Protect me! Rescue my life from them! Do not let me be disgraced, for in you I take refuge. May integrity and honesty protect me, for I put my hope in you.” People like RB, whether in business or in government, do not fear doing what is right in His eyes. Your boss may not have your back, but He surely does!
is finished, otherwise the building owner may be ordered to remove it. If these rules are rigorously enforced—and there’s no reason to expect that they won’t be—they’ll spell the end of a vibrant culture that has flourished in Moscow, and even received the city government’s support, especially in freer times before the 2014 Crimea annexation. (In 2013, a huge street art festival resulted in 150 large murals by Russian and foreign masters of the genre.) The city government is acquiring a monopoly over what should be considered beautiful on its streets—a totalitarian approach unworthy of a true global city, a status Moscow has always craved and sometimes deserved. Other major cities have widely
divergent, but almost always less restrictive, approaches to street art. In New York, graffiti are only allowed with the building owner’s express permission, otherwise enforcement is harsh; spray paint isn’t even sold to minors. Berlin, which has some of the world’s most daring and impressive street art, has formally adopted a similar approach—in theory, one can even go to jail for three years for defacing buildings—but enforcement is lax because the city has a reputation to maintain. Effectively, the onus is on underground artists to produce images that no one will want to remove; that makes for some memorable walls throughout the city. In London, regulation is up to local councils. Some are street art-
friendly, allowing all kinds of activity except the most primitive “tagging”—essentially gang signatures on walls—in the belief that good graffiti draw tourists, while others impose strict bans regardless of building owners’ preferences. In my view, the city with the best street art policy is Lisbon, which adopted a two-pronged approach to the phenomenon in 2008 to deal with ever-louder complaints from businesses and residents in the city center. On the one hand, it stepped up antigraffiti enforcement in most of the city and boosted spending on cleanup campaigns; on the other hand, it created the Urban Art Gallery under the auspices of the city’s Department of Cultural Heritage. This agency has turned one prob-
help grow other industries without impacting the environment. Since last year, a recycling company has been producing chairs, benches and eco-bricks made entirely from PET bottles collected by Coke through various collection points nationwide. The materials are continuously given to sari-sari store owners. We in the Federation of Philippine Industries are interested in helping create and support this circular economy and zero-waste lifestyle, especially since the Department of Trade and Industry’s Board of Investments, as mandated by Republic Act 9003 or the Solid Waste Management Act of 2000, has been coming up with policies and incentives to encourage companies to invest in green initiatives. We would like to encourage our member-industries to think of ways on how their products and packaging can be made recyclable and reusable, their manufacturing processes more efficient and environment-friendly, and how they can create and offer green jobs that will help conserve the environment. Dr. Arranza is the chairman of the Federation
of Philippine Industries and Fight Illicit Trade, a broad-based, multisectoral movement intended to protect consumers, safeguard government revenues and shield legitimate industries from the ill effects of smuggling.
lem neighborhood after another into makeshift galleries where every kind of artwork is allowed, including tagging. The idea is to find places where local residents don’t mind it because it makes the street prettier—and in the end, safer. Shady characters flee from the city-backed urban art festivals; urban artists are also good at self-organization, so art tends to displace crime. The Urban Art Gallery’s projects—and sometimes its protection of worthy art that springs up without its blessing—have created a constantly changing, competitive environment in which the most impressive works survive for years because nobody dares paint them over, but the more transitory works disappear in days or weeks.
2nd Front Page BusinessMirror
A12 Monday, August 5, 2019
www.businessmirror.com.ph
4-mo SSS sickness benefit payouts hit ₧984M M
By Rea Cu
@ReaCuBM
EMBERS of the Social Security System (SSS) received P984.42 million in sickness benefit in January to April, 12.45 percent higher than the P875.42 million they received in the same period last year. The state-run pension fund said it granted sickness benefit to its employed, self-employed, voluntary and overseas Filipino workers (OFWs) members in the first four
months of the year. SSS President and CEO Aurora C. Ignacio said the number of beneficiaries during the period rose to 155,856, from last year’s 145,370.
“The pension fund values its members’ welfare, including their health and well-being, as acquiring sickness or injury is sometimes inevitable due to the demands of their job. In times of contingency, some of our members are unable to work, nor provide for their medical expenses,” Ignacio said. Broken down, the SSS said it disbursed P913.88 million under its Social Security program. The figure is 9.5 percent higher than the P834.22 million released a year ago. For work-related sickness or
injuries under the Employees’ Compensation program, disbursements rose by 71.3 percent to P70.54 million, from the P41.19 million recorded during the same period in 2018. “A qualified member under the Sickness Benefit program receives a daily cash allowance for the number of days he or she is unable to work due to sickness or injury,” the SSS said. To qualify for sickness benefit, a member must have been unable to work due to an illness for at least four days whether at home
or in a hospital; has at least three monthly contributions within the 12-month period immediately before the semester of illness; and has notified his or her employer and the SSS within five days after the start of sickness or injury. An employed member must have exhausted all his or her company’s sick leave credits for the current year to avail himself or herself of the SSS sickness claim. A member can receive a maximum of 120 days in sickness benefit in one calendar year. Employ-
ee-members shall receive sickness benefits to be advanced by their employer. Separated, voluntary, and self-employed members shall be paid directly by SSS. Members can also expect higher benefits with the increase in contribution rate to 12 percent and the adjustment of monthly salary credits (MSC) to a minimum of P2,000 and maximum of P20,000 as provided under Republic Act (RA) 11199, or the Social Security Act of 2018. See “SSS,” A2
Poor diets now a top risk factor in global disease burden–experts RECTO BATS FOR ‘SWAT’ By Cai U. Ordinario
E
@caiordinario
XPENSIVE food items can lead to malnutrition and stunting, according to the International Food Policy Research Institute (IFPRI) and the Human Development Network (HDN). In a World Bank data blog, IFPRI Senior Research Fellow Derek Headey and HDN Consultant Harold Alderman said poor diets are now considered as the top risk factor in the global burden of disease worldwide. Headey and A lderman said stunting in children is more prevalent in places where milk prices are high, while expensive egg prices encourage higher consumption of
“less nutritious staples” such as rice, wheat and corn in developing countries. “Too little nutrient-dense fruits, vegetables, dairy, eggs, meat and fish are associated with wasting, stunting and micronutrient deficiencies in early childhood; all killers in early life [mostly in lower income countries]. Poor diets are therefore at the epicenter of a diverse range of health problems in a diverse range of places,” Headey and Alderman said. Using the World Bank’s International Comparison Program (ICP), Headey and Alderman said they used the “relative caloric price” of a given food. Based on their computations, Headey and Alderman said egg
TROPICAL DEPRESSION “HANNA” 1,095 KM EAST OF INFANTA, QUEZON SOUTHWEST MONSOON AFFECTING LUZON AND WESTERN VISAYAS as of 4:00 am - August 4, 2019
calories in Niger are 23.3 times as expensive as a calorie from a staple food, such as rice or corn. In contrast, egg calories in the US are just 1.6 times as expensive as staple food calories. In the Philippines, nutrientdense eggs are 4.43 times more expensive than rice. This means nutrient-dense eggs in the country are more expensive relative to a food staple compared to the US. Further, in terms of milk prices, in the Philippines, milk has a relative caloric price (CPR) of 4.37 times the food staple. The stunting rate in the country is at 32.1 percent. In other countries like Niger, the CPR of milk is 17.91 times that of the staple. With that, the stunting
rate in the country is 43 percent. “The problem in less developed countries is that poor people also live in poor food systems: nutrientdense foods like eggs, milk, fruits and vegetables can be very expensive in these countries, making it much harder to diversify away from nutrient-sparse staple foods like rice, corn and bread,” Headey and Alderman said.
Options
HEADEY and Alderman said countries need nutrition-focused food policies in the hope of making healthy food options more accessible to the public. For one, there is a need for governments to address the low and See “Poor diets,” A2
Malaysia, PHL chiefs ink MOU
T
HE health departments of the Philippines and Malaysia have agreed to strengthen bilateral ties through collaborative activities for health care. Health Secretary Francisco Duque III and YB Datuk Seri Dr. Dzulkefly bin Ahmad, Malaysian minister of health, met in Putrajaya on July 31, to discuss further collaboration in advancing the health sector in their countries through a memorandum of understanding (MOU). “We both hope that the outcome of this meeting will further strengthen the ties and cooperation in the management of cross-border issues relating to the health of both our countries and across various stakeholders, and we look forward to a lasting collaboration between both countries in tackling and resolving health issues,” Duque said. Under the MOU, both countries agreed to collaborate in the areas of: primary health care; reproductive health; health education; human resources for health development; nutrition; exchange of information on issues related to food safety and quality, including but not limited to rapid alert systems related to imported products; prevention and control of communicable diseases; prevention and control of noncommunicable diseases; regulatory control of pharmaceuticals; traditional medicines, herbal medicine, health supplements and cosmetic products; medical devices; health tourism; health researches; and healthcare services. The Philippines and Malaysia emphasized the importance of advancing collaboration to address cross-border health concerns, amid the rapidly changing global environment. This collaboration between the neighboring countries is crucial to rapidly respond to public-health threats and prevent greater health risks, including epidemics and microbial resistance, among others. They also affirmed their commitment to support each other in joint activities, such as port-to-port collaboration on health care and vaccination programs for children in Alternative Learnings Centers, as part of efforts to help realize Universal Health Care under Asean.
Claudeth Mocon-Ciriaco
IN DISASTER RESPONSE
S
ENATE President Pro Tempore Ralph Recto recommended over the weekend that “Special Wi-Fi Access Teams” should be a regular part of government’s response units in times of disaster. Recto raised the proposal over the weekend, recalling the Department of Information and Communications Technology’s [DICT] deployment of a “SWAT or Special Wi-Fi Access Team” to earthquake-hit Batanes, enabling affected residents to contact relatives and synchronize the work of rescue teams. The senator suggested that this should become part of government’s “standard first response” to disasters, given the important role of communications in rushing help to people and places reeling from calamity. In airing the suggestion, Recto reminded everyone that “communications should be a constant—before, during and after a calamity,” noting that “in this age, a cell phone, especially
one hooked up to a broadband, has become a lifesaving device.” “Timely and accurate information saves lives and property,” he added, pointing out that “resilience is strengthened and damage is mitigated by good communications.” “Bago dumating ang bagyo, di ba dapat may [Before the onset of a storm, shouldn’t there be a] text alert? Ganoon din pagkatapos ng lindol. Kung baha, may apps na magsasabi kung saan malalim ang tubig [It’s the same after an earthquake. For floods, there’s an app that says where flooding is deep].” Moreover, Recto asserted that “post-disaster, rescue and relief efforts depend on a functioning voice and data ICT infrastructure,” further stressing that “if [communication] is down, restoring it becomes a priority because all emergency responses depend on the ability of those who provide it to communicate with the people and among themselves.” See “SWAT,” A2
Anti-dengue measures, PCSO issues lined up on Cabinet agenda
M
ALACAÑANG on Sunday said the Department of Health (DOH) will have the final say in the possible revival of the controversial anti-dengue vaccination drive. Chief Presidential Legal Counsel and Presidential Spokesman Salvador S. Panelo said the use of the Dengvaxia vaccine from French pharmaceutical firm, Sanofi-Pasteur, will be among the issues to be discussed at the Cabinet meeting on Monday (August 5). He said President Duterte is currently waiting for the recommendation of Health Secretary Francisco Duque III on the possible impact of the Dengvaxia before deciding if the government will use it for its vaccination drive. On Thursday, Sen. and Philippine Red Cross Chairman Richard J. Gordon had cautioned the government against allowing the resumption of Dengvaxia immunization in “buckshot manner,” as the Aquino administration did in 2016 when over 800,000 schoolchildren were vaccinated. A year after, that massive operation sparked mass hysteria when Sanofi admitted that using Dengvaxia on someone who never had dengue could put the person at risk from a severe, possibly fatal, strain of the mosquito-borne disease. Dengvaxia is effective to prevent repeats of dengue on previous victims. The DOH halted the use of Dengvaxia, amid allegations it re-
sulted in the death of several children who were injected with it. “This must be studied. What is important is we come up with a solution to our current problem in dengue,” Panelo said in a radio interview. Last month, DOH declared a national dengue alert after the mosquito-borne disease killed at least 450 people in the first half of the year. Monday’s Cabinet meeting, Panelo said, will also tackle the possible lifting of the suspension on the Small-Town Lottery (STL) and Peryahan ng Bayan operations of the Philippine Charity Sweepstakes Office (PCSO). Duterte earlier ordered PCSO to suspend all of its gaming activities last week, amid allegations of corruption within the said governmentowned and -controlled corporation. Four days after the declaration, Duterte allowed the lotto operation of PCSO to resume, but kept the ban on STL and Peryahan. “Both of these issues [Dengvaxia and PCSO] are most likely to be included in the other matters, if not included in the agenda of the meeting,” Panelo said. Another possible issue to be tackled in the meeting is the new draft of the Security of Tenure (SOT) bill of the Department of Labor and Employment (DOLE). Duterte ordered DOLE to present its draft SOT bill after vetoing the Senate version of the legislation, due to its alleged provisions that could reduce the competitiveness of local businesses. Samuel P. Medenilla
Editor: Efleda P. Campos
Companies BusinessMirror
Monday, August 5, 2019
B1
Meralco to spend ₧4-B capex balance to boost network in H2
T
By Lenie Lectura
@llectura
HE Manila Electric Co. (Meralco) is expected to spend in the second half of the year P4 billion out of the P12-billion capital expenditure (capex) set aside for its network this year. From January to June this year, the utility firm has already utilized P8.005 billion in network capex out of the P12.026 billion allocated for 2019. The P8-billion network capex
represents 75 percent of Meralco’s consolidated capex—P10.7 billion—implemented in the first half of 2019. Meralco said the capex being implemented ensures adequacy and
addresses reliability, power quality and network resiliency matters while providing enhanced customer service. A significant portion of the workload includes support for the government’s public-private partnership (PPP) and “Build Build Build” (BBB) projects. Meralco First Vice President and Head of Networks Ronnie Aperocho said P2.16 billion out of the P8-billion electric capex was spent to address load growth; P2.74 billion for new customer connections; and P2.78 billion for asset renewal. “We also spent a significant amount for the relocation of poles to support PPP/BBB projects of government. As of June 30, we have already relocated 2,780 out of 4,260
affected poles,” said Aperocho. Six more major BBB projects are being prepared to commence this year, he added. These include the BGC-Ortigas link, C-6 South East Metro Manila Expressway, PNR North 2, Mega Manila Subway, Nlex-Slex Connector Road and Common Station. The breakdown of the P12.026billion electric capex for 2019 follows: P5.14 billion for new customer connections, P3.51 billion for asset renewals, P2.22 billion for load growth, P250 million for BBB projects, P858 million for movable nonnetwork assets and P46 million for immovable nonnetwork assets. Merlaco Chairman Manuel Pangilinan said “very little” of the demand growth came from BBB proj-
ects. “In fact, the question you may want to ask is, of the capex that we spent of P8 billion, how much are revenue-producing and how much are these BBB not directly revenue-producing? Of course, we have to do it,” commented Pangilinan. At end-June t his yea r, Meralco’s core income stood at P12.31 billion, up by 14 percent
from the same period last year. Net income was flat at P12 billion from P11.97 billion. Meralco sold 22,823 gigawatt hours of electricity for the first half of the year, up by 5 percent from the same period last year. It recorded 6.7 million customers at end-June or a growth of more than 4 percent year-on-year.
After getting microgrid franchise, Solar Para Aboitiz CFO Lozano: Sa Bayan prods others to apply for the same Power to contribute
S
OLAR Para Sa Bayan Corp. (SPSB) is encouraging interested firms to also pursue their intention to apply for a solar microgrid franchise. This, after President Duterte signed into law on July 31 Republic Act 11357 granting SPSB a franchise to operate microgrids in the remote and unviable, unserved or underserved areas in selected provinces of the Philippines. Leandro Leviste, who owns SPSB, said the SPSB’s franchise would pave the way for others to secure the same. “There are business groups that are planning to file their own franchises. Hopefully, this paves the way for more competitive power indus-
try for everyone. In fact, there was already one. We hope this will be a new market that many will be able to participate [in],” said Leviste. He said many small and mediumsized solar companies were joining forces to apply for the same. Leviste said his group has been organizing several open forums to assist interested firms. At the same time, he encouraged other power producers to work together toward achieving total electrification. “We wish to extend an olive branch to those who once opposed this bill, for us to support the [Department of Energy’s] goal of achieving 100-percent electrification and ending energy poverty in the Phil-
ippines by 2022. It is time for us to join forces and work together for the common good,” he added. Despite questions over its anticompetition features, the bill was endorsed by the Energy Regulatory Commission (ERC) and Department of Energy (DOE), which have made achieving 100-percent electrification its top priority as around 12 million Filipinos still lack electricity. In the past, a group of power suppliers accused SPSB of encroaching upon their service areas. SPSB once faced allegations that the franchise is bound to create a monopoly. “It’s nonexclusive and, in fact, has a provision in the franchise that it is without prejudice to the rights of others who operate, even for those
without a similar franchise,” Leviste explained. He argued that “Filipinos are already deprived, and rather than create a monopoly, this firm breaks the existing monopoly in selected provinces with unserved and underserved areas.” He added: “If encroaching means giving 24-hour electricity to people who never watch TV or turned on their electric fans then yes, we are every glad to encroach in their franchise areas, and do things that they have failed to do themselves.” SPSB is currently providing solar service in Dingalan, Aurora; Calayan, Cagayan; Claveria, Masbate; Dumaran, Palawan; and Lubang, Occidental Mindoro. Lenie Lectura
Recto bill mandates consumer reps in NTC, SMART SAYS IT MADE SEA’S 1ST LTFRB, MWSS and other regulatory bodies 5G STAND-ALONE VIDEO CALL
S
MART Communications Inc. claimed on Sunday that it made Southeast Asia’s first 5G stand-alone (5G SA) video call. Using only 5G for data transmission, 5G SA is accepted to be “pure 5G,” as other products combine 5G with 4G technologies, Smart Chief Information and Technical Advisor Joachim Horn said. “This is the first 5G implementation which is completely stand-alone. We don’t need LTE for it. Most 5G implementations today actually need LTE—in fact they’re actually only fast LTE,” he said. He explained that 5G SA technology can enable a suite of industry applications such as massive connectivity for thousands of devices, ultralow latency, ultrahigh reliability, distributed cloud computing, unified security, and network slicing, among others. “What we’re seeing here—this is real 5G. For the first time, we are experiencing the true capabilities of 5G. For example, 5G’s real low latency can only be achieved in this configuration. This is just the first milestone to show what is possible, and we brought it here to the Technolab,” Horn added. Ultralow latency, he noted, is important for 5G use cases such as video analytics plus industrial robotics control for manufacturing, remote crane/tractor operations in challenging/hazardous environments like mines and ports, as well as for real-time gaming with tactile sensors. The first 5G SA video call is powered by Nokia’s 5G SA equipment, which is currently housed at the 5G Technolab in Makati City. Smart has partnered with several vendors to test various 5G equipment, as it develops industry-grade products to offer to enterprises in the latter part of the year. Lorenz S. Marasigan
S
ENATE President Pro Tempore Ralph Recto is seeking the mandatory membership of consumer representatives in the boards of government agencies that regulate power, water, transportation and other public utilities. Explaining Senate Bill 590, Recto said the “interest of the end user and bill payer should be championed from inside the government regulatory bodies when important matters such as rate increases are discussed.” Among the agencies covered by the Recto proposal are the Toll Regulatory Board, Energy Regulatory Commission, Metropolitan Waterworks and Sewerage System (MWSS), Local Water Utilities Administration and the National Telecommunications Commission (NTC). Also, included are those that oversee land-sea-water transportation:
Land Transportation Franchising and Regulatory Board, Civil Aeronautics Board and the Maritime Industry Authority. “This nation of commuters needs to install one of their own in agencies that police the companies they patronize every day. There are multiple safety, fare, frequency issues which require the inputs of riders,” Recto said. Recto added the coverage of his proposal can later be expanded to include the governing boards of chartered airports such as Naia, as well as the Philippine Ports Authority, “so that the comfort and congestion complaints of those who use these terminals can be attended to.” Recto said the consumer representatives in these boards will serve “as independent directors who will represent the biggest stakeholders —the
public.” To be appointed by the President, consumer representatives, in addition to other qualifications, shall have at least five years of known advocacy in the sector they will represent. In batting for consumer seats in regulatory agencies, Recto cited the constitutional guarantee of public participation at all levels of government decision-making. Unfortunately, many charters of government regulatory bodies—which set the fees the public utilities can charge their customers—do not provide for public representation in their decision-making bodies, Recto said. “As a result, numerous policy decisions have been approved without wide consultation from stakeholders or without full public disclosure of the details, in violation of the ideals of transparency and participative policymaking,” Recto added. Butch Fernandez
CebuPac to focus on growing existing routes
W
ITH the discontinuation of its Guam operations set by year-end, Cebu Pacific will be focusing on the development of existing routes to grow its network and profits. While Guam, according to Cebu Pacific Vice President Candice Iyog, was “relatively profitable,” the company decided to shift its focus on developing regional destinations such as Macao. “It’s about now making sure that we utilize amazing resources for a route that...has higher demand for, and use frequencies for more passengers,” she said in an interview. Cebu Pacific’s last flight to Guam is set for December 7. The route was deemed “no longer viable.”
The slots for Guam flights from Manila will be “reallocated” to routes with “higher demand.” The focus, she added, “is on existing dots in the network. We want to make sense by connecting the dots that were not connected before.” For instance, the planes that currently serve Guam will be redeployed to Macao, once the services stop in December. Rationalizing routes will help Cebu Pacific achieve its goal of flying its 300-millionth passenger by 2022. Its fleet expansion program will, likewise, fuel this target. Throughout 2019, the carrier is set to receive 12 brand-new jets—six Airbus A321 neos, five A320 neos and one ATR 72-600. Through 2022, the company will engage in
a massive refleeting program that will upgrade old aircraft and add more fuel-efficient ones to end 2022 with at least 83 jets. Cebu Pacific also ordered 10 Airbus A321 XLRs, which are designed to have a range of up to 4,000 nautical miles and can potentially fly 220 passengers for up to 11 hours. Delivery for these aircraft is slated to start in 2024. Cebu Pacific and subsidiary Cebgo fly to 36 domestic and 26 international destinations, with over 107 routes spanning Asia, Australia, the Middle East and the United States. For 2019, it targets to serve as much as 23 million passengers, and reach the 200-millionth passenger mark by 2020. Lorenz S. Marasigan
less than half of AEV’s revenues by 2025 By VG Cabuag
T
@villygc
HE Aboitiz group may see its power business contributing less than half, from the current two-thirds of the company’s revenues only by 2025, as its infrastructure ventures—which may include airport maintenance and operation—are still in early stages of operations. Manuel R. Lozano, the company’s chief finance officer, said at the moment the company only has the cement business under the infrastructure group and a small water distribution firm. It has, however, a standing bid to operate airports in Laguindingan and Bohol, which he said will be a major contributor to the group in the future, while it is also actively participating in the common tower program of the government, which sees telcos sharing the towers across the country. “What we really want to see is...big subsidiaries like infrastructure, food, financial services [becoming] 10- to 15 percent [contributors to AEV], each of them, and even up to 20 percent, so that power does not dominate the contribution so much,” Lozano said. “The airport [Ninoy Aquino International Airport redevelopment] hopefully, if we complete that, that will be a big one for us. Apo Agua [bulk water project in Davao] will not be contributing until 2021. The towers, that one could be a bit faster we can use the existing assets but all that discussion [may take shape] by next year,” he said. Aboitiz is part of the socalled super consortium that proposed to redevelop and maintain the Naia, but Lozano said that may take time to contribute, as talks are still ongoing. During the last three years, the Aboitiz group
has been busy modernizing the equipment in its cement venture, under Republic Cement. Lozano said that effort, called debottlenecking, increased its production capacity in all of its plants to 8.8 million tons a year from about 7.5 million tons. “We have a scarce resource for cement, and we have several projects and potential expansions in Mindanao and Bulacan. But having a totally new site is going to be challenging,” he said. Lozano, however, said bringing down the contribution of the power group by less than half, from as much as three quarters of its revenues, is easier said than done since its power unit is also expanding. “That means the other [business units] have to go fast. I think infra can [contribute higher] because it is starting from a low base, Pilmico with its new acquisition Gold Coin and [its] going outside the Philippines should help accelerate their growth,” he said. “But if you talk to the [Aboitiz] Power team, no one there is trying to slow down. It will be a challenge especially, [as] we are going offshore on power as well,” he said. At the moment food, including its recent acquisition, still contributes just about 6 percent of the revenues, but Lozano said that may increase to 10 percent in the near future. For the first half of the year, Aboitiz Equity Ventures (AEV) Inc.’s net income fell 11 percent to P9 billion, from P10.1 billion last year. Power accounted for 67 percent of the total income contribution to AEV, followed by banking and financial services at 24 percent, food at 6 percent, infrastructure at 2 percent and property development at 1 percent.
B2
Companies BusinessMirror
Monday, August 5, 2019
NGCP seeks ERC okay to pursue Palawan-Mindoro interlink project By Lenie Lectura
T
@llectura
HE National Grid Corp. of the Philippines (NGCP) is seeking the regulator’s approval to pursue Stage 1 of the P6.4-billion PalawanMindoro Interconnection Project (PMIP). The PMIP Stage 1 will serve as the preparatory stage for the interconnection of Palawan to the main grid. It aims to conduct further studies on the interconnection of Palawan to Mindoro through submarine cable and establish a transmission backbone designed to serve long-term power needs in the area. Stage 1 of the PMIP has two components: a desktop and hydrographic survey, and a new transmission line and substation project in Mindoro. The survey will assess the risks in the study area, present information that may affect the survey and actual project implementation, determine the feasible routes for the proposed submarine cable interconnection, and assess engineering risks along the possible cable routes, and other factors. The second component is the establishment of the Calapan-San Jose 230-kiloVolt (kV) Transmission Line Backbone and San Jose 230-kV Substation in Occidental Mindoro, since the province will eventually serve as the connection link of Palawan to the main grid. This transmission backbone will provide reliable transmission of power in the area while creating potential for generation facilities, as well. It will also provide an interconnection link to Palawan and the Visayas islands, which may be explored in the future. “NGCP is proposing to implement the PMIP to provide adequate, reli-
able and affordable power supply in Palawan. With the increasing demand for power in the island due to tourism and economic development, it is about time to pursue this interconnection to the main grid, which will provide Palawan with more reliable power supply and access to cheaper alternative sources of power in the main Luzon grid,” said NGCP. Stage 1 of the PMIP will run for 27 months for the conduct of the desktop and hydrographic survey, while the development of the Calapan-San Jose 230-kV Backbone and San Jose 230kV Substation will run for 60 months. If a viable route for the project is identified upon completion of the hydrographic survey, and the 230-kV backbone component is completed, NGCP will proceed to Stage 2 of the project, which is the actual implementation of the Palawan-Mindoro interconnection through submarine cable. NGCP is looking to get a Provisional Authority to implement the project and eventual Energy Regulatory Commission approval, considering the PMIP’s impact on and importance to the entire Philippine grid. “Considering that the interconnection of Palawan to Mindoro will entail the development of very long transmission facilities, it is very important that these preconstruction activities be started as early as possible. This interconnection project will greatly benefit not just the island of Pala-
wan, but will also prepare the entire Philippine grid for the integration to the proposed Asean Power Grid, promoting power sharing and optimization of generation capacity within the region,” NGCP stated.
SOS for Paleco
MEANWHILE, the National Electrification Administration (NEA) said over the weekend that 10 electric cooperatives (ECs) will assist Palawan Electric Cooperative (Paleco) to speed up the rehabilitation of the power distribution system. NEA Administrator Edgardo Masongsong announced the creation of Task Force Kapatid Paleco. Each EC will be deploying six technical personnel with boom truck and necessary equipment and logistics to aid Paleco in undertaking rehabilitation activities of power lines in its coverage area. “The rehabilitation of Paleco will start in the second week of August. We are sending 10 electric cooperatives to form part of the task force,” Masongsong said. The 10 ECs are Batangas I Electric Cooperative Inc. (Batelec I), Batelec II, First Laguna Electric Cooperative Inc. (Fleco), Aklan Electric Cooperative Inc. (Akelco), Antique Electric Cooperative Inc. (Anteco), Capiz Electric Cooperative Inc. (Capelco), Iloilo II Electric Cooperative Inc. (Ileco II), Cebu I Electric Cooperative Inc. (Cebeco I), Cebeco II and Cebeco III. The frequent power interruptions in the province were caused by vegetation problem and lack of acceptable dispatch protocol in the generation, transmission and distribution systems. Paleco is the lone power distributor of Puerto Princesa City and the municipalities of Aborlan, Narra, Brooke’s Point, Sofronio Española, Cuyo, Magsaysay, Quezon, Roxas, Taytay, El Nido, Araceli, San Vicente, Bataraza, Rizal, Balabac, Cagayancillo, Agutaya and Dumaran.
STOCK-MARKET OUTLOOK
www.businessmirror.com.ph
PSE STOCK QUOTATIONS
August 2, 2019
Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS
Last week
SHARE prices slid last week as the local market succumbed to profittaking along with other global indices. The benchmark Philippine Stock Exchange index lost 54.06 points to close the week at 8,129.93 points. “In the middle of the week, it was down almost 2 percent. Lastminute buying saved the index from a total collapse as it blew through all major support levels, even coming down below 8,000 on Thursday,” Christopher Mangun, research head at AAA Securities Inc., said. Foreign investors were still net buyers at P292.8 million, but average value of trade for the week was thin at P5.93 billion. Most of the subindices were down led by the All Shares index that fell 29.04 points to 4,926.56 points, the Financials index gained 12.91 to 1,861.40, the Holding Firms index slid 97.49 to 7,901.63, the Property index declined 23.09 to 4,324, the Services index lost 2.35 to 38.78, and the Mining and Oil index rose 230.50 to 8,101.47. For the week, losers edged gainers 126 to 90, and 30 shares were unchanged. Top gainers were Manila Mining Corp. A and B shares, PXP Energy Corp., Ginebra San Miguel Inc., Philex Mining Corp. and Pepsi-Cola Products Philippines Inc. Top losers, on the other hand, were Liberty Flour Mills Inc., Grand Plaza Hotel Corp., Philippine Seven Corp., Omico Corp., Cirtek Holdings Phils. Corp. and National Reinsurance Corp. of the Philippines.
This week
TRADING may remain slower this week, partly as a result of the Ghost Month, while investors may continue to sell on modest results of the earnings of the listed firms for the second quarter. Participants may need to sift through earnings adjustments moving forward, to heed the PSEi’s trajectory by the end of the year,” 2TradeAsia said. It added that there may be volatile swings in share prices as a result of the US-China trade talks. “Position gradually on weakness and hold,” the broker advised. It sees support for the main index at 8,000 and resistance at 8,250 points. Mangun, on other hand, said even the continued decrease in inflation, which was a major worry last year, and better corporate earnings, have both done very little for the stock market as a whole. “Investors are also wary as we enter the Ghost Month’ and according to tradition, you should not make any major investments during this time,” he said. “Investors got quite the scare last week after it dipped below 8,000 in intraday trading. There is still no conviction from investors despite hitting a new one-year high a couple of weeks ago. And with all this negative pressure from external concerns like the trade war, the general sentiment remains very cautious,” Mangun said.
Stock picks
BROKER Regina Capital and Development Corp. advised to trade the range on the stock of Bank of the Philippine Islands (BPI) as all its technical indicators show its share price may rise. “Investors with an initial position have an opportunity to take profits, but some sideways consolidation is still likely to happen within the next week,” it said. BPI shares closed Friday at P92.40 per share. Meanwhile, the broker gave the same recommendation on the stock of BDO Unibank Inc. as its technical readings on the stock are contradicting. “With an established resistance at P151 and a solid support at P144.80, the stock is likely to continue on its short-term sideways consolidation within the said range,” the broker said. BDO shares closed at P150 apiece. VG Cabuag
ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BDO LEASING COL FINANCIAL FILIPINO FUND IREMIT NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE
57.65 149 92 26.85 12.42 75 13.1 48.9 58.3 30.4 178.9 60.7 2.2 18.78 7.8 1.32 1.01 186 1,760 1.11
58 150 92.4 26.9 12.44 75.2 13.2 48.95 59 30.45 180 61 2.31 18.8 8.59 1.35 1.02 191 1,800 1.12
57.65 149.8 91.5 27.4 12.3 75 13.2 48.95 59.05 30.3 181.9 60.75 2.21 18.68 7.71 1.32 1.02 191 1800 1.19
57.65 150 92.4 27.4 12.46 75.75 13.2 49 59.1 30.5 181.9 61 2.33 18.78 7.8 1.32 1.04 191 1,800 1.2
57.65 148 89.6 26.8 12.3 74.1 13.1 48.6 58.5 30.2 178 60.7 2.19 18.68 7.71 1.32 1 188 1,800 1.12
57.65 150 92.4 26.85 12.42 75 13.12 48.9 59 30.4 180 60.7 2.31 18.78 7.8 1.32 1.01 191 1,800 1.12
1,500 86,475 2,249,480 335,509,843 2,345,180 214,982,861.5 54,000 1,452,690 268,800 3,329,446 3,402,290 255,357,819.5 ( 134,700 1,774,482 297,100 14,500,915 3,670 215,628 103,700 3,146,820 128,840 23,081,609 15,190 923,377.5 73,000 162,080 40,100 750,650 3,500 27,233 17,000 22,440 506,000 515,410 7,260 1,381,340 5 9,000 510,000 578,590
INDUSTRIAL ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHINMA ENERGY PHX PETROLEUM PILIPINAS SHELL SPC POWER AGRINURTURE BOGO MEDELLIN CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT GINEBRA JOLLIBEE MACAY HLDG MAXS GROUP MG HLDG PEPSI COLA SHAKEYS PIZZA ROXAS AND CO RFM CORP ROXAS HLDG SWIFT FOODS UNIV ROBINA VITARICH VICTORIAS CONCRETE A CONCRETE B CEMEX HLDG EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE VULCAN INDL CHEMPHIL CROWN ASIA MABUHAY VINYL PRYCE CORP GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG
1.33 34.8 0.265 26.1 85.55 370 22.85 5.47 4.8 2.42 11.8 38.45 6.92 14.1 90 15.4 14.42 6.37 10.18 7.55 100.2 0.77 68 258 8.75 13.9 0.188 1.87 13.96 1.51 5.05 2.2 0.125 167 1.38 2.46 75 85.85 3.1 14.48 11 14.04 18.9 1.21 106.2 2.02 3.38 5.2 2.16 9.4 1.66 5.5 1.07 14.56
ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B 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 REPUBLIC GLASS SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES TOP FRONTIER WELLEX INDUS ZEUS HLDG
0.93 15.34 947.5 52.55 15.4 4.03 7.01 0.71 1.26 1.28 6.78 10.16 13.54 913 6.3 68 0.5 4.54 14.34 0.68 4.78 0.039 1.46 2.85 1.36 995 176 0.89 256 0.232 0.295
1.34 34.95 0.27 26.15 85.95 372.6 23 5.48 4.86 2.43 11.98 38.5 6.95 14.28 99.5 16.5 14.46 6.39 10.2 7.6 102 0.78 68.3 258.2 9 13.96 0.195 1.88 13.98 1.54 5.1 2.29 0.127 169.6 1.39 2.55 77 89.95 3.11 14.5 11.04 14.06 18.98 1.22 116 2.06 3.43 5.4 2.17 9.43 1.7 5.58 1.09 14.6
1.34 34.7 0.27 26.5 86.1 370 23 5.53 4.86 2.3 11.96 38.5 6.94 14.26 89.1 16.4 14.96 6.4 10.18 7.55 99.8 0.76 68 259.8 9 14 0.186 1.75 13.98 1.56 5.05 2.17 0.127 164 1.39 2.46 76.5 89 3.02 14.52 11.1 14.1 18.8 1.21 116 2.02 3.43 5.04 2.18 9.19 1.69 5.55 1.07 14.8
1.34 34.8 0.27 26.5 86.1 372.6 23 5.55 4.86 2.44 11.98 38.6 6.98 14.3 99.5 16.86 14.98 6.4 10.26 7.6 102 0.78 69.05 259.8 9 14 0.195 1.89 13.98 1.56 5.1 2.3 0.127 170 1.42 2.46 80 90.5 3.15 14.68 11.1 14.12 19 1.24 116 2.02 3.43 5.46 2.18 9.48 1.7 5.58 1.11 15
1.34 34.55 0.26 26 85.2 367.2 22.8 5.45 4.86 2.24 11.78 38.45 6.89 14.2 89.1 16.28 14.42 6.37 10.16 7.51 99.8 0.75 66.5 255.4 9 13.88 0.186 1.74 13.96 1.52 5 2.17 0.127 161 1.37 2.46 75 85.85 3.02 14.5 10.92 14.04 18.7 1.21 116 2.02 3.43 5.04 2.13 9.19 1.66 5.5 1.06 14.6
1.34 34.8 0.27 26.15 85.95 372.6 22.85 5.48 4.86 2.42 11.98 38.5 6.92 14.28 99.5 16.86 14.42 6.37 10.2 7.6 102 0.77 68.3 258 9 13.96 0.195 1.88 13.96 1.55 5.1 2.3 0.127 169.6 1.39 2.46 75 89.95 3.11 14.5 11 14.06 18.98 1.22 116 2.02 3.43 5.4 2.17 9.42 1.7 5.58 1.1 14.6
29,000 3,227,900 1,210,000 392,700 190,840 86,690 393,600 3,562,100 1,000 19,797,000 55,300 96,000 210,200 702,200 30 4,300 776,600 80,200 11,363,100 421,200 83,280 519,000 210,500 791,650 200 68,400 230,000 13,884,000 15,400 209,000 7,000 178,000 30,000 1,031,430 19,274,000 3,000 8,820 430 18,014,000 112,700 123,700 714,400 134,100 2,262,000 20 30,000 6,000 16,000 5,488,000 107,300 84,000 64,900 179,000 331,500
38,860 111,917,405(16 325,500 10,267,750 16,374,264.5 32,046,528 8,992,855 19,578,050 4,860 46,595,530(1, 662,170 3,695,235 1,457,271 10,026,300 2,778 70,170 11,293,230 512,014 115,849,640 3,191,627 8,406,062.5 395,350 14,393,760.5 203,436,258 1,800 951,656 44,580 25,710,050 215,132 317,980 35,150 394,760 3,810 173,281,540 26,831,840 1 7,380 671,266 37,871 55,820,580 1,636,774 1,361,726 10,039,662 2,532,766 2,762,460 2,320 60,600 20,580 84,670 11,847,990 997,122 141,880 361,850 195,040 4,884,318
HOLDING & FRIMS 0.94 15.5 950 52.6 15.5 4.04 7.02 0.72 1.27 1.32 6.85 10.3 13.86 928.5 6.44 69.5 0.51 4.56 14.38 0.69 4.8 0.04 1.48 2.9 1.39 1,000 178.5 0.92 259 0.238 0.3
0.93 15.18 950 52.3 15.32 3.93 7.03 0.71 1.25 1.27 6.8 10.22 13.9 920 6.4 66.85 0.495 4.45 14.16 0.69 4.78 0.039 1.47 2.9 1.36 1000 176.5 0.84 257 0.232 0.285
0.97 15.8 956.5 53.3 15.5 4.04 7.03 0.72 1.27 1.33 6.81 10.3 14 928.5 6.4 69.5 0.51 4.57 14.38 0.7 4.8 0.039 1.47 2.9 1.39 1,000 178.5 0.93 259 0.238 0.295
0.93 15.16 940.5 52.25 15.3 3.89 7.02 0.71 1.22 1.26 6.76 10.08 13.54 898 6.4 65.25 0.495 4.45 14.16 0.68 4.71 0.039 1.43 2.9 1.36 975 175.9 0.84 256 0.231 0.28
0.94 15.34 950 52.6 15.5 4.04 7.02 0.72 1.27 1.33 6.78 10.3 13.86 928.5 6.4 69.5 0.5 4.54 14.38 0.68 4.8 0.039 1.47 2.9 1.39 1,000 178.5 0.89 259 0.238 0.295
28,718,000 59,000 339,350 1,196,700 4,427,100 1,693,000 16,100 97,000 4,859,000 561,000 172,500 4,015,200 147,600 119,260 140,400 1,999,510 100,000 421,000 614,700 4,776,000 19,608,000 600,000 422,000 10,000 18,000 803,510 82,980 1,991,000 990 460,000 4,870,000
27,103,940 911,116 321,825,820 62,951,191 ( 68,100,860 6,742,840 1 113,072 69,400 6,015,990 709,550 1,167,519 41,035,424 2,024,868 108,769,425 898,560 135,397,290.5 50,250 1,892,880 8,830,696 3,299,860 93,552,060 23,400 611,970 29,000 24,510 793,062,875 14,721,993 1,799,660 254,512 106,370 1,411,150
20,999,278 38,526,960.5 (634,170) (646,890) 29,776,184.5) (1,600,255) 182,030 (989,909) (462,469) (2,640) 6,160 1,125,180 9,000 ,385,155.0004) (29,150) (3,577,930) (12,093,339) (10,299,438) (8,263,500) (7,073,032) 650,109.9997) 123,440 184,932 3,591,322 (369,559) 31,370,660 2,891,410 (720,425.5) (24,640) 1,951,081.5 59,441,586 (5,562) (2,591,790) (114,516) (15,680) (1,270) 34,710,151 ,763,239.9996 2,460 25,982,560 (1,350,918) 279,340 1,487,870 (6,050) (6,795,580) (363,603) (3,180) 3,576,110 (70,176,055) 34,324,696.5) (7,854,354) ,075,440.0003 451,390 100,194 (22,185,272) 13,632 (52,649,430) (290,560) (1,589,474) (212,370) (7,773,444) (44,997,110) 515521337.5 (2,772,828) (20,556) (28,499.9999)
PROPERTY
ARTHALAND CORP 0.98 0.99 1 1.03 0.97 0.98 12,466,000 12,390,200 (391,080) AYALA LAND 50 51 50 51 49.45 51 5,717,040 286,120,873 4,108,552 ARANETA PROP 2.02 2.08 2 2.11 2 2.08 218,000 439,460 62,199.9998 BELLE CORP 2.27 2.29 2.3 2.3 2.26 2.27 63,000 143,430 (66,180) A BROWN 0.81 0.82 0.81 0.83 0.81 0.82 934,000 765,250 (25,920) CITYLAND DEVT 0.88 0.89 0.89 0.9 0.87 0.88 357,000 317,340 (890) CROWN EQUITIES 0.236 0.237 0.239 0.239 0.235 0.236 1,140,000 268,920 CEBU HLDG 6.08 6.16 6.1 6.1 6.08 6.1 900 5,488 (4,880) CEB LANDMASTERS 5.01 5.05 5.03 5.05 4.96 5.05 296,700 1,486,807 92,211 CENTURY PROP 0.59 0.6 0.59 0.6 0.59 0.59 2,420,000 1,443,510 (480,600) CYBER BAY 0.455 0.465 0.455 0.465 0.45 0.465 360,000 162,250 DOUBLEDRAGON 24.65 24.7 24.7 24.95 24.4 24.7 387,300 9,578,165 2,770,325 DM WENCESLAO 11.36 11.4 11.18 11.76 11 11.4 1,022,300 11,675,608 (1,243,540) EMPIRE EAST 0.465 0.47 0.465 0.47 0.465 0.47 210,000 98,050 FILINVEST LAND 1.89 1.9 1.9 1.91 1.87 1.9 15,755,000 29,852,550 (4,927,830) GLOBAL ESTATE 1.36 1.39 1.37 1.39 1.36 1.39 380,000 518,150 8990 HLDG 15.82 15.84 15.8 15.9 15.78 15.84 358,800 5,683,124 237,512 PHIL INFRADEV 1.7 1.72 1.7 1.72 1.68 1.7 2,016,000 3,412,820 10,140 CITY AND LAND 0.79 0.8 0.8 0.8 0.8 0.8 3,000 2,400 MEGAWORLD 6.17 6.24 6.14 6.24 6.06 6.24 11,131,900 68,238,792 3,332,175 MRC ALLIED 0.32 0.325 0.32 0.325 0.315 0.32 20,380,000 6,522,700 (243,200) PHIL ESTATES 0.445 0.46 0.44 0.445 0.44 0.445 210,000 92,850 (4,450) PRIMEX CORP 2.05 2.06 2.07 2.07 2.01 2.05 522,000 1,060,360 ROBINSONS LAND 26.6 26.7 26.55 26.7 26.3 26.6 2,228,600 59,233,305 (18,365,475) PHIL REALTY 0.395 0.415 0.395 0.395 0.395 0.395 230,000 90,850 (7,900) ROCKWELL 2.42 2.44 2.43 2.47 2.4 2.42 1,375,000 3,325,120 (24,500) SHANG PROP 3.16 3.24 3.15 3.18 3.15 3.18 11,000 34,680 STA LUCIA LAND 2.15 2.2 2.17 2.2 2.15 2.2 933,000 2,030,020 (10,950) SM PRIME HLDG 37.45 37.6 37.8 37.8 36.85 37.6 7,433,900 275,939,090 (81,271,195) STARMALLS 5.9 6 5.92 6 5.89 6 209,300 1,241,654 VISTA LAND 7.69 7.84 7.73 7.84 7.59 7.84 3,882,100 30,191,230 (1,946,091) SERVICES ABS CBN 18.6 18.64 18.22 18.7 17.8 18.6 639,500 11,691,892 GMA NETWORK 5.38 5.39 5.39 5.4 5.37 5.38 55,500 298,616 MANILA BULLETIN 0.49 0.5 0.48 0.5 0.48 0.49 239,000 117,530 GLOBE TELECOM 2,098 2,100 2098 2,116 2,058 2,100 26,305 54,877,710 (25,657,030) PLDT 1,145 1,150 1144 1,165 1,130 1,150 140,275 160,853,770 4,533,585 APOLLO GLOBAL 0.047 0.049 0.048 0.049 0.048 0.049 3,100,000 149,000 (9,800) DFNN INC 6 6.64 6.1 6.1 6 6 60,700 364,960 IMPERIAL 1.89 1.93 1.88 1.88 1.88 1.88 6,000 11,280 (1,880) ISLAND INFO 0.113 0.116 0.112 0.116 0.112 0.116 1,160,000 130,160 ISM COMM 5.3 5.31 5.26 5.32 5.26 5.31 1,692,900 8,964,460 (462,293) JACKSTONES 2.94 3.1 3 3.13 3 3.13 17,000 52,280 NOW CORP 2.46 2.48 2.42 2.48 2.39 2.48 950,000 2,332,300 (74,140) TRANSPACIFIC BR 0.35 0.355 0.35 0.355 0.35 0.35 4,440,000 1,554,250 (3,500) PHILWEB 4.25 4.29 4.24 4.4 4.12 4.25 3,416,000 14,659,380 28,720 2GO GROUP 10.82 10.9 10.8 10.98 10.8 10.9 5,900 64,204 ASIAN TERMINALS 18.18 19.88 18.5 18.52 18.04 18.16 2,300 42,002 CHELSEA 7.32 7.34 7.31 7.33 7.27 7.32 875,300 6,395,023 (32,920) CEBU AIR 93.25 93.4 94 94 93 93.4 91,580 8,536,812.5 1,500,241 INTL CONTAINER 129.6 129.7 133.1 133.9 129.1 129.7 1,519,510 197,927,916 (87,430,605) LORENZO SHIPPNG 0.9 0.92 0.9 0.92 0.9 0.92 394,000 357,010 MACROASIA 19.3 19.38 19 19.38 19 19.38 349,600 6,710,224 2 ,456,428.0001 Err:509 8.62 8.7 8.8 8.8 8.62 8.62 25,900 225,316 (9,680) HARBOR STAR 1.94 1.95 1.93 1.98 1.9 1.95 1,246,000 2,411,230 ACESITE HOTEL 1.5 1.55 1.57 1.57 1.5 1.5 161,000 243,820 BOULEVARD HLDG 0.06 0.061 0.061 0.061 0.06 0.06 10,510,000 635,470 GRAND PLAZA 10 11.46 10 10 10 10 1,100 11,000 WATERFRONT 0.76 0.77 0.77 0.77 0.75 0.76 2,426,000 1,832,940 IPEOPLE 9.43 9.7 9.7 9.7 9.7 9.7 1,000 9,700 STI HLDG 0.74 0.75 0.72 0.75 0.72 0.75 2,191,000 1,618,880 387,200 BERJAYA 2.44 2.5 2.5 2.5 2.44 2.5 14,000 34,460 BLOOMBERRY 11.42 11.48 11.4 11.5 11.38 11.48 1,131,000 12,913,278 (3,994,812) PACIFIC ONLINE 2.78 2.79 2.77 2.82 2.7 2.79 864,000 2,408,720 55,800 LEISURE AND RES 3.63 3.64 3.6 3.65 3.55 3.64 419,000 1,512,030 534,190 MANILA JOCKEY 3.28 3.36 3.2 3.39 3.2 3.28 62,000 199,610 PH RESORTS GRP 5.1 5.35 5.1 5.39 5.1 5.35 300 1,584 PREMIUM LEISURE 0.71 0.72 0.71 0.72 0.71 0.71 1,419,000 1,016,490 (203,100) TRAVELLERS 5.48 5.49 5.49 5.51 5.46 5.49 3,125,700 17,187,763 (7,807,902) METRO RETAIL 2.68 2.69 2.63 2.71 2.63 2.69 2,396,000 6,452,930 667,650 PUREGOLD 44.7 44.85 44.8 45.4 44.6 44.85 266,100 11,925,545(3, 245,824.9999) ROBINSONS RTL 79.5 79.7 78.1 79.75 78 79.5 475,860 37,642,149(2, 330,771.5004) PHIL SEVEN CORP 135 150 135.2 142 135 135 5,100 694,742 (339,720) SSI GROUP 3.24 3.25 3.2 3.26 3.18 3.24 2,717,000 8,756,500 (1,580,710) WILCON DEPOT 15.78 15.88 15.5 16 15.5 15.88 1,505,800 23,921,686 17,944,440 APC GROUP 0.51 0.52 0.53 0.53 0.51 0.52 1,371,000 703,490 EASYCALL 9.9 10.04 9.91 10.06 9.86 10.04 23,800 237,102 GOLDEN BRIA 414 423.8 424.8 424.8 423.8 423.8 110 46,628 PRMIERE HORIZON 0.7 0.71 0.7 0.72 0.7 0.71 15,675,000 11,157,900 (17,040) SBS PHIL CORP 9.29 9.4 9.4 9.4 9.29 9.29 4,200 39,359 (29,140) MINING & OIL ATOK 12.46 12.84 13 13 12.42 12.84 23,200 293,182 APEX MINING 1.27 1.28 1.27 1.28 1.25 1.28 7,423,000 9,415,220 (826,000) ABRA MINING 0.0017 0.0018 0 0.0017 0.0017 0.0017 0.0017 9,000,000 15,300 (3,400) ATLAS MINING 2.67 2.78 2.8 2.8 2.67 2.67 201,000 537,200 (534,400) COAL ASIA HLDG 0.265 0.27 0.27 0.27 0.27 0.27 120,000 32,400 CENTURY PEAK 2.72 2.75 2.72 2.72 2.72 2.72 81,000 220,320 DIZON MINES 7.55 7.56 7.52 7.56 7.52 7.55 5,400 40,766 FERRONICKEL 1.45 1.47 1.46 1.47 1.45 1.46 295,000 431,410 (42,430) GEOGRACE 0.203 0.209 0.21 0.218 0.203 0.209 2,770,000 576,550 LEPANTO A 0.112 0.113 0.107 0.113 0.106 0.112 7,100,000 785,940 LEPANTO B 0.112 0.121 0.112 0.121 0.111 0.121 810,000 91,340 2,240 MANILA MINING A 0.01 0.011 0 0.0084 0.01 0.0081 0.01 483,000,000 4,696,900 MANILA MINING B 0.01 0.012 0 0.0086 0.012 0.0086 0.011 120,000,000 1,277,600 19,800 MARCVENTURES 1.06 1.07 1.05 1.09 1.05 1.07 571,000 613,100 NIHAO 1.02 1.03 1.02 1.05 1.02 1.03 9,000 9,240 (3,060) NICKEL ASIA 2.58 2.59 2.5 2.59 2.47 2.58 3,048,000 7,719,990 (999,960) OMICO CORP 0.47 0.5 0.49 0.49 0.47 0.47 20,000 9,600 ORNTL PENINSULA 0.83 0.84 0.84 0.84 0.83 0.84 128,000 106,460 PX MINING 3.9 3.93 3.84 3.93 3.77 3.9 8,552,000 32,993,250 243,180 SEMIRARA MINING 23 23.15 23 23.15 22.4 23.15 555,700 12,637,075 (8,019,440) UNITED PARAGON 0.0063 0.0067 0 0.0064 0.0066 0.0064 0.0066 15,000,000 98,600 ORNTL PETROL A 0.012 0.013 0.012 0.013 0.012 0.013 300,000 3,700 ORNTL PETROL B 0.012 0.013 0.013 0.013 0.012 0.012 682,100,000 8,867,200 PHILODRILL 0.011 0.012 0.011 0.011 0.01 0.011 42,500,000 458,300 (22,000) PHINMA PETRO 6 6.04 5.57 6.05 5.57 6.04 2,051,100 12,227,735 (153,605) PXP ENERGY 10.68 10.72 10.46 10.88 10.12 10.68 7,224,500 76,334,046(1, 137,950.0003) PREFFERED HOUSE PREF A 98 99.6 99.6 99.6 99.6 99.6 220 21,912 AC PREF B1 485 490 490 490 490 490 2,500 1,225,000 AC PREF B2 496 500 498.6 500 498.6 500 2,000 998,592 ALCO PREF B 101 102 101 101 101 101 200 20,200 ALCO PREF C 105 - 105 105 105 105 1,000 105,000 DD PREF 100.5 101.2 101 101 101 101 15,140 1,529,140 SMC FB PREF 2 981 995 994 995 994 995 50 49,710 FGEN PREF G 104.5 105.2 105.2 105.2 105.2 105.2 40,000 4,208,000 FPH PREF C 461 498 489.6 498 489.6 498 370 181,690 GLO PREF P 497 497.8 497 497 497 497 200 99,400 GTCAP PREF A 926.5 950 950 950 928 928 40 37,340 GTCAP PREF B 945 949 945 949 945 949 1,030 973,390 LR PREF 0.99 1 0.99 1 0.98 0.99 1,147,000 1,139,010 15,680 PNX PREF 3A 100 101.7 101.7 101.7 101.7 101.7 300 30,510 PCOR PREF 2A 991 994 993 994 993 994 950 943,500 PCOR PREF 2B 999 1,019 1019 1,019 1,019 1,019 5 5,095 5,095 PCOR PREF 3A 1,013 1,015 1013 1,013 1,013 1,013 15,160 15,357,080 PCOR PREF 3B 1,016 1,018 1018 1,018 1,018 1,018 1,500 1,527,000 SMC PREF 2B 75.3 76.5 75.5 77.4 75.2 75.2 28,620 2,172,982 SMC PREF 2C 77 77.55 77.5 77.55 77 77.55 54,880 4,244,602.5 SMC PREF 2D 74.05 74.9 74.8 74.8 74.8 74.8 2,000 149,600 SMC PREF 2E 75 75.5 75 75 75 75 13,400 1,005,000 SMC PREF 2F 75.5 75.7 75.7 75.7 75.5 75.5 44,340 3,349,098 SMC PREF 2H 75 75.9 75.7 75.95 75 75.95 102,230 7,675,425 SMC PREF 2I 74.5 75.5 74.05 75.5 74.05 74.5 20,020 1,501,485.5 -
PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR
17.4 5.3
17.5 5.45
18 5.45
18 5.46
17.5 5.45
17.5 5.46
651,100 5,000
11,394,400 27,260
WARRANTS LR WARRANT
1.77
SMALL & MEDIUM ENTERPRISES ITALPINAS XURPAS
6.65 1.02
1.8
1.75
1.84
1.75
1.8
137,000
242,930
6.67 1.03
6.71 1.03
6.85 1.05
6.53 1.02
6.67 1.03
2,193,400 1,516,000
14,605,877 1,565,720
EXHANGE TRADE FUNDS FIRST METRO ETF
120.7
121.3
121
121.3
120
121.3
3,650
441,116
(9,644,400) (301,149) (112,820)0) -
www.businessmirror.com.ph
Banking&Finance BusinessMirror
Perspectives
A smarter way to authenticate customers
B
ANK fraud is on the rise. In fact, according to a recent KPMG survey of 43 major banks around the world, it’s not just the number of fraud cases that is going up; so, too, is the value of fraud overall. In large part, this increase in fraud is the result of identity theft scams. Indeed, rather than attempting some sort of high-stakes virtual bank heist for all the gold in the vault, most online thieves seem content simply stealing money from every day-customer’s accounts when they aren’t looking. To do that, they employ a wide range of social engineering scams, from phishing and spear-phishing e-mails to through pretexting and baiting scams. In response, most banks have doubled-down on security, stepping up their controls in an effort to improve their customer authentication processes. Two-factor authentication (2FA) and multifactor authentication technologies have been deployed. Real-time fraud prevention and detection tools are being adopted. New limits and step-up authentication protocols for higher risk transactions have been implemented. The problem is that—in an era increasingly characterized by competition around customer convenience and experience—adding more layers of security only introduces more friction into the customer journey. And experience suggests that, while bank customers want to be confident their money is being held securely, they do not seem to want to invest a lot of time or effort into jumping through hoops to authenticate themselves.
A better way
IMAGINE a world where users are only peripherally involved in the customer authentication process: no sign-ins; no passwords; no text verification codes—customers simply open the app or login to the web site and conduct their daily banking. Yet, in the background, complex algorithms are working away, continuously ensuring that the person using the device is who they claim to be. The algorithms check keystroke patterns on keyboards and examine the way the user swipes their screen when using apps. It measures the pace at which the user is walking, the height at which they are holding their phone, the rate at which they speak. It looks at the last few places the user has been and where they are right now. It conjures up dozens of other data points about the device user and decides if anything is out of the ordinary. If a number of data points seem fishy compared to “normal,” the
algorithm steps up the authentication process. Perhaps the user is asked to take a selfie to allow the facial recognition software to verify their identity. Maybe they are asked to provide their thumbprint. And two-factor authentication could always be used at this point to add an extra layer of security. In this world, the user experience is frictionless and fluid. Security and confidence in customer authentication is high and continuous. Incidence of fraud and theft are reduced. And resources are used more efficiently (think of how many work hours could be saved just by eliminating password resets).
Competition heats up
OUR work and research suggest that some financial institutions and tech firms are already well on their way towards stitching together the technologies and tools required to make this type of intelligent authentication a reality. Absent legacy authentication technologies or processes, many fintechs and so-called challenger banks are taking Fintechs and challenger banks recognize there is no use replicating the traditional authentication processes they are about to make obsolete the opportunity to embed intelligent authentication into their operating models from the start. It’s not just that intelligent authentication is generally cheaper, more user friendly and more secure than traditional approaches; it’s also that it is clearly the direction that technology and customer demand is going. Fintechs and challenger banks recognize there is no use replicating the traditional authentication processes they are about to make obsolete. Not to be left behind, many traditional banks are now starting to invest. In fact, two thirds of the respondents to our survey of banking leaders reported that their organization is already investing into physical biometrics technologies such as voice, fingerprint and facial recognition. More interesting still, a third says they are already investing into more sophisticated behavioral biometrics, as well. The excerpt was taken from the KPMG article, “A smarter way to authenticate customers: Reshaping the bank experience.” © 2019 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG network of independent member-firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved; printed in the Philippines. For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.
F
By Rea Cu
@ReaCuBM
INANCE Secretary Carlos G. Dominguez III wants lawmakers to approve the remaining packages of the Comprehensive Tax Reform Program (CTRP) before the year 2021. Dominguez told reporters that the most productive time to get tax reform packages e.g., increasing excise tax on alcoholic beverages and electronic cigarettes (ecigarettes), to be passed is within the next 15 months to 18 months. “Look at what happened in 2015: everybody [started] focusing on something else. So we are sure, I don’t think that it will be that much; but this is the reality
we have to face, so we have to finish this thing by 15 to 18 months,” Dominguez said at the sidelines of an event celebrating the 115th anniversary of the Bureau of Internal Revenue’s (BIR). “That is our target [before 2021].” The remaining packages under the CTRP include the following: lifting of bank secrecy laws for fraud cases; automatic exchange of information; general tax amnesty;
and, adjustments to the Motor Vehicle Users Charge under Package 1B. Included too are the following: further lowering corporate income tax and rationalizing fiscal incentives (Package 2B); proposal to broaden the tax base on property taxes by reforming the property valuation system (Package 3); and, rationalizing capital income taxation to address the multiple rates and different tax treatments and exemptions on capital income and other financial instruments (Package 4). “I think we can do the most [within the 15-18 months’ time frame]; can be the most productive time, because [by] 2021 everybody is looking somewhere else already,” Dominguez added. He noted that the focus would be preparations for the May 2022 Presidential elections. This means that those who wish to run for of-
Rates markets ripe for shake up as five Asia central banks meet
T
HIS week looms as a key one for Asian financial markets with no less than five central banks set to hand down decisions that may set the tone for the rest of the year. Markets are predicting policy makers in India, the Philippines and New Zealand will all cut interest rates to shore up faltering growth, while those in Australia will pause after back-to-back moves, and Thailand looks set to avoid lowering borrowing costs at all. Here’s a roundup of what rates markets are pricing in for each of the central banks reporting this week, and some possible trades suggested by their diverging outlooks. The Reserve Bank of Australia (RBA) is first up on Tuesday, with markets expecting it to stay on hold after cutting rates in June and July to a record 1 percent. The next reduction is currently priced for December, with a further one expected in mid-2020. There’s a growing perception the RBA may be unwilling to lower its benchmark below 0.5 percent, suggesting there is a possible floor for rates just a few basis points below next year’s pricing. This would appear to create an asymmetric risk, i.e., there’s a much more room for rates to rise than fall. The Reserve Bank of New Zealand (RBNZ) announces policy on Wednesday. Markets are fully pricing in a 25-basis-point cut from the current 1.5 percent, a follow up to a similar move in May. Swap markets
GRAMEEN Project and Business Development Manager Mark del Greco (from left), Grameen CEO Duncan Power, RCBC Executive Vice President and Chief Innovations and Inclusions Officer Lito Villanueva, Rolando Romasanta, Grameen Strategic Partnership Development director, and RCBC Vice President and Head of Product Development, Digital Enterprise and Innovations Group Jacqueline Salazar.
R
B3
Finance chief: Tax packages must be approved before 2021
suggest the central bank will cut again later this year, and possibly once more by April. A lot is priced in, but RBNZ has said it may allow interest rates to fall as low as minus 35 basis points, according to a Treasury paper prepared earlier this year looking at options for unconventional monetary policy. That means there’s plenty of room for rates to go lower. The Reserve Bank of India (RBI) also announces on Wednesday, and markets are broadly pricing in a rate cut this week and another in the next six months. The central bank lowered its repurchase rate to a nine-year low of 5.75 percent in June, and paved the way for more easing. Significant rate cuts would do a lot of good for the country, Finance Minister Nirmala Sitharaman said last week. More easing is coming and that should be bullish for Indian swap rates, especially as there’s plenty of room to keep cutting if inflation stays in check. Data released earlier this month showed consumer prices rose 3.13 percent in June from a year earlier, below RBI’s target of 4 percent. Some economists are predicting a rate cut when the Bank of Thailand meets Wednesday, but the market isn’t pricing one in. The central bank has preferred to use verbal intervention and reducing bond supply to guide the local currency rather than adjusting interest rates. The stronger dollar has taken some pressure off the baht (and the central bank) and may help push up short-dated
Grameen to pilot test bank’s digital currency technology
IZAL Commercial Banking Corp. (RCBC) said a nongovernment organization will pilot its ePiso to create a more efficient process in disbursing loans to its borrowers. Gr a me e n P i l ipi n a s, a nongover n me nt
Monday, August 5, 2019
organization (NGO) that provides microloans alongside serving financial literacy programs to micro-businesses, is among the first to utilize the country’s first fiat-based digital currency technology. Called ePiso, this technology is
rates as well. The forward curve has shifted lower since the end of May with three-month money-market rates fixing about 30 basis points below the central bank’s benchmark. This would typically signal lower rates, but in this case appears to reflect a stronger baht, and the flat-term structure argues against any change in central bank rates. After a pause in June, Bangko Sentral ng Pilipinas appears ready to play ball when it meets on Thursday. The forward curve has tumbled about 70 to 90 basis points since late May, and markets are pricing in around 50 basis points of rate cuts over the next quarter. This suggests the overnight rate will drop to about 4 percent, though the pricing is a bit unclear given the noise from the credit component. Annual inflation has slowed over the past six months, with economists predicting a decline to 2.3 percent for July, which would be near the bottom of the central bank’s 2 percent-to-4 percent range. This should give a further boost to rate-cut bets.
Takeaways
THE diverging outlooks for the five central banks announcing policy this week throws up a number of potential trades. Signs of stability in Australia and a possible floor under rates provide some room for Aussie short-end rates to rise, particularly against those of New Zealand where there is plenty of scope to ease. Bloomberg News
approved by the Bangko Sentral ng Pilipinas, RCBC said in a statement. “This will help sustain their initiatives toward a financially included community.” Formerly known as Grameen Australia Philippines, the said NGO works toward sustainable development through microfinance for both rural and urban settings, wherein their service demographic often includes housewives and sari-sari store owners. Through RCBC’s ePiso, Grameen Pilipinas may now remotely disburse loans directly to its borrowers, creating a more efficient process by eliminating cash handling risks. “Borrowers may also encash their digital currency through the accredited ePisomerchants within their area,” RCBC said. “They may also top up their ePiso through these merchants and do their week ly payments with more ease and convenience.”
fice will be busy mounting their respective election campaign, Dominguez explained. The Department of Finance (DOF) has proposed last June that the Duterte administration’s economic team meet with Congress every week to hasten the approval of measures noted as urgent by the president. Dominguez said more frequent engagements will prevent bills approved by Congress from being vetoed by the President for going beyond the limits of the fiscal discipline observed by Duterte. Doming uez ex plained that “fiscal discipline guarantees not only prudent state spending, but also ensures that the government has enough resources so that new measures do not take away money from millions of poor Filipinos who also need help through existing programs.”
South Korea vows support for firms affected by Japan’s curbs
S
OUTH Korea’s Financial Services Commission (FSC) said it will give “swift and sufficient” financial support to companies affected by Japan’s export restrictions in an effort to limit the impact on the economy. Financial institutions including the Korea Development Bank will immediately extend the debt maturity of companies affected by Japan’s export restrictions by a year, while commercial banks will voluntarily carry out the measure, FSC Chairman Choi Jong-ku said in a statement on Saturday. South Korea and Japan stepped up their fight over trade this week, leaving little room for a quick way out in the dispute that threatens security ties and supply lines. Japan removed South Korea from a list of trusted export destinations, while the latter said it plans to cross its neighbor off a preferred-trade list. The South Korean government plans to expand liquidity supply through various supporting programs, according to the FSC. It is prepared to stabilize markets, Choi said. The FSC has started operating an emergency response team to monitor the situation and its impact on businesses. South Korea’s parliament approved an extra budget last Friday to support a sluggish economy. It included about 273.2 billion won ($228 million) as a response to Japan’s expanded export restrictions. Bloomberg News
B4 Monday, August 5, 2019
ANGELICA TIONGSON MONTECLARO GRADUATED SUMMA CUM LAUDE
Transport and Logistics Philippines 2019 to showcase international brands
T
HE Transparency Market Research, a global market research firm, forecasted the Philippines’ freight and logistics market to reach up to P3.26 trillion by 2023. True enough; the Filipino population is seeing this strong demand for storage facilities and warehouses especially for food, beverage, apparel, and other parcels. There was also a significant increase in the popularity of express delivery at premium price. This movement in the country’s economy resulted from greater spending power brought by the robust economy. With this foreseen growth in the industry, it is important that the key people in the sector remain updated with what’s new in the market. This is where the 7th edition of Transport and Logistics Philippines comes in. The event is expected to unite 200 of the biggest suppliers in the industry covering 15,000 sq.m of exhibition space to show off their
latest products and services to the owners of various transport and logistics companies in the country. Set on August 15 to 17 at the World Trade Center, Metro Manila. Interested visitors are encouraged to register at www.transportandlogiscticsphilippines.com for a free pass to the expo. “One of the greatest challenges in addressing our market demands is not only looking for efficient distribution channels but supporting your business with cost effective solutions and technologies,” shared PatrickLawrence Tan, CEO of Global-Link MP Events International Inc., organizers of the event. “This show serves as a platform for introducing up-to-date solutions in the sector. Through more than Transport and Logistics Philippines, every consumer, every business will have the chance to source efficient and economically possible technologies that can help them grow.”
The 2019 edition will bring together hundreds of manufacturers and distributors of commercial vehicles, trucks, buses, and supply chain technologies in a single venue. Participating brands include Sobida Motors Corporation, Sojitz Fuso Philippines Corp, JAC Automobile, G-Technica Equipment Corp., Man Automotive Concessionaires Corp., The Legacy Trucks & Tractors, Inc., JMC Philippines, Hino Motors Philippines, PPC Asia Corp., K-Lift Industrial Corp., Civic Merchandising, Inc., MHEDemag Inc., Powerlifters Philippines Inc., and more. There are also international pavilions from China, Taiwan, Korea, Singapore and Germany that are focused on the aftermarket industry for auto, trucks, motorcycle parts and accessories. Some of these international companies are Guangzhou Boyi Exhibition Co. Ltd., SCS Co. Ltd., Aceally (Xiamen) Technology, Spieth (Xiamen) Technology Co., Ltd., Jiangsu Guteyou Automation Technology Co. Ltd., Jiangsu Gaxiao Environmental Technology Co., Ltd, Ningbo Donghai, Noblelift Intelligent Equipment, Lht Holdings Limited, Zoho Corp. and a lot more. The show also features a 1-day Transport & Logistics Forum which aims to become a sharing platform on the relevant updates and an in-depth understanding of the latest trends, challenges and best practices in the market today. Scheduled on August 15, topics include “Port Regulations after Build Build Build – Ease of Doing Business Law Update”, “ Procurement and Logistics”, “Philippine Logistics Roadmap”, Best Practices in E-Commerce and 3PL”, “Supply Chain Automation – Innovative Warehousing System with Robotics” and “Smarter Philippines for Digital Alignment”. To reserve a seat and inquire about registration and fees, send an email toem. fajardo@globallinkmp.com.
from the Arizona State University with a BA in Digital Culture (Web Design) on May 8, 2019. She is the daughter of Proceso “Bobby” Monteclaro II and Theresa “Tetet” Tiongson from Cabanatuan City. Angelica is the grand daughter of the late Proceso “Esong” Monteclaro who hailed from Naguilian, Isabela and Priscilla “Ising” Callangan of Tuguegarao City.
BPI celebrates 168th Anniversary: Building a Better Philippines
BISHOP Broderick Pabillo, Auxiliary Bishop of Manila, celebrates the Holy Mass during BPI’s 168th Anniversary. With him are the bank’s Board of Directors, led by BPI Chairman Jaime Augusto Zobel de Ayala (3rd from left) and BPI President and CEO Cezar P. Consing (6th from left).
168 Years: Bank of the Philippine Islands kicks off its 168th anniversary with a Holy Mass celebrated by His Excellency Most Reverend Broderick Pabillo, DD, Auxiliary Bishop of Manila. With him are BPI Chairman Jaime Augusto Zobel de Ayala (beside him on his left), BPI President and CEO Cezar P. Consing (second person to his right), and other members of the BPI board and employees.
MERALCO POWER UP FORUM Some 92 participants from 74 companies attended the latest Meralco Power Up Forum to discuss the intricacies of the new Energy Efficiency and Conservation Law last June 28, 2019. Pictured above, from left to right are Philippine Energy Efficiency Alliance (PE2) President Alexander Ablaza; MSERV VP and Head, Commercial Services Philip Roxas; San Beda University VP Fr. Red Nilo; LANDEV President Mario Paguio; and Meralco VP and Head, Corporate Business Group Ma. Cecilia M. Domingo. The interactive Meralco Power Up Forums are designed to address Meralco’s enterprise customers’ distinctive energy requirements, and have been a key source on the latest developments in the country’s evolving power sector and a well spring of information on the utility’s cutting-edge, end-to-end energy solutions. Signed on April 12 by President Rodrigo Duterte, the law known as Republic Act 11285 effectively institutionalizes energy efficiency and conservation, further granting incentives to businesses that put into practice energy efficiency and conservation projects.
Canon warns against fraudulent online shops
C
ANON Marketing (Philippines), Inc. (CMPI) warns the public about suspicious websites posing as Canon resellers that offer their line of popular consumer products such as cameras and lenses at absurdly low or discounted prices. It is reported that after accepting payment, these online stores do not fulfill the order and no products delivered to the customer. There is also no means to reach out to these entities to raise complaints or ask for refunds. “We at Canon urge the public to take precautions to avoid falling victim to online scams and fraudulent websites. We want to protect our customers from these unscrupulous websites thereby ensuring that our customers only get authentic Canon products from authorized resellers in exchange
for their hard-earned money,” said CMPI Vice President Anuj Aggarwal. CMPI has also learned that these fraudulent websites are running advertisements in popular social networking sites to lure potential victims. “We have informed these social media platforms about this ongoing scam and we are working closely with them to have the misleading ads removed immediately from their platform,” explained Aggarwal. CMPI encourages their customers to only purchase from trusted retail outlets and websites, and via their flagship stores found in online shopping platforms Lazada and Shopee. Customers may also visit an authorized reseller near them. To find one, please go to https://ph.canon.
L
IMA, Peru—Brazil’s Lena Guimaraes risked it all on the last wave and it paid off when she won gold in paddleboard on Friday at the Pan American Games, where surfing is making its debut as a sport. The victory was a huge feat for the Brazilian, who beat International Surfing Association world champion Candice Appleby of the United States. Puerto Rico’s Mariecarmen Rivera took bronze. Appleby dominated most of the 5-kilometer distance race by zig-zagging through the main surf break at Punta Rocas beach. But she lost the heavy break shore finish when she was tumbled by a steep inside wave. “I had a great race. I led from the start and almost to the finish but I got caught by one of those sets inside the shore break and there wasn’t much I could do about it. I’d say I got a gold medal beating, that’s for sure,” Appleby said. “But I’m grateful to take this medal for my country. Obviously, I came for the gold, but I’m going home with a smile.” Guimaraes also beamed, her face covered in sand. “The final was really tough. It was against Candice who was the favorite one because she’s not only a great rower but a great surfer,” she said. In the final distance, Guimaraes said she saw a shortcut, and out of the corner of her eye she saw that Appleby and Rivera took a “more conservative” route to avoid the fall. “I said to myself: ‘I’m going to take it.... It’s all or nothing,” she said. The crowd gasped when a huge wave broke in the end. But Guimaraes made it to the shore and crossed the sandy finish line. “I didn’t even know what position I came in,” she said. “I thought Candice had arrived and I was already so happy with the silver. Then I started running. My legs hurt so much. It seemed like trekking a mountain. Then I saw that she was behind. So the boldness worked today.” In the men’s race, American Connor Baxter won the gold medal, paddling through the main surf break three times to end in pounding shore break. “Beyond stoked to take the gold medal and bring it back home to my friends and family,” said the Hawaii-born Baxter, who is also an ISA world gold medalist. ISA President Fernando Aguerre said the first stand-up paddle (SUP) gold medals at the Pan Am Games marked a historic day for surfing. When Baxter crossed the finish line, Aguerre hugged him and told him that he’d remember the moment for life. “And [Baxter] says: ‘We belong on the beach. We belong in the ISA. We’re a surfing sport,’” Aguerre told The Associated Press in an office that overlooked the ocean. “And I think this is important because, as you know, we’ve had some challenges from the [International] Canoe Federation, and this is not really canoe. This is surfing.” AP
Brazil wins first Pan Am Games paddleboard gold on last wave
Argentina’s surfers hoping to make waves at Olympics
L
Sports BusinessMirror
BRAZIL’S Lena Guimaraes paddles to win the gold medal in the women’s SUP race final. AP
C1
| Monday, August 5, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao
CRISIS CONTINUES AT BOXING BODY U NCERTAINTY surrounding the future of the International Boxing Association (Aiba) is set to continue following claims that a request will be made to postpone the election of the replacement for Gafur Rakhimov as president of the embattled body. Aiba Executive Director Tom Virgets told insidethegames that the Executive Committee will consider a suggestion to move the Extraordinary Congress, scheduled to take place on November 15 in Lausanne. Virgets admitted there was no guarantee it would be switched but the American admitted concerns had been raised regarding the date agreed by the ruling Executive Committee at its meeting in Geneva in June, held after the International Olympic Committee (IOC) suspended Aiba’s recognition as the Olympic governing body for the sport. In a letter to Executive Committee members, seen by insidethegames, Virgets said that some wanted the Congress to be convened to change the statutes to pave the way for elections to be held at a separate meeting. Under Aiba’s statutes, a new president must be ARGENTINA’S Santiago Muniz competes in the men’s open surfing repechage Round 2. AP
RAKHIMOV
chosen within 365 days of the election of the interim head of the organization. Mohamed Moustahsane was elected to the role on March 29, meaning the Congress to select Rakhimov’s permanent replacement must take place no later than that date next year. It is thought some members of the Executive Committee are pushing for the presidential election to be pushed back from its November date to beyond the March 2020 deadline, which could prolong the crisis at Aiba. According to the governing body’s statutes, the date and place of the Congress “cannot be changed unless unforeseen circumstances occurred or in a case of force majeure.” The final decision on any potential switch rests with the Aiba Executive Committee. A task force was created to oversee preparations for the Extraordinary Congress and to ensure Aiba has enough money to stage it at the June meeting. Concerns regarding whether the Extraordinary Congress will be staged as planned have increased since after Virgets told Executive Committee members none of the decisions taken at the meeting, including the creation of the task
VIRGETS
force, have been implemented. It was one of three groups set up at the extraordinary meeting in the Swiss capital, with the other two focusing on relations with the IOC and its perilous financial situation. The members of the respective commissions have not yet been appointed by Aiba. “Unfortunately, only two of these issues have been addressed and voted on, and to date, their implementation has not taken place,” Virgets wrote. The American, who retained his position as executive director and is one of only four remaining employees at Aiba, also made a call for unity in his letter, amid a divide within the Executive Committee sparked by the crisis following the IOC decision. “Unity and finances have to be the primary focus,” Virgets wrote. “The IOC will decide who are the desirables and the undesirables of our organization, and who of us will be allowed to stay and who must go as a condition of Aiba being accepted back into the Olympic family. “This is the IOC’s determination, and we are not in control of the outcome of the decision, so it should not be
MOUSTAHSANE
our focus,” he said. “Our focus must be on the things we can control which is primarily to bring together all of our limited manpower and financial resources and collectively find solutions to Aiba’s financial issues.” “The governance solutions will be delivered to us by the IOC, it will be the Executive Committee’s decision as to whether or not to accept their terms,” he added. “But Aiba will not be able to make that decision if the Executive Committee remains divided like it is today. Therefore, another focus must be on doing whatever is necessary to bring unity to the Aiba Executive Committee.” Rakhimov, whose election as president last November triggered the IOC investigation into Aiba owing to his status with the United States Treasury Department as “one of Uzbekistan’s leading criminals”, formally resigned last month. The 68-year-old had stepped aside in March following pressure from the IOC and his resignation was widely expected after the Executive Committee scrapped a controversial bylaw which effectively allowed him to return as president without an election. Insidethegames
IMA, Peru—On a Peruvian beach, Argentina’s passionate sports fans have been waving the country’s sky-blue and white flag this week for a group of athletes looking to make a splash at next year’s Tokyo Olympics. More known for its soccer players, Argentina is also home to a wave of top-class surfers who are hoping to challenge traditional powerhouses Australia and the United States when the sport makes its Olympic debut in 2020. Those surfers include Latin American champion Ornella Pellizzari and two-time World Surfing Games winners Santiago Muniz and Leandro Usuna. They all competed Friday at the Pan American Games, where they can qualify for Tokyo. And watching from the stands—in a Hawaiian shirt—has been another Argentine lifelong surfer who helped make that Olympic dream possible. Fernando Aguerre, the president of the International Surfing Association, was the driving force behind the sport’s inclusion at the 2020 Games. He has also been instrumental in helping surfing go from being banned in Argentina in the late 1970s to becoming a popular pastime. “We have waves, they’re not big, but there are good quality waves. Argentina’s population grew and people got excited about surfing,” Aguerre told The Associated Press. “It’s really incredible because surfing is now part of the culture of the sea.” So much so that the beach resort city of Mar del Plata, where Aguerre, Pellizzari, Muniz and Usuna were born, was officially named Argentina’s surfing capital by Congress in 2014. “It was very special for us because it’s one of those rare occasions in which the opposition and government parties voted unanimously to approve the law,” said Aguerre, who was also the cofounder of the Reef sandal and surfwear company. “So you could say that surfing unites Argentinians.” Aguerre’s passion for the sea came from his mother, an ocean swimmer. At age 12, he learned how to ride waves with his brother Santiago in Mar del Plata, about 400 kilometers southeast of Buenos Aires on the Atlantic coastline. “We discovered that people were standing on waves, which for us was a complete ‘Wow!’” he said. “We were able to eventually buy our first boards. And that was it.... It was a love affair that never ended.” As in other places around the world, surfing has at times gone against the current. But in Argentina, the brutal military dictatorship even banned surfing in 1978. Aguerre challenged that ban when he founded the Argentine Surfing Association, and it was lifted in 1979, four years before Argentina’s return to democracy. When he moved to California in the mid-1980s, he cofounded Reef with his brother and first surfing partner. He later sold the stake to focus on the ISA. Surfing has turned into a multibilliondollar sport with millions of faithful worldwide. Argentines caught on to the wave-riding fever thanks to easier access to inexpensive boards and were inspired by the victories of its surfers. Muniz first won the ISA championships in 2011 and again last year. Usuna won gold twice, in 2014 and 2016. “So here, we have two gentlemen within the last decade who won four world championships, representing Argentina,” Aguerre said. “That piqued a lot of interest, because let’s face it: everybody likes a world champion, especially if it comes from your country, and surfing wasn’t really a traditional sport in Argentina. Many probably expected an Australian or an American, the leading traditional surfing nations to win, and it’s an Argentinian.” Argentine fans also waved the national flag when Muniz won the gold last year at Japan’s Pacific Long Beach, about 120 kilometers from where surfing will make its Olympic debut in Tokyo. On a recent break from catching waves, he said he was stoked about a sport that in Argentina is now synonymous with his hometown and that continues to swell. “Surfing is growing more and more. And it’s amazing,” Muniz told the AP. “It’s good for our country. It’s good for our city of Mar del Plata that this is happening so it continues to grow. And I’m just happy to be a part of this.” AP
C2
Spo
Business
Monday, August 5, 2019
Thiem’s ‘childhood dream’ comes true
GREEN STAYS WITH WARRIORS THE Golden State Warriors and Draymond Green agree on a four-year, $100-M extension. AP
D
RAYMOND GREEN entered this off-season vowing that the Golden State Warriors would remain a contender for National Basketball Association (NBA) titles. His opinion hasn’t changed. Green and the Warriors have agreed on the terms of a four-year extension worth nearly $100 million, a person familiar with the situation told The Associated Press on Saturday. The person spoke to the AP on condition of anonymity because the deal was unsigned, though that was expected to be completed imminently. ESPN first reported the agreement, citing Green’s agent, Rich Paul. Green’s new deal will start with the 2020-21 season, so he is under contract through 2023-24. Klay Thompson signed a five-year, $190-million extension with the Warriors last month, and Stephen Curry is under contract through the 2021-22 season, so three major pieces of the Warriors’ half-decade of success are now locked up for at least three more years. “I think everybody thinks it’s kind of the end of us,” Green said in June, after the Warriors lost a six-game series to Toronto in the NBA Finals and saw their run of two straight titles come to an end. “But that’s just not smart. We’re not done yet.... But, yeah, I hear a lot of that noise, ‘It’s the end of a run’ and all that jazz. I don’t see it happening though. We’ll be back.” The Warriors added All-Star guard D’Angelo Russell this summer, while losing two-time NBA Finals MVP Kevin Durant to Brooklyn, as well as parting way with Andre Iguodala, DeMarcus Cousins and Shaun Livingston. So in many ways it will be a different Golden State team this coming season, when
the five-time defending Western Conference champion begins playing its home games in the new Chase Center in San Francisco after moving from Oakland’s Oracle Arena. But the core—Curry, Green and, when he returns from his ACL injury, Thompson—will still be around. “Our core—myself, Klay, Draymond, adding D’Angelo and a lot of hungry, young guys trying to prove themselves in the league—it will look different in terms of the lineups and things like that,” Curry said last month. “But the expectations of how we play and that championship-caliber basketball, that’s going to be for us always be the motivation and the challenge.”
K
Over the past five seasons, the Warriors have won 77 percent of their games, including playoffs—a total of 399 wins, 100 more than any other NBA team in that span. Green has been an enormous part of that success. He is one of the league’s elite defenders, a five-time All-NBA defensive team selection and the defensive player of the year in the 2016-17 season. Green, Curry and Thompson are the lone remaining Warriors players to have been on each of their last three NBA championship teams, in 2015, 2017 and 2018. Green averaged 7.4 points, 7.3 rebounds and 6.9 assists per game last season. Only four other NBA players—LeBron James, Ben Simmons, Nikola Jokić and Russell Westbrook—averaged at least that much in all of those stat categories. Including playoff games, Green also had six triple-doubles last season. That tied him for seventh most in the NBA. Westbrook, meanwhile, knows he’s in for a huge change in his move from the Oklahoma City Thunder to the Houston Rockets. And he’s ready to do whatever it takes to make the move work as he prepares to play with James Harden for the first time since 2012. “To be able to win something you have to be able to sacrifice some parts of your game and we both understand that,” Westbrook said. Westbrook was introduced in Houston recently after being traded from the Thunder for Chris Paul and draft picks this month. General Manager Daryl Morey beamed as he sat next to Westbrook when he made his first appearance as a Rocket. AP
ITZBUEHEL, Austria—Dominic Thiem won his 14th career ATP title and first in Austria when he beat Albert Ramos-Viñolas of Spain 7-6 (0), 6-1 at the Generali Open on Saturday. The fourth-ranked Austrian, who didn’t drop a set all week in the last clay-court event of the season, called it “a big childhood dream of mine” to win the highaltitude tournament in the Austrian Alps. “It is absolutely incredible, one of my biggest dreams since I play tennis,” said Thiem, adding he always wanted to win the event since visiting the venue as a sixyear-old. Thiem had reached the final in Kitzbuehel once before, in 2014, but lost to David Goffin. “There is no better thing for an COCO GAUFF athlete than having this kind of is also doing well success in front of your home in doubles. AP crowd,” said the 25-year-old Austrian, who joined Novak Djokovic and Roger Federer as the only players who have won three tournaments this season. Coco Gauff reached the Citi Open women’s doubles final Friday with fellow teenager Caty McNally, who also is into the singles semifinals in her first appearance in the main draw of a Women’s Tennis Association tournament in Washington. Gauff and McNally routed the third-seeded team of Russian Anna Kalinskaya and Miyu Kato of Japan, 6-1, 6-2. The Americans will face the No. 4 seeds, American Maria Sanchez and Fanny Stollar, on Saturday. Gauff, the 15-year-old who reached the fourth round at Wimbledon, and the 17-year-old McNally were given a wild card into the tournament. Their victory Friday came after McNally returned to the court after pulling off the latest upset in the women’s field. AP
orts
sMirror
J
UVIC PAGUNSAN heads to Riviera this week looking to set a norm on the Philippine Golf Tour (PGT)—win four straight championships—as he banners a stellar international field in the International Container Terminal Services Inc. (ICTSI) Riviera Classic beginning on Wednesday at Riviera’s Langer course in Silang, Cavite. Pagunsan swept the last three legs of the four-stage PGT Visayas swing in Bacolod, Negros and Iloilo last June, matching Tony Lascuña’s couple of streak of feats in 2014 and 2016 and making him the marked man in the P2.5-million event serving as the sixth leg of the 10th season of the country’s premier circuit. But the long break could pave the way for a wide-open battle for the top P450,000 purse in the 72-hole championship sponsored by ICTSI with the cream of the crop, led by reigning Order of Merit champion Jobim Carlos, plus a slew of foreign aces, including Cebu leg titlist and Manila-based Guido van der Valk of the Netherlands, eager and ready to foil Pagunsan’s drive for a fourth win-in-row. The region’s former No. 1 is actually seeking to make it back-to-back at Riviera this year following his breakthrough victory on PGT Asia last March where he beat Angelo Que by seven. But extending his PGT run won’t come easy for the smooth-swinging Negrense given the depth of the competing field that is also priming up for a fourleg Mindanao joust next month. They include Jay Bayron, who like Carlos, has also reigned at Riviera in 2016 where he nipped Clyde Mondilla in sudden death, along with PGT Asia leg winners Jhonnel Ababa, James Ryan Lam,
Monday, August 5, 2019 C3 Justin Quiban and Joenard Rates and perennial contenders Michael Bibat, Zanieboy Gialon, Rufino Bayron and Keanu Jahns and former club pro Marvin Dumandan. Carlos edged Lascuña in the PGT Asia leg at Riviera last year in a victory that sparked the former national amateur champion’s surge that saw him win two more PGT legs on his way to clinching the OOM crown. But the locals will be up against a host of talented foreign rivals, headed by Korean-American Micah Shin, the former The Country Club Invitational winner who honed his talent and skills in Davao, and Thais Kammalas Namuangruk and Tawan Phongpun. Also tipped to contend in the event organized by Pilipinas Golf Tournaments Inc. are Korean Hwang Myung Chal, Aussie Calum Juniper, Japanese Ryo Nishimura and Keisuke Takahashi, Argentina’s Emilio Parodi and Jesus Rafael Parra of Venezuela. A select number of pros, meanwhile, will team up with officials and guests of the event’s chief backers, including ICTSI, Custom Clubmakers, Meralco, Champion, Summit Mineral Water, K&G Golf Apparel, BDO, Sharp, KZG, PLDT and MY Shokai Technology Inc., in the traditional pro-am tournament on Tuesday.
JUVIC LEADS RIVIERA CAST
JUVIC PAGUNSAN looks to set a norm on the Philippine Golf Tour—win four straight championships.
Future triathlon stars vying in Cebu IronKids T HE future of Philippine triathlon takes the spotlight ahead of the pros as they dispute top honors in various age divisions in the Alaska Fortified IronKids Philippines on Saturday at Shangri-La’s Mactan Resort and Spa in Cebu. Now back as a swim-bike-run event, the chase for crowns in four age groups ranging from six to 14 years old is expected to be fierce with Cebuana Moira Erediano gunning for back-to-back titles in the girls’ 13-14 category (400-meter swim/12-km bike/3-km run). Three hundred and 48 kids have so far registered as of Friday with the roster expected to swell before the deadline set on Wednesday. For details, log on to ironkidsphil.com. Other titles to be disputed are in the 11-12 (300-m swim/9-km bike/2-km run), 9-10 (200-m swim/6-km bike/1.5km run) and 6-8 (100-m swim/3-km bike/1-km run) age categories. Fresh faces are also expected to shine as they seek to upstage the fancied names in the event starting at 6 a.m. and which also serves as a fitting appetizer to the second Regent Aguila Ironman 70.3 Asia-Pacific Championships powered by Philam Vitality on Sunday in Mactan, Cebu. The Herbalife IronGirl will actually kick off the Ironman 70.3 weekend on Friday with 1,400 joining the 5-km fun run for girls’ 12 years old and above. Other activities lined up on Saturday are the TYR Swim Out, the Expo Open, the pro race briefing,
and a race-day tips from Ironman legends Lance Watson and Belinda Granger. Launched over a decade ago, the Alaska IronKids has become one of the highlights of each Ironman competition. The event is staged to promote a wellbalanced lifestyle for kids and at the same time serves as venue for family bonding. It is also held to help kids develop the values of discipline, hard work, integrity and determination through a series of races. Meanwhile, Mexico’s Mauricio Mendez braces for a strong challenge from the likes of former world champion Tim Reed and multi-titled Sam Betten along with fellow Australians Tim van Berkel, Luke McKenzie, Lindsey Lawry, Mitch Robins and Justin Ghosh, Czech Jakub Landghammer, Bahrain’s Eric Watson and New Zealand’s Terenzo Bozzone in the centerpiece men’s pro category of the eighth Ironman 70.3 to be staged in the country’s triathlon hub.
CHARCOS RISES TO OCCASION E
DGAR CHARCOS was well aware of what the future holds for University of Perpetual Help as he dribbled the ball in the closing moments of its game against Arellano University. But with the score tied at 73, the veteran court general took it upon himself to save the Altas from further depths, playing the role of hero as he drained the game-winning floater with 3.4 seconds to spare, giving his side a tight 75-73 victory last Tuesday. That snapped Perpetual Help’s three-game losing skid in the National Collegiate Athletic Association Season
MOIRA EREDIANO g oes for another victory in Cebu.
Patrombon rips Anasta, keeps Suarez net title
J
ESON PATROMBON whipped doubles partner Vicente Anasta with a superb all-around game and posted an easy 6-0, 6-1 victory to rule the Palawan Pawnshop-Palawan Express Pera Padala (PPS-PEPP) Fr. Fernando Suarez Open Championships for the second straight year at the Brent Tennis Center in Biñan, Laguna, last weekend. Patrombon kept his run of good form from the first round to the semis, where he dispatched Fritz Verdad, 6-0, 6-1, and hinted at a one-sided title duel when he held serve and broke Anasta in all his turns to complete the first set rout. Anasta finally held serve in the fourth game of the second frame but after Patrombon took the next, the latter broke the former again then held serve for last time via four straight points after going 0-15 down to extend his reign in the event held in honor of healing priest Fr. Suarez. Patrombon, who beat absentee and fellow Davis Cup veteran Johnny Arcilla via the same
fashion last year, pocketed the top P30,000 purse with Anasta, who repulsed Leander Lazaro, 6-1, 3-6, 7-5, in the Final Four, receiving P15,000 along with the two losing semifinalists. Patrombon and Anasta later teamed up to thwart Lazaro and Verdad, 6-1, 6-7(5), 10-5, to clinch the doubles plum worth P20,000. Meanwhile, Joseph Victorino and Roy Tan trounced Joey Koh and Keff Gamana, 8-4, to capture the proam crown, one of the side events of the tournament put up by the PPS-PEPP that also featured the Legends division. Jonathan Bernardo and Jonathan Miranda nipped Expedito Lim Jr. and Noel Lontok, 8-7(7), in the semis then blasted Eddie Gomez and Roy Tan, 8-5, to bag the Legends 40-and-above diadem while Aldrin Geluz and Nasser Mortiga posted a pair of 8-3 romps over the Ernie Dinio-Remo Librodo and Henry EscalanteJackie Tomacruz in the semis and finals, respectively, to nail the Legends 50-and-above crown.
EDGAR CHARCOS makes the Altas proud.
Aranar-Nualla pair prevails
S
EAN MISCHA ARANAR and Ana Leonila Nualla led all winners of the recent 2019 Dance Sports Council of the Philippines Inc. (DSCPI) Midyear Ranking and Competition at the Ballroom Hall of Valle Verde Country Club in Pasig City. Aranar and Nualla, who are qualified for this year’s Southeast Asian Games, beat Mark Jayson Gayon and Mary Joy Renigen and Tristan John Ducay and Aileen Patrice de Lara to win the Grade A Standard title of the competition
President Trump’s sons watch Covington beat Lawler
N
EWARK, New Jersey—Colby Covington didn’t need to wait for another invite to the White House to chat with President Donald
Trump. The UFC star had a direct line to the president and received a congratulatory call after his latest dominant victory inside the octagon. Covington wagged his tongue, landed his strikes, and coasted to a unanimous decision over Robbie Lawler in the 170-pound main event fight of a rare Saturday afternoon card at the Prudential Center. Trump’s two adult sons, Don Jr. and Eric, rooted on Covington from cageside seats and snapped pics throughout the day with several wellwishers. Covington scaled the cage and smiled as he pointed toward the brothers after securing a 50-44 50-45, 50-45 victory.
Covington visited Trump in the White House last year and the president sent a pre-fight tweet wishing luck for the “Make America Great Again” loyalist. “He just said he appreciates everything I’ve done, he wants me to come back to the White House to shake his hand again and hang out with him at the Oval Office,” Covington said about the phone call. “He just appreciates how much I do. I’m the hardworking American.” The fight mixed politics and the fight game like few others in UFC history. “You know you got a big fight when the President of the United States is tweeting about it,” UFC President Dana White tweeted. Unlike some champions that have distanced themselves from the White House, Covington
(15-1) wrapped himself in an American flag after he won and gave shout outs to the Trump family. Bruce Springsteen’s “Born in the USA!” soon blared from the speakers to close the show. “I was truly inspired when the first family came backstage to see me before the fight,” Covington said inside the cage. “Let’s give it up for the Trumps! They’re keeping America great.” Eric stood and clapped when Covington— wearing a red Make America Great Again hat— had his arrival to 10,427 fans at the Prudential Center shown on the big screen. UFC great Georges Saint-Pierre was in Nasrat Haqparast’s corner for a second-round KO win before the retired fighter made his way over to pose for pictures with the Trump brothers. The brothers flashed thumbs ups for the ESPN
95 Men’s Basketball Tournament and, more important, led to Charcos being named as the Collegiate Press Corps NCAA Player of the Week. “That play was for him [Charcos],” said Coach Frankie Lim as he professed his trust on Charcos to deliver the goods for the Altas in the endgame. Charcos—who scored six of his 15 points in the playoff period, on top of five assists and two rebounds for Perpetual—edged Letran’s Larry Muyang, College of Saint Benilde’s Jimboy Pasturan, and Jose Rizal University’s Chester Jungco for the weekly award handed out by scribes covering the beat from print and online. As much as Charcos’s winner helped the Altas rise to a 2-3 win-loss slate, Lim believes that his wards still has ways to go midway through the first round as they aim to get themselves back in the playoff race. And all of that starts on the defensive end. “I still think this team needs to be smarter on playing defense. We just have to stop people if we want to win games,” he said.
RICK OLIVARES bleachersbrew@gmail.com
BLEACHERS’ BREW
Cool sports docus
SPORTS documentaries can be riveting. And guess what? Netflix has a bunch of them that will pique your interest whether you root for this team or not. Here are six documentaries that I wholly recommend for binge watching and in no particular order. Burst out that six-pack and munchies. Sunderland ‘Til I Die THIS short series has eight episodes that recount the 2017-18 season of English club, Sunderland FC following their relegation from the Premier League to the Championship League (second division). You don’t have to be a fan of any other team to appreciate this story. It shows the passion and the connection of the club to the city. The Carter Effect A 2017 documentary on the effect that Vince Carter had on Toronto and Canada in general. This goes nicely with the documentary by FilipinaCanadian filmmaker Kathleen Jayme, Finding Big country, which is about former Vancouver Grizzlies center, Bryant Reeves. Basketball or Nothing THE latest entry to Netflix that is barely three days’ old. This is about the Chinle, Arizona, basketball team’s quest to restore pride to their American Indian community and to find a way out of their predicament. Last year, Vice TV released a lateral documentary, titled Metal from the Dirt, which is an inside look at the Navajo nation’s black metal music scene. Fascinating. And you feel for them. The Battered Bastards of Baseball A ONE-HOUR and 20-minute documentary about a group of furry, hairy bunch of guys who wanted to play baseball. This is a true story of the Class-A team, the Portland Mavericks that once featured actor Kurt Russell (the team was managed by his father) and ex-pro pitcher Jim Bouton who was blacklisted from baseball after his tell-all book, Ball Four detailed a lot of inside stories from his time in Major League Baseball. You want an underdog story then this is it. Icarus A 2017 film that unfolds like a plot out of Designated Survivor (you have to watch both the American and Korean versions of Designated Survivor). A geopolitical thrill that is actually a sports expose. Filmmaker Bryan Fogel’s gutsy tell-all about Russia’s doping program (that started with a cycling race) beginning with Grigory Rodchenkov’s revelations about a statesponsored doping program. How dangerous is this? Rodchenkov is in protective custody while two of his associates were murdered. Mountain REMEMBER that famous question about why one climbs a mountain? And its equally famous answer, “Because it is there?” If your heart was broken by Into the Wild (also on Netflix now), watch Mountain. Directed by Jennifer Peedom and narrated by actor, Willem Dafoe, Mountain shows the beautiful cinematography of mountain ranges and the attempts to scale them. As Dafoe says in the intro, “To those who are enthralled by mountains, their wonder is beyond all dispute. To those who are not, their allure is a kind of madness.” If you aren’t intrigued by that, then go watch some cheesy drama.
organized by DSCPI President Becky Garcia. Cristian Vanni and Camilla Mola captured the Grade A Latin crown by beating Michael Angelo Marquez and Stephanie Sabalo, Andrew Ysla and Noelyn Mie Pedrano. The other winners were Randolf Jay Baglawis “Bboy Killa4” (breakdancing boys), Pia Selders “Bgirl Meow” (breakdancing girls), Alfredo Suarez and Marilou Nuñez (Grade B Standard), Ferdinand San Felix and Diamond Sultan (Grade B Latin), Von Elijah Lavado
and Allysa Dator (Grade C Standard), Jasmer Labitad and Lorraine Mae Pacaña (Grade C Latin), Romelson Manos and Mary Grace Lasay (Grade D Standard) and Nero Amorin and Charmane Pasco (Grade D Latin). Eight World DanceSport Federation (WDSF) licensed adjudicators Irena Bous from Ukraine, Kumok Lee from South Korea, Chi Keung Mok “Simon” from Hong Kong, Boon Lan Por “Ivy” from Malaysia, Hsiao-Chung Wang “Andy” from Chinese Taipei, Tsuyoshi Yamaguchi from Japan, Liudmila Zakrzhevskaia from Kyrgyzstan and Drago Sulek from Slovenia attended the competition.
camera before the main event. The used their phones to shoot video of Covington’s entrance as he walked to the ring draped in an American flag and to the tune of Olympic gold medalist Kurt Angle’s WWE theme song. Covington channeled his inner villain and encouraged thunderous boos during his fight introduction. The brothers cheered him on and exhorted him to rally against Lawler in a furious first round. Covington smiled and pointed toward the brothers as he went back to his corner. The fighters came out swinging and woke up a crowd that had a card heavy on submissions. Covington dominated from there, landing 162 significant strikes en route to his seventh straight win to slip his way into contention for a fight against welterweight champion Kamaru Usman. Usman watched the fight from a suite and the fighters got into a testy exchange after the fight on the ESPN set. AP
DONALD TRUMP JR. (right) poses with Eric Trump at UFC Fight Night Saturday in Newark, New Jersey. AP
NO SPECIAL TREATMENT FOR SUPERSTAR MESSI Sports LIONEL MESSI (second from left) and Chile’s Gary Medel (third from left) scuffle as Paraguayan referee Mario Diaz shows the red card to both of them during the Copa América third-place match at the Arena Corinthians in São Paulo, Brazil, early last month. AP
BusinessMirror
C4
| Monday, August 5, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao
Conmebol suspended Lionel Messi from international matches with Argentina for three months because of accusations of corruption and fined the superstar $50,000 for his comments after Argentina’s 2-1 win against Chile in the third-place playoff of the tournament in July.
A
SUNCION, Paraguay—Soccer body Conmebol suspended Lionel Messi from international matches with Argentina for three months because of accusations of corruption he made at the latest Copa
América. The South American body also said Friday that it fined the superstar $50,000 for his comments after Argentina’s 2-1 win against Chile in the third-place playoff of the tournament in July. Messi and Argentina can still appeal the decision, which stops the striker from playing in four friendlies this year. The 32-year-old will not play for Argentina matches in September against Chile and Mexico, plus another two in October versus Germany and another adversary to be picked. Neither Messi nor Argentina’s soccer association have made comments about Conmebol’s decision. Messi is already suspended from the first match of the South American World Cup qualifiers next March because of the apparently undeserved red card he received against Chile. The Argentine was sent off for only the second time in his career after a shoving match with Chile midfielder Gary Medel, who also was ejected. Messi avoided the medal ceremony in protest and later said Argentina “shouldn’t take part in this corruption.” The Argentinian also said the tournament was set for hosts Brazil to win. Messi had already complained against Copa América refereeing after Argentina’s 2-0 loss to Brazil in the semifinals. When asked if he feared being suspended for his comments, he said “the truth needed to be told.” Messi later sent an apology to Conmebol for his remarks. The Asian Football Confederation, meanwhile, has banned four players for life for attempting to fix matches in the AFC Cup in 2017 and 2018. The AFC said Friday that defender Kursanbek Sheratov, striker Vladimir Verevkin and defender
Iliaz Alimov of Kyrgyzstan and goalkeeper Abduaziz Mahkamov of Tajikistan had been banned from taking part in any football-related activities for life. It said Sheratov was found guilty of being involved in a conspiracy to manipulate a match involving his club Dordoi FC in the 2017 season of the AFC Cup. He was also found guilty of supporting betting activity in connection with the match. Verevkin and Alimov were found guilty of being involved in a conspiracy to manipulate matches involving their club FC Alay in the 2017 and/or 2018 season of the AFC Cup. Mahkamov was found guilty of being involved in a conspiracy to manipulate matches involving the same club, FC Alay, in the 2017 and 2018 seasons of the AFC Cup. Stéphanie Frappart, on the other hand, has been appointed as the referee for the European Super Cup between Liverpool and Chelsea, making her the first woman to officiate a major UEFA men’s showpiece event. UEFA announced Frappart’s appointment on Friday, adding that the Frenchwoman will lead a team of predominantly female officials, with Manuela Nicolosi of France and Michelle O’Neal from the Republic of Ireland serving as assistant referees. The 35-year-old Frappart was also in charge at the Women’s World Cup Final between the United States and the Netherlands. UEFA President Aleksander Ceferin says: “I have said on many occasions that the potential for women’s football has no limits.” It is not the first time a female has refereed a men’s UEFA competition match. Switzerland’s Nicole Petignat officiated three UEFA Cup qualifying-round matches between 2004 and 2009. The Super Cup is the traditional curtain raiser to the season, between the winners of the Champions League and Europa League. This year it will take place at the Besiktas Park in Istanbul on August 14. Frappart also became the first female referee to officiate a French league match in April. She has been promoted to the pool of French top-flight referees on a permanent basis for the upcoming season. Ceferin adds: “I hope the skill and devotion that Stéphanie has shown throughout her career to reach this level will provide inspiration to millions of girls and women around Europe, and show them there should be no barriers in order to reach one’s dream.” AP
STÉPHANIE FRAPPART is the first woman to officiate a major European men’s showpiece event. AP
CHARLES LECLERC spins his car early into qualifying and slides backward into the crash barriers. AP
Leclerc blasts own performance in Budapest
B
UDAPEST, Hungary—Charles Leclerc was in unforgiving mood at the Hungarian Grand Prix on Saturday. With himself. The Ferrari driver spun the car early into qualifying and slid backward into the crash barriers. “I thought I was going to have to pull out,” Leclerc said, reflecting on the incident. “[It was] a totally unnecessary mistake.” Although he recovered to qualify in fourth place for Sunday’s race, and even briefly topped the leaderboard in an impressive final qualifying lap, Leclerc was ruthlessly honest in pointing out this was his second error in consecutive races. During last weekend’s rain-soaked German GP, he was in contention for a podium despite starting from 10th. But just as he was gaining momentum, he switched for quicker tires and crashed out, sliding off on a tricky tarmac section, going over the gravel and into the barriers. “I need to understand. That’s two mistakes from me in two races, which is not what I
want. I need to work hard,” said the 21-yearold from Monaco, speaking to TV reporters in his native French. “I didn’t deserve a better car today considering the mistake I made in Q1.” Even though he has two pole positions and four podium finishes in his first season with Ferrari, the former Sauber driver has been extremely hard on himself at times. At the Azerbaijan GP in late April, Leclerc was fastest in all three practice sessions and looked in imperious form. But then he crashed and could only qualify in 10th spot. He was viciously critical of his mistake, particularly so considering he has only one season behind him in F1. “I am stupid, I am stupid, I am stupid,” he said over team radio, and then added on Twitter: “No excuses. I’ve been useless.” Leclerc is fifth in the overall standings, 21 points behind his Ferrari teammate Sebastian Vettel, a four-time F1 champion struggling to recapture his form. Neither has won a race this season. Leclerc arguably should have won in
Bahrain—the second race of 2019—but had to settle for third place after being hit by a late engine problem when comfortably leading. Again starting from pole at the Austrian GP on June 30, he finished second after being overtaken by rampaging Red Bull driver Max Verstappen late on. Given that the Hungaroring is one of the hardest for overtaking—known in F1 circles as Monaco without the walls—Leclerc says he is “not very optimistic” about his chances of an elusive first win. Verstappen starts from pole ahead of the Mercedes cars of Valtteri Bottas and world champion Lewis Hamilton, who leads the standings. “The Mercedes and Red Bulls are too quick for us on this track and I think it will be quite a hard day tomorrow,” Leclerc said. “Unfortunately we have troubles in the turns. We’re quick on the straights but we slide a bit in the turns, so it means the tires will wear out more [and] it will make things more difficult.” AP
Verstappen takes first career pole position at Hungarian GP
B
MAX VERSTAPPEN has a near perfect lap in Budapest. AP
UDAPEST, Hungary—After his brilliant win at the rain-soaked German Grand Prix last weekend, Max Verstappen had a near-perfect lap at the Hungarian GP to take the first pole position of his Formula One career on Saturday. The Red Bull driver set a track record with one minute and 14.958 seconds, and then beat it again with 1:14.572. “Big thanks to the team, the car was flying,” said Verstappen, who became the 100th F1 driver to take a pole. “This one was missing.... It was only a matter of time.” It was another boost for the 21-year-old Verstappen, who has won two of the past three races to creep into outside contention for the title race although defending champion Lewis
Hamilton—who qualified in third place behind Mercedes teammate Valtteri Bottas—remains comfortably ahead. Still, another win will start to eat into Hamilton’s 63-point lead over third-place Verstappen with nine races left after Hungary. Verstappen kept his nerve at a chaotic, crash-marred Hockenheimring, having shown astonishing speed to win the Austrian GP on June 30, after tumbling down the leaderboard following a poor start in Spielberg. Given that the Hungaroring track is one of the toughest to overtake on, he is in a good position to clinch an eighth career F1 win on Sunday. Verstappen’s speed and racing nous can be seen from the fact that none of his wins have been from pole—and achieved with the
third-fastest car in F1 behind Ferrari and ultradominant Mercedes. Verstappen is the youngest driver to win an F1 race—he was 18 when he won the Spanish GP in 2016—and is the fourth youngest to take pole. He sits behind Fernando Alonso, Charles Leclerc and record-holder Sebastian Vettel, who were all also 21. Hamilton, the five-time F1 champion, was chasing a record-extending 88th career pole and record-equaling seventh at the Hungaroring circuit to match F1 great Michael Schumacher. “Max did a great job. It kind of got away from me,” Hamilton said. “But we’re still in the fight. There’s a long run down to Turn 1, so it’s going to be very interesting. It’s not the easiest place to overtake, but strategy will come into it.”
Leclerc, who took his first career pole in Bahrain in March, placed fourth ahead of his Ferrari teammate Vettel. The Ferraris were quickest in the first sector of qualifying but both tailed off. Leclerc recovered well after spinning the car in the first part of qualifying, known as Q1, sliding backward into the barriers and drifting back onto the track as a Williams car came flying past. Verstappen’s Red Bull teammate Pierre Gasly qualified sixth ahead of McLaren’s Lando Norris, who has impressed in his debut season. But Daniel Ricciardo, a winner of seven F1 races, was among the five drivers eliminated from Q1. Ricciardo, who left Red Bull and made a surprising move to join Renault, starts from 18th place. AP
D
God of wisdom
EAR God, You change our mourning into dancing. We place our hope in You and pray: Hear us, loving God. Bless those who care for us and has strengthened our faith, and made us more fully alive in Jesus. Heal the brokenhearted, encourage the fainthearted, in despair because of unreciprocated love and protect the fearful. Deepen the gifts of contemplation, meditation, reflection and peacemaking in Your Church. May the Word of God take root in our hearts and bear great fruit, by the power of the Holy Spirit dwelling in us. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com
Editor: Gerard S. Ramos • lifestylebusinessmirror@gmail.com
Life BusinessMirror
AND THEN SOME: SKIN CARE DOES NOT REQUIRE 10 STEPS D4
Monday, August 5, 2019
D1
Romance at the Marriott ALBERT ANDRADA (center) with muses Lovi Poe (from left), Tessa PrietoValdez and China Carreon ANGELA CAMAQUIN
T
HE seventh edition of “Mary Me at Marriott” was the grandest, most opulent and most star-and-beauty queen-studded yet. A kiddie collection, Little Miss Lacey by Cor SunglaoKho showed adorable pieces, while the adult dresses were an embarrassment of riches. “We are happy with the continued success of our annual wedding event and with it comes our promise to make each Marry Me at Marriott even more exciting each time, with more innovations to offer fresh ideas on how our guests can celebrate their milestone events with us,” said Marriott Hotel Manila Cluster Director of Communications Michelle Garcia. ALBERT ANDRADA AFTER blazing the trail for Filipino fashion designers to conquer the Miss Universe arena with the gown
worn by Miss Universe 2015 Pia Alonzo Wurtzbach during her memorable crowning, Andrada now has the Met Gala red carpet in mind for his “Illuminati” bridal fare. His wedding gowns glowed in the dark, to the delight of the audience. This LED couture is reminiscent of the Zac Posen high-tech and high fashion dress that Claire Danes wore to the 2016 “Manus x Machina: Fashion In An Age Of Technology” Met Gala and the Tommy Hilfiger Cinderella dress that Zendaya wore for the 2019 “Camp: Notes on Fashion.” Fresh from her silver wedding anniversary, socialite Tessa Prieto-Valdez wore an off-white lace gown in a mermaid silhouette with a detachable train. The bodice was embellished with intricate beadwork with Swarovski components. The back was accentuated with keyhole beadwork to make it more feminine. Supermodel Marina Benipayo, in a long-term relationship with fellow model-actor Richard Cepeda, wore a white mermaid-cut, tulle-based gown with running beads and white paillettes. The center back had a skin-toned tulle from the nape to the hem. A Muslim-inspired veil also with running beads and paillettes were added to it to complement the gown and give it a more modest look. Model Laxie Villar, who bears a handsome resemblance to British actor Nicholas Hoult, wore
Continued on D2
D2
Monday, August 5, 2019
Style
BusinessMirror
www.businessmirror.com.ph
z
Today’s Horoscope By Eugenia Last
CELEBRITIES BORN ON THIS DAY: Lolo Jones, 37; Jesse Williams, 38; Jonathan Silverman, 53; Maureen McCormick, 63. HAPPY BIRTHDAY: Look for the good in others, and focus on the bright side of life. Set the tone instead of letting others bring you down. Engage in activities you enjoy, and avoid making purchases you can’t afford, hoping it will make you happy. Turn this into a thoughtful, meaningful year that offers hope and future prospects. Lay the foundation for better days ahead. Your lucky numbers are 2, 10, 13, 22, 29, 34, 43.
a
ARIES (March 21-April 19): Don’t worry so much about what others are doing. Consider what you need to do, and get busy working toward your goal. Personal improvement will help you bypass emotional interference from someone critical or overbearing. HHH
b
TAURUS (April 20-May 20): Make a change because it’s the right thing to do. Learn from mistakes, and base what you do and say on how it will affect others. Getting along will ease stress and help you get what you want. HHH MICHAEL LEYVA Muse Nadine Lustre JUN ESCARIO Bride Yvethe Marie Santiago
VELUZ BRIDE Jem Austria
ALBERT ANDRADA Groom Laxie Villar
VELUZ BRIDE Marie Ann Umali
Romance at the Marriott Continued from D1
LEO ALMODAL (center) with muses Aric Muñoz (left) and Sanya Lopez ANGELA CAMAQUIN
a pearl-white tux with embroidered shoulder and sleeves of white paillettes. The vest was fully embroidered with white paillettes elegantly worn with a white-lace shirt. China Carreon exemplified either a young, rebellious bride or a radiant bridesmaid in her low V-neck dress. The entire dress was fully embroidered with transparent pailettes. The ruffles at the hem with ostrich feathers made it more soft and feminine. Andrada’s muse was the sultry actress Lovi Poe, who wore a fully beaded bodice of white paillettes, embellished with silver Swarovski crystals. The hem consisted of cloudlike multi micro-pleated ruffles down to the train, which was illuminated in blue. “Lovi is always elegant in my clothes. Her beauty, so Filipina at that, adds more sparkle to my creations, be it Filipiniana or a contemporary gown,” said Andrada. LEO ALMODAL HIS gowns are every little girl’s fantasy come to life. They are what she envisoned her fairy-tale wedding dress to be. Each gown has mind-boggling embroidery, beadwork and embellishments—the trademarks of any Almodal Masterpiece, the designer’s bridal brand. GMA actress Sanya Lopez opened his show in an offshoulder extravaganza, while ABS-CBN actress Arci Muñoz concluded it with a crystallized spectacle. In between were beauty queens living their princess realness—Miss Earth 2013 Jamie Herrell, Miss Earth 2015 Angelia Ong, Miss Earth Air 2016 Michelle Gomez of Colombia and Binibining Pilipinas 2019 finalist Hannah Arnold of Masbate. MICHAEL LEYVA WITH his Marriott 2019 collection, Leyva validated his status as one of the more exciting young designers to watch out for. His imposing, elaborate and grandiose gowns, Michael Cincoesque in some aspects, would make any bride swoon. His muse was Viva star Nadine Lustre, who scorched the runway in a silver-gray gown with a dangerously low cleavage, sparkling with crystals. He called his collection “Halo”, and his brides wore halos as headpieces. “The halo is represented as a circle of light present in all spiritual collections in this planet. This form of pictorial representation of energy makes associations to what is sacred and inexplicable, leading often to thoughts of those who have passed away,” Leyva explained in an Instagram post. “The halo reminds me of my brother Brian Leyva, [who is] guiding me from the outer world in my present life.” On the other hand, the halo represents light, hope and
c
GEMINI (May 21-June 20): Spend more time making improvements at home or on essential relationships. Truth, honesty and getting along with others will make the difference between a happy home environment and one that is cluttered with misunderstandings. HHHHH
d
CANCER (June 21-July 22): Look at all sides of a situation before you make a move. Concentrate on the changes you can make that will be beneficial to whatever situation you face. Simple adjustments are favored over insisting on doing things your way. HH
e
LEO (July 23-Aug. 22): Personal growth and physical improvements will go hand in hand. Do what makes you feel good about who you are, what you accomplish and how you give back. Friends and family will help you recognize what’s best for you. Romance is highlighted. HHHH
f
VIRGO (Aug. 23-Sept. 22): Learn through experience. Participate in events that will challenge you and give you alternative suggestions that can change your course of action. Look for the positive, but don’t be fooled by someone’s exaggerated point of view or tempting offer. HHH
g
LIBRA (Sept. 23-Oct. 22): Avoid emotional confrontations. Take your responsibilities seriously, and tidy up loose ends before you move on to preferred pastimes. Don’t let money, health or a legal matter disrupt your day. Address issues directly and personally. HHH
h
SCORPIO (Oct. 23-Nov. 21): Stick to what you know and do best. Refuse to let anyone talk you into something you know isn’t in your best interest. A mistake will take a long time to fix. Slow down and make calculated choices. HHH
purity—the keywords associated with the philosophy of weddings. “I often use the geometrical shape of the halo in my collections, accessories and styling in order to underline the sacred glory of light as an essential element of the wedding union,” Leyva revealed. JUN ESCARIO ESCARIO doesn’t believe in celebrity muses. So he lets his creations stand for themselves. “My concept goes back to the DNA of my style, which is Old Hollywood glam. I am always fascinated with the 1920s, 1930s and 1950s era,” the Cebuano designer said while on vacation in Greece. “No over-the-top pieces. The clothes were in real Spanish laces and Italian tulle. No glitzy crystals, no heavy gowns. Gowns that don’t outshine the bride. Just tastefully chic pieces,” he added. “And well-made pieces for real people. No lightbulbs, no gimmicky stuff. I did have brocades and heavier duchess satin fabrics but I lined them with lightweight gauze to make them lighter.” VELUZ TO some extent, Veluz Puno-Reyes has taken on an almostBalenciaga mystique with her reclusiveness. She only creates bridal gowns, and even other bridal designers look to her for
inspiration. She rarely participates in group shows, but when she does, the industry notices and waits with bated breath what the remarkable woman behind Veluz Bride will unleash. For “Marry Me at Marriott 2019,” she presented dresses with a vintage vibe. Her collection harkened back to a time when what ruled were the artistry of Christian Espiritu, the detailed intricacy of Aureo Alonzo and the powerful femininity of Salvacion Lim Higgins. All the qualities evident in her gowns that forgive and flatter the womanly figure. What she said in her blog in 2014 still resonates to this day: “I am blessed to be doing what I do now, meeting girls at one of the most exciting phases of their lives, that time when that giddy feeling is the default, smiles are given so easily, and romance is constant. That phase that when you look back years from now will still make you smile or giggle or chuckle.” Her designs are indeed impeccable, her embellishments stunning and her fit perfect. “It took me months to think of gowns that will reflect how I see any bride,” she wrote. “Soft, fluid silhouettes that celebrate the feminine figure, details that sing, gowns that will reflect the happiness every bride feels inside. After all, it is still a girl thing.” And as someone who was a bride herself, she knows what she’s talking about more than most of her peers. n
i
SAGITTARIUS (Nov. 22-Dec. 21): High energy, coupled with solid planning, will ensure your success. If someone is inconsistent or unreliable, take care of matters on your own. Physical fitness and a healthy lifestyle will improve your chance to advance. HHHH
j
CAPRICORN (Dec. 22-Jan. 19): Think twice before you say something that could disrupt your relationship with someone substantial in your everyday routine. Getting along will be half the battle, and doing what’s right will be the other half. HH
k
AQUARIUS (Jan. 20-Feb. 18): Look for an opportunity, and you will find one. A partnership looks inviting, and contracts and agreements can be formulated and put into play. Romance is on the rise and will improve your attitude, as well as your personal living arrangements. HHHHH
l
PISCES (Feb. 19-March 20): Keep an open mind, and use insight and originality to come up with workable solutions to any problem that arises. You don’t have to follow the crowd or someone who is asking for too much. Do your own thing. HHH BIRTHDAY BABY: You are charismatic, playful and assertive. You are changeable and sensitive.
‘take two’ BY JEFFREY WECHSLER The Universal Crossword/Edited by David Steinberg
ACROSS 1 Feeling nothing 5 Penn or Pitt 10 Many miles away 14 Buffalo’s lake 15 Swap 16 Collaborative site 17 Seeks desert orchard employment? 20 Around for a festival, say 21 Word on a city limits sign 22 Tower of Mangia’s Italian city 23 ___-stop shopping 24 “I’ve ___!” (“Aargh!”) 25 Droop 28 Some are revolving 32 Offshore hairpiece production site? 35 Red Bull recyclable 38 Admit to a college 39 Parcel of real estate 40 Query to a committee on naval incarceration? 45 Former American Idol judge Abdul 46 Poetic “previous to” 47 Reusable diaper material 51 Weapon with a Hebrew name
53 She sings “I Feel Pretty” in West Side Story 54 According to routine 59 Where Rover might stay over 60 Manipulate a boxing match the second it’s announced, say? 62 Vogue competitor 63 Weeper of Greek myth 64 French 101 infinitive 65 Entreated 66 Former American Idol judge Cowell 67 Like a close friend DOWN 1 Somewhat fresh 2 Muse of astronomy 3 Produced, as quarters 4 “Without a doubt!” 5 Letters on an envelope 6 ___-Magnon 7 A marathon winner breaks it 8 Norse god for whom Wednesday is named 9 Right-hand page 10 Onto 11 Nickname for Josephine
2 Related (to) 1 13 Diana of The Avengers 18 Lawn mower’s path 19 Japanese martial art 25 Attack on a walled city 26 Moving about 27 Move effortlessly 29 Big-eyed bird 30 Brazilian metropolis, informally 31 Police rank: Abbr. 33 Yalie 34 Arizona-to-Kansas dir. 35 Spending limit 36 SoCal’s Santa ___ Freeway 37 Sch. in Manhattan 41 Pretended to have a flush, say 42 Mustache remover 43 Summits 44 Like italic type 48 Baroque 49 ___ Del Fuego 50 Mostly backless top 52 Numbered golf clubs 54 Shortened word in some high-school names
5 Small stream 5 56 Give the once-over twice, perhaps 57 The year 2002 58 Small matter? 59 Eager 61 The Deuce network
Solution to Friday’s puzzle:
Show BusinessMirror
www.businessmirror.com.ph
Monday, August 5, 2019
D3
Making his mark
ED SHEERAN SETS ALL-TIME HIGHEST-GROSSING TOUR RECORD LOS ANGELES—Ed Sheeran’s Divide Tour is one for the record books. Pollstar confirms the 28-year-old British singer’s tour will set the all-time highest-grossing tour record with Friday’s show in Hannover, Germany. Pollstar forecasts the total gross to this point of $736.7 million will top the previous record of $735.4 million set by U2 in 2011. In a statement, Sheeran calls it “amazing.” The Divide Tour launched on March 16, 2017, and is due to end on August 26. That’s 893 days compared to the 760 days U2 spent on the road. Sheeran’s tour topped U2’s attendance record of 7.3 million on May 24 in France with a total attendance of 7,315,970. Sheeran released his No.6 Collaborations Project album in July, featuring collaborations with Justin Bieber, Stormzy, Eminem, 50 Cent and Bruno Mars. AP
T
HERE is one very promising actor from Bicol who is slowly making his mark in the field of acting. His name is Marc Felix, a young farmer who has been getting good breaks in films lately. The month of August is something Felix has been looking forward to for some time now. He is in the main cast of Ani (The Harvest), one of the more outof-the-box entries at the Cinemalaya Independent Film Festival, which kicked off at the Cultural Center of the Philippines over the weekend. Ani takes pride as the very first science fiction film ever to make it to Cinemalaya, and Bicolano siblings Kim and Toni Zuñiga takes pride in calling the shots for the movie. Toni is credited as producer and cowriter, while Kim also shared in the directing, writing and editing chores with Sandro del Rosario, whose brother Sixto is the VFX producer. “The narrative is set in 2050 and I play the father of a young boy who gets to have this interesting adventure with a robot,” Felix shared, without revealing the nittygritty details that will give the movie away,
which finally paves the way for sci-fi genre films to penetrate the annual festival. He added that the film combines 3D and 2D animation technology, using the most modern tools involved in the VFX/ CGI aspects of postproduction. “This film is memorable for a Bicolano like me to be part of, a project that has a lot of Bicol elements aside from the location and the story,” said Felix, who was born and raised in Camarines Sur and who finished his AB Communications degree at the Ateneo de Naga University before farming lured him. Felix, who went through auditions before landing his part, gets to share screen time with the likes of Ricky Davao, Anna Luna, Miguel Valdes and Zyren de la Cruz. It is interesting to note that Felix has another film at the festival. Kerwin Go’s Mina Anud has been chosen as the closing film of Cinemalaya before it is scheduled for commercial release on August 21. Felix, whose character in the movie is interestingly named Bad Marley, is part of the main ensemble cast that includes Dennis Trillo, Anthony Falcon, Jerald Napoles, Matteo Guidicelli, Dionne Monsanto and Mara Lopez. The movie, a joint venture between Epic Media and Regal Films, was shot along the beautiful coastlines of Quezon province. “I am just grateful that my dream of becoming an actor is slowly taking shape. The road for a farmer from Bicol to becoming an actor in the big city might not be easy but I am definitely giving it my all. This is my passion. This is my big dream.” Let us help make the dream of Marc Felix come true. n
GMA rules Urban Luzon, Mega Manila ratings in July URBAN Luzon and Mega Manila remained GMA’s bailiwick in July, according to the latest data from ratings service provider Nielsen TV Audience Measurement. For the month of July (with July 21 to 31 based on overnight data), GMA recorded an average of 34-percent total day people audience share, beating ABS-CBN’s 31.4 percent, in Urban Luzon. The viewerrich area accounts for 72 percent of all urban TV viewers in the country. The network continued to dominate in the afternoon block with 36.3-percent audience share, versus rival network’s 33.3 percent. In the evening block, GMA similarly won with 35 percent as against ABS-CBN’s 31.7 percent. In Urban Luzon’s list of top-rating programs for the month, Kapuso Mo, Jessica Soho (KMJS) was still undisputed in the No. 1 spot. The award-winning magazine show also led the list of most watched programs in National Urban Philippines. Following KMJS were Magpakailanman, 24 Oras,
Sahaya, StarStruck, Daddy’s Gurl, Daig Kayo ng Lola Ko, and the Derek Ramsay-Andrea Torres starrer The Better Woman. Amazing Earth, Pepito Manaloto, Eat Bulaga, Love You Two, 24 Oras Weekend, Dragon Lady, Bihag, Wowowin, Imbestigador and Dahil Sa Pag-Ibig were also among the ratings drivers for July. GMA likewise reigned supreme in Mega Manila (with official data from July 1 to 20) with 35.4-percent average total day people audience share, outscoring ABS-CBN’s 28.9 percent. The area accounts for 60 percent of all urban viewers in the country. In Mega Manila’s list of top-rating programs, 20 out of the top 30 shows were from GMA. Nielsen TV Audience Measurement’s client pool covers a total of 32 clients/subscribers consisting of six local TV networks including ABS-CBN, TV5, Aksyon TV and CNN Philippines, among others; three regional clients; two blocktimers; and 21 agencies (17 media agencies, seven consulting agencies and one digital agency).
LEA’S PERFECT 10 Award-winning multi-hyphenate Lea Salonga met with the entertainment press on July 30
at the Wolfgang’s Steakhouse in Resorts World Manila (www.rwmanila.com) for her upcoming Perfect 10: A Gala Performance on August 30 and 31 at the integrated resort’s Newport Performing Arts Theater. Joining her are Esang de Torres, Nicole Chien, Tanya Manalang, and Michael K. Lee, with stage direction by Floy Quintos and musical direction by Gerard Salonga together with the ABS-CBN Philharmonic Orchestra.
MARC FELIX
D4
Monday, August 5, 2019
Style
www.businessmirror.com.ph
Skin care does not require 10 steps
N
OT everything that I use is midrange to high-end in price. I will be honest: If I didn’t get so many press samples, I wouldn’t be able to afford La Mer, Estee Lauder or La Prairie all the time. I could probably buy a jar or bottle or two a year but that’s it. And it’s not always about the price. I go for skin care that works, which is why I was so enamored with The Ordinary. I recently received a box of skin-care products from K-beauty brand Beauty Trends. Skin-care products are always welcome. I always say that I am now able to go without foundation (not makeup-free) because I took care of my skin when I was younger. Skin care before makeup is a mantra every woman should practice. Investing in skin care is important. It doesn’t always need to be expensive. Because #ClearSkinIsIn is every person’s right, finding affordable and quality skin-care products is important. Beauty Trends recommends a three-step skin-care routine that would be perfect for students and young professionals. The best part is that it costs less than P150: n STEP 1: BEAUTY TRENDS VOLCANIC MUD FACIAL CLEANSER, P23.50 (10 ML SACHET). This lightly foaming, volcanic soil-infused cleanser deeply cleanses while being gentle on the skin. It claims to control oil, minimize the appearance of pores and reduce blackheads. n STEP 2: BEAUTY TRENDS CLAY PORE TONER, P99.75 (80 ML BOTTLE). This alcohol-free toner is infused with kaolin and witch hazel extract. It claims include getting rid of dead surface skin, refining uneven skin tone and reducing oiliness. n STEP 3: BEAUTY TRENDS WHITENING MOISTURIZER, P23.50 (7.5 ML SACHET). This moisturizer has a light and refreshing texture. Of the the three, I like the Clay Pore Toner. I have actually used this even before they sent me the box. It was during the summer when I had a few breakouts because of the heat.
Follow @beautytrends.skincare on Instagram for skin-care tips and testimonials. Here are other inexpensive skin-care products from Beauty Trends, which are available at Watsons: n BEAUTY TRENDS PEEL-OFF MASK WHITENING & PORE MINIMIZER, P22 (10 G SACHET), P209 (120 G TUBE). This mask removes deep-seated dirt and other skin impurities. It is infused with hydrolyzed rice protein, apple fruit extract, vitamin C, and niacinamide. n BEAUTY TRENDS PEEL-OFF MASK OIL CONTROL & DETOXIFY, P19 (10 G SACHET), P209 (120 G TUBE). This mask contains hydrolyzed rice protein, apple fruit extract, vitamin C, niacinamide, and charcoal powder. n BEAUTY TRENDS NOSE PACK WHITENING & PORE MINIMIZER, P19 (5 G SACHET), P149 (65 G TUBE). This peel-off mask for the nose removes stubborn blackheads and whiteheads while minimizing pores in the target area. It is infused with witch hazel extract. n BEAUTY TRENDS NOSE PACK OIL CONTROL & DETOXIFY, P19 (5G SACHET), P149 (65G TUBE). This peel-off mask for the nose removes stubborn blackheads and whiteheads while controlling oil in the target area. Infused with witch hazel extract and charcoal powder, it leaves your skin smooth, detoxified and protected. n BEAUTY TRENDS CARBONATED BUBBLE CLAY MASK, P99.75 (30 G TUBE). This bubble mud pack claims to exfoliate dead skin and unclog pores. The carbonation causes the mask to bubble up once it’s applied and oxidized by air. With charcoal powder, gotu kola, pomegranate, and ginseng root extracts, it cleanses, detoxifies, controls oil and minimize the appearance of pores. n BEAUTY TRENDS WHITENING WONDER GEL, P24 (7.5 ML SACHET). This hydrating facial washoff mask helps brighten uneven skin tone and gently minimize discolorations of the skin. It has extracts from natural ingredients such as Japanese Pepper, Korean Pasque Flower and Usnea Barbata. One of the things I like about Beauty Trends and its products, aside from the cute packaging, is that they represent a new trend in K-beauty called Skip-Care, which is basically shortening one’s skin care routine. In Korea, where seven to 10 skin-care steps is the norm, Skip-Care shortens it to two steps, sometimes three. After all, in skin care, it’s not how many steps you have but how consistent you are. n
BusinessMirror
www.businessmirror.com.ph
Monday, August 5, 2019 E1
WHAT TO DO WHEN YOUR BOSS BETRAYS YOU
F
By Ron Carucci
EWER things hurt more than being betrayed by someone you trust. When that person is your boss, the pain can be amplified.
WWW.FREEPIK.COM
Whether your boss took credit for a project you spent months on or shamed you for someone else’s mistake, such betrayals can hinder your ability to trust others and accurately judge situations. While you may not be able to change your boss, you can keep his bad behavior from harming you. Here’s how:
n Hold fast to your values
IF your boss betrays your trust, it’s important to ensure that you don’t unconsciously corrupt your own behavior in response.
Research indicates that if your boss behaves badly, you are more likely to follow suit.
n Pay attention to patterns of betrayal
IT’S common for people who tolerate abusive behavior to eventually conclude they deserve it. You can resist this by detecting your boss’s patterns and interrupting them as much as possible. If your manager takes credit for your work, make sure important stakeholders associate your name with relevant projects.
n Remember: Not everyone will betray you
WHEN your boss betrays you, it can be easy to unconsciously conclude that other people are untrustworthy. Be careful not to universalize your boss’s betrayal across other relationships.
n Practice forgiveness, not retaliation
IT’S natural to want to make your boss pay for his betrayal. But you shouldn’t stoop to his level. Instead, write down how you feel about your boss’s actions. Perhaps his betrayal made you feel inadequate or exploited. Learning to separate how others’ make us feel from what’s actually true about ourselves is the first step toward forgiveness.
n Don’t bury your negative emotions
TRYING to keep a stiff upper lip while enduring betrayal can be hazardous to your health.
Suppressing strong emotions can manifest in sleeplessness, headaches and general irritability. It’s critical to have an outlet. Journaling, therapy and physical activity can help.
n Let purpose offset entitlement and apathy
TWO of betrayal’s common side effects are believing you deserve restitution for what you’ve suffered and feeling indifferent toward your work. To avoid those feelings, remind yourself of the passion behind your choice to work in your field. If you work for a boss who habitually betrays you or your coworkers, get out from under that person as soon as possible. Until then, do whatever you must to protect yourself from hardening into a person you don’t recognize. Ron Carucci is a cofounder and managing partner at Navalent.
The problem with France’s plan to tax digital companies ARE NEW GRADUATES HAPPIER MAKING MORE MONEY OR HAVING MORE TIME? By Vijay Govindarajan, Anup Srivastava, Hussein Warsame & Luminita Enache
F
RANCE recently approved a 3-percent tax on revenues generated by large digital companies in its territory, a move that is now being investigated as a potentially unfair trade practice by the United States government. The French legislation, which would invariably affect US tech giants such as eBay and Facebook, is the kind of tax that the European Union (EU) has wanted to impose for years. Asian and Latin American countries have also begun discussions on how to tax tech giants on revenues earned in their territories. But one-size-
fits-all taxation of large digital firms based on their gross revenues is too blunt an instrument to address the budgetary deficits of local governments. The“remote” participation of digital companies in domestic economies is often seen as the key issue in the debate. As digital services supplant physical products and web sites replace shops, countless businesses are closing, which erodes the land-based revenues that cities receive from property taxes and development charges. And taxes collected on wages disappear when workers are rendered unemployed by the rise of the digital economy. However, there are many arguments against the idea of rev-
enue-based taxes on large foreign digital corporations. First, in the absence of a clear definition of what constitutes a “large” and “digital” company, EU proposals are tantamount to selective targeting of American corporations. Second, some academics question whether there really exists a need for alternative sources of corporate taxes. Third, some critics argue that there is no consistent evidence that Internet firms pay taxes at lower rates than other firms. Fourth, the selective imposition of taxes could violate bilateral taxation treaties. Finally, should all digital corporations pay the same 3-percent tax, irrespective of their business model or profits?
We believe there is a need for more thoughtful and creative solutions than a one-size-fits-all regulation, especially because the shift from the physical world to the digital one affects economic systems in myriad ways. Imposing such a tax burden on digital companies would not only be unfair but also reduce innovation. Vijay Govindarajan is a professor of management at Dartmouth’s Tuck School of Business. Anup Srivastava is an associate professor at the University of Calgary’s Haskayne School of Business. Hussein Warsame is a professor of accounting at the Haskayne School of Business. Luminita Enache is an assistant professor at the Haskayne School of Business.
Your organization needs a learning ecosystem
T
By Whitney Johnson
HERE is a symbiotic learning relationship between an employee and his organization. High-growth individuals who embrace learning make the organization smarter and contribute to its growth, but they can’t do it alone. They need their managers to have a reciprocal interest in individual growth and create a learning ecosystem to foster it. Like biological ecosystems, or-
ganizations are either growing or they’re dying. And organizations grow when their employees are learning. If you want a high-growth organization, you need to create a learning ecosystem to support highgrowth individuals. When people are no longer engaged by their work, their benefit to the organization is diminished. Redeploying them on new learning curves within the organization keeps their expertise in-house and allows them to share and build on
© 2019 Harvard Business School Publishing Corp. (Distributed by The New York Times Syndicate)
it—a potentially exponential gain. Job swapping of this kind is only one strategy to put employees on new learning curves and help break down silos. Ongoing training and educational opportunities, job sharing, and mentoring and outreach programs are a few other examples. By creating an ecosystem that fuels continuous learning, an organization can build capacity ahead of the competition. And research indicates that the companies that survive are those that develop capacity—new
technical skills and domain expertise, greater adaptability, and ways of leveraging institutional memory—before they need it. This capacity weakens when too many good people leave for greener pastures. If individuals aren’t learning, neither is the organization. When we facilitate learning, we create new carrying capacity for growth throughout our organizational ecosystem.
Whitney Johnson is an executive coach.
By Ashley Whillans
E
ACH year, millions of graduates are faced with decisions about trade-offs between time and money as they plan their future. Despite the importance of these choices, we know surprisingly little about how people navigate major life decisions (such as accepting a new job) that involve making more money at the expense of having less time, and vice versa. So we set out to study how people’s priorities shaped their career choices and happiness after graduation. We asked more than 1,000 college students from the University of British Columbia in Vancouver whether they generally prioritized time or money more. We also had them report their happiness by answering questions like “How satisfied are you with your life overall?” We then followed up with the students within two years of graduation and asked them to report their current happiness, the primary activity that was taking up most of their time and the reason they were
doing this activity. What we found was that students who prioritized time were happier than those who prioritized money. Even when we accounted for how happy students were when they started our study, those who valued time were happier and more satisfied with their lives and careers one to two years after graduation. Our results provide strong evidence that valuing time puts people on a trajectory toward job satisfaction and well-being. Decisions about time and money are present in all of our lives. Sometimes we can’t choose between them: We might be forced, for various reasons, to accept a better-paying job and give up some socializing time. Society needs to work harder to make us all feel like we have the choice to prioritize time over money. However, when we do have the ability to choose which resource to prioritize, the data is clear: Valuing time is likely to bring us greater joy. Ashley Whillans is an assistant professor at Harvard Business School.
E2 Monday, August 5, 2019 • Editor: Efleda P. Campos
Education BusinessMirror
www.businessmirror.com.ph
New US, PHL tie-up to boost reading, numeracy, socio-emotional learning for Filipino learners
A
S part of its continuing commitment to improve education outcomes for Filipino youth, the US government launched on Thursday the Advancing Basic Education in the Philippines (ABC+) project to support Department of Education (DepEd) efforts to strengthen the quality of education in the Philippines.
US Chargé d’affaires John Law and representatives from DepEd formally led the launch ceremonies. The approximately P2-billion ($38.5 million) project will sup-
port the Department of Education in enhancing reading, math, and socio-emotional skills of at least two million students in Regions 5 (Bicol) and 6 (Western Visayas). In his remarks, Chargé Law
US Embassy in the Philippines Chargé d’affaires (CDA) John Law (right) and Education Undersecretary for Curriculum and Instruction Diosdado San Antonio shook hands during the Advancing Basic Education in the Philippines (ABC+) project launch.
said, “As a friend, partner and ally, the United States remains committed to the quality of basic education for the benefit of all Fil-
ipinos.” He noted that “with better access to education, citizens can make well-informed choices and have better opportunities.”
A.H.E.A.D. hurdles challenges to remain ahead in student tutorial and review field
R
By Rizal Raoul Reyes
OSSANA LADAGA-LLENADO, founder of AHEAD Tutorial and Review Center, is in high spirits these days because her organization is turning 25 next year. In 1995 the former student leader from the University of the Philippines started AHEAD at the age of 26. She introduced it as a fullfledged enterprise—not a home-based sideline—giving birth to a new industry Right now, she is happy with the achievements of AHEAD stressing that the motivation comes from her desire to see every student succeed in getting into top universities. Although AHEAD is a business that needs to gain financial success, Llenado believes she and her team have the drive and the passion to help employ people and equip students with tools that will help them achieve their full potential and a bright future. As a result, this enables AHEAD to continue and attest to giving only the best education as far as tutorials and reviews are concerned. “Education is the best investment parents can make for their children. If you love your children and want them to be successful in life, this is the right investment. If you are the kind of parent with foresight, then you would want your children to get ahead in life,” she told the B usiness M irror in a recent email interview. Llenado believes AHEAD is on top its game. It pioneered the “Top colleges” en-
“Education is the best investment parents can make for their children. If you love your children and want them to be successful in life, this is the right investment. If you are the kind of parent with foresight, then you would want your children to get ahead in life.” —L adaga-Llenado trance exams review programs. It was first to offer test-based reviews for the country’s most competitive admission exams, namely the University of the Philippines College Admission Test (UPCAT), the Ateneo College Entrance Test (ACET), and the De La Salle University College Admission Test (DCAT), and set the model for supplementary education in the Philippines. Moreover, AHEAD made it sure that all review programs were patterned after the actual tests of UP, Ateneo and De La Salle University. It ensured all materials are well-researched and updated every year and students are placed under the guidance and supervision of a team of lecturers who are all honor graduates of the top three universities. Tutors were also made available to students from all educational levels. “I can honestly say that the success
of AHEAD speaks for itself as seen in the number of graduates who are now noted professionals in various fields of endeavor. Many of AHEAD’s graduates are now doctors, lawyers, engineers and entrepreneurs, one of whom is even a Forbes 40 under 40 awardee. We also have trained politicians and show business personalities who are unable to attend a regular school. We do welcome all who are willing to learn,” Llenado says. She recalled AHEAD experienced rough sailing a few years back ranging from personal setbacks like her health, to family life, not to mention the K to 12 program transition. “There were no graduates going to college for several years, therefore, no college entrance exams. There were also those students who took summer classes in their schools because of the ‘bridging’ the private school administrators required. The summer tutorial numbers dwindled together with the diminished college admissions test reviewers,” she said. Everything seemed to have gone against Llenado and AHEAD that made her thought they were on their way out. Nevertheless, she remained an optimist and decided to streamline everything through a downsizing process like closing some of the company-owned branches and shifted their efforts and funds toward rebuilding, renewing and fortifying business that has benefitted many people. “I knew that I had to go on and move further ahead [No pun intended]! We’ve
slowly picked up the pieces from that low point and now armed with determination, I am confident that we are well on our way up again,” she points out. Although AHEAD has hurdled that bleak period in its corporate life, Llenado said the center keeps on facing several challenges as it strive even harder to keep up with track record of having the best teachers and the best quality review and tutorial services. To maintain its lofty stature, Llenado says AHEAD continues to hire and train teachers and tutors. “We have also kept up with the times and have incorporated the latest innovation on learning methods. We have extended our reach full scale from face-to-face, digital to virtual media, and we are now once again opening our doors and welcoming new alliances and partnerships in the form of franchises or business development collaborations. And this is to further our goal of helping secure the children’s future. Not just locally, nationwide—but globally,” she pointed out. Llenado says AHEAD will embark on an expansion program by opening more branches and franchises. Marching into the future, she pointed out that the new AHEAD is more open-minded, innovative, smarter and more dedicated to serve the market. “I am happy to be back in the swing of things. Rest assured that AHEAD is back stronger than ever, and will continue to affect and improve many more students and our co-Filipinos’ lives.”
School teacher turned entrep is India’s newest billionaire at 37
I
NDIA’S newest billionaire is a former classroom teacher who developed an education app that’s grown to a valuation of almost $6 billion in about seven years. Byju Raveendran joined the rarefied club after his Think & Learn Pvt. Ltd. scored $150 million in funding earlier this month. That deal conferred a value of $5.7 billion on the company in which the founder owns more than 21 percent, people familiar with the matter said. Its closing coincided with the announcement that the company’s BYJU’s app—named after the founder—will team up with Walt Disney Co. and taking its service to American shores by early 2020. The 37-year-old entrepreneur—who has said he wants to do for Indian education what the Mouse House did for entertainment—is taking his biggest step yet geographically and creatively. In his new app, Disney staples from The Lion King’s Simba to Frozen’s Anna teach math and English to students from Grades One through Three. The same characters star in animated videos, games, stories and interactive quizzes. “Kids everywhere relate to Disney’s Simba or Moana, who grip kids’ attention before we take them through the loop of learning,” said Raveendran, also chief executive officer.
India is going through a dramatic period of wealth creation—and destruction. A new breed of self-made entrepreneurs is joining the ranks of the well-heeled, helping the country’s ultra-rich population grow at the world’s fastest pace. Raveendran, at least on paper, assumes his place among those parvenus, thanks to his effort in internet education. Online learning is booming, perhaps nowhere more so than on BYJU’s home turf, where Internet usage is exploding because of the ubiquity of cheap smartphones and cut-price wireless plans. India’s online
learning market is expected to more than double to $5.7 billion by 2020, according to the government-backed India Brand Equity Foundation. Education technology for kindergarten through 12th Grade is one of the fastestgrowing segments of the country’s internet market, said Anil Kumar, chief executive officer of Redseer Management Consulting Pvt. “Indian education startups are well set to seize the global opportunity given that they already cater to a large English-speaking base and have created unique education content,” he said. BYJU’s own fortunes have climbed alongside the market. Its revenues are expected to more than double to 30 billion rupees ($435 million) in the year ending March 2020, Raveendran said. That pace of growth has already caught the eye of some of the industry’s biggest investors from Naspers Ventures and Tencent Holdings Ltd. to Sequoia Capital and Facebook founder Mark Zuckerberg and wife Priscilla Chan. Those big-name backers buy Raveendran’s vision. The BYJU’s founder grew up in a village on India’s southern coast where his parents were school teachers. He was a reluctant pupil, playing hooky to frequent the football field, then learning on his own
at home. He became an engineer and then began helping friends crack entry exams to top Indian engineering and management schools. The classes swelled till he finally began teaching thousands in sports stadiums, becoming a celebrity tutor who commuted between multiple cities during weekends. He set up Think & Learn in 2011, offering online lessons before launching his main app in 2015. The business has signed up more than 35 million of whom about 2.4 million pay an annual fee of 10,000 to 12,000 rupees, helping it became profitable in the year ending March 2019. That’s when Raveendran began courting long-term investors, such as pension funds and sovereign wealth funds—his latest backer is the Qatar Investment Authority. In BYJU’s latest funding round, the entrepreneur bought shares to maintain his equity level. Along with his wife and brother, the Raveendran clan now holds a total stake of about 35 percent, said the people familiar, asking not to be quoted as the matter is private. Byju’s approach is simple - captivate kids by transforming the content to fit short attention spans. Raveendran has always harbored ambitions to crack English-speaking countries, and has flown in YouTube stars to feature in his videos. Bloomberg News
Education Secretary Leonor Magtolis Briones said, “We are thankful for the unwavering commitment of our partners, especially now that we are intent to pivot our focus from improving access to enhancing the quality of basic education in the country.” The project will boost DepEd systems for teachers’ professional development, materials development and managing public funds for basic education. It will also build the capacity of school teachers and administrators at regional and local levels to ensure that improvements reach all schools in the target regions. The project will work with local governments, the private sector and other stakeholders to leverage local resources to improve the quality of education. Dr. Alberto Fenix Jr. of the Philippine Chamber of Commerce and Industry (PCCI) also spoke
at the launch about the project’s importance to the private sector. “PCCI and its national network of business associations, chambers, enterprises, and schools are fully supportive of this project, which will better prepare our children for the world of work,” he said. As part of the launch, Bicolana beauty queen Venus Raj and Ms. Philippines Earth 2019 Janelle Tee held a read-along session with students from Oranbo Elementary School. ABC+ is implemented in partnership with RTI International, together with The Asia Foundation, SIL LEAD and Florida State University. USAID is the lead US government agency for international development and disaster assistance. In the Philippines, USAID partners with the national government to build a more stable, prosperous, and well-governed nation.
Pinoy students bag 37 medals in math, English contests in KL
Y
OUNG Filipino students won 37 medals in two contests in math and English in Kuala Lumpur, Malaysia. At the 13th Asian Finals of the World Math-Fusion Olympiad held from July 26 to 28, the Philippines won 23 awards consisting of four gold, six silver and eight bronze medals, and five excellence certificates, according to the Mathematics Development Academy of the Philippines (MathDAP). The Philippines dominated the contest and was the only country that won gold and silver medals in the level 3 category covering Grades seven, eight and nine. Alvann Walter Paredes Dy of Saint Jude Catholic School and Krystal Lim Tiong Soon of Grace Christian College from the Philippine team emerged as the only gold medalists among all participants in level 3. On the other hand, Filipino students bagged 6 gold, 8 silver and 5 bronze medals for a total of 19 in English at the 10th Global Finals of SPEAK International Competition also held in Kuala Lumpur, said the Philippine Board of Studies Foundation (PBOSF). The contest focused on skills including listening, reading and composition writing. The Philippine delegation was accompanied by Alfredo Orosco and Angeline Orosco who said that participating countries in the two contests were the Philippines, China, Indonesia and Malaysia. The new feat came after the Philippines won 11 awards at the recent 22nd Po Leung Kuk Primary Mathematics World Contest (PMWC) in Hong Kong. The awardees from the Philippines are:
13TH ASIAN FINALS OF THE WORLD MATH-FUSION OLYMPIAD GOLD MEDAL
1. Alec Nathan Rongo - St. John’s Institute 2. Maria Bernadette Landicho - Stonyhurst Southville International School 3. Krystal Lim Tiong Soon - Grace Christian College 4. Alvann Walter Paredes Dy - St. Jude Catholic School
SILVER MEDAL
1. Lanz Arthur Gaurana - Trinity Christian School 2. Juan Rafael Landicho - Philippine Science High School-Calabarzon 3. John David Magnaye - Philippine Science High School-Main 4. Armea Helena Sien Dimayacyac - Philippine Science High School-Main 5. Walsh Nico Adrian Letran - St. Jude Catholic School 6. Kei Hang Derek Chan - St. Jude Catholic School
BRONZE MEDAL
1. Benjamin Dacles - Trinity Christian School 2. Gian Paulo Oviedo-Trinity Chris-
tian School 3. Marie Emmanuelle Martinez—UP Integrated School 4. Erwyn Aenas Vibal—Philippine Science High School-Main 5. Christian Joseph Bunyi—San Beda College-Alabang 6. Eljan Cao - Philippine Science High School-Bicol 7. John Florence Dizon—Philippine Science High School-Main 8. Alexandra Brianne Gochian—St. Jude Catholic School
EXCELLENCE CERTIFICATE
1. Eric Fabian Deiv Mendez—Ateneo de Naga University Grade School 2. Maria Martina Chiu—St. John’s Institute 3. Eric Fabian Thirdy Mendez—Philippine Science High School-BRC 4. Mariane Shane Gante—San Beda College-Alabang 5. Lorraine Joy Calica—UST Junior High School
10TH GLOBAL FINALS OF SPEAK INTERNATIONAL COMPETITION GOLD MEDAL
1. Gregory Dy—Jubilee Christian Academy 2. Gianna Patricia Jimenez—San Beda College Alabang 3. Ambreinne Janne Fabila—St. Paul College Pasig 4. Syd Spencer Teo—Zamboanga Chong Hua High School 5. Rydel Ridley Lim—St. Stephen’s High School 6. Alexandra Louis Chan—Zamboanga Chong Hua High School
SILVER MEDAL
1. Mark Gomez Jr.—Trinity Christian School 2. Patricia Gaille Tiu—Iloilo Scholastic Academy 3. Jersey Jaclyn To—St. Stephen’s High School 4. Hans Emmanuel Vargas—Ateneo de Zamboanga University 5. Chantal Paige Vargas—Ateneo de Zamboanga University 6. Simone Abigail Chua—St. Stephen’s High School 7. Mehriell Ellice Ang—St. Jude Catholic School 8. Alessandro Leane Chan—Zamboanga Chong Hua High School
BRONZE MEDAL
1. Adrian Zachary Liong—MGC New Life Christian Academy 2. Kohleen Rae Orpilla—Integrated Montessori Center 3. Maria Tajan - St. Paul College Pasig 4. Ivie Nyrelle Adiong—Saint Jude Catholic School 5. Raianna Amihan Carandang— Immaculate Heart of Mary CollegeParanaque
Marketing BusinessMirror
www.businessmirror.com.ph
Editor: Efleda P. Campos • Monday, August 5, 2019 E3
What skills should I learn to get ahead? Part Two
PR Matters By Millie F. Dizon
n Public speaking n Writing n Cloud computing n Creativity n Ability to learn We discussed public speaking and writing in last week’s column, and we will continue by highlighting cloud computing, creativity, and the ability to Learn in today’s feature.
Cloud computing. According to LinkedIn, cloud computing is the most in-demand hard skill of 2019. Economy quotes the
BRAND & BUSINESS: HAKUHODO’S HILL ASEAN SHARES HOW ASEAN LIVES EVOLVE AS TECHNOLOGY GETS SMARTER
LIVES are made easier because of technology: People can simply order the things they need from the safety of their homes; people can check on their homes even when they’re away simply through an app; and people no longer need to exert much effort on simple tasks because digital assistants like Siri or Alexa can help. This is the change that the Hakuhodo Institute of Life and Living Asean is preparing for. Every year, HILL Asean, also known as the creative agency’s think tank, has forums all over Southeast Asia to talk about their latest research on Asean sei-katsu-sha, a Japanese term that refers to the human being as a whole rather than a consumer. They have tackled topics like gender, family and the generation gap, and they have successfully shared their findings in these forums in the past. For 2019, HILL Asean delves deeper into what’s in store for us in the future. More specifically, how artificial intelligence (AI) or Assistive Media will affect our lives and the brands around us. Prominent figures from Hakuhodo gathered round in the Philippines to deliver what came out of the research: Hakuhodo International President Nobuaki Kondo, Hakuhodo International Philippines Director Tatsuro Osuga, Ideas X Machina CEO and Founder Third Domingo, Hakuhodo BCI and
eNAV Managing Director Gemma Alcantara, HILL Asean Institute Director Farhana Devi Attamimi, and HILL Researchers Jedd Ilagan and EJ Mangahas. The forum, which was held last August 1, 2019, in the Philippines, was aptly named “THINK FUTUREFORWARD: How ASEAN Lives Evolve as Technology Gets Smarter.” Smartphones have completely changed the lives of the sei-katsusha but the change doesn’t stop there because an up and coming technology that is slowly taking over is the Internet of Things (IoT). The IoT is the network of physical devices, appliances, and items that are embedded with software, electronics, and the like. These are then connected to the Internet, so the sei-katsu-sha can control them from anywhere, at anytime by using a smartphone. “Because of AI and IoT, all other devices are getting smarter and smarter. This will take us from on the screen to beyond the screen,” Attamimi said about the IoT during her talk. Since people are slowly building dependence on these smart items, they slowly store information about their users. This data, also known as the Me Data, tracks behavior, interests, health and purchase history. Once these are compiled, the Me Data will provide the AI the information needed for it to predict and provide for the user as based on their routine. This is what they call Assistive Media. Once Assistive Media takes over, we will rely on it to predict, provide, and even give recommendations about certain aspects of our lives. During the forum, Hakuhodo played a video showing just how helpful Assistive Media can be, and just how much impact it will have on brands.
WWW.FREEPIK.COM
D
URING our last column, we began answering the letter of Cherry S. who was recently advised by her manager that they were happy with her work, and considering her for a higher position. She was also told that enhancing her skills would give her greater opportunities, and with that, wanted to know what skills she should learn or improve on in order to grow in the workplace. We began by telling her that we agree that our professional and personal lives are a work in progress, and it is always good to learn new things and develop our skills. We got some tips from Peter Economy, who highlights 5 Highly Desired Skills You Should Learn for a Changed (and Much Better) Life in Inc.com. “Incredible opportunity still awaits,” Economy says. “All you need is to pick up a few life skills and you will see your chances of being successful increase in all areas of your life.” “Whether you’re an entrylevel employee or CEO, there is a wide variety of life skills available for you to learn and eventually master,” he adds, listing “highly desired skills for the keys to a more enriched personal and professional life.”
editor of LinkedIn Learning Paul Petrone, who writes that “this list demonstrates shifting corporate interests, with highly technical skills reflecting our increasingly digital world” This spike of interest in cloud computing means “companies are on the hunt for engineers who can understand networking and advanced security for the digital experience.”
Creativity. Economy observes that, “as we become inundated with new apps and technologies, creative people who can apply their skills to new products and services are becoming highly sought-after. The World Economic Forum, which surveyed 350 executives across nine industries, says creativity is one of the top 3 skills employers will seek in the coming decade. Since Assistive Media will provide us with options, THINK FUTURE-FORWARD urges brands and businesses to rethink their current way of doing business. Today, we see brands as products but in the future, brands will be seen as platforms. To prepare brands for the future of Assistive Media, Alcantara said during her talk: “A brand is not owned by a company, but the customer who draw meaning from it. They no longer buy brands; they join brands.”
MANILA FAME 2019: SUCCESS STORIES OF TWO SHOEMAKERS FROM LILIW, LAGUNA, ONE OF THE SHOE CAPITALS IN THE PHILIPPINES AND THE HOME OF EXPORT QUALITY FOOTWEAR UPON reaching the quaint town of Liliw, Laguna, you will already see rows and rows of footwear makers and distributors lined up along the cobbled street of Gat Tayaw. Here, they offer different shoe designs in export quality that became one of the many if not the main reason tourists are attracted to Liliw. Determined to make it big in the shoe industry, two homegrown shoemakers heed the call of the Department of Trade and Industry (DTI) to join trade exhibits not only to widen their market but to hone their entrepreneurial skills.
Ai-She Footwear
JUST a year in the business, Ai-She Footwear already made its first foray in Manila FAME. Owner Corazon Coligado’s marketing approach was to actively join DTI’s regional and national trade fairs. This paved the way for opportunities she never imagined could happen on her first year and first try in Manila FAME.
LinkedIn Learning’s Paul Petrone, in an article, “Why Creativity is the Most Important Skill in the World,” says that “using the power of our Economic Graph, we determined the skills companies need most. And there was a bit of surprise at the very top of the list: creativity. While technically, “creativity is
the second-most-in-demand skill in the world with cloud computing at the top, cloud computing is a hard skill, which means it applies to only a section of the work force and doesn’t have the staying power a soft skill has.” What does it mean to be creative? A post by Betsy Rose of the Topeka and Shawney County Public Library, says that “creativity is about living life as a journey into seeing and communicating the extra-ordinariness of the simplest, most everyday acts. Creativity’s by-products are some of the major achievements of civilization— from the invention of the wheel to Mozart’s sonatas.” More than that it is, according to LinkedIn Learning instructor Stefan Mumaw “problem solving with relevance and novelty.” It is solving problems in original ways. But why is this the most important skill for professionals today? Petrone believes that, “as AI continues to become a bigger part of this world, process-driven jobs are becoming even more obsolete. No longer will companies pay people to do the same task again and again: robots can likely take on those tasks.” Instead, “companies are most interested in finding people who can think of new, better solutions.” His advice? “If you want to ‘future-proof’ your career, there’s no better approach than focusing on thinking more creatively. Stop
settling for solutions that worked previously and push yourself to think of newer, better ideas.” We must remember, though, that “creativity is a skill. And, like any skill, it means you can be better at it—if you work at it. Petrone adds, “there’s no better investment you can make today than strengthening your creative skills.”
Ability to learn. According to Economy, “one of the most appealing characteristics of any job seeker, employer, or person can have is the skill of knowing how [and the desire] to learn.” Our growth as a person depends on our ability and willingness to learn, and “knowing the most effective and efficient ways to learn new knowledge, tools, or skills is ultimately the gift that keeps on giving.” PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world. Millie Dizon, the senior vice president for Marketing and Communications of SM, is the former local chairman. We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.
Perspective BusinessMirror
E4 Monday, August 5, 2019
www.businessmirror.com.ph
SKYPIXEL | DREAMSTIME.COM
How do you design a home for someone with autism?
By Sherry Ahrentzen | University of Florida
W
THE CONVERSATION
HAT if every time the bathroom fan buzzed, you became unhinged? Or you lived in a place where it felt impossible to avoid curious neighbors whenever you went outside? Or where the location of kitchen appliances made it feel like a combat zone every time you tried to cook a meal? Only then might you start to feel like the many autistic adults who struggle to live in homes that don’t accommodate their needs. Today, while the majority of adults on the spectrum live in the home of a parent or other family member, their caretakers are now wondering what will happen when they get older and can no longer take care of themselves—let alone someone on the spectrum. Over the last decade, investments in autism research and interventions focused on children and adolescents have grown. In 2010 alone, nearly $350 million funded research projects in the United States. But autism is a lifelong condition, and just 2 percent of these research funds are focused on the needs of adults.
In the past, autistic adults had few options to live independently in a community. They’d often end up in developmental centers, nursing homes or intermediate care facilities. Only in recent years have families and professionals started to consider designing, developing and choosing residences in the community. In order to respond to these specific needs, we wrote a book— At Home With Autism: Designing for the Spectrum—that provides a robust set of guidelines for architects, designers, housing providers, families and residents.
No ‘one size fits all’
THERE’S a saying in the autism community: “If you know one person with autism, you know one person with autism.”
In other words, there is no single set of characteristics for those on the spectrum. Each has varying degrees of difficulty with social situations, verbal and nonverbal communication, and repetitive behaviors. They could have a range of medical and physical issues—seizures, sensory sensitivities, sleep dysfunctions and gastrointestinal problems. Some excel in visual skills and pattern recognition, while others are especially adept at music, math and coding. With all of this in mind, there’s no umbrella approach for housing those with autism. The best-case scenario would include a generous range of residential options—available within a single community—so that individuals could discover and choose which best suits them. This, unfortunately, is not feasible, making it challenging to find a home that’s a good fit, especially when the options are so limited.
Planning for independence
RESEARCHERS, support providers and design professionals are only now starting to explore how to plan for individuals on the spectrum once they age out of the school system, including where they will live, how they can set up a home, and the best way for them to become members of a community. For those at the beginning stages of planning for their autistic kids or grandchildren to move out of the house, the questions and concerns are manifest: is it better to live in an urban apartment,
with the mix of services, amenities and vitality that cities provide? Or would they be better served in a gated community developed specifically for individuals on the spectrum? What about roommates? Are there advantages to having them? If so, how many? And are there home technologies that can enhance security and independence without invading privacy? Then there are the home’s layout, room sizes and configurations. Design aspects that most don’t think twice about can be a huge deal for someone with autism: proper lighting, wall colors and appliance noise levels need to be considered. For those who haven’t cooked or cleaned before, the arrangement of countertops, the sturdiness of cabinetry, even how the water flows out of the kitchen faucet can be the difference between mealtime being a frustrating or satisfying experience.
A lot of little things can add up
SEVERAL years ago, a local autism organization asked us what was the best housing design for adults on the spectrum. We were stumped. So we began to sift through countless reports, personal accounts and emerging research studies on adults with autism that could inform us of better ways to design such residences. We wanted to craft design guidelines for residential settings that would enhance key quality-oflife goals that are particularly important to those on the spectrum. They include sensory balance and
being able to control privacy and social interaction, in addition to having choice and independence, clarity and predictability, and access and support in the neighborhood (to name a few). With these goals in mind, we developed key criteria to assess the suitability of a home, outdoor space and community, and what design modifications might be needed to maximize its livability. The guidelines encompass everything from big-picture suggestions at the level of the neighborhood to specific tips for individual rooms; they range from the community’s social life to the durability of household fixtures. For example, to make it easier for individuals to assimilate into the community, when adding exterior features such as fencing, it’s important to make sure the materials and forms fit in with the rest of the houses in the neighborhood, and aren’t fortress-like or institutional-looking. In the yard, raised garden beds provide good opportunities for sensory-seeking people with autism to touch and smell plants. Inside the home, predictability can be a big deal to some on the spectrum. Each room should have an obvious purpose, transitions between rooms should be smooth and their boundaries should be clear. This may help an autistic person establish routines and increase independence, while minimizing anxiety. There’s also a wide range of technologies that can mitigate stress and promote independence.
Installing an exit/entry system with a camera and intercom/telephone allows the resident to preview visitors before opening the door. Meanwhile, activity monitors and task prompting systems can help autistic people feel like they have greater control over their lives and more independence. For those with sensory sensitivities, air conditioning and heating systems should be as quiet as possible. Ideally, they’ll be situated away from bedrooms to minimize disruption. In the bedroom, closets with built-in organization systems and good lighting can help with daily dressing and grooming tasks, while in the bathroom, toilets should have heavy-duty seats and bowls to accommodate wear that could come from repetitive movements like bouncing. Since requirements, needs and tastes of those on the spectrum vary widely, it’s necessary to work closely with residents. The importance of doing this cannot be overemphasized: a well-designed environment that addresses the needs and aspirations of individual residents might not only improve their quality of life and ability to live independently, it could also minimize long-term costs associated with relocating residents when homes aren’t a good fit. This article is republished from The Conversation under a Creative Commons license. Read the original article here: http://theconversation. com/how-do-you-design-a-home-forsomeone-with-autism-57033.