BusinessMirror January 08, 2019

EXPORTERS CHAFE AT NEW DELAY IN EASE OF DOING BUSINESS I.R.R. By Elijah Felice E. Rosales @alyasjah

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XPORTERS are demanding that the government stop passing laws that it cannot roll out properly, as they lamented yet again the delayed issuance of the Ease of Doing Business (EODB) law’s implementing rules and regulations (IRR). The Philippine Exporters Confederation Inc. (Philexport) took a swipe at the government for the delayed implementation of the EODB and Government Service Delivery Act, which was approved by President Duterte in May. The law has yet to take full effect, as authorities have yet to issue its IRR. “There are some laws which are supposed to be good, like the ease of doing business, [but] it has not yet benefited us up to now,” Philexport President Sergio R. Ortiz-Luis Jr. told the BusinessMirror.

MAKATI’S business district is seen in this BusinessMirror file photo. Business groups are appalled by the delayed—yet again—release of the implementing rules of the Ease of Doing Business (EODB) Law. NONIE REYES

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“There are too many laws, and when there is a problem with implementation, they pass some other laws. That makes it more complicated,” he said, adding that it then becomes “a turnoff for a lot of people also, especially to investors.” Under the EODB law, simple government transactions are required to be completed within three working days; complex transactions within seven working days; and highly technical transactions within 20 working days. It will also reduce the number of signatories needed to obtain permits and licenses, among other government documents. With this, the EODB law is heavily banked on by the government, as well as the private sector, to improve the country’s rating in competitiveness surveys. However, Ortiz-Luis claimed nothing has ever changed since the measure was signed into law in May 2018, nor when the

draft IRR was transmitted by the Department of Trade and Industry to the Office of the President in October. Trade officials argued the IRR can only be issued once the President has appointed the director general of the Anti-Red Tape Authority (Arta). The Arta is mandated to oversee compliance of local and national government agencies with the provisions of the EODB law. Business leaders told the government the EODB law should be implemented as soon as possible if it wants the country to recover from its dismal showing last year in competitiveness surveys, such as in the World Bank’s Doing Business report. The Philippines—for the second consecutive year—fell by double-digit notches in the World Bank’s index on EODB. The 2019 edition put the country at 124th among 190 economies, down 11 places from the 2018 cycle.

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Tuesday, January 8, 2019 Vol. 14 No. 90

PHL dollar reserves rise to $78.46B in December

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By Bianca Cuaresma

@BcuaresmaBM

HE country’s dollar holdings continued to expand in December after registering declines in previous months, as the peso strengthened against the greenback toward the end of 2018.

The Bangko Sentral ng Pilipinas (BSP) on Monday reported that the country’s gross international reserves (GIR) rose to

$78.46 billion in December, 3.7 percent higher than the previous month’s level. This is the second consecutive month that the Phil-

ippines’s overall dollar reserves posted an increase. BSP Deputy Governor and Officer in Charge Diwa Guinigundo

”[The December] level was higher than the $75.68 billion level recorded in November 2018, due mainly to inflows arising from the BSP’s foreign exchange operations, net foreign currency deposits by the national government and revaluation gains from BSP’s gold holdings resulting from the increase in the price of gold in the international market.”—Guinigundo

attributed the positive development to the Central Bank’s “better foreign exchange conditions.” See “Dollar reserves,” A8

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@llectura

NLY 3.47 percent of the 8,630 gasoline stations nationwide have started implementing higher fuel prices brought about by higher excise taxes under the second tranche of the Tax reform for Acceleration and Inclusion (TRAIN) law. The second-round additional excise tax of P2 is imposed per liter of diesel and gasoline, and P1 per kilogram on household LPG. There will also be an additional 12-percent value-added tax, for a total of P2.24 for both diesel and gasoline, and P1.12 for LPG. Based on data submitted by the oil firms to the Department of Energy (DOE), only 300 service stations were monitored to have started implementing the second tranche of the TRAIN law for petroleum products. Of the 300, the agency said 268 are Petron stations and the 32 are from Flying V. “The Petron figures were as of January 5. The report we received regarding Flying V is as of Monday morning,” said Energy Undersecretary Felix William Fuentebella. Petron is the largest oil refiner

in the country and is the leading oil firm. It has 2,400 stations nationwide. The DOE will issue show-cause orders to all 300 stations to compel them to explain why they have implemented fuel-price hikes as early as January 2, 2019. Fuentebella explained that although Petron’s inventory is good for 30 days, the oil firms have been citing reasons for implementing higher prices ahead of others. The energy department earlier warned oil companies against imposing the new rates even on old inventory, adding that the firms could be held liable to syndicated estafa. “The 30-day inventory is applied to crude oil. The crude oil needs to be refined, which will result in a finished product. Thereafter, this will be sent to various service stations before the finished product is sold to consumers. “At the gas station levels, there are two factors considered. The storage capacity and the turnover of old to new stock. The smaller the storage tanks are, the faster the supply runs out. It also depends on how fast the supply runs out, probably due to higher demand,” explained Fuentebella. See “Excise taxes,” A2

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COMELEC TO REGULATE SOCIAL-MEDIA SPENDING By Samuel P. Medenilla @sam_medenilla

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HE Commission on Elections (Comelec) said it is targeting to come up with regulations for the social-media spending of candidates before the end of the month. “We may come out with the guidelines before the start of the campaign period in February,” Comelec Spokesman James B. Jimenez told reporters in an ambush interview. Jimenez said the new guidelines aims to monitor and regulate the expenses of candidates for paid or promoted social-media ads. “We will make sure that whatever draft regulation that we have would respect the individual’s right for free expression. Social media will remain a free market of ideas,” he said. “But [the move is] within the context of keeping the elections orderly, such as reporting of expenses and reporting of costs,” he added. Jimenez said the Comelec is coordinating with socialmedia firms like Google and Facebook ,

300 gas stations must explain early charging of higher excise taxes By Lenie Lectura

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as well as election watchdog like Legal Network for Truthful Elections (Lente) to formulate the guidelines. The election official said they opted to create the guidelines, amid the increasing influence of social media, in determining the results of the elections, particularly during the 2016 elections. Election experts attributed President Duterte’s “overwhelming” victory in the 2016 presidential elections to his campaign on social media. For that period, only a few candidates declared their social-media spending in their Statement of Contributions and Expenditures (SOCE). “In 2016, we saw how effective social media was. We also saw how potentially destructive reasoned conversation can be on social media,” Jimenez said. “The problem is there are some groups which exert disproportionate impact using the tools of social media. That is what we are trying to mitigate,” he added.

House: Wider fiscal deficit requires fresh look at budget By Jovee Marie N. dela Cruz @joveemarie

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ability and transparency in the use of the fund. “We want the current and future funds now earmarked for the Road Board to be part of the general fund, which will then be appropriated by the legislature as part of the normal budgeting process and not allocated by an un-elected board, which lessens the transparency on the use of the

HE leadership of the House of Representatives on Monday said it needs to reexamine the P3.757-trillion national budget for 2019 due to the widening fiscal deficit. Majority Leader Rolando Andaya Jr. said the government disbursements continue to outpace the increase in revenues. “Both government spending and revenues are growing beyond their respective targets. As a result, the government may fail to meet its deficit ceiling for the year,” he said in a statement. “The numbers for 2018, as far as the country’s fiscal deficit is concerned, do not look so good,” Andaya added. According to Andaya, even Budget Secretary Benjamin E. Diokno admitted that the government’s fiscal deficit for 2018 may fall behind the P523.7-billion target, which is equivalent to 3 percent of the gross domestic product. Last year, he added, the fiscal deficit was only 2.2 percent of the gross domestic product.

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LAYING MY BURDENS AT YOUR FEET A young boy soundly sleeps on a float containing all sizes of replicas of the Black Nazarene just before Monday’s procession and blessing of the replicas, in the run-up to the Traslación or Feast of the Black Nazarene, that coincides with Quiapo’s fiesta on January 9. NONIE REYES

‘MVUC transfer to general fund in CTRP plan’ By Rea Cu

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@ReaCuBM

HE abolition of the Road Board, as well as the transfer of its funds from the collection of the Motor Vehicle Users Charge (MVUC) to the government’s general fund, is already covered by the original proposal of the Department of Finance

under its Comprehensive Tax Reform Program (CTRP), the DOF chief said on Monday. Finance Secretary Carlos G. Dominguez III said making the current and future funds of the Road Board part of the general fund will ensure that their appropriation is scrutinized by lawmakers as part of the normal budgeting process. The proposal ensures the account-

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A2 Tuesday, January 8, 2019

No PHL govt role in off-court talks on Bangladesh Bank heist

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By Rea Cu

@ReaCuBM

HE Department of Finance (DOF) said on Monday its position regarding the out-of-court settlement proposed by Bangladesh in line with the $81-million bank cyber heist in 2016 remains unchanged, stating that the Philippine government will not be involved. Finance Secretary Carlos G. Dominguez III, in a text message to reporters, pointed out that the Philippine government will still not be involved in line with the proposed out-of-court settlement by Bangladesh with regard to the theft by still unidentified hackers of funds of the Bangladesh Bank, deposited

in an account in the Federal Reserve in New York. “Our position is unchanged,” Dominguez said. In 2016, it was reported that unidentified hackers stole $81 million from the Bangladesh Bank’s vaults in New York Federal Reserve and transferred the funds in different fake accounts in Rizal Com-

$15M The amount that Bangladesh Bank was able to retrieve from the Philippines two years after the cyber heist in 2016

mercial Banking Corp. (RCBC). It was pointed out that the money was laundered through casinos in the Philippines. The Bangladesh Bank was able to retrieve $15 million from the Philippines after two years, while the Bangko Sentral ng Pilipinas (BSP) ordered RCBC to pay a P1billion fine for failing to prevent the withdrawal of stolen funds. In other reports, it was pointed out that the Bangladesh Bank is being eyed to pay 10 percent or $6.6 million of the remaining funds of $66 million to United

States law firms should the legal battle with RCBC in terms or recovering the remaining money from the bank heist be successful. It was learned that the Bangladesh Bank is already preparing to file a case against RCBC in an international court by January 15. In the same year, Dominguez told retired Maj. Gen. John Gomes, the Bangladeshi ambassador to Manila, that recovery efforts of the stolen funds will have to pass through proper legal procedures for that country’s own protection so that no other party could contest its rightful claim to the stolen money in the future. The return of the $15 million came in two batches, one totaling $4.63 million and the other P488.280 million, estimated to be equivalent to $10.61 million. The casino junket operator Kim Wong had turned over the money in the course of a Senate investigation on the cyber heist.

‘MVUC transfer to general fund in CTRP plan’ funds,” Dominguez said. Under Package 1B of the CTRP, or the other half of the Tax Reform for Acceleration and Inclusion (TRAIN) law, reforming the MVUC or Road User’s Tax calls for adjusting its rates to account for inflation and simplifying it by collapsing the multitude of rates into a single one based on weight. The abolition of the Road Board —which is authorized under Republic Act 8794, or the MVUC law to manage and utilize the MVUC funds—was also part of Package 1B of the Duterte administration. Finance Undersecretary Karl Kendrick T. Chua explained that because both the Senate and the House of Representatives had already approved a bill abolishing the Road Board, the DOF found it unnecessary to include in its September 20, 2018, letter to Congress a request for its abolition, and detailed instead the remaining tax- reform proposals under the CTRP, which it asked lawmakers to approve. “Both the House and Senate passed the bill on the abolition of the Road Board, which was in response to our proposals as outlined under Package 1B of the CTRP. As Congress already passed this proposal, the DOF’s September 20, 2018 letter to the House leadership requesting it to pass the remaining tax packages expectedly does not include the Road Board abolition. The DOFproposed restructuring of the MVUC does include the transfer of the road fund to the general fund,” Chua said. Chua issued the clarification after a congressional leader erroneously pointed out earlier that even the DOF did not want the Road Board abolished because its September 20 letter to the House did not mention this when it formally asked for the restructuring and adjustments in the MVUC as part of its appeal for the approval of Duterte administration’s remaining tax reform packages. Last September 12, the Senate adopted the House version on the Road Board abolition to dispense with the bicameral conference

process. The House, however, rescinded its approval of the bill on third reading on the same day, Chua recalled. On top of reforms in the MVUC, the DOF’s proposed Package 1B also includes the lifting of bank secrecy laws, the automatic exchange of tax information and the implementation of three types of amnesties. The DOF proposal to adjust the MVUC rates to account for inflation, as the fees have been frozen since 2004, and the transfer of the road fund to the general fund, remains pending in the House public works committee, while the Senate has yet to file a counterpart measure, according to Chua. “While the transfer of the road funds to the general fund will improve the transparency and accountability of its use, it does not add any revenue at all, as the MVUC is also part of the existing revenue base,” he added. The Land Transportation Office (LTO) is responsible for the collection of the MVUC from all owners of motor vehicles as part of the annual vehicle registration process. Collections of the MVUC are deposited into four special trust accounts established by the Bureau of the Treasury namely: the Special Road Support Fund; Special Local Road Fund; Special Road Safety Fund; and Special Vehicle Pollution Control Fund. On Sunday, the leadership of the House of Representatives backed President Duterte’s pronouncement to use over P40 billion in collections from the controversial Road User’s Tax to end the problem of flooding.

Andaya, Villafuerte

IN a statement, Majority Leader Rolando G. Andaya Jr., said the lower chamber will designate its contingents to the bicameral conference committee reviewing the bill abolishing the Road Board on January 14, 2019. Andaya’s fellow Bicol legislator on Monday called on Bicolanos to

support President Duterte’s move on the Road Board abolition and the transfer of its funds to floodcontrol projects in disaster-prone areas of the Bicol region, which could help their constituents, specially farmers. Camarines Sur Rep. Luis Raymund F. Villafuerte Jr. said that CamSur is the No. 6 rice-producing province despite the chronic flooding. “The province could probably become No. 2 or No. 3 producer if the flood problem could be solved once and for all,” he added. According to Villafuerte, Camarines Sur is Bicol’s lowest-lying area, making it a catch basin for floodwaters coming from other provinces whenever typhoons strike the region. “I call on my fellow Bicolanos to give their 100-percent backing to President Duterte’s decision to abolish the graft-ridden Road Board, more so after his commitment in CamSur last week to put the Board’s multibillion-peso funds to better use, particularly for flood-control projects in the disaster-prone region,” Villafuerte said in a statement. During a situation briefing held in Pili, Camarines Sur, in the aftermath of Tropical Depression Usman, Villafuerte suggested to the President the the dredging and desilting of the Bicol River. Villafuerte said that, when he broached this proposal, Duterte then declared he was bent on having the corruption-ridden Road Board abolished and have its funds utilized for flood-control projects, particularly in the Bicol region. The bill that seeks to abolish the Road Board and its funds transferred to the government’s general fund is currently mired in Congress because of conflicting positions of the Senate and the House of Representatives on the measure. Under the law creating the Road Board, the fees collected from the MVUC shall be used exclusively for road maintenance, road safety and air pollution control projects.

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Moreover, Villafuerte said, among the other suggestions raised during the meeting was the creation of a Bicol River Development Authority, which will be in charge of overseeing floodcontrol programs in coordination with the concerned local government units (LGUs) and the Department of Public Works and Highways (DPWH). The House Committee on Government Reorganization has already approved a bill authored by Villafuerte reviving the Bicol River Development Authority. Education Secretary Leonor Briones informed the President during the meeting that such an agency existed in the Marcos administration, but it was eventually abolished, hence leaving no particular government office to take charge of dredging the Bicol River or implementing other flood-control projects there.

Resettlement

IN the same statement, Rep. Villafuerte said CamSur Gov. Miguel Luis Villafuerte told President Duterte at the same meeting that some 50,000 families were evacuated from the province’s f lood-prone areas before Usman’s onslaught, and that the provincial government has committed to provide the evacuees a permanent resettlement community. The provincial government will donate the land for the relocation site and has asked financial support from the national government for the construction of the permanent resettlement homes of the dislocated people. The lawmaker, citing a report, said a total of 126 people were reported dead from flash floods and landslides caused by Usman, while 26 others were reported missing. The National Disaster Risk Reduction and Management Council reported that hardesthit Bicol had also suffered P2.9 billion in damages to agriculture and infrastructure. With Jovee Marie N. Dela Cruz

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Makati court orders reopening of rebellion case against Trillanes By Joel R. San Juan @jrsanjuan1573

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HE Regional Trial Court of Makati City Branch 150 on Monday affirmed its order issued last September, which reopens the rebellion case against beleaguered opposition Sen. Antonio F. Trillanes IV in connection with his participation in the 2007 Manila Peninsula siege. In its six-page order, Makati Branch 150 Judge Elmo Alameda denied the motion for reconsideration filed by Trillanes seeking the reversal of the said decision. The trial court maintained that there is “ factual and legal basis” for the issuance of Proclamation 572 by President Duterte, which revoked the amnesty granted issued in favor of Trillanes for his failure to comply with the requirements to be eligible for such. “By way of reiteration, Senator Trillanes was not able to prove through testimonial and documentary evidence that he filed his application for amnesty nor expressly admitted his guilt in the application form for the crime he committed during the Manila Peninsula incident which are the minimum requirements set forth under Proclamation No. 75,” the court stated. Proclamation 75 was issued by former President Benigno Simeon Aquino III, which granted amnesty to Trillanes. Aquino’s amnesty led to the dismissal of the rebellion case against Trillanes in 2011. It maintained that it was Trillanes who bears the burden of proving that he actually filed his application for amnesty and admitted his guilt. The trial court, however, said Trillanes failed to establish the existence of the official copy of the amnesty application, which is considered the primary evidence

Excise taxes. . . Continued from A1

He added that the DOE is expecting bulk of the 8,600 stations to implement the higher excise taxes between January 15 and February 1 this year. Energy Secretary Alfonso G. Cusi said the agency will be more vigilant in monitoring the implementation of the second tranche of the TRAIN Law for petroleum products. “We will ensure the fuel stocks for 2018 will be utilized first and sold at the pre-implementation prices,” Cusi said. However, the DOE pointed out that the increase in pump prices of petroleum products resulting from the imposition of the second tranche of fuel excise tax will still be smaller. This is due to the offsetting effect of the rollbacks implemented in 2018 and January 2019.

Price hike

MEANWHILE, oil firms on Monday announced a price increase in gasoline by P0.80 per liter, diesel by P0.70 per liter and kerosene by P0.40 per liter effective 6 a.m. of Tuesday. This is the first oil price hike for the year. “Saudi Arabia and Opec [Organization of Petroleum Exporting Countries] were talking last week

House: Wider fiscal deficit requires fresh look at budget “Given this development, it is time we realize that the proposed 2019 national budget prepared by DBM is out of touch with reality. We may have to reexamine the 2019 budget closely during the conference committee with the Senate,” the lawmaker added. The proposed 2019 General Appro-

priations Act is still pending before the Senate. “We are walking on a tightrope and we need a really good balancing act. The DBCC [Development Budget Coordination Committee] insists on a smaller contractionary spending program, yet the government needs

to spend more just to catch up with inflation,” he added.

Room for social programs MEANWHILE, Andaya said Joint Resolution 3 extending the 2018 budget until the end of year 2019 will give the government more spending room for

social programs. “In effect, we will now have two sources of spending for Fiscal Year 2019: the 2019 budget and the savings of 2018, which could reach to about P200 billion,” he added. According to Andaya, extending the life of the 2018 budget for next year means foregoing the DBM proposal of

“By way of reiteration, Sen. Trillanes was not able to prove through testimonial and documentary evidence that he filed his application for amnesty nor expressly admitted his guilt in the application form for the crime he committed during the Manila Peninsula incident which are the minimum requirements set forth under Proclamation No. 75.”—Judge Alameda

to counter the claim of the prosecution. With the ruling, the warrant of arrest, as well as the holddeparture order issued against the senator will stay. “With the revocation of the amnesty to Senator Trillanes, the resulting consequence is that the order issued on September 7, 2011 dismissing the case of rebellion becomes void ab initio,” the court pointed out. In dismissing the motion, the court said Trillanes failed to raise new issues that would warrant a reversal of its September 25, 2018, order. “The matters raised therein have been thoroughly and exhaustively passed upon by this court,” the court said. The Makati court ordered Trillanes’ arrest but allowed temporary liberty after posting bail. The court has yet to set a trial date on the case. In its September ruling, the trial court noted that Trillanes failed to present the original hard copy, a duplicate copy, or even a photocopy to substantiate his claim that he personally accomplished and filed his official amnesty application form. The court likewise gave weight to the online news report published on January 5, 2011, which was presented by the prosecution to prove that Trillanes failed to expressly admit his guilt for the crimes committed during the Oakwood mutiny and Manila Peninsula incident. about production cuts. The market reacted,” explained Fuentebella. While there is an uptick in the price of oil in the world market, Cusi pointed out that industry forecasts do not see crude oil prices hitting record-high prices, such as in October 2018, when Brent crude oil price breached the $80-perbarrel level. “If the trend continues, we do not expect it to have as much impact on fuel prices as it did last year. Besides, we can cushion the effect of any new oil price increases by becoming more efficient in our use of energy,” he said. On Sunday, the Senate’s energy committee chairman, Sen. Sherwin Gatchalian, had said the clamor in some sectors to suspend the second-round excise taxes on oil products under TRAIN is no longer a viable option, even as a hedge against any fresh uptick in inflation. Instead, Gatchalian said the TRAIN can be amended to scuttle the requirement that authorities wait for world oil prices to hit $80 a barrel for three consecutive months before suspending the TRAIN. Discarding this requirement will give officials more elbow room in dealing with contingencies arising from another spike in inflation similar to what took place for most of 2018, Gatchalian said.

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having only one expenditure program for 2019. “Luckily, the President is a much better economist than his economic managers. He signed Joint Resolution 3, against the advice of his economic managers who recommended its veto. It also throws away the ambitious cash

budgeting system of Secretary Diokno,” he added. “In public expenditures, we need to prioritize reforms such as targeted social spending and infrastructure investments that raise living standards. This is our urgent task in the 2019 budget,” he said.

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Editor: Vittorio V. Vitug • Tuesday, January 8, 2019 A3

Palace assures no witch hunt vs teachers By Bernadette D. Nicolas

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@BNicolasBM

ALACAÑANG on Monday denied the existence of a government policy to place suspected left-leaning teachers under constant police surveillance. The Palace issued the statement after the militant Alliance of Concerned Teachers (ACT) condemned the alleged police profiling of its officers and members in various parts of the country.

“Definitely the policy is not to [place] teachers [under constant surveillance]. The President loves the teachers,” Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo assured at a Palace

briefing, even as he stated that it is considered “natural” for law enforcers to monitor activities, which they find “illegal or irregular.” “Because if you are doing certain illegal acts or you are identified with the Left which is now considered, I mean the organization—the Communist Party of the Philippines-New People’s Army—as a terrorist group, then there is something to fear if you are identified with that group,” he said. “If you are not doing anything, why should you be afraid?” Panelo added. But in a separate television interview, he said, ACT is just being “paranoid.” On Sunday ACT claimed that the police are making the rounds

in schools and offices of the Department of Education (DepEd) to press education officials for an inventory of all ACT members under their jurisdiction. “Police officers who have spoken to school heads either present or refer to PNP [Philippine National Police] memoranda ordering ‘all concerned’ to submit a list of all ACT members in every school, citing previous memoranda from PNP Intelligence departments and the upcoming May 2019 elections as bases for the order. The operations appear to be of a nationwide scale and points to the top PNP leadership as the foremost source of the order as we received similar reports from our members in Ma-

nila, Malabon, Las Piñas, Zambales, Bulacan, Rizal, Mindoro, Sorsogon, Agusan del Sur, among others,” the ACT statement said. “This is a grossly illegal and an unconstitutional attack on our collective right to free expression and right to self-organization,” it added. The group said they are a legitimate teachers’ organization with a long history of service to professional teachers, education support personnel and the Filipino people in general. “Thus, the PNP’s concerted national scheme to single out ACT and extract a list of all its members from principals and other school officials is a clear violation of the constitutional right to self-organization,

freedom of expression and assembly, and right to privacy. It also violates the Magna Carta for Public School Teachers, and all the related laws, orders, and issuances which protect our right to self-organization and trade union rights in both public and private schools,” the statement said. The group also urged DepEd officials to take a stand against the scheme and to not allow the agency to be used by the police to violate teachers’ rights. “Rather than waste its time on intimidating and harassing legitimate teachers’ organizations, the PNP should instead focus on apprehending big drug lords, plunderers, humanrights violators, etc,” the group said.

BOL debates heat up anew as 1st plebiscite day nears Baldo still a By Joel R. San Juan

@jrsanjuan1573

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GROUP of Muslim accountants and several individuals are asking the Supreme Court to dismiss the petition filed by Sulu Gov. Abdusakur Tan II to declare as unconstitutional Republic Act 11054, also known as the Bangsamoro Organic Law (BOL). In a 51-page answer-in-intervention, the Philippine Association of Islamic Accountants (PAIA) Inc. headed by Amanoding Esmail maintained that the BOL is “far better” that the present Autonomous Region in Muslim Mindanao (ARMM).

‘No’ campaign launched

IN a related development, two Mindanao political leaders have launched a “no” vote campaign for BOL in the forthcoming plebiscites, a news statement read. Rep. Khalid Dimaporo of the First District of Lanao del Norte said his province is not part of the ARMM, adding that the ARMM had failed to govern professionally and deliver its promises of improving the quality of life. The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), he added, might just be a continuation of that failed system. Likewise, Cotabato City Mayor Frances Cynthia Guiani said leaders from various sectors oppose the creation of yet another region, stressing they want another system of government.

Overreaction, overreading

CONTRARY to the claim of the petitioner, the PAIA insisted that Section 18 and 19, Article X of the Constitution do not prevent Congress from passing legislations establishing or strengthening, or even abolishing the ARMM and creating a new one. The Sulu governor, in his petition, claimed that the BOL violates the 1987 Constitution, particularly Sections 18 and 19, which created the ARMM. He added that there was no legal basis to abolish the ARMM and that if the govern-

ment wants to do it, it can only be done by amending the Constitution. The group argued that Section 19 can be construed as a mere directive for the first Congress elected under the 1987 Constitution to pass the organic acts for the autonomous regions in Mindanao and the Cordilleras within 18 months from the time of its organization while Section 18 relates to the process of such organic acts. “Petitioner overreached in opining that the constitutional provisions delimit the legislative power of Congress; it is reading something into the provisions,” the group pointed out. Furthermore, the PAIA accused Tan of “overreading” the law in saying that the BOL violates the constitutional principle of separation of power and check and balance. “In the traditional structure of power in political democracy, separation of power is apportioned between the Executive, the Legislative and the Judiciary, with the Executive executing the law and seeing to it that the law is faithfully enforced or complied with, the Legislature making the law and defining state policies , and the Judiciary interpreting the law. This political rule underwrites the principle of check and balance. And the BOL, provides for this political arrangement,” the group added. The BOL replaces the ARMM with a new BARMM, which would have greater fiscal autonomy, a regional government, parliament and justice system. The regions would be made up of the TawiTawi, Sulu, Basilan, Maguindanao, and Lanao del Sur—the current ARMM members­— pending a regional plebiscite. Also included were six municipalities of Lanao del Norte and 39 villages of Cotabato, and the chartered cities of Isabela and Cotabato subject to the approval of voters. The first voting day has been set by the Commission on Elections on January 21. The second voting day will be held on February 6 in Lanao del Norte (except for Iligan City) and North Cotabato. Furthermore, the PAIA argued the BOL

provision that the territorial jurisdiction of ARMM as constituted under Republic Act 9054, has to vote as one in the coming plebiscite does not violate the equal protection principle under the Constitution and does not discriminate any province or city of the region in the exercise of their electoral right. The group also defended the BOL, saying that it is designed to protect the religious minority and was passed in compliance by government of its treaty commitment as a member of the United Nations in relation to the 2007 United Nations Declaration for the Rights of the Indigenous Peoples. Lawyers Nasser Marohomsalic and Manuelito Luna joined PAIA’s intervention. The BOL is expected to end the strife between the Moro Islamic Liberation Front (MILF) and the military and police. It answers the region’s claim for independence and Moro identity. Dimaporo said the new administration has raised issues about the involvement of resources, the partaking of powers between the government and the future Bangsamoro, and the integration of Islamic traditional laws within the judicial system. If approved, Bangsamoro will have more authority over their resources and government than the ARMM. The leaders will have the power to mete out justice according to their culture and religion.

ARMM replica?

OBSERVING the ARMM, Dimaporo said, he is not in favor of an independent government which lacks transparency and accountability; shows biases for ethnic groups; tolerates corruption; perpetuates bureaucracy and implements Islamic-based laws that are practiced in other Muslim countries and are too harsh for the local culture. “We don’t want to take a chance,” he said. “Bangsamoro might be a repeat of ARMM,” he stressed. Dimaporo quoted former President Benigno S. Aquino III as saying that ARMM was an experiment in self-government. The

lawmaker opined that the ARMM was remiss in providing infrastructure, education, livelihood and ensuring peace and order that it had earlier promised because it has no system of checks and balances and accountability, where money was allegedly squandered on ghost projects, while many parts of the region remained impoverished and underdeveloped. Vote-buying allegedly ranges between P10, 000 and P50,000 and mayors reportedly opt to reside in cities outside of their jurisdiction, he said, unable to keep track of the peace and order situation in their municipalities. Dimaporo cited Marawi, Lanao del Sur as examples of long years of neglect that resulted in the penetration of the Maute and the ISIS. Despite ARMM’s self-rule, it still had to seek help from the national government, he added. “The MILF wanted to create the Bangsamoro. They didn’t address the [aspect of] national power. Everything will be controlled by the local government units. It merely adds another layer of bureaucracy,” he said. Dimaporo lamented that the Internal Revenue Allotment for local government units doesn’t pass through the ARMM to evaluate the budgets. “The ARMM has no direct power over budgets such as development funds. Instead budgets are approved by the ARMM Bureau of the Local Government Finance, not the Department of the Interior and Local Government. The IRA is invariably not used properly,” Dimaporo said. He warned “Bangsamoro will be having a system of kanya-kanyang mundo [to each to his own world]. The LGU’s can have their IRA, the congressman can get funds from the Department of Public Works and Highways and the regional government will get the block grant. Money will be spent the way they please. Projects will overlap. How do you account for them? That was the problem with ARMM which ended up with ghost projects,” Dimaporo said. “We don’t want to be a part of that system. We’d rather deal with Malacañang than deal with another layer of bureaucracy,” he stressed.

By Samuel P. Medenilla

@sam_medenilla

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ARAGA Mayor Carlwyn Baldo remains a candidate of Lakas-Christian Muslim Democrats (LakasCMD) despite the party’s decision to cut ties with the Bicol local official tagged by the police as the mastermind behind the assassination of Ako Bicol Party-list Rep. Rodel Batocabe and his security aide, the Commission on Elections (Comelec) said on Monday. At a news conference, Comelec Spokesman James Jimenez clarified that the Lakas-CMD Certificate of Nomination and Candidacy (Cona) it issued to Baldo still stands until the local official agrees with the decision. “Withdrawal of the Cona must be with the consent. So we have to get his take on this,” Jimenez said. If both parties fail to agree on the matter, he said, it will be Comelec, which will ultimately decide on it. “If it becomes a tussle between Baldo and the party, it will be resolved in a different way,” Jimenez said. Jimenez noted they have observed similar scenarios in the past in the national and local level, but it did not escalate as in the case of Baldo. On Sunday Lakas-CMD issued a statement announcing it is withdrawing its endorsement of Baldo as its official candidate in the 2019 mayoralty race in Daraga. This after the Philippine National Police (PNP) filed a case against Baldo for supposedly being the mastermind behind the killing of Batocabe. The Comelec received the letter of Lakas-CMD on January 3, but it has yet to receive any reply from Baldo accepting the revocation.

Labor chief: I am ready to face PACC graft investigation

May poll vote-count software system ready

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HE Commission on Elections (Comelec) on Monday said it has completed the consolidation of the software for its automated election system (AES) it will use for the 2019 polls. The poll body presented to the public the so-called trusted build, which is the consolidated verified source code for its vote counting machines (VCM) and canvassing and consolidation system (CCS). Last month the poll body finalized the trusted build of its election management system (EMS). With the completion of the three components of the AES, Comelec Spokesman James B. Jimenez said it is now ready to be subjected to the battery of test to ensure it will function correctly come the May 13 polls. “We could say we finally competed our software preparations once it passed all the necessary tests,” Jimenez said. The trusted builds will be then installed to the AES before the day of the election. Jimenez said the public could verify if the trusted builds were used in their VCMs and servers through its respective hash codes, which serves as its “digital finger print.” The Comelec also announced that the copies of the trusted builds of the AES will soon be deposited to the Bangko Sentral ng Pilipinas [BSP] as mandated by law. “We are just waiting for the approval of the [BSP] Monetary Board [for the exact date],” Jimenez said. He said they are targeting to complete the transaction within the month. Samuel P. Medenilla

Lakas-CMD candidate, Comelec says

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BLACK NAZARENE FEVER

Street entrepreneurs sell assorted printed t-shirts bearing the image of the Black Nazarene to devotees and passers by in the vicinity of Quiapo church in Manila on Monday for the upcoming celebration of the Feast of the Black Nazarene on Wednesday. ROY DOMINGO

ABOR Secretary Silvestre H. Bello III on Monday said he is ready to face investigation for alleged graft and corruption by the Presidential AntiCorruption Commission (PACC). In a phone interview, Bello said he is just waiting of the formal complaint to be filed by the PACC. “They have not asked me to reply to any complaint against me...I am ready to answer if the need for it arises,” the labor chief said. Bello issued the statement after he was tagged by PACC Commissioner Manuelito Luna as among the three Cabinet officials that are now being investigated for possible corrupt practices. The two other officials are Technical Education and Skills Development Authority Director General and former Bureau of Customs Commissioner Secretary Isidro S. Lapeña, as well as National Commission on Indigenous People Chairman Leonor Oralde-Quintayo. Luna assured the three officials will be given due process by the PACC in its ongoing probe on the complaints against them. In July 2018 a recruitment agency owner, Amanda Araneta, asked PACC to investigate Bello for supposedly committing graft, when he accepted her cash and cell-phone gift to him. Bello denied the allegation. Samuel P. Medenilla

Economy BusinessMirror

A4 Tuesday, January 8, 2019 • Editor: Vittorio V. Vitug

Task force adopts ₧25.27-B action plan for Boracay’s sustainability

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By Elijah Felice E. Rosales

@alyasjah

HE Boracay Inter-Agency Task Force (BIATF) has adopted an action plan that will require P25.27 billion of investment for projects and programs intended to sustain the rehabilitated island resort. In a news statement issued on Monday, the task force announced it has adopted the medium-term Boracay Action Plan that identified programs for the island’s continued rehabilitation. The BAP seeks to install safeguards to prevent ecological degradation and sustain tourism activities in Boracay.

The projects and programs under the BAP will be rolled out as a follow-up to Boracay’s half a year shutdown, which took place last April to October. The BAP has four thematic areas: enforcement of laws and regulations; pollution control and prevention; rehabilitation and recovery of the eco-

system; and sustainability of island activities. The task force claimed the action plan is in line with the stakeholders’ vision of a vibrant tourist destination that is sustainable and is geared toward inclusive growth. The estimated total investment requirement to realize all the projects, programs and activities under the BAP is P25.27 billion, of which 64 percent, or P16.21 billion, is allocated for infrastructure. According to the task force, the BAP has a combined number of 233 projects and programs. The private sector, for its part, will shoulder nearly 63 percent, or P15.89 billion, of the total cost. “It primarily provides the strategic interventions to ensure the island’s rehabilitation over the medium term and sustainable management over the long term,” Socio-

economic Planning Undersecretary Adoracion M. Navarro said. Created by Executive Order 53, the BIATF is mandated to craft a course of action that will serve as a framework for the rehabilitation of the island resort. The Department of Environment and Natural Resources, the lead agency of the task force, designated the National Economic and Development Authority (Neda) to take charge of the BAP Committee. Further, numerous regional and national level meetings were organized by the Neda to ensure that key interventions from both the government and private organizations are included into the BAP. The BAP will be submitted for approval of President Duterte upon the recommendation of the Cabinet. Once inked by the President, it will be implemented until 2022.

BTr awards ₧16.7B from ₧20-B offering as mixed results mark 1st T-bills auction

Peso faces new threat as PHL gears up for midterm elections

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S if falling for six straight years wasn’t enough, the Philippine peso is now facing an additional threat: a midterm election that may compound concerns about its economy. As the nation gears up for polls due in May, political uncertainties may pose an added source of pressure to those stemming from its long-running deficits. With risk appetite likely to remain fragile due to fears of a global slowdown, traders may drive the peso back below the 13-year low set in October. “The overarching downside risks will probably emanate from risk-off sentiment refocusing worries on high inflation and twin-deficit risks,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore. “Political risks could also creep back in, and those will add to the headwinds for the peso.” The peso will drop about 2.5 percent to 54 per dollar by yearend, making it the third-worst currency in the region after the Indonesian rupiah and Thai baht, according to Bloomberg surveys of analysts. It closed at 52.51 on Friday.

By Rea Cu

@ReaCuBM

HE Bureau of the Treasury (BTr) received mixed results in its first Treasury bills (T-bills) auction for the year 2019 on Monday, with the auction committee awarding P16.720 billion, from the P20-billion offering. National Treasurer Rosalia V. de Leon said that investors were looking to park their funds on longer-dated securities as expectations for inflation in the coming months would be treading downward, which prompted the full award for the 182- and 364-day tenor buckets. “First auction [for the year], so far it’s good. So right now, investors are going into the one year, I mean longer [tenors] in terms of the [Treasury] bills, so 182- and 364-day given that expectations that inflation will continue to trend downward,” de Leon said. The 364-day saw bids reaching P15.849 billion, prompting the auction committee to award the full offering of P8 billion at an average annual rate of 6.641 percent. This showed an incline of 5.60 basis points compared to the previous auction rate of 6.585 percent. Tenders for the 182-day T-bill amounted to P9.166 billion, higher than the P6-billion offering, with the auction committee fully awarding the IOU at an average annual rate of 6.424 percent. This also showed an increase of 8 basis points compared to the previous auction rate of P6.344 percent. The 91-day T-bill was the only IOU partially awarded with P2.720 billion, from the P6 billion on offer, with bids for the security being undersubscribed at P4.344 billion. The average annual rate settled at 5.411 percent, representing a growth of 8.80 basis points compared to the previous rate of 5.323 percent. If the auction committee decided to fully award all bids at P4.344 billion, the rate would have shot up to 5.675 percent, which will entail a 35.2-basis-point increase. “And also following the remarks of [Bangko Sentral ng Pilipinas] Deputy Governor Diwa [C. Guinigundo] about the easing of inflation in the coming months and that it will be coming back to the inflation path by second half [of the year]...by the end of the year we will be within the 2-4 percent [target]. And then, of course, there’s also some speculations that the Fed [Federal Reserve System] might also take pause given the very guarded remarks of Jerome Powell that they are listening to the markets and patiently watching also the global economy,” she added. In line with the strong appetite for the 364-day tenor from market investors, the BTr issued on Monday a memorandum addressed to its 10 government securities eligible dealers market makers regarding its offering of the 364-day T-bill through its tap facility. “The BTr is opening its tap facility window for the 364day T-bill auctioned January 7, 2019, for a volume of P8 billion.... Awarding of government securities sold via tap will be on a ‘pro-rata basis.’ Placements through this window shall be through the nRoSS tap module from 2 p.m. to 4 p.m. only,” the BTr memorandum said. The 10 market makers are BDO Unibank Inc., Bank of the Philippine Islands, China Banking Corp., Citibank Philippines, Development Bank of the Philippines, First Metro Investment Corp., Land Bank of the Philippines, Metropolitan Bank and Trust Co., Rizal Commercial Banking Corp. and Security Bank Corp. The BTr also opened its over-the-counter window to government-owned and -controlled corporations and tax-exempt institutions for the sale of the T-bills on Monday through the issuance of another memorandum, wherein GOCCs and TEIs can submit their orders through government financial institutions for the three T-bill tenor buckets. The Philippine Statistics Authority reported last week that the increase in commodity prices slowed to 5.1 percent in December 2018, the lowest since June 2018.

www.businessmirror.com.ph

Poe pushes market ‘timbangan’ centers for consumer protection By Butch Fernandez @butchfBM

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N a bid to protect consumers from being shortchanged by faulty weighing scales of unscrupulous traders, Sen. Grace Poe is pushing the passage of a law setting up so-called timbangan centers near malls, supermarkets, groceries, private and public markets to render service free of charge. “Filipino consumers must be protected from these defective or substandard products,” Poe said in filing Senate Bill 2050 in a bid to “assure Filipino consumers that the products they buy from groceries or public markets have accurate weight and size.” Pointing out that “the height, weight and other measurements are the primary indicators of the quality of a product,” the senator asserted that “if actual measurements of a product do not meet what is published, then it is a

Data governance–part of an effective compliance program

By Ditas Lopez | Bloomberg News

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The overarching downside risks will probably emanate from risk-off sentiment refocusing worries on high inflation and twindeficit risks. Political risks could also creep back in, and those will add to the headwinds for the peso.”—Varathan The peso has been undermined by local politics more than once in the past. The currency sank almost 4 percent in 2003 as an attempted coup and corruption scandals hurt then-President Gloria Macapagal-Arroyo. Current President Rodrigo Duterte’s approval rating is far higher but given the unfavorable external backdrop, investors may choose to avoid Philippine assets for now. As the Federal Reserve weighs further interest-rate hikes and US-China frictions spur concern over the outlook for global trade, money managers are likely to remain wary of investing in nations that depend on capital inflows to finance fiscal and current-account deficits. The Central Bank predicts the current-account deficit will widen to 2.3 percent of gross domestic product in 2019, the most in 18 years. The budget balance was negative P39.1 billion, $745 million, in November, having been in deficit for seven straight months. Traders will be watching November trade figures due January 10 to get a better picture of the outlook. The nation will report a deficit of $1.99 billion, versus the record shortfall of $4.21 billion in October, according to a Bloomberg survey.

Waning popularity

THIS year’s election will be a referendum on Duterte, after his popularity has been sapped by quickening inflation that eroded consumers’ purchasing power. About 18,000 national and local posts, including half the 24 Senate seats and about 300 House of Representatives slots will be contested. Most lawmakers identify themselves as allies of Duterte’s party but the President needs the approval of both chambers to pass legislation if he wants to enact changes such as the tax reform he pushed through earlier to help fund an infrastructure plan of at least P8 trillion.

likely indicator that it is defective or even substandard.” Poe proposes the establishment of timbangan centers through remedial legislation that, she said, would amend and introduce a provision in Republic Act 7364, also known as the Consumer Act of the Philippines. Envisioning the creation of timbangan centers in all local government units the senator explains: “This is to make all timbangan Centers to be placed in publicly accessible locations and enable those who may want to verify the accuracy of the quantity and measurements of the products they purchased.” She added that as provided in the bill, market supervisors will be in charge of the safekeeping and maintenance of such facilities. “They shall likewise keep a record of all products found to be wanting in quantity or substandard in dimension, the establishment where the same were bought and the name of the proprietor or manager.”

By Henry J. Schumacher

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HOSE involved in compliance management are aware that an effective compliance program is comprised of many moving parts. Critical data is coming in from the variety of tools, documents, systems and technologies needed to run operations. As such, businesses can find themselves overwhelmed when trying to gain a complete, accurate picture of their risk profile at any given time. Therefore, strong data governance is essential in facilitating adherence to compliance requirements without slowing down business. Strong data governance aids in the efficient management of key compliance areas, such as data privacy protection, cybersecurity, anti-corruption, compliance with labor and environmental laws, to name a few only. A unified system for aggregating critical business data enables organizations to gain an accurate view of their compliance posture in real time and drive business efficiency. Data overload—there is no doubt, compliance programs must collect and analyze an enormous amount of data, which drives the importance of data governance. Important information is spread across the training, case management, risk assessment and management, policy management, gifts and entertainment, and third-party due diligence systems. Compliance officers need to know they’re working with a multiple sources of information that gives them the most complete, accurate picture at any given moment. Data governance becomes more important the more systems and applications a compliance function uses. Compliance officers want systems that store data in a single repository with standardized data formats because strong data governance ensures accurate reports. From there, compliance officers can make accurate decisions based on what the data tells them. Greasing the compliance wheels—Com-

pliance officers are often stuck searching for critical data and don’t have a connected approach to the technology that supports their programs and processes. How can data governance fix this problem? Automating a compliance program’s many tasks helps to create a unified operations environment. In this paradigm, the compliance function goes beyond its tasks of third-party due diligence and training. It elevates the function by using a unified system to automate the process of due diligence, as well as sending alerts for any needed training. Alternately, the due diligence and risk assessment tools communicate and work together to spot third parties at high risk for violations so that compliance officers can take a closer look. These are just two of many examples of how data integration and task automation vastly enhance compliance efforts. Organizations can create a unified system either by integrating a group of solutions or by deploying one compliance tool that covers all the bases. But the key to success lies in setting up the system in a way that ensures strong data governance— the ability to gather the needed data and analyze and apply it in ways that keep the organization compliant. Once the data exists, compliance professionals need to groom and aggregate it so they can review this information in the context of compliance and risk. That is to say, seemingly unrelated chunks of data will need to come together and be examined within broader trends of compliance activity. On the human side, employees and third parties must know a reportable event when they see it and then report it. They need training and ongoing support to fulfill that duty and do so in a timely fashion. This adds to the body of data that can be used both right now to address immediate concerns and in the future as to look back on for reference. Compliance done right—Though reasons and regulations may vary, the underlying foundation of the elements necessary for a solid compliance program is the same regardless of company size or industry. This involves masses of data usually found in disparate systems. No matter what your reasons are for starting or upgrading your compliance program, its goal should be strong data governance enabled by a single repository of all compliance-related data, unity and automation. The complexity of compliance management and understanding that the safe journey into data protection needs automation inspired me to create a cooperation with Straits Interactive, a company in Singapore that has developed the online Data Protection Management System, to equip professionals, managers and executives with the competencies to perform their jobs in data protection. The DPMS is not only assisting in the compliance with the Philippine Data Privacy Act, but also with the European Union’s General Data Protection Regulation and beyond. Comments are welcome—please contact me at Schumacher@eitsc.com

The World BusinessMirror

www.businessmirror.com.ph

Editor: Angel R. Calso • Tuesday, January 8, 2019 A5

China upbeat ahead of US trade talks

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EIJING—China sounded a positive note ahead of talks with Washington this week on a sprawling trade dispute that threatens to chill global economic growth, but the two sides face lengthy wrangling over technology and their future relationship. Talks were due to start on Monday, but there was no word from the American Embassy or China’s Ministry of Commerce on whether they were under way or details of their agenda. Both sides have expressed an interest in settling their tariff fight over Beijing’s technology ambitions. Yet, neither has indicated its stance has changed since a December 1 agreement by Presidents Donald J. Trump and Xi Jinping to postpone further increases. Envoys will have “positive and constructive discussions,” a Chinese foreign ministry spokesman, Lu Kang, said on Friday. The American side is led by a deputy US trade representative, Jeffrey D. Gerrish, according to the US government. The delegation includes agriculture, energy, commerce, treasury and State Department officials. The Chinese government gave no details of who would represent Beijing. The talks are going ahead despite tensions over the arrest of a Chi-

nese tech executive in Canada on US charges related to possible violations of trade sanctions against Iran. Trump imposed tariff increases of up to 25 percent on $250 billion of Chinese imports over complaints Beijing steals or pressures companies to hand over technology. Beijing responded by imposing penalties on $110 billion of American goods, slowing customs clearance for US companies and suspending issuing licenses in finance and other businesses. Washington, Europe and other trading partners complain that Beijing’s tactics violate its marketopening obligations. The clash reflects American anxiety about China’s rise as a potential competitor in telecommunications and other technology. Trump wants Beijing to roll back initiatives like “Made in China 2025,” which calls for the state-led creation of global competitors in such fields as robotics and artificial intelligence. American officials worry those might erode US industrial leadership. The ruling Communist Party

Oil extends gains as Fed signals flexibility and US rigs drop

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IL is headed for its longest rally in more than 17 months as the US Federal Reserve sought to soothe investor concerns and on signs of slowing American production. Futures in New York rose as much as 2.1 percent, and are set for the longest winning streak since July 2017. Crude is rising with other risk assets after Fed Chairman Jerome Powell said the central bank could pause interestrate increases if the US economy weakens and reassured the market that he’s listening to its signals. Meanwhile, working oil rigs in the US fell for the first time in three weeks, according to data released Friday by Baker Hughes. Crude recovered slightly this month after posting its first annual loss since 2015. While Goldman Sachs Group Inc. cut its oil price forecasts for 2019, citing a reemerging glut and resilient American shale output, the bank said a 42-percent drop toward the

end of last year was excessive. Volatility persists as the US and China try to negotiate an end to a trade war that risks hurting economic growth, and Organization of the Petroleum Exporting Countries (Opec) and its allies pursue supply curbs. “The statement from the Fed chair was in the direction of what the market bulls have wanted,” Kim Kwangrae, a commodities analyst at Samsung Futures Inc., said by phone from Seoul. “At the same time, there’s increased expectation that Opec+ will cut its production from this month. The drop in the US rig count is also seen as a bullish factor.” West Texas Intermediate for February delivery rose as much as 99 cents to $48.95 a barrel on the New York Mercantile Exchange, and traded 92 cents higher at $48.88 a barrel at 7:55 a.m. in London. Prices increased 5.8 percent last week, the most since June 29. Bloomberg News

IN this Sunday, January 6, photo, members of a US trade delegation, including Deputy US Trade Representative Jeffrey D. Gerrish (left), leave a hotel in Beijing. The US delegation arrived in the Chinese capital ahead of trade talks with China. China sounded a positive note ahead of trade talks this week with Washington, but the two sides face potentially lengthy wrangling over technology and the future of their economic relationship. AP PHOTO/NG HAN GUAN

is reluctant to give up initiatives it sees as a path to prosperity and global influence. China’s leaders have tried to defuse complaints by emphasizing its potential as an export market. Over the past year, they’ve promised to increase foreign access to their auto, finance and other industries. Some Chinese officials suggest the technology initiatives might be opened to foreign companies. But they have given no details, leaving it unclear whether that will satisfy Washington. Trump and Xi agreed to a 90-day

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reporters at a briefing on Monday. The mainland company had already w ired NT$40 million ($1.3 million) to two accounts i n S a moa cont rol le d b y t he group, he added. American and Taiwanese officials have long accused Chinese companies of purloining intellectual property in a quest to climb the technology ladder, something Beijing has consistently denied. Such leaks, which American officials say include t he forced t ra nsfer of tec hnology, are a key complaint of

technical details before higher-level leaders “make hard political decisions,” Tu said. In the longer term, the final tariffs might “remain for several years,” Tu said. “I don’t think it will proceed that fast. It must take time.” Cooling economic growth in both countries is turning up the pressure to reach a settlement. Chinese growth fell to a postglobal crisis low of 6.5 percent in the quarter ending in September. Auto sales tumbled 16 percent in November over a year earlier. Weak real-estate sales are forcing

China’s Huawei unveils chip for global big data market

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EIJING—Huawei Technologies Ltd. unveiled a processor chip on on Monday for data centers and cloud computing in a bid by the biggest global maker of telecom equipment to expand into new markets despite Western warnings the company might be a security risk. The announcement came as Chinese industries that rely on Western technology step up efforts to develop their own. That is fueling competition for US and European suppliers and frustration among governments that complain Beijing’s industry plans violate its trade obligations. Huawei said the Kunpeng 920 chip is designed for servers that handle a flood of data from smartphones, video and other network services. The company said it is part of a planned product lineup to support “intelligent computing.” Huawei, founded in 1987 by a former military engineer, is China’s first global tech competitor and a national champion at the head of an industry the ruling Communist Party is eager to promote. The company says it is employee-owned and rejects accusations by Washington and some other governments that it is controlled by the ruling party

Taiwan arrests engineers suspected of leaking BASF technology to China AIWAN arrested six current and former BASF SE engineers accused of accepting bribes and sharing the German company’s technology w it h Ji a ng y i n Ji a nghu a Microelectronics Mater ia ls Co., in one of the more elaborate cases involving alleged Chinese intellectual-property theft. Jianghua offered them 40 million yuan ($5.8 million) in return for help building a new factory in the eastern province of Jiangsu, Criminal Investigation Bureau official Lu Sung-hao told

postponement of additional tariff increases to take effect on January 1. But economists say that is too little time to settle all the disputes that bedevil US-Chinese relations. They say Beijing’s goal probably is to show enough progress to persuade Trump to extend his deadline. During that 90-day period, agreements “may not be reached until the last day,” said Tu Xinquan, director of the China Institute for World Trade Organization Studies at the University of International Business and Economics in Beijing. This week’s talks will focus on

developers to cut prices. The US economy grew at an annual rate of 3.4 percent in the third quarter, and unemployment is at a five-decade low. But surveys show consumer confidence is weakening because of concern that growth will slow this year. Beijing has tried in vain to recruit France, Germany, South Korea and other governments as allies against Trump. They criticize his tactics but echo US complaints about Chinese industrial policy and market barriers. The European Union filed its own challenge in the World Trade Organization in June against Chinese rules that the 28-nation trade bloc said hamper the ability of foreign companies to protect and profit from their own technology. For their part, Chinese officials are unhappy with US curbs on exports of “dual use” technology with possible military applications. They complain China’s companies are treated unfairly in national security reviews of proposed corporate acquisitions, though almost all deals are approved unchanged. Some manufacturers that serve the United States have shifted production to other countries to avoid Trump’s tariffs. UBS said on Friday that 37 percent of 200 manufacturers surveyed by the bank have shifted out of China over the past 12 months. The threat of US tariff hikes was the “dominating factor” for nearly half, while others moved because of higher costs or tighter environmental regulation. “Most firms expect trade war to escalate,” the bank said. AP

Washington’s as the world’s two largest economies open talks to tr y and avert a damaging trade war. The amount involved in the case is unusually large. Taiwanese officials have in the past accused mainland corporations of appropriating valuable trade secrets by poaching talent, but Lu said Jianghua offered direct payment in return for proprietary technology. Calls to Jianghua’s main line and an e-mail to a cor porate add ress went unanswered. Bloomberg News

and might facilitate spying. Chinese and US envoys were due to meet Monday for talks over a tariff war triggered by American complaints about Beijing’s technology policies. The Trump administration, Europe and other trading partners complain initiatives such as “Made in China 2025,” which calls for state-led creation of Chinese global champions in robotics and other fields, violates Beijing’s marketopening obligations. American officials worry they might erode US industrial leadership. Huawei has pushed ahead with commercial initiatives despite the December 1 arrest of its chief financial officer, Meng Wanzhou, the daughter of Huawei founder Ren Zhengfei, in Canada on US charges related to possible violations of trade sanctions on Iran. The company says its 2018 global sales are forecast to top $100 billion despite curbs imposed on use of its technology by the United States, Australia, Japan and some other governments. Huawei, headquartered in the southern city of Shenzhen, has steadily expanded into new industry

segments. Its smartphone brand, launched in 2010, passed Apple to become the global No. 2 seller behind Samsung in the third quarter of 2017, according to IDC. The company has developed the Kirin line of chips for its phones and Ascend chips for artificial intelligence. The Kunpeng 920 chip is based on the ARM system used increasingly in smartphones and distributed computing. It competes in some settings with the x86 standard used by traditional industry leaders Intel Corp. and Advanced Micro Devices Inc. Also on Monday, Huawei unveiled three servers based on the new chip that are intended for global sale. “Where we see the biggest value for the Kunpeng 920 is in data centers, servers and big data,” William Xu, Huawei’s chief strategy marketing officer and a member of the company board, said at a news conference in Shenzhen. Huawei has China’s biggest corporate research and development budget at $13 billion in 2017. Those investments have helped to reduce Huawei’s reliance on Western technology, but its servers, smartphones and other products

still use billions of dollars’ worth of US, European, Japanese and other chipsets and other technology. Executives at Monday’s event avoided replying directly when asked whether American security warnings might hurt sales or about concerns US-Chinese rivalry in technology might split the world into separate spheres with their own incompatible standards. Xu responded to a question about possible industry fragmentation by saying the outlook for the server market is “very bright.” The general manager of Huawei’s server business, Redfox Qiu, added later: “In any country or region that we operate, we run our business in strict compliance with local laws and regulations.” Global shipments of Huawei servers grew to 980,000 last year, a twelvefold increase over 2012, according to Qiu. Xu tried to play down suggestions the Kunpeng 920 might compete directly with Intel, a major supplier to Huawei. “Intel will remain our most important strategic partner,” said Xu. The Kunpeng 920 is “definitely not a replacement for Intel processors.” AP

A6 Tuesday, January 8, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Erasing the stigma

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MBASSIES exist to help and advise their citizens on how to handle themselves when visiting other countries. It is but natural and, in fact, the duty of the government of any country to prioritize the safety of its citizens and advise them to exercise caution when necessary. That’s why Foreign Affairs Secretary Teodoro L. Locsin Jr. said it was only fair for the United Kingdom and Australia to issue a travel advisory on Tuesday, warning their citizens against traveling to some parts of Mindanao following the blast in Cotabato City on December 31, which killed two and injured dozens. Meanwhile, US airlines were also recently ordered by the United States Department of Homeland Security to alert passengers in writing regarding inadequate security at the Ninoy Aquino International Airport. Aside from ordering all airlines to issue written alerts to passengers, the DHS also ordered all US airports that provide regular flight services to Manila to prominently display the security advisory on the Naia. A balikbayan traveling to Manila took a photo of one such warning posted at the security line of the Miami International Airport, which read: “Passengers are advised that the Secretary of Homeland Security has determined that Ninoy Aquino International Airport [Naia] in Manila, Republic of the Philippines, does not maintain and carry out effective aviation security measures.” Of course, these travel advisories to the Philippines and the warning about its premier airport could easily raise questions and concerns, even images of a worst-case scenario, that can make tourists cancel trips to our country. While it is important to remember that not every part of a country with a travel advisory is dangerous—as many of our foreign visitors have already found out—and that there are variable levels of risks that exist within any country, this hardly matters. There are some tourist destinations that are very sensitive to the security factor and travel advisories, and the government, together with tourism stakeholders, have to face this situation squarely. They have to promote the Philippines not only as a fun tourist destination (as our tourism slogan says) but also a safe one. Selling the Philippines is not as formidable a challenge as one might think. We are not at war, nor do we have any kind of civil strife or disease outbreak that puts security and safety as grave concerns. And the Philippines, indeed, is one of the most beautiful countries in the world. Although the recent advisories and warnings contain information that should never be taken lightly, these could also be recognized as short-term events or issues that could be solved with prompt action, in the case of local airport authorities, and aggressive marketing and promotional campaigns on the part of the tourism department. Local airport authorities should immediately address the concerns cited by the US Transportation Security Administration regarding the Naia, like inadequate staffing for the screening of passengers and luggage, inadequate landside-security measures, contingency plans, vehicle screening, upgrading of x-ray machines and the installation of walk-through metal detectors and alarm systems, in order to adhere to internationally accepted security protocols and standards. But there are problems that need immediate attention, like the congestion around the Naia complex and the long queues at the gates and check-in counters. Our airports need to be fun to both arriving and departing passengers. For many travelers, an airport terminal provides the first—and maybe even final —impression about a destination. We really wish the government and airport authorities can find immediate and permanent solutions to better manage airport congestion, including major infrastructure and logistical changes that should have been done 10 years ago, like the expansion and development of secondary gateways that could ease the volume of traffic in the primary airport terminals of Manila, moving the airlines and support services to them and establishing transport systems for them, in order to accommodate the millions of tourists expected to arrive because of the government’s renewed tourism campaign. In the end, travel advisories may be small things compared to the bigger problems like the lack of appropriate infrastructure to service the needs of tourists and to encourage investments in the sector.

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HE global financial markets this early are showing signs of volatility. The budget impasse in the US, Wall Street’s recent deep plunge and the unresolved trade war between the US and China are again rattling the nerves of investors. The same gyrations in the global financial markets are happening again this year, but I see the Philippines surviving this instability as it did in 2018. Latest economic data and solid fundamentals support my belief that the economy will continue to be strong this year. The government has tamed the inflation rate, and prices will likely decelerate further in 2019, with rice tariffication addressing the supply-side problem. I say this with confidence given the declining oil prices in the world market. The US benchmark West Texas Intermediate has fallen to near $40 a barrel on Christmas day, from almost $70 just a few months ago. This development will translate into lower cost of manufactured goods through decreased shipping costs and reduced transportation fares. Lower oil prices will also ease the pressure on the peso,

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considering that the Philippines imports nearly 100 percent of its crude requirements from abroad. Another welcome economic data is the record investment pledges registered by the Board of Investments, which reached P907.2 billion in 2018, up 47 percent from the previous all-time high of P616.8 billion in 2017. Trade Secretary and BOI Chairman Ramon M. Lopez was pleased to report that the investment figure was the highest in the agency’s 51-year history, besting the old record in 2017. The BOI’s figure does not represent actual investments because these are pledges of capital that will be infused later into the economy. Nonetheless, the projects approved

Cycles and fractals John Mangun

OUTSIDE THE BOX

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Efleda P. Campos Dennis D. Estopace Ruben M. Cruz Jr. Angel R. Calso

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Resilient economy seen growing stronger

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F you never had the opportunity as a kid to lie on your back and pick images from cloud formations, you came into adulthood unprepared. Not being able to experience seeing your pet dog—or now the silhouette of Miss Universe Catriona Gray—in puffy water vapor created a hole in your life.

The same could be said about not having been on a beach watching the surf break on the shoreline. Both experiences teach two of the most important things about how the world works—cycles and fractals. Since the dawn of time, humans faced a soul-destroying straight time line that seemed to have no beginning or end. Our existence was birth, life and death. The world always moved forward—never backwards —and was punctuated by comets, volcanoes and earthquakes that were unpredictable. At some point we came to realize

that there was an order, a repetitive cycle to the universe. If it was all on a straight line like a path through the forest, then we should have been able to stop the journey. Therefore the birth, life, death thing was actually a cycle. Many ancient philosophies institutionalized the process to believe that the life cycle was something that was repeated over and over until you found the way to get off the merry-go-round. The natural world exhibited hard cycles. Halley’s Comet was not a blip on the road to eternity. First marked on recorded history in 240 BC, it re-

with fiscal incentives by the BOI will be constructed in phases and shortly generate jobs in several sectors of the economy. Investment commitments in the manufacturing sector in 2018, according to the BOI data, rose more than fourfold to P409.3 billion, from P96 billion in 2017. Those pledged in the transportation and storage sector surged 626 percent to P129.6 billion, from just P17.8 billion in 2017, while investments in the water and sewerage sector jumped 1,494 percent to P14.3 billion, from P894.4 million a year ago. T he investment data a lso show the dispersal of capital to the regions, with most projects outside Metro Manila and total regional investments accounting for 86 percent of the total figure. This investor preference supports President Rodrigo Duterte’s inclusive economy. Region 10 (Northern Mindanao) led local investments with P228.8 billion, up by over 3,000 percent from P7.2 billion a year ago, and accounting for a quarter of the total figure. In second place was Region 4 (Calabarzon) with P185 billion, while Region 3 (Central Luzon) placed third with P169.3 billion. What happened in 2018 showed the resilience of the Philippine economy amid all the external

challenges. Although the inflation rate, or the movement in consumer prices, hit a nine-year high of 6.7 percent in October, it eventually softened to 6 percent in November, with all indications pointing toward further deceleration in the coming months. I expect the Philippine economy to display the same resiliency in 2019. Our economic fundamentals are strong as shown by our healthy international reserves, a decelerating inflation rate and record net inflow of direct investments that could reach $10.4 billion last year. FDI net inflows in the first three quarters of 2018 already climbed 24 percent to $8 billion, from $6.5 billion a year ago, as investors continued to consider the Philippines as one of the best investment places. T he gover nment has a lso managed its debt well. The total debt of the Philippines stood at 42.3 percent of the gross domestic product as of September 2018, or well within the acceptable standards of 60 percent of the GDP. And with the Duterte administration expected to go full blast this year on the “Build, Build, Build” infrastructure program, I don’t see any reason the economy should not expand faster.

turns every 75/76 years. The Earth’s axis rotates (precesses) as a spinning top does and makes a complete journey every 26,000 years. We deal with cyclical behavior no matter what the system is that we have under study. All asset prices, whether stock market or commodities, follow a cycle even if it is not set to a fixed time frame like Halley’s Comet in the sense that people have different life spans. The price is flat, and the asset is under accumulation. Then it goes higher during the breakout phase. At the top, the price is flat again and the asset is under distribution. Then a fall in price. Accumulation. Breakout. Distribution. The comet travels toward Earth. It passes the Earth and then travels away to return again. Now you can tell me that the cycle thing is all a bunch of garbage when applied to anything but comets and human life. Here is the proof: The Dow Jones Industrial Average is higher today than 100 years ago. The same is true for the PSE for at least 30 years, which brings us to fractals. Fractals are defined as “infinitely complex patterns that are self-similar across different scales. They are

created by repeating a simple process over and over.” The genius who coined the word was Polish-born mathematician Benoit Mandelbrot, who died in 2010. While what we see is a very complex pattern, it remains the same when we look at the tiny or the big picture. Lying on the beach, looking at the water lapping lazily on the sand, we see the exact same shape/ pattern as the wave for a 50-foot high tsunami. A grain of sand has the same complexity as a mountain range with peaks and valleys. A fern is composed of branches that are composed of branches, which in turn are composed of branches. Within the massive accumulation, breakout and distribution that we see on a multiyear basis, we can see the same cycle/pattern on price action on a daily, hourly or even shorter time frame. That is a fractal of a cycle. That is our world, and that is the stock market.

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

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Opinion

Control in tax-free exchange

Another inflation-driven multimillion-peso irregularity hit port stakeholders

BusinessMirror

Atty. Mabel L. Buted

Cecilio T. Arillo

TAX LAW FOR BUSINESS

DATABASE

N general, gains on sales or exchanges of properties are recognized and subjected to tax. But I discuss here one of the exceptions to this general rule under the last paragraph of Section 40 (C)(2) of the 1997 Tax Code, as amended—that is, when property is transferred to a corporation by a person in exchange for stock or unit of participation in such a corporation of which as a result of such exchange, alone or together with others, not exceeding four persons, gains control of said corporation.

NOTHER inflation-driven multimillion-peso irregularity hit port stakeholders after the Philippine Ports Authority (PPA) issued in March 2016 the Vehicle Booking System (VBS) to ease traffic following the horrendous port congestion at the Manila piers in 2014 and 2015, which was the result of a Manila City ordinance.

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Under Section 40 (6) C of the same Code, control means ownership of stocks in a corporation possessing at least 51 percent of the total voting power of all classes of stocks entitled to vote. In determining the 51 percent stock ownership, only those persons who transferred property for stocks in the same transaction may be counted up to a maximum of five. The Court of Tax Appeals (CTA) en banc discussed the foregoing exception in a recent case (CTA EB 1713) where the Court emphasized the requisites of tax-free exchange, to wit: (a) the transferee is a corporation; (b) the transferee exchanges its shares of stock for property/ies of the transferor; (c) the transfer is made by a person, acting alone or together with others, not exceeding four persons; and, (d) as a result of the exchange the transferor, alone or together with others, not exceeding four, gains control of the transferee. In this case, five corporations transferred assets to a corporation in exchange for the latter’s shares of stocks. After the transfer, the transferors obtained control in suc h transferee cor porat ion, where the five transferor corporations obtained at least 51 percent (around 99.99 percent) of the total voting stock of the transferee corporation. Here, the CTA considered the transfer as tax-free exchange even though one transferor alone received only less than 51 percent equity after the transfer. This is so because the requirement of the Tax Code for the exemption to apply is that, property is transferred to a corporation by a person, in exchange for stock in such a corporation, of which as a result of such exchange, said person, alone or together with others, not exceeding four persons, gains control of said corporation (BIR Ruling 1217-2018). Unfortunately, for one of the parties in exchange in BIR Ruling 1113-2018, the BIR declined to grant exemption on the transfer of her parcel of land to a transferee corporation because she obtained

Only one of the transferors would be exempted from tax and this is also only possible if said transferor alone obtains at least 51 percent total voting equity. BIR Ruling 1113-2018 thus creates an unusual precedent. Unless otherwise clarified, this will create confusion on what would be the controlling rule in the determination of control. only 5.6 percent equity after the transfer, notwithstanding that together with the transfer of parcels of land and other improvements of the other transferors to the same transaction, their combined total voting equity is at 98.5 percent. Here, the BIR ruled that after the transfer, one transferor already obtained control over the transferee corporation, thus, there is no need to combine the shares of the other transferors. With this BIR ruling, it appears that it would not be possible for all the parties to an exchange transaction (assuming they are only five in number) to be granted exemption from tax on their transfers of their properties in exchange for stocks of a transferee corporation. Only one of the transferors would be exempted from tax and this is also only possible if said transferor alone obtains at least 51 percent total voting equity. BIR Ruling 1113-2018 thus creates an unusual precedent. Unless otherwise clarified, this will create confusion on what would be the controlling rule in the determination of control. The author is a senior associate of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at mabel.buted@ bdblaw.com.ph or call 403-2001 local 312.

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Juan C. Sta. Ana, PPA general manager, sent a letter in March 2016 to Asian Terminal Inc. (ATI) and the International Container Terminal Services Inc. (ICTSI) requiring them to implement VBS in their area of operations at the Port of Manila (POM) and the Manila International Container Port (MICP), respectively, to avoid another traffic congestion. Sta. Ana later resigned. Strangely, out of this VBS came a controversial Terminal Appointment Booking System (TABS) that gravely prejudiced the stakeholders. Under the TABS, customs brokers transacting with POM and MICP were required to enroll in the TABS to enable them to release with ease their cargoes from ATI and ICTSI and to return their empty containers back to said cargo handling operators. To use the system, a customs broker must choose an available slot in the system where a corresponding time is indicated for the

release or return of containers. For every successful booking, a customs broker must pay P300 or P1,000 per container. The amounts depend on the booked slot. A broker will also be fined P1,625 per container as late penalty fee if his delivery truck arrived beyond two hours from the booked time and P3,251 per container as no-show penalty fee if his delivery truck arrived beyond three hours from the booked time. In case of arrival beyond three hours from booked time, a customs broker will be required to book again, forfeiting his previously paid booking fee and paying anew another booking fee per container. Said fees imposed and collected by ATI and ICTSI plus several surcharges under TABS are massive burdens on customs brokers and other affected port stakeholders who continuously shoulder the arbitrary charges without the right to resist. According to sources from these

Bloomberg Opinion

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YEAR ago, all was set fair for Switzerland’s largest bank. The wealthy were getting richer and assets were appreciating, while many of UBS Group AG’s European competitors were still figuring out what they wanted to be. The firm’s decision after the financial crisis to pivot away from the rapidly shrinking securities-trading business to focus on managing money for the wealthy, especially in Asia, looked to have been timed impeccably. But Chief Executive Officer Sergio Ermotti and Chairman Axel Weber, who oversaw the transformation, may have become too comfortable. At least that’s what the market is pointing to. The company lost a third of its market value last year, and gave up its crown as the most expensive of Europe’s largest banks, based

on a measure of their tangible book value, to HSBC Holdings Plc. T he board has intensified its search for a successor to Ermotti. The bank has sounded out former Bank of America Corp. investment banking chief Christian Meissner as a potential candidate, Bloomberg News reported last week. It’s easy to see why the board might want a new CEO—but investors have good reason to be wary. As shareholders of other big European banks have found out, changing leaders is no silver bullet. Whoever takes over will to need to embark on revamping the bank’s strategy. For years, shareholders have been disappointed in UBS’s promises to return money through buybacks and dividends. Ermotti blamed evergrowing capital demands by regulators for capping those handouts. True, Switzerland has continued to raise the bar even beyond the requirements set for global peers. But after

two biggest ports, at least 2,500 containers are processed daily in the said ports. Assuming said number of containers is accurate, a P300 processing fee per container would yield P750,000 daily. So, if multiplied by 365 (days a year), this would amount to a whopping P273,750,000. And since the same containers, when emptied, must be returned to the ports, then, in a year, another multimillion-peso worth of VAT will go to the pockets and bank accounts of individuals. When TABS was implemented, there was no law, executive order, administrative order, circular, or a notice from the PPA authorizing the imposition and collection of the said TABS fees and penalties. Despite repeated complaints by port stakeholders and the rampant calls by other sectors to the PPA to stop the imposition of fees and penalties without the imprimatur of a law, PPA refused to heed their calls and complaints and, instead, allowed the said questionable impositions to go on. Curiously, on May 8, 2018, PPA under incoming General Manager Jay Daniel R. Santiago issued Administrative Order (AO) 6-2018 specifically defining and regulating TABS to the surprise and dismay of the hapless port stakeholders. Thus, they asked why this is being done only after two years? For the port stakeholders, the delayed issuance by the PPA of AO 6-2018 clearly validated their consistent cries that TABS, most specially the collection of fines, may have been illegal.

With President Duterte’s persistent call to root out corruption and abuses in the government, it is about time his office takes a look at this TABS, among others: 1. To determine the parameters of arrangement between and among the PPA, ATI and ICTSI, insofar as the implementation of this TABS is concerned, taking into consideration that the operations of ATI and ICTSI as cargo handlers/ terminal operators are imbued with public interest for being grantees of administrative franchises issued by the PPA; 2. To review the charter of the PPA (PD 857), vis-à-vis the ominous silence and/or refusal of the PPA to tackle the issue prior to the issuance of PPA AO 6-2018; 3. To determine as to how much really were collected, who benefited from the TABS fees, late penalty fees, early penalty fees and no-show fees prior to the issuance of PPA AO 6-2018; 4. To determine if these collected VAT were remitted to the government; and 5. To determine whether the recipient of these TABS fees collected prior to PPA AO 6-2018 have paid the corresponding taxes. Isn’t this a clear case punishable under the Anti-Graft and Corrupt Practices Act? Certainly, it also has a damaging inflationary effect on the economy as fees collected from stakeholders are definitely passed on to the consumers. To reach the writer, e-mail cecilio.arillo@ gmail.com.

The Fed and the PBOC are no longer poles apart By Daniel Moss Bloomberg Opinion

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PLEASING synchronicity is edging back into the world economy, at least in terms of monetary policy. Let’s hope it’s not too late. Wasn’t the “synchronized global upswing” narrative—all the rage in 2017—retired last year? That doesn’t mean courses can’t be recalibrated. The signal late last week of a pause in interest-rate hikes from the Federal Reserve, an unmistakable shift, was preceded by a few hours China’s steps to shore up its slowing economy. The world’s most powerful central banks are more aligned now than they have been for a while. I’m not just talking about the big two: The Bank of Japan is unlikely to formally adjust ultra-easy policy and the rate increase from the European Central Bank (ECB) penciled in for this year looks increasingly like theory rather than practice. The world economy can use the change. Growth is becoming dangerously lopsided with the US still

doing pretty well, albeit cooling from the 3.4-percent increase in gross domestic product clocked in the third quarter. That’s starting to look vulnerable. Indicators have been patchy: Job growth jumped in December alongside a steep decline in the Institute for Supply Management’s manufacturing index. The past two years were characterized by the Fed hiking every three months, the ECB steadily withdrawing quantitative easing and the Bank of Japan (BOJ) pledging to stick by easy money—along with a nagging suspicion that Governor Haruhiko Kuroda wanted to dismantle some aspects of accommodation. The People’s Bank of China (PBOC) steadily cut bank reserve requirements in targeted ways and the Bank of England occasionally nudged rates around. As 2018 wore on, there was less conviction in some of this: ECB President Mario Draghi almost apologized for wrapping up QE and the idea that the BOJ might end negative rates faded. Except for the Fed: America’s monetary chieftains kept plowing

UBS’s woes run deeper than just one leader By Elisa Martinuzzi

Tuesday, January 8, 2019 A7

salvaging UBS, it’s been keen to avert another costly taxpayer-funded bailout. Those demands have now largely plateaued. But so may the asset growth that has helped sustain revenue and propelled UBS into a firm overseeing $3.3 trillion of funds. In the seven years since Ermotti joined from UniCredit SpA, that figure has grown by a staggering 60 percent. It’s hard to see that growth continuing. As central banks withdraw their economic stimulus and global geopolitical risks paralyze investors, any successor may need to view the growth opportunity differently to what it looked just a year ago. Even as the first Swiss-based bank to establish a presence in the Asia Pacific region, UBS isn’t immune to the impact on customers and its own business of global trade wars. After one of its wealth employees was asked to meet with Chinese officials in December, it asked staff to

It’s easy to see why the board might want a new CEO—but investors have good reason to be wary. As shareholders of other big European banks have found out, changing leaders is no silver bullet. Whoever takes over will need to embark on revamping the bank’s strategy. For years, shareholders have been disappointed in UBS’s promises to return money through buybacks and dividends. reconsider their travel plans to the country. For any successor, the obvious first step would be to get a stronger grip on costs. In an interview with Bloomberg Markets magazine in October 2017, Ermotti predicted that UBS could do with 30 percent fewer staff over the coming decade as machines replace humans. Instead,

ahead. All the while, the global economic picture frayed. With Fed Chairman Jerome Powell effectively announcing a breather Friday and China broadly reducing lender reserve requirements, a new framework is emerging. The two largest economies are no longer pulling in opposite policy directions: one steadily moving toward restricting activity and the other trying to buttress it. It’s not quite convergence; the Fed is more likely to eventually raise borrowing costs again after a pause and China likely has further easing steps in the pipeline. But the gap between the two is no longer widening and that’s a big deal. Stock-market ructions have taken their toll along with a poorer performance abroad and the trade conflict between Washington and Beijing. Europe’s expansion is dissipating and numbers last week showed a measure of Chinese manufacturing slipping into contraction. Emerging markets, generally, have been under pressure from the Fed’s tightening. For all the superlatives about

China’s rise and how that’s transformed global commerce, when it comes to monetary policy the Fed still matters more than any other authority. A unipolar financial world isn’t necessarily a great thing and it tends to obscure how interconnected the biggest economies are on the ground. The US can’t stand completely isolated. The Fed has long recognized this; now it’s about to be put into practice. One of the most telling lines in Powell’s fireside chat Friday with his two immediate predecessors, Janet Yellen and Ben Bernanke, was his reference to 2016. The Fed began 2015 and 2016 projecting four interest rate hikes in each of those years. It did only one apiece. The principal reason for proceeding with caution was softness abroad, including China. The Fed was panned then for inconsistency and mixed messages. In retrospect, it was the right decision in both cases. There’s little point in simply charging ahead when circumstances change. Officials could do a lot worse than rewind the tape from 2016.

headcount has been on a tear. Since bottoming out at the end of 2016, it’s increased by 10 percent to the highest since 2008. The same can’t be said for net income—down since 2016 on a 12-month trailing basis. Though operating expenses have been clipped, they remain stubbornly high relative to peers: costs ate up 77 percent of income at UBS, compared with 58 percent at HSBC. Here, the Swiss bank needs some more ambitious targets than the ones it has already. In late January 2018, in an apparently hastily cobbled together presentation, UBS said it expected its cost-income ratio to come down to no more than 75 percent. By October, amid investor pressure, it revised that goal to a lackluster 72 percent for 2021. Any CEO appointed from outside also needs to contain disappointment among UBS’s top ranks. The bank has been weakened by

management tumult and friction, as Ermotti has remained in his post. The abrupt exit of veteran wealth management chief, Juerg Zeltner, in December 2017, led to a succession of appointments and a reorganization of the business. It’s now run by Martin Blessing and Tom Naratil, both at one point seen as the internal front-runners to succeed Ermotti. Investment bank chief Andrea Orcel, credited for making a success of downsizing the unit, also quit unexpectedly in September, taking the CEO post at Banco Santander SA. The Italian had signaled he’d want a top job at some point. With global growth set to slow in 2019 and central banks poised to shrink their balance sheets, the time is ripe for UBS to freshen up a strategy that had once served it so well. Replacing Ermotti would be a sign this process is under way—but the bank’s woes run far deeper than any one person.

2nd Front Page BusinessMirror

A8 Tuesday, January 8, 2019

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Test runs set for more trains from Dalian

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By Lorenz S. Marasigan

@lorenzmarasigan

HE Department of Transportation will start in February the validation testing of the third Dalian-made train set for deployment in the Metro Rail Transit Line 3 in the next few months.

Transportation Communication Director Goddes Hope O. Libiran said the project management

office from the Philippine National Railways—the lead agency of the MRT 3 Advisory Panel—

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The number of MRT operational train sets, complemented by two Dalian train sets deployed in the system targets to start the validation testing for the third train set sometime next month.

“The commission of the third train set is ongoing. It will be deployed in the mainline for validation testing by February. Commissioning involves 1,000 kilometers of test run during off-peak hours, then validation of 150 hours—test run—in the mainline,” she said on Monday. Once done, the railway agency will then come up with an evaluation report, which will be submitted to the transportation department. “If PNR endorses that the train set be allowed to run regularly at

the MRT 3 mainline, MRT 3 [management] will sign an acceptance document,” Libiran said. Currently, there are two Dalian train sets deployed in the system, complementing the roughly 16 operational train sets, whose deployment varies per day. To recall, the Aquino government jump-started the acquisition of new trains for the railway line, and tapped Dalian for the contract. However, despite its full delivery three years ago, the government decided not to use the trains due to technical issues

raised by experts. Last year, Dalian agreed to shoulder all costs to solve the issues raised in the independent safety audit and assessment conducted by German company TUV Rheinland. Dalian started working on modifying the weight, signaling and maintenance-equipment compatibility of the trains in July with Japanese company Toshiba Infrastructure Systems supervising and evaluating the process to ensure that the Chinese company addressed issues raised.

No hand in ₧332-B ‘fund scam’ for flood control projects–DBM By Bernadette D. Nicolas @BNicolasBM

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NAZARENE FEVER Devotees of the Black Nazarene raise their hands as the replicas of their Nazareno are being blessed, two days before the actual Traslación or hours-long procession bringing back the image of the Black Nazarene to the basilica in Quiapo, Manila. NONIE REYES

Dollar reserves. . . Continued from A1

NORTHEAST MONSOON AFFECTING LUZON AND VISAYAS as of 4:00 pm - January 7, 2019

“[The December] level was higher than the $75.68-billion level recorded in November 2018, due mainly to inflows arising from the BSP’s foreign-exchange operations, net foreign currency deposits by the national government and revaluation gains from BSP’s gold holdings resulting from the increase in the price of gold in the international market,” Guinigundo said. The rise could have been higher, according to Guinigundo, if not for the payments made by the government for servicing its foreign exchange obligations. The country’s GIR is the level of foreign exchange holdings of the Central Bank during a given period. It is a crucial component of the economy as it is often used to manage the country’s foreign exchange rate against excess volatilities. The local currency performed generally better in December, trading at an average of 52.769 to a dollar compared to 52.808 recorded in November. The peso was at its worst in 2018 in October when it traded at 54.009 to a dollar. Also, the country’s GIR level was at its lowest last year in October at $74.71 billion. The Central Bank keeps a certain volume of GIR as it will be used to maintain liquidity in case of an economic crisis. This ensures that the country has enough dollars for imports and prevents shortages should instability arise. At its end-December level, the BSP said the GIR continues to serve as “an ample liquidity buffer” as it remains equivalent to 6.9 months’ worth of imports of goods and payments of services and primary income. It is also equivalent to 5.8 times the country’s short-term external debt based on original maturity and four times based on residual maturity. The international rule of thumb for foreign exchange reserves is to keep at least three months worth of imports for safeguarding. Compared to its neighbors, however, the country’s dollar reserves is still below Malaysia’s $101.4 billion as of end-December, which their central bank also reported on Monday. Indonesia’s GIR is at $117.2 billion as of end-November while Thailand’s is at $203 billion in end-November Following the BSP’s announcement of the GIR level, ING Bank economist Nicholas Mapa said the Central Bank is likely looking to rebuild its dollar reserves this year ahead of potential global economic headwinds.

HE Department of Budget and Management (DBM) has denied that it had a hand in the alleged “fund scam” involving P332 billion allocated for “nonexistent” floodcontrol projects. It also called House Majority Leader Rolando G. Andaya Jr.’s allegations “irresponsible” and “misleading.” “The Department of Budget and Management expressly denies the facilitation of a fund scam in the Flood Mitigation Structures and Drainage Systems program of the Department of Public Works a n d H i g h w a y s [DP W H],” the DBM said in statement on Monday. Andaya said in a House committee hearing that P332 billion was allocated for the “nonexistent” flood-control projects, which purportedly comprises of P213 billion worth of appropriations in 2017 and 2018 and the proposed allocation of P119 billion for 2019. “First, the amount representing the proposed allocation for FY 2019 cannot be accounted for yet. There are no existing projects for 2019 as the 2019 budget has yet to be legislated, much less implemented,” the DBM said. “Second, the amounts allocated in the FY 2017 and 2018 GAA were reviewed, amended and approved by both Houses of Congress before approval of the President.” The department has also made it clear that it did not accord preferential treatment to certain areas or districts. “The DBM has no hand in determining the projects that should be implemented and in which areas or districts. This is the job of the implementing agency; in this case, the DPWH. There are technical requirements set by the DPWH that need to be satisfied for projects to be considered for inclusion in their project listing. In the case of flood control works, the requirements are listed in DPWH Department Order 23, Series of 2015,” the statement read. Even then, the DBM said it is not privy to the specific project listing for the projects under each program and region during budget preparation. “The agency budget proposal submitted by the DPWH will only present their target allocation for the upcoming fiscal year by program [i.e., roads, bridges] and total allocation per region. The DBM

First, the amount representing the proposed allocation for FY 2019 cannot be accounted for yet. There are no existing projects for 2019 as the 2019 budget has yet to be legislated, much less implemented. Second, the amounts allocated in the FY 2017 and 2018 GAA were reviewed, amended and approved by both Houses of Congress before approval of the President.”—DBM Statement evaluates each program based on the program’s budget utilization rates in previous years,” it said. The House Committee on Rules is also set to subpoena top officials of DPWH as it eyes a conspiracy in the multibillionpeso flood-control scam. Earlier, Andaya said the testimonies during a public hearing in Naga indicated a top-level conspiracy in the multibillion-peso flood-control scam involving at the very least Budget Secretary Benjamin E. Diokno and a senior DPWH official. However, he immediately cleared Public Works Secretary Mark A. Villar. Andaya added that after the public hearing was conducted, more whistle-blowers have come forward to “spill the beans on anomalous budget practices and allocations by DBM.” Andaya has accused Diokno of acting alone and allocating huge flood-control funds in Casiguran, Sorsogon, where his inlaws are politicians and owned the Aremar Construction. A ccord i n g to A nd ay a’s statement, Casiguran Mayor Edward Hamor, Aremar’s biggest shareholder, is the husband of Sorsogon Vice Gov. Ester Hamor, the mother of Diokno’s son-in-law, Romeo Sicat Jr., who is married to the budget secretary’s daughter, Charlotte Justine.

Editor: Efleda P. Campos

Companies BusinessMirror

Tuesday, January 8, 2019

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DOE receives 4th application for LNG facility in Philippines By Lenie Lectura

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@llectura

HE Department of Energy (DOE) has received a fourth application to build a liquefied natural gas (LNG) facility in the country. US floating LNG player Excelerate Energy has filed an application for a permit to proceed with its plan to construct a proposed floating LNG terminal. DOE Undersecretary Felix William Fuentebella and Oil Industry Management Bureau (OIMB) Director Rino Abad said Excelerate filed its application early this month. The pioneer and market leader in innovative floating LNG solutions is planning to construct the facility in Batangas. No other details were

provided by the officials, saying they have yet to evaluate the documents presented. The DOE is expected to evaluate the application within 20 days. Aside from Excelerate, the DOE received similar applications from Lopez-led First Gen Corp., Tanglawan Philippines LNG Inc. and Energy World Corp. (EWC). All applications, except for EWC, remain pending with the DOE. EWC was granted near the end of December a permit by the DOE

to build the LNG import facility at Pagbilao Grande Island. The permit provides EWC an additional 24-month construction period that will enable the completion date for the first tank of the LNG facility to be aligned with the commercial operation date of the associated 650-megawatt (MW) power plant. It will also provide time to align the NGPC switchyard expansion under construction and for the construction of the second LNG tank. The 650 MW has been recognized as the anchor off-taker of the LNG project which consists of two 130,000-cbm LNG tanks, a dedicated jetty and marine infrastructure, as well as regasification and other ancillary facilities. First Gen’s application was also filed last month. It will construct an LNG terminal in Batangas City with its partner Tokyo Gas Co. Ltd. Tokyo Gas will take a 20-percent

participating interest in the FGEN LNG project and provide support in development work to achieve a final investment decision (FID) after which, the parties will enter into a definitive agreement to proceed with the construction of the FGEN Batangas LNG terminal project. First Gen operates four gas-fired power plants, namely the 1,000-MW Santa Rita Power Plant, the 500-MW San Lorenzo Power Plant, the 414MW San Gabriel Power Plant and the 97-MW Avion Power Plant. Tanglawan’s application, Fuentebella said, is “in its last stage of approval before it can secure a notice to proceed to build an LNG terminal.” Tanglawan is a partnership between Phoenix Petroleum and China National Offshore Oil Corp. Tanglawan is eyeing to build an LNG onshore terminal in Batangas with a capacity of 5 million metric tons per annum. It will also build a 350x3 MW power plant.

TMO serves notice to disconnect from electricity supply system

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HERMA Mobile Inc. (TMO) has decided to cease participation in the electricitytrading market. The unit of Aboitiz Power Corp. (AboitizPower) said on Monday it notified the Manila Electric Co. (Meralco) it will physically disconnect from the distribution utility’s system and will deregister as a trading participant in the W holesale Electricity Spot Market (WESM) effective February 5, 2019. “This is due to TMO’s commercial inactivity since June 26, 2018, following the absence of an approved power supply agreement,” the power firm said on Monday. “After evaluating the circumstances and the options available, TMO decided to mothball its bunker Cfired diesel power plants.” TMO will notify the Philippine Electricity Market Corp., Independent Electricity Market Operator of the Philippines Inc., Department of Energy, and Energy Regulatory Commission, following the notice requirements under the Electric Power Industr y Reform Act of 2001 (Epira), its implementing rules, and other relevant rules and regulations. W hen sought for comment, AboizPower COO Emmanuel Rubio said in a text message that the company plans to relocate two of the four barges and keep the remaining two. “We are working on relocating two of the barges where they are needed and keep the two so they can connect to the new National Grid Corp. of the Philippines [NGCP] substation once completed,” he said. The bunker C-fired diesel power facility is composed of four barges acquired by TMO in May 2011 from the Power Sector Assets and Liabilities Management Corp. The four barges underwent rehabilitation starting July 2011. Commercial operations began on November 12, 2013, at a capacity of 100 megawatt as against an installed capacity of 242 MW. Lenie Lectura

KIDZOONA IN LAGUNA A popular destination for children and their parents year-round is the Kidzoona store at SM San Pablo in Laguna. ROY DOMINGO

Infor unit recognized as leader, reliable, adaptable in business analytics study By Roderick L. Abad @rodrik_28

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Contributor

EN TA NA R esea rc h h a s named Infor Birst a leader in TCO/ROI, Reliability, and Adaptability in its 2018 Analytics and Business Intelligence Value Index. The assessment was in accordance with the evaluation of the Birst Enterprise networked analytics and business intelligence (BI) platform (Birst Summer ’18 Release, which became generally available on July 28). Published last December 17, the report said “the strength of Birst’s Enterprise product is its breadth.” “The Birst Enterprise architecture supports cloud or on-premises deployments, and the data model is designed to access data from a variety of sources in a networked or virtualized approach,” it further stated. “Its flexible deployment options and integration with business processes and applications allow organizations to incorporate analytics into varied line of business activities,” the report added. According to the Index, “Birst Enterprise is designed to be easily integrated into the existing infrastructure, applications and processes.” Birst SVP and GM Brad Peters

believes their strong showing in the Ventana Research shows their platform’s “unique and proven ability to deliver value remarkably faster than traditional solutions and with the lowest total cost of ownership.” “Our smart, patented automation technology and multi-tenant cloud architecture enable organizations to create, deploy and maintain missioncritical, enterprise-scale analytic solutions with fewer resources and in a fraction of the time it would take in any other product,” he said. The study is based on a comprehensive analysis of 15 vendors’ products in seven evaluation categories. Five of these evaluate the products’ ability to support the breadth and depth of business needs around analytics (Usability, Manageability, Reliability, Capability and Adaptability). Meanwhile, two of them address vendor validation and total cost of ownership/return on investment (Vendor Validation and Total Cost of Ownership and Return on Investment, TCO/ROI). The 2018 Value Index for Analytics and Business Intelligence identifies the companies that deliver the highest value based on an overall weighted evaluation. An Infor company, Birst is a

cloud BI and analytics platform that helps organizations understand and maximize complex business processes in less time than traditional solutions. Built with patented automation and machine learning technologies, its “networked BI” approach links teams and applications across the enterprise via a trusted network of analytics, delivering insights that help companies make smarter decisions by delivering a comprehensive view of their business. This one-of-a-kind approach has helped leading global companies improve profitability, reduce costs, increase revenues, and transform the way they do business, often in 90 days or less. A global leader in business cloud software for enterprise and small and medium business, Infor serves over 68,000 customers in more than 170 countries through its 17,000 employees worldwide. In the Philippines the multinational has over 300 customers in various industries, such as food and beverage, fashion, logistics, and manufacturing and distribution, among others. Ventana Research is a leading business technology research and advisory services firm.

GMA refutes ABS-CBN claim of winning 2018 TV ratings war By Lorenz S. Marasigan

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@lorenzmarasigan

MANetworkInc.claimed on Monday to have led the nationwide ratings game in 2018, after recording a 40.8-percent people audience share in the National Urban Television Audience Measurement (Nutam), besting competitor ABS-CBN Corp.’s 37.5 percent. Citing data from Nielsen TV Audience Measurement, the Gozon-led television giant also claimed to have dominated Urban Luzon and Mega Manila where it scored 45.9 percent and 47.7 percent, respectively. T he L opez -led net work

cornered only 31.5 percent and 28.7 percent for Urban Luzon and Mega Manila in 2018. Urban Luzon and Mega Manila respectively account for 76 percent and 59 percent of all urban viewers in the country. “Coming from the network’s strong ratings performance in 2018, we are optimistic we will be able to deliver even better numbers in 2019 as we prepare to launch a number of exciting and news innovative programs,” GMA Network Chairman Felipe L. Gozon said on Monday. Nielsen surveys “approximately 900 more homes” than Kantar, which is ABS-CBN’s main measurement tool for ratings.

Stocks in Asia advance on Fed, China policy boost

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TOCKS across Asia kicked off the week with strong gains after soothing Federal Reserve comments and an easing of monetary policy in China stoked a renewed appetite for risk assets. The dollar fell to the lowest in more than two months against peers and Treasuries steadied after Friday’s slide. Shares in Japan led the charge, with advances also in Hong Kong, South Korea and Australia. US futures climbed, signaling Friday’s rally in US stocks could continue. Federal Reserve Chairman Jerome Powell said policy is flexible and officials are “listening carefully” to financial markets, while the People’s Bank of China cut the required reserves for banks. Australian bond yields surged after the yield on 10-year Treasuries soared back to 2.67 percent on Friday. Fresh talks between the US and China on trade, and Powell’s remarks sapped demand for the dollar as the yen led gains in G-10 currencies. “It’s probably an opportunity to buy the dips if you are underweight equity allocations,” Raymond Lee, managing director and portfolio manager at Kapstream Capital, said on Bloomberg TV. “I do think going forward you are probably not likely to see that type of move where equities sell off 20 percent in the space of six weeks, but generally volatility will be higher than what you saw in 2017 and the first half of 2018.” Powell’s remarks are helping to lift sentiment that’s been hammered as global equities posted their biggest annual loss since the financial crisis, easing concerns the Fed is determined to raise rates even as global economic growth cools and markets tumble. Even after the slump in Treasuries at the end of last week, 10-year yields remain more than 50 basis points lower than where they peaked in November. A further step by China’s central bank late Friday to secure liquidity to the slowing economy may also help assuage concerns. Apple Inc. last week cut its revenue outlook for the first time in almost two decades, citing weakness in China’s economy as one of the reasons. US and Chinese officials will begin trade negotiations on Monday in the

hope of reaching a deal during a 90-day truce between President Donald J. Trump and his counterpart Xi Jinping. Elsewhere, the won and the Indonesian rupiah led gains in Asian emerging-market currencies. Oil extended its recent rebound. Here are some events investors may focus on this week: A US delegation is in Beijing for trade talks with Chinese officials, the first face-toface encounter since Trump and Xi agreed to a temporary truce on December 1. Wednesday sees the release of minutes from the Fed’s December 18 and 19 policy meeting. Powell will speak to the Economic Club of Washington DC on Thursday. UK Parliament resumes a debate on the Brexit withdrawal bill, with Prime Minister Theresa May seeking to avoid defeat in a vote set for the week of January 14. These are the main moves in markets:

Stocks

JAPAN’S Topix index rallied 2.9 percent as of 2:24 p.m. in Tokyo. Australia’s S&P/ASX 200 Index gained 1.1 percent. Hong Kong’s Hang Seng Index rose 0.8 percent. The Shanghai Composite Index advanced 0.5 percent. Futures on the S&P 500 gained 0.3 percent. The S&P 500 Index climbed 3.4 percent on Friday, when the Dow Jones Industrial Average advanced 3.3 percent. The MSCI Asia Pacific Index increased 2 percent.

Currencies

THE yen gained 0.2 percent to 108.28 per dollar. The offshore yuan added 0.3 percent to 6.8457 per dollar. The Bloomberg Dollar Spot Index dipped 0.2 percent. The euro bought $1.1424, up 0.3 percent. The pound rose 0.2 percent to $1.2747.

Bonds

THE yield on 10-year Treasuries held at 2.67 percent. Australia’s 10-year bond yield rose five basis points to 2.28 percent.

Commodities

WEST Texas Intermediate crude climbed 1.6 percent to $48.71 a barrel. Gold was at $1,289.49 an ounce, up 0.3 percent. Bloomberg News

Bacolod ICT council eyes alliance with Canadian commerce body

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ACOLOD CITY—The Bacolod-Negros Occidental Federation for Information and Communications Technology (BNEFIT) is eyeing a possible collaboration with the Canadian Chamber of Commerce in the Philippines. BNEFIT President John Dave Dueñas said a representative of the Canadian chamber will meet their group in the city on Tuesday, January 8. The meeting was facilitated by the National ICT Confederation of the Philippines (NICP) upon the request of the Canadian chamber to meet with the ICT council-members around the country. Dueñas said the discussions would tackle the outbound trade mission and current ICT awards of the chamber. The Canadian group, composed of the chamber of commerce and their delegation of companies, explores the possibility

of collaboration which will serve both the Canadian and Philippine markets. Dueñas, founder and CEO of Hybrain Development Corp., said during the meeting, BNEFIT will present “Beyond the Smiles of Bacolod,” an ICT Industry outlook for the next five years. “The city is more than the sweetest smile and it is at par with the international standard to attract investors,” he added. According to BNEFIT, the meeting is a strong indication that Bacolod has ripened to become an attractive investment destination, especially those in the ICT industry. This is a product of the strong collaboration of government agencies, academe and the private institutions, it added. Dueñas said it will send a firm message that Bacolod has a trajectory for the sustained growth of its ICT industry, a positive result from a supportive community. PNA

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Companies BusinessMirror

Tuesday, January 8, 2019

PSE STOCK QUOTATIONS

January 7, 2019

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK CITYSTATE BANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE BDO LEASING COL FINANCIAL FIRST ABACUS FERRONOUX HLDG IREMIT MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH VANTAGE

59.5 129.5 93 27.75 4.65 12.66 82.5 12.68 43.95 58.6 29 163.3 64.35 1.43 2.15 16.1 0.64 4.48 1.44 0.47 0.95 179.1 1.14

59.6 131 95 27.8 7.58 12.68 83 12.86 44 59.5 29.4 163.4 64.4 1.46 2.18 16.2 0.71 4.5 1.47 0.485 0.96 180 1.17

59 133 94 27.55 7.58 12.38 84 11.98 43 57.6 28.8 163.4 64.4 1.47 2.18 16.2 0.72 4.57 1.42 0.46 0.92 180 1.16

59.6 133.3 95.7 27.85 7.58 12.72 84.2 12.86 44.6 59.9 29.5 166.5 65 1.47 2.18 16.2 0.72 4.57 1.47 0.5 0.98 180 1.16

59 129.5 93 27.55 7.58 12.38 82.5 11.98 43 57.6 28.65 162.5 64.3 1.43 2.15 16.2 0.64 4.45 1.42 0.46 0.91 179 1.16

59.6 129.5 93 27.8 7.58 12.68 82.5 12.86 43.95 59.55 29.4 163.4 64.4 1.46 2.18 16.2 0.64 4.5 1.47 0.47 0.95 180 1.16

28,700 1,519,950 2,523,390 131,700 100 1,085,800 2,566,670 18,700 692,400 18,990 174,100 921,090 57,020 82,000 33,000 1,000 64,000 296,000 3,000 130,000 8,062,000 1,830 50,000

1,707,675 199,715,492 238,993,565.5 3,654,405 758 13,741,898 214,147,032 232,900 30,430,490 1,110,849 5,036,470 151,563,044 3,672,428.5 118,180 71,810 16,200 44,960 1,331,050 4,320 63,000 7,604,210 329,051 58,000

INDUSTRIAL ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHINMA ENERGY PH RESORTS GRP PHX PETROLEUM PILIPINAS SHELL SPC POWER AGRINURTURE BOGO MEDELLIN CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT GINEBRA JOLLIBEE LIBERTY FLOUR 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 CEMEX HLDG DAVINCI CAPITAL EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL CHEMPHIL CROWN ASIA MABUHAY VINYL PRYCE CORP CONCEPCION GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG

1.27 35.6 0.25 20.45 67 380.8 27.2 7.76 3.7 1.3 5.7 10.78 47.5 6.03 16.72 91.5 16.9 15.6 6.35 11.34 7.25 82.85 1.08 25 322.8 45 8.91 11 0.173 1.4 12.22 1.97 4.63 2.8 0.125 130.5 1.87 2.33 59.5 1.99 6.7 15.1 8.35 5.79 18.2 9.1 0.86 1.61 160.2 1.75 3.16 5.9 40 2.07 11.5 1.95 5.72 1.53 30.9

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

0.71 27.05 991 57.2 11.78 6.4 0.81 1.45 1.44 7.1 12.6 13.24 0.208 986 5.86 59.95 5.56 4.93 0.58 4.31 16.02 0.59 4.75 0.037 2.49 1.19 1.31 940 146.5 0.73 244.4 0.255 0.221

1.31 35.8 0.255 20.6 67.5 381.6 27.5 7.84 3.74 1.31 5.78 10.8 48 6.08 16.8 92 16.98 15.78 6.46 11.36 7.34 82.9 1.09 26 323 57.5 10.16 11.06 0.179 1.41 12.32 1.98 4.85 2.84 0.128 131 1.88 2.42 64.55 2 6.74 15.12 8.36 5.8 18.22 9.18 0.89 1.62 - 1.79 3.26 6.04 41.4 2.1 11.52 1.96 5.75 1.54 31.3

1.3 35.8 0.25 21.3 66.05 394.6 27.85 7.77 3.68 1.16 5.67 10.98 47.4 6.09 16.86 92 16.2 15.72 6.6 11.2 7.18 81.95 1.06 25.25 309 45 8.91 10.9 0.176 1.43 11.88 1.95 4.88 2.8 - 129.5 1.96 - 60 1.99 6.5 15.1 8.3 5.9 18.16 9.1 0.87 1.65 160 1.73 3.18 5.93 38.55 2.11 11.12 1.9 - 1.52 31.15

1.34 36 0.26 21.6 68.45 395 27.85 7.9 3.74 1.3 5.83 10.98 48.7 6.2 16.9 95 16.98 15.8 6.7 11.38 7.35 83.05 1.1 26 324.2 45 8.91 11.2 0.176 1.48 12.3 1.99 4.88 2.84 - 131.7 1.96 - 60 2.04 6.74 15.2 8.46 5.9 18.4 9.18 0.89 1.67 160.2 1.79 3.26 6.04 39.05 2.14 11.7 1.96 - 1.58 31.8

1.27 35.5 0.249 20.45 66.05 380.8 26.45 7.76 3.68 1.15 5.5 10.74 47.4 5.9 16.68 92 16.2 15.48 6.35 11.16 7.18 81.8 1.04 25 309 45 8.91 10.9 0.176 1.38 11.88 1.94 4.8 2.8 - 129.3 1.87 - 59.3 1.97 6.5 15.08 8.3 5.79 18.1 9.1 0.87 1.6 159.5 1.73 3.17 5.93 38.55 2.07 11.12 1.87 - 1.48 30.9

1.3 35.6 0.255 20.45 67.5 380.8 27.5 7.76 3.71 1.3 5.78 10.8 47.5 6.07 16.84 92 16.98 15.78 6.35 11.36 7.34 82.9 1.09 25 323 45 8.91 11 0.176 1.4 12.22 1.99 4.85 2.84 - 130.5 1.88 - 59.3 2 6.74 15.12 8.36 5.8 18.22 9.1 0.89 1.62 160.2 1.77 3.26 6 39 2.1 11.5 1.95 - 1.54 31.3

1,733,000 1,129,000 1,170,000 2,784,300 60,290 320,370 584,800 3,481,400 679,000 68,320,000 367,300 51,100 683,400 793,100 605,700 2,360 500 469,800 79,200 3,042,900 245,000 242,110 5,098,000 41,300 1,004,160 200 8,800 710,900 100,000 16,273,000 241,100 125,000 462,000 34,000 - 2,729,650 6,734,000 - 210 26,330,000 79,400 370,900 600,800 958,600 3,834,000 19,200 62,000 5,285,000 1,440 49,000 16,000 592,900 1,200 3,059,000 2,049,900 737,000 - 903,000 237,400

2,271,010 40,348,750 3 292,630 58,902,945 4,063,514 124,031,140 15,762,135 27,192,262 2,515,560 85,317,940 2,115,568 551,508 32,852,440 4,796,247 ( 10,176,318 219,929.5 8,412 7,414,676 505,529 34,440,244 1,778,019 20,034,640.5 ( 5,498,620 1,038,900 322,676,272 9,000 78,408 7,856,676 17,600 23,119,320 2,927,974 244,130 2,228,500 95,490 - 357,013,830 12,852,290 - 12,533 52,699,980 533,111 5,608,444 5,045,136 5,564,147 70,116,534 174,840 54,490 8,575,360 230,511 87,110 51,110 3,553,538 46,625 6,423,770 23,576,374 1,420,060 - 1,380,870 7,393,340

HOLDING & FRIMS 0.72 27.4 998 58.7 11.8 6.52 0.83 1.46 1.46 7.11 12.66 13.42 0.24 990 6 60 5.88 6.47 0.6 4.36 16.04 0.61 4.76 0.038 2.5 1.24 1.34 960 147.8 0.76 249.8 0.26 0.224

0.73 27.5 965 58.25 11.96 6.5 0.81 1.47 1.48 7.03 12.78 13.46 0.23 995 6 59.9 5.88 4.91 0.58 4.15 16.06 0.58 4.87 0.038 2.45 1.18 1.31 960 146 0.74 245 0.265 0.227

0.74 28.2 998 59.2 11.96 6.54 0.9 1.49 1.49 7.2 12.92 13.5 0.241 1,020 6 60.45 5.88 4.91 0.61 4.45 16.12 0.61 4.92 0.039 2.49 1.18 1.34 981 148.9 0.74 249.8 0.265 0.227

0.71 26.6 965 57.2 11.74 6.4 0.81 1.42 1.4 7.03 12.6 13.2 0.23 986 5.81 59.6 5.88 4.91 0.57 4.14 16.04 0.58 4.75 0.038 2.45 1.18 1.29 940 146 0.73 232 0.255 0.213

0.72 27.4 998 57.2 11.8 6.4 0.81 1.46 1.44 7.11 12.6 13.24 0.241 986 5.86 60 5.88 4.91 0.59 4.31 16.04 0.61 4.75 0.038 2.49 1.18 1.34 940 146.5 0.74 249.8 0.255 0.224

23,034,000 78,400 781,940 1,020,350 12,914,500 102,000 1,343,000 10,737,000 10,888,000 569,000 5,163,300 783,100 640,000 111,400 26,100 2,628,960 1,000 1,000 316,000 8,000,000 4,249,900 456,000 22,156,000 6,900,000 531,000 40,000 199,000 328,330 361,120 51,000 6,110 3,710,000 270,000

16,687,620 2,138,925 773,563,980 59,546,580 153,387,832 655,580 1,093,740 15,695,690 15,440,880 4,067,124 65,661,158 10,438,992 153,410 111,593,980 153,094 158,183,503.5 5,880 4,910 186,860 34,249,720 68,300,110(4, 271,540 106,807,130 262,300 1,315,370 47,200 260,440 315,327,245 53,146,151 37,690 1,470,944 963,450 60,300

1,610,325 (5,582,078) 28,559,824 (1,635,680) 758 (3,951,708) 43,643,517.5 (13,895,300) (16,056,737) (2,800,517) 90,700 (1,798,030) 8,950 (264,000) ,085,230.0001 16,065,840 333,264.5 (4,312,284) (1,522,365) (9,516,243) (46,592,390) (14,171,770) 110,998.9999) 3,304,542 364,694 (440,044) 4,249,782 580,531 10,153,882.5) (58,300) 570,000 154,713,710 (1,514,118) (10,515,270) (1,214,764) (1,932,350) (151,982,077) 1,119,080 (24,359,450) 3,025,200 (1,628,165) (5,485,834) (23,331,676) 200,470 (1,602) 44,750 378,660 7,581,748 (502,390) (3,928,485) 621,450 8,250 361,376,000 4,855,466 (122,218,330) 642,500 (10,927,220) 1,095,442 (23,887,764) 763,738 23,447,440 23,944 38,621,366 (6,027,800) 858,056.0003) 154,580 3,144,500 11,410,885 (3,317,810) 22,940 -

PROPERTY

ARTHALAND CORP 0.99 1 1 1 0.97 1 4,794,000 4,739,340 98,000 AYALA LAND 44.7 44.8 43.8 45 43.8 44.8 16,911,800 755,678,710 332,553,815 ARANETA PROP 1.71 1.75 1.71 1.74 1.7 1.74 295,000 511,020 BELLE CORP 2.43 2.45 2.42 2.47 2.41 2.45 1,857,000 4,506,960 (1,498,200) A BROWN 0.83 0.84 0.85 0.86 0.82 0.83 3,112,000 2,611,900 83,000 CITYLAND DEVT 0.9 0.93 0.89 0.93 0.89 0.93 618,000 562,750 CROWN EQUITIES 0.246 0.247 0.248 0.248 0.24 0.247 970,000 238,190 71,050 CEBU HLDG 5.84 6.45 6.45 6.45 5.82 5.84 4,300 25,338 CEB LANDMASTERS 4.22 4.29 4.25 4.3 4.22 4.29 495,000 2,116,670 (851,480) CENTURY PROP 0.44 0.45 0.445 0.45 0.44 0.445 8,670,000 3,860,200 443,500 CYBER BAY 0.37 0.375 0.38 0.39 0.36 0.375 3,690,000 1,357,550 DOUBLEDRAGON 20.8 20.85 19.9 21.25 19.84 20.85 2,707,200 56,650,817(5, 774,976.9997) DM WENCESLAO 7.95 7.99 7.9 7.96 7.9 7.95 52,500 416,652 (1,586) EMPIRE EAST 0.48 0.485 0.49 0.49 0.485 0.485 800,000 388,100 (329,800) EVER GOTESCO 0.11 0.119 0.111 0.111 0.111 0.111 300,000 33,300 FILINVEST LAND 1.44 1.45 1.46 1.48 1.44 1.44 11,891,000 17,330,230 (6,770,050) GLOBAL ESTATE 1.19 1.2 1.17 1.2 1.14 1.19 3,187,000 3,771,210 (236,000) 8990 HLDG 8.49 8.6 8.4 8.6 8.4 8.6 857,700 7,285,116 4,363.0001 PHIL INFRADEV 2.24 2.25 2.31 2.31 2.24 2.25 6,106,000 13,818,850 1,113,150 MEGAWORLD 4.9 4.95 4.83 5.02 4.83 4.9 53,635,000 265,712,560 (11,901,540) MRC ALLIED 0.48 0.485 0.465 0.49 0.465 0.48 53,280,000 25,445,650 (908,950) PHIL ESTATES 0.455 0.47 0.47 0.47 0.46 0.46 630,000 290,200 PRIMEX CORP 3.54 3.55 3.55 3.58 3.54 3.55 405,000 1,436,620 (233,640) ROBINSONS LAND 21.2 21.5 21.7 22.4 21.2 21.2 3,163,000 69,259,490 (5,252,025) PHIL REALTY 0.42 0.43 0.43 0.43 0.415 0.43 2,330,000 974,050 (332,000) ROCKWELL 2.01 2.02 2.03 2.03 1.98 2.02 999,000 2,013,160 85,249.9997 SHANG PROP 3.13 3.17 3.12 3.18 3.12 3.15 107,000 336,790 STA LUCIA LAND 1.38 1.41 1.38 1.43 1.36 1.41 5,950,000 8,312,540 (140,000) SM PRIME HLDG 38.9 38.95 38.55 39 38.5 38.95 19,640,500 765,314,790275 ,245,889.9997 STARMALLS 5.72 5.75 5.75 5.75 5.63 5.75 343,700 1,965,747 SUNTRUST HOME 0.71 0.73 0.71 0.73 0.7 0.73 335,000 238,000 VISTA LAND 5.68 5.69 5.65 5.72 5.6 5.69 5,202,900 29,546,028 (7,801,693) SERVICES ABS CBN 20.9 21 20.4 21.2 20.4 20.9 248,600 5,202,195 GMA NETWORK 5.6 5.65 5.6 5.66 5.55 5.65 386,900 2,169,701 MANILA BULLETIN 0.345 0.37 0.345 0.365 0.345 0.365 250,000 89,300 GLOBE TELECOM 1,860 1,909 1873 1,936 1,860 1,860 26,780 50,478,145 (11,028,110) PLDT 1,148 1,149 1160 1,192 1,148 1,148 73,100 85,935,155 259,455 APOLLO GLOBAL 0.04 0.041 0.04 0.04 0.039 0.04 9,700,000 387,400 DFNN INC 7.4 7.48 7.1 7.47 7.01 7.4 180,300 1,338,039 IMPERIAL 2 2.04 2.01 2.02 2 2.02 312,000 624,160 ISLAND INFO 0.124 0.127 0.125 0.129 0.125 0.127 6,590,000 830,700 26,460 ISM COMM 6.48 6.49 6.4 6.59 6.35 6.49 22,225,200 144,198,333 2,310,929 JACKSTONES 3.12 3.39 3.37 3.39 3.37 3.39 42,000 141,920 NOW CORP 4.03 4.04 3.72 4.05 3.55 4.03 6,942,000 26,638,800 (590,620) TRANSPACIFIC BR 0.45 0.455 0.45 0.46 0.45 0.45 21,380,000 9,660,500 240,300 PHILWEB 3.53 3.55 3.46 3.64 3.42 3.55 2,360,000 8,286,410 (2,276,440) 2GO GROUP 14.06 14.24 14.32 14.32 14 14.08 188,800 2,672,784 (89,284) ASIAN TERMINALS 14.04 14.98 14.08 14.98 14.04 14.98 1,200 17,062 CEBU AIR 79.45 79.5 78.65 79.85 78.45 79.5 127,520 10,069,432.5 3,537,534 CHELSEA 6.99 7.03 6.98 7.15 6.97 6.99 3,542,900 25,013,264 (403,044) INTL CONTAINER 100 101 100 101.2 99.7 100 1,539,000 154,802,103 17,636,744 LBC EXPRESS 14.6 14.86 14.86 14.86 14.86 14.86 3,600 53,496 LORENZO SHIPPNG 0.81 0.83 0.81 0.83 0.81 0.83 163,000 132,190 MACROASIA 18.36 18.44 18.26 18.46 18.02 18.44 494,900 9,075,976 ( 429,508.0001) METROALLIANCE A 2 2.05 1.99 2.05 1.96 2.05 291,000 590,450 PAL HLDG 8.6 8.7 9 9 8.55 8.7 3,900 34,260 HARBOR STAR 3.24 3.26 3.31 3.34 3.2 3.25 1,603,000 5,258,150 302,600 ACESITE HOTEL 1.34 1.38 1.35 1.38 1.32 1.38 294,000 392,790 DISCOVERY WORLD 2.16 2.35 2.16 2.16 2.16 2.16 3,000 6,480 WATERFRONT 0.78 0.79 0.78 0.79 0.77 0.78 4,688,000 3,660,300 CENTRO ESCOLAR 7.61 7.74 7.62 7.75 7.6 7.74 72,200 549,419 FAR EASTERN U 890 950 900 900 900 900 2,480 2,232,000 (18,000) IPEOPLE 10.64 11.8 10.42 10.42 10.4 10.4 4,000 41,620 STI HLDG 0.78 0.79 0.81 0.82 0.78 0.79 26,613,000 21,141,120 (3,863,590) BERJAYA 3.42 3.43 3.34 3.44 3.1 3.43 6,894,000 22,426,890 1,078,470 BLOOMBERRY 10.12 10.14 9.71 10.24 9.71 10.12 12,741,500 128,302,927 40,575,326 PACIFIC ONLINE 9.8 10 10 10.08 9.78 10.08 18,200 178,656 LEISURE AND RES 3.41 3.45 3.39 3.45 3.36 3.45 790,000 2,692,580 34,060 MANILA JOCKEY 5.14 5.3 5.15 5.31 5.14 5.31 38,000 195,698 PREMIUM LEISURE 0.83 0.85 0.83 0.87 0.82 0.85 13,511,000 11,415,340 15,800 TRAVELLERS 5.37 5.38 5.37 5.4 5.33 5.38 133,600 718,134 133,272 METRO RETAIL 2.62 2.63 2.6 2.72 2.6 2.63 4,675,000 12,418,350 1,239,880 PUREGOLD 49.05 49.1 48 49.75 48 49.05 10,899,600 534,765,655 316,030,300 ROBINSONS RTL 87 87.35 88 88 87 87 2,312,980 201,512,676.5 ( 15,860,392.5) PHIL SEVEN CORP 115.2 122.1 118 122.1 114.1 122 179,600 21,907,166 308,715 SSI GROUP 2.5 2.51 2.52 2.54 2.5 2.51 2,771,000 6,980,970 396,190 WILCON DEPOT 13.94 14 13.5 14.22 13.5 14 14,139,900 196,316,360 97,691,444 APC GROUP 0.42 0.425 0.415 0.43 0.415 0.425 1,690,000 712,950 16,600 EASYCALL 14.9 15.18 15.26 15.26 14.2 14.9 168,300 2,489,240 32,956 GOLDEN BRIA 317 325 316 325 316 325 2,050 663,740 IPM HLDG 7.16 8.09 8.2 8.2 7.8 8.09 6,600 52,939 PAXYS 3.26 3.53 3.48 3.53 3.45 3.53 10,000 35,070 PRMIERE HORIZON 0.33 0.34 0.325 0.345 0.325 0.34 220,000 73,100 SBS PHIL CORP 7.42 7.66 7.41 7.62 7.41 7.62 506,400 3,757,705 MINING & OIL ATOK 14.66 15.9 16.5 16.76 15.9 15.9 19,000 313,374 (12,720) APEX MINING 1.68 1.69 1.7 1.72 1.67 1.68 6,812,000 11,552,350 (1,591,830) ABRA MINING 0.002 0.0021 0.002 0.0021 0.0019 0.0021 453,000,000 907,300 ATLAS MINING 2.71 2.75 2.68 2.8 2.68 2.71 35,000 96,200 (13,570) BENGUET A 1.32 1.47 1.3 1.3 1.3 1.3 3,000 3,900 COAL ASIA HLDG 0.295 0.3 0.3 0.305 0.29 0.3 470,000 141,050 CENTURY PEAK 2.08 2.09 2.11 2.15 2.08 2.09 1,204,000 2,552,450 (10,750) DIZON MINES 7.55 7.88 7.92 7.97 7.39 7.88 6,600 51,786 FERRONICKEL 1.67 1.68 1.69 1.7 1.67 1.68 1,806,000 3,030,610 (815,820) GEOGRACE 0.206 0.215 0.207 0.22 0.205 0.215 1,690,000 354,150 LEPANTO A 0.119 0.12 0.123 0.126 0.119 0.119 10,160,000 1,237,830 LEPANTO B 0.125 0.131 0.13 0.132 0.12 0.131 1,170,000 148,640 MANILA MINING A 0.0067 0.0079 0.007 0.007 0.0069 0.0069 12,000,000 83,000 MARCVENTURES 1.28 1.3 1.28 1.31 1.27 1.28 512,000 660,680 NIHAO 1.1 1.11 1.1 1.11 1.09 1.1 221,000 243,200 NICKEL ASIA 2.42 2.43 2.44 2.51 2.43 2.43 7,114,000 17,652,980 978,120 OMICO CORP 0.63 0.66 0.66 0.66 0.64 0.65 1,096,000 711,400 ORNTL PENINSULA 1 1.01 1 1.04 0.99 1.01 393,000 395,610 PX MINING 4.1 4.12 3.78 4.14 3.73 4.12 14,509,000 57,969,180 4,233,270 SEMIRARA MINING 24.9 24.95 24.7 25.3 24.7 24.9 1,712,400 42,902,635 (4,361,545) UNITED PARAGON 0.0075 0.0076 0 0.0078 0.0085 0.0072 0.0076 101,000,000 799,200 ORNTL PETROL A 0.012 0.013 0.013 0.013 0.013 0.013 4,700,000 61,100 ORNTL PETROL B 0.012 0.013 0.013 0.013 0.013 0.013 100,000 1,300 PHILODRILL 0.012 0.013 0.013 0.013 0.012 0.012 3,900,000 48,100 PHINMA PETRO 3.25 3.4 3.39 3.4 3.39 3.4 101,000 343,300 PXP ENERGY 15.48 15.5 16.2 16.46 15.4 15.48 2,561,500 40,665,152 771,608 PREFFERED AC PREF B1 460 463.6 456 460 456 460 3,100 1,414,160 AC PREF B2 480 499 500 500 500 500 90 45,000 ALCO PREF B 98 100.9 98 99 98 99 1,000 98,500 DD PREF 96.1 96.5 96.5 96.5 95.8 96.5 5,060 487,580 4,825 SMC FB PREF 2 968.5 980 971.5 971.5 970 971 1,140 1,106,905 (1,106,905) FGEN PREF G 102.5 104.6 103 104.7 103 104.7 540 56,368 GLO PREF P 476 480 480 480 480 480 260 124,800 GTCAP PREF A 900 919 900 900 900 900 10 9,000 LR PREF 1 1.01 1.02 1.02 1.01 1.01 22,000 22,240 MWIDE PREF 99 100.5 98 100.8 98 100.8 110 11,004 PNX PREF 3A 99 100 100 100 100 100 3,760 376,000 PCOR PREF 2A 980 999.5 999.5 999.5 980 980 900 885,160 PCOR PREF 2B 1,002 1,395 1003 1,003 1,002 1,002 300 300,700 SMC PREF 2B 75 75.85 75.9 75.9 75.85 75.85 1,880 142,666.5 SMC PREF 2C 76 76.5 77.2 77.2 76.5 76.5 2,060 158,913 SMC PREF 2D 72.5 74.3 72 72 72 72 5,500 396,000 SMC PREF 2G 72.15 74.5 74.9 74.9 72.3 72.3 50 3,663 SMC PREF 2H 72 74.5 72 72 72 72 6,600 475,200 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

19 5.4

19.48 5.49

18.7 5.4

19.48 5.49

18.7 5.4

19 5.49

116,100 32,100

2,202,868 176,029

WARRANTS LR WARRANT

2.01

SMALL & MEDIUM ENTERPRISES ITALPINAS 5.4 XURPAS 1.79

2.06

2.04

2.07

1.99

2.06

179,000

363,150

-

5.42 1.8

5.15 1.77

5.59 1.79

5.06 1.73

5.42 1.79

2,048,100 6,273,000

10,913,185 11,046,310

(98,640) (233,630)

EXHANGE TRADE FUNDS FIRST METRO ETF

116

(1,817,478) -

116.2

115.5

117.1

115.4

116.2

10,540

1,229,088

-

www.businessmirror.com.ph

2018 caps worst year in more than a decade for UK retailers

I

NVESTORS looking for relief from the tumult of global markets may want to avert their eyes from a report showing that by one measure, UK retail sales had their worst year in more than a decade. Sales at UK brick-and-mortar retail stores fell 1.9 percent in December on a like-for-like basis, according to a report on Saturday from business advisers at BDO Llp. That capped the worst year for monthly sales shrinkage since at least 2006, when the firm began tracking data coming from about 85 British retailers with some 10,000 stores. As more shoppers head online— and away from physical sites often locked in expensive leases—there’s little escape from the traditional British industry’s decline. Even with strong signs emerging from American retailers’ holiday season and some UK brands, the report provides scant cheer for storied British companies such as Marks & Spencer Group Plc., Debenhams Plc. and Mothercare Plc. that are set to publish sales numbers this week. “The shopping spree retailers were hoping for in December didn’t happen,” said Sophie Michael, BDO’s

national head of retail and wholesale. “Shoppers have exercised extreme caution or shopped strategically online, seeking out discounts rather than visiting bricks-and-mortar stores.” While Next Plc.’s sales report on Thursday held some positive signs, much of the strength came from online sales; store revenue declined 9.2 percent in the nine weeks ending December 29. Next does about half its business on the Internet, more than double the proportion at competitors like Debenhams and Marks & Spencer. Observers often look to Next to indicate the sector’s performance and “it never, ever does,” said Richard Hyman, an independent retail analyst. Non-store like-for-like sales rose 12 percent last month, according to BDO, following a continuing shift to online spending. If shoppers didn’t make it out of the house to do much of their Christmas buying, retailers

Goldman takes hatchet to near-term metals outlook as China decelerates

G

OLDMAN Sachs Group Inc. chopped back its near-term metals forecasts as China’s economy has “decelerated notably,” while balancing that outlook with a prediction mainland policy-makers will respond by stoking expansion in the second half, aiding a revival in copper and aluminum. The bank—which had been consistently bullish on raw materials heading into 2019—now sees copper at $6,100 a metric ton in three months and $6,400 in six, down from earlier forecasts of $6,500 and $7,000, according to an e-mailed report received on Monday. The 12-month target was held at $7,000. Given the political importance of the growth target in China, “policy will need to ease in order to offset the weakness in many parts of the economy,” analysts including Hui Shan said in the January 4 note. Infrastructure investment growth is expected to accelerate to 10 percent in 2019 from 4 percent last year, and annualized quarterly GDP growth will increase, they said. Metals from copper to zinc were battered in 2018 by global trade tensions and a rising dollar. More recently, China’s domestic slowdown has played the leading role in spurring bearishness, with the official manufacturing index sliding into contraction territory in December for the first time since 2016. Demand in Asia’s largest economy “has no doubt weakened,” Goldman said. “We expect metals to stay under pressure in the first quarter,” the analysts said. “The experience of the 2015-2016 downturn also implies that,

in uncertain times, investors may want to see concrete signs of demand strengthening before taking long positions,” they said. Here’s a summary of Goldman’s projections (previous outlooks in brackets): Three-month six-month 12-month Copper $6,100 ($,6,500) $6,400 ($7,000) $7,000 (Unchanged) Aluminum $1,900 ($2,100) $1,950 ($2,000) $2,000 (Unchanged) Zinc $2,500 ($3,300) $2,400 ($3,000) $2,200 ($2,800) Nickel $11,000 ($15,000) $11,500 ($16,000) $12,500 ($18,000) Goldman was also more positive on the second half as some metals including copper are oversold, and there are supportive micro developments in China such as scrap curbs that are ignored by the market. Despite the downward revisions, “we remain constructive on market fundamentals,” it said. On Friday China’s central bank announced another cut to the amount of cash lenders must hold as reserves in a move to release a net 800 billion yuan ($117 billion) of liquidity and offset a funding squeeze ahead of the Chinese New Year. After the move, UBS Group AG said it expects additional easing as growth slows, including tax cuts and increased fiscal spending. In its nickel outlook, Goldman made substantial cuts, citing plans for low-cost Indonesian supply. “Although it remains to be seen whether these projects can be finished on time and within budget, they have the potential to be a game changer,” it said. The bank sees nickel at $12,500 in 12 months, from $18,000. Bloomberg News

Honestbee provides injury policy for shopper and delivery staff

H

ONESTBEE, Asia’s leading online concierge and delivery service, recently rolled out a regional insurance mandate that will allow its thousands of shopper and delivery bees to be enrolled in a group personal-injury policy, giving them coverage while fulfilling orders or out doing deliveries. The policy covers a range of situations while on the job, such as medical expenses, hospitalization, temporary incapacity, permanent disablement and even death. The policy is effective immediately and is implemented across the eight countries and 16 cities the tech company operates in. In the Philippines, honestbee partners with merchants that

include small and medium-sized businesses, supermarket chains and restaurants. The tech company has been in the country for more than a year and currently serves the greater Manila area as well as Cebu. “We believe in the importance of providing safety and security to our dedicated shopper and delivery bees,” said Crystal Gonzalez, managing director, honestbee Philippines. “We currently have hundreds out on the field who continue to work hard in giving convenience and high-quality service to our customers.” Honestbee works with over 10,900 stores and restaurants across Asia, providing flexible income opportunities to over 20,000 partner bees.

with a weak Web presence will be in trouble. Online peers aren’t immune to the challenges weighing on the industry: fashion retailer Asos Plc. last month said that Christmas shopping got off to a disastrous start. Uncertainty about Brexit negotiations has also taken a toll, as British consumer confidence dropped to its lowest level since 2013. The FTSE 350 General Retailers Index fell about 30 percent through Friday since the UK voted to leave the European Union in June 2016, compared with a 7.9 percent advance for the FTSE 100 Index during the same period. Marks & Spencer was up 0.8 percent early Monday in Lon-

MUTUAL FUNDS

don, with Debenhams gaining 0.3 percent and Next rising 0.4 percent. Global market volatility and trade tensions also helped shave the forecast of iPhone maker Apple Inc., sending ripples through markets around the world last week. As consumer confidence remains low, there’s little reason for retailers to expect change in 2019, according to Diane Wehrle, marketing and insights director at retail analysis firm Springboard. “We don’t anticipate much uplift for bricks and mortar unless something changes,” she said in a phone interview. “It’s the final stage in a long journey toward extinction for some retailers that are out of date.” Bloomberg News

January 7, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM GROWTH FUND, INC * 260.72 -12.71% 2.5% 3.35% 3.43% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.478 -7.62% 9.1% 3.68% 3.63% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 4.0535 -13.26% 4.23% 1.79% 3.79% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.9188 -9.86% N.A. N.A. 3.14% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.8561 N.A. N.A. N.A. 4.06% FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 5.5008 -9.18% 2.02% 2.72% 4.49% MBG EQUITY INVESTMENT FUND, INC. * ****** 118.77 N.A. N.A. N.A. 0.68% ONE WEALTHY NATION FUND, INC.* 0.8633 -14.36% -4.03% N.A. 3.38% PAMI EQUITY INDEX FUND, INC.* 51.1277 -10.98% 3.66% N.A. 3.64% PHILAM STRATEGIC GROWTH FUND, INC.* 532.97 -10.98% 2.26% 2.69% 3.48% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.2975 -8.86% 4% N.A. 3.27% PHILEQUITY FUND, INC.* 37.9416 -9.21% 4.58% 5.19% 3.41% PHILEQUITY PSE INDEX FUND INC.* 5.1562 -10.98% 4.47% 5.2% 3.74% PHILIPPINE STOCK INDEX FUND CORP.* 861.39 -10.78% 4.27% 5.3% 3.74% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.8893 -9.65% 1.78% N.A. 3.29% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 4.2081 -9.67% 3.93% 3.67% 3.54% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.9919 -11.11% 4.26% N.A. 3.7% UNITED FUND, INC.* 3.6411 -7.29% 5.68% 4.35% 4.03% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* *** ● 115.097 -10.49% 5.41% 6.38% 3.7% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ATRAM ASIAPLUS EQUITY FUND, INC.** $0.9005 -21.02% 1.45% -1.13% -2.71% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.1064 -13.49% N.A. N.A. 1.48% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.6875 -10.79% -0.46% -0.68% 2.04% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.2583 -9.04% 2.33% 1.41% 2.2% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.6195 -5.95% -0.47% -0.57% 3.04% GREPALIFE BALANCED FUND CORPORATION* **** 1.3309 -9.64% N.A. N.A. 1.9% NCM MUTUAL FUND OF THE PHILS., INC* 1.8752 -6.8% 1.92% 2.46% 1.66% PAMI HORIZON FUND, INC.* 3.5356 -10.96% 0.04% 1.36% 0% PHILAM FUND, INC.* 16.0635 -9.63% 0.45% 1.4% 0.94% SOLIDARITAS FUND, INC.* ******** 2.1151 -6.77% 2.21% 3.16% 2.1% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.7381 -7.53% 1.73% 2.04% 2.3% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.9456 -8.05% 1.08% N.A. 2.65% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03541 -1.99% 0.03% 1.81% 0.63% PAMI ASIA BALANCED FUND, INC.* $0.9219 -14.3% 2.11% -1.38% -0.38% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.3212 -9.75% 2.72% 0.74% 0.76% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0118 -9.5% N.A. N.A. 0.62% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 343.59 1.9% 2.09% 1.88% 0.06% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8599 -2.23% -0.57% -0.41% 0.17% COCOLIFE FIXED INCOME FUND, INC.* 2.9747 5.47% 5.37% 5.26% 0.15% EKKLESIA MUTUAL FUND INC.* 2.1319 1.35% 1.44% 1.51% 0.08% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2122 -0.42% 0.07% 0.26% 0.15% GREPALIFE FIXED INCOME FUND CORP.* P 1.5698 -2.55% -0.67% -0.18% 0.38% PHILAM BOND FUND, INC.* 3.7911 -6.54% -1.66% -0.48% -3.28% PHILEQUITY PESO BOND FUND, INC.* 3.5307 0.71% 0.7% 0.73% 0.49% SOLDIVO BOND FUND, INC. * 0.895 -3.14% -0.74% N.A. 0.28% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7733 -0.19% 0.88% 0.99% 0.31% SUN LIFE PROSPERITY GS FUND, INC.* 1.544 -0.45% 0.44% 0.59% 0.33% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $448.67 0.57% 2.26% 3.12% 0.09% ALFM EURO BOND FUND, INC. * Є212.65 -0.54% 1.02% 1.57% 0.02% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1286 -0.5% 1.01% 2.05% 0.29% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0249 -0.4% 0.82% N.A. 0% GREPALIFE DOLLAR BOND FUND CORP.* $1.6911 -4.68% -0.53% 1.21% 0.04% MAA PRIVILEGE DOLLAR FIXED INCOME FUND, INC. N.S. N.S. N.S. N.S. N.S. MAA PRIVILEGE EURO FIXED INCOME FUND, INC. ЄN.S. N.S. N.S. N.S. N.S. PAMI GLOBAL BOND FUND, INC* $1.0426 -2.91% -0.17% -2.12% 0.85% PHILAM DOLLAR BOND FUND, INC.* $2.1855 -2.99% 0.99% 2.93% 0.67% PHILEQUITY DOLLAR INCOME FUND INC.* $0.057004 -0.34% 0.9% 1.87% 0.02% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.8745 -4.72% 0.26% 1.76% 0.1% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 120.92 2.81% 1.9% 1.58% 0.08% PHILAM MANAGED INCOME FUND, INC.* 1.1771 1.66% 0.62% 0.43% -0.37% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2195 2.69% 2.27% 1.62% 0.07% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0162 1.74% N.A. N.A. 0.06% * - NAVPS AS OF THE PREVIOUS BANKING DAY ** - NAVPS AS OF TWO BANKING DAYS AGO *** - LISTED IN THE PSE. **** - RE-CLASSIFIED INTO A BALANCED FUND STARTING JANUARY 1, 2017 (FORMERLY GREPALIFE BOND FUND CORP.). ***** - LAUNCH DATE IS NOVEMBER 6, 2017 ****** - LAUNCH DATE IS JANUARY 08, 2018 ******** - RENAMING OF THE FUND WAS APPROVED BY THE SEC LAST APRIL 13, 2018. ********* - BECAME A MEMBER SINCE APRIL 20, 2018. ******* - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018 ● - ADJUSTED DUE TO STOCK DIVIDEND ISSUANCE LAST JUNE 5, 2018.

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Tuesday, January 8, 2019

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Traders told: Protect PHL from African swine fever By Jasper Emmanuel Y. Arcalas

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@jearcalas

HE Department of Agriculture (DA) on Monday appealed to traders to avoid importing pork products from “high-risk” countries, or those near countries struck by African swine fever (ASF), such as Germany, to protect the local hog industry. “I am asking importers to show their patriotism by ensuring that they do not import pork from high-risk countries,” Agriculture Secretary Emmanuel F. Piñol told reporters in a news briefing in Quezon City on Monday. “We cannot actually stop [importers] but we can only appeal to them. We are calling on their sense of patriotism as [the hog] industry involves millions of poor Filipino farming families,” he added. Piñol said the DA is also encouraging tourists, returning residents and overseas Filipino workers (OFWs), to refrain from bringing in pork products as pasalubong, especially from ASFaffected countries. “We are also calling on con-

sumers to reduce their appetite for imported meat to cut demand for imports. If consumers would not want imported pork, then that would minimize the demand,” he said. Piñol pointed out that the entry of ASF in the Philippines may jeopardize the government’s plan of shipping local meat to new markets abroad, such as Singapore. The government has intensified its biosecurity measures to prevent the entry of ASF virus in the country. These include the installation of foot baths in all international land ports and seaports, as well as the mandatory inspection of luggage and shipments for pork products from ASF-affected countries.

THE government installed foot baths in all entry points of the Ninoy Aquino International Airport to prevent the spread of African swine fever in the Philippines. PHOTO FROM THE FB PAGE OF AGRICULTURE SECRETARY EMMANUEL F. PIÑOL

The agriculture chief disclosed that the DA, together with other concerned agencies, would inspect a cruise ship from China that is slated to arrive in the country on January 9. The cruise ship, Piñol said, is expected to dock at Subic port. The DA is confiscating pork products from ASF-affected coun-

DA soon to open P10-M rice-storage dome in Cagayan

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GUIG, Cagayan—The Department of Agriculture (DA) 2 (Cagayan Valley) is set to activate this year the P10-million first-ever monolithic dome erected at the DA-Southern Cagayan Research Center in Minanga Norte here, which would serve as warehouse of agricultural products, such as farm seeds and other inputs. DA Regional Executive Director Narciso Edillo said on Friday the dome, which is nearing its completion with only finishing touches to be done, measures 8.5 meters in height, 15 meters in width and 30 meters in length; has a climatesmart technology that can withstand typhoons and earthquake. “The state-of-the-art warehouse will be a breakthrough in the region’s agriculture sector, particularly for seeds storage to maintain seed viability and quality,” Edillo said. “This can also be used as human shelter or evacuation center during calamities, cold storage for agricultural products and many others,” he added. The agriculture regional head said they have been speeding up its completion to compare its benefits over traditional storage or warehouses.

tries, such as China, as they could serve as carriers of the virus. “We are asking returning Filipino residents, balikbayan and OFWs to not bring in anymore pork products from high-risk areas,” Piñol said. Piñol added that the DA is “virtually” deputizing Filipinos as quarantine officers who can

Govt to dredge rivers, plant more trees in disaster-prone areas

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The dome-shaped warehouse’s idea was first introduced in the department during a national conference of agricultural engineers last year, with foreign and local experts presenting the technology. “Considering that the technology on ‘monolithic’ is a breakthrough in the field of construction and its cost is comparable to that of the allocated fund for conventional warehouse, the office had immedi-

ately considered the project,” Engr. Generoso Oli, DA-2 Field Operations Division chief, said. “Eight similar projects will be constructed this year at cooperatives or farmer organizations regionwide,” he added. A monolithic dome is a structure cast in a one-piece form, which may be permanent or temporary, and may or may not remain part of the finished structure. PNA

report fellow passengers and tourists bringing in pork products from affected countries to quarantine officers. The DA has banned the importation of pork and pork products from 13 countries where the outbreak of ASF has been confirmed. These include Hungary, Belgium, Bulgaria and Russia.

Meat Importers and Traders Association President Jesus C. Cham told the BusinessMirror that he would ask Mita’s members to follow the recommendation of the DA. Cham said, however, that it is still up to Mita members if they would comply or not. Cham noted that the World Organisation for Animal Health, or OIE, allows the "unhampered" trade of pork products from areas uninfected by diseases, such as ASF. “From a scientific perspective, the OIE clearly allows unhampered trade for products from uninfected zones. This position has been arrived at after a thorough risk assessment of ASF,” he said. In its quarterly report on the agriculture sector’s performance, the Philippine Statistics Authority (PSA) indicated that the livestock subsector was the second biggest contributor to total farm output in the third quarter. On an annual basis, data from the PSA showed that hog production alone rose by 2.55 percent and grossed P74.7 billion, or 8.81 percent more than the previous year’s level. From January to September, the livestock subsector recorded a 2-percent growth in output. The PSA said production in the livestock subsector grew by 2.15 percent in the July-to-September period.

HE Department of Agriculture (DA) said it would dredge rivers and intensify tree planting in disaster-prone areas to prevent landslides and floods caused by the loosening of soil. Agriculture Secretary Emmanuel F. Piñol said the DA would promote the planting of fruit-bearing trees, such as cacao and coffee, in undulating and sloping areas of the country. These two activities, Piñol said, would “address serious environmental problems affecting agriculture and fisheries,” which include landslides, soil erosion and flooding in agricultural production areas. “The shift of focus to these two farming activities was prompted by the spate of landslides and flooding which was observed during the last few years,” he said in a Facebook post on Monday. Piñol said no less than President Duterte, who visited floodhit Bicol regionl last week, took note of the increasing number of landslides in the past years.

“He said he observed the ‘loosening of the soil,’ which resulted in landslides during typhoons and storms,” he said. “President Duterte is right. The cutting down of trees and the clearing of mountains to give way to settlements have contributed to the loosening of the soil. Piñol said flooding in the agricultural valleys of Cagayan Valley, Pampanga, Bulacan Basins, Bicol River Basin, Agusan River Basin, Rio Grande de Mindanao River Basin have caused annual damage to the farm sector. To address the issues, the DA will undertake the immediate dredging of the major rivers nationwide, including Cagayan River, Pampanga River and Bicol River, among others, he said. “Dredging these rivers would end the water backf lows and flooding during the typhoon and rainy season, and open hundreds of thousands of hectares of fertile areas to agriculture,” he said. “The dredged silt from these rivers, presumably peat soil, could be used in reinvigorating the fer-

tility of the farmlands near the river basins,” Piñol added. He noted that the dredging of major rivers would be expensive for the government and is also a “daunting task.” Piñol said, however, that it is the immediate remedy to minimize the flooding and the destruction of crops during the typhoon season. The DA would also embark on a long-term tree farming project in coordination with the Department of Environment and Natural Resources and local government units (LGUs). “The LGUs will also have to be engaged in implementing the new policy of the DA to discourage the use of weed killers in sloping and undulating areas where farmers plant corn and other cash crops,” he said. “The benefits from the planting of trees, especially fruit-bearing trees, in the undulating and sloping agricultural areas may not be felt immediately but this is something which must be done today for the benefit of the next generation,” Piñol added. Jasper Emmanuel Y. Arcalas

USDA data delay in shutdown hinders farmers starting crop plans

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AN American farmer pulls weeds from a field. PHOTOGRAPHER: DANIEL ACKER/BLOOMBERG

HE United States government shutdown means the US Department of Agriculture (USDA) will delay the release of several market-moving reports at a time when farmers start to make their planting decisions for the upcoming season. The USDA’s monthly World Agricultural Supply and Demand Estimates (WASDE) won’t be released on January 11 as originally planned, even if the government resumes operations before then, the agency said on Friday. That’s because of the lead-in time needed to gather and analyze data. Other key data sets, including figures on grain stockpiles and winter-wheat seedings, will also be delayed. The USDA will resume issuing reports as soon as possible after funding is restored to minimize impact on markets, Robert Johansson, the agency’s chief economist, said by phone from Washington. The January publications won’t be canceled, as they were during a

shutdown in October 2013. During that period, crop samples went bad, making it impossible to accurately estimate yields, Johansson said. Amid the shutdown, the USDA has also stopped publishing data on cropexport sales. That comes as China has recently waded back into US markets for soybeans. Without official government figures, the market has been left to rely on rumors and tough-toconfirm sales reports.

‘Bad deal’

THE WASDE regularly moves agricultural commodities markets. But delaying this month’s report, in particular, is an especially “bad, bad deal” for the market, Ted Seifried, chief market strategist at Zaner Group in Chicago, said in a telephone interview. That’s in part because the January report finalizes crop-production figures from the prior year, which traders and producers use to plan for the coming season.

Not having the data, “makes it very difficult for the market to decide on which way we should go,” he said. When the shutdown began choking access to USDA data late last month, “a very significant public good was removed from the market,” said Sara Menker, chief executive officer of Gro Intelligence, an agricultural data analysis company. Gro Intelligence, which provides data feeds, as well as crop and

weather forecasts, is offering free access to its platform for the duration of the shutdown in an effort to mitigate the data gap left by the USDA, Menker said. “It is very bad timing,” Seifried said of the USDA report delays. “Most important, it makes it very difficult for producers to decide what they’re going to do for a marketing plan and decide what to do for their acreage allocation.” Bloomberg News

B4 Tuesday, January 8, 2019

Hospitals prodded to deliver quality health care to meet global standards

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HERE is no denying that Filipino health-care professionals stand out globally—thousands of doctors, nurses and other workers in the industry continue to be in demand across the world each year. Back home, however, local medical facilities still play catchup in order to make the Philippines an international hub for health care. While the country landed on the fifth spot in the most competitive economy in Southeast Asia in the recent global competitiveness report released by the World Economic Forum, it still lags in three pillars, including health. To date there are 14 internationally accredited healthcare facilities in the Philippines. As hospitals and clinics continuously step up to upgrade their facilities and services, one organization is helping them shape up to achieve world-class status. HealthCore, the center for international quality accreditation for health-care and medical tourism in the Philippines, has been breathing life into the country’s goal to become globally competitive in the health-care arena. Since its establishment in 2010, HealthCore has been pushing the industry improve the quality of the hospitals and medical facilities in the country. “As the Asean representative of various international certification organizations, we promote the globalization of health care,” HealthCore President and Chief Executive Officer Joyce Socao-Alumno said. “From Day One our advocacy is to help bring the quality of our medical facilities at par with international/global standards.” She explained that they assist various stakeholders involved in international health-care management, medical and wellness tourism,

and retirement services to achieve global competitiveness, excellent patient service and outcomes, and enhanced bottom line through education, international accreditation and strategic approaches. “In a bid to make the Philippines and the Asean become a global health-care destination, HealthCore has committed itself to become part of the journey to deliver world-class health care, particularly in the areas of academy, accreditation, consultancy and trading,” Alumno said. Recognizing the challenges that hospitals and clinics face in trying to be globally competitive, HealthCore organizes workshops, seminars and on-site trainings that provide insights on how they can acquire international accreditation from International Organization for Standardization, Temos and International Society for Quality Healthcare, accrediting bodies like JCI and the National Accreditation Board for Hospitals and Healthcare Providers. Part of its recent initiatives include the training of health-care professionals on the revised version of the ISO 9001:2015 BS EN 15224: 2016. Supported by the Department of Health, Philippine Hospital Association and the Private Hospitals Association of the Philippines, HealthCore, as the Asean representative of Swiss Approval, discussed the implementing guidelines and best practices for the audit and certification of quality management systems and patient safety in health-care services. HealthCore also offers consultancy services in the areas of operational efficiency, patient care, facility management and safety, infection control, continuous quality improvement and quality audit tools, as prescribed by international accreditation standards. It has recently concluded a talk on reinventing health care through patient-centered hospital designs. All these, Alumno said, are geared toward helping the Philippines push its huge potential in the area of medical tourism, a market that is estimated to be worth $22 billion. Currently, the country ranks 19th in the overall global ranking according to the Medical Tourism Index. As hospitals and clinics work toward that goal, with support from the government, HealthCore is relentlessly working behind the scenes to push for global competitiveness. “In terms of international standards, the Philippines is well on its way to get a clean bill of health,” Alumno said. “As we have in the beginning, we at HealthCore will continue to play our role to reach this goal—one medical facility at a time.”

THE JOY OF CHRISTMAS AT THE SUNSHINE PLACE

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USIC, merr iment and friendship highlighted the recent Christmas party held at the Sunshine Place. Music and piano teachers, as well as voice students, sang their hearts out to celebrate the joy of the season. Performances by Tap, Yeba and social-ballroom classes brought a lot of cheer. T he prog ra m w a s c apped w it h members e xc ha ng ing g if ts, a nd a raff le was g iven to those who were able to picked Chr istmas icons, such as red and gold bel ls, and trees, in the prog ram reg istration. Sunshine Place, a senior recreation center under the Felicidad Tan Sy Foundation, is a venue for adults to l ive act ively t hrough engag ing in recreational classes and age-appropriate physical-training programs. It is the venue to be entertained, socialize and ref lect; a place of happiness and wellness for one’s mind, body and soul. Photo show s (above) Fe l ic id ad Sy and Tessie-Sy Coson gracing the Sunshine Place’s Christmas party with porcelain painting instructor Mee Lee Casey and members (seated, from left): Tess Castañeda, Nancy Ty and Gloria Pe; (below) Sunshine Place’s tap class (from left) Abby Paquing, Danny Vinculado and Danica Bautista dancing to the tune of “No Excuses” by Meghan Trainor.

Editor: Jun Lomibao • mirror_sports@yahoo.com.ph

Sports BusinessMirror

Tuesday, January 8, 2019

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THE timing of Tom Thibodeau’s firing after a big win is unusual. AP

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B D C The Associated Press

INNEAPOLIS—The Minnesota Timberwolves had just posted their fourth-largest margin of victory of the season, and Tom Thibodeau looked and sounded satisfied on Sunday as the demanding and intense coach used his postgame news conference to praise the attitude and energy with which his team had just played. Minutes later, Thibodeau was fired. Halfway into his third season with Minnesota that began in turmoil surrounding the eventual trade of All-Star Jimmy Butler, Thibodeau’s final game was a 108-86 victory over the LeBron Jamesless Los Angeles Lakers. Assistant Coach Ryan Saunders, who is 32, was named interim head coach for the remainder of the season. Scott Layden will stay as the general manager, assuming oversight of the roster. Thibodeau was also the president of basketball operations, with full authority over personnel decisions. “We would like to thank Tom for his efforts and wish him all the best,” Timberwolves owner Glen Taylor said in a statement released by the team. “These decisions are never easy to make, but we felt them necessary to move our organization forward.” Though the timing of the move after a big win was unusual, the 60-year-old Thibodeau’s status was tenuous after the rocky start created largely by the way Butler forced his way out after such a strong debut season in 2017-2018 helped the Timberwolves return to the playoffs after a 13-year absence. Taylor told the Star Tribune of Minneapolis that he didn’t blame Thibodeau for Butler’s discontent, but the owner said he believed the team was underachieving. “Let’s see if this change will make a difference,” Taylor said in his interview with the newspaper. Saunders is the son of the late Flip Saunders, who’s by far the winningest coach in club history. Beginning with the firing of Saunders

in 2005, the dismissal of Thibodeau was the 10th time the Wolves have changed head coaches in 14 years. Thibodeau finished 97-107 with the Wolves, who barely reached the postseason last spring, needing to beat Denver in overtime at home in the 82nd and final game. They were beaten by Houston in five games in the first round. Butler pushed the organization into a corner when his stance that he wouldn’t sign a new contract with the team became public two weeks before training camp began. The insistence of Thibodeau and Layden to hang on to Butler as long as possible, shrugging off the distraction as simply part of life in the league, backfired as Butler protected his health by playing in only select games. The Wolves started 4-9, and after a winless five-game road trip, the awkwardness was too much for even Thibodeau and Layden to ignore. Butler was sent to Philadelphia in a package that brought Robert Covington and Dario Saric, two promising players who’ve fit relatively well in the rotation. The Wolves are only 15-12 since the Butler deal, though, in a Western Conference that is as stacked as ever. With Taylor’s commitment to maximum-salary contracts for both Karl-Anthony Towns and Andrew Wiggins, there’s no more room for patience with a franchise that has had to start over so many times since Kevin Garnett led the Wolves to the Western Conference finals in 2004. The most recent setback was the death of the beloved Saunders, who served as coach and president of basketball operations in the 2014-2015 season before his death from cancer. Saunders engineered the 2014 trade that landed Wiggins from Cleveland, and the following year, he drafted Towns with the first overall pick. Ryan Saunders joined the organization that same summer. He served five seasons as an assistant coach with Washington prior to that. Bradley Beal, meanwhile, scored 25 points to help Washington beat Oklahoma City, 116-98. Otto Porter had 20 points, six rebounds and five assists, Jeff Green scored 16 points and Tomas Satoransky added 15 for the Wizards.

POWELL, LOWRY POWER RAPTORS AGAINST PACERS

NORMAN POWELL scores a season-high 23 points. AP

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ORONTO—Kyle Lowry returned from injury to help the Toronto Raptors extend a run of home dominance over the Indiana Pacers. Norman Powell scored a season-high 23 points, Pascal Siakam had 12 points and 10 rebounds and the Raptors beat Indiana, 121-105, on Sunday night, snapping the Pacers’ six-game winning streak. Serge Ibaka scored 18 points, while Lowry had 12 points and eight assists after missing the previous six games because of a sore lower back. “He’s a big piece of what we’re tying to do here,” Powell said. “It seemed like he hasn’t missed a beat.” Kawhi Leonard rested on the second night of a back-to-back, but Lowry played 32 minutes and shot 4 for 10, going 2 for 6 from three-point range. “Good to be out there with my guys,” Lowry said. “It felt good to be able to help them get a win.” The Pacers lost their 11th consecutive game north of the border. Indiana’s most recent win Toronto was March 1, 2013. Lowry also had three steals and three rebounds, and took a pair of charges. “There’s about 32 other things out there that you’re not seeing that he’s doing that don’t get recorded on the stat sheet,” Coach Nick Nurse said.

Danny Green scored 15 points and Fred VanVleet had 12 as the Raptors returned from a victory in Milwaukee on Saturday to win their fifth straight at home. Powell made 10 of 12 shots and scored 11 points in the final quarter. “He was really good tonight,” Nurse said. Green matched his season high with five threepointers, and Toronto hit 17 of 33 from long range, one shy of its season best. “They were the aggressors all night long,” Pacers Coach Nate McMillan said. “We never really established that we could stop them.” It was the fifth time this season the Raptors have faced a team that had won at least five straight games. Toronto is now 3-2 in such encounters, also beating Miami on December 26 and Milwaukee on Saturday. “Hopefully this will be an eye-opener for us, and realize we’ve got a lot of work to do if we want to get to where we want to be,” Indiana’s Victor Oladipo said. Bojan Bogdanovic scored 21 points, Domantas Sabonis had 16 points and 11 rebounds, and Oladipo scored 16 points for Indiana. The Pacers have lost five straight and 14 of the past 16 against the Raptors.

HALFWAY INTO HIS THIRD SEASON WITH MINNESOTA THAT BEGAN IN TURMOIL SURROUNDING THE EVENTUAL TRADE OF ALL-STAR JIMMY BUTLER, TOM THIBODEAU’S FINAL GAME WAS A 108-86 VICTORY OVER THE LEBRON JAMES-LESS LOS ANGELES LAKERS.

Russell Westbrook had 22 points, 15 rebounds and 13 assists for his 12th triple-double of the season and the 116th of his career. Paul George scored 20 points, and Jerami Grant added 17 for the Thunder. The had won three in a row. In Chicago, D’Angelo Russell scored 28 points, DeMarre Carroll had 20 and Brooklyn beat Chicago, 117-100, for its third straight victory. Jarrett Allen added 19 points and six rebounds to help the Nets improve to 12-3 in their last 15 games, matching their best 15-game stretch since moving to Brooklyn in 2012. Zach LaVine had 27 points for Chicago, and Bobby Portis scored 17 in 20 minutes off the bench after missing seven games with a sprained right ankle. Tobias Harris scored 28 points, and Los Angeles overcame a slow start to beat Orlando, 106-96, at home. Lou Williams added 17 points, and Danilo Gallinari and Shai Gilgeous-Alexander each had 13. The Clippers have won 11 consecutive games against the Magic, a streak that goes back to the 2013-2014 season. Nikola Vucevic had 16 points and 24 rebounds for Orlando. In Atlanta, Trae Young scored 19 points, John Collins had 13 points and 13 rebounds, and Atlanta defeated Miami, 106-82 to snap a three-game skid. Young received a big compliment when the game ended, as 12time All-Star Dwyane Wade, who is retiring after the season, took his jersey off at halfcourt and made a swap with the Atlanta rookie. Derrick Jones Jr. led Miami with 14 points. Kemba Walker scored 18 of his 29 points in the final four-and-ahalf minutes—including a halfcourt heave when he was trying to run out the clock—and Charlotte handed Phoenix its sixth straight loss, 119-113. Tony Parker added 20 points, and Willy Hernangomez and Marvin Williams 16 for the Hornets. TJ Warren had 23 points, Josh Jackson 22 and Deandre Ayton 19 for Phoenix. Devin Booker left the game with back spasms in the second quarter and did not return.

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Thaddeus Young s c o r e d 14 points, and Darren Collison had 11. Indiana has won 13 of its past 16, losing twice to Toronto and once to Cleveland in that span. The Raptors rallied from a 17-point deficit to beat the Pacers 99-96 on December 19. “This is a tough place to play,” McMillan said. “They make it a tough place to play, and we haven’t had success here in a number of years.” Both teams shot better than 60 percent in the first quarter, but the Raptors made six of nine attempts from three-point range to lead 37-35. Powell scored 10 points in the second, and Toronto led 70-63 at halftime. Ibaka had 10 in the third as the Raptors took a 96-84 edge into the final quarter. “Everybody was wide open tonight,” McMillan said. AP

I L A N — A me r ic a n basketba l l player Mike James says he was racially profiled by Milan police, who pointed guns at him and two friends after being stopped on the street—a claim that police deny. James, an African-American who plays for Olimpia Milano, tweeted, “Me and my friends Just profiled by the police smh [shaking my head] it happens even in Europe.” James added, “Police stopped me and my two friends in the midst of 50 people walking. Got out they car with guns in hand talking about show me ID smh.” A spokesman for Milan’s Carabinieri paramilitary police told The Associated Press (AP) on Sunday that racial profiling had no role in the “routine check.” The spokesman, who asked not to be identified as per usual procedures, said that one of the three Carabinieri officers who stopped James was carrying a M12 submachine gun, and the other two officers had pistols on their belts, but no weapons were pointed during

the check. “[The M12 is] a weapon that we’ve been using for years, and people here are used to seeing us with them,” the police spokesman said. “Evidently, there was a misunderstanding involving this guy who perhaps isn’t used to these kinds of checks. “We asked him for his documents, and once they were checked, everyone dispersed,” the spokesman added. “For us, it wasn’t even a check worth reporting. It was an absolutely calm situation without any problems.” The police spokesman said that the check occurred on a residential street outside Milan’s city center on Saturday. Asked about James’s claim that he and his friends were singled out among 50 people, the police spokesman said that “50 people may have passed during the entire check,” adding that “that day, those three officers must have stopped 50 people in all.” Random checks of pedestrians by police in Italy appear to be less frequent than occasional random checks of drivers of vehicles for anti-terrorism and other security controls. There was no immediate reply to a request sent by the AP to Olimpia Milano asking to speak to James. The 28-year-old James previously played in the National Basketball Association briefly for the Phoenix Suns and New Orleans Pelicans. AP

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Thailand fires coach after defeat to India

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ANGKOK—The Football Association of Thailand (Thai FA) has fired Milovan Rajevac as head coach after the national team’s 4-1 opening loss to India at the Asian Cup. Thai FA President Somyot Poompanmoung had warned ahead of the continental tournament that Rajevac’s job was on the line if he couldn’t take the team to the second round. He announced the decision to fire Rajevac after Sunday’s game in Abu Dhabi, despite Thailand still having group games against Bahrain and the United Arab Emirates to play. In a statement released early Monday, he says, “It was not the playing format that Thai FA and the team supporters desired. I hereby announce the suspension of the contract with Milovan Rajevac as the coach of Thailand’s national team.” Assistant Sirisak Yodyathai will take over as interim head coach for the tournament. Rajevac was hired as the Thailand head coach in April 2017 to replace Kiatsisak Senamuang and had been under increasing pressure since Thailand failed to defend the AFF Cup title last month, losing to Malaysia in the semifinals on away goal rules. The 65-year-old Serbian was voted the African confederation’s coach of the year in 2010 after guiding Ghana to the World Cup quarterfinals. AP

I.O.C. REGULAR MEMBERSHIP DIPS TO BELOW 100 MARK

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HE number of full International Olympic Committee (IOC) members has slipped back below 100, following a string of mainly age-related departures taking effect at the end of the calendar year. Among those departing are two rare voices of sensible, constructive criticism during the first part of the Thomas Bach era—Richard Peterkin, from the Caribbean island of Saint Lucia, and Barry Maister, a diligent and much-respected New Zealander. The IOC’s longtime representatives in South Africa—Sam Ramsamy—and North Korea—Chang Ung—have also ceased to be full members. So have Malaysia’s Prince Tunku Imran, Larry Probst of the United States and Mario Pescante of Italy. Italy’s contingent of full IOC members remains at three, however, with Giovanni Malagò, president of the Italian Olympic Committee, having this month joined sport’s most privileged club. Malagò, 59, is as familiar a figure in Italy in luxury car circles as sporting ones. He is likely to be a key player in efforts by the MilanCortina d’Ampezzo bid to secure the right to host the 2026 Winter Olympics and Paralympics. The net effect of these comings and goings is to reduce the number of full IOC members to 96. One curiosity of the body’s present composition is that only six of these members are listed as joining between 1999 and 2007—this is the same number as were elected in 1994 alone. The explanation lies in a switch in age limits, which has meant that those elected since 1999 retire broadly at 70 while those whose election pre-dates the change have been able to stay until 80. The ranks of senior members are set to be thinned out at the end of this year, with five—Franco Carraro of Italy, Peru’s Iván Dibos, Willi Kaltschmitt Luján of Guatemala, Sir Austin Sealy of Barbados and Syria’s Samih Moudallal—due to attain 80 during 2019.

POUND LIKENS WADA CRITICS ON RUSADA TO ‘LYNCH MOB’

R JORDAN’S goalkeeper Amer Shafi (top) and his teammates celebrate their victory over Australia. AP

ASIAN CUP SHOCKER A L-AIN, United Arab Emirates—If Australia is going to retain the Asian Cup, the champions will have to do it the hard way. In the first big shock of the 2019 tournament, Jordan—the world’s 109th-ranked team— pulled off one of the biggest wins in its history by beating Australia, 1-0, on Sunday. Anas Bani Yaseen was the match-winner, finding space following a short-corner routine by Jordan to guide in a near-post header in the 26th minute. Jordan had just 24 percent possession in the match and rode its luck under severe pressure in the second half, with Awer Mabil hitting the post for Australia and Jamie Maclaren having a goal disallowed for a narrow offside. After Jordan goalkeeper Amer Shafi produced

a double save in the last attack of the match, the referee blew the final whistle and Jordan’s players sank to their knees and clutched their heads. While the Jordanians are already close to a third quarterfinal appearance in the Asian Cup, Australia likely cannot afford another setback against Syria or Palestine in its other Group B matches in the United Arab Emirates. “This will hurt everyone, I know that,” Australia captain Mark Milligan said. “It’s hurting me at the minute.” In the second game on Sunday, Sunil Chhetri overtook Lionel Messi to become the second highest-scoring active international player by netting two goals for India in its 4-1 win over Thailand. Chhetri moved onto 66 goals, one more than

Messi. Only Cristiano Ronaldo (85) is ahead of him. Anirudh Thapa and Jeje Lalpekhlua also scored for India, which climbed atop Group A above host nation United Arab Emirates and Bahrain, who drew 1-1 on Saturday. Australia, the second-best team in the Asian conference behind Iran, has been in a similar position before at the Asian Cup—in 2007, the Socceroos drew their opener to Oman and then lost 3-1 to Iraq, only to qualify for the knockout stage by thrashing Thailand, 4-0, in their last group game. Twelve years on, they appear to be missing influential midfielder Aaron Mooy, who plays in the English Premier League with Huddersfield and is out of the Asian Cup because of injury. They also lack a cutting edge, with veteran

striker Tim Cahill now retired and Mathew Leckie not currently available after a hamstring injury. The Australians couldn’t break down a packed Jordan defensive line, resorting in the end to long balls into the penalty area. “I just think we were a little lethargic in our ball movement,” Milligan said. “We know we have to be better if we want to progress and succeed in this tournament.” In Sunday’s late game, Syria and Palestine drew 0-0. The 2019 edition of the Asian Cup is the biggest ever, with 24 teams involved—mirroring the expansion made by the European Championship for its most recent tournament in 2016. It is taking place against the backdrop of a diplomatic crisis in the gulf region. AP

WAYNE ROONEY CHARGED

WITH PUBLIC INTOXICATION

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OCCER star Wayne Rooney was arrested last month on a public intoxication charge and taken to jail to sober up after he triggered a door alarm at a Washington-area airport, authorities said Sunday. Rooney was arrested last December 16 by police at Dulles International Airport in Virginia after he caused the alarm to go off at an international arrivals gate, according to a statement from the Metropolitan Washington Airports Authority. Authorities said he didn’t breach airport security. Rooney, who plays for a Washington soccer team, had been traveling abroad in the days prior to his arrest, according to his social-media posts. The airport authority said he was charged with misdemeanor public intoxication and taken to a county jail

WAYNE ROONEY

in the Virginia suburbs of the nation’s capital “to be held until sober.” The statement didn’t include further details on his arrest. The Loudon County Sheriff’s Office said Rooney, 33, was later released on his own recognizance. A mugshot from his booking shows Rooney in what appeared to be an orange jail jumpsuit. Court documents, which list Rooney as living in the capital suburb of Bethesda, Maryland, show he paid a $25 fine Friday. Rooney appeared to have been traveling abroad in the days before the arrest. He posted a picture on his verified Instagram account on December 14 in an airplane seat and said he was traveling to an auto race in Saudi Arabia. Before coming to play in the US this year, Rooney had starred for Manchester United in the English Premier

League. His 208 career goals make him the league’s second all-time scorer. He was also the all-time leading scorer for England’s national team. When he joined Washington-based DC United, he became the latest in a series of European stars to play for US-based Major League Soccer late in their careers. He helped the team reach the playoffs last year. DC United said in a statement that it was aware of news reports of the arrest, but declined further comment. “We understand the media’s interest in this matter but we believe this is a private matter for Wayne that DC United will handle inter na l ly,” t he team said. AP

ICHARD POUND stressed the negative response to Russia’s failure to open up the Moscow Laboratory by the December 31 deadline is like a “lynch mob.” The Canadian, the founding president of the World Anti-Doping Agency (Wada) who sits on the organization’s Foundation Board, made the comments in an exclusive blog for insidethegames. Wada has faced frequent attacks after the Russian Anti-Doping Agency (Rusada) failed to hand over key data from its laboratory within the agreed time frame. Doing so was a compulsory condition set when Wada controversially reinstated Rusada in September after a suspension stretching back to 2015. A Wada team did travel to Moscow but were turned away empty-handed by Russian authorities who claimed the equipment they wanted to use had not been certified under the country’s law. It meant the crucial Laboratory Information Management System— which Wada say could help catch more drugs cheats while clearing others— could not be obtained. Critics reacted by saying that the “gamble” to reinstate Rusada had not worked while claiming it was obvious that such a scenario would take place. The chief executive of the United States Anti-Doping Agency Travis Tygart described the situation as a “total joke and an embarrassment” but Pound has launched a hard-hitting defense of Wada. Lynch mobs are just that—unruly gangs having a single objective, murdering someone without any due process of justice, he said. “Much of the response to Russia’s failure to provide access to the former Moscow laboratory data by the deadline imposed by the World Anti-Doping Agency’s Executive Committee in September 2018 has all the elements of a lynch mob. “Many of those making up the mob know or should know that they are out of line. “What is their real end-game? “Many others are not familiar enough with the issues to have such strident views and still more have not bothered to inform themselves.” Wada’s independent Compliance Review Committee is now due to review the Russia situation at a meeting on January 14 and 15 in Montreal, with Rusada facing another ban. This has also been questioned with critics claiming a meeting should have been convened immediately to ban Rusada again without delay. Pound said that doing this could not happen as due legal process means Russia needs to have the chance to respond.

Nishikori captures first ATP championship in 3 yrs B

RISBANE, Australia—Kei Nishikori won his first Association of Tennis Professionals (ATP) title since Memphis in 2016 with a dominating final set to beat Daniil Medvedev, 6-4, 3-6, 6-2, in the Brisbane International final on Sunday. The 2014 US Open finalist served for the match at 5-1 in the third set, but Medvedev earned a temporary reprieve when he broke the Japanese player’s serve to extend the match. But Nishikori, who had lost nine consecutive ATP finals over 52 tournaments in nearly three years, broke the Russian player’s serve on four consecutive points in the final game to clinch the match in just two hours and six minutes at Pat Rafter Arena. Earlier, Karolina Pliskova won her second Brisbane title, beating Lesia Tsurenko, 4-6, 7-5, 6-2, after coming within just two points of defeat. Serving for the title at 5-4 Sunday, Tsurenko lost 13 straight points. It came after Tsurenko rolled her ankle in the second game of the deciding set.

Tsurenko was 4-0 in her previous Women’s Tennis Association (WTA) finals. Pliskova won her first Brisbane title two years ago. Pliskova improved her record in Brisbane to 13-2 and joined Victoria Azarenka (2009, 2016) and Serena Williams (2013-14) as the third woman to win the tournament twice. Julia Goerges defended her singles title at the WTA Tour’s ASB Classic, ending the amazing run of Canadian qualifier Bianca Andreescu, 2-6, 7-5, 6-1, in Sunday’s final in Auckland, New Zealand. At first, the 18-year-old Andreesecu, ranked 152, looked likely to continue the form that saw her emerge from the qualifying tournament to beat Australian Open champion Caroline Wozniacki, seven-time Grand Slam champion Venus Williams and third-seeded Hsieh Su-Wei on the way to her first final. She took the first set in only 30 minutes, unsettling second-seeded Goerges with the same aggressive return game and mixture of strokes which had flummoxed her earlier opponents.

But the tide of the match changed late in the second set as Goerges began to put more first serves in play and to gain more depth with her ground strokes, forcing Andreescu onto the defensive. In Pune, India, top-seeded Kevin Anderson won his sixth ATP title when he recovered from 5-2 down in the decisive tiebreaker to beat Ivo Karlovic, 7-6 (4), 6-7 (2), 7-6 (5), in the Maharashtra Open final on Saturday. It was Anderson’s fourth victory in five meetings against Karlovic. Anderson, of South Africa, lost last year’s final against Gilles Simon but defeated the Frenchman in straight sets on Friday in the semifinals. Karlovic became the oldest player at 39 to play a tour-level final since 1977, when 43-year-old Ken Rosewall won at Hong Kong. In another record, Anderson at 6-foot-8 and Karlovic at 6-foot-11 combined to make it the tallest final in the Open era, according to the ATP web site. It beat Anderson versus John Isner at the 2013 Atlanta Open. AP

KEI NISHIKORI wins the Brisbane International final on Sunday. AP

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NAPOLITANO LIFTS BULLPUPS PAST ZOBEL XI

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ASIAD GOLD WINNERS WEIGHTLIFTER Hidilyn Diaz (below), skateboarder Margielyn Didal and the golfing trio of Yuka Saso, Bianca Pagdanganan and Lois Kaye Go emerge as the top bets for the Athlete of the Year award.

LEAD A.O.Y. ROSTER I

T’S the season once more when the best of Philippine sports will be honored, as the Philippine Sportswriters Association (PSA) recognizes the top achievers of 2018 during its Annual Awards Night next month. The traditional gala will be on February 26 at the Manila Hotel, with the handing out of the Athlete of the Year award serving as the highlight of the affair. The PSA Board, led by president Dodo Catacutan of SPIN.ph, already deliberated on several nominees for the group’s top honors and other various awards to be given out. The four gold-medal winners in the Indonesia Asian Games emerged

Arellano U snatches berth in ‘NC’ Final 4 ARELLANO University waylaid Emilio Aguinaldo College (EAC), 25-19, 25-11, 25-8, to advance to the Final Four while University of Perpetual Help slammed Mapua, 25-22, 25-17, 25-15, to return to the top four in women’s action of the 94th National Collegiate Athletic Association volleyball tournament at the Filoil Flying V Centre in San Juan City on Monday. Regine Anne Arocha, last year’s Finals Most Valuable Player, did most of the heavy damage with a match-best 14 points she highlighted with nine spikes and four service aces for the Lady Chiefs, who grabbed their seventh straight win to assure themselves of a spot in the Final Four. The defending champions could jump straight to the best-of-three finals if they beat the Lady Altas on Thursday and the San Beda Red Lioness, their finals victims last year, on January 15. Cindy Imbo made 12 hits for the Lady Altas, who jumped to a share of fourth spot with the San Sebastian Lady Stags. In the men’s section, Arellano University survived stubborn EAC, 25-13, 25-18, 27-29, 16-25, 16-14, to claim solo No. 2 with a 6-1 won-lost card. Christian de la Paz unloaded 16 points, while Kim Vincent Tan and Jesrael Liberato chipped in 14 and 13 hits, respectively, as the Generals registered their sixth triumph in seven games to inch closer to solo leader Perpetual Help (5-0). EAC captain Joshua Mina and Joshua Ramilo unleashed 23 and 22 points, respectively, and ignited the comeback but couldn’t deliver when their team needed them most. EAC slipped to its third setback against five wins but remained at No. 4. In juniors’ play, EAC surprised Arellano University, 25-14, 25-20, 25-19, to improve to 3-5. The Junior Chiefs dropped to 4-3.

as the top bets for the Athlete of the Year award. They are weightlifter Hidilyn Diaz, skateboarder Margielyn Didal and the golfing trio of Yuka Saso, Bianca Pagdanganan and Lois Kaye Go. The four gold medals in Indonesia were the most by the country since bagging the same number of mints in the 2006 edition of the quadrennial Games in Doha, Qatar. Last year world champions Jerwin Ancajas (boxing), Krizziah Lyn Tabora (bowling) and Carlo Biado (billiards) were the recipient of the PSA Athletes of the Year award. Composed of editors, sportswriters and columnists from print (broadsheet and tabloid), and online media,

the PSA will also be selecting winners for the President’s Award, Executive of the Year, National Sports Association (NSA) of the Year and Lifetime Achievement Award. Also to be named are Mr. Basketball, Mr. and Ms. Volleyball and Mr. Football. The country’s sportswriting fraternity, the oldest media group in the Philippines established in 1949, will also be awarding Major Awards and Citations in various sports, as well Tony Siddayao Awards and the Milo Junior Athletes of the Year for young top achievers. Posthumous Awards will be given to athletes, officials and other sports personalities who passed away in 2018.

PACQUIAO EYES KNOCKOUT M

ANNY PACQUIAO wants nothing but an impressive knockout when he defends his World Boxing Association welterweight belt against American Adrien Broner on January 19 at the MGM Grand in Las Vegas. The 40-year-old fighting senator eases his training at the famed Wild Card Gym as the team now turns its attention on furnishing the gameplan against Broner, who also toned down on training as he appeared in court to address two separate sexual assault cases. Pacquiao completed only four rounds of sparring over the weekend—two each against

George Kambosos and Arnold Gonzales—after rigorous 10-round sessions last week. The world’s only eight-division world champion returned to the Wild Card Gym in late December and reunited with Freddie Roach, who now serves as a consultant. Before flying to the US, he trained for a month in Manila and General Santos City. Pacquiao vowed to floor his challenger, who is 11 years younger, the same way he did to Argentine Lucas Matthysse last July in Kuala Lumpur. “It’s great to be back in the US. I am training

hard for a knockout victory,” Pacquiao said on his Twitter account. Unlike Pacquiao who is mentally focused in the final stretch of his training, it’s the other way around for Broner, who attended two court hearings in separate states for sexual misconduct. Broner was arrested last February in Atlanta for allegedly groping a woman. Four months later, he was arrested for creating a scene inside a nightclub in Cleveland. Roach said a striking per formance could pave the way for a Pacquiao-Floyd

Mayweather Jr. rematch. Mayweather demolished Japanese unbeaten kickboxer Tenshin Nasukawa at a three-round New Year’s Eve exhibition match. The bout was through in the first round. Roach sees that appearance by Mayweather as a prelude to his return to the ring after announcing his retirement in 2015. “I feel a hundred percent that is why he did that,” Roach told BoxingScene. “I’m sure Mayweather will want to fight the winner of this fight. That’s why we definitely have to win this.” Ramon Rafael Bonilla

VINCENT JUICO @VJuico, Instagram vpjp_j, vince.juico@gmail.com

SPORTS WITHOUT BORDERS

ASIAN YOUTH AND H.K.A.A.A.

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VER the holidays I met Mr. Kwan Kee, chairman of the Hong Kong Amateur Athletic Association (HKAAA), and Dr. Laura Lo, director of Chinese Mainland Affairs of the Chinese Mainland Affairs Office at the Royal Hong Kong Yacht Club. Also present was Dr. Philip Ella Juico, president of the Philippine Athletic Track and Field Association. We discussed the third staging of the Asian Youth Athletics Championships, which will be held in Hong Kong from March 15 to 17. Thirty national teams, including the Philippines, have already confirmed their participation. Doha and Bangkok hosted the last two events. ■■■ THE HKAAA started in 1951 and organizes the

Standard Chartered Marathon, which is participated in by 70,000 runners every year. According to its web site, the association’s objectives are: ■ To promote the sport of athletics in Hong Kong, including track and field, road races, crosscountry and race walking; ■ To establish and provide a development spectrum for athletes from the grassroot leading to elite level; ■ To select athletes in the sport to represent Hong Kong in Olympic Games, Asian Games and World, Asian and Regional Championships, as well as overseas international competitions; ■ To establish and provide systematic training to a national squad of athletes, at both junior and senior levels;

ATHLETICS chief Dr. Philip Ella Juico (seated, left) poses with Hong Kong Amateur Athletic Association Chairman Kwan Kee. With them are (standing, from left) Chinese Mainland Affairs Office Director Dr. Laura Lo and Vince Juico.

■ To establish systematic structure and trainings for coaches, judges and officials; ■ To organize domestic and international competitions; and ■ To support and coordinate athletic activities among member-clubs. HKAAA clearly focuses on not just the elite

athletes and serious competitors but also those who use sports as a form of recreation and for health, fitness and wellness. Next week, we take a look at how young does the HKAAA get their youth started in cross country, road races and race walking and the Royal Hong Kong Yacht Club.

IER NAPOLITANO’S first-half goal powered National University (NU) to a 1-0 win over De La Salle-Zobel to vault on top of the table in University Athletic Association of the Philippines Season 81 juniors football tournament at the Far Eastern University (FEU)-Diliman pitch over the weekend. Napolitano scored his third goal of the season in the 17th minute to help the Bullpups open their second-round campaign by getting their third win—while keeping the Junior Archers winless. With 11 points, NU was one point clear of defending champion FEU-Diliman, which drew an opening second-round bye. In the other match, Ateneo and University of Santo Tomas battled to a 1-1 draw. Jethro Noel Paraso struck in the 78th minute for the Blue Eaglets before the Tiger Cubs equalized five minutes later courtesy of Kyler Ken Escobar. Ateneo moved up to eight points in third place, while UST had four points.

GYMNASTICS PRESIDENT: WE SHARE PAIN INTERNATIONAL Gymnastics Federation (FIG) President Morinari Watanabe reflected on the Larry Nassar sexual abuse scandal in his New Year’s message, stating “we should share the pain.” The fallout from the Nassar crisis overshadowed gymnastics throughout 2018, with the former American team doctor being sentenced to up to 175 years in prison earlier in the year. Nassar was found guilty of sexually abusing dozens of American gymnasts, including major stars. USA Gymnastics has struggled to respond to the crisis, with several appointments criticized by gymnasts and the United States Olympic Committee (USOC) beginning the process of decertifying the body. Last month USA Gymnastics filed for bankruptcy in a move which the embattled organization said will enable it to “expeditiously resolve” the claims made by the survivors of sexual abuse. An independent report published by law firm Ropes & Gray claimed both USOC and USA Gymnastics had facilitated Nassar’s abuse and had failed to act when the allegations against him emerged. Senators have called on the Federal Bureau of Investigation to investigate. In response, the FIG Congress approved the creation of a Gymnastics Violence Prevention Foundation at their Congress last month in Azerbaijan’s capital city Baku. The creation of such a body was first suggested by Watanabe last February. “We should not turn our eyes away from those gymnasts who are harassed,” Watanabe wrote in his New Year’s message. “The pain that the United States feels is not the pain of the United States alone. It is the pain of all of us in the gymnastics family. “We all should share the pain. “We all should share the happiness. “That is because we are family.” Watanabe also revealed FIG’s slogan for 2019 would be “We Are Family,” following on from last year’s theme of “innovation.” The FIG president claimed the “gymnastics family” should recognize financially challenged countries and regions in his message, as well as those who lack “technical capacities.” The Japanese official asserted that the FIG should organize championships to provide value for spectators and claimed each gymnastics discipline had achieved innovation in each of its World Championships last year. “In the current era, sports cannot develop unless they evolve as entertainment,” Watanabe said. “In that sense, each of our World Championships last year was an innovative event.”

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GARNETT GOES FROM SMALL COLLEGE TO PGA TOUR WINNER

IN all four of Xander Schauffele’s victories, he has to rally on the final day. AP

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APALUA, Hawaii—Missouri Western State is not exactly a pipeline to the Professional Golfers’ Association (PGA) Tour. Neither is Gallatin, Missouri, a farming community of 1,800 where Brice Garnett honed his game on a nine-hole course. Thirteen years ago, Garnett was finishing up his degree in business finance with every intention of working for a bank. “Never thought we’d be here, at Kapalua, playing the Tournament of Champions,” Garnett said. About the only thing he has in common with the other 32 players in the field is winning on the PGA Tour. His victory was last March at the Corales Puntacana Resort & Club Championship in the Dominican Republic. What sets him apart is not the five years he spent on the Web. com Tour, or even the three years he spent driving across Texas on the Adams Tour in a Chevrolet Equinox his parents gave him for a graduation present. The PGA Tour is filled with players from big college programs such as Alabama and Oklahoma State, Georgia and Texas. If they don’t stay four years to get a degree, it’s because they’re already prepared to compete against the best in the world. Garnett is a rarity coming from a school like Missouri Western State, best known as the training camp for the Kansas City Chiefs. He competed against Troy Merritt at Winona State in Minnesota before Merritt—also in the field at Kapalua—transferred to Boise State. William McGirt, who won the Memorial three years ago, played at Wofford, a Division I school in South Carolina known more for its academics than its golf program. “There’s a lot of great Division II players that I’ve kept my eye on because I keep up with the guys back home,” Garnett said. “You don’t see a lot pushing through.” He certainly didn’t see himself doing that. Garnett played mostly regional golf growing up in Gallatin, and he improved enough to dream about playing for the Missouri Tigers. He wrote the golf coach asking if there was room for him. He remembers the day the letter arrived in the mail. “I got pulled out of class,” he said. “My dad was there. My mom worked there as a teacher. I went to the principal’s office because the letter got mailed back to the school. They all came out to get the good news. The coach wrote on there: ‘Congratulations on a great junior and high-school career, but our team is full. You’re welcome to walk on.’” “I pinned that up in my room in college, used that as motivation.” It wasn’t until his junior year that Garnett got going, winning 12 times over his last two seasons for the Griffons. Still, this was Missouri Western State. The All-Americans that year included Dustin Johnson and Billy Horschel. “I had no plans to turn pro until Christmas of my senior year, and Dad brought it to my attention that he might get some money behind me,” Garnett said. He started on the Adams Tour and worked his way up to the Web.com Tour, where he made only four cuts. Then, it was back to the mini-tours. He was playing in the Carolinas and qualifying for Web.com Tour events when he could and planning for Q-school when his father suggested he fly to Nashville, Tennessee, for another Monday qualifier. “Man, I was tired,” Garnett said. “He said, ‘It’s $90, go do it.’ I got in the tournament and ended up getting second.” That got him full status, and two years later he did well enough to make it to the PGA Tour. Three years later, he was back on the Web. But he won twice in 2017 to get his PGA Tour card again, and the 35-yearold finally cashed in with his victory in the Dominican Republic, held opposite a World Golf Championship. AP

PECULIAR

ENDING B D F The Associated Press

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XANDER SCHAUFFELE TOOK ANOTHER STEP TOWARD JOINING THE YOUNG ELITE IN GOLF WITH HIS SECOND VICTORY THIS SEASON, AND FOURTH IN THE LAST 18 MONTHS. HE ALREADY HAS TWO MULTIPLE-WIN SEASONS IN HIS THIRD YEAR ON THE PROFESSIONAL GOLFERS’ ASSOCIATION TOUR. HE MOVED TO NO. 6 IN THE WORLD.

APALUA, Hawaii—Xander Schauffele never had a better round or a more peculiar ending. After holing out for two eagles, and closing with four birdies over his last five holes for an 11-under 62, he chose to wait inside the scoring trailer to see if it would be enough to beat Gary Woodland in the Sentry Tournament of Champions on Sunday. The trailer was just behind the grandstands on the 18th hole. The television had a 10-second delay. He heard sighs. He heard radio traffic. About the time he figured out that he won, he saw Woodland’s birdie putt to force a playoff slide by on the right. “So it was a bit strange,” he said. “But the day was awesome.” Schauffele took another step toward joining the young elite in golf with his second victory this season, and fourth in the last 18 months. He already has two multiple-win seasons in his third year on the Professional Golfers’ Association (PGA) Tour. He moved to No. 6 in the world. “This is the stuff you dream about,” Schauffele said. “But to actually pull it off, it feels awesome. I could see myself doing it, but it’s hard to believe just sitting here and talking about it.” In all four of his victories, he had to rally on the final day. Kapalua presented the biggest deficit at five shots. He delivered a record-tying round. He started with a bogey and figured he had nothing to lose. Before long, he was in position to win. He ran off three straight birdies. He chipped in from the front of the green on the par-5 ninth for eagle. He holed a wedge from 107 yards for another eagle on No. 12. He took his first lead with back-to-back birdies on the 14th and 15th holes, both times coming close to chipping in for more eagles. Tied with Woodland over the closing holes, Schauffele finished birdie-birdie for a 61 that tied the course record at Kapalua held by four other players. “It was a crazy day,” Schauffele said. “I knew it was going to be a

birdie fest at the end. We kept our head down and made a run for it.” Woodland had a chance to force a playoff, but he hit his drive on the par-5 18th so far—390 yards downhill but into a Kona wind—that he was between clubs. He tried to draw a hard 4-iron and left it out to the right, hit a pitch-and-run to 10 feet and missed the birdie putt. It was a tough loss for Woodland. He started the final round with a three-shot lead and closed with a bogey-free 68. He never shot worse than 68 all week and was the only player in the winners-only field to have all four rounds in the 60s. It still wasn’t enough. “This one will sting,” Woodland said. Schauffele was in the group ahead of him, and Woodland could see as the 25-year-old Californian went after the left flag on the tough 17th hole with a 6-iron to just inside 10 feet for the first birdie of the final round. Woodland hit his approach to just inside 12 feet, and made the second birdie of the day to tie for the lead. Schauffele wasn’t finished. He hammered a 5-wood onto the green at the 18th to about 12 feet, narrowly missing his third eagle of the final round. He rolled it in for his 62 to finish at 23-under 269, and then had to wait. Before long, he had a lei around his neck and the trophy in his hands, along with one other perk. “It means I get to come back, which is even better,” Schauffele said. Thomas closed with a 65 to finish alone in third. Woodland couldn’t think of much he did wrong except fail to take advantage of a few pins he could have played to more aggressively. But he found no consolation in losing to a guy who shot 62 in the tougher of the two wind directions on the west end of Maui. “I don’t think it will ever be easy because I still believe I was playing well enough to shoot 66 today,” Woodland said. “You have an iron into the par 5 in the middle of the fairway on the last hole, you expect to make birdie. I had killed the par 5s all week this week, which is what you’ve got to do out here. So I knew what he was doing and the competitor in me knew I needed to do one better. And unfortunately, I didn’t get it done.”

INDIA IN HISTORIC WIN ON AUSTRALIAN SOIL

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YDNEY—India celebrated an historic test series victory in Australia after the weather-affected fourth match at the Sydney Cricket Ground finished in a draw. Captain Virat Kohli’s team entered the final day with hopes of a 3-1 series victory and also its first win at the SCG since 1978, but rain meant there was no play on Monday and umpires called it off early. The draw gave India a 2-1 series win. “A very proud moment,” Kohli said. “More so because for the last 12 months we understand what we have gone through as a team, we understand the kind of cricket we have been able to play. “But the fact that the reward has come in the most historic series for Indian cricket is the cherry on the top of the cake.” Six hours of play was also lost on Sunday because of poor weather, but Kuldeep Yadav still had time to take his second fivewicket haul in tests as India rattled through Australia’s lower order with only a late 42-run rally by Mitchell Starc and Josh Hazlewood

taking the hosts to 300 for just the second time this series. Marcus Harris top-scored for the hosts with 79, Australia’s highest individual score in the series. Leading by 322 runs, Kohli had little hesitation in enforcing the follow-on and Australia reached six without loss in its second innings—with Harris unbeaten on two and Usman Khawaja on four—when bad light stopped ended play on day four. The last time Australia was required to follow-on at home was in 1988 against England at the SCG, a match which finished in a draw. “We’re really disappointed,” Australia captain Tim Paine said. “We know we had some guys missing but we honestly felt coming into this series that in Australia, we could beat India. “Throughout the series, more often than not when those big moments came up, Virat [Kohli] scored a century or [Chetweshwar] Pujara scored one or [Jasprit] Bumrah bowled a great spell and got them through those moments.” AP

INDIA’S cricket team celebrate with the Border–Gavaskar Trophy. AP

God of the Covenant

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N this blessed season of Advent we wait for You. Bend Your ear to us as we pray: God in Your love, heal us. Make Your Church vigilant in prayer, mindful of the poor in need, generous rich to share and ready to welcome all people. Comfort and console those who live daily with war, violence or poverty. Reconcile divisions in Your Church and among Christians and other denominations in religion. May God the creator of cosmos, unite all people in love and in care for creation, through Christ our saving hope. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

Editor: Gerard S. Ramos • lifestylebusinessmirror@gmail.com

FURNITURE company Mejore marks reentry in the retail industry with the opening of its lifestyle concept store on Dela Rosa Street in Makati. The showroom features a complete line of home furniture, as well as carefully curated decor, home accessories, lamps, paintings and rugs.

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Mejore ‘pushing major comeback’ in furniture retail By Pauline Joy M. guTieRReZ

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N the heels of outfitting the country’s most prominent hospitality and commercial establishments, the furniture company Mejore pivots back to an expertise that started when the company was founded by Jose Ong in 1983, which is woodworking. At the time, the company was primarily supplying raw materials to the wood industry until it ventured into furniture manufacturing. “It’s a hundred-percent family-owned business. They were involved in the lumber trade and, naturally, the company evolved into furniture retail. Nathalie Ong [Jose’s daughter-in-law] started the business by catering to the export market and, at the same time, to homemakers by opening up a showroom along C-5,” says Mejore Marketing Consultant Mard Tecson. The showroom closed down some time in the late 1990s, but the brand’s subsequent hiatus allowed for more time to hone its craft. “We closed the retail operations but we did contract services to Seda Hotel, the Henan properties in Boracay, and Lynd, Amanpulo, among others. Now we’re pushing a major comeback in retail,” he adds. Mejore became a staple in the residential areas in the Makati Central Business District during its early years of operation. This became a decisive factor in the company now setting up a showroom in Filipino Building along Dela Rosa Street. “When we were trying to decide where to relocate, it was a natural choice to have it [in Makati] because most of

our clients reside in the villages around the area, and also we want to cater to the booming Bonifacio Global City and Makati [residential] developments. We also are updating our line to have more condominiumfriendly items instead of our usually large furniture pieces,” says Tecson. Now on its 35th year, the brand is in the initial stages of diversifying its furniture line, starting with the Nathalie collection that was named after its visionary founder. Earth tones underscore the selections that feature a mix of wood, metal and locally sourced materials, such as rattan, raffia

Muji opens 5th store in SM Mall of Asia SOME of the stylish but truly functional items for the home or office that can be found at Muji.

‘BOHEMIAN RHAPSODY’ WINS AT GOLDEN GLOBES IN UPSET D3

MUJI, home of Japanese lifestyle essentials, opened its newest store in SM Mall of Asia last December. The 532-square-meter store features everyday essentials such as houseware, kitchenware and furniture, along with a range that covers health and beauty, stationery, travel, and electronics products, plus men’s and women’s apparel, innerwear, bags, shoes and accessories. Together with the store opening, Muji (www.facebook. com/muji.ph) highlighted a What is Muji? exhibit in the Experience Muji Activity Area that introduced to Filipinos some of the brand’s iconic products and extraordinary concept. The exhibit sought to educate more Filipinos about the brand’s vision by eliminating language barriers between Japan and the Philippines.

and abaca. The overarching design theme taps into silhouettes that abstract and highlight forms via simple, clean lines. “We thought of having a new collection to modernize the brand. Our designs are transitional; the traditional quality is still there but with a modern feel. This makes our pieces more polished and functional,” says Tecson. He adds, however, that while the aesthetics may have evolved, the company’s heritage of creating quality and luxurious pieces remains part of each item in the collection. For one, there’s the Leonor Daybed, which draws

elements from traditional Filipino woven design patterns and classic pieces. One simple pull can transform the bed into a comfortable sofa. There’s also the Valeria Sofa Bed, which emphasizes classic simplicity while still enjoying a playful combination of different weaving textures. A simple mechanism allows it to quickly adapt between lounging and sleeping, allowing for more space versatility. With a rich walnut veneer and champagne gold finishes, the Delaunay Shelving System has a unique system the allows you to customize your piece to fit any space and any function, be it as a wardrobe, wall divider, or TV cabinet. Using a unique modular system, the Jean Paul Side Tables come in different pieces that can be arranged in different combinations to fulfill different functions. Modular, reconfigurable furniture is steadily gaining traction in the market. Apart from reduction in cost and flexibility in design, modularity offers other benefits, such as augmentation and space-saving functionality. Dynamic silhouettes, on the other hand, are showcased by way of the black and gold finishes that tailor the Charles Coffee Table and the Marcel Side Table. The former features an adaptable and contemporary style that features a playful aspect. The interchangeable wood veneer panels can be rearranged to fit any space and aesthetic. The Marcel, meanwhile, serves to complement it with its similar rich champagne gold finish and interchangeable panels. Despite its size, the piece displays an equal blend of comfort and simplicity. “What’s unique about Mejore is that these are finds you won’t see even in big department stores. These are highly customizable pieces,” says Tecson. The Theodore and Louis tables are designed for masculine spaces. A dramatic blend of glass, metal and wood veneer, the Theodore is a modern six-seater dining table. The Louis is a more intricate, rounded version of its brother that features a similar blend in fabrication. Tecson adds that, while the furniture export has experienced a slowdown in the last couple of years, the local furniture market is getting stronger due to an increase in demand for quality home items. Concluding, he says: “Where we want to go as a brand is that we want to keep the heritage and the quality of our furniture because these are investment pieces. I know a lot of friends who still has Mejore for their dining tables and sofas. At the same time, we intend to have our own unique set of designs that are not necessarily in the market yet.” n

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Book reflects on Rock Hudson’s stardom, closeted love life By Douglass K. Daniel The Associated Press

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AD Rock Hudson not died of AIDS in 1985, he might be best remembered as the most successful of the postwar male stars who got into the movies solely on their looks. He remained on the screen for decades because of a likability that can’t be learned or manufactured. Instead, Hudson became the first celebrity to acknowledge that he suffered from the mysterious disease that seemed to target gay men. The potentially career-ending sexual secret he had protected was all but confirmed in the last months of his life. Mark Griffin’s perceptive and sympathetic biography All That Heaven Allows (Harper) gives Hudson, both the movie star and the man, the kind of reassessment only time can allow. He improved as an actor yet never lost the fear that moviegoers would discover that their ideal leading man was only playing a role. While he needed time and experience to hone his craft, pretending for the cameras came easy to handsome, Illinois-born Roy Fitzgerald. Escaping reality at the Winnetka movie theater was a must for the boy with an overprotective and domineering mother, a father who walked out on the family and a stepfather who beat him. Childhood friends remembered Roy for many of the same qualities that made him a favorite with fellow actors and film crews: diligence, generosity, easygoing charm and funloving spirit. Living a closeted life and trying to make it as an actor only added to his insecurities. With his new name, Hudson appeared in more than two dozen films under contract to Universal between 1948 and 1954. Eager to learn, he blossomed under

the direction of Douglas Sirk, whose romantic tearjerkers Magnificent Obsession (1954) and All That Heaven Allows (1955) turned Hudson into a heartthrob at 30. With the hugely successful epic Giant (1956), Hudson was an Oscarnominated actor and soon Hollywood’s most popular star. Routine dramas followed until 1959s Pillow Talk with Doris Day revealed Hudson’s knack for light comedy. He remained an audience

favorite for several more years despite undistinguished movies. Imagine what might have been had Universal followed through on its original plan to cast Hudson as lawyer Atticus Finch in To Kill a Mockingbird. All the while Hudson lived and loved on the down-low. A sham marriage around the time of Giant quelled the gossip for a time. Publicly, he played along with the fan magazine image of the happy if lonely bachelor

trying to find the right woman when he was actually trying to find the right man. Promiscuity, as well as meaningful relationships marked his private life. Had Hudson been a straight star, he may have been married several times and envied as a ladies’ man. Griffin suggests that Hudson’s better performances—the paranoia classic Seconds (1966) being one example—came with roles in which he could identify with a character’s internal turmoil. Wisely, the writer explores Hudson’s films and TV shows without trying to make them more than what they were—generally average entertainments punctuated by occasional hits and many, many misses. (TV’s McMillan & Wife resuscitated his flagging career in the 1970s.) Like most other aging stars, Hudson struggled to find good roles as the wrinkles appeared. Alcohol and cigarettes took a toll on his health long before the AIDS diagnosis. Given his generation’s intense homophobia and the 1950s communist witch hunt that ruined so many careers, it’s understandable that Hudson didn’t want to risk everything as a gay-rights pioneer. But he was indiscrete enough that his secret was widely known or assumed in Hollywood and elsewhere (FBI and police files suggest as much). He occasionally heard gay epithets tossed his way, even when he attended the Los Angeles premiere of Ice Station Zebra (1968). Griffin’s interviews and correspondence with many of Hudson’s costars—among them Doris Day and Carol Burnett—and many of his lovers show how protective they were of their warm, loyal friend. Had he lived into the next century, the abandoned and abused boy from Winnetka might have discovered a public ready to root for him to be who he really was. n

‘Pandemic’ rings warning bell about gene-editing technology WHEN there’s a scientific breakthrough, Robin Cook doesn’t just stand up and cheer. He uses his fertile imagination and writes a novel about its possible perils. In his latest medical thriller, Pandemic (Putnam), Cook dramatizes the scary side of a miracle molecule called “CRISPR/Cas9,” which can easily be custom-tailored to seek out and alter genes in humans and animals. The story begins when a seemingly healthy young woman with a transplanted heart boards the subway in New York City but suffers abrupt respiratory distress and dies before she reaches her destination. Jack Stapleton, a medical examiner who appears in 10 of Cook’s previous novels, does an autopsy.

He suspects that an unknown, flu-like virus is responsible for her death. He is duty-bound to identify and stop the virus before it can cause a pandemic and kill millions. Stapleton welcomes the challenge as a “diversion” from his many personal problems. To name a few, his daughter has just been diagnosed with autism and his mother-in-law is blaming his genealogy for it. His wife, Laurie Montgomery, has unexpectedly been named the chief medical examiner, making her his boss both at home and at work. Stapleton’s investigation reveals that a hospital in New York performed the woman’s heart transplant at the request of the Dover Valley Hospital in New Jersey. Dover also paid all her medical bills.

Realizing that “something weird is afoot,” Stapleton drives out to Dover and receives a warm welcome from its owner, Wei Zhao, a Chinese billionaire businessman who holds a double PhD in molecular biology and genetics. Wei, a body-building enthusiast who admires Arnold Schwarzenegger, makes an intriguing villain. The novel also offers an intriguing look at the subterranean world of medical examiners, but Pandemic goes far beyond just entertainment. By graphically showing what could happen were CRISPR/Cas9 to fall into the wrong hands, the author rings a much needed warning bell about gene editing technology. AP

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Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Gaby Hoffmann, 37; Sarah Polley, 40; Genevieve Padalecki, 38; Shirley Bassey, 82. HAPPY BIRTHDAY: Consider all your options and reconnect with people who can help you reach your objective. Only take on what matters to you, and refuse to let anyone manipulate you with information that is not genuine or truthful. Do your homework. Take the time to find out what’s possible before you take on a project that will be impossible to finish. Your lucky numbers are 5, 13, 17, 26, 34, 42, 48.

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ARIES (March 21-April 19): Stick to the people you know and trust. Listen carefully to your boss or anyone in a position to instruct you. Doing things right the first time will help you gain respect. HHHH

b

TAURUS (April 20-May 20): Spread your wings and let your ideas and imagination flow. Turn your ideas into reality using discipline and experience to help you reach your destination. Walk away from judgmental people, and stay focused on finishing what you start. HH

c

GEMINI (May 21-June 20): Your intentions may be good, but attracting people who will take advantage of you if you are open and giving is likely. Say less and do more that is conducive to obtaining better emotional and physical health. HHHH

d

CANCER (June 21-July 22): You’ll be drawn to individuals who pique your interest but also raise uncertainty. Listen carefully to the information you receive, but don’t confront the spokesperson unless you have facts to support your thoughts. Research and question what you hear. HHH

e

LEO (July 23-Aug. 22): Look at all your options. A sudden change will leave you at a loss. Use diplomacy to back out of a situation that isn’t unfolding the way you want it to. Focus on personal improvements and romance. HHH

f

VIRGO (Aug. 23-Sept. 22): Get involved in something constructive. The help you offer will be gratifying, although it may not bring the returns you hoped for. If you plan to give, don’t expect anything in return. HHH

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LIBRA (Sept. 23-Oct. 22): Surround yourself with like-minded people. Getting out with friends or attending a function that will allow you to connect with people who have something worthwhile to offer is recommended. Problems at home will surface, and demands will be made. HHHHH

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SCORPIO (Oct. 23-Nov. 21): Travel plans can be made, and getting together with friends or relatives will give insight into something or someone you thought you knew. Don’t let your emotions take over, causing excessive behavior or an argument that will ruin an important relationship. HH

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SAGITTARIUS (Nov. 22-Dec. 21): Money and personal documents should be updated. Helping someone is a lovely gesture, but don’t let anger take over if things don’t turn out as you expect. Reacting harshly won’t solve a problem, but focusing on getting things done will. HHHH

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CAPRICORN (Dec. 22-Jan. 19): Set your own standards and refuse to let what others do lead to a dispute that will waste your time and slow you down. Focus on making a positive personal change that will encourage you to look and do your best. HHH

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AQUARIUS (Jan. 20-Feb. 18): Joint money matters will grab your attention. Don’t let anger make matters worse. Study the situation and make reasonable adjustments. You will get things in order without damaging an important relationship. Romance will improve your day. HHH

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PISCES (Feb. 19-March 20): Offer to help others, or call in a favor if you need help. Give-and-take is the best way to handle whatever situation you face. A suggestion made should be considered, even if you don’t like the person offering the solution. HHH BIRTHDAY BABY: You are outgoing, innovative and creative. You are enthusiastic and unrelenting.

‘quick-witted’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 “Humbug!” lead-in 4 Two queens, say 8 Savory taste 13 Longtime shock jock Don 15 “Not to mention...” 16 1960s protest 17 Start of a quip 19 Sweater style with a letter-shaped cut 20 Methuselah’s old man 21 Tone up 23 In a way 25 Italian dish that takes a long time to cook 29 Part two of the quip 32 Flowering vine with a rich scent 36 Ile de la Cite’s river 37 A chip, maybe 38 Kenyan tribesman 41 With 11-Down, night for amateur comics 42 Opposite of urban 44 Software manuals are written for them 46 Part three of the quip

9 More tranquil 4 50 Sycophant 55 Hardships 58 Heavy safari animal, informally 59 Who can be found in the Waldorf Astoria? 62 End of the quip 64 Roswell crash victim, supposedly 65 Egyptian goddess whose name consists of the same verb twice 66 Garfield dog 67 Secluded valleys 68 Formally surrender 69 Do some sums DOWN 1 Vampires’ marks 2 Acid in proteins 3 Sense of ___ (date’s asset) 4 Amigo 5 Sacha Baron Cohen title character 6 Amazing Grace ending 7 Talking points? 8 Permits to enter America 9 Popular cookies in a refreshing variety

0 Absorbed, as a cost 1 11 See 41-Across 12 Cartridge contents 14 The Amish, e.g. 18 Violin opening 22 Flipper 24 Al dente 26 Balderdash 27 Cartridge contents 28 Olympic legend Jesse 30 Sedona automaker 31 Artist’s stand 32 City voting districts 33 Accustom 34 Valuable violin, for short 35 Place to sip a hot drink alfresco 39 Singer DiFranco 40 Bad day for Caesar 43 Skin soothers 45 Seize illegally 47 Like the “-” end of a battery: Abbr. 48 Romp 51 Jimmy ___ shoes 52 In a way, casually 53 Loosened, as a knot

4 Did a model’s job 5 56 Angry reaction 57 Kind of mark left by a tire 59 Tail motion 60 The whole shebang 61 Deception 63 Bismarck-to-Minneapolis dir.

Solution to yesterday’s puzzle:

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BEST Actor in a Motion Picture Drama Rami Malek for Bohemian Rhapsody

BEST Actress in a Motion Picture Drama Glenn Close for The Wife

BEST Actor in a Television Series Drama Richard Madden for Bodyguard

Tuesday, January 8, 2019

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BEST Actress in a Television Series Drama Sandra Oh for Killing Eve

‘Bohemian Rhapsody’ wins at Golden Globes in upset N

By Jake Coyle The Associated Press

EW YORK—In a Golden Globes chock full of upsets, the Freddie Mercury biopic Bohemian Rhapsody took best picture, drama, over Bradley Cooper’s heavily favored A Star is Born and Glenn Close bested Lady Gaga for best actress. Few winners were seen as more certain than Lady Gaga as best actress in a drama at Sunday’s ceremony at the Beverly Hilton Hotel in Beverly Hills, California. But the veteran actress Close pulled off the shocker for her performance in The Wife, as the spouse of a Nobel Prize-winning author. Close said she was thinking of her mother, “who really sublimated herself to my father for her whole life.” “We have to find personal fulfillment. We have to follow our dreams,” said Close, drawing a standing ovation. “We have to say I can do that and I should be allowed to do that.” Minutes later, the surprise was even greater when Bohemian Rhapsody won the night’s top award, shortly after Rami Malek won best actor for his prosthetic teeth-aided performance as Mercury. “Thank you to Freddie Mercury for giving me the joy of a lifetime,” said Malek. “This is for you, gorgeous.” Politics were largely absent from the ceremony before Christian Bale took the stage for winning best actor in a musical or comedy for his lead performance in Adam McKay’s Vice. “What do you think? Mitch McConnell next?” joked the Welsh-born actor, referring to the Senate’s majority leader. “Thank you to Satan for giving me inspiration for this role.” Oh and Andy Samberg opened the Globes, put on by the Hollywood Foreign Press Association (HFPA), on a note of congeniality, including a mock roast of attendees and a string of jokes that playfully commented on critiques of Hollywood. Oh performed an impression of a sexist caveman film executive who casts like the title of Damien Chazelle’s Neil Armstrong drama: First Man. Noting the success of Crazy Rich Asians, Oh alluded to films with white stars in Asian roles like Ghost in the

Shell and Aloha, the latter of which prompted Emma Stone, who starred in Aloha, to shout out “I’m sorry!” from the crowd. But Oh, who later also won for her performance on the BBC America drama series Killing Eve, and Samberg closed their opening monologue on a serious note explaining why she was hosting. “I wanted to be here to look out at this audience and witness this moment of change,” said Oh, tearing up and gazing at minority nominees in attendance. “Right now, this moment is real. Trust me, this is real. Because I see you. And I see you. All of these faces of change. And now, so will everyone else.” Some of those faces Oh alluded to won. Mahershala Ali, whom the foreign press association overlooked for his Oscar-winning performance in Moonlight, won best supporting actor for Green Book. While the Globes, decided by 88 voting members of the HFPA, have little relation to the Academy Awards, they can supply some awards-season momentum when it matters most. Oscar nomination voting begins on Monday. The biggest boost went to Green Book Peter Farrelly’s interracial road trip through the early-1960s Deep South, which has struggled to catch on at the box office while coming under substantial criticism for relying on racial tropes. It won best film, comedy or musical, and best screenplay. “If Don Shirley and Tony Vallelonga can find common ground, we all can,” said Farrelly, the director best known for broader comedies like There’s Something About Mary. As expected, Lady Gaga, Mark Ronson, Anthony Rossomando and Andrew Wyatt won best song for the signature tune from A Star Is Born, the film most expected to dominate the Globes. “Can I just say that as a woman in music, it’s really hard to be taken seriously as a musician and as songwriter and these three incredible men, they lifted me up,” Gaga said. Though the Globes are put on by foreign journalists, they don’t including foreign language films in their two best picture categories (for drama and musical/comedy). That left Netflix’s Oscar hopeful, Alfonso Cuaron’s memory-drenched masterwork Roma out of the top category. Cuaron still won as best director and the Mexican-born

filmmaker’s movie won best foreign language film. “Cinema at its best tears down walls and builds bridges to other cultures. As we cross these bridges, these experiences and these new shapes and these new faces, we begin to realize that while they may seem strange, they are not unfamiliar,” Cuaron said accepting the foreign language Globe. “This film would not have been possible without the specific colors that made me who I am. Gracias, familia. Gracias, Mexico.” Netflix also won numerous awards for the series The Kominsky Method, which won both best actor in a comedy series for Michael Douglas (he dedicated the honor to this 102-year-old father, Kirk Douglas) and for best comedy series over favored nominees like The Marvelous Mrs. Maisel (whose star, Rachel Brosnahan still won) and Barry. “Netflix, Netflix, Netflix,” said series creator Chuck Lorre. Olivia Colman, expected to be Lady Gaga’s stiffest competition when the two presumably go head-tohead at the Oscars, won best actress in a comedy/ musical for her Queen Anne in the royal romp The Favourite. “I ate constantly throughout the film,” said Colman. “It was brilliant.” Best supporting actress in a motion picture went to the Oscar front-runner Regina King for her matriarch of Barry Jenkins’s James Baldwin adaptation If Beale Street Could Talk. King spoke about the Time’s Up movement and vowed that the crews of everything she produces in the next two years will be half women. She challenged others to do likewise. “Stand with us in solidarity and do the same,” said King, who was also nominated for the TV series Seven Seconds. A year after the Globes were awash in a sea of black and #MeToo discussion replaced fashion chatter, the red carpet largely returned to more typical colors and conversation. Some attendees wore ribbons that read TIMESUPx2, to highlight the second year of the gender equality campaign that last year organized the Globes black-clad demonstration. Alyssa Milano, the actress who was integral in making #MeToo go viral, said on the red carpet that in the past year a “really wonderful sisterhood has formed.” Spider-Man: Into the Spider-Verse won for best

animated film. Ryan Murphy’s The Assassination of Gianni Versace: American Crime Story won for both best limited series and Darren Criss’s lead performance. For its sixth and final season, FX’s The Americans took best drama series over shows like Amazon’s conspiracy thriller Homecoming and Oh’s own Killing Eve. Richard Madden, the breakout star of the terrorism suspense series Bodyguard, won best actor in a drama series. Ben Wishaw took best supporting actor in a limited series for A Very English Scandal. The press association typically likes having first crack at series that weren’t eligible for the prior Emmys. They did this year in not just The Kominsky Method and Bodyguard but also the Showtime prison drama Escape at Dannemora. Its star, Patricia Arquette, won for best actress in a limited series. Usually the Hollywood Foreign Press Association’s ceremony is known for its freewheeling frivolity and fun. The free-flowing booze helps. But the 2018 Globes were the first major televised awards in Hollywood following the downfall of Harvey Weinstein and the subsequent push for greater gender equality in the film industry. Last year’s show, like a lot of recent awards shows, saw ratings decline. Some 19 million tuned in to the Seth Meyers-hosted broadcast, an 11-percent decline in viewership. This year, NBC has one thing in its favor: an NFL lead in. Ahead of the Globes, NBC broadcast the late afternoon wild card game between the Chicago Bears and the Philadelphia Eagles, which proved to be a nail-bitingly close game—likely delivering the network a huge audience. Jeff Bridges received the Globes’ honorary Cecil B. DeMille Award. In remarks about everything from Michael Cimino to Buckminster Fuller and, of course, to his Big Lebowski character the Dude, Bridges compared his life to a great game of tag. “We’ve all been tagged,” said Bridges. “We’re alive.” He ended by “tagging” everyone watching. “We can turn this ship in the way we want to go, man,” said Bridges. A similar television achievement award was also launched this year, dubbed the Carol Burnett Award. Its first honoree was Burnett, herself. “I’m kind of really gob-smacked by this,” said Burnett. “Does this mean that I get to accept it every year?” n

2018 a year of breakthroughs for Julie Anne San Jose IT was a solid year for multihyphenate Julie Anne San Jose. Early in 2018, Julie welcomed her loyal fans in an intimate and heartfelt solo concert, #Julie, where she sang about the stages of love. The trending show at the Music Museum was a sold-out success that marked the start of what was bound to be a memorable year for the 24-year-old GMA singer, TV host and actress. Aside from being on the cover of multiple magazines and publications, Julie Anne returned to acting in the well-loved musical series My Guitar Princess as Celina, the aspiring singer who relentlessly chased her dreams. She was also the voice of Vicky in the first-ever Filipino anime series, Barangay 143, and brings show-stopping numbers to GMA’s top-rating musical variety show Studio 7 every week. She remains a mainstay on Sunday PinaSaya, the country’s No. 1 comedy-musical variety program, and also the award-winning weekend comedy Pepito Manaloto. More than these, Julie Anne received the

German Moreno Youth Achievement Award in the 2018 Filipino Academy of Movie Arts and Sciences Awards and was hailed as the Female Pop Artist of the Year in the 9th PMPC Star Awards for Music. But the highlight of Julie Anne’s year was inarguably her music. Julie Anne’s first single under Universal Records, titled “Nothing Left,” soared to the top of music charts just minutes after its release. The same went for her OPM single “Tayong Dalawa,” which debuted at No. 1 on the iTunes PH charts after only 30 minutes. The GMA singer then launched her muchawaited Breakthrough album, which again climbed to and remained on the top of iTunes Philippines All-Genre Chart for an entire week—a rare feat for OPM albums. In October Julie Anne took part in the Awit At Laro album, a collaboration of the country’s top recording artists and musical composers produced by Gary Valenciano and Manila Genesis for the benefit of Unicef, Shining Light Foundation Inc. and Tukod Foundation Inc. Their advocacy celebrates the

spirit of Filipino games through music and arts to make both children and adults let go of their gadgets and play. Julie Anne also showcased her talent in a series of successful local and international concerts, including the 3 Stars, 1 Heart concerts in Cebu, Dagupan and Dubai; and the early Christmas treat via Kapusong Pinoy: Paskuhan at Kantawanan sa Anaheim at The Grove of Anaheim in Los Angeles, California, on October 7. But it doesn’t stop there. This new year, Julie continues to make waves as she is set to headline the first leg of GMA concert series, called The Sweetheart and the Balladeer: Fun Night Only, with bestselling balladeer Christian Bautista. The concert tour kicks off on January 27 at the Iloilo Convention Center, Mandurriao, Iloilo City, with a next show lined up this February 10 at The Atrium, Limketkai Center, Lapasan, Cagayan de Oro. With the year she’s had, there is no doubt that Julie Anne is off to more exciting things this 2019.

JULIE ANNE showcased her vocal prowess in Kapusong Pinoy Paskuhan at Kantawanan sa Anaheim

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Art

BusinessMirror

Tuesday, January 8, 2019

www.businessmirror.com.ph

‘VARIATIONS OF EXPRESSION: FEATURING SELECTED WORKS OF FILIPINO CONTEMPORARY ARTISTS’

PHILIPPINE contemporary art has moved through phases of stylistic changes. This gallery collection explores such shifts and changes seen through selected pieces from the Yuchengco Museum collection. The exhibit Variations of Expression: Featuring Selected Works of Filipino Contemporary Artists shows the range of this “new reality” on canvas, a perceived reality authentic to the artist’s inner vision of genre themes, such as still life, women and men at work, religious iconography and landscapes expanded to spatial relationships and new dimensions of perceptions. The featured artists are Fernando Amorsolo, Angelito Antonio, Benedicto “BenCab” Cabrera, Manuel Baldemor, Jose Joya, Norma Belleza, Ang Kiukok, Eduardo Castrillo, Cesar Legaspi, E. Aguilar Cruz, Arturo Luz, Anita MagsaysayHo, Vicente Manansala, Manuel Rodriguez Sr., J. Elizalde Navarro, Roberto Villanueva and Hernando R. Ocampo. The exhibit is ongoing until June 15. The Yuchengco Museum can be found inside RCBC Plaza, at the corner of Ayala and Sen. Gil J. Puyat Avenues in Makati City.

PERPETUAL Change

CIRCUIT

The floating/flying worlds of Arvin Narvaez I

By Tito Genova Valiente

N the arts of Arvin Bryan C. Narvaez, the world is part of a space that he scans. He flies over them. He surveys them and locates for us those things that we could miss because we seldom find the time to recognize spaces. We do not contemplate the road upon which we walk from home to work and back to home again. We wait for good artists like Narvaez to favor us with the time to think of the skies or the ground, or set the unconscious horizon active in our own mind. When one views the works of Narvaez, one always gets this feeling of flying over the mountains, or grounds now recognized from above as something else: Are those dried up tributaries? Are those ancient riverways? What are those lines that crisscross all over the boulders and hills? Are they even lines? More than the answers or discoveries that an artist privileging a view from above is expected to provide, Narvaez is unusual—and this is good—because he allows us to doubt our vision. In a piece, titled Floating Stream, the romance of a clear, flowing water is absent. What is present is a scarred waterscape, where the stream has perhaps evaporated. It is a sad and cruel landscape, an evasive décor and an invasive commentary on what we have done to our environment. Irony, which thinkers claim is ever present in astute artists, complicates in Narvaez’s works. The works Ascent and Descent (both are available in two forms) are compelling and horrifying mainly because there seems to be not much difference between going up and coming down. In the first Descent, the rising and falling and rising are visible and felt only because of the motion of ragged lines against which an object with seeming wings at bottom struggles with the fall. But is this about falling? Those wings might as well be a climb, however, arduous, to get back to the heavens. Descent II allows us, in a way, to gaze into that which we are falling. To fall is bad enough but to

FLOATING Stream

contemplate a thud onto a harrowing ground that swells with waves and toxic froths is terrifying. The wit of H. P. Lovecraft, the American master of horror fiction, is most welcome here: “From even the greatest of horrors irony is seldom absent.” The ironies are on those grids, which navigate the plunge. On both Descent are chips placed on the side, a kind of summary of what are the spaces all about and what happens in them. Terror is not the only weapon of Narvaez in his narrative; there is also humor. This is apparent in his work Perpetual Change. Here, he abandons the view of the personal cosmos and turns around to situate his claim to an ever-present landscape. In the middle, puncturing the horizon is a keyhole surrounded by keys and the possibilities of new entrances and new modes of entering them. He might as well could have named the painting “Personal Change.” That heritage from the Old World, the “trompe l’oeil,” is trumped up by the artist, dressing the deception with a dreamier deception. The paintings of Narvaez, who studied in De La Salle University in Dasmariñas, Cavite, vary from 10” x 14” for Descent, Perpetual Change and Ascent, to 15” by 24” for Floating Stream and Descent II. The other works measure 20” x 30.” The point of this measurement is that the paintings of Narvaez manage to communicate expansiveness without grandeur, infinity within actually quite a limited dimension. Like the favored toy of young filmmakers, a powerful drone informs the perspective of this artist from Silang, Cavite. Like all young artists today, Arvin Bryan C. Narvaez produces visual, literary and sound art. He facilitates visual and literary art workshops. He has participated in solo and group exhibitions from 2014 to 2018. His latest project was a oneman exhibit, called Subtle Days, held last year in the International Institute of Rural Reconstruction, of which these paintings were part. His mediums include watercolor, spray paint, enamel, acrylic, found objects, and many others. n

DEXTER SY’S ‘AFTERWORLD OBLITERATION’ AT ALLIANCE FRANÇAISE DE MANILLE GALLERY

ALLIANCE Française de Manille, in partnership with Centre Intermondes, and 1335 Mabini Gallery, present Afterworld Obliteration, a solo art exhibition by Philippine Artist Residency Program 2017 winner Dexter Sy. The exhibit opens on January 17, 6:30 pm, and will run until February 23. Sy, a Filipino artist represented by the gallery 1335MABINI, conducted an artist-in-residence at the Centre Intermondes (La Rochelle, France) from August 1 to September 8, 2017, as part of the Philippine Artist Residency Program, which is a call for collaborative projects between Centre Intermondes, Alliance Française de Manille, and 1335MABINI Gallery. Over the years, Sy has shaped his own style, combining Persian rugs, painting and ink and pen drawings. In France, he created works evoking the violence and terrorism that can hit both France and the Philippines. There are cutouts in the form of robots representing evil, robots being perceived in Asia as destructive beings. The drawn parts represent hell and the victims of violence and terrorism intertwined with graphics from the tradition of Indigenous Filipino groups. The use of the Persian rug echoes the significant presence of the Muslim community in the Philippines (more than 20 percent of the population). The works also make use of Christian symbolism; Christianity is the majority religion in the Philippines. Sy is a Fine Arts graduate from the Far Eastern University, specializing in Advertising. Since 2005, he has had solo exhibitions and he has also participated in numerous group exhibitions in China, Italy, Japan, Germany, South Korea, the Philippines, Singapore, Thailand, Malaysia and the United States. In 2011, 2012, and 2015, he took part in the Haslla International Open Air Museum Residency Program and the Haslla Art World Museum in South Korea. He has received numerous awards, including the Grand Prize at the Art Competition of the Maningning Miclat Art Foundation in 2004, and in 2016 the Grand Prize in the Philippine Art Awards. Currently, he is a lecturer in fine arts at the Far Eastern University in Manila. Alliance Française de Manille Gallery is at 209 Nicanor Garcia Street (formerly Reposo), Bel-Air II, Makati City.

Painting stolen in WWII is heading from US to Ukraine By Collin Binkley The Associated Press A PAINTING that was stolen during World War II and later spent decades in a Connecticut home will be returned to an art museum in Ukraine, according to US and Ukrainian officials. The FBI seized the painting after a retired couple in Ridgefield transported it to Washington, DC, to be auctioned last year. The couple, David and Gabby Tracy, had long cherished the painting but figured it was a copy, not the signed original. Standing nearly 8 feet tall (2.4 meters), the painting depicts the 16th-century Russian czar Ivan the Terrible looking crestfallen as he flees the Kremlin on horseback. It had been left behind in a Ridgefield home that David Tracy bought in 1987. The previous couple in the home said the painting was already there when they purchased the house from a Swiss

man in 1962. When Tracy and his wife moved to a different house in the area, they paid $37,000 to add a sunroom big enough to display the painting. “This painting was a beautiful painting, and we treasured it,” Gabby Tracy, 84, told The Associated Press. “You couldn’t help but admire the fine painting, what detail was in Ivan’s face.” But as they made plans to move to a condominium in Maine last year, they realized the painting wouldn’t fit. They hired an auctioning company near Washington to sell the work, which was appraised at about $5,000. After the auction house added the painting to its catalog, though, an employee received an urgent e-mail from an art museum in Ukraine. “Attention! Painting Ivan the Terrible was in the collection of the Dnepropetrovsk Art Museum until 1941 and was stolen during the Second World War,” the e-mail said, according to court documents. “Please

stop selling this painting at auction!!!” The museum identified the painting as a 1911 work by Mikhail Panin, titled Secret Departure of Ivan the Terrible Before the Oprichina. It was a permanent exhibit at the Ukrainian museum until 1941 but disappeared during Nazi occupation of the city. FBI officials took custody of the painting and later traced it to the Swiss man who sold the Ridgefield home in 1962. Officials didn’t release his name but said he moved to the US in 1946 after serving in the Swiss Army. He died in 1986. Gabby Tracy said it’s unknown how he obtained the painting. After learning it had been stolen, the Tracy couple agreed the painting should be returned to Ukraine. The story particularly moved Gabby, who was born in Slovakia and survived the Holocaust. Her father, Samuel Weiss, died in a concentration camp. “There was never a question that it was going back. It’s just sad that we had to go through this experience,”

Gabby said. “It’s ironic that I should have been so worried about keeping this painting safe.” Federal officials filed paperwork formally passing the painting from the FBI to the US District Attorney’s Office in Washington, which is turning it over to Ukraine’s embassy. “The looting of cultural heritage during World War II was tragic, and we are happy to be able to assist in the efforts to return such items to their rightful owners,” US Attorney Jessie Liu said in a statement on Friday. Officials at Ukraine’s embassy thanked the Tracy couple and US officials who helped recover the painting. A statement from spokesman Natalia Solyeva said it’s the first time the two nations have worked together to recover stolen cultural goods. “The Embassy of Ukraine was excited to work with its American partners on the case of returning the painting to its rightful owners—the people of Ukraine,” the statement said.