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VOL. XXXIII • NO. 139 • 3 SECTIONS 16 PAGES • P18 • WEDNESDAY, JULY 3, 2019 • www.manilastandard.net • mst.daydesk@gmail.com

‘Pulong’ eyes Speaker post Pushes term sharing by party-list, Luzvimin solons By Maricel V. Cruz, Macon Ramos-Araneta and Nat Mariano

HE President’s son, Davao City Rep. Paolo Duterte, said Tuesday he would join the race to be Speaker of the House to unify Congress, but said he wanted the post shared by representatives of Luzon, the Visayas and Mindanao, as well as party-list members.

T HAT IN THE RING. Neophyte Davao City Rep. Paolo Duterte, who has decided to join the race to be House Speaker, has a pioneering proposal, hoping, in his view to help unite what he calls a divided House: the fourth highest government post be shared by representatives from Luzon, Visayas, Mindanao and party-list groups.

Romualdez floats two-step move to solve water problem By Maricel V. Cruz LEYTE’S 1st District Rep. Martin Romualdez on Tuesday called for the construction of mini-dams to be used in harvesting rainwater as well as the creation of a central authority tasked with water resources management to solve the perennial supply lack of potable water in Metro Manila and other urban areas. Romualdez said the central authority, to be called Department of Water, would prioritize the creation of sustainable water supply from various sources including rainwater from local catchment basins or mini-dams. In a related development: • The Manila Water Company Inc. said it was able to boost its supply for the beneﬁt of its more than 6 million customers in the East Zone concession area by tapping other sources. An additional source Manila Water has

tapped is the Cardona Water Treatment Plant, which draws raw water from Laguna Lake and now produces 61 million liters per day, said Jeric Sevilla, the concessionaire’s head of communications. The company said it was compelled to tap other sources of water since the National Water Resources Board had reduced the allocation to concessionaires of regulator Metropolitan Waterworks and Sewerage System from Angat Dam. The treatment plant was able to distribute only 24 mld during its initial stages of operations last March. This means the plant now produces more than 150 percent more water. At full capacity, the plant can distribute potable water to around 800,000 people. Romualdez lamented that while many areas in Metro Manila get ﬂooded at the slightest rain, the taps in thousands of households in the metropolis go dry when the dry season comes. Next page

Duterte, a neophyte congressman, said he decided to put his hat in the ring after persistent talk by Taguig-Pateros Rep. Alan Peter Cayetano of sharing the term with Marinduque Rep. Lord Allan Velasco. All three are from the ruling PDPLaban headed by President Rodrigo Duterte. “The House is divided, I might be able to help unite it,” said the younger Duterte,

who had previously resigned as Davao City vice mayor because of allegations of corruption. “We were all elected by the people. If the set-up is term-sharing then we should all have term-sharing.” He said he would propose that the fourth highest government post be shared by representatives from Luzon, Visayas, Mindanao and party-list groups, but did not say how such an arrangement would work.

China seeks closure to boat-ramming incident By Nat Mariano, Macon Ramos-Araneta and Rey E. Requejo BEIJING wants to put the issues involving the Recto Bank incident to rest due to its effects on the friendly relations between Philippines and China, Malacañang said Tuesday. In a Palace press brieﬁng, Presiden-

tial Spokesman Salvador Panelo said Chinese Ambassador to the Philippines Zhao Jianhua relayed Beijing’s desire for a “closure” on the incident, which has dragged on for nearly a month. “We have to put closure to this because our relations are being affected,” Panelo told reporters, quoting the Chinese envoy’s text message to him the other day. But Panelo said the administration’s critics and detractors have been “milk-

THE mere filing of impeachment cases against President Rodrigo Duterte does not violate any laws, Malacañang said Tuesday, noting that Filipino citizens had the “right” to file complaints. Presidential Spokesman Salvador Panelo said during a chance interview that the Chief Executive’s threat to jail anyone who will file an impeachment case against him “was only an expression of displeasure, disappointment.” “It is a righteous indignation,” Panelo said.

The statement came days after Duterte threatened his critics with imprisonment if they tried to impeach him, amid backlash that he was siding with China over the June 9 Recto Bank incident last month. Senior Associate Justice Antonio Carpio, the chief architect of the country’s arbitration case against China in the West Philippine Sea dispute, has also criticized Duterte who allowed China to ﬁsh in the waters within the EEZ. Last week, former Foreign Secretary Albert del Rosario said Duterte could be impeached for breaching the Constitution Next page

Police ‘defang’ narco-politicians POLITICIANS, included in President Rodrigo Duterte’s narco-list, ran and won in the May 13 midterm elections, will be stripped of the power to choose their local chiefs of police. “I don’t think they were given the privilege of choosing. In fact, even their privilege of having security and until Next page

Kimono a no-no, Kim backtracks “Kimono” is now a no no, Kim Kardashian West said Monday. The pop culture icon announced that she will change the name of her new “Kimono” line of underwear, after being accused of cultural appropriation. Next page

ing” the issue against President Rodrigo Duterte. “That’s my impression, that enemies of the President are just milking the issue. They are using it [against him]. That’s why we have to put closure to this. They’re creating a fuss out little things,” he said, playing down the incident in which a Chinese vessel in the Philippines’ exclusive economic zone hit and sank a Next page

‘Suicide bomber’ defies PH culture By Joel Zurbano and Macon Ramos-Araneta

Impeach-filing not a crime—Palace By MJ Blancaﬂor and Macon Ramos-Araneta

“I will ask the Visayas bloc to elect their Speaker for their term share, and so with the Mindanao bloc and the party-list coalition,” he said. “We are not talking about two persons here. We are talking about our beloved country. It is not about speakership alone, but who is the right person to unite Congress and I hope those running for the speakership stop influencing the Cabinet,” he added. PDP-Laban president Senator Aquilino Pimentel III, however, said the ruling party cannot support the speakership bid of the presidential son. “For as long as there are PDP-Laban members aspiring to be House Speaker and they are well qualified to be one, then PDP-Laban members should and must consider first supporting their partyNext page mate,” Pimentel said.

PREPARE THEM NOW. The Philippine Institute of Volcanology and Seismology, a service institute of the Department of Science and Technology, informs people with disability and senior citizens on SM Cares’ disaster preparedness forum in Marikina City—a continuing program conducted by SM Supermalls and SM Cares. Sonny Espiritu

THE identification of the first known Filipino suicide bomber on Tuesday raises the level of extremism in the Philippines, defense officials and military analysts said. The military on Tuesday identified the Filipino suicide bomber as Norman Lasuca, 23, one of two suicide bombers who attacked a military camp in Indanan town in Sulu, killing eight people and wounding 22 others on June 28. Next page

Kapa donor fails to stop crackdown By Rey E. Requejo THE Supreme Court on Tuesday dismissed the petition ﬁled by an investor in the controversial Kapa Community Ministry International Inc. seeking relief against the government’s crackdown on the religious group and the closure order on its operations. The high court dismissed the plea even as the Justice department said Tuesday the members of Kapa-Community Ministry International Inc. who continue to solicit contributions can be arrested. Justice Secretary Menardo Guevarra

said the continuing operations by Kapa members to get contributions may be considered a “continuing offense,” since the criminal charges for violation of the Securities Regulation Code had already been filed against the firm’s officials. During its en banc session, the high court resolved to dismiss the petition of Rhema International Livelihood Foundation Inc. for being insufficient in form and substance. High court spokesman Brian Keith Hosaka confirmed that the case had been dismissed outright. Next page

Teen sensation clobbers Venus in Wimbledon SPORTS A8

Two minutes of darkness in SA DAY will briefly turn to night Tuesday over large parts of Chile and Argentina as a total eclipse of the Sun plunges a vast swath of the southern Pacific and the cone of South America into darkness. Next page

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Boracay rehab action plan sustained By MJ Blancaflor PRESIDENT Rodrigo Duterte has approved an action plan that will maintain the government’s rehabilitation efforts in Boracay, Malacañang said Tuesday. Presidential Spokesman Salvador Panelo said Duterte approved the plan during the 39th Cabinet meeting on Monday. “We will likewise announce the approval of the Boracay Medium-Term Action Plan that will sustain the efforts of the government after its closure,” Panelo said in a statement. The action plan has four themes, according to Socioeconomic Planning Secretary Ernesto Pernia and National Economic and Development Authority Undersecretary Adoracion Navarro. These include enforcing the laws regulating the number of visitors and hotel accommodations and intervening in the sewerage infrastructure and solid and liquid waste management. The action plan will also ensure the rehabilitation and recovery of the ecosystems and the sustainability of activities on the island, such as the improvement of roads and public health infrastructure, the construction of permanent housing for indigenous people and education facilities. Last year, Duterte ordered the temporary closure of Boracay due to the dilapidated sewerage system and the surge in the number of tourists visiting it. Boracay reopened its doors to tourists in October 2018, after the inter-agency task force assigned to conduct the rehabilitation plan had approved the reopening.

Palace sets P4.1-t budget for 2020 By Julito G. Rada

HE Budget department will likely submit to the 18th Congress the proposed P4.1-trillion national budget for 2020 after the leadership in the House of Representatives is established, Acting Budget Secretary Janet Abuel said Tuesday. He said the submission might happen once the new Speaker was installed so that “everything is more or less crystallized.” The new time line is different from what the department said in May, when Abuel said the department was targeting to submit the budget to Congress on the same day that President Rodrigo Duterte delivers his fourth State of the Nation Address this month or one day after it.

“Maybe now we’ll have to wait because we need to have a very close coordination with Congress,” Abuel told reporters. “We are going to work very fast so that as early as we can, we will be able to submit. It is really important that we know we can work with the leadership.” When asked on the possibility that the delay in the budget approval might happen again, Abuel said Budget officials were

“more positive now.” “We’re not really fearing but we’re preparing for it just in case. That is why we don’t want to rush, we want to wait... We want also that at least there is a coordination so that the relationship is better and that the proposed budget will be preserved as much as possible,” Abuel said. Earlier, Abuel said the department was studying if cash-based budgeting could be fully implemented next year. A cash-based budgeting system limits the contractual obligations and disbursing payments to the goods delivered and the services rendered within the fiscal year. The department earlier said the system promotes fiscal discipline and better planning among agencies in spending or

Law on fisheries profession up for Rody’s OK THE proposed “Philippine Fisheries Profession Act” in House Bill 8844 may soon be enacted as the Senate has adopted it as an amendment to Senate Bill 1641 on May 20, 2019, before the sine die adjournment of the Third Regular Session of the 17th Congress. The copy on the consolidated version of the two measures will be transmitted to President Rodrigo Duterte for his approval. HB 8844 was authored by former Rep. Gary Alejano of the Magdalo Party-list, while SB 1641 is authored by Senators Loren Legarda and Cynthia Villar. The bill recognizes that the government will provide a program to set up an appropriate and healthy environment for the practice of the

fisheries profession, as well as establish quality standards for fisheries professionals that will guide schools, through the Commission on Higher Education, for the development of curricular programs. In his explanatory note, Alejano said schools continue to offer fisheries courses without upgrading their facilities and have employed the same faculty, many of whom were not trained for college teaching. “It is imperative to screen and standardize the quality of fisheries graduates, regulate the practice of fisheries profession throughout the country and prevent the practice of foreign professionals without permit,” he said. The Professional Regulatory Board of Fisheries will be established and will be composed of a chairman and four members, who must all be reg-

istered professionals and issued with certificates of registration and professional identification cards. The board will undertake the following powers and functions: (a) promulgate, adopt and issue regulations to carry out the provisions of this measure; (b) administer and supervise the licensure examination; (c) supervise and regulate the licensure, registration and practice of the profession; (d) register and issue certificates of registration to successful examinees; (e) look into conditions affecting the fisheries profession; (f) ensure that all educational institutions comply with the standards and requirements of the CHED; (g) hear administrative cases involving violations of this proposed Act; and (h) prepare, adopt and issue the syllabi of the subjects for the licensure examinations, among others.

Paolo Duterte is not a member of the PDPLaban, which is ﬁelding Velasco as its candidate for the House top post. PDP-Laban spokesman Ron Munsayac said the ruling party will meet today (July 3) over Duterte’s unexpected announcement. “Rest assured that the ruling party, the party of the President, the PDP-Laban, will move as one,” Munsayac said. Duterte earlier said he was not interested in the post of Speaker, and his father, President Duterte, had said he would resign if his son sought to become Speaker. Aside from Cayetano and Velasco, also gunning for the top post in the House are Leyte

Rep. Martin Romualdez, Davao del Norte Rep. Pantaleon Alvarez, and Pampanga Rep. Aurelio Gonzales. Gonzales said no member of the House would dare contest the speakership against the younger Duterte. He also said those who supported Velasco would shift their support to Paolo Duterte. The President on Thursday said Cayetano had agreed to serve as the leader of the House of Representatives for 15 months and be succeeded by Velasco for 21 months. But Velasco backed out of the deal at the “last minute,” the President said. Senator Christopher Go, the President’s former top aide, said he believed Duterte would keep his promise to resign if his son Paolo would join the speakership race. His view was in contrast to that of Presiden-

tial Spokesman Salvador Panelo, who said the President could change his mind. Go insisted, however, that he is in a better position to know the President, having been his personal aide for the last 21 years. “He will stick to what he said, and make good his promise,” Go said. In May, the President refused to have a hand in choosing the next Speaker and said he would quit if his son Paolo sought the position too. “This Paolo, let me tell him. If you run for speakership, let me know. Because if you run, I will resign,” President Duterte said. “If he insists on running, if he believes in his advisers, go ahead. Let me know three days in advance before you make the announcement and I will tender my resignation,” he continued. The President said if Paolo would become the

Speaker, it “wouldn’t look good” for his family. “The (Davao City) vice mayor [is] my youngest son Baste, and Pulong as speaker, me as President, it wouldn’t look good,” said Duterte, referring to his other son Sebastian by his nickname. The President’s daughter Sara Duterte-Carpio is also mayor of Davao City. Asked about the President’s earlier threat, Panelo said anything could happen. “The President can change his mind. Congressman Paolo can also change his mind. So, let’s see. Let it evolve,” Panelo said in a Palace press brieﬁng. “As I’ve told you, you make a position, you make a stand on the basis of circumstances. When those circumstances change, you also change your stand. So, it can be changed,” he added.

Impeach-filing... From A1

‘Suicide bomber’... From A1

that mandates him to defend the country’s Exclusive Economic Zone that should be enjoyed exclusively by Filipinos according to the Philippine Charter. As a response to criticisms against him, Duterte said he would jail his critics. “He cannot understand why critics and detractors cannot appreciate what he’s doing,” Panelo said to Malacañang reporters. The Philippine National Police said earlier they would arrest those who would file an impeachment complaint against the President if Duterte would so order. In a press conference, Justice Secretary Menardo Guevarra also said his department would go by the law should police arrest those who would file impeachment complaints. The statement of PNP Chief General Oscar Albayalde that they were “ready to arrest those who would want to impeach Duterte if they see that these people have violated the law” was extremely disheartening, said Senator Risa Hontiveros, “Is it now the job of the PNP to intimidate people who only want to exercise their constitutional and democratic rights to hold our leaders accountable?” she asked. She reminded the PNP chief that impeachment was a constitutional and democratic process that any Filipino citizen could avail of to exact accountability from impeachable public officials who might have seriously violated the Constitution and betrayed the public trust. She noted it was part of the system of checks and balances to curtail the grave abuse of power and preserve the rule of law. With PNA

The chief of the Western Mindanao Command, Maj. Gen. Cirilito Sobejana, said Lasuca’s parents identified him. A second bomber in the attack was described as a caucasian. Earlier, authorities said the bomb attack Friday on a military base on the southern island of Jolo bore the hallmarks of a suicide attack. Sobejana said the suspected bomber’s remains were identified by his mother and a sibling, but DNA testing was needed to confirm the preliminary identification. Sobejana said investigators can’t entirely rule out the possibility the bomb was remotely detonated and the 23-year-old suspect, who allegedly has ties to jihadist group Abu Sayyaf, was merely carrying it. “The probability that it was a suicide bombing is very high, but we also have to consider those possibilities,” he added. If confirmed, the bomber would be the first known local suicide attacker in a nation where security officials had long said the tactic goes against local culture. Defense Secretary Delfin Lorenzana said Monday the attack was “obviously a suicide bombing,” describing it as an important development in the nation’s restive south. Insurgent groups have killed tens of thousands in their decades-long fight for a separate Muslim homeland in the Catholic-majority nation. The Defense chief said Friday’s blast was

the third suicide attack on the Philippines, following a July 2018 van bomb in southern Basilan island, and explosions during Sunday mass in January at a Catholic cathedral in Jolo. All three attacks were claimed by the Islamic State group, which takes credit for the violence carried out by local afﬁliates such as kidnap-for-ransom group Abu Sayyaf. Authorities have blamed foreign attackers for the two previous blasts, which killed more than 30 people. Sobejana added the suspect was a member of the Abu Sayyaf faction led by Hajan Sawadjaan, who allegedly plotted the attack on the Jolo cathedral in January. Abu Sayyaf has been blamed for some of the worst terror attacks in Philippine history, including frequent kidnappings of foreigners. Members of the group have pledged allegiance to IS, including those who participated in the 2017 siege of the southern city of Marawi. Analysts have said suicide attacks could be taking root in the Philippines, driven by IS inﬂuence. “It is an escalation, but it’s also a sign of increased radicalization,” said Zachary Abuza, Southeast Asian security expert at the National War College in Washington. Lorenzana agreed. “This has raised the level of extremism here and I think we have a lot of work to do,” he said. He added that they had to talk to the traditional leaders, the sultans, the datus, and also the Bangsamoro Autonomous Region in Mus-

lim Mindanao to make the area peaceful so economic development can continue. At the same time, Lorenzana said martial law is not the answer to every security threat, given that the attacks took place in Mindanao, where military rule prevails. “Martial law actually is not the solution to all these because… we have not controlled the movement of people in Mindanao,” he said. Lorenzana said they are still checking the extent of ISIS networks in the Philippines alongside with reports that Abu Sayyaf subleader Hatib Sawadjaan is the leader of ISlinked groups in the country. Lorenzana said the security forces in Metro Manila and other urban centers nationwide have to be vigilant to prevent a repeat of the incident. Metro Manila is still on heightened alert after Friday’s suicide attack in Indanan Sulu, regional police ofﬁce director Guillermo Eleazar said. “While the recent bombing case is being probed, we cannot relax our guard. Thus, all unit and station commanders, are strictly reminded to continue to secure all PNP headquarters and ofﬁces, vital installations, economic key points and places of convergence to guarantee that public safety concerns are checked and thoroughly supervised,” he said. The difference between full and heightened alert is really minimal, Eleazar said. Eleazar added that while there were no monitored terror threats in Metro Manila, the police remain vigilant and asked the public to do the same. With Jess Malabanan, PNA, AFP

‘Pulong’... From A1

Police... From A1 now, their authority and control over the local PNP are suspended,” PNP chief Gen. Oscar Albayalde told reporters in a press briefing Monday. Albayalde said out of the 47 names on the list, 37 ran in the midterm polls and 27 won, some of whom are elected mayors and governors for the first time. Under Republic Act 7160 or the Local Government Code of 1991, city and municipal mayors have the authority to choose the chief of police from a list of eligibles recommended by the provincial police director, preferably from the same province, city or municipality. “We expect that whenever there are newly-elected local chief executives, they will choose their chief of police or provincial commanders. We respect that but then again, the ones they are requesting must be qualified,” Albayalde said in Filipino. Albayalde earlier refused to reveal the names of the 27 politicians. Last March, Duterte released the list containing the names of politicians allegedly involved in the illegal drug trade. Albayalde said the investigation against the alleged narco-politicians will continue and they will gather solid pieces of evidence to be used in the filing of criminal and administrative charges against them. PNA

By Maricel V. Cruz

China... From A1 Filipino fishing boat on June 9, then left its crew of 22 fishermen in open water. “All of us [want closure]. I’m sure all Filipinos want to put closure to this. We have to determine exactly who was at fault at the incident. We want to determine who’s accountable. What will be the compensation? What will you do to your act of abandoning?” Panelo said. “All of us want to end it. It’s not proper to just let it stay and point fingers at each other,” he added. On June 9, a Chinese vessel hit the FB Gem-Vir 1, leaving 22 Filipino fishermen adrift in the open sea for hours, raising tension in the disputed waters and prompting Manila to file a diplomatic protest against Beijing. China previously denied that its men abandoned the Filipino fishermen, saying there were “afraid of being besieged by other Filipino fishing boats.” Now, Manila and Beijing say they will conduct a joint investigation to determine the facts and circumstances of the incident. The Palace official added that President Duterte wanted Beijing’s “continuing assurance” that the rights and safety of Filipino fishermen are guaranteed. He said Duterte recalled that Filipino fishermen were not safe when they were fishing two years ago. “That’s why he made sure that we got the assurance that they will

Kapa... From A1 The Court dismissed the case outright because it is not a trier of facts, he said. The petition ﬁled on June 21 asked the high court to impeach President Rodrigo Duterte for ordering the crackdown on Kapa even when the Court has no power to impeach the President as such authority belongs to Congress. Rhema, which described itself as a “donor” of

not be touched. They have not touched them,” he said. Senate Minority Leader Franklin Drilon, meanwhile, said he expected China to reject a third party arbiter on the Recto Bank incident. “Remember that they are claiming this as part of their territory,” said Drilon, saying agreeing to a third party arbiter would derogate their claim of jurisdiction over the area. For the same reason, Drilon said, the government should not propose a third party arbiter because the Philippines also claims the area as part of its exclusive economic zone. Senators on Tuiesday said the mere verbal agreement between President Duterte and Chinese President Xi Jin Ping to allow fishermen from both countries to operate in the Recto Bank could not be a basis for an impeachment complaint. Opposition Senator Leila M. de Lima challenged the Duterte administration to make public the “secret deal” Duterte entered with China allowing the Chinese to fish in the country’s EEZ. She pointed out that no executive agreement or even international treaty can supersede the Philippine Constitution because the power to enter into executive agreements and international treaties is derived from it. “Duterte’s admission that he struck a deal with China in 2016 allowing Chinese fishermen to fish in our EEZ is a shocking revelation,” she said. “This means that Duterte secretly entered into a bilateral fisheries agreement that should properly have been the subject of an international treaty because it lays down new policy not established by legislation,” she added.

Kapa, sought the issuance of a status quo ante order against the order of the Securities and Exchange Commission in April that revoked Kapa’s registration as a non-stock corporation. The petitioner also asked the high court to allow “Kapa to resume their religious activity” and “expunge Cirfund from the list of the unregistered investment entities as it is an online platform of Rhema International Livelihood Foundation Inc. and further declare that (Cirfund) is backed by hard documents that support the legality of its business act and deeds.”

The ﬁrm, represented by its executives Manuelito Traya and Roberto Apduhan, likewise sought compensation amounting to P3 billion from the respondents led by Duterte and SEC Chairman Emilio Aquino “for destroying Cirfund.” The petitioner claimed that their constitutional right to due process was violated by the respondents when they “railroaded the process of law, making it summary procedure when it is supposed to be in a fullblown trial.” With PNA

using their resources. Under the system, an extended payment period of three months after the fiscal year will be provided to give more time to government agencies to pay. The State of the Nation Address is usually delivered by the President to a joint session of Congress every fourth Monday of July. The SONA serves as a means of informing the nation about the country’s economic, political, and social condition. This year, the government operated on a reenacted budget in the full first quarter. It was only in April that Duterte finally affixed his signature on the P3.7-trillion national budget for 2019 after a couple of months of impasse between the two houses of Congress.

Two minutes... From A1 Both countries will be under the narrow, 6,000-mile long band that will experience a total eclipse when the Moon will completely block the Sun. According to Chilean astronomers, the breathtaking natural phenomenon will begin at 13:01 (17:01 GMT) in the Paciﬁc Ocean and a 95 mile (150 kilometer)-wide band of total darkness is set to reach Chile’s coast 4.38 pm (2038 GMT), then cross into southeastern Argentina. People in some areas under the path of the eclipse will experience more than two minutes of total darkness, the Chilean Foundation of Astronomy says. “There’s a lot of expectation. This is a historic event in the region,” said Catalina Henriquez, who runs an astrotourism agency in Vicuna, a town 280 miles north of Santiago renowned for clear skies that have made it Chile’s “astronomy capital”. Vicuna is part of the Coquimbo region that is dotted with observatories equipped with high-powered telescopes and where the eclipse will be strongest. An estimated 300,000 tourists have ﬂocked to the region where dryness, crystalclear air and low light pollution has created a stargazers’ paradise. AFP

Kimono... From A1 Kardashian, who is married to rapper Kanye West, sparked a social media storm last week when she unveiled the new line, with some in Japan accusing her of disrespecting the traditional outﬁt. Following the backlash, which included the trending Twitter hashtag #KimOhNo, Kardashian revealed on Twitter and to her 142 million followers on Instagram that she would change the name. “When I announced the name of my shapewear line, I did so with the best intentions in mind,” Kardashian said. “My brands and products are built with inclusivity and diversity at their core and after careful thought and consideration, I will be launching my Solutionwear brand under a new name,” she said. Once a standard of the Japanese wardrobe, the kimono is now often reserved for special occasions, such as weddings and coming-of-age ceremonies, and is mostly worn by women. The mayor of Japan’s ancient capital Kyoto was among those who asked the reality television star to consider renaming her shapewear line. “Kimono is a traditional ethnic dress fostered in our rich nature and history,” Kyoto Mayor Daisaku Kadokawa wrote in a letter to Kardashian. AFP

Romualdez... From A1 “It is ironic that Metro Manila is submerged in flood waters even at the slightest downpour, yet households do not have a steady supply of water from their faucets,” added Romualdez, president of the LakasChristian Muslim Democrats (CMD). “The mean annual rainfall of the Philippines varies from 965 to 4,064 millimeters annually. It is time that we study the possibility of rainwater harvesting as a source of drinking water for our cities and municipalities,” Romualdez said. Bulacan Rep. Gavini Pancho told Romualdez about the possibility of building mini-dams at the sidelines of Monday’s preState of the Nation Address economic and infrastructure forum at the Philippine International Convention Center in Pasay City. “I fully subscribe to the proposal of Congressman Apol. Since the creation of Department of Water is a priority of President Duterte, I will ask other leaders of Congress to include the mini-dam concept in the legislative measure,” said Romualdez, a lawyer and president of the Philippine Constitution Association (Philconsa). Pancho said the construction of minidams will not only help address the water supply problem but also solve the flooding problem in Metro Manila and nearby provinces. “Just this Monday, the heavy downpour submerged several areas of Bulacan and parts of Metro Manila yet water level in Angat Dam rose only by a meter. If we can collect those rainwater in small-dams, then we may have a steady supply of water even for agricultural, commercial and industrial use,” Pancho said. He added building mini-dams is not too exensive since the project only involves stages of walling of existing infrastructure and levelling and deepening of riverbeds. “It is not going to be too expensive because of the existing infrastructures in place. What is needed is walling to be done in stages,” said Pancho. “What is important is to put rainwater to productive use and not just allow to go to waste and cause floods,” he added.

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Palace upbeat on passage of Disaster Resiliency dept. By MJ Blancaflor

TRIBAL WALK. Tribal leaders walk towards the gate of the United Nations Headquarters in New York City on Monday (July 1, 2019). They engaged representatives of the Office of the United Nations High Commissioner for Human Rights on the challenges their communities are facing due to the attacks committed by the CPP-NPA-NDFP. PCOO Photo

‘Immoral’ Cebu lawyer disbarred THE Supreme Court has ordered the disbarment of a local government lawyer in Cebu for gross immorality. In a 14-page decision, the SC disbarred lawyer Eliseo Ceniza Jr., a Mandaue City assistant legal officer, for abandoning his family and living with his mistress who is a married woman herself. The high court ordered his name stricken off the Roll of Attorneys after finding him guilty of gross immorality in violation of Rules 1.01 and 7.03 of the Code of Professional Responsibility. “There is no question that a married person’s abandonment of his or her spouse in order to live and cohabit with another constitutes immorality. The offense may even be criminal—either as concubinage or as adultery,” the SC decision stated. The high court turned down Ceniza’s defense that there was no direct evidence that he and his mistress were living together, citing his failure to “present proof that he or she still maintains the degree of integrity and morality expected of him or her at all times.” According to the tribunal, although this was a matter involving Eliseo’s private life, it had “exhorted all lawyers to always conduct themselves in a manner as to avoid scandalizing the public by creating the belief that they are flouting the moral standards of the legal profession.” Rey E. Requejo

Trace missing P9.633b, BOC told THE Commission on Audit has flagged the Bureau of Customs to trace the whereabouts of its P9.633 billion in assets. While the bureau’s accounting division said the bureau has P9.887 billion in properties and equipment, but an inventory conducted by the property officer has figures way off the mark. In a 2018 report on the physical count of property, plant and equipment listed only P208.063 million worth. State auditors said the property, plant and equipment account was “unreliable.” COA told the customs bureau to conduct a thorough recount based on the guidelines under the government accounting manual to reconcile disagreeing ledgers. Rio N. Araja

‘Massacre’ suspect hit for delay tactic A PRIVATE prosecutor in the Maguindanao multiple murder case on Tuesday urged the Quezon City Regional Trial Court to reject a new motion for reconsideration ﬁled by one of the principal accused, and branded the legal move as another form of a delaying tactic. In an interview, Nena Santos, the private lawyer for the relatives of at least 35 victims of the Maguindanao massacre, said should Branch 221 Judge Jocelyn Reyes grant the plea of Andal Ampatuan Jr., an ex-mayor of Datu Unsay, Maguindanao, the case may drag on for months or even a year, instead of resolving the case “hopefully in October.” “Justice delayed is justice denied,” she told the Manila Standard. She urged Reyes to ignore Ampatuan’s fresh motion seeking another chance to present pieces of evidence and witnesses who could help him clear his name of any involvement in the deaths of 58 people, including 32 journalists. Rio N. Araja

Poe, Lacson, Drilon file th bills early in 18 Congress By Macon Ramos-Araneta

ENATORS Grace Poe, Panfilo Lacson and Franklin Drilon fired the opening salvo in the 18th Congress by filing their pet bills early.

Poe filed the Freedom of Information (FOI) bill on Tuesday, July 2, one of the ten measures she filed before the Senate’s Bills and Index Service. “Transparency is essential to accountability. Without transparency, citizens cannot access the information needed to collectively discern the fitness of public officials, elected otherwise, to hold public office,” Poe said in the explanatory note of the proposed Act Implementing the People’s Right to Information and the Constitutional Policies of Full Public Disclosure and Honesty in Public Service or the People’s Freedom of Information Act of 2019. As chairperson of the public information committee, Poe spearheaded the approval of the bill on third and final reading in 2014. In 2016, she filed her version of the bill and sponsored it on the floor. Poe said an FOI law will strengthen the existing Executive Order No. 2 that operationalizes FOI but only in the Executive branch. The proposed measure, an enhanced version of her previous FOI bill, has con-

sidered and incorporated inputs and ideas of various stakeholders from the previous two Congresses. Under the bill, the Statement of Assets, Liabilities and Net Worth of the following officials shall be disclosed in their official website: President, Vice President, members of the Cabinet, members of Congress, justices of the Supreme Court, members of the Constitutional Commissions and other constitutional offices and officers of the armed forces with general or flag rank. Access to information, however, is not absolute as there are documents that need to be kept confidential such as those that directly relate to national security or defense and if their revelation may cause damage to the national security or internal and external defense of the State. Lacon, meanwhile, filed a bill that gives the Philippine government more tools to protect the public from this menace. According to Lacson, his Senate Bill 21 will plug the loopholes in Republic Act 9372 (the Human Security Act of 2007) so Philippine authorities can prevent terrorist attacks or bring the perpe-

trators to justice. Lacson added that while an anti-terror law in itself cannot solve the problem of terrorism, “an intensified one can give the government and the law enforcement agencies the much-needed tool in dealing with the emerging threats of terrorism.” Lacson, who headed the Philippine National Police from 1999 to 2001, also played a key role in crafting the Human Security Act of 2007. In his bill, Lacson noted that while RA 9372 has been in effect for more than 10 years, gaps in the law prevented authorities from implementing it properly. So far, he said the only conviction for terrorism under the 2007 law was the conviction of Nur Sapian by the Taguig City Regional Trial Court. He added the occupation of Marawi City by the Maute Group in 2017 “showcased the gaps in the current law that leads to the conclusion that we still do not have an effective legal framework that can empower the government to address terrorism as a crime.” Drilon, for his part, vowed to work for the passage of the Anti-Political Dynasty Act even as he urged Congress to fulfill its constitutional duty to end political dynasties. Drilon’s bill, Senate Bill No. 11, seeks to prohibit spouse or relatives of an incumbent elective official seeking re-election to hold or run for any elective office in the same province in the same election.

Honasan has skills to manage DICT, says Palace By Nat Mariano and Macon Ramos-Araneta THE master’s degree of former Senator Gregorio Honasan II in management makes him qualified to lead the Department of Information and Communications Technology as its secretary, the Palace said on Tuesday amid concerns about the former senator’s qualifications in leading a highly-technical department. Speaking to Palace reporters, Presidential Spokesman Salvador Panelo vouched for the skills of the newest addition to President Rodrigo Duterte’s Cabinet, noting that Honasan graduated from the Asian Institute of Management with a Master’s in Business Management. “He is an AIM graduate with a degree in management. In a department, you need to have expertise in management because experts can be hired as consultants,” Panelo said in a Palace press briefing. According to Panelo, the 71-year-old lawmaker-turned-government-official believed he was tasked to head the DICT based on managerial and administerial skills. “You know what Greg Honasan told us last night? He said, ‘I was appointed not on my expertise in this line. I was appointed as a manager.’ And he has an AIM degree for that. He can just get consultants,” he added.

NEW CABINET MEMBER. President Rodrigo Roa Duterte congratulates

newly appointed Information and Communications Technology Secretary Gregorio Honasan II during the oath-taking ceremony at the Malacañan Palace on July 1, 2019. Presidential Photo

SJ resident who claimed ‘kush’ parcel arrested By Joel E. Zurbano AIRPORT and Customs operatives arrested a San Juan City resident after he claimed his parcel containing P1.4 million worth of Marijuana or Kush Weeds at Central Mail Exchange Center in Pasay City Monday night. The authorities did not identify the claimant for unknown reason but based on import documents, the package arrived on June 25 and was consigned to a certain Joseph Mariano. “The seized (847.20 grams) Kush marijuana was found concealed inside tortilla chips package from Illinois, USA. Out personnel found the package suspicious due to its smell,” said Ninoy Aquino International Airport-Customs collector Carmelita Talusan.

She added the arrest was made possible through the continued vigilance of BoC-NAIA team in coordination with Philippine Drug Enforcement Agency. The arrested claimant will be charged with violation of Section 117, 1400 and 1113 of Republic Act 10863 (Customs Law) in relation to R.A. No. 9165 (Comprehensive Dangerous Drugs Act of 2002). Talusan warned the public against importing illegal goods as Customs and PDEA agents intensiﬁed their partnership in their anti-drug surveillance, intelligence, utilization of x-ray units and other equipment. Two months ago, Customs agents also foiled an attempt of an international drug syndicate using the country’s postal system to smuggle liquid marijuana.

THE Palace has expressed optimism that the law seeking to create the Department of Disaster Resilience will be made with the new Congress. Speaking to reporters in Malacañang, Presidential Spokesman Salvador Panelo said the 18th Congress which opened Monday will “hopefully” pass the law creating a new department that is expected to deliver an enhanced disaster resiliency and quick disaster response. Earlier this year, Defense Secretary Delfin Lorenzana said that efforts in creating the country’s DDR has been gaining momentum. During his State of the Nation Address in 2017, President Rodrigo Duterte called on the Congress to “expeditiously craft a law establishing a new authority or department that is responsive to the prevailing 21st century conditions.” In the 17th Congress, five Senate bills were filed proposing the establishment of a DDR. The other proposed names are: Department of Disaster Resilience and Emergency Management, Department of Disaster Risk Reduction and Management, and Department of Disaster and Emergency Management. Meanwhile, the House of Representatives had approved its version of the bill on third and final reading in 2018. Under the bill, DDR would be responsible for coordinating the preparation, implementation, monitoring, and evaluation of disaster and climate change resilience programs. The bill would also order the creation of the Prevention, Mitigation, and Preparedness Fund which will be used to support programs for climate change adaptation, disaster risk prevention and mitigation of 3rd to 6th class provinces and municipalities in the country. The proposed department would have more powers than the current National Disaster Risk Reduction and Management Council. As proposed in the House bill, the powers, functions, and funds of the Office of Civil Defense, Climate Change Office, Geo-Hazard Assessment and Engineering Geology Section of the Mines and Geosciences Bureau, and the Bureau of Fire Protection would be transferred to the DDR.

Anakalusugan Party-list solon decries high medical inflation ANAKALUSUGAN party-list Rep. Michael Defensor has called for greater transparency in the pricing of medicines in the Philippines, saying it was unacceptable that the country’s expected medical inflation this year of 13.7 percent was more than double the full-year average inflation of 5.2 percent in 2018. The medical inflation forecast is also more than 300 percent higher than this year’s expected average inflation, pegged at 2.7 percent by the Bangko Sentral ng Pilipinas. “Immediate interventions must be implemented. Filipinos have been suffering, dying even, because of the prohibitive cost of healthcare,” Defensor said, adding that at least 60 percent of sick Filipinos die without even being able to see a doctor. “We want to know why we have a double-digit medical inflation that is more than a hundred percent higher than our full-year headline inflation last year. Since late 2018 up to April this year, price pressures on basic goods and services have eased, yet the cost of medicines, diagnostics and procedures continue to spike,” he added. The party-list lawmaker said he will call for a congressional probe on the cost structure and the variables that influence the pricing of medicines, as well as diagnostics and other medical procedures— including doctors’ consultation fees. There must also be a cap on the profit margin that drug stores, pharmacies, distributors and retailers are allowed to pass on to consumers, he said. The Mercer Marsh Benefits 2019 Medical Trends Around the World report showed the country’s medical inflation is expected to increase to 13.7 percent this year from 13 percent last year. This makes the Philippines the second most expensive country in Southeast Asia in terms of medical cost, next only to Vietnam’s 14.2 percent. In the 17th Congress, lawmakers sought to pass a priority legislation of the Palace that aims to give more teeth to the Cheaper Medicines Law by establishing a Drug Price Regulatory Board.

Opinion

WEDNESDAY, JULY 3, 2019

mst.daydesk@gmail.com

The SEC circular

A COUPLE of months ago, the Securities and Exchange Commission required all incorporated entities and new registrants to make a disclosure of beneficial ownership. In the wake of protests from all those affected, I wrote a column where I said that the SEC requirement was in effect an enactment of a law which only Congress can do. I also wrote that the subject circular making all corporations disclose their beneficial ownership was an invasion of privacy, contrary to the 1987 Constitution.

Here is what SharePHIL has to say. In response, the SEC wrote a letter to Manila Standard saying that I was wrong and that it had the right to amend Circular no. 17, series of 2018 to require all corporations to disclose their beneficial ownership. After my column, the SEC required all interested parties to comment on the amendments. I have since gotten a copy from SharePHIL, which represents shareholders. It is headed by Evelyn Singson and Francis Ed. Lim.They shared my views on the SEC’s controversial requirement. SharePHIL’s response to the controversial circular is based on the following: 1. Only Congress can pass a law requiring corporations to disclose their ultimate beneficial owners. 2. The subject circulars of the SEC intrude on citizens’ and investors’ inherent constitutional right to privacy, and 3. The subject circular will further

Adelle Chua, Editor

EDITORIAL

deter the development of the capital market to the prejudice of the investing public. The argument raised by SharePHIL are quite long and extensive for this column to accommodate. For the sake of brevity, I will just briefly summarize them. “Only Congress has the power to pass such measure requiring all corporations to disclose to the public their ultimate beneficial owner. The subject circulars affect not just corporations, but even natural persons such as members of SharePHIL who are ordinary investors in companies both listed and unlisted. “A measure as broad in its effects as the subject circulars can only be passed by Congress because they deal with a subject matter that should be covered by law. As stated by Louis Fisher in his book Constitutional Conflicts Between reguCongress and the President, many regu lations, however, bear directly on the public. It is here that the administrative legislation must be restricted its scope and application. Regulations are not supposed to be a substance for the general policy-making that Congress enacts in the form of a public law. “While SEC was given power by Congress to make rules, regulations and orders, this power must not be construed as giving the SEC unlimited legislative authority. In this regard, the Anti-Money Laundering Act of 2001 (AMLA) as amended does not apply to all corporations. By design, it is limited to what it describes as “covered institutions” which are enumerated by Section 3(a) of the law. Equally significant is that there is nothing in the AMLA that authorizes the SEC to require covered institutions to report covered transactions. “While the AMLA requires covered institutions to create a system for client identification (Section 9), the information given by clients of covered institutions in compliance with Section 9 of the AMLA is still protected by the Data Privacy Act (Republic Act 10173) and is not meant to be shared to the public.

Let qualifications be the yardstick HERE is something unseemly in the way the campaign for the speakership of the House of Representatives in the 18th Congress is devolving.

One incoming lawmaker from Metro Manila insists that he has a term-sharing agreement with another lawmaker, and that President Rodrigo Duterte has signed off on the deal. Going on TV talk shows, the incoming congressman—a former senator and a recently resigned Cabinet member—says the agreement calls for him to take the first 15 months of the three-year term, while the other contender would take over the second part of the term, for 21 months. This other lawmaker, who also aspires to the position, has denied that such an agreement exists—prompting the Metro Manila congressman to call him a liar. The President himself has confirmed the agreement, even as this other lawmaker backed out at the last minute. “It's okay if he lies because politicians lie,” the Metro Manila lawmaker told a cable news public affairs program. “I was watching him here. But to call the President [a] liar by saying there's no such agreement, I'll not take that sitting down.” Pointedly, both lawmakers belong to the ruling PDP-Laban, the party head-

ed by the President, which has 84 seats in the 304-member House. These details are significant in several ways. First, even with 84 seats—the largest number in the House—the PDP-Laban cannot on its own form a majority to elect a speaker, and needs the votes of its traditional allies from other parties to obtain a supermajority. The prospects of this happening diminish if the PDP-Laban itself cannot agree on one candidate. Second, the President himself has not seen fit to endorse a single candidate from his party, and has said he would not do so. With one word, he could have settled the issue, but for his own reasons, he chose not to do so. Third, and just as significant, the President could have confirmed or denied the existence of a term sharing agreement to establish to all and sundry who has been lying. Again, he has not done so. Now, the President’s own son says he wants to be Speaker, to bring unity to his father’s party. Strangely, however, he speaks of term sharing, too—among representa-

tives of Luzon, the Visayas and Mindanao—in an arrangement that presumably would split the threeyear term of Speaker by the same number of years, an arrangement that would further divide rather than unite the House and the nation. Lost now in all this politicking is any talk about qualifications—or the freedom among lawmakers to choose their own leader. Are newcomers with no or little experience in Congress truly qualified to lead it? What experience do they have to adequately prepare them for the prickly work of gaining consensus among the diverse membership of the House to further the administration’s legislative agenda? To listen to the lawmaker from Metro Manila talk, it would seem like the individual views of lawmakers do not matter, and that the leadership question has already been settled in some private backroom negotiation. It is easy to talk up the allure of youth and enthusiasm, and just as easy to forget that wisdom is a key qualification for leadership. Might Congress—and the people—be better served if the leadership issue were settled based on the qualifications of the aspirants and the free will of lawmakers to vote their conscience?

Turn to A5

Carpio or Panelo?

WHO do you believe in interpreting the Constitution, Senior Associate Justice Antonio Carpio or Presidential Spokesman Salvador Panelo? Both are lawyers but I will have to cast my vote for Carpio who, as the second-highest magistrate in the land, quite obviously is more steeped in interpreting the law and the Constitution. Panelo’s view, on the other hand, shows that the President’s mouthpiece is biased in favor of his boss. That is his job if he wants to keep it. Someone said he prefers former presidential spokesman Harry Roque more than Panelo. Why, I asked. He said it is because Panelo seems to have a permanent smirk on his face when facing the press. The issue is President Duterte’s statement that he will allow the Chinese to fish in the Philippines’ 200mile exclusive economic zone despite the clear provision of the 1987 Constitution that waters in the country’s EEZ is exclusively for Filipino citizens to to use and enjoy. Complicating the controversy is Duterte’s revelation that he is doing this in implementation of a prior bilateral agreement with Xi Jinping. The agreement was apparently signed during one of his many visits to China. The Senate has asked for details, but the Palace has denied this request. Now it is more pressing and could be the basis for the President’s impeachment as international treaties are supposed to be ratified by the Senate. As it is, the President shelved the Senate‘s ratification duty. But with the Senate now fully dominated by Duterte’s chosen ones, it looks farfetched that the upper chamber will make any more noise except for the

likes of Senators Richard Gordon and Panfilo Lacson who want Malacañang to release the contents and details of the Duterte-Xi accord on fishing in Philippine waters. The President is supposed to protect the territorial sovereignty of the land and its citizens, the Filipino fishermen in this case. Their livelihood has been diminished; the Chinese, using trawlers, have depleted the West Philippine Sea of its bountiful fish supply. But who will impeach the President? The House where any impeachment proceeding is supposed to start is stacked with the supermajority whose canine devotion to Digong knows no bounds is predictably silent on the issue. This, specially after President Duterte threatened to jail anyone who wants to impeach him. But apart for the house members, any concerned

5 minutes to nirvana

Hands down, I am for the former. citizen can file an impeachment case against a President. But who would be willing to risk incarceration especially if detained at Camp Crame? Recall that a South Korean businessman arrested on suspicion of drug trafficking was killed right inside Camp Crame, giving rise to calling the national police headquarters as Camp Crime. The funniest quote of the week on the Philippine fishing rights came from Senate President Tito Sotto. He said: “Who can tell whether this fish came from China or whether the fish swam all the way from the Philippines to China?” We have heard of bird watchers, but fish watchers ? Only Sotto would have the time to indulge in it instead of studying on how to run the Senate. Meawhile, the House Speakership race has narrowed down to Turn to A5

AT MONDAY’S (July 1, 2019) forum designed as a precursor to President Rodrigo Duterte’s State of the Nation Address (SONA) on July 22, two key cabinet members painted or promised nirvana for the Filipino people. Finance Secretary Carlos “Sonny” Dominguez maintained that TRAIN (Tax Reform for Acceleration and Inclusion), which is basically a tax package more than a tax relief, was actually endorsed by the Filipino electorate during the May 13, 2019 elections Ten of Duterte’s candidates won ten of 12 senatorial slots at stake. At the same time, the President’s allies and candidates of the coalition, either cobbled by his PDP-Laban party, or his daughter Sara’s Hugpong Ng Pagba-

bago), swept most of the local LGU and congressional seats contested, giving the administration huge political capital over the next three years. “The election victories of proponents and supporters in Congress of the Tax Reform for Acceleration and Inclusion (TRAIN) law showed support, not opposition to, the administration’s tax reforms,” Dominguez said, as reported by the Inquirer.

The President knows his math. For his part, Public Works Secretary Mark Villar claimed Duterte’s P9-tril P9-trillion Build, Build, Build infra program involving 75 projects is being accelerated and that it is actually do-able to travel from Makati to Cubao by yearend. None of the eight opposition senatori-

al candidates under the Liberal Party’s Otso Diretso won. Former President BS Aquino III’s first cousin, reelectionist Senator Bam Aquino, and his (Noynoy’s) best friend, with whom he shared girl friends, returning former Senator Mar Roxas, were among the big opposition losers. As a result, there are now only four LP opposition senators in the 24-member Senate and only 18 LP congressmen in a Lower House of 354 members. The four LP senators are: Frank Drilon, Francis Pangilinan, Risa Hontiveros, and Leila de Lima (detained). Dominguez promised more food at stable prices, a slower rate of rise (or inflation) in prices of commodities, cheaper money for lending because of the country’s investment-grade rating (BBB+ stable, the best in 100 years); greater spending by the government (for education, for health, for policemen and soldiers, for social pension, for agriculture, or as a ratio of GDP, 19 Turn to A5

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Opinion Threatened, beaten, shot: Turkish journalists in the crosshairs By Raziye Akkoc AFTER being assaulted 28 times during his career—punched, kicked and beaten with bats—Turkish journalist Hakan Denizli thought he had seen it all. But for the 29th attack, they came with a gun, and they did so while he was taking his four-year-old grandchild to daycare. Denizli, who edits the Egemen daily newspaper in the southern city of Adana, is matter-of-fact about it: "I got into the car and the window was open. They came, shot me in the leg and ran away." That incident in May came amid a spate of assaults that has seen six journalists targeted in as many weeks. Many blame the worsening atmosphere on politicians, who regularly lash out at individual journalists. "If you don't know your place, the people will hit you in the back of your neck," President Recep Tayyip Erdogan snapped after a TV presenter on Turkey's Fox news channel asked whether people would protest rising prices in December. Reporters Without Borders (RSF) says Turkey is the biggest jailer of journalists in the world, and ranks it 157th out of 180 countries in the world for press freedom. There are 142 journalists currently behind bars in Turkey, according to the P24 press freedom website. Most are detained under a two-year state of emergency imposed after the 2016 failed coup. The government says nobody was arrested for work as a journalist, but RSF says violence against the media often goes without punishment or even criticism. A request for a parliamentary investigation into the recent attacks was re-

The SEC... From A4

However, by requiring corporations to disclose their ultimate beneficial owners in the General Information Sheets. The SEC is, in effect, requiring all corporations to disclose their ultimate beneficial owners to the whole world. “The AMLA Law did not create such a requirement, and Section 18 of the AMLA law does not authorize the SEC to impose such a requirement.” On Point No. 2 that the subject SEC circulars intrude into the right of privacy, SharePHIL argues that the right to privacy is the right to be left alone. It is described by Republic Act 101, otherwise known as the Data Privacy Act, as a fundamental human right. “In Ople vs. Torres, the Supreme Court recognized the right to privacy as a fundamental right guaranteed by the Constitution. Hence, it is the burden of government to show A.O. 308 is justified by compelling state interest and that it is narrowly drawn. “A.O. 308 is predicated on two considerations: (1) The need to provide our citizens and foreigners with the facility to conveniently transact business with basic services and social security providers and other government instrumentalities, and (2) the need to reduce, if not totally eradicate, fraudulent transactions and misrepresentations by persons seeking basic services. It is debatable whether the broadness and vagueness of A.O.308 which is implemented will put people’s right to privacy in clear and present danger. “Until the passage of subject circulars, a Filipino citizen like our members can opt to hide his ownership of companies by creating ownership layers or setting up trust arrangements with the registered stockholders of a company.

5 minutes... From A4

percent, the highest in 28 years); a simpler, fairer, and more efficient tax regime (simply stated, you will pay more and higher taxes, such as those imposed on diesel and other refined petroleum products, coffee, orange and other sweet juices, liquor and cigarets, autos, and services offered by Dr. Vicky Belo, and increased fees rendered by government corporations which are required to hike dividends paid their owner, the government); start of the $935-million Metro Manila Subway funded by Japan), full operations of the Clark Airport City within a year; more cheap foreign loans, more foreign investments, tax breaks for big corporations (but of course); easier ways of doing business (wow!), more efficient and more accountable government (wow!!!), lower unemployment rate (at 5.17 percent in April 2019, a triple wow);

jected by the ruling AKP party and its but the responses often reflect the fierce alliance partner. partisanship of Turkish politics. The government has been silent on Not cowed Demirag's assault, for instance, but ErOne outspoken critic of Erdogan's gov- dogan's office immediately denounced ernment, Yavuz Selim Demirag of the the attack on Islamist journalist Murat Yenicag daily, blames the attack on him Alan, who was beaten up in Istanbul on on a full-page advert put out by the right- June 14. wing Nationalist Movement Party (MHP), Alan had reportedly referred to the ruling party's coalition partner. Turkish generals as "donkeys," anHe was among dozens of journalists gering the country's ultra-nationallisted in the advert, which was pub- ists. lished in several high-circulation newsIdris Ozyol, a journalist from Antalya papers after last year's general election, on the south coast, did at least receive with the banner, "Slander, allegations, a call of consolation from Foreign Mincomplaints." ister Mevlut Cavusoglu after being atAt least two of them have been attacked recently. tacked. But he said Cavusoglu blamed the Demirag, 61, was beaten by a gang government's own coalition partner, the with bats outside his home on May 10, MHP—which only annoyed him furbreaking parts of his rib cage. ther. "When I sneeze, cough, get up, it "One arm of the government attacks, hurts," he said. the other arm sends messages saying Prosecutors say they are investigat- 'We are so sad'—like a game of gooding, but six suspects were quickly re- cop, bad-cop," he told AFP. leased after their arrest. RSF's Erol Onderoglu said the situ"Being a journalist in Turkey is hard, ation was "deeply hypocritical" given attacking journalists is heroic," Demirag Turkey's criticism of Saudi Arabia folsaid. lowing the murder of journalist Jamal Opposition journalists face not just Khashoggi in their Istanbul consulate violence but relentless pressure from last year. the judiciary. Onderoglu, who himself faces chargBarely a month after the assault, es of "terrorist propaganda" for supDemirag was briefly imprisoned for porting a pro-Kurdish newspaper, said: an old conviction of "insulting the "We need a prominent political figure to president" over a speech in which he intervene against this hostile climate... questioned the right to immunity of (but) it is really difficult to expect anycertain officials, and he remains on thing." probation. Recovering from the gunshot wound Denizli says he has "maybe 24 or 25" to his leg, Denizli suspects his articles legal cases against him. on corruption are to blame for the "I am not cowed by these cases." endless attacks, but he remains undeterred. Hypocritical "I just try to do my job as best as I Journalists of all stripes are at risk, can," he said. AFP

There is no law that prohibits the setting up of these layers or arrangements. Indeed, the Supreme Court has recognized this setup. “There could be a number of reasons why he would want his ownership of companies to be hidden, such that (1) he does not want others to know that he owns a company in competition with the business of his friends, (2) the company operates a business against the beliefs of the citizen’s family or in-laws, (3) he wants to remain incognito to enjoy his privacy and not be thrust in the limelight as the owner of a business enterprise (4) he does not want his family to be the target of kidnap-for-ransom gangs etc. The list can go on and on, but the underlying rights that the citizens to enjoy the constitutional rights of freedom and privacy are guaranteed by the Constitution. The subject circulars will take that freedom and privacy away from him as the companies will be forced to disclose to the whole world his ownership of companies against his will. “Moreover, the subject circulars require the sharing of sensitive personal information (like TIN which is protected by the DPA) Under Section 2 (a) of the implementing rules and regulations of the DPA, data sharing is allowed if it is expressly authorized by law provided there are adequate safeguards for data privacy and security contained in the law. It appears that the AMLA complies with these requirements. “With due respect, therefore, the SEC cannot require the disclosure of personal and sensitive information on the strength of the AMLA.” On Point No, 3, SharePHIL said “it is common knowledge that despite the fact that the Philippine stock market is one of the oldest in Asia, it remains one of the smallest. Indeed in a speech before SharePHIL members in 2017 the president of the Philippine Stock Exchange,

Ramon Monzon said that while the PSE Is one of the oldest in Asia, it pales in comparison to much younger exchanges in the Asean region. “There are various reasons for the laggard development of our stock market, among which is the low participation of investors and the limited number of listed companies where investors can invest their money. For example, as of the end of April 2019, the PSE average daily turnover was only USD 125.3 million compared to the stock exchanges of Thailand (USD1.2 billion), Singapore (759.6 million), Malaysia (USD 483.5 million) and Indonesia (USD533.2 million). The PSE also pales in comparison with other Asean exchanges in the number of listed companies. “Needless to say, the investing public needs the option to remain private and anonymous. To require companies to disclose their ultimate beneficial owners to the public is to require them to divulge confidential information, agreements and arrangements, which are hitherto not required to be disclosed. It will discourage companies ti go or remain public and big investors, like asses management companies, mutual funds and other institutional investors which may be owned by multiple investors, from investing in our stock market. The subject circulars will cause undue burden ad difficulty in companies and investors. They further deter the development of the stock market, which will certainly prejudice the investing public like SharePHIL.” I may add that the arguments by SharePHIL are irrefutable and well researched, so much so that the SEC will prejudice immensely the investing public if those circulars are implemented.

lower poverty incidence (to 21 percent of the population in first half 2018 from 27.6 percent in first half 2015, a wow, wow, wow, wow! because that means five million Filipinos uplifted). “We expect to perform even better in the coming period by rapidly modernizing not only our infrastructure base but also the policy architecture that will make possible sustained and inclusive growth,” proclaimed Dominguez. Meanwhile, Villar said that the fiveminute travel time from Cubao in Quezon City to Makati City is doable. In an off-the-cuff remark last June 8, 2019, Duterte promised a five-minute travel time from Makati to Cubao, on EDSA by December this year. “You just wait. Ayaw kong mag-ano. Things will improve. Maybe God willing December smooth sailing na,” Duterte said in a television interview over Sonshine Media Network. “You don’t have to worry about traffic. Cubao and Makati is just about five minutes na lang.”

“It (five minutes) is actually possible,” Villar said, clearly not sounding like Pollyanna. Once major road projects around Metro Manila are completed, a 15-minute travel time between Makati and Balintawak is possible, making it quite possible for the five-minute travel time from Cubao to Makati, explained Villar. Duterte and Mark Villar might be referring to the 14.82-km elevated Magallanes (Makati)-Balintawak connector road of San Miguel Corp. which is due for completion next year (December is one month before next year). Running at 60 kph on an elevated expressway like the SMC connector road, a car can reach Balintawak from Makati in just 15 minutes. Balintawak to Cubao is 9.8 kms. Subtract 9.8 kms from 14.82 kms, you get five kms. At 60 kph, five kms is just five minutes. Duterte surely knows his math.

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WEDNESDAY, JULY 3, 2019

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Manila times, still retained pockets of charm now gone to seed. When I read that the youngish Isko Moreno, batang Maynila, won handily over re-electionist former president and then mayor Joseph Estrada, hope which of course springs eternal, lived DESPITE having lived in several again in my wish list. places, whether in Mindanao or out So many problems, so many obstaof the country, I always go home to cles, worse, so little time. Manila, my personal Manila. For three years from now, Mayor I was just a little over five years Isko will once again face the Manila old when we moved to Manila from electorate and be measured according San Pablo City in Laguna. At half a to what he has achieved and what he year past five, I enrolled as a grade has failed to do. (Which is why this one student in Colegio de San Juan stupidly short three-year term for de Letran in Intramuros. At the time, elected officials is really a bane we we resided in the boundary of Tondo must remedy through a revised Conand Sta. Cruz, in Claro M. Recto cor- stitution). ner Masangkay, I am heartened by the knowledge then called Azcarthat Mayor More raga corner MagMoreno will be assisted dalena, a stone’s I offer to assist pro throw away from by Cesar Chavez, bono, with no other a celebrated Arranque Market. broadcast journalUntil we finally objective than to live ist who has served moved to Malate to see my Manila, our as where for the last Manila, gradually come government well in different 40 years I have reback to life. positions, among sided, we lived at them recently as one time or anothundersecretary in er in Sampaloc, in Sta. Cruz near the San Lazaro race the transportation department. Ce Cetracks, even Sta. Ana. In short, I have sar has also worked with me in two lived, studied and worked within the agencies I previously headed. He is confines of Manila. I went through always brimming with ideas, and has college on a scholarship of then a systematic suit within which he Mayor Antonio J. Villegas. My first is able to organize both an endless government responsibility was as stream of ideas and boundless energy. Also with the new mayor is another Postmaster-General under President Cory Aquino, with its headquarters common friend, Atty. Marlon Lacson, in the classical Bureau of Posts Of- once majority floor leader of the city fice astride the Pasig River. I also council where Isko presided. Let me now add some two cents became head of the Philippine Tourism Authority whose office was part of unsolicited advice where likely of the trio of neo-classical buildings Mayor Isko could focus and achieve which have now become the National the beginnings of renewal of the once Museum Complex. And as political proud and lovely city, at the very least adviser to the president, I held office to make it more livable and more enat the New Executive Building in the ticing to visitors and resident alike. Focus on two areas (not to neglect Malacañang Complex. All these ofthe rest): the Port Area-Intramurosfices were in Manila. Even when I would do business in Ermita districts bounded on the west Mindanao, particularly Butuan City, by Roxas Boulevard and Manila Bay; or manage a family-owned farm in and the Binondo-Escolta-Chinatown Davao City, or stayed in the US of A, area once known as the expanded Paror now in Taiwan, or even as living in ian where the kastila’s ghettoed the the near suburbs within the metropo- intsik’s (written not as pejoratives but lis meant a larger space and perhaps colorful descriptives). And please, do not allow any furfresher air, I could not get myself to leave the house which my parents be- ther bay reclamation projects other queathed in the once genteel part of than the one which both the city the city which at one time was called council under your two predecessors the Pearl of the Orient, Spain’s ciudad approved and which the national government has already green-lighted real in the Far East. But I have also been mute witness (for contractual obligations). So many to its slow decay. I have seen how greedy real estate developers will try the once-busy upscale shopping street to sell you grandiose blueprints which called Escolta of my boyhood, where will not only create negative and irI first tasted my favorite peach mel- reversible environmental impacts, ba and ice cream sodas at the Botica but will further lead to the rot of the Boie, has now become a warren of ne- original city. In heaven’s name, for glected buildings. Or how the beauti- posterity’s sake, Mayor Isko, do not ful Art Deco stand-alone cinemas in entertain them. For want of space, I shall not go into the Avenida have become unsightly go-downs for imported (or smuggled) too much detail. I have spoken to your China-made knick-knacks. How the incoming chief-of-staff about my ideas, stately trees along Taft Avenue and and offered to assist pro bono and with Ermita have either died or been cut no other objective than to live to see my down, forgotten relics of a time when Manila, our Manila, gradually come life was infinitely more pleasant, back to life under your watch. Just imagine, Mr. Mayor: Ongpin in short of bucolic. Never mind the fact that Manila is the heart of what is touted as the oldbursting at the seams with so many est Chinatown in the world becomes people, either migrants from other cit- a cobblestone-lined pedestrian street, ies where poverty forced them to move where from say ten in the morning to the capital for work, or because of till ten at night, no motor vehicles are population mismanagement, resulting allowed to pass. Imagine as well if in the seemingly insurmountable chal- all the facades of the establishments lenges of piled garbage, un-maintained in the historic street, whether eatery streets, poor sanitation in slum areas, or jewelry or curio store, or Oriental crimes petty and syndicated, and now medicine purveyors, are re-done, at the scourge of drugs—these all big very little cost to their entrepreneurs, cities have to grapple with, and it is a to look like their Hispano-Sinitic forebears. And lit up with turn of the never-ending challenge. This article is about urban renewal, 19th century electric lampposts lookabout revivifying a city once envied ing like the original gaslights? With Filipino creativity, and volby other capitals in the East, virtually mutilated by the horrors of the Sec- unteered cooperation from all second World War, of which only a few tors desiring renewal, nothing is imof its surviving citizen still remember, possible, even in the short span of but which, at least until contemporary three years.

Carpio... From A4

Marinduque Rep. Lord Alan Velasco and Leyte Rep. Martin Romualdez. Don’t count out Martin just yet even if the PDP-Laban Party of President Duterte has endorsed Velasco. Romualdez might still surprise Velasco with his support from other quarters of the House and probably even a word from presidential daughter and Davao City Mayor Inday Sara Duterte

who is close to the Marcos-Romualdez family. Her word could signal who the President prefers even if he had come out with a statement he is not endorsing anyone and will just let them fight in a labo-labo or free for all and let the best man win. This week is crucial in the Speakership contest. The House will have to choose who will open the joint session of the 18th Congress for the President’s State of the Nation Address later this month.

CYAN MAGENTA YELLOW BLACK Manila

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Republic of the Philippines

TODAY COMMISSION ON AUDIT

Commonwealth Avenue, Quezon City, Philippines

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WEDNESDAY, JULY 3, 2019

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CIRCULAR No. : 2019-003 Date :JUN. 25, 2019 TO

Local Chief Executives, General Services Officers, Local Treasurers, Budget Officers, Accountants, Sanggunian Members, Supervising Auditors and Audit Team Leaders in the Local Government Sector, and All Others Concerned

SUBJECT

Guidelines to Implement Commission on Audit (COA) Circular No. 2017-003 dated October 25, 2017 Amending Section 197, Title VI – Miscellaneous Provisions and Administrative Instructions, of COA Circular No. 92-3861 dated October 20, 1992 and Prescribing Additional Guidelines Thereon

Commission on Audit (COA) Circular No. 2017-003 dated October 25, 2017 specifically amended Section 197, Title VI of COA Circular No. 92-386, to wit: Disposal of Real Property and Improvements. - Real estate and their improvements by the local government units may be sold to other government or private entity under sealed bids, or by negotiation if sealed bid has failed as defined herein at a price to be determined by the Committee on Awards. The contract of conveyance shall be executed by the local chief executive in behalf of the local government unit concerned in accordance with the formalities required by law on the matter and shall be approved by the local sanggunian. The disposal shall also be subject to the approval of the Commission on Audit in case the disposal is through negotiation regardless of the value of the property to be disposed [of]. The request for approval shall be made prior to the perfection of the contract of sale through negotiation. Expenses relative to the registration and transfer of ownership from the local government unit to the vendee shall be borne by the vendee. For uniformity in the application of said Section, the following guidelines shall be observed: 1.

The request of Local Government Units (LGUs) for approval of the negotiated sale/disposal of real property and their improvements shall be made prior to the perfection of the contract of sale. The request shall be made upon the LGU’s determination of the necessity of disposal and of the selling price, but before the acceptance of the buyer. This is to avoid any consequences arising from a contract already perfected but still subject to the approval of this Commission.

Documentary requirements. All requests for approval of negotiated sale/disposal of real property by LGUs shall be accompanied by the following documents: a. b.

f. g. h. i. j.

k. l. m.

o. 3.

Additional Guidelines. Upon receipt of the pertinent documents from the Commission Secretary, the ATL/SA/RD shall:

In the event that the foregoing requirement is not applicable due to impracticability of public bidding, as in the case where there are already longtime occupants inhabiting the particular property of the LGU and the intent of the latter is to sell said property through negotiation, a separate certification and/or resolution should be issued by the proper authority to such effect. Sufficient proof of ownership over the real property for negotiated sale/disposal, such as certified copy of Certificate of Title/Transfer Certificate of Title, Tax Declaration of the Property, and the like; Copy of the vicinity map of the portion of the lot or real property subject of the disposition; Copy of the proposed Contract of Conveyance (Deed of Sale), which shall be in accordance with the formalities required by law; Real Estate Inspection Report issued by a qualified COA Technical Audit Specialist (TAS); Appraisal Report of the LGU’s Appraisal Committee, stating the Fair Market Value (FMV) of the real property; Appraisal/Valuation Review Report conducted by the concerned Technical Service Office (TSO) on the reasonableness of the negotiated selling price. The report shall be for COA’s reference; Documents showing the FMV of the real property as determined by the Committee on Awards; Documents showing the zonal valuation and assessed value of the real property; List of the names of the homeowners/ beneficiaries, the respective lot areas awarded, and the selling price or price of sale for each lot granted to said homeowners/beneficiaries, if the negotiated sale was resorted to without conducting an auction pursuant to Item (d) above; Comments and/or recommendations of the ATL, Supervising Auditor (SA), and Regional Director (RD) on the legality and propriety of the transaction and the reasonableness of the selling price in accordance with existing rules and regulations; and Copy of the Official Receipt showing payment of filing fee.

Pursuant to Section 4, Rule VIII of the 2009 Revised Rules of Procedure of the COA, the approval of a private sale of government property is within the original jurisdiction of the Commission Proper (CP). Thus, all LGU requests for approval of a negotiated sale of real property shall be filed with the Commission Secretary. The Commission Secretary shall refer the case to the Central/Regional Office concerned for comment and recommendation, and thereafter, to the Commission Proper Adjudication and Secretariat Support Services Sector, for preparation of the draft decision for consideration of the CP.

Letter-request by the Local Chief Executive (LCE) of the LGU concerned; Copy of the Sanggunian resolution/ordinance authorizing the LCE to enter into negotiated sale, and approving the minimum negotiated price of the property to be sold/disposed of; Certification issued by the Zoning Administrator of the LGU, declaring that the real property sought to be sold is no longer needed for any project or program by the LGU; Certification issued by the LGU’s Committee on Awards, attesting that two (2) sealed bids had failed as defined in COA Circular No. 92386, and verified by the Audit Team Leader (ATL) of the COA Auditing Unit in the LGU concerned.

Seek the assistance of the TSO/Division (TSOD) in the Central/Regional Office in determining the reasonableness of the negotiated selling price of the real property, which shall be appraised by a qualified COA TAS; Review the LGU’s procedures for the negotiated sale of real property to assess propriety and conformity with existing laws and regulations; The TSOD shall review the Appraisal Report of the LGU for reasonableness, thereafter transmitting its comments/action thereon to the ATL/SA/RD concerned; and The ATL/SA/RD shall pass upon the legality and propriety of the transaction, including the reasonableness of the selling price in accordance with existing auditing regulations. He/she shall forward the disposal documents to the Commission Secretary.

Customs bans empty containers without Special Permit to Load By Vito Barcelo

HE Bureau of Customs has banned the entry of empty containers at the Port of Manila and the Manila International Container Port without Special Permit to Load, officials said.

Customs Deputy Commissioner Edward James Dybuco of the Assessment Operations and Collection Group issued a memorandum to all offices concerned including the International Container Terminal Services Inc. Asian Terminals Inc. and the Association of International Shipping Lines on the entry of empty

Immigration agents arrest, detain Chinese fugitive IMMIGRATION agents have arrested and detained a Chinese fugitive who is wanted in China for economic crimes and victimized several people, including Chinese government officials. The BI agents, together with Chinese Interpol, were armed with a warrant of arrest against a certain Cai Jian Jun, who is also a fugitive

Manila

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from China, but the subject was not in the area. Instead, the BI agents found Jiang Rongqun, who was later discovered to be wanted in China for economic crimes and has a pending warrant of arrest issued by a Chinese court. The 32-year-old Chinese fugitive committed credit card fraud in Chi-

Republic of the Philippines

Commonwealth Avenue, Quezon City, Philippines

CIRCULAR :

All Heads of Departments, Agencies, Bureaus, and Offices of the National Government, including State Universities and Colleges (SUCs); Budget Officers; Heads of Accounting Units; and All Others Concerned

SUBJECT

Guidelines on the Payment of Prior Years’ Unpaid Authorized Personnel Benefits of the Officials and Employees of the National Government

Salaries and other personnel benefits are the main sources of income of government officials and employees. At present, there are several money claims filed before this Commission involving small amounts relative to prior years’ unpaid authorized personnel benefits of government officials and employees. These prior years’ unpaid authorized personnel benefits were not paid due to the following reasons: late submission of the complete supporting documents because the employee-payee was on leave; the removal of employee-payee from the payroll since he/ she has no sufficient remaining leave balance; and failure of the budget/accounting office to obligate the allotment in the respective registries for those personnel benefits. Thus, these are treated as unbooked obligations by their respective agencies and offices. The Department of Budget and Management (DBM) issued National Budget Circular (NBC) No. 557 dated June 3, 2015, which provides, among others, that since Personnel Services (PS) benefits are mandatory in nature, actual services rendered or benefits allowed in prior years shall not be categorized as unbooked obligations. Thus, such are exempt from the existing policy, rules and regulations on unbooked obligations1. Currently, before payment is made by the department, agency, bureau or office, these prior years’ unpaid authorized personnel benefits of government officials and employees are being filed before this Commission as money claims.

3.6

If the filing of the request within the prescribed period under the preceding number cannot be made due to justifiable grounds, which include, but not limited to illness/sickness of the claimant, calamities, cases of fortuitous event and force majeure, the same must be filed within 15 days after the cited justifiable ground ceased to exist, with a notarized letter of explanation.

3.7

Upon receipt of the request for payment with the complete set of supporting documents, the officers and employees of the accounting/ budget/finance office tasked to process the request must complete processing the payment and transmit the same to the approving officers within 30 days from receipt.

3.8

Upon receipt of the request for payment and its complete supporting documents, the approving officer must act upon the request within 15 days from receipt thereof.

3.9

Every agency, department, bureau or office of the National Government, including State Universities and Colleges (SUCs), shall prepare a regular Monthly Status Report of the unpaid prior years’ salaries and other authorized personnel benefits of its officials and employees, which shall be submitted to this Commission’s Resident Auditor or the audit team leader (ATL) and supervising auditor (SA) and to the DBM every 5th working day of the following month.

3.10

Aside from the Monthly Status Report, every department, bureau, office or agency of the National Government, including SUCs, is required to submit a regular Semestral and Annual Status Report of the unpaid prior years’ salaries and other authorized personnel benefits to the respective ATLs and SAs concerned and to the DBM for review and analysis of the PS fund utilization of the agency/office. The Monthly Status Report shall be attached to the Semestral Status Report and to the request of the department, agency, bureau or office for exemption from the lapsing of the Notice of Cash Allocation allocated for payment of PS in a given CY, if such request is made.

This Circular covers all departments, agencies, bureaus, and offices of the national government.

3.10.1

3.0 GUIDELINES 3.1

The Authorized Personnel Benefits which refer to compensation of government employees pursuant to law and those authorized by the President of the Philippines, shall be as follows: 3.1.1

Two Semestral Status Reports of the unpaid prior years’ salaries and other authorized personnel benefits shall be submitted by the department, agency, bureau or office, as follows: a.

Basic Salaries, including Step Increments;

3.1.2 Standard Allowances and Benefits, which shall be limited to the following: 3.1.2.1

Personnel Economic Relief Allowance

3.1.2.2

Uniform or Clothing Allowance

3.1.2.3

Year-End Bonus and Cash Gift

3.1.3 Specific-Purpose Allowances and Benefits, limited to the following:

3.1.4

MICHAEL G. AGUINALDO Chairperson ROLAND C. PONDOC Commissioner

3.1.3.1

Representation and Transportation Allowances

3.1.3.2

Per Diem

3.1.3.3

Honoraria

3.1.3.4

Night-Shift Differential

3.1.3.5

Overtime Pay

3.1.3.6

Subsistence Allowance

3.1.3.7

Hazard Pay

3.1.3.8

Special Counsel Allowance

3.1.3.9

Overseas and Other Allowances for Government Personnel Stationed Abroad

3.1.3.10

Other allowances and benefits as may be authorized by law or the President of the Philippines.

Incentives, which refer to the following:

3.11 3.12

3.13

3.14

Anniversary Bonus

3.1.4.3

Productivity Enhancement Incentive

3.1.4.4

Productivity Incentive Bonus (until 2015 only)

3.1.4.5

Performance-Based Bonus

3.1.4.6

Other existing benefits as may be categorized by the DBM as incentives.

3.1.6 Personnel benefits for military and uniformed personnel as authorized by law or the President of the Philippines. 3.2

3.3

Personnel Services benefits are mandatory in nature. Actual services rendered or benefits allowed in prior years shall not be considered as unbooked obligations. Thus, such are not covered by existing policy, rules and regulations on unbooked obligations. As prescribed under existing rules and regulations, at the end of the calendar year, the budget and accounting offices of the departments, agencies, bureaus and offices of the national government should obligate

3.10.2

The Annual Status Report shall be submitted to cover the period of January to December of a given calendar year, which shall be submitted on or before the 15th day of the given CY.

3.10.3

If the above dates fall on a Saturday, Sunday or holiday, then the report shall be submitted on the next working day.

The formats of the status reports are herein attached as Annexes A, B and C, respectively. The ATLs and SAs of the government agency/department/bureau/office concerned shall forward the reports to their respective clusters in the COA National Government Sector (NGS) within ten working days from receipt thereof. The NGS, in turn, shall forward the same within five working days to the Government Accounting Sector for analysis and policy formulation purposes. The head of department, agency, bureau or office shall supervise the full implementation of this Circular to ensure strict compliance and avoid undue delay in paying the prior years’ authorized personnel benefits of the officials and employees of the department, agency, bureau or office. All payments made under this Circular are subject to budgeting, accounting and auditing laws, rules and regulations, and to post-audit.

5.0 APPLICABILITY This Circular shall be applied prospectively.

Loyalty Incentive

3.1.4.2

The first Semestral Status Report shall cover the period of January to June of the CY, which shall be submitted on or before the 15th day of July of the same CY. The second Semestral Status Report shall cover the period of July to December of the CY, which shall be submitted on or before the 15th day of January of the following CY.

4.0 PENALTY CLAUSE Failure to observe the provisions of this Circular shall subject the erring officials and employees to applicable penalties under Republic Act (R.A.) No. 6713 or the Code of Conduct and Ethical Standards for Public Officials and Employees, and R.A. No. 9485 or the Anti-Red Tape Act of 2003, and other existing laws and regulations.

6.0 EFFECTIVITY This Circular shall take effect after 15 days following its publication in two newspapers of general circulation and its filing in the Office of the National Administrative Register, University of the Philippines Law Center3. MICHAEL G. AGUINALDO Chairperson

3.1.5 Benefits authorized under the Magna Carta Law and its Implementing Rules and Regulations.

Attested by:

(MS-JUL. 3, 2019)

To facilitate the payment of unpaid prior years’ authorized personnel benefits, the government official/employee must file before his/her department, agency, bureau or office the request for payment, together with the necessary supporting documents, within 15 calendar days following the CY when the obligation arose.

2.0 COVERAGE

3.1.4.1

Rules and Regulations on Supply and Property Management in the Local Governments.

3.5

To facilitate payment of these prior years’ unpaid authorized personnel benefits, COA, in line with its power under Section 2(2)2, Article IX-D of the 1987 Philippine Constitution, hereby adopts the following guidelines to avoid delay in the payment of prior years’ unpaid authorized personnel benefits.

This Circular shall take effect immediately.

Prior years’ unpaid salaries and other authorized personnel benefits which are already approved for payment in the current year may now be paid by the department, agency, bureau and office of the national government concerned even without the claimant filing a money claim before this Commission, subject to existing budgeting, accounting and auditing rules and regulations.

1.0 RATIONALE

Finally, it has come to the attention of this Commission that there were disposals of real property through negotiated sale made by some LGUs without the required approval from COA. Henceforth, in order to ensure strict compliance by LGUs with this policy, LGUs shall submit to the ATL concerned a Semi-Annual Report of their respective real property disposals for the preceding semester, stating the description of the property, the mode of disposal used, and in case of negotiated sale, whether the required approval of COA was sought. Likewise, the ATL shall submit to the Assistant Commissioner of the Local Government Sector (LGS), through the RD concerned, an annual report on the compliance with this policy by the LGU(s) assigned to his/ her auditing unit. The ATL shall also include any significant findings in his/her Annual Audit Report. The Assistant Commissioner of LGS may recommend reevaluation and reassessment of this policy to the CP.

NILDA B. PLARAS Director IV Commission Secretariat

3.4

No.: 2018-001 Date: FEB. 01, 2018

na and his passport had been canceled by the Chinese government, Immigration authorities said. Jiang is now detained at the BI Detention Facility in Taguig City while waiting for his deportation proceedings. The BI is now looking for Cai Jian Jun, who is reportedly still hiding in Metro Manila. Vito Barcelo

the allotment in the respective Registries for the unpaid salaries and other authorized personnel benefits to avoid it from becoming unbooked obligations.

TODAY COMMISSION ON AUDIT

Payment of Filing Fees. Pursuant to COA Resolution No. 2013-016 dated August 23, 2013, all requests for approval of sale shall be subject to payment of 1/10 of 1% of the amount involved, provided that the total filing fee shall not exceed P50,000.00, subject to certain exceptions as may be approved by the CP.

JOSE A. FABIA Commissioner

trucks to the country’s two main ports. Dybuco’s order is aimed at solving the problems of port congestion or high yard utilization due to unreturned empty containers and overstaying imports stored in the premises of ATI, POM and ICTSI at MICP. He said empty containers cov-

ered by SPTL could only be moved to the designated areas within 72 hours prior to the scheduled date and time of loading of the carrying vessel for reexportation abroad. “While empty containers not covered by SPTL and those with SPTL but arriving beyond 72 hours shall not be allowed entrance at the designated areas of ATI and ICTSI,” the order stated. Earlier, the Container Depot Alliance of the Philippines warned that another incident of port congestion might occur in Manila if BOC would allow consignees to return empty containers directly to terminals.

JOSE A. FABIA Commissioner

ISABEL D. AGITO Commissioner

ERD/RNP/DVP CPASSSS-OAC-2019-02-00200 1

Item 4.2.2.4 of the Department of Budget and Management National Budget Circular No. 557 dated June 3, 2015

The Commission [on Audit] shall have exclusive authority, subject to the limitations in this Article, to define the scope of its audit and examination, establish the techniques and methods required therefor, and promulgate accounting and auditing rules and regulations, including those for the prevention and disallowance of irregular, unnecessary, excessive, extravagant, or unconscionable expenditures or uses of government funds and properties

As required under Section 3 of Chapter 2, Book VII of the Administrative Code of 1987. (MS-JUL. 3, 2019)

CYAN MAGENTA YELLOW BLACK

Sports Gilas Youth chase first win in U19 tournament GILAS YOUTH, which lost a to Argentina on Monday, will seek at least a win when it returns to action on Wednesday in the 2019 Fiba Under-19 World Cup. The Gilas Pilipinas Youth team have been winless in two games in Group C of the ongoing tournament in Heraklion, Greece. The Philippines will meet world No. 19 Russia for its final assignment in Group C. They will miss the 6’6” AJ Edu, the Fil-Nigerian center who suffered a torn ACL and meniscus on his right knee. Edu injured his knee while going for a drive at the 7:57 mark of the first quarter in Gilas Youth’s opener against host Greece on Sunday. The Philippine youth squad has since lost to Greece, 85-69, and Argentina, 77-72, Without Edu, Philippine coach Sandy Arespacochaga will have to do with three big men, Kai Sotto, Carl Tamayo, and Geo Chiu. The trio are now the only ones manning the frontline. Argentina, which has won its opener with an 86-84 overtime over Russia, is looking to sweep Group C. The Argentines, led by Lucas Reyes after he finished with 15 points and 5 assists against the Philippines, will take on hosts Greece. Should Argentines win, they will take the qualifying slot after earning first place in the group. Peter Atencio

WEDNESDAY, JULY 3, 2019 sports_mstandard@yahoo.com

Hearthstone takes place of NBA2K By Peter Atencio

HE digital game Hearthstone replaced NBA 2K as one of the six medal games in eSports that will be played in the 30th Southeast Asian Games. Philippine SEA Games Organizing Committee executive director Tom Carrasco said this after he gave an update on the ongoing preparation for the biennial met. Hearthstone is a free-to-play online digital collectible card game that is developed and published by Blizzard Entertainment. Carrasco said the competition managers of the

event were not able to get the needed license to include NBA 2K, a simulation game of the National Basketball Association. Hearthstone builds upon the existing lore of the Warcraft series. “Napalitan siya dahil kulang sa license,” said Carrasco. The five other events that have been included will still be around. These are DOTA, Starcraft 2, Mobile Legends Bang Bang, Arena of Valor and Tekken 7. These official titles to be played as a medal sport when eSport is held in Clark, Pampanga later this year. SEA Games 2019 will mark the first time that eSports is an official medal event.

ESport was ﬁrst included in the 2018 Asian Games as a spectator event. Meanwhile, national team chef de mission and Philippine Sports Commission Chairman William Ramirez initiated the creation of a set of criteria for selection to the national team for the biennial meet last week. “It is important for us to be transparent,” explained Ramirez, adding that having a selection criteria will also ensure “that we ﬁeld the best among them since the success of the Games hinges on the performance of our athletes.” The national sports associations have been informed to submit credentials of their athletes so the secretariat.

Blu Girls drop back-to-back games at USA softball tilt

READY TO RUMBLE. IBF Junior Bantamweight champion Jerwin Ancajas (left) stands beside his manager/trainer Joven Jimenez during the PSA Forum yesterday, July 2 at the Amelie Hotel, Manila. Ey Acasio

Angels, Cool Smashers eye big Final 4 starts PETROGAZZ and Creamline hope to live up to the hype as they take on rivals they have dominated on their way to topping the elims at the start of the semifinal round of the Premier Volleyball League Season 3 Reinforced Conference at the Filoil Flying V Center in San Juan today. First to see action at 3 p.m. are the Cool Smashers, who step up their titleretention drive against the PacificTown Army Lady Troopers, whom they swept via 3-0 and 3-1 romps in the doubleround elims. The Angels also posted the same scorelines in driving past the BanKoPerlas Spikers in the qualifiers of the season-opening conference of the league organized by Sports Vision and backed

by Mikasa, Asics and KFC, making them the favorites to score a repeat in their 5 p.m. encounter. PetroGazz and Creamline actually emerged tied at 9-1 after the elims but the former took the top seeding with a higher tiebreak score and drew No. 4 BanKo-Perlas in the crossover semis, a pair of best-of-three affairs. But given the Angels and the Cool Smashers’ form and powerhouse rosters, the Perlas Spikers and the Lady Troopers will need more than ﬁrepower, defense and luck to overcome their Final Four rivals and crash the championship picture. Ranged against Thai power hitter Kuttika Kaewpin and Ale Blanco of Venezuela and local aces Alyssa Val-

dez, Michelle Gumabao, Risa Sato, Jema Galanza, Pau Soriano, Jia Morado and Melissa Gohing, the Lady Troopers hope to draw solid games from reinforcements Olena Lymareva-Flink and Jenelle Jordan and their crew of local veterans headed by Jovelyn Gonzaga, Nene Bautista and MJ Balse-Pabayo. Cuban Wilma Salas and American Janisa Johnson, two of the league’s top four scorers after the elims, are expected to double their effort along with locals Jeanette Panaga, Steph Mercado, Cherry Nuñag, Djanel Cheng, Jessey de Leon and Maricar Baloaloa although they remain wary of the Perlas Spikers. Thai Sutadta Chuewulim, who took over Kia Bright’s spot midway through

the elims, is expected to prove her true worth in the series together with fellow reinforcement Yasemin Yildirim with focus also on local aces Nicole Tiamzon and fellow former UP stalwart Kathy Bersola, Sue Roces and Jem Ferrer. Salas and Johnson actually emerged as the top spikers with 47 percent and 46.22 percent success, respectively, while Bersola and Yildirim topped the blocking department with 0.78 and 0.68 average per set, making their clash a duel of hitting and blocking. PaciﬁcTown Army, on the other hand, is tops in digging which the Lady Troopers hope to re-display against a slew of Creamline hitters, led by Kaewpin, Blanco, Valdez, Gumabao and Galanza.

THE Cebuana Lhuillier-backed Philippine Blu Girls suffered back-to-back setbacks at the start of the USA Softball International Cup being held at the South Commons Softball Complex in Columbus, Georgia, USA. The hard-working Blu Girls lost an early lead and dropped a high-scoring game against China, 9-6, in the morning schedule before succumbing to the USA national team, 8-1, later in the day. “We had a close game against China. We had a good, strong start but we need to finish strong, too,” said Jean Henri Lhuillier, Amateur Softball Association of the Philippines (ASAPHIL) president and Cebuana Lhuillier president and CEO. “We lost to a better playing USA team in the second game but again, our girls can only get better by playing higherranked teams. Nonetheless, the experience it taught our girls is a good one.” Against China, the Philippines opened up scoring in the first inning with a solo homer from Angelie Ursabia, who went 3-for-4 at the plate. The Blu Girls recorded a total 11 hits in the game but failed to contain Xu Jia, Chen Jia and Lu Ying who all had multiple hits for China. In the second game, Riflayca Basa took the loss for the Philippines. She lasted for two innings and allowed five hits and four runs while walking one. The host team also totaled nine hits in the game and did not commit a single error in the field. The other teams participating in the tournament are USA’s under-19 team, world No. 2 Japan, No. 4 Puerto Rico, No. 5 Mexico, No. 6 Chinese Taipei, No. 20 Peru and the Scrap Yard Fast Pitch. The Blu Girls’ campaign here is supported by ASAPHIL and Cebuana Lhuillier.

PH taekwondo bets join Chuncheon Korea tourney THIRTY-ONE Filipino taekwondo athletes—21 in kyorugi (free sparring) and 10 in poomsae (forms)—will see action in the Chuncheon Korea Taekwondo Championships in Chuncheon City on July 4 to 10. Carrying the colors of SMART/MVP Sports Foundation, the well-trained Filipinos are expected to put up a good performance in the event against tough rivals from 59 other countries such as Iran, Japan, Korea, Vietnam, Chinese Taipei and China, among others. The competition will serve as part of the Filipinos’ preparation for the 30th Southeast Asian Games to be hosted by the Philippines later this year.

Arven Alcantara (right), one of the top fighters of the Philippine team, connects with a roundhouse kick against his Korean opponent in a previous competition.

The Philippine campaigners, always considered among the top contenders in prestigious international events, are: Male (free sparring)—Kurt Bryan Barbosa (-54kg), Rommel Pablo Jr. (-54kg), Dex Ian Chavez (-58kg), Kurt Pajuelas (-58kg), Joseph Chua (-63kg), Keno Anthony Mendoza (-63kg), Arven Alcantara (-68kg), Dave Cea (-74kg) and Samuel Thomas Harper Morrison (-80kg); Female—Veronica Garces (-46kg), Abigail Faye Valdez (-46kg), Rheza Aragon (-49kg), Baby Jessica Canabal (-49kg), Rhezie Aragon (-53kg), Loralee Natividad (-53kg), Pauline Louise Lopez (-57kg), Realis Lorena Tabiando (-57kg), Beatrice Kassandra Gaerlan

(-62kg), Darlene Mae Arpon (-62kg), Laila Delo (-67kg) and Kirstie Elaine Alora (+73kg); Male (poomsae/forms)—Rodolfo Reyes Jr., Patrick King Perez, Raphael Enrico Mella, Jeordan Dominguez, Darius Venerable and Marvin Mori; Female—Rinna Babanto, Jecel Lyn Ninobla, Janna Dominique Oliva and Juvenile Faye Crisostomo. The ofﬁcials are Carlos Jose Padilla, Christian Al dela Cruz and Paul Romero, free sparring coaches; and Rani Ann Ortega, poomsae coach. The Philippine team is supported by the Philippine Sports Commission, PLDT, Meralco, Philippine Olympic Committee and MILO.

Robins favored to rule Penong’s 5150 Triathlon in Davao AUSSIE Mitch Robins is back for another crack at a 5150 diadem, headlining a compact men’s pro field all geared up for a showdown for bragging rights as the first Penong’s 5150 Triathlon champion on Sunday, July 7 at the Waterfront Hotel in Davao. Robins marked his first stint in local triathlon with a victory in the inaugural Safeguard 5150 in Subic in 2013 then snapped a string of runner-up finishes with another win in the first Black Arrow 5150, also in Subic, last November where he bested a stellar international field. That makes him the marked man in the upcoming event, another first, this being Davao’s favorite barbecue house Penong’s Barbecue and Seafoods Grill’s initial foray in endurance racing organized and produced by Sunrise Events, Inc. in the country’s newest triathlon hub. But the 30-year-old ace from Port Macquarie, who also won the IRONMAN 70.3 Japan in 2016, faces a

tougher challenge against the likes of fellow Aussie Alex Polizzi, Czech Jakub Langhammer and Kiwi Kieran McPherson in the event set over the Olympic distance of 1.5k swim-40k bike-10k run. “I’ve been joining SEI events for six or seven years so I’m back and will keep on coming back for a long time,” said Robins, who unleashed a strong finishing kick in the run stage to upend fancied and fellow Aussie Sam Betten in Subic last year. But Polizzi, who had a runner-up finish and a fourth place effort in Cebu and Subic, respectively, early this year; Langhammer, who placed third in Black Arrow 5150; and 2018 XTERRA Pan American Tour champion McPherson are all coming into the event all primed up and all focused on stopping Robins, guaranteeing a fierce battle for top honors worth $2,000. The race kicks off with the swim leg at the Waterfront’s beachfront where participants will tackle an L-

shaped course in calm, clear waters of Pakiputan strait. The two-loop ride bike phase will be held at the Daang Maharlika Highway and back with the closing one-loop run event is also set at Daang Maharlika. Guam’s Manami Iijima, Dimity Lee Duke and Lisa Tyack of Australia and New Zealand’s Laura Wood dispute the women’s pro title in the event to be spiced up by the Sunrise Sprint set over the 750m swim-20km bike-5km run distance. The two short distance races drew athletes who are newbies to the sport as well as those who have graduated from the IronKids, the youth version of the Ironman 70.3, and who want to continue in the sport. Other titles up for grabs are those in various age categories and relay competition. For details, visit www.ironman.com/philippines, http://penongs.5150philippines. com and www.goforgold.sunrisesprint.com with ofﬁcial hashtags #Penongs5150, #5150Davao.

Aussie Mitch Robins sprints out of transition during another 5150 triathlon race. He is favored to rule the coming Penong’s 5150 in Davao.

Sports

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

WEDNESDAY, JULY 3, 2019

POC may face sanctions with polls COURTING International Olympic Committee suspension, Philippine Olympic Committee Chairman Abraham Tolentino yesterday said he will push through with the special POC elections on Friday in Pasay City. In a statement, Tolentino claimed the special polls will follow the results of the extraordinary general assembly meeting held last week. But that meeting, called after the abrupt resignation of Victorico Vargas as POC president following the discovery of overpriced competition uniforms pu4chased for the athletes competing in the 30th Southeast Asian Games among other relevant matters, was later declared invalid as it did not follow the 10-day notice required of members to call for a special assembly. Tolentino also resigned his post during that meeting, although verbally. He also demanded that acting POC President Joey Romasanta, who rose to the presidency by virtue of succession through the vacancy created by Vargas’ resignation, also resign. Tolentino submitted his resignation letter only last Tuesday morning. Romasanta has yet to resign and is still acting as POC president. The IOC said no resignation is valid unless it is put in writing. Two other board members—Clint Aranas of archery and Cynthia Carreon of gymnastics—have also quit. Aranas is said to be challenging Tolentino for the POC presidency. Tolentino is also working for the Phisgoc Foundation, the second organizing body for the SEA Games which the POC Board does not recognize. The Phisgoc Foundation is led by Taguig Congressman Alan Peter Cayetano, although he is not a signatory to its incorporation. The Phisgoc, however, had entered into transactions with private companies without the POC Board’s approval, causing a rift that led to Vargas’ resignation. The IOC, through director for NOC relations James Macleod and Olympic Council of Asia (OCA) director Husain Al-Musallam, ordered the POC in a June 29 letter for its executive council to convene and discuss the positions rendered vacant and should be disputed in the special elections.

High seeds tumble during Wimbledon ‘Black Monday’ LONDON, United Kingdom — Naomi Osaka, Alexander Zverev and Stefanos Tsitsipas crashed out of Wimbledon on a black Monday for the stars at the All England Club. Japanese superstar slumped to a 7-6 (7/4), 6-2 defeat to 39th-ranked Yulia Putintseva of Kazakhstan who had defeated the world number two on grass in Birmingham two weeks ago. She was joined at the exit door by German sixth seed Zverev and Tsitsipas, the seventh seed, both players tipped as potential champions this year. US Open and Australian Open winner Osaka is the first top-two seed to lose in the first round since Martina Hingis in 2001. The defeat follows her third round exit at the French Open. “Can we stop now? I think I am going to cry,” she told reporters as she made a quick exit from her post-match news conference. Osaka has yet to make a final since her Australian Open win in January. “There are answers to questions that you guys ask that I still haven’t figured out yet,” she admitted. Zverev, 22, lost 4-6, 6-3, 6-2, 7-5 to Czech qualifier Jiri Vesely, the world number 124. “Everything outside the court affects you, I won’t get into details now, but the last couple of days have been very rough for me,” said Zverev who has never got beyond the last 16. Just 15 minutes after Zverev’s defeat, 20-year-old Tsitsipas lost 6-4, 3-6, 6-4, 6-7 (8/10), 6-3 to world number 89 Thomas Fabbiano of Italy. AFP

TNT KaTropa forward Troy Rosario (18) wearing a mask to protect his face attacks the rim against Rain or Shine Elasto Painters defender Beau Belga (right). PBA Media

POC elections cannot be delayed—Tolentino By Peter Atencio

LECTIONS for a new set of leaders of the Philippine Olympic Committee cannot be delayed. POC chairman Abraham “Bambol” Tolentino said this after receiving a copy of letter of the International Olympic Committee and the Olympic Council of Asia to the members of the executive board. That is why Tolentino, who is also the current congressman representing the 7th district of Cavite, is still keen on calling for elections on all vacant positions this Friday July 5. “I hope those who are interested to serve POC will make their intentions known, ﬁle their intent to run and place

themselves before the voting members of the General Assembly on Friday,” said Tolentino, who has already submitted a letter of resignation to the POC. The renewed call for elections this week comes after the POC executive board were asked by the IOC and the OCA to seek clarifications and confirm the resignation of officials during a General Assembly meeting last week. IOC director for Olympic Solidarity and National Olympic Committee Relations James MacLeod and OCA Director General and Technical Director Husain Al-Musallam has also asked the POC to convene an Extraordinary General Assembly to address the situation, and make efforts to fill such vacancy. The message of the two officials were tackled during a special board meeting of the POC last Monday at the GSIS bldg. in Pasay City.

“While I am amenable to a request for postponement if the IOC or OCA wishes it, elections cannot be held later than July 18, because the POC provisions mandate that the vacancy in the presidency must be filled within 30 days,” explained Tolentino. Tolentino said that the polls should not be held later than July 18, which is a month after Ricky Vargas officially resigned as POC chief. “Since President Vargas resigned on June 18, the latest that we can have an election is July 18,” added Tolentino. The POC chairman said he will welcome the presence of a representative that the IO C and the OCA will send. So far, acting POC president Joey Romasanta of volleyball, board member Clint Aranas of archery and Cynthia Carrion of gymnastics are the only ones who have confirmed letters of resignation.

Leonard keeps 3 NBA teams in limbo NEW YORK, United States—Kawhi Leonard’s uncertain NBA Players and teams began agreeing to terms on new free agency fate kept three teams in limbo Monday as players deals Sunday even though no contracts can be signed continued to make deals to shake the league landscape. until next Saturday. Leonard, who led the Toronto Raptors to the NBA title last month, was expected to meet with the Los Angeles Lakers and Los Angeles Clippers plus the Raptors this week before making a decision on where to sign a new deal. The Raptors are trying to keep together their championship squad while the Clippers, in Leonard’s home town, have a similar young team that would offer him a starring role. The Lakers, who have cleared enough salary cap space, to make a top offer for the two-time NBA Finals Most Valuable Player, have a chance to form a super-team with LeBron James and Anthony Davis. The Lakers were reportedly looking at D’Angelo Russell, who went to the Golden State Warriors for four years at $117 million after trading Andre Iguodala to Memphis. Russell will partner Steph Curry in the Warriors’ backcourt until Klay Thompson, who agreed to terms Monday on a five-year deal worth $190 million to stay with Golden State, returns from a torn knee ligament. Also reportedly waiting on Leonard’s decision is Toronto guard Danny Green, who is being wooed by Dallas but could figure into the plans of the Lakers and Clippers as well. Other free agents looking for deals include Golden State center DeMarcus Cousins and Lakers point guard Rajon Rondo. The Lakers did land their first free agent Monday, 3-point Kawhi Leonard holds the NBA Championship and MVP trophies after leading the Toronto Raptors to the NBA throne. AFP shooter Troy Daniels on a one-year deal for $2.1 million. AFP

TNT, NorthPort chase top seeds against separate PBA rivals By Jeric Lopez FRONTRUNNERS TNT KaTropa and NorthPort look to move closer to securing the top two seeds as they face separate rivals in the continuing 2019 Philippine Basketball Association Commissioner’s Cup elimination round. Currently the league’s hottest team and top seed, the Tropang Texters (7-1) shoot for a sixth straight victory when they cross paths with hot and cold Rain or Shine (3-4) at 7 p.m. at the Smart Araneta Coliseum tonight. In the appetizer, the Batang Pier (72) aims on getting back on track when it faces dangerous Columbian (2-6) at 4:30 p.m. The top two teams at the end of the elimination round will earn a twiceto-beat incentive in the quarterfinals against lower seeded foes. Both already in the quarters, TNT and NorthPort are both looking good to finish in the top two. A victory for both will put them in an even better position to seal the top two rankings. TNT, who will be coming fresh from a 12-day break, is ready to resume what it has been doing in its five-game winning streak. “Our players are playing well for each other that’s why we’re getting all these wins,” said TNT coach Bong Ravena. “We still need a win or two to secure our spot in the top two so we are going for that.” The Tropang Texters last floored Columbian, 109-102, last June 21. On the other hand, Rain or Shine, who still has not secured of a berth in the quarters, will be coming off a loss, dropping its last assignment to NLEX, 100-97, last Friday. NorthPort, currently in second, plans on keeping its spot. After losing to Phoenix, 97-87, last Wednesday, the Batang Pier now looks forward to return to its winning ways to also improve its chances further of ending up in the top two. “We’re going for the top two. We played badly in our last game, kailangan bumawi,” said Batang Pier coach Pido Jarencio.

‘My goal is to win Wimbledon,’ says teen Gauff after Venus shock LONDON, United Kingdom—Cori Gauff, at 15 the youngest ever qualifier for Wimbledon, is not content with just beating five-time champion Venus Williams—now she wants to win the title. The teenage American, who was not even born when Williams won her first two Wimbledon singles titles, showed not an ounce of fear on Court One, making light of the 24 years age difference and her ranking of 313 as she eased to a 6-4, 6-4 victory. Gauff made no bones about her ambitions at the tournament. “My goal is to win it,” she said. “I said this before: I want to be the greatest. “My dad told me that I could do

this when I was eight. “I’m still, like, not 100% conﬁdent. But you never know what happens.” Gauff said she was determined to make the most of her opportunities. “I mean, like my motto is just like wing it,” she said. “I’ve said that before. This is kind of a sad thing, we’re all going to die one day, I just want to make the most of it.” Gauff, who revealed Rihanna and Beyonce were her role models off the court, said she had not allowed her admiration of childhood idol Williams affect her play. However, she did have a slight wobble at the end when she let slip

three match points. Williams, whose exploits along with her younger sister Serena inspired Gauff to take up the sport, made no secret of how far Gauff could go. “I think the sky’s the limit, it really is,” said Williams. “Just have fun. Enjoy life. That’s all you can do.” Gauff, who said Roger Federer had been a big help too re-energizing her and could claim some credit for her winning the French Open junior title last year, said she had ﬁnally been able to muster the courage to address one of the Williams sisters after twice failing to prior to that. AFP

Cori Gauff, 15, celebrates beating Venus Williams during their women’s singles first round match on the first day of the 2019 Wimbledon Championships at The All England Lawn Tennis Club. AFP

IN BRIEF PLDT open to sharing towers with rival Globe

PLDT Inc. said it is open to the concept of shared towers with rival Globe Telecom Inc. in areas where common towers will be built nationwide. “We’ll follow the similar formula, maybe, in areas where we think is more economic for them to build it or because the towers can be shared with others we are willing to work in that basis,” said PLDT chairman and president Manuel Pangilinan. Pangilinan’s statement came after Globe signed a memorandum of understanding with ISOC Infrastructure Inc. and Malaysia-based tower giant edotco Group Sdn. Bhd. to build 150 cell sites in the Cavite, Laguna, Batangas, Rizal and Quezon provinces. The estimated cost per cell site is $100,000. Pangilinan said PLDT was in talks with common tower companies for possible partnership. “Some of them were talking to, but we have not committed with anyone,” he aded. Other common tower companies that signed agreements with DICT were Singapore’s ISON ECP Tower Pte. Ltd.; IHS Towers; RT Telecom Sdn Bhd of Malaysia, China Energy Engineering Corp; Aboitiz InfraCapital and MGS Construction Inc., American Towers, Frontier Tower Associates Management Pte. Ltd., and GNI-JTower Inc. Consortium. Darwin G. Amojelar

PSALM actions Cebu, Misamis Oriental lots

STATE-RUN Power Sector Assets and Liabilities Management Corp. is privatizing two real property assets with a combined minimum bid price of P739 million next month to raise revenues for the government. PSALM said in a statement on Tuesday it initiated the privatization of land assets in Barangay Aplaya, Jasaan, Misamis Oriental and Toledo City, Cebu. The sale of these land assets is on an “as is, where is” basis. The land asset in Aplaya, Misamis Oriental consists of 49 lots with a total area of about 155,504.00 square meters. The land in Toledo City, Cebu consists of 21 lots with a total area of about 129,589.00 square meters. PSALM set the the minimum bid prices at P567,626,950 for the Misamis Oriental property and P171,473,500 for the Toledo property. PSALM sch eduled the bidding on August 1. Alena Mae S. Flores

Megawide sees flat net income this year MEGAWIDE Construction Corp. expects net income to be flat this year at P1.89 billion due to the full year depreciation of the Mactan-Cebu International Airport and higher interest expense recognition. Megawide chief executive Edgar Saavedra said in a interview following the annual stockholders’ meeting while net income would be the same as the 2018 level, it expects the construction business to recover this year after a weak performance in 2018. “We are expecting an upturn in 2019, especially in the construction business with the completion of new projects towards the second half of 2019. It will be bounce back year for our construction business,” Saavedra said. Megawide hopes to secure P20 billion in new construction contracts this year, especially in the area of residential, office, roads and tollway projects. Megawide in the first quarter of the year obtained P6.2 billion in new projects. Jenniffer B. Austria

Business Professionals get respite from business permit fees By Julito G. Rada

ROFESSIONALS such as doctors, dentists, lawyers and accountants will be exempted from paying business permit fees to local government units for the operation of their clinics or ofﬁces, according to a new set of guidelines issued by the Finance Department.

Local Finance Circular 001-2019 signed by Finance Secretary Carlos Dominguez III on June 12, 2019 aims to ensure a fair, uniform and proper implementation of tax laws and in line with efforts to streamline government transactions to further improve the ease of doing business. The guidelines state that while professionals still need to secure business permits from LGUs, the transaction should

ECONOMIC optimism in the Philippine mid-market remains the highest among 35 economies surveyed despite a slight dip in the past 12 months, according to the annual International Business Report of business advisory ﬁrm Grant Thornton. Results of the recent survey show that 48.6 percent of respondents saw their revenues growing more than 5 percent in 2018. The report described the Philippines as a strategic growth market in the league with other optimistic countries such as Vietnam, Indonesia and India. It said while a net 73 percent are upbeat about the outlook for the Philippine economy over the next 12 months, such optimism declined 9 percentage points from a year ago. In contrast, a net 45 percent of Southeast Asian com-

Tionko, who heads the DoF’s Revenue Operations Group, said the new set of guidelines sought to address reports and complaints received by the DoF on the improper imposition of local taxes, fees and other charges on professionals by LGUs. She said the objective was to ensure the “fair, uniform and proper implementation” of the provisions of the Local Government Code governing the taxability of professionals relative to the practice of their profession and to complement efforts in streamlining and facilitating government transactions as mandated under Republic Act 11032 or the Ease of Doing Business Law. The circular also covers the imposition of the professional tax on employed professionals in both the private and public sectors, said Tionko. “However, professionals exclusively employed in the government shall be exempt from the payment of the professional tax, unless he or she has been duly authorized to practice the profession outside of one’s ofﬁcial functions,” she said.

TOP RETAILER.

Metro Retail Stores Group Inc. is recognized as the Regional Retailer of the Year at the recently concluded 21st Outstanding Filipino Retailers Awards 2019. Receiving the award are MRSGI president and chief operating officer Manuel Alberto (center) and vice president for corporate affairs Anna Marie Periquet (second from left). With them are (from left) Philippine Retailers Association president Rosemarie Ong, Trade Undersecretary Zenaida Maglaya and PRA chairman Paul Santos.

PH companies remain most bullish in Asean—Grant Thornton survey

By Othel V. Campos

be free at all during the registration or renewal of the operation of their clinics or offices, as such permits cannot regulate the practice of their profession. “This is because regulations over the practice of professions are within the exclusive domain of the respective agencies or regulatory boards empowered by law to supervise and regulate professions,” the DoF said. LGUs, however, may impose a local business tax on professionals if they are verified to be engaged in selling, trading or distributing goods of whatever kind or involved in trade and other business activities that do not constitute the practice of their professions. “In this case, the LGU can impose a business permit fee during the registration and renewal of the operation of the office or clinic of the concerned professional,” the DoF said. The DoF-attached Bureau of Local Government Finance was tasked to monitor the compliance by LGUs with the circular and provide technical assistance to help them in following the guidelines. Finance Undersecretary Antonette

panies surveyed are optimistic about the Asean economy. Statistics also indicate that a net 66 percent of Filipino mid-market companies expect an increase in revenue in the next 12 months. “The Philippines is one of the fastest-growing countries in the emerging markets. It is expected to grow by about 6 to 7 percent in 10 years. The market’s expectations for the Philippine economy are very encouraging,” said P&A Grant Thornton chairperson and chief executive Marivic Españo. A separate report from Grant Thornton International predicted that the Philippine economy would grow to $434 billion by 2023 from $331 billion in 2018, representing a compound annual growth rate of 5.35 percent which is faster than the projected growth rate for Southeast Asia as a whole.

Ray S. Eñano, Editor Roderick T. dela Cruz, Assistant Editor business@manilastandard.net extrastory2000@gmail.com WEDNESDAY, JULY 3, 2019

Honasan vows to open telecom to new players By Darwin G. Amojelar THE newly-appointed chief of the Department of Information and Communications Technology on Tuesday vowed to open the telecommunication sector to more competition in a bid to reduce the cost of communication in the country. “The more players will bring the prices down. More competition is encouraged,” former senator and now DICT Secretary Gregorio Honasan said. Honasan said he would continue installing free WiFi in public places such as hospitals, schools and government ofﬁces. “The marching order of the president is to connect everybody. We will do it faster and cheaper,” he said. The DICT’s mandate is to provide free Internet access as a fundamental right of Filipino citizens. The agency said that as of April 2019, there were 2,330 sites with free WiFi, covering all 17 regions across 73 provinces in over 640 municipalities and cities. “Part of the marching orders is to reorganize, harnessing the best and brightest within the department and if there is a need to outsource additional expertise then we will do that whether it’s technical, management or even political, “ Honasan said. Honasan took his oath of ofﬁce on July 1 at Malacañang Palace, replacing acting Secretary Eliseo Rio Jr. who was appointed as senior undersecretary for operations of the agency. In his tenure in the Senate, Honasan authored and co-authored the Clean Air Act of 1999, Clean Water Act, the National Security Policy, Disaster Risk Reduction Management Act of 2009, the Solid Waste Management Act of 2000 and the Comprehensive Agrarian Reform Program Extension with Reforms Law. He also pushed for the passage of the Freedom of Information Act or People’s Ownership of Government Information Act, the National Mapping and Resource Authority Law and the Land Use Act.

DPWH offers 10 big infra projects to private investors THE Public Works Department is offering 10 major infrastructure projects to private investors under the publicprivate partnership program. The PPP projects of the DPWH include Central Luzon Link Expressway; Quezon-Bicol Expressway; Davao-Digos Expressway; North Luzon Expressway East Phase II; Metro Cebu Expressway operation and management; Davao Bypass O&M; Mindoro-Batangas Super Bridge; Delpan-Pasig-Marikina Expressway; Batangas City-Bauan, Batangas Toll Road Project; and Paciﬁc Eastern Seaboard Expressway. “We already completed the feasibility study for the 220-kilometer QuezonBicol Expressway. The ICC requisite documents were submitted to Neda [National Economic and Development Authority] for review and approval,” Public Works Secretary Mark Villar said. Villar said once completed, QuezonBicol Expressway would reduce the travel time between Tayabas, Quezon

and San Fernando, Camarines Sur by two hours. It will start in Pagbilao, Quezon and end at Maharlika Highway in San Fernando, Camarines Sur. The agency is also building the P11.98-billion, four-lane extension of CLLEX Phase I that connects Cabanatuan City and San Jose City passing through the municipalities of Talavera and Llanera in Nueva Ecija. The 35.70-km expressway will provide a free-flowing alternative route and decongest traffic along Pan-Philippine Highway between the cities of Nueva Ecija and the town of Plaridel in Bulacan province. The department is also constructing the P28.1-billion Metro Cebu Expressway, a 73.75-km high-standard arterial road to meet Metro Cebu’s existing and future traffic demand. The project will serve as another north-south backbone highway providing a seamless traffic flow from Naga

City up to Danao City and traversing along the slopes of the mountain range of Cebu province. It is expected to signiﬁcantly address the trafﬁc congestion within Metro Cebu especially its urban core and the central business district. Meanwhile, the P24.2-billion Davao City Bypass Construction Project has about 44.6 km, including the tunnel section which will start from Davao-Digos section of Pan-Philippine Highway in Toril, Davao City and will terminate at the intersection of Davao-Agusan National Highway in Panabo City. The Mindoro-Batangas Super Bridge is a 15-km super bridge, with an optional pedestrian/bicycle lane that will link Mindoro Island to the province of Batangas. The bridge will cover an 8.5-km section from Mindoro Island to Verde Island and a 6.5-km stretch from Verde Island to Batangas over water with a depth of 10m to 300m. Darwin G. Amojelar

Tanglawan eyes more time on LNG project By Alena Mae S. Flores

HORTALEZA REMITS P1.2B. Ang Hortaleza Corp., in a bid to contribute to the tax collectionof the government, remits P1.2 billion in capital gains tax from a Splash Corp. transaction. AHC chairman Rolando Hortaleza (fifth from left) and son Alfonso (fourth from left) hand over the symbolic check of P1.2 billion to Bureau of Internal Revenue commissioner Caesar Dulay (fourth from right) and other BIR officials. Others who witnessed the handover are AHC’s Atty. Manny Alcantara and chief financial officer Gloria Dazo.

TANGLAWAN Philippine LNG Inc., the joint venture of Phoenix Petroleum Philippines and China National Offshore Oil Corp., will likely seek an extension of the notice to proceed for its $2-billion liquefied natural gas project, Energy Secretary Alfonso Cusi said Tuesday. Cusi said while Tanglawan had not filed a formal request for an extension, the agency would give the joint venture a chance to explain the delay in the compliance with the requirements. “What I heard is they will ask for an extension... I still have to receive [it],” Cusi said. Tangalawan’s notice to proceed for its integrated LNG hub project expired on June 22. Energy Assistant Secretary Leonido Pulido said Tanglawan could file for an

extension, “but the committee has to decide if they have substantially complied with their plans before granting them an extension.” Tanglawan is building a regasification terminal in Batangas costing $686 million and a power plant component that is estimated to cost $1.3 billion. The department earlier gave Tanglawan six months from the issuance of the NTP in December 2018 to comply with the conditions of the NTP. Tanglawan is supposed to break ground for the LNG regasification and receiving terminal with a capacity of 2.2 metric tons per annum this year. Commercial operations were expected to start by 2023. “We will wait for their justification. We have to hear that. We cannot just pass judgment...Let’s see what are the reasons behind,” Cusi said.

Business

WEDNESDAY, JULY 3, 2019 extrastory2000@gmail.com

Share prices rise; Bloomberry up S HARE prices climbed Tuesday on prospects the Philippines may secure the most-coveted “A” rating from major credit rating agencies within the next 18 months.

The Philippine Stock Exchange Index rose 49.89 points, or 0.6 percent, to 8,093.60 on a value turnover of P5.9 billion. Gainers overwhelmed losers, 118 to 77, with 51 issues unchanged. Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo who retired Monday said the government should work hard to address the issues earlier raised by credit rating agencies in order to achieve the higher debt grade. Casino operator Bloomberry Resorts Corp. advanced 4.1 percent to P11.74,

while Marcventures Mining and Development Corp. surged 22.1 percent to P1.27. Alliance Global Group Inc. of tycoon Andrew Tan gained 2.8 percent to P15.86 after unveiling a P410-billion capital spending program for the period 2020 to 2024 to bankroll the expansion of core businesses. JG Summit Holdings Inc. of industrialist John Gokongwei added 1.8 percent to P68.50. The rest of Asian investors took a breather Tuesday as the previous day’s gains fueled by the resumption of China-US trade talks were offset by worries about the global economic outlook following the release of disappointing factory data. Hong Kong stocks rallied more than two percent as dealers returned from a long weekend to play catch-up with the rest of the region, with overnight violent protests in the city appearing to have

had little effect on sentiment. Tokyo and Sydney each ended 0.1 percent higher, while Wellington was up 0.6 percent. But Shanghai was marginally lower with Singapore off 0.3 percent, Seoul shed 0.4 percent and Taipei eased 0.3 percent. Mumbai, Jakarta and Bangkok also slipped. While Donald Trump and Xi Jinping’s agreement to kick-start negotiations provided some much-needed relief— and sent the S&P 500 to a new record on Wall Street—key questions remained unresolved, including on tech trade and intellectual property. “Traders found themselves running too far ahead of the economic realities after a swathe of disappointing manufacturing reports from the US, China and Europe provided a not-too-subtle reminder that the outlook for global growth remains quite harmful to risk

sentiment,” said Stephen Innes at Vanguard Markets. The closely watched Institute for Supply Management’s nationwide manufacturing index in the US fell to its lowest level in almost three years in June, hit by weak overseas demand with factories reluctant to produce stock they may not be able to sell. Earlier, ﬁgures out of China and Europe pointed to contraction in their respective factory sectors, while Britain’s index fell to its lowest since 2013. Observers said the ﬁgures could put further pressure on central banks to provide support to economies with fresh stimulus. The Federal Reserve is widely tipped to cut interest rates at its next policy meeting this month and the release of a US jobs report Friday will be closely followed as a weak reading could boost the case for a big reduction. With AFP

MANILA STANDARD BUSINESS DAILY STOCKS REVIEW TUESDAY, JULY 2, 2019

NAME

OPEN

HIGH

LOW

VOLUME

VALUE

NET FOREIGN BUYING/(SELLING),

FINANCIALS ASIA UNITED BANK PH ISLANDS BDO LEASING BDO UNIBANK BRIGHT KINDLE CHINABANK COL FINANCIAL EAST WEST BANK FERRONOUX HLDG FIRST ABACUS IREMIT MANULIFE MEDCO HLDG METROBANK NTL REINSURANCE PB BANK PHIL NATL BANK PHIL STOCK EXCH PSBANK RCBC SECURITY BANK SUN LIFE UNION BANK VANTAGE

58.8 79 2.41 139.5 1.2 27.5 18.8 11.7 4.95 0.53 1.41 765 0.5 72.5 0.99 13.2 49.9 190 57.9 27.1 168.5 1,800 61.7 1.13

58.8 79.4 2.42 140 1.36 27.6 18.8 11.7 4.95 0.53 1.41 765 0.5 72.85 0.99 13.2 52.15 192.5 57.9 27.5 170 1,800 62.2 1.13

57.5 78.9 2.41 138.4 1.2 27.4 18.72 11.66 4.85 0.53 1.41 765 0.485 72.1 0.97 13.2 49.9 190 57.85 27.05 168.5 1,751 61.7 1.13

58.5 79.1 2.41 139.5 1.34 27.5 18.72 11.7 4.85 0.53 1.41 765 0.5 72.4 0.98 13.2 51.9 192 57.85 27.4 170 1,751 62 1.13

9,130 1,379,070 55,000 2,459,500 830,000 35,600 16,900 611,200 271,400 4,000 10,000 40 570,000 1,264,240 313,000 108,000 1,214,500 1,090 2,680 14,300 203,820 240 10,290 2,000

533,558 109,059,263.50 133,040 342,293,047 1,073,630 978,530 316,560 7,142,884 1,324,599 2,120 14,100 30,600 277,050 91,515,425 307,430 1,425,600 62,449,355 208,655 155,110.50 391,275 34,598,110 425,265 636,284 2,260

-60,888 -28099190.5 -2,410 -53,210,173 -282,780 -872189.9997 -21,619,189 -2,940 8,580 89,770 3,062,144 74,889 -

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

35.75 15.04 0.86 1.36 0.255 3.04 15.16 113.8 18.7 17.3 130 160 2.05 6.11 10.52 15.54 11.2 7.65 27 83.25 63 2.56 13.86 10.16 1.69 284 3.44 9.5 24.8 13.86 19.1 379.6 0.187 5.9 1.8 4.66 5.84 2.42 12 39.25 1.39 1.89 1.15 13.86 107 6.55 0.134 1.19 164.7 2.52 1.24 1.67

36.5 15.06 0.86 1.39 0.265 3.12 15.2 113.8 18.7 17.3 133.9 160 2.08 6.11 10.54 15.78 11.38 7.66 27.1 86 63.95 2.58 13.86 10.2 1.77 285 3.44 9.5 25.55 14.22 19.12 387.8 0.188 5.9 1.85 4.66 5.95 2.46 12.1 39.35 1.46 2 1.19 14 107 6.58 0.134 1.29 168 2.52 1.27 1.68

35.6 14.92 0.81 1.35 0.255 3.04 14.88 113.8 18.16 16.7 116.3 140 2.05 6.07 10.46 15.54 11.02 7.63 26.9 83.25 62.55 2.52 13.52 10.08 1.69 283.8 3.44 9.15 24.8 13.86 18.98 379.6 0.184 5.9 1.73 4.55 5.84 2.32 11.96 39.05 1.38 1.89 1.13 13.76 105.2 6.46 0.134 1.18 164.7 2.48 1.24 1.41

36.5 15 0.83 1.39 0.255 3.08 14.9 113.8 18.26 16.7 116.6 152.8 2.08 6.07 10.54 15.56 11.1 7.66 26.95 85.1 63 2.58 13.6 10.2 1.73 285 3.44 9.5 25.5 14.22 19 387.8 0.188 5.9 1.84 4.66 5.93 2.33 12.1 39.15 1.46 1.91 1.16 13.88 106.7 6.55 0.134 1.25 167.5 2.49 1.26 1.44

1,415,600 847,700 3,243,000 6,000 4,700,000 12,720,000 5,476,900 70 332,900 17,700 83,220 36,990 85,000 23,500 1,358,500 130,500 556,500 2,495,600 1,408,100 340,690 197,880 4,482,000 535,400 229,500 1,382,000 191,510 3,000 1,200 1,239,400 571,400 988,000 111,550 1,220,000 200 10,325,000 163,000 631,400 29,563,000 35,700 219,000 679,000 11,000 542,000 583,900 28,640 274,400 30,000 2,124,000 460,880 133,000 1,650,000 55,087,000

51,317,190 12,699,984 2,700,290 8,180 1,218,150 39,237,490 82,352,060 7,966 6,089,770 296,510 10,062,794 5,470,417 176,320 143,138 14,267,848 2,031,688 6,209,180 19,109,273 37,984,185 28,935,654 12,520,132.50 11,435,290 7,277,022 2,336,106 2,391,760 54,522,640 10,320 11,050 31,016,695 8,067,984 18,784,610 43,028,558 226,570 1,180 18,528,730 752,640 3,745,067 69,882,900 429,258 8,590,780 977,660 21,000 621,910 8,090,286 3,048,095 1,780,732 4,020 2,643,270 76,927,236 333,010 2,073,460 85,627,500

36,128,985 -194,320 83,360 673,970 -1,018,054 -2,106,596 3,022,582 -20,705 4,033,390 -1,601,786 1,108,782 14,508,846 1,481,365 575,446.50 4,051,223 -1,520,020 -5,120,280 188,056 -23,920 12,300,048 10,875,280 3,761,060 7415591.9996 19,922,506 3,760 485,740 4,560 1,848,677 -660,960 -382,150 -9,450 35,740.00 797,536 -168,118 655 253,230 178,770 12,500 -13,860 2,442,220

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

1 54.75 15.44 0.73 7.13 13.38 1.35 1.36 903 3.87 6.9 10.3 14 0.248 925 6.4 67.3 6.34 0.48 4.06 15.16 0.63 4.86 0.042 1.39 2.83 175 981 0.81 1.38 264.4 0.23 0.33

1.06 55.5 15.96 0.8 7.13 13.38 1.37 1.38 908 3.89 6.9 10.52 14.12 0.248 935 6.43 68.5 6.34 0.5 4.13 15.32 0.65 4.86 0.042 1.96 2.85 177.5 996 0.86 1.38 267 0.232 0.345

0.97 54.2 15.44 0.73 7 12.56 1.3 1.33 897 3.86 6.75 10.3 13.94 0.235 922 6.4 66.95 6.03 0.48 4.02 15.16 0.63 4.82 0.039 1.39 2.81 174.9 970 0.8 1.38 264.4 0.23 0.32

1.06 55.45 15.86 0.73 7.01 13.02 1.32 1.34 900 3.87 6.75 10.5 14.02 0.246 925 6.41 68.5 6.34 0.48 4.08 15.3 0.65 4.85 0.039 1.83 2.81 175.9 996 0.85 1.38 267 0.232 0.33

70,986,000 799,350 8,362,000 2,574,000 34,100 101,400 5,264,000 1,137,000 330,930 6,687,000 1,211,500 4,217,400 357,300 250,000 57,780 303,000 1,178,920 400 550,000 1,081,000 2,533,100 1,438,000 16,003,000 33,700,000 30,120,000 24,000 112,860 224,940 282,000 43,000 130 210,000 15,350,000

72,474,890 44,173,979 132,438,876 1,956,150 238,953 1,307,916 7,002,980 1,532,680 297,878,445 25,893,140 8,235,098 44,280,188 5,011,518 60,980 53,613,575 1,941,300 79,983,440 2,505 264,500 4,412,810 38,716,200 919,350 77,527,420 1,346,100 53,105,760 68,170 19,809,911 223,440,095 235,490 59,340 34,632 48,580 5,141,650

-97,110 441,051 -3,507,386 150,500 90,080 1,280,700 -29,398,940 1,152,970 1,267,491 -12,183,224 -1,140,206 -20,798,820 -1,230,180 48,928,962.50 -1710139.9997 -15,196,130 31,594,350 60,000 -197,430 -19,780 -3,106 102,715,720 154,800

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

15.46 0.83 11.3 2 0.88 51.55 2.34 5.1 6.08 0.63 0.82 0.96 0.24 0.455 9.84 24.15 0.475 1.9 1.39 6.15 0.355 1.83 0.405 2.22 26.1 2.22 2.97 38 1.98

15.5 0.84 11.3 2.06 0.94 51.7 2.34 5.12 6.08 0.63 0.86 1.05 0.24 0.46 9.9 25.2 0.48 1.92 1.4 6.24 0.355 1.89 0.415 2.25 26.75 2.22 3.05 38.4 1.98

15.4 0.82 11 2 0.88 51.05 2.31 5.05 6.08 0.61 0.82 0.92 0.238 0.44 9.7 24.15 0.465 1.86 1.39 6.15 0.345 1.83 0.405 2.17 26.05 2.15 2.95 37.7 1.95

15.46 0.84 11 2.06 0.91 51.45 2.32 5.09 6.08 0.62 0.84 0.94 0.238 0.46 9.75 25.2 0.475 1.88 1.4 6.2 0.35 1.88 0.405 2.24 26.5 2.2 3.05 38 1.97

749,300 822,000 600 7,000 8,719,000 9,924,340 272,000 2,469,800 100 24,436,000 315,000 1,110,000 2,440,000 2,910,000 47,200 408,300 3,670,000 35,945,000 2,171,000 25,884,700 14,340,000 2,995,000 230,000 1,474,000 1,770,300 339,000 290,000 12,162,200 207,000

11,584,622 685,330 6,630 14,060 7,962,760 509,857,012 632,570 12,568,097 608 15,199,400 264,050 1,097,590 581,200 1,315,600 463,753 10,131,485 1,742,450 67,892,580 3,019,020 160,137,661 5,010,150 5,617,560 93,500 3,276,150 46,810,180 740,650 862,760 461,633,910 405,490

-626,166 10,060 273,900 52,334,505 -34,800.00 2325053.9997 240,860 -119,000 93,068 4,189,710 -715,700 -44,238,740 -414,220 14,605,512 -672650.0002 -426,590 -150,940 11,943,515 2,200 15,250 -197,103,790 169,650

OPEN

HIGH

LOW

VOLUME

VALUE

NET FOREIGN BUYING/(SELLING),

STARMALLS SUNTRUST HOME VISTA LAND

6.44 0.75 7.13

6.45 0.75 7.14

6.36 0.75 7.12

6.45 0.75 7.14

59,300 4,000 1,663,600

380,266 3,000 11,872,563

-260,886

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

11.18 17.08 0.49 0.047 21.3 2.73 11.32 0.057 89 8.66 6.2 2.05 10.1 2,254 5.39 406 11.3 2.22 1.81 144 10.1 5.85 0.116 6.84 3.05 14.9 3.8 0.81 18.92 0.52 3.1 2.49 1.55 1.56 2.7 3.12 9.1 2.93 5.3 8.8 140 3.58 1,272 0.8 0.91 44.8 75.1 9 3.45 0.74 0.39 5.47 0.73 17

11.18 17.28 0.51 0.047 21.3 2.83 11.78 0.058 90.5 8.85 6.2 2.05 10.2 2,270 5.39 410 12.46 2.23 2.09 146.4 10.1 5.85 0.125 6.92 3.27 14.9 3.88 0.93 19.26 0.53 3.2 2.5 1.55 1.56 2.74 3.18 9.35 2.99 5.47 9.49 140 3.6 1,286 0.81 0.92 44.95 75.25 9 3.53 0.75 0.395 5.47 0.74 17.2

11.14 17.06 0.485 0.045 21.3 2.69 11.28 0.056 89 8.66 6.2 2.05 10.06 2,214 5.35 406 11.3 2.2 1.81 143.6 10.1 5.85 0.115 6.8 3.04 14.9 3.76 0.81 18.92 0.51 3.1 2.49 1.55 1.56 2.58 3.12 9.1 2.92 5.3 8.8 139.9 3.45 1,268 0.78 0.86 44.75 74.9 9 3.45 0.72 0.385 5.42 0.72 17

11.14 17.28 0.5 0.046 21.3 2.75 11.74 0.057 90.25 8.74 6.2 2.05 10.08 2,220 5.39 410 12.46 2.23 1.99 146.4 10.1 5.85 0.119 6.81 3.18 14.9 3.76 0.89 19.18 0.52 3.2 2.5 1.55 1.56 2.6 3.12 9.2 2.92 5.46 9.49 140 3.59 1,280 0.79 0.89 44.75 75.2 9 3.5 0.75 0.39 5.44 0.74 17.18

9,600 64,900 4,420,000 9,000,000 200 1,089,000 25,801,400 34,420,000 118,380 3,874,800 100 1,000 42,800 41,340 119,100 2,400 700 951,000 211,000 1,608,570 800 10,000 6,090,000 4,102,600 30,000 500 1,895,000 3,997,000 1,935,500 176,000 33,000 2,617,000 17,000 10,000 4,173,000 493,000 7,600 48,000 43,300 200 220 1,628,000 51,305 2,866,000 51,174,000 131,200 1,566,650 33,000 2,978,000 2,022,000 3,900,000 385,700 3,062,000 482,800

107,096 1,110,948 2,205,950 414,700 4,260 2,982,260 300,341,522 1,963,380 10,673,214 33,859,137 620 2,050 431,908 92,328,300 639,035 981,244 8,606 2,111,730 407,170 233,801,283 8,080 58,500 732,470 28,052,574 92,580 7,450 7,218,080 3,556,690 36,842,940 91,460 105,400 6,539,980 26,350 15,600 11,090,700 1,549,130 69,895 140,930 233,636 1,829 30,797 5,741,750 65,460,890 2,288,620 45,343,510 5,874,735 117,753,392.50 297,000 10,416,880 1,485,730 1,516,400 2,097,726 2,230,420 8,283,330

-5,590 -80,000 -4,260 -404,480 -71,999,144 4,565,147.50 1,489,369 -6,344,810 24,420 -19,654,098 739,914 210,910 33,800 6,071,968 172,500 -175,040 -537,780 -90,940 -139,960 10,876,140 -167,600 1,101,060 -2,287,630 23814485.0004 -404,620 743,690 -712,854 2,552,804

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

0.0018 1.23 2.68 12.5 1.2 2.78 0.28 7.89 1.54 0.22 0.115 0.12 1.05 2.35 1.02 0.54 0.86 0.012 0.011 4.61 3.5 7.36 23.7 0.0063

0.0018 1.23 2.68 12.5 1.2 2.78 0.285 7.9 1.55 0.228 0.115 0.122 1.3 2.35 1.02 0.56 0.9 0.013 0.011 4.7 3.55 7.63 23.75 0.0063

0.0018 1.2 2.67 12.5 1.2 2.73 0.28 7.65 1.52 0.219 0.115 0.12 1.04 2.27 0.99 0.54 0.86 0.012 0.01 4.55 3.5 7.34 23.2 0.0063

0.0018 1.2 2.67 12.5 1.2 2.78 0.285 7.85 1.54 0.227 0.115 0.122 1.27 2.32 1.01 0.56 0.89 0.012 0.011 4.68 3.54 7.52 23.7 0.0063

25,000,000 2,757,000 10,000 200 11,000 1,430,000 260,000 5,200 23,200,000 130,000 1,580,000 1,500,000 152,845,000 2,209,000 82,000 44,000 88,000 3,700,000 8,900,000 93,000 236,000 387,100 1,010,100 6,000,000

45,000 3,328,000 26,710 2,500 13,200 3,937,790 72,850 40,787 35,626,610 28,770 181,700 182,980 160,610,900 5,108,290 81,270 24,160 76,180 44,500 94,400 430,510 832,910 2,911,274 23,847,910 37,800

-660,740 -4,200 -500299.9997 72,270 11,200 1,800 -106,200 430,960 4,540,480 -

PREFERRED ABS HLDG PDR AC PREF B2 ALCO PREF C DD PREF FGEN PREF G GLO PREF P GMA HLDG PDR HOUSE PREF A LR PREF MWIDE PREF PCOR PREF 2A PCOR PREF 3A PCOR PREF 3B PNX PREF 3A SFI PREF SMC PREF 2C SMC PREF 2D SMC PREF 2E SMC PREF 2F SMC PREF 2H SMC PREF 2I

16.8 495 100 98.5 107.5 480 5.35 96.9 0.98 102.5 995 1,000 1,006 100 1.36 76.5 72.6 72.3 73.75 73.65 72.95

17 495 100 99 107.5 480 5.49 96.9 0.98 102.5 995 1,010 1,006 100 1.36 76.8 72.6 73 74.95 73.8 73.7

16.72 490 100 98.5 107 479 5.35 96.9 0.98 102.5 995 1,000 1,004 100 1.36 76.1 72.6 72.3 73.75 73.65 72.95

16.8 490 100 99 107 479 5.45 96.9 0.98 102.5 995 1,010 1,004 100 1.36 76.1 72.6 73 74.95 73.8 73.7

185,400 100 500 10,210 15,100 2,020 25,600 30 17,000 10 1,130 2,180 570 150 1,000 13,970 180 1,360 15,970 4,620 34,690

3,118,566 49,250 50,000 1,005,790 1,619,200 968,530 139,514 2,907 16,660 1,025 1,124,350 2,199,800 573,040 15,000 1,360 1,063,453 13,068 98,370 1,185,706.50 340,888 2,537,860

-1,158,266 19,800 -

WARRANTS LR WARRANT

1.88

1.93

1.86

1.9

164,000

306,960

SME ITALPINAS XURPAS

4.9 1.16

4.93 1.22

4.8 1.12

4.88 1.14

163,000 22,735,000

794,400 26,653,380

-9,800 168,170

EXCHANGE TRADED FUNDS FIRST METRO ETF 120.4

121

119.5

121

15,290

1,837,847

DDS USD DMPL A1 USD TECH B2

10.2 0.99

7,330 10,200

74,766 10,098

NAME

MS 10.2 0.99

TRADING SUMMARY FINANCIAL

15,362,421

INDUSTRIAL

149,019,546

HOLDING FIRMS

205,727,105

PROPERTY

160,951,245

SERVICES

195,511,925

MINING & OIL

232,476,638

GRAND TOTAL

981,965,635

VALUE 1,727.81 (UP) 7.06 834,780,864.99 FINANCIAL 11,842.07 (UP) 97.50 INDUSTRIAL 805,936,179.38 7,817.77 (UP) 81.04 HOLDING FIRMS 1,317,955,569.92 PROPERTY 4,342.47 (DOWN) 3.06 1,715.53 (UP) 14.80 1,459,750,892.31 SERVICES 7,690.13 (UP) 33.36 MINING & OIL 1,249,646,164.12 8,093.60 (UP) 49.89 PSEI 237,606,035.239 All Shares Index 4,941.71 (UP) 26.06 Gainers: 118; Losers: 77; Unchanged: 51; Total: 246 5,934,969,413.56

PSE: PH stock market is third top-performing in the region By Jenniffer B. Austria THE Philippine Stock Exchange was the third-best performing in Southeast Asia as of the first half of the year after posting a 7.1-percent gain on strong foreign buying. The main gauge Philippine Stock Exchange Index closed at 7,999.71 on June 28, while the broader All Shares index climbed 8.3 percent in the first six months of the year to 4,893.78. Four of six sector indices finished higher, with the services sector registering the biggest year-to-date gain of 18.6 percent. The financials and mining and oil sectors, meanwhile, closed 3.4 percent and 7.4 percent lower, respectively, at the end of June 2019. “The stock market benefitted from a mix of positive internal and external factors. On the domestic front, we saw inflation stabilize which prompted an interest rate cut and a reduction in reserve requirement by the Bangko Sentral,” said PSE president and chief executive Ramon S. Monzon. “The PSE is among the emerging markets that benefitted from foreign fund inflows which are looking for attractive returns as US interest rates remain steady,” he added. Foreign investors were net buyers in the market at the end of the six month period. Net buying stood at P21.10 billion, a reversal from the P65.84billion net foreign selling at the end of June 2018. Daily average value turnover rose 9.7 percent to P7.84 billion year-to-date. The market capitalization stood at P 14.69 trillion, up 8.4 percent since the start of the year. Capital raised during the first half amounted to P37.89 billion. “After the back-to-back listings in the last week of June, we are looking to more fund-raising activities in the coming months,” Monzon said. Among the companies that recently raised capital stock through the stock market were Arthaland Corp., which generated P1 billion from a preferred shares offering and Petron Corp., which garnered P20 billion in fresh cash also from the issuance of preferred shares.

PSBank eyes P3b from peso bond issuance By Julito G. Rada PHILIPPINE Savings Bank, the thrift banking arm of the Metrobank Group, is raising at least P3 billion through the issuance of peso fixed-rate bonds from July 1 to 17, 2019 in a bid to diversify funding sources. The bank said in a disclosure to the stock exchange Tuesday the two-year bonds were priced at 5.6 percent a year with interest payments made every quarter and full principal paid out at maturity in 2021. “We have always been on the lookout for opportunities to diversify our funding sources. Given market developments, we believe that this bond issuance is properly timed to provide potential institutional and individual investors with an alternative investment to lock in their funds at a high yield and for a relatively shorter tenor,” PSBank president Jose Vicente Alde said in a statement. “Proceeds from the fund-raising exercise will support PSBank’s initiatives in expanding its consumer business as the bank gears up to provide innovative banking solutions and services,” he said. The peso fixed-rate bond requires a minimum investment of P500,000 and is in multiples of P100,000 thereafter. The bond will be issued and listed on Philippine Dealing and Exchange Corp. on July 24, 2019. Authorized selling agents are PSBank, Metrobank and First Metro Investment Corp., while Standard Chartered is the sole arranger and also a selling agent of the bond issue. The bond issuance follows a highlysuccessful offering of long-term negotiable certificates of deposits, stocks rights offer, and medium-term fixed-rate notes last year, which generated P5 billion, P8 billion, and P3 billion in funds, respectively. Even as the banking industry was challenged by a volatile interest rate market in the first quarter of 2019, PSBank managed to post a 10.3-percent growth in net income to P680.7 million from P617 million a year ago, putting it on track of its targets for the year.

Business/World

Manila

Standard

WEDNESDAY, JULY 3, 2019 CESAR BARRIOQUINTO, Editor mst.daydesk@gmail.com

TODAY

IN BRIEF

‘Toy Story 4’ tops box office

Antarctic sea ice in dizzying decline

STREET SCENE. A woman gives money to a busker playing the bagpipes in Melbourne’s central business district on July 2, 2019. Australia’s central bank lowered the cost of borrowing for the second-straight month, bringing interest rates to a new historic low. The Reserve Bank of Australia is battling to extend a record 28-year-run without a recession amid stiffening headwinds—including low wages and a housing slump. AFP

WASHINGTON―After mysteriously expanding for decades, Antarctica’s sea ice cover melted by an area four times greater than France in just a few years and now stands at a record low, according to a study published Monday. Scientists already knew Antarctica was thawing at an increasing rate, like the Arctic, because of accelerating discharge from glaciers, the rivers of ice that push up slowly against the shore. But between 1979 and 2014, they observed a phenomenon that was both intriguing and reassuring: the sea ice cover was expanding. From 2014 to 2017, however, “the Antarctic lost almost as much as the Arctic” over almost 40 years, NASA climatologist Claire Parkinson told AFP, and the trend has continued ever since. From a peak area of 12.8 million square kilometers, the sea ice cover receded two million square kilometers for reasons that remain unknown. “It went from its 40-year high in 2014, all the way down in 2017 to its 40-year low,” said Parkinson, whose findings were published in the Proceedings of the National Academy of Sciences (PNAS). The team analyzed microwave measurements from NASA and military satellites over the period to build up the most precise picture to date of the historic sea ice cover, measuring only area but not thickness. Neither the reason for the earlier expansion nor the current decline are well understood. AFP

LOS ANGELES―”Toy Story 4” once again outplayed the competition at the North American box office, raking in $59.7 million in its second weekend in theaters, industry watcher Exhibitor Relations said Monday. The fourth installment in the wildly popular Disney/Pixar series has earned $238.7 million so far in the United States and Canada, alongside another $259 million abroad. The film again features the unmistakable voices of Tom Hanks as Woody, the ever-eager but empty-holstered cowboy doll, and Tim Allen as the impulsive Buzz Lightyear (“To infinity, and beyond!”). Far back in second place was “Annabelle Comes Home,” the latest in a series of horror films featuring the creepy doll, which opened at $20.3 million. In third place was another debut flick, “Yesterday,” a romantic comedy based on a fanciful idea: what if the Beatles never existed? A mysterious global blackout leads the world to forget the Fab Four, except for one struggling singer-songwriter who becomes an overnight sensation by performing the iconic tunes. “Yesterday,” directed by Danny Boyle (“Trainspotting,” “Slumdog Millionaire”), earned $17 million. Fourth place went to Disney’s live-action remake of “Aladdin,” at $10.1 million. And fifth spot went to Universal’s animated “The Secret Life of Pets 2,” at $7.3 million. A re-release of the blockbuster superhero film “Avengers: Endgame” earned $6.1 million for seventh place, but its overall global box office take of $2.762 billion is still $26 million shy of the $2.788 billion earned by “Avatar.” AFP

Hong Kong grapples with protest aftermath H ONG KONG―Hong Kong on Tuesday grappled with the aftermath of a night of unprecedented anti-government protests which saw parliament ransacked, as Beijing called for a criminal probe into the unparalleled challenge to its authority.

The semi-autonomous ﬁnancial hub has been thrown into crisis by weeks of demonstrations over a bill that would allow extraditions to the Chinese mainland, with the issue becoming a lightning rod for resentment towards Beijing. On Monday-the 22nd anniversary of the city’s handover to China―anger spilled over as groups of mostly young, hard-line protesters, breached the leg-

islative council. They hung the city’s colonial-era flag in the debating chamber, scrawled messages such as “Hong Kong is not China” on walls, and defaced the city’s seal with spray-paint. Police charged into the building shortly after midnight to retake control. The events pose an unprecedented challenge to Chinese leader Xi Jinping, and on Tuesday, Beijing wasted no time in asking Hong Kong to investigate the “criminal responsibility of violent offenders”. “These serious illegal actions trample on the rule of law in Hong Kong, undermine Hong Kong’s social order and harm the fundamental interests of Hong Kong,” the relevant State Council ofﬁce said. Hong Kong has been rocked by massive protests over the past three weeks. The rallies―including a huge pro-democracy march on Monday―have been largely peaceful while calling on the city’s Beijingappointed chief executive Carrie Lam to resign. But they have failed to win concessions, with Lam

refusing to permanently shelve the extradition law or step down, and by Monday some hard-line protesters appeared to have reached breaking point, and stormed the legislature. Lam-whose approval ratings are at a record low― condemned “the extreme use of violence”, describing the vandalism as “heartbreaking and shocking”. The legislature was closed Tuesday, as police collected evidence from the debris-strewn building, while workers swept surrounding areas littered with shattered glass, broken umbrellas and hard hats. Pro-democracy lawmaker Eddie Chu, who was stopped from entering his ofﬁce, said police told him the building was “a crime scene”. Legislative council president Andrew Leung, whose portrait was among those defaced by protesters, said major meetings were now canceled until October. “Our security systems, our ﬁre services, our lifts... need to be tested before we can resume any meetings”, the pro-Beijing politician said. AFP

LAST week, in this global strategy discussion, we tackled the question of why. This week, we tackle the question of where. Where When an organization decides to operate outside of its borders, the question of where depends on why. If the reason for crossing borders is to broaden revenue opportunities, then the essential questions revolve around the market opportunity and the likelihood of market success. If the reason is to improve the value chain, then the essential questions revolve around factors of production, logistical infrastructure, and local administrative and institutional conditions. Economists normally consider two important factors when studying trade between countries—size of economies and distance between economies. Larger the economies mean increased opportunities for trade and shorter distances decrease logistical difficulties. However, geographic distance is not as critical for many industries, especially those in the business of intangibles, such as dissemination of online content. In fact, given advances in global logistics, even with tangible products, there are factors even more important than geographic distance. When understanding the desirability of a location for purposes of increasing revenue opportunities, the basic viability questions used for any new business can be asked: Can the business become market viable? Can it operate efficiently and effectively at scale? And can the business earn enough to pay for its cost of capital? These three viabilities of market, operations, and financial or economic must be asked. It is usually clear that operating in a different country requires being able to adjust to local law. But this is typically not the only difference a multinational must be aware of when deciding to enter a new country. The risks involved in expanding beyond the

cess, and climate. For example, certain remote locations become inaccessible during typhoon season. Finally, economic distance covers such things as differences in consumer income, costs and quality of local resources, including natural resources, talent, infrastructure, information, and intermediate inputs for production. The larger the distance, the more adjustments companies must make when entering new markets, and, hence, potentially, the higher the risks. The results of CAGE distance analysis can affect the three key viabilties and should be taken into account regardless of the reason for internationalization. To my students, I normally recommend supplementing adding a SGORR analysis to the core CAGE analysis when the reason for internationalizing is for globalizing markets. The ﬁrst two letters refer to the evaluation of the size and potential growth of the market. It is important to look at both customer base and revenue opportunity. O refers to the available opportunity. For example, opening a store in California is potentially a doorway into the United States whereas opening in Guam is probably simply about the Guam market. Finally the ﬁnal two R’s mean Resources and Risks. The company needs to ask whether the essential resources exist or can be developed in the new location. The company also needs to ask what risks are involved. Next week, we address the question of when and how. ••• References: (a) Gallegos, Herrera et al Asian Institute of Management Strategic Management Department Strategic Management Cycle, 2017, (b) Ghemawat, P. (2001). Distance still matters. Harvard business review, 79(8), 137-147. Readers can email Maya at integrations_manila@yahoo.com or through her Facebook page, integrations manila. Or visit her site at http://integrations.tumblr.com.

Any person with valid objection/s on the above-mentioned project may file his/her objection in writing, under oath, with the BOI within three (3) days from the date of this publication. (SGD.) ANGELITA F. ARCELLANA Officer-In-Charge Infrastructure and Services Industries Service (MS-JULY 3, 2019)

Republic ofthe Philippines UNIVERSITY OF NORTHERN PHILIPPINES

Beyond Borders 101.2 home marketplace involve much more than different laws or dealing with geographic distance, or even language. The reason for this is that the existing business model has been crafted within the home country situation. This means it takes into account domestic norms and references and even presumes certain things exist in the business environment. For example, delivering service with a smile can run into problems in Germany where it is considered impolite to smile to strangers. Spanish companies would lose critical shopping hours if they implemented siesta in other countries. Western e-commerce companies would have difﬁculty relying only on credit cards and Paypal when entering developing markets. Distance and Differences Hence, regardless of the reason for internationalization, one of the most important questions a company needs to ask concerning operating in another country is whether it needs to amend its strategy, activities, or organization. CAGE distance framework provides an approach to evaluating these differences between countries. He provides four categories of what he calls distance: Cultural distance includes differences emanating from differences in ethnicities, religions, or social norms. These differences affect customer preferences and behavior, and also affect employee and local partner behavior. For example, fast food chains must adapt their menu, kitchen lay-out and food procurement in order to provide Halal food offers in Islamic markets. Administrative distance captures differences in government policy, strength of local ﬁnancial institutions and intermediaries as well as strength of institutions and intermediaries in the areas of labor, market, and logistics; and the effects of such things as bilateral or multinational trade agreements and colonial ties. Geographic distance involves an understanding of physical remoteness, physical access (transportation infrastructure), size, communication ac-

N OTICE

Notice is hereby given that HERMA SHIPPING AND TRANSPORT CORPORATION with office address at #94 Herma Bldg., Scout Rallos St., Kamuning, Quezon City, is applying for registration with the Board of Investments (BOI) as a New Domestic Shipping Operator of Oil Tanker (MT Maalab, 1,133 GT) on a non-pioneer status with home wharf at Mariveles, Bataan.

Tamag, Vigan City 2700 llocos Sur

NOTICE OF SEARCH FOR UNIVERSITY OF NORTHERN PHILIPPINES (UNP) PRESIDENT AND CALL FOR APPLICATION The UNIVERSITY OF NORTHERN PHILIPPINES BOARD OF REGENTS publicly announces the opening of the Search for Presidency: 1. 2. 3. 4. 5.

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

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

The complete set of documents shall include the following: A. Formal application letter addressed to: DR. PERFECTO A. ALIBIN Commissioner, CHED & Chair, UNP Board of Regents 4th Floor HEDC Building, C.P. Garcia Avenue UP Dlliman. Quezon City B. Detailed curriculum vitae, signed under oath (personal data, educational qualifications, work: experience including organizational chart of the institution showing the candidate’s position, research output and publications, extension activities, experience in resource generation, awards and certificates, conferences attended) C. Certified true copy of documents in support of the data stated in the Curriculum Vitae. The HR Officer ofthe organization where the applicant comes from shall certify to the authenticity of the documents provided that the original is presented to him/her for comparison. D. Proposed Vision, Mission and Development Goals for the SUC in not more than five (5) pages. E. Certificates/Clearances from the following government agencies, obtained not more than one (1) month from the date of filing of application, indicating applicant has no pending administrative and/or criminal case: 1. 2. 3. 4. 5.

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

F. PSA (NSO) -authenticated Birth Certificate G. Medical Certificate of Physical Fitness issued by a Physician from DOH accredited health institutions hut not the same institutionwhere the applicant is presently employed letterhead of hospital or clinic must indicate OOH accreditation number. H. Result of Neuropsychiatric examination conducted by a physician from a DOH accredited health institution but not the same institution where the applicant is presently employed. Result should be signed by a neuropsychiatric doctor. Letterhead of clinic/hospital must indicate DOH accreditation number. The test result shall also include a statement indicating the purpose for which the test is taken, e. g., “this test was taken in connection with the applicant’s application for the presidency of UNP.” I. Duly accomplished CSC Form 212 made under oath. The Search Committee for Presidency reserves the right to validate and verify the authenticity of documents submitted and the right to accept or reject any document that it deems to be questionable. IMPORTANT: Interested applicants must submit one (1) set of original and six (6) sets of certified photocopies of documents (hard and soft copies) on or before July 31, 2019 at 5:00 P.M. (Philippine Standard Time) to:

(MS-JUL. 3, 2019)

LGUs

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

WEDNESDAY, JULY 3, 2019

LOCAL GOVERNMENT UNITS

Makati gets top COA marks By Joel E. Zurbano

HE Makati City government under the administration of Mayor Abigail Binay obtained for the second straight year the highest rating from the Commission on Audit in its Annual Audit Report on the city’s 2018 financial statements. COA Director Adelina Concepcion Ancajas stated in her letter dated June 25 that the Auditor “rendered an unmodified opinion on the fairness of presentation of the financial statements of the city.” An “unmodified opinion”, also called “unqualified opinion”, is the highest audit rating that can be rendered by an auditor after concluding that the financial statements of the audited entity are presented fairly and in conformity with generally accepted accounting principles. Mayor Binay expressed her elation over the positive audit rating gained by the city for 2018, and thanked COA for its fair evaluation. “I am deeply heartened by this good news from the Commission on Audit. This second unmodified opinion shows that we have remained on course in espousing the principles of good governance, including transparency and accountability,” she said. The city chief executive also thanked the various agencies of the city government for their support and cooperation in ensuring full compliance with laws on the disbursement of government funds and implementation of programs and projects. “Getting an unmodified opinion for two years in a row is a rare achievement, and I am proud to share the honors with my fellow city officials and public servants of the City of Makati,” said Binay. For the past three years, the city government has implemented reforms aimed to enhance transparency and efficiency in the systems and operations at City Hall. These include a Business One-Stop Shop (BOSS) established at the ground floor of Makati City Hall Building II, which has served as a common site to process applications and payments and issue licenses, clearances and permits.

Floating solar project started in Magat Dam By Jessica M. Bacud RAMON, Isabela—Renewable energy company SN Aboitiz Power-Magat has switched on the 200-kilowatt pilot floating solar project here, the first of its kind in the country. Joseph Yu, SNAP president and chief executive officer, said the project will only be used to operate the Magat hydropower plant and the company will develop it to a bigger facility that can add to the Luzon grid’s power needs. “This is the first non-hydro renewable energy project of SNAP that will provide power to SNAP’s facilities in the area and will be looking at other renewables and complementary technologies to expand the company’s renewable energy portfolio,” Yu stressed. Energy Secretary Alfonso Cusi,

The floating solar project of SN Aboitiz is deployed in the Magat Reservoir in Ramon, Isabela. In photo (inset, from left) at its launch are National Irrigation Administration head Ricardo Visaya, Cabinet Secretary Karlo Nograles, SN Aboitiz Power president and CEO Joseph Yu, Energy Secretary Alfonso Cusi, SN Power chief executive officer Erik Knive, AboitizPower president Erramon Isidro Aboitiz, and Norwegian Ambassador Bjørn Jahnsen. Jessica M. Bacud

who attended the launch, said the potential of floating solar power will benefit not only the company but will also provide additional power to the country’s requirements. The Philippines’ demand peaked at 11,000 megawatts, which signals the

necessity to produce more energy for its developmental needs, the Department of Energy said in a statement. “An improving economy requires an increase in electricity demand, and that is what the government is doing, increasing the capacity,” Cusi reiterated.

Administrator, Abra councilor slain by riders By Abe Almirol SAN MATEO, Isabela—On the first day of office for the newly elected officials, residents were shocked after a former board member and newly appointed municipal administrator of this town was gunned down on Monday night. Napoleon Hernandez Jr., 59, a former Liga ng mga Barangay Federation president of Isabela, was shot two times by two motorcycleriding men while he was driving home his Toyota Vios along the national road in Dagupan village at around 7:20 p.m. His wife Placida, who was in the same car, survived the attack. Meanwhile, a councilor of Pilar, Abra died when he was ambushed by a still unidentified suspect. Amante Doral was on his way home on a motorcycle but died after being shot in the back, while his son was wounded, GMA News reported. The councilor’s family said he was already receiving death threats even before the midterm elections. In Isabela, Police Major Jeffrey Raposas said the motorcycle riders shot Hernandez through the vehicle’s left window, hitting him in the chest. Reports said Hernandez, the province’s former farmers sectoral representative, had just attended the inauguration of Mayor Gregorio Pua, who appointed him as the new municipal administrator, when he was waylaid by the unidentified suspects. Police recovered two shells of a .45-pistol at the crime scene. Isabela Governor Rodito Albano III condemned the killing of Hernandez as the provincial leaders expressed their condolences to family of the victim. “I condemn this act of killing as this has no place in our province,” Albano said, as he appealed to the people to cooperate with the police for the possible identification of the suspects. The Isabela police provincial office formed a Special Investigation Task Group to probe Hernandez’s death. Raposas said the SITG would also look for nearby establishments with CCTVs that may have caught the movements of the suspects before, during and or after the shooting.

Cordillera coffee growers, processors laud research aid By Butch Gunio TABUK CITY, Kalinga—Cordillera coffee growers and processors cited the positive impact of science and technology research intervention in their production and commercialization. “We learn new technologies presented to us by Benguet State University and Kalinga State University,” said

Camilo Degay, owner of Magallaya Mountain Specialty Coffee in Kalinga. He was speaker at the technology forum during the second day on Friday of Yookah and Robusta Coffee FIESTA (Farms and Industry Encounters through Science and Technology Agenda) hosted by Cordillera Consortium for Agriculture, Aquatic, and Natural Resources Research and Development

(CorCAARRD) held at KSU here. Degay said trainings and seminars conducted by various government agencies equipped him with knowledge and technologies to improve his business selling high class coffee. Another forum speaker, Virginia Sacki, owner of a coffee farm and Cafe de Kalinga, said there is money in agriculture, as she expressed gratitude to

government agencies for the assistance. The Cordillera region has high yields of Arabica and Robusta coffee. The Philippine Council for Agriculture, Aquatic, and Natural Resources Research and Development has funded research with CorCAARRD members like BSU and KSU for various regional commodities that included coffee and Kalinga native pig or yookah.

SM Baliwag, Ms. Philippines Earth beauties promote Green Initiative

LIONS’ MARK. The Lion’s Club of San Pedro Laguna (District 301-A2) Chartered on March 1, 1965 recently inaugurated its club marker in simple ceremonies attended by its current members and officers. The momentous occasion signifies the activeness and solidarity of the club and its members in the city.

Didipio miner bares new dev’t contributions By Ben Moses Ebreo KASIBU, Nueva Vizcaya—OceanaGold Philippines Inc. recently revealed their updated contributions to the country’s economy and development as they continue their operations in barangay Didipio in this town. David Way, general manager of the Didipio gold-copper mine, said a large proportion of the revenue they generate in the country is invested right away in their covered communities. He said these investments cover employment, taxes, social development, agriculture, environment and other support and assistance to the beneficiary barangays. On employment, OGPI manages 1,500 staff and contractors, spent P2.5 billion for employee wages alone since

2013, and provided 3,000 additional livelihood opportunities through partnerships with cooperatives and social development organizations. The company also invested P6.8 million on employees’ welfare, community and pre-employment trainings, forged partnerships with the Nueva Vizcaya State University, Quirino State University, Isabela State University, Saint Mary’s University, Ifugao State University, and University of the Philippines to provide 246 scholarships in the province and neighboring province of Quirino. It also provided 291 On the Job Training placements at the Didipio mine, trained and employed an additional 104 villagers from Didipio and nearby communities on modern underground mining operation, which will continue

to grow as the operation matures, and spent around P104 million in underground mine training since 2016. Since 2013, Way said OceanaGold has paid P568 million in local taxes, paid P210.6 million in Real Property Taxes, and paid its increased excise tax since 2018. The company also invested P1.2 billion in social projects since 2013, spending P595 million for local social development management program projects, and P615 million for other local corporate social responsibility projects. “We also established the communityowned corporation DiCorp, which has generated P1.5 billion gross revenue for the local community from long term contracts with the Didipio Mine Project and is now providing external services to our operation,” Way added.

BALIWAG, Bulacan—Candidates of Ms. Philippines Earth 2019 made a surprise visit at SM City Baliwag to instill environmental awareness through SM Green Bag initiative followed by a glamorous Hair Style Competition in the afternoon. Miss Philippines Earth Organization is committed to producing world-class beauties that will embody preservation of the Earth and the conservation of its resources in the country and internationally. Their partnership with SM made way to boosting the SM Green Bag, the country’s first reusable bag made of 100% recyclable, non-toxic materials. The proceeds from Green bag purchases go to an organization that aims to protect the environment. Candidates of Ms. Philippines Earth 2019 visit SM Hypermarket Baliwag for a meaningful day with shoppers. The beauties promoted environmental awareness among shoppers through the SM Green Bag initiative, followed by a glamorous Hair Style Competition in the afternoon. Jun David

SM Green Bag initiative strongly supports the “no to plastic” movement, as each bag is designed to save up to three plastic bags at a time. Lauded as the only multi-awarded reusable shopping bag in the Philippines, SM Green Bag has been cited by the Department of Environment and Natural Resources as a model for environmental activism in 2010. Two years later, SM Markets won the Philippine Quill Award from the International Association of Business Communicators and was declared Champion for the Recycling Category and Candidate Master overall of Zero Basura Olympics for Business in 2013. Jun David

WEDNESDAY, JULY 3, 2019 advertise@manilastandard.net

Celebrating 70 years of Central Banking in the Philippines

HE year 2019 marks the 70th year of central banking in the Philippines. The commemoration is themed, “Building on Strong Foundation: Continuity and Progressive Change.” The use of the words “strong foundation,” which hints of stability amid change, builds upon the reforms pursued by the institution in the course of 70 years of central banking. “Continuity” and “progressive change,” on the other hand, suggest the dynamic forward-looking stance of the institution.

Amended BSP Charter boosts its capacity to perform mandate PRESIDENT Rodrigo R. Duterte signed into law “Republic Act No. 11211, or An Act Amending Republic Act No. 7653, Otherwise Known as the ‘New Central Bank Act’, and for Other Purposes” on 14 February 2019. According to the Bangko Sentral ng Pilipinas (BSP), “The amendments are intended to provide for a more effective and dynamic central monetary authority. The amended BSP Charter strengthens the central bank’s capacity to foster price stability, financial stability, and a safe and reliable payments system.” Enhancing BSP’s capability to perform its mandate is ultimately aimed at enhancing the economic and financial well-being of Filipinos. Stable prices benefit all Filipinos by preserving their purchasing power and providing an enabling environment for stronger economic growth. A strong and stable financial system ensures efficient fund intermediation between savers and investors and sound risk management. Moreover, a stable payments system supports financial inclusion by providing more unbanked Filipinos access to financial products and services. Financial inclusion is integral to broad-based economic growth that benefits all Filipinos. Price Stability R.A. No. 11211 provides for an enhanced policy framework for promoting price stability, which is manifested through low and stable inflation. In line with current international trends, the new law recognizes that there is a broader set of indicators, aside from monetary aggregates, that serves as a basis for the formulation of monetary policy. Under the inflation targeting framework, the BSP focuses mainly on achieving price stability, instead of targeting monetary aggregates, as the ultimate objective of monetary policy. The law also restores the central bank’s authority to issue its own debt papers as part of its regular operations. This gives the BSP greater flexibility in determining the timing and size of its monetary operations and expands its policy toolkit. Financial Stability Moreover, R.A. No. 11211 establishes a stronger

prudential regulatory framework to promote a safe and sound financial system; and explicitly identifies financial stability as a mandate of the BSP. An express financial stability mandate ensures that the Bangko Sentral can take direct action on vulnerabilities and mitigate systemic risks that may have system-wide impact, thus, further strengthening prudential oversight over the country’s overall financial stability. In this regard, the central bank works closely with the Department of Finance, Securities and Exchange Commission, Insurance Commission, and Philippine Deposit Insurance Corporation. Said law also widens the coverage of institutions under BSP supervision to include money service businesses, credit-granting businesses and payment system operators. This puts the BSP in a strategic position to address potential risks arising from the interlinkages within the financial system and between financial institutions and service providers across instruments and markets. The law also authorizes the BSP to prescribe minimum risk-based capital adequacy ratios based on internationally accepted standards and practices. Payment Systems Efficiency Furthermore, R.A. No. 11211 empowers the BSP to oversee payment and settlement systems (PSS) including critical market infrastructures that are vital components of the country’s financial system. This reform stems directly from the central bank’s role of fostering price and financial stability. As pipelines for the flow of funds, PSS are critical transmission channels for monetary policy and in mitigating systemic disruptions, ensuring the smooth flow of financial transactions and maintaining public confidence in the financial system. Placing PSS under BSP supervision provides a holistic view for setting standards and for defining the operating en-

Maintaining price stability in the Philippines through inflation targeting THE year 2019 marks the 70th year of central banking in the Philippines. It also highlights the many years of Bangko Sentral ng Pilipinas’ (BSP) quest of fulfilling its primary mandate of maintaining price stability conducive to a balanced and sustainable growth of the economy. While the price stability objective was already embedded in the provisions of the New Central Bank Act of 1993, the BSP only shifted formally to an Inflation Targeting (IT) framework 16 years ago. Looking back, it is during the IT regime that the BSP recorded considerable success in bringing inflation rates lower and keeping inflation expectations well anchored. Consequently, this allowed the BSP to build its credibility through greater accountability and transparency.1 What is Inflation Targeting framework? It is a monetary policy framework that focuses on achieving price stability as the primary objective. With IT, the BSP publicly announces a headline inflation target which it promises to achieve over a certain period. The achievement of the goal is measured by comparing the actual headline inflation with the publiclyannounced inflation target. The BSP formally adopted IT on 24 January 2000 to better achieve the BSP’s primary mandate. The key advantage of IT is its relative simplicity which allows the public to understand how the BSP works. It is also a comprehensive approach to policy making which takes into consideration the widest set of available information about the economy. It is forward-looking and recognizes that monetary policy actions affect inflation with

a lag. It also promotes transparency in the conduct of monetary policy with the announcement of targets and the reporting of measures that the BSP will adopt to attain these targets, as well as the outcomes of policy decisions. The shift to IT framework was a natural transition for the BSP since its basic elements— the primacy of price stability as the objective of monetary policy and the BSP’s fiscal and administrative autonomy or central bank independence – are already institutionally present, both in the 1987 Philippine Constitution and in the BSP charter. Also, the national government had already been announcing to the public its annual inflation targets since 1994.2 The inflation target-setting process in the country is largely based on the existing framework for coordination among government economic agencies under the Development Budget Coordination Committee (DBCC).3 The National Government (NG), through the DBCC, sets the inflation target two years ahead, in consultation with the BSP.4 However, the responsibility of achieving the inflation target rests primarily with the BSP. The coordination between the BSP and the NG on the setting of the inflation target ensures that it is aligned with the overall policy framework of the country. The BSP manages inflation through its conduct of monetary policy, which is done primarily by moving its policy interest rate. The Monetary Board (MB) meets eight times per year to review, discuss and decide on the appropriate monetary poliContinued on C4

vironment in the financial system. The development of a safe and efficient national payment system that is crucial to price stability, financial stability and economic growth is a paramount objective of the BSP. Corporate Viability To enhance BSP’s corporate viability, R.A. No. 11211 authorizes the increase in the capitalization of the BSP from PhP 50 billion to PhP 200 billion, which shall be sourced from dividends declared by the BSP in favor of the National Government. Under the amended Charter, the BSP is also exempt from paying taxes on income derived from its governmental functions. These reforms place the BSP on a stronger position to pursue its mandate amid a growing economy and the increasing sophistication of the financial system. Data Access The amended BSP Charter restores the central bank’s authority to obtain data from any person or entity from the private and public sectors for statistical and policy development purposes in line with the pursuit of its mandates.

Life

wednesday, ju juLy 3, 2019

Bernadette Lunas, Issue Editor manilastandardlife@gmail.com

fashion and beauty

thleticism meets urban edge in Kenneth cole Reaction’s latest collection of timepieces, which was recently launched in manila.

Drawing inspiration from sports and the love of the game, the watches show off complementary colorways, texturized silicone straps, bold hues, and intricate dials. sporty guys can opt for Jones, whose 46 mm jet black casing offers a great contrast against the bright blue dials and silicone strap. For an understated sense of style, Bleecker and Dyer styles feature screw detailing on the bezel set against a pastel gray or deep blue backdrop. For a more rugged look, Fulton and Bowery are military-inspired watches which feature a 51 mm iP black plated case paired with bold hour markers that stand out against the dark texturized dial. each watch comes with a choice of brown or black leather strap options. contemporary look is achieved with Park and Broadway’s sporty black and orange elements, complete with eyecatching dials that have a layered effect and stylized hour markers. Other standout styles include Dekalb and its attention grabbing tangerine face, irving’s all dark look, and carlton’s contrasting black and white façade. Rounding off the season’s latest collection is seigel, a 44 mm timepiece with signature black stainless steel bracelet paired with a striking red dial.

FOR THE LOVE OF THE GAME. The 2019 timepiece collection of Kenneth Cole Reaction consists of styles made for sporty guys and modern men.

Kenneth Cole Reaction unveils latest collection Kenneth Cole Reaction watches are now available at The SM Store, Robinson’s Department Store, Metro Gaisano, and Landmark outlets, as well as online at Zalora, Lazada, and Shopee.

A piece from KCR 2019 watch collection

Kenneth Cole Reaction’s managing director Linfred Yap, international sales manager Tony Harris, and APAC sales manager Andrew Tsang.

The brand’s latest timepieces feature contemporary and military-inspired styles.

Tessa Prieto-Valdes at the launch of the new collection.

Marija finds the perfect color By Robbie Pangilinan

Ara Mina’s Ara Colours line of makeup is composed of compact and multitasking products at affordable prices.

cROAtiAn professional dancer and model marija Debelic has a colorful personality. now she has found the perfect color for her hair—ash brown. “this color is perfect for marija’s skin tone, hairstyle, and lifestyle. it reflects her personality,” says maricel Beo, the operations manager at c salon, where Debelic got her new hair color. the newly opened c salon manila, a go-to place for men and women who want to look good and feel good, stands by being “the coloring specialist.” it offers color services by schwarzkopf and milbon, international brands whose products are used by the finest salons all over the world. “We have roots color, regular full color and organic color, highlights with two or three colors, streaks, lowlights, and Balayage. Of course we also cut, style, and do makeup,” adds Beo. hair treatments include head spa, Repair Rescue for extremely

Ara Mina launches makeup line, highlights no-fuss beauty “i hAve a makeup technique i call ‘the finger way’ where i just use my fingers to apply makeup,” shared actress/entrepreneur Ara mina. “it’s easy, fast, and more practical because i use fewer tools.” With practicality at the core of her routine, mina’s makeup line, dubbed Ara colours, made in collaboration with local brand ever Bilena, is composed of products that provide no-fuss beauty solutions. Designed for women who lead busy, fast-paced lifestyles, Ara colours offers products that are compact, great for multitasking, and offers great value for money. All Ara colours products are sized in such a way that they can conveniently fit in every woman’s beauty pouch. the products are also great for multitasking, which means each of her products offers multiple benefits in just one package.

Ash brown hair color greatly complements dancer and model Marija Debelic’s look and lifestyle.

For instance, the matte lipstick, which is a 2-in-1 flat-shaped lipstick, can be used as lip liner and a lipstick at the same time; the lip and cheek tint, which is a non-drying water-gel tint, can be used on the lips, cheeks, and on the eyes; and the shimmer eye Palette comes with light shades perfect for highlighting features. Ara colours promises to deliver real value for money. Being a working mom herself, mina understands how women of today are more practical and financially matured. As such, prices range from P175 to P245. “Busy moms and housewives should always look good even when they are at home. With Ara colours, it’s easy to achieve because they’re all easy to apply and they’re very affordable too. We want beauty to be effortless,” she said. Ara Colours is exclusively available in Ever Bilena Direct Sales.

Marija gets her hair done at ‘The Coloring Specialist,’ C Salon.

damaged hair, color Freeze for ultimate color retention and hair gloss, moisture Kick treatment, smooth Perfect treatment, time Restore Q10 Plus treatment, and scalp Genesis self Warming Detox Prep treatment. c salon also has hair Restructuring by schwarzkopf and milbon that includes rebond with treatment, perm, hair relax, Keratin treatment, and Brazilian blowout. “i found another thing to love in the Philippines! At c salon, i experience its promise of unparalleled beauty experience,” enthuses Debelic who chose the Philippines to be her second home, over the many places she’s been to like slovenia, serbia, macedonia, Austria, Germany, switzerland, France, the UsA, United Arab emirates, macau, china, and thailand. located on the third floor of the Beauty and Wellness Zone of Robinsons Galleria, c salon boasts serene and elegant interiors, a team of experienced and highly trained stylists, and a menu of well-priced products and services. “the best news is all our clients are entitled to free membership where they enjoy huge perks such as 30 percent discount on selected hair coloring and treatments, plus surprises on their birthdays,” beams Joe Gonzalez, owner of c salon.

Entertainment

WEDNESDAY, JULY 3, 2019

nickie.standard@gmail.com

Go for Gold attempts Guinness World Record GO For Gold is a sports corporate social responsibility (CSR) project of Powerball Marketing and Logistics Corporation, the licensee of PCSO for Scratch It. The program aims to promote nationbuilding through sports development and creating ways to encourage young individuals to pursue excellence through physical literacy. Go For Gold will lead a World Record Attempt, which aims to gather over 10,000 individuals from all over the Philippines and break the Guinness World Record on the Most Number of People Dribbling Basketball

Simultaneously. The current record-holder is the United Nations Relief and Works Agency (UNRWA), who assembled 7,556 people in Rafah, Gaza Strip, Palestine on July 22, 2010, as part of the summer games program in the city. Scratch It ambassadors and Indak lead stars Nadine Lustre and Sam Concepcion will join forces to deliver electrifying performances live, along with some of the country’s hitmakers, such as Karencitta, John Roa, This Band, and ALLMO$T at the “biggest event of the year.”

Founded by Powerball Vice President for Marketing and former athlete, Jeremy Go, Go For Gold will be giving away a kit, containing special freebies, which will be distributed to the attendees on the day of the event. Save the date, pre-register now, and join the Guinness World Record Attempt for free. Go For Gold’s World Record Attempt will be held on July 21 at the SM Mall of Asia Concert Grounds, Pasay City, Metro Manila. To register and for more information, please visit: www. goforgoldworldrecordattempt.com.

‘The Sweetheart and the Balladeer’ concert series goes to CDO F

OLLOWING their successful Iloilo show early this year, Julie Anne San Jose and Christian Bautista’s The Sweetheart and the Balladeer: Fun Night Only returns to the concert stage on July 6 at The Atrium, Limketkai Center, Lapasan, Cagayan de Oro City.

Now on its second leg, the concert series promises an event full of world-class performances from the concert duo with Donita Nose and Super Tekla, and Kyline Alcantara as their special guest. Balladeer Christian credits the success of their previous concert to the rapport he has with Julie Anne. He has nothing but good words for the latter whom he first worked with during her concert at Mall of Asia Arena. “She keeps on getting better. She’s still good and beautiful. Her core is that she works hard. Even if she has taping and doesn’t have enough sleep, she’ll commit. That sets her apart from a lot of people, so that’s why it’s fun to work with her,” Christian told Manila Standard. “When I first sang with her, she really just blew everything away. I just really had to personally sing with Julie then because I’ve heard so much about her,” he continued. “I just used to watch him before. As time goes by, I get to know Christian more, not just as an artist, but as a person. I learn a lot from him regarding our craft and about life,” Julie Anne said in response to the compliment she received from the seasoned balladeer. The Kapuso Concerts is a joint project between the Network’s regional arm GMA Regional TV, GMA Entertainment Group, and GMA Pinoy TV. “Following the very warm reception we received in our first The Sweetheart and the Balladeer: Fun Night Only concert in Iloilo last January, we are thrilled to bring the Kapuso Concerts to Cagayan de Oro City this July,” said GMA Regional TV Vice President and Head Oliver Amoroso. “Truly, Julie Anne and Christian’s phenomenal talents have proven their

Balladeer Christian Bautista shares the stage with pop sweetheart Julie Anne San Jose for the second time following their successful show in Iloilo last January.

From left: Jay Montelibano, VP Head Integrated Sales (Viva Communications, Inc.), Viva Artist John Roa, and Jeremy Go, VP for Marketing (Powerball Marketing and Logistics Corp.)

Media giant boosts fight against fake news ABS-CBN News strengthens its fight against disinformation and misinformation online with the launch of “NXT,” informative videos on current events and relevant issues produced for the digital generation of Filipinos. “NXT,” which is housed within ABSCBN News’ online and social media platforms, explains complex issues and phenomenon through concise, engaging, and well-researched videos that first released on digital. ABS-CBN News Digital head Karen Puno said they envision “NXT” to be the source of authoritative news content produced specifically and especially for the YouTube generation, who are currently being targeted in spreading disinformation and misinformation online. “We set up a new team composed of video journalists and producers that will utilize all manners of audio and visual tools and storytelling styles to deliver relevant, credible, and authoritative breaking and context news stories to the digital generation,” she said. ABS-CBN Integrated News & Current Affairs head Ging Reyes said this small but nimble team of video-andtech-savvy video producers are working with ABS-CBN News’ roster of veteran news reporters and researchers to produce videos that are truly able to analyze and provide context to current events. “NXT” also carries in-depth reports, fact-check pieces, and features that convey the biggest stories of the day. Breaking in its video capabilities before the “Halalan 2019” in May, “NXT” produced veteran journalist Christian

Esguerra’s explainer “#Halalan2019: Ano ba talaga ang trabaho ng senador?” (https://www.facebook.com/dzmmteleradyo/videos/2022904938004294/) which aimed to enlighten audiences on the real responsibilities of a senator. Meanwhile, the Millennial Meetup series featured six young persons for a discussion on the country’s most pressing issues, including mental health, same-sex marriage, and federalism like in this video (https://www.facebook.com/abscbnNEWS/videos/335768793752387/). On the other hand, the Pipol series focused on individuals who achieved near-impossible feats or have remarkable stories, like shoe designer Jojo Bragais, who created Catriona Gray’s Miss Universe heels (https://www.facebook.com/abscbnNEWS/videos/483818115725435/). These “NXT” videos gather page views anywhere from 150,000 to 2.5 million, serving as testimony to the new news consumers’ appetite for this video form. The launch of “NXT” is part of the digital transition of ABS-CBN, which has the biggest online presence among local media networks and a growing list of digital properties. In 2018, the country’s leading media and entertainment company relaunched its pioneering streaming service iWant, which presently houses the biggest library of free movies, shows, and live events in the country and opened 2019 with over 11.3 million subscribers. Stay tuned to the “NXT” videos on YouTube, Facebook, and Instagram via @ABSCBNnews.

ABS-CBN News’ ‘NXT’ ‘unbreaks’ traditional news formats to suit the changing needs, habits, and interests of audiences online.

Contemporary Spanish films to be shown for free in Iloilo City By Seymour Barros Sanchez

undeniable charm as a duo that captures the hearts of concert audience all over the country. The audience can’t get enough of DonEkla so we are bringing

The concert will also feature Kyline Alcantara, Donita Nose, and Super Tekla

them back. We are also giving Kyline’s fans the chance to see their idol on stage again,” Amoroso added. “We are very excited to bring The Sweetheart and the Balladeer: Fun Night Only to more people. We know that the fans of Julie, Christian, and DonEkla have been waiting for another leg and we heard them loud and clear. We are also excited to bring with them Kyline who has not only proven her talent in acting but in singing and dancing as well. Everyone in GMA Regional TV, GMA Entertainment Group, and GMA Pinoy TV really took pride in this concert series and we all wish to see you on our next stop in Cagayan de Oro,” shares GMA Entertainment Group Vice President for Business Development Department III Darling de Jesus Bodegon. Tickets to the concert are available at Limketkai Bizhub, Ale Restaurant, Streetby App., GMA Cagayan De Oro Station, and SM Tickets. You may also contact 0915-535-3873, 0936300-0243, and (088) 857-7933.

INSTITUTO Cervantes, the Embassy of Spain and the Film Development Council of the Philippines are featuring “Contemporáneos,” a film cycle consisting of four contemporary Spanish films, from today to July 6 at the FDCP Cinematheque Centre in Iloilo City. The firm cycle opens at 6:00 p.m. today with No sé decir adios (2017) directed by Lino Escalera. In the film, Clara receives a call from her father, with whom she has not spoken for a long time. He is suffering from a terminal illness, which Clara refuses to accept. Against everyone’s advice, she takes her father to be treated, both escaping the reality which neither can accept. Elena Martín’s Julia Ist (2017) will be screened tomorrow at 6:00 p.m. The film tells the story of Julia, whose future had been very clear until she joined the Erasmus program in Berlin where she was completely alone. She realized that she did not know herself that well nor did she know what she wanted to do with her life. The documentary Saura(s) (2017) by Félix Viscarret will be shown on Thursday at 6:00 p.m. It features filmmaker and writer Carlos Saura through his conversations with his seven children. The film cycle will close on Friday at 4:00 p.m. with the drama María y los demás (2016). In the film, María has

been taking care of her family ever since her mother died. She is responsible yet controlling, and when her father falls in love with his nurse and announces his engagement to her, María feels as though her life is falling apart. The film screenings are free on a firstcome, first-served basis. For further information visit Instituto Cervantes’ website (http://manila.cervantes.es) and/ or their Facebook page (www.facebook. com/InstitutoCervantesManila).

‘No sé decir adios’ is one of the four contemporary films to be shown at the FDCP Cinematheque Centre in Iloilo City.

WEDNESDAY, JULY 3, 2019 advertise@manilastandard.net

BSP roadmap: A balanced approach to FinTech

5.2% (2018)

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cy stance of the BSP to keep inflation within the target. The decisions made are based on a comprehensive set of economic information available at the time of the policy meeting. To strengthen the decision-making process, the MB receives recommendations from the Advisory Committee (AC),5 a technical body which meets regularly prior to each MB monetary policy meeting. The AC meetings are intended to serve as a forum for in-depth, comprehensive, broadranging and balanced assessment of the different factors affecting inflation. The BSP also has a number of disclosure and reporting mechanisms to help the public gauge the BSP’s commitment to achieve the inflation target. These include various reports and publications, including the Quarterly Inflation Report and the Highlights of the Meeting of the Monetary Board on Monetary Policy, as well as regular seminars and conferences involving the discussion of monetary developments and policy issues. Moreover, to ensure accountability in case the BSP fails to achieve the inflation target, the BSP Governor issues an Open Letter to the President explaining the reasons why actual inflation did not fall within the target, along with the steps to be done to bring inflation towards the target.6

2018

Maintaining...

How successful was Philippine Headline Inflation (2012=100) the IT framework in the 1998 - May 2019 Philippines? From a 12.2 percent annual average in10 9.4% (1998) flation from 1988 to 1994 9 that declined to 6.9 percent 8.2% (2008) 8 from 1995 to 2001, the 7 BSP succeeded in tam6 ing inflation as headline 5 inflation rate decelerated 4 further to 3.8 percent from 3 2002 to 2018. For the past 2 16 years, the BSP also 1 managed to keep inflation 0 within prudent and manageable bounds, accompanied by solid economic Inflation Target Range growth despite the presence of global and domestic shocks. Moreover, the low and stable inflation is one of the facenhanced transparency and accountability tors that credit rating agencies often cite associated with the shift to IT regime has for the favorable ratings of the country, the led to the continued anchoring of market latest of which is a rating of BBB+ from inflation expectations to monetary policy Standard & Poor’s, two notches higher than decisions. the minimum investment grade of BBB-. While it is true that the low inflation An international survey also identified the global economic environment in recent Philippines as one of the countries where years has helped in pulling down actual transparency has improved the most.8 inflation in the country, the BSP’s success Going forward, the BSP continues to take in taming inflation did not escape the no- measures to further enhance the implementice of international observers. The Asian tation of the IT framework by improving its Banker recognized BSP as “Best Macro suite of models, data, software, the capabilEconomic Regulator”7 in 2013, 2016, and ity of its technical staff and modelers, and 2017 for its “disciplined effort to maintain the way it communicates its assessment low and stable inflation.” The Philippines’ of current conditions and outlook. This is

Jan -May 2019

ful innovations and managing associated risks; and pursues a FinTech roadmap covering Collaborative Engagements, Commensurate Regulations and Capacity Building. FinTechs commonly engage in emerging business models and technologies which are often beyond the supervision of financial regulators. For this reason, the BSP actively engages fintech players and innovators through a flexible “test and learn” environment or the “regulatory sandbox”. “This approach has served us well since it has enabled us to fully understand new business models, assess risks and employ mitigating actions when necessary while allowing benefits to be realized from these new technologies,” the BSP said.

in percent

In the Philippines, FinTech has transformed the delivery of financial services from branch banking to online banking, paper-based money to electronic money, and face-to-face customer verification to technology-aided knowyour-customer process, among others. Aside from enhancing consumer experience, FinTech transcends geographical barriers and enhances transparency and reduces the cost of financial transactions. Hence, the Bangko Sentral ng Pilipinas (BSP) deems FinTech as a potent tool for promoting Financial Inclusion. In view of this, the BSP has identified the responsible promotion of FinTech as a priority BSP agenda. Under this agenda, the BSP strikes a right balance between enabling use-

From C1

tors, and optimize the potential of digital innovations to provide more convenient, and efficient financial services,” the BSP added. Meanwhile, in crafting commensurate regulations, the BSP has implemented key policy changes espousing the principle of “proportionality”. Towards this end, the BSP has progressively implemented banking laws and regulations to fully develop the country’s digital financial ecosystem and to enhance the management of operational, technology, business continuity, Anti-Money Laundering/Countering Financing of Terrorism and cybersecurity risks by BSP Supervised Financial Institutions. Moreover, the BSP has adopted an activitybased approach in supervising and regulating non-bank institutions that are engaged in money service business operations. Prudential requirements are anchored on activities performed by these entities and differentiated regulations are imposed depending on the risks that may arise from these activities. As part of BSP’s proactive FinTech risk supervision and oversight, the BSP is also ex-

Aside from engaging Fintech players, the BSP collaborates with other financial regulators to ensure policy consistency, prevent regulatory arbitrage and promote expansion of innovations. The BSP also participates in domestic and international information-sharing fora on such topics as technology risk management, innovation, payment systems and cybersecurity. In November 2017, the BSP signed a Fintech cooperation agreement with the Monetary Authority of Singapore covering information sharing and referral system specifically focused on FinTechs operating in the two countries. In August 2018, a FinTech Committee was also created under the Financial Sector Forum (FSF) which is composed of the BSP, Insurance Commission, Philippine Deposit Insurance Corporation and the Securities and Exchange Commission. Under this committee, the FSF shall harmonize its regulatory responses to Fintech innovations in the financial sector. “Through increased collaboration, financial regulators can quickly anticipate changes, assess technological trends across different sec-

2017

INANCIAL Technology (FinTech) is the application of technology in ﬁnancial services in a manner that drives the transformation or disruption of traditional processes in ﬁnancial system.

Headline Inflation

to ensure that the country’s IT framework keeps up with the BSP’s increasing role in maintaining macroeconomic stability amid the emergence of new technologies and increasing global integration. (Endnotes) 1. Guinigundo, D. (2017), “Implementing a ﬂexible IT in the Philippines,” Philippine Central Banking: A Strategic Journey to Stability, Bangko Sentral ng Pilipinas, Manila. 2. Guinigundo (2006). 3. The DBCC is an inter-agency body responsible for setting the annual government targets and assumptions for macroeconomic variables, which are important inputs in the formulation of ﬁscal program

ploring RegTech (regulatory technology) and SupTech (supervisory technology) solutions that cover regulatory reporting, consumer complaint oversight and regulatory compliance automation to enhance the timeliness and quality of BSP’s risk-based decision-making. The central bank also established in 2018 a dedicated Financial Technology Subsector to institutionalize the operational and cyber-resilience of the financial system. “The BSP foresees that the digital future will continue to disrupt traditional boundaries, introduce exciting opportunities as well as a host of emerging threats and risks. Striking the right balance between promoting financial innovation on one hand, and consumer protection, security and financial stability on the other—is an ongoing challenge,” said the central bank. “By consistently implementing the BSP roadmap through collaborative engagements, commensurate regulations and capacity building initiatives, we hope to realize the full potential of FinTech to uplift the lives of all Filipinos,” the BSP emphasized.

of NG. This is composed of the Department of Budget and Management, the National Economic and Development Authority, the Department of Finance, and the Ofﬁce of the President. The BSP participates as a resource institution. 4. The announcement of the inﬂation target is made by the BSP and all information are available at the BSP website. 5. The AC is composed of the following members: (1) the BSP Governor, who serves as Chairman; (2) the Deputy Governor for Monetary Stability; (3) the Deputy Governor for Supervision and Examination; (4) the Assistant Governor of the Treasury Department; and (5) the Managing Director of the Monetary Policy Sub-sector. 6. Open Letters to the President have been issued on 16 January 2004, 18 January 2005, 25 January 2006, 19 January 2007, 14 January 2008, 26 January 2009, 28 January 2016, 20 January 2017, and 25 January 2019. 7. The Asian Banker Regulation & Supervision Awards 8. See Dincer, N. and B. Eichengreen (2014), “Central Bank Transparency and Independence: Updates and New Measures”, International Journal of Central Banking, Vol. 10, No. 1, pp. 189-253, March 2014. The other central banks for which the transparency index increased the most include Hungary, Thailand and Turkey.