TODAYS ISSUE:

4SECTIONS, 36PAGES
P25
METRO MANILA,
PHILIPPINES
S1/1-12
www.bworldonline.com
Oil prices
up on rising
Iraq violence
LONDON Brent crude oil
climbed towards $112 a barrel yes-
terday on worries that escalating
violence in Iraq could disrupt sup-
plies from the major exporter.
The Brent futures contract
sensitive to geopolitical turmoil
rose $1.85 to $111.80 a barrel
by 1102 GMT (7:02 p.m., Manila
time), paring earlier gains that saw
it rise more than $2 to its highest
since early March. US oil gained
$1.50 to $105.90/barrel, also shed-
ding earlier gains that saw it hit a
year high above $106.
An initially muted market re-
sponse to news that Sunni rebels
had overrun Iraqs second-largest
city and moved in on its largest
renery at Baiji has given way to
growing alarm as the al Qaeda
splinter group appeared to make
rapid advances toward Baghdad.
I would entirely ascribe this
move to the insurrection in the
north of Iraq ... The fear is that
it will cause a threat to Iraqi oil
exports, Christopher Bellew, a
trader at Jeferies Bache, said.
If this conflict knocked out
Iraq as an exporter, that would
have significant impact on prices
... How high could they go? It
depends on what happens.
Reuters
Barred, S1/3
Honoring the ag
A soldier salutes to the Philippine fag during yesterdays Independence Day celebrations. As the country marked the 116th
anniversary of independence from Spain, activists held various rallies against corruption, Chinas claim to most of the South
China Sea and expanded defense ties with the United States.
AFP
San Miguel unit barred
from CALAX auction
A SAN MIGUEL Corp. unit has
been disqualied from the bid-
ding for the P35.42-billion Cavite-
Laguna Expressway (CALAX)
project, raising the prospect of the
conglomerate ling a lawsuit ver-
sus the government.
Public Works Secretary Rogelio
L. Singson yesterday said Optimal
Infrastructure Development, Inc.
had been ruled ineligible, due to
a technicality, by the special bids
and awards committee (SBAC),
which met on Wednesday to dis-
cuss complaints raised by a rival
bidder.
The ... SBAC has decided to
disqualify Optimal Infrastructure
because of its defective bid secu-
rity, Mr. Singson said.
MPCALA Holdings, Inc., a unit
of Metro Pacic Tollways Devel-
opment Corp. and one of the four
parties that had submitted bids
earlier this month, questioned the
validity period of Optimals bid
security, which was found to be
four days short.
FRIDAY-SATURDAY, JUNE 13-14, 2014
Tests, S1/3
BSP sets bank stress tests
BANKS WILL soon be subjected
to stress tests to determine their
ability to withstand pressures or
risks that could arise from greater
exposure to the real estate indus-
try, the Bangko Sentral ng Pilipi-
nas (BSP) said.
In a statement issued late on
Wednesday, the central bank
said its policy-setting Monetary
Board had approved a preemp-
tive macro-prudential policy mea-
sure that aimed to ensure banks
continuous healthy exposure to
real estate developments amid a
growing property market.
The MB is implementing the
macro-prudential measure while
cognizant of the social agenda of
providing shelter as a basic need.
It also recognizes the continuing
growth of the real estate industry
in line with national demographic
factors, the BSP added.
Nonetheless, the MB believes
that this is an opportune time to
introduce such measure so that
banks will be appropriately guided
by the policy direction.
The central bank stressed that
the new measure does not re-
flect any imminent vulnerability
among banks with exposures to
the real estate sector.
Instead, the measure simply
reinforces the prudential policy
that banks must have sufficient
By Bettina Faye V. Roc
Senior Reporter
capital to absorb an possible shock
on its credit exposures, the cen-
tral bank added.
Stress tests will be conducted
on banks under the new pruden-
tial guideline. They will be re-
quired to meet certain levels of
capital bufers deemed enough to
stem potential credit risks.
First, universal and commer-
cial banks, and thrift banks, must
meet a capital adequacy ratio
(CAR) of 10% of qualifying capital
after adjusting for the stress test
results.
Likewise, universal and com-
mercial banks and their thrift
bank subsidiaries must have 6%
of their qualied capital classied
as common equity Tier 1 which
Freedom, S1/3
Investment grade
rating afrmed
THE PHILIPPINES again ce-
mented its investment grade sta-
tus with the Japan Credit Rating
Agency (JCRA) afrming its rating
and outlook on the country.
Affirmed were the BBB rating
and stable outlook granted May
last year, with the JCRA noting
the Philippines continued resil-
ience to external shocks, its robust
economic growth, stable political
climate and its healthy govern-
ment nances.
The country is also deemed
investment grade by the three
major credit raters: Fitch Ratings, Rating, S1/3
DOMESTIC DEMAND will allow for eco-
nomic growth higher than 6% this year,
the Japan Credit Rating Agency said.
Standard & Poors, and Moodys
Investors Service.
The count ry s economi c
growth, the JCRA noted, is sup-
ported by robust domesti c
demand underpinned by remit-
tances, plus revenues from tour-
ism and outsourcing that likewise
buoy its external position.
JCRA is of the view that the
Philippine economy, achieving
a 7.2% growth in 2013, will grow
faster than 6% in 2014 on strong
domestic demand, it said in a
statement.
SECTION 1
2&7 THE ECONOMY
4-5 OPINION
6 LABOR
8 CORPORATE NEWS
9 WORLD
10-12 THE NATION
SECTION 2
1&3 BANKING & FINANCE
2 STOCK MARKET
4 WORLD BUSINESS
5 WORLD MARKETS
6 BULLETINS
7-8 WORLD SPORTS
SECTION 3
1-12 WEEKENDER
SECTION 4
1-2 ARTS & LEISURE
3-4 SPECIAL FEATURE
CONTENTS VOL. XXVII, ISSUE 223
WORLD REVIEW
TOKYO/DETROIT
Takata hit by Toyota recall
Takata Corp.s safety crisis deepened
yesterday after Toyota Motor Corp.
recalled almost 2.3 million vehicles
globally, many for the second time, and
the Japanese air bag maker warned that
further xes may be needed. S2/4
NEW YORK
Dow breaks run of record highs
The Dow broke a four-day string of
record closing highs on Wednesday
following the World Banks reduction
of its global growth forecast. The S&P
500s 0.4% drop was its biggest daily
percentage loss since May 20. S2/5
Aquino says govt
acting to enhance
Filipinos freedom
PRESIDENT BENIGNO S.C. Aquino
III punctuated yesterdays Inde-
pendence Day celebrations by
touting domestic reforms and
foreign initiatives as enhancing
Filipinos freedom.
In a speech in Naga City in
the province of Bicol, Mr. Aquino
framed the governments handling
of the pork barrel scam as part of
its program to curb corruption.
Addressing allegations that
those accused were singled out
for political reasons, he drew a
contrast with the treatment of
the 15 Bicol martyrs who did
not receive due process before
being sentenced to die during the
countrys fght for independence
from Spain.
Its good to reminisce these
things, especially now ... that
were pushing for reforms, real
justice and accountability in the
government, Mr. Aquino said.
The president stressed that
the cases fled against lawmak-
ers were based on hard facts that
came out of a thorough Justice
department investigation.
Their accusations: were
merely politicking. But let me just
remind them, the issue ... came
out as early as last year during the
midterm elections, he said.
We could have fled cases
without strong basis just to create
controversies to defame those
linked to the scam running for
public offce, but we did not ...
We followed the right process. We
conducted investigations, we used
evidences in the case build-up,
before eventually fling the cases.
With the 2016 national elec-
tions looming, Mr. Aquino barred
from seeking a fresh term urged
the public to elect leaders not on
the basis of entertainment value
but on their ability to foster justice
and economic growth.
The challenge for us: to
choose the next leaders that will
defend the national interest. We
dont need those people only good
at delivering speeches or memoriz-
ing scripts, nor do we need those
who could sing and dance, he
said.
Senators Ramon Bong B. Re-
villa Jr., and Jose Jinggoy E. Es-
trada, in privilege speeches earlier
this week, accused the administra-
tion of selective justice by running
after opposition lawmakers.
At a vin dhonneur at Malaca-
ang, meanwhile,, Mr. Aquino told
emissaries from other countries
that his governments actions
sought to preserve the countrys
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STOCK MARKET
ASIAN MARKETS JUNE 12, 2014
JAPAN (NIKKEI 225) 14973.53 -95.95 -0.64
HONG KONG (HANG SENG) 23175.02 -82.27 -0.35
TAIWAN (WEIGHTED) 9204.65 -25.15 -0.27
THAILAND (SET INDEX) 1458.66 -5.05 -0.35
S.KOREA (KSE COMPOSITE) 2011.65 -3.02 -0.15
SINGAPORE (STRAITS TIMES) 3293.01 2.97 0.09
SYDNEY (ALL ORDINARIES) 5428.80 -25.20 -0.46
MALAYSIA (KLSE COMPOSITE) 1873.87 -4.51 -0.24
JAPAN (YEN) 101.99 102.04
HONG KONG (HK DOLLAR) 7.751 7.752
TAIWAN (NT DOLLAR) 29.986 29.991
THAILAND (BAHT) 32.460 32.51
S. KOREA (WON) 1017.600 1015.6
SINGAPORE (DOLLAR) 1.248 1.251
INDONESIA (RUPIAH) 11786 11805
MALAYSIA (RINGGIT) 3.207 3.210
WORLD MARKETS JUNE 11, 2014
WORLDCURRENCIES JUNE 12, 2014
ASIAN CURRENCIES JUNE 12, 2014
DOW JONES 16843.880 -102.04
NASDAQ 4331.932 -6.065
S&P 500 1943.890 -6.90
FTSE 100 6868.870 -34.68
EURO STOXX50 3057.65 -10.81
$/UK POUND 1.6825 1.6793
$/EURO 1.3525 1.3532
$/AUST DOLLAR 0.9394 0.9393
CANADA DOLLAR/US$ 1.0852 1.0890
SWISS FRANC/US$ 0.9003 0.9002

INDEX
30 DAYS TO JUNE 11, 2014
OPEN: 6,778.88
HIGH: 6,832.81
LOW: 6,778.88
CLOSE: 6,809.18
VOL.: 1.334 B
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FX
OPEN P43.750
HIGH P43.695
LOW P43.845
CLOSE P43.820
W. AVE. P43.757
VOL. 887.20 M
LATEST BID
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30 DAYS TO JUNE 11, 2014

PESO DOLLAR RATE
31.20 PTS.
0.46%
COMPOSITE

WEIGHTED AVE.
9.8
CTVS.
By Imee Charlee C. Delavin
Reporter
B
W
F
IL
E
P
H
O
T
O
BIR reorganization approved
$1.7M set for Clark
food terminal
feasibility study
Three frms said eying power plant
deals for Clark Green City
Rubber processing
facility up for turnover
Halal certication standards bill seen passed by yearend
ECCP touts
local food
businesses
The
Economy Friday-Saturday, June 13-14, 2014 2/S1
Philippines aims high on FDI
THOUGH early performance has
been sluggish, ofcials in the Phil-
ippines are condent the strong
foreign direct investment (FDI)
showing from last year will be
maintained in 2014, with an im-
proved business climate along
with political and economic stabil-
ity as the Philippines main selling
points. Even so, competition for in-
vestments is likely to remain keen.
On May 13, Trade Secretary
Gregory L Domingo said the gov-
ernment expected FDI growth to
match the 20% increase posted
in 2013, even though investment
inows were down in the opening
two months of the year.
We expect at least a 20%
growth in FDI this year to be
driven by the increasing competi-
tiveness of the Philippines, in par-
ticular the increasing capability of
our workforce, Mr. Domingo said
during an address to a business
forum in Manila.
If the governments target is
met, it will mean the Philippines
will attract around $4.7 billion
this year, after almost $3.9 billion
owed into the economy in 2013,
the highest gure in more than a
decade.
The secretarys forecast came
a day after the Bangko Sentral ng
Pilipinas (BSP) issued a report on
FDI inows for February, showing
net inows of $350 million, 59%
down on the same month in 2013.
The sharp decline took FDI for the
first two months of 2014 to $1.3
billion, 24.7% less than the same
period last year. One of the rea-
sons given by the BSP in its report
issued on May 12 was a higher than
usual outow of funds.
This resulted from sustained
lending by parent companies
abroad to their local subsidiaries/
afliates to support existing oper-
ations and to fund the expansion
of their businesses in the country,
the BSP said.
Should the BSP be correct in
its assessment of outflows, the
weaker-than-expected February
result could be a one-off, with a
stronger movement of inbound
capital to be expected in subse-
quent months.
MANUFACTURING FDI
DESTINATION
If, as the government and other
agencies have forecast, FDI does
continue its strong inward ow,
the manufacturing sector could
be one of the leading beneciaries.
Indeed, overseas high-tech rms
are being tapped as one segment
that could make the move to es-
tablish a base in the Philippines
over the longer term, according
to the Philippine Chamber of
Commerce and Industry (PCCI).
In part, this would be a result of
improved investment opportuni-
ties but also from the Philippines
recently being removed from the
US Trade Representative Ofces
Special 301 Watch List, meaning
Washington has reduced the level
of violations, the PCCI said.
Last year, the Philippines man-
ufacturing component expanded
by 10%, with some of this growth
driven by higher levels of FDI. This
performance is likely to be built on
this year, with GDP predicted to
expand by 7% or more, in line with
the 2013 result. Alongside manu-
facturing, the chamber said other
sectors that could attract greater
FDI this year were software and
information technology, chemi-
cals and food processing.
In March, the BSP forecast that
FDI inows would remain strong
for 2014, with a number of factors
contributing to expected high in-
vestment levels being maintained.
Among these, the bank cited con-
tinued growth, stable ination and
the countrys solid external pay-
ments position as domestic fac-
tors that could attract FDI, while
an external push could come from
the ongoing recovery of the global
economy.
BEST PLACED TO POST FDI
GROWTH
Another to talk up the Philip-
pines FDI prospects for this year
was HSBC. In a report issued at
the end of April, the bank said the
country was best placed of the
ASEAN-5 economies to attract
higher levels of FDI, while both
Malaysia and Thailand could fall
back. Compared with Singapore,
Malaysia, Indonesia and Thai-
land, the Philippines was in a rel-
atively favorable situation, given
the lower degree of leverage and
its current account surplus, the
report said. These factors made
its less vulnerable to a tighten-
ing in global financial conditions
and more appealing to overseas
investors.
While HSBC may be upbeat
about the Philippines appeal as
an FDI destination, that appeal
is relative. All the other members
of the ASEAN-5 have outper-
formed the Philippines in recent
years, with Singapore posting a
net FDI inflow of $56.17 billion
in 2012, with Indonesia attract-
ing $19. 85 billion; Thailand,
$10.67 billion; and Malaysia, $9.4
billion for that year, compared
with Manilas $3.2 billion.
AT LEAST three rms have ex-
pressed interest in building power
plants in the planned Clark Green
City in Pampanga, an ofcial from
the Bases Conversion and Devel-
opment Authority (BCDA) said on
Tuesday.
BCDA President Arnel Paciano
D. Casanova told reporters that
there are a lot of interested parties
who want to locate in the area,
which was envisioned to be a new
metropolitan area.
We have non-di scl osure
agreement. But, there are tra-
ditional developers, which are
big global companies, and also
renewable [energy] developers,
he said on the sidelines of a con-
tract signing in Bonifacio Global
City.
Traditional developers are
those who use fossil fuels like coal
for power generation, while renew-
able projects cover solar, wind,
biomass and hydropower projects.
LOCAL food rms are in prime
position to expand their market
presence in the region given their
competitiveness in a variety of
product categories, the European
Chamber of Commerce of the
Philippines (ECCP) yesterday said
in a statement.
The ECCPs Fairs & More, Inc.
(FMI), a leading trade fair orga-
nizer in the country, said the Phil-
ippines is well-poised to compete
with other Asian countries on cer-
tain food products, including pro-
cessed foods, ready-to-eat meals,
snacks, fruit and vegetable drinks,
food preserves, noodles, pastry
ingredients, and condiments.
Food companies, FMI said,
should therefore engage more in in-
ternational trade fairs to introduce
their products to other markets as
the global food retail industry is es-
timated to be worth $4 trillion an-
nually, with China and India ranked
among the top ve producers.
Asia is also being projected to
account for the bulk... in food de-
mand by 2025, FMI added.
The group said it brought 20
Filipino food rms to the ThaiFex
World of Food Asia 2014 in Thai-
land last month.
Among the Philippine compa-
nies FMI brought to ThaiFex were
Agrinurture, Inc.; Brand Exports
Philippines; ChefTonys; Chocovron
Global Corp.; Gem Foods Interna-
tional, Inc.; Global Food Solutions,
Inc.; Handyware Philippines, Inc.;
KSK Food Products; Mama Sitas/
Marigold Manufacturing Corp.;
Mega Fishing Corp.; MFPHome for
Quality Food Corp.; Monde Nissin
Corp.; Pearl Foods International,
Inc.; Philippine Grocers Food Ex-
ports, Inc.; PixcelTransglobalFoods,
Inc.; Sees International Food Mfg.
Corp.; andSuper QGoldenBihon.
Daryll Edisonn D. Saclag
THE PUBLIC-PRIVATE Partner-
ship (PPP) Center of the Philippines
has approved funding for a $1.7-mil-
lion feasibility study on a food pro-
cessing and cold storage center
project in the planned Clark Green
City, the Bases Conversion and De-
velopment Authority (BCDA) yes-
terday said in a statement.
The funding, to be provided
by the PPP Centers Project De-
velopment and Monitoring Facil-
ity (PDMF), would facilitate the
procurement of consultants who
will prepare the feasibility study
for the food processing terminal
and provide transaction support
services during the PPP project
approval and bidding stages, ac-
cording to the BCDA.
The planned facility is to con-
solidate the food supply chain and
post-harvest production system
of agri-fisheries products like
fruits, vegetables, and livestock
for northern and central Luzon,
Metro Manila and even neighbor-
ing countries.
THE SENATE Committee and Agricul-
ture and Food chairperson said that
a bill ensuring reliable halal certifca-
tion for the country should be passed
by yearend, as the country looks to
tap the $2.3-trillion global halal con-
sumer product market.
Senate Bill (SB) 312, or the
proposed Philippine Halal Act, should
be passed within the year, Senator
Cynthia A. Villar told reporters at the
sidelines of the Salon International
de IAgroalimentaire - Association of
Southeast Asian Nations 2014 food
trade fair, at the World Trade Center
in Pasay on Wednesday.
We have fled the bill, except
that only the committee report came
out, but we dont want to issue a
committee report without consulta-
THE DEPARTMENT of Budget
and Management (DBM) has ap-
proved the Bureau of Internal
Revenues (BIR) rationalization
plan, reorganizing the agencys
divisions and ofces to help it per-
form its functions better.
In an issuance dated May 26
but published in a newspaper only
yesterday, the DBM detailed the
changes to be implemented at the
BIR following the approval of its
rationalization, which involves
functional and structural shifts
meant to help streamline the tax
agencys operations.
The BIR shall continue to be
under the supervision and control
of the Department of Finance... and
be responsible for the assessment
and collection of all national inter-
nal revenue taxes, fees, andcharges,
and the enforcement of all forfei-
tures, penalties, andnesconnected
therewith... theDBMorder read.
A RUBBER processing site a big-
ticket project of the Department of
Agricultures (DA) Mindanao Rural
Development Program (MRDP) will
be turned over within the month in
Agusan del Sur.
The DA said in a statement
yesterday that the Farmers Alterna-
tive for Self-Reliance Multi-Purpose
Cooperative (FASRMCO) had secured
the P31.6-million funding for the
natural crumb processing facility
in Prosperidad town through the
MRDPs Community Fund for Agricul-
tural Development (CFAD).
MRDP livelihood specialist Sam-
son Mate was quoted saying that
the facility will produce high-quality,
semi-processed rubber crumb for
tire and footwear makers, improving
crumb rubber quality and increasing
the value of rubber cup lump, which
is the coagulated mass of rubber
latex from the collection cup.
With the facility, rubber farmers
can have an annual incremental in-
come of at least P3,600-P6,900 per
hectare as savings from freight and
handling, if delivered in processing
centers in North Cotabato, Mr. Mate
added in the statement.
The MRDP serves as the tem-
plate for the DAs P27.5-billlion Phil-
ippine Rural Development Program
(PRDP), to be launched this year.
A.J.M. Santos
On the functional side, the tax
bureau, it noted, will pursue the
optimal utilization of computer-
ization or information technology
to enhance its productivity and
service delivery.
The BIR shall likewise push
for sustained tax administration
reform eforts and fortied tax-
payers monitoring and assistance
functions.
Meanwhile, structural changes
will also be implemented in the
tax bureau, pursuant to its ratio-
nalization plan.
For one, a Project Manage-
ment and Implementation Ser-
vice unit will be created in the
BIR and will, in turn, have two
divisions: the Project Develop-
ment and Management Division
and the Project Monitoring and
Evaluation Division.
The BIRs Excise Taxpayers
Service (ETS) will also be merged
with the Large Taxpayers Service
(LTS), under which audit divisions
for both services will be created, as
well as a Large Taxpayers Division
(LTD) for Cebu.
Some divisions under the ETS
and LTS will be abolished, how-
ever, such as the Excise Taxpayers
Assistance and Programs Divi-
sions, and LTDs Manila and Que-
zon City. Meanwhile, the existing
LTD Makati, which is currently
under the purview of Revenue Re-
gion No. VII - Makati, will now be
transferred to the LTS.
The BIR will also establish
document processing divisions in
each of its revenue regional ofces
(RRO).
On the other hand, nine rev-
enue district ofces (RDO) will be
split into several ofces, bringing
the total number of RDOs to 124
from the current 115. The RDOs
set to be split into two ofces each
are RDO 17 - Tarlac City; RDO 21
- San Fernando, Pampanga; RDO
23 - Cabanatuan City; RDO 25 -
Plaridel, Bulacan; RDO 43 - Pasig
City; RDO 53 - Las Pias - Muntin-
lupa Cities; RDO 54 - Trece Mar-
tires City; RDO 93 - Zamboanga
City; and RDO 113 - Davao City.
Among other changes, a Col-
lection Performance Monitor-
ing Division will also be created
under the Deputy Commission-
er for Operations Group, as well
as a Customer Assistance Divi-
sion, Tax Audit Review Division,
and Val ue-Added Tax Audi t
Division.
The DBM said that the ratio-
nalized stafng complement shall
consist of 2,774 positions for the
BIRs national office and 16,715
positions for RROs and RDOs.
Under the 2014 budget, the BIR
has a total of 13,578 permanent
positions. Bettina Faye V. Roc
BCDA President and Chief Ex-
ecutive Officer Arnel Paciano D.
Casanova lauded the PPP Center
and the PDMF for securing fund-
ing for the feasibility study and
said: It is a major rst step in its
(the projects) realization.
Should the food terminal ma-
terialize, Mr. Casanova said it
would help thousands of farmers
in northern and central Luzon
connect with global agricultural
value chains.
The 40,000-hectare (ha) Clark
Green City is expected generate
925,000 jobs and contribute ap-
proximately P1.57 trillion per year
to the countrys economy.
The rst phase covering 1,300
ha is expected to be bid out inthe
thirdquarter followingtheNational
Economic and Development Au-
thorityBoardsapproval of theClark
GreenCitymaster planonMay29.
BCDA is the agency entrusted
with the management and sale of
former military lands. Daryll
Edisonn D. Saclag
There are international and
local players. We have one renew-
able, then we have traditional
about two global companies, said
Mr. Casanova.
The official said the BCDA is
looking forward to a new power
plant to supply the power needs of
Clark Green City.
The special economic zone
(SEZ) only we will need 300
megawatts (MW), he said, noting
that the SEZ accounts for 35,000
hectares of the 40,000-ha land
area.
Mr. Casanova said Clark Green
City will have its own distribution
utility but noted that it is open to
interested private companies.
Earlier this month, the BCDA
published a request for expression
of interest for utilities that intend
to locate in Clark Green City.
Mr. Casanova said BCDA will
publish a similar request for real
estate developers next month.
Were building a new city half
the size of Metro Manila, and
eventually, with the seamless con-
nection of the other surrounding
local government units, it will re-
ally be a new metropolitan area,
Mr. Casanova said.
We saw that opportunity
with the tollways, with [its] own
airport and its own seaport in
Subic. We feel there is really an
opportunity to build a sustain-
able, green and disaster-resilient
metropolis. Its a safe environ-
ment, he added.
Clark Green City is expected
to generate 925,000 jobs and
contribute approximately P1.57
trillion per year to the countrys
economy, BCDA ofcials have said.
It is also seen to decongest Metro
Manila.
BCDA is the agency entrusted
with the management and sale of
former military lands. Claire-
Ann Marie C. Feliciano
tion as there is a problem: there is
the religious side and the technology
side, Ms. Villar said, noting that SB
312 is still with a technical working
group to work out a balance.
Halal refers to food following
Sharia law and Islamic custom, which
include guidelines ranging from
consumption classifcations to proce-
dures for slaughtering animals.
Ms. Villar added that even while
the Senate was spearheading the bill,
they were working towards a counter-
part bill in the House of Representa-
tives, and implementing rules and
regulations (IRR) for the proposed law
should be released by next year.
The senator noted that they were
currently conferring with stakehold-
ers such as food processing frms,
as well as the National Commission
on Muslim Filipinos (NCMF), which is
under the Offce of the President.
That would be a very big oppor-
tunity for Filipinos because the halal
market is around $2.3 trillion, and
its very huge, she said, adding that
standard regularization would give the
country access to the large market of
which food an industry that includes
50% of the countrys of micro, small,
and medium enterprises comprises
a small $700-billion portion.
Ms. Villar noted that the larger non-
food remainder of the market, which
also includes non-Muslim consumers
of halal-certifed food and goods, con-
sists of products such as cosmetics.
She added that the Malaysian gov-
ernment which she said best imple-
ments halal certifcation was helping
in the standards development, and its
grant will help establish a laboratory to
fgure in the certifcation process.
The senator noted that the
national halal accreditation and
regulatory board that SB 312 seeks
to form, and which should be interna-
tionally recognized to ensure market
credibility, would be derived from the
Agriculture, Science and Technology,
and Trade and Industry departments.
In a separate statement on the
Senate Web site, Ms. Villar noted
that no common guidelines for halal
certifcation exist, and she read
reports that there are about 50 halal
certifying bodies nationwide.
Currently, there are only three
NCMF-approved halal certifying
bodies in the country: Halal Inter-
national Chamber of Commerce
and Industries of the Philippines,
Inc., based in San Juan City; the
Mindanao Halal Authority, in General
Santos City; and the Muslim Mind-
anao Halal Certifcation Board, Inc.,
in Cotabato City.
In April, the local unit of an
Australia-based livestock shipper
conducted a test shipment of halal
beef from the Philippines to nearby
Brunei Darussalam.
The Bureau of Animal Industry
(BAI) explained that a representa-
tive from the oil-rich sultanate had
certifed the consignment, composed
of two containers of meat from
Philippine-reared Australian cattle, as
halal. Anton Joshua M. Santos
Barred,
fromS1/ 1
Rating,
fromS1/ 1
The auction rules state that the bid security
should be valid for 180 days from the submis-
sion of proposals last June 2, which means an
expiry date of Nov. 29, 2014. Optimal had put
down an expiry date of Nov. 25.
San Miguel, which said it had claried the
issue with the Public Works department and
amended its bid, yesterday said: The decision
to throw out the bid of our subsidiary Optimal
Infrastructure Development, Inc. is prejudi-
cial, unfair, and disregards both legal and all
common-sense considerations that should be
given to projects of this scale and importance.
The conglomerate, in a statement, said it
would explore all legal remedies available to
us in order to ensure fair play.
Mr. Singson said: Thats their decision,
but the opening of nancial bids will still push
through tomorrow.
Other than Optimal and MPCALA, the other
bidders for the public-private partnership
project are Malaysian-owned AlloyMTD Phil-
ippines, Inc. and the Team Orion consortium
of AC Infrastructure Holdings Corp., Aboitiz
Land, Inc. and Macquarie Infrastructure Hold-
ings (Philippines) Pte. Ltd.
A successful CALAX auction would add to
the seven public-private partnership deals
awarded so far by the Aquino administration.
Another project, the P64.9-billion Light Rail
Transit Line 1 Cavite Extension, was auctioned
of last month and could be bagged by the sole
bidder this month.
represents high-quality and loss-absorbent capital
after factoring in the stress scenario.
Stand-alone thrift banks, meanwhile, are required to
maintain their total Tier 1 capital at 6% of their quali-
ed capital.
Under Basel III requirements, universal and com-
mercial banks must have a minimum CAR of 10%, of
which Tier 1 capital must make up a minimum of 7.5%
and common equity Tier 1, 6%.
Using stress tests as a prudential measure is in
keeping with the tenets of the international standards
set under the Basel Accord, the central bank said.
These stress tests are also preferred over absolute
limits because they do not prejudice the development
of the real estate industry. Instead, banks can have
greater exposures to real estate for as long as they
manifest their increased ability to absorb these risks
vis-a-vis their capital position.
The BSP has an existing 20% cap on banks credit
exposure to the real estate industry. This limit only
includes loans to the sector minus those for socialized
and low-cost housing, as well borrowings through debt
securities.
Banks that do not meet the new prudential limits un-
der the stress tests will be required to explain formally
to the BSP.
If the BSP deems the explanation as insufcient,
the bank shall be instructed to submit, within 30 cal-
endar days from date of notication, an action plan so
that the bank can meet the stress test limit within a
reasonable timeframe, it said.
Central bank Deputy Governor Nestor A. Espenilla,
Jr. yesterday said in a text message that the stress tests
would start as soon as a circular is issued and takes ef-
fect. There will be continuous testing and compliance
under the new measure, he added.
The real estate exposure of universal, commercial
and thrift banks stood at P1.006 trillion at end-2013,
7.1% more than the P939.8 billion posted in the quarter
ending September 2013, BSP data released last month
showed. At this level, these banks exposure to the real
estate industry represents 21.8% of their total loan
portfolio.
The central bank in 2012 widened its scope of moni-
toring the real estate industry. Under the new rules,
banks are required to report all property loans includ-
ing those for socialized and low-cost housing develop-
ments.
Institutions now also have to include their invest-
ments in debt and equity securities that nance real
estate activities.
These activities range from the acquisition, con-
struction and development of properties, as well as
buying and selling, rental and management.
Tests,
fromS1/ 1
The agency said it also expected the country
to maintain its scal soundness as the govern-
ment continued to enhance its tax collection
efciency and legislative reforms such as the
rationalization of scal incentives.
Despite the growing volatility of portfolio
capital inows and outows, the concern over
external liquidity is easing, given the countrys
increasing foreign exchange reserves that are
more than enough to cover its external debt.
The JCRA, however, noted that its ratings
were constrained by the Philippines chal-
lenging investment environment, in particular
its inadequate infrastructure....
The country definitely needs to develop
infrastructure and improve the investment
environment to attain rapid and sustainable
economic growth. JCR will watch how the gov-
ernment will address the challenge and how
much progress it will make, it said.
It will be imperative for the government
to further strengthen its tax base in order to
ensure infrastructure development without
undermining the momentum for improvement
of its scal position.
It also pointed out that while the bank-
ing sector remained healthy given the low
amount of soured loans and adequate capital
of institutions lending remained limited
compared to the economys size.
This, the JCRA said, indicates a further
deepening and diversication of the nancial
sector is imperative to promote capital for-
mation through increased equipment invest-
ment. Bettina Faye V. Roc
independence while participating in the interna-
tional community.
A solely inward-looking approach to governance
is doomed to fail; any responsible country knows
that it must also work alongside its brother na-
tions to address the worlds problems, he said.
None of us can realize our goals in isolation
... but a fne balance must be struck to avoid
interfering in others affairs. This can be achieved
by rendering genuine and meaningful assistance,
rather than by imposing our own views and policies
on others this can be achieved through sincere
cooperation, he added.
Mr. Aquinos statements came amid escalating
tensions in the South China Sea, most of which is
claimed by China and contested by the Philippines,
Vietnam, Malaysia and Taiwan, among others.
The President said no comprehensive solu-
tion could be reached without taking into consid-
eration the interests of other nations.
Excellencies, it is my hope that we can con-
tinue to maximize cooperation and avenues for dia-
logue, in realizing our aspirations for our peoples.
Together, we have the best chance of eliminating
our common problems. Divided, we may have no
chance at all, Mr. Aquino said.
Elsewhere yesterday, militant groups staged
protests to highlight issues hounding the Aquino
administration.
In Manila, Bayan Muna party-list representa-
tives Neri J. Colmenares and Carlos Isagani T.
Zarate said that after 116 years of so-called
independence, the Philippines and Filipinos have
yet to experience genuine freedom.
Our country is still controlled by foreign
interests, particularly that of the US which has
now intensifed due to the US pivot to Asia ... From
being a semi-colony we are becoming yet again a
full colony of the US, Mr. Colmenares said.
Mr. Zarate, for his part, said: From the P728-
million fertilizer fund scam to the P10-billion pork
barrel scam, unscrupulous offcials used the poor
to get even richer.
Freedom,
fromS1/ 1
Friday-Saturday, June 13-14, 2014 S1/3
THERE is really no
polite way to rush
somebody out the
door if he is taking up
too much time with
narrating the plot of
Maleficent. Formulas
for parting shots are
helpful in signaling
that a meeting should wind up and that leave-taking is in order.
Speeches, especially long-winded ones, signal their nish in order to
stop the loud conversations at the back, wake up those who yielded to
the temptation to doze and snore, and give a lift to the weary and bored.
This verbal leave-taking is signaled simply by the phrase, in closing.
This promised wind-upis occasionallymet withwild applausewhichthe
rambling speaker will nd upsetting. Few in the audience anyway will
shout, Not yet! Encore, encore. We are not yet bored stif!
Concluding a discourse, whether long or short, with a formulaic
phrase is an honored tradition. The old Roman formfor ending a letter
was usuallyexpressed inthe imperative form, givenlike a command: Be
healthy and prosperous. Sometimes, it is a wish: May the Gods guard
your safety. The formthat has survived to this day goes straight to the
point bene vale, or goodbye; more literally, farewell. The more hurried
businessmanof that time prefers the gladiatorial salute ave atque vale
hail and farewell.
Withe-mails, including chat or text, there is also a prescribed parting
shot. This cantake the abbreviated formpreferred by the British: TTFN,
which stands for Ta-ta for now. Americans can go for the funky and
much wordier my life sucks, how
about yours? Kids have taught us
the efcient GTG, got to go.
Farewells are only significant
when there is a prospect of meet-
ing again. If a reunion is remote,
save for an accidental run-in at
a basketball game, the choice of
words does not really matter.
There is little need for delicacy
or calibration of meaning. As the
Simon and Garfunkel song goes,
there are many ways to leave a
lover get on the bus, Gus. Step
on the brake, Jake. Drop off the
clif, Bif.
Corporate parting shots are
straightforward. Seldom is the
prodigal son expected to come
back, except as a consultant. More
rarely still is he welcomed with a fatted calf. The departing gure is
just asked to sign a waiver in exchange for his separation check. It is no
longer obligatory for a company to even provide a despedida party.
Now and then, a party is given for a favored retiree, complete with
video greetings and a plaque of appreciation. But often it is enough for
the exiting one to just clean out his room.
Parting shots followaccepted custom.
Family reunions are easiest. Relatives are like classmates who
gravitate toward each other out of shared hatreds. These events drag
on and goodbyes become undened. If there are parting words, they are
addressed to long-lost relatives. (Dropby the house whenyouhappento
be in Melbourne. Its just a two-hour taxi ride fromdowntown.)
The routine parting is common among ofcemates and colleagues
calling it a day. If it is Friday, or the eve of a long holiday, the wish is for
enjoying the break have a great respite. There is really little interest
in how the break is planned, and come the rst day of work after the
holidays, it is just back to business and following up a report required
for succession planning. (Have you given any thought to your replace-
ment? Si, whats the time frame?)
The daily salutation for parting has undergone a subtle change.
Grandparents were godlier in their parting words with the deeply
felt may God show you mercy. The tone is caring, perhaps seeking
forgiveness at the last judgment. This is quite diferent from a killers
cold dispatch may God have mercy on your soul.
The routine send-of then moved to the casual go ahead (using the
Spanish formof seguir adopted in the vernacular). The current formin
vogue is take care (TC), expressed too ina single Tagalog word (ingat).
The preferred emoticon is a smiling lizard.
Mostly, parting is routine. Its even best to just give a ying kiss, with
palms onthe lips sending ofafectionthat leaves no trace of lipstick. Its
not necessary to catch this love missile and mime a smack. A wave of the
hand can be followed by a hasty exit.
Friday-Saturday, June 13-14, 2014 4/S1 Opinion
Independence: Unnished and elusive Science, philosophy
and the question of life
IN 1962, then President Diosdado
Macapagal declared June 12 Phil-
ippine Independence Day 16
years after it had been celebrated
every July 4 when, in 1946, the
United States granted the coun-
try independence.
Fewobjected at the time, in ap-
parent agreement with Macapagal
that the June 12, 1898 declaration
of independence in Kawit, Cavite,
which led to the establishment
of the First Republic in 1899, was
the appropriate date rather than
July 4.
June 12 has ofcially been In-
dependence Day for 52 years, or
far longer than when it was com-
memorated on July 4. The 116
th

year since 1898 was celebrated
yesterday, but some Filipinos may
be surprised to learn that there
are still people on this planet who
think that July 4 marks the coun-
trys true Independence Day.
They include Americans of
Filipino parentage, or Filipino
Americans (no hyphen), and
some bloggers and social media
users, a number of whom are
also US residents and citizens.
They have several things in com-
mon: they think that Philippine
independence became a reality
in 1946, and that the US did in-
deed grant it. In addition, they
reek with contempt for Filipinos
and Filipino leadership.
One of the former, a Bobby
Reyes, has been arguing for over
a decade that the war the Katipu-
nan and Emilio Aguinaldo fought
against the Spaniards, and which
culminated in the proclamation
of independence on June 12, 1898,
was only one of several wars for
Philippine independence. Among
the other wars he includes the
revolts that occurred in a num-
ber of communities and prov-
inces during Spanish occupation.
Aguinaldo had little domestic and
international support, Mr. Reyes
argues and didnt Aguinaldo
have Andres Bonifacio killed?
There are many Filipinos and
FilipinoAmericans whothinkthat
Independence Day celebrations
are commemorations of a ctional
independence, he continues in
an article that appeared about a
decade ago thats still online.
We (should) celebrate only
what is real and factual. We cannot
distort historical facts. We can-
not celebrate an event that only
resembles the truth. It was only
on July 4, 1946, when the United
States granted it independence
that the Philippines became po-
litically free as a country.
Theres also website called get-
realphilippines.com whose web-
master bases his argument against
June 12 on the claimthat the date
commemorates a non-achieve-
ment. Despite the base motives of
the Spanish and US colonizers of
these islands, he says that in con-
trast to Filipinos, they did achieve
something. The Spaniards uni-
ed the country, while American
engineering and administration
gave us Baguio and Subic Bay Free
Port.
You may not be impressed by
those colonial feats, but he nev-
ertheless suggests that July 4 is
preferable to June 12, because
granting the country indepen-
dence was within US power to
do so, whereas it wasnt in Agui-
naldos to proclaim it. In short,
June 12 was a mere occasion for
Aguinaldos ag-waving and was
meaningless.
For all his contempt for Fili-
pinos and Filipino leadership,
getrealphilippines has more of a
point than Mr. Reyes, although
both are justified in their scorn
for Filipino leadership. Nei-
ther June 12 nor July 4 is the
authentic marker of Philippine
independence for one simple
reason: Philippine indepen-
dence has been mostly myth
than reality in the past, but has
become even more of an illusion
during the Aquino administra-
tion.
June 12 this year was com-
memorated in the context of the
return of US military presence
in the Philippines and the com-
ing transformation of Philippine
military bases into US bases un-
der the Enhanced Defense Co-
operation Agreement (EDCA).
Both are happening in violation
of the countrys Constitution,
which bans foreign troops and
military bases in Philippine ter-
ritory except through a treaty
approved by the Senate. This
fact alone makes a mockery of
Philippine independence and
sovereignty, and has led even
former Senator Leticia Shahani
to observe that the country has
become a neo-colony (its always
been since 1946). To complete
Philippine dependency, thanks
to a military thats basically use-
less for anything except torture
and assassinations, the coun-
trys defense against external
aggression is in the hands of a
foreign power that itself has a
100-year record of aggression
worldwide.
But theres still a difference
between June 12 and July 4. The
former was a proclamation by
Filipinos themselves, and never
mind how limited Aguinaldos do-
mestic and international support,
or whether he indeed had Bonifa-
cio murdered. The fact is that the
forces of the Revolution had de-
feated the Spaniards in a number
of engagements, and had control
of Cavite and neighboring areas
while other revolutionary armies
were ghting the Spaniards across
the archipelago.
That Aguinaldo did proclaim
independence showed that he
could do so without Spanish
intervention. And not only was
that proclamation the rst among
the colonized peoples of Asia; it
also led to the establishment of
the First Asian Republic 50 years
before other Asian countries won
their independence fromthe colo-
nial powers.
Aguinaldoproclaimedindepen-
dence inthe presence of the repre-
sentatives of Commodore Dewey,
which he naively interpreted as
a sign of US support. It was not.
But UStreachery was certainly not
within his power to control. Con-
trary to Mr. Reyess claim, if only
because of that, US interventionin
Philippineafairs evenafter 1946is
not something this country should
be celebrating.
Teodoro, S1/ 5
Araullo, S1/5
Friday-Saturday, June 13-14, 2014 S1/5 Opinion
Teodoro,
fromS1/ 4
Araullo,
fromS1/ 4
Jemy Gatdula
TRADE
TRIPPER
VANTAGE
POINT
Luis V. Teodoro
Different ways
to make a parting shot
FENCE
SITTER
A.R. Samson
What made the 1896 Revolu-
tion different from previous re-
volts was its not being limited to
a small community or province,
and its having been waged at rst
in the name of the Tagalogs, an
ethnic group resident in several
provinces including Manila, and
later the Filipino nation.
July 4, on the other hand,
marked a grant by a foreign
power, which suggests that inde-
pendence is a gift of charity (for
which a people must be grateful)
rather than an achievement. And
yes, as limited as the 1896 Revolu-
tion was, it was nevertheless an
achievement, marking that one
moment in this countrys history
of betrayals and failures when it
came closest to the greatness that
has since eluded it.
What Filipinos need to remem-
ber today is that that Revolution,
in the word of Macapagal in a
speech he delivered in the 1960s,
is unnished. This is not onlybe-
cause independence has remained
elusive, but also because poverty,
injustice and inequality continue
to dene the lives of the Filipino
millions thanks to the moral
and intellectual bankruptcy of the
political dynasties that rule them
as indifferently as the Spaniards
and the Americans did.
June 12 should remain the
countrys Independence Day be-
cause that date marked an inde-
pendent declaration rather than
the meek acceptance of a grant
fromthe very colonial power that
had destroyed the forces of Philip-
pine independence in the early
20th
century, abandoned it to the
Japanese during World War II,
and returned to continue its sub-
jection as a neo-colony. But that
date needs tobe made more mean-
ingful where it matters most in
the daily lives of the people. What
Filipinos need are not fruitless
debates, but independence from
the greed, incompetence and cor-
ruption of their so-called leaders
and the latters foreign overlord.
(Comments, blogs and other
columns are available at www.luis-
teodoro.com and www.cmfr-phil.
org. The author is on Facebook and
Twitter [@luisteodoro].)
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ARNOLD E. BELLEZA
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Online Editor
Farewells are only
signicant when
there is a prospect
of meeting again.
If a reunion is
remote, save for an
accidental run-in at
a basketball game,
the choice of words
does not really
matter.
June 12: Whats there
to celebrate?
STREETWISE
Carol Pagaduan-Araullo
INDEPENDENCE Day has never
been more of a shamand a shame
than it is today, 116 years since
the Declaration of Independence
against Spanish colonization un-
der the protection of the Mighty
and Humane North American
Nation and 68 years since the so-
called grant of Philippine Inde-
pendence fromUS colonization.
Today the ruling regime of
President BS Aquino has proven
to be one of the most servile to
US dictates. This can be seen in
the grossly lopsided, treasonous,
unconstitutional and dangerous
Enhanced Defense Cooperation
Agreement (EDCA), part and
parcel of an abjectly dependent
foreign policy tailored to US
geopolitical interests. It is also
displayed in the perpetuation of
US-imposed neoliberal economic
policies liberalization, deregu-
lation, privatizationand denation-
alization that continue to wreak
havoc on our people's lives and
livelihood.
In turn, the regime is certied
by the United States as demo-
cratic, reforming and a model
of good governance. Such a seal
of good housekeeping translates
to sizeable US economic and
military aid, close cooperation in
counterinsurgency, aka counter-
terrorist operations, and a state
visit by no less than US President
Barack Obama to cement the two
countries' special, if dysfunc-
tional, historical relations.
After all, Mr. Aquino has all the
necessary elite credentials scion
to one of the biggest landed clans as
well as heir to the Cojuangco-Aqui-
nopolitical dynasty. Heis amember
of therulingclasses of biglandlords,
big business interests and tradi-
tional politicians that the US has
nurturedsincecolonial times.
Bureaucrat capitalismis a prov-
en lucrative business venture in
the Philippines. There are just so
many ways one can make money
using one's power to approve gov-
ernment contracts, to regulate or
deregulate the business environ-
ment in favor of vested interests,
and to make a prot out of corrupt
dealings through ghost projects,
substandard infrastructure or
overpriced supplies and services.
Among the ways corrupt politi-
cians rake in money, the pork bar-
rel system is currently the most
conspicuous and notorious. It was
bornduring the Americancolonial
period, when it was introduced
through the 1922 Public Works
Act. It grew over the years until it
matured into the milking cow for
corruption and patronage politics
through all the supposedly demo-
cratic post-Marcos regimes.
The BS Aquino regime is no
exception. In fact, it holds the re-
cord for the largest presidential
pork and has even enlarged the
pork allocations of congressmen
and senators several times over.
It used more than a trillion pesos
in presidential pork to buy canine
loyalty from national and local
politicians as well as military and
police ofcials; ensure the passage
of pet bills; engineer the victory of
political allies; leverage favorable
judicial decisions; and occasion-
ally impeach other government
ofcials.
All these should be enough to
indict BS Aquino for corruption.
But he even exacerbates things
by adamantly defending the pork
barrel system, justied its use for
patronage politics, and refused to
do anything until public outrage
over the Janet Napoles porkbarrel
scamthreatened to explode in his
face.
Filipinos riled by the continu-
ing lack of accountability for the
pork barrel scam held a protest
demonstration on Independence
Day. Their call: Lahat ng sang-
kot, dapat managot! (All involved
should be scared) No to Aquino
cover-up!
Other protest rallies were held
to decry not only the continuing
US stranglehold on its former
colony, but to denounce the EDCA
as a throwback to US colonial oc-
cupation. The nationalist alliance
BAYAN, anti-bases legislators and
other patriots have taken Aquino
administration officials to the
Supreme Court over the constitu-
tionality of the EDCA.
Indeed, genuine love of coun-
try must translate to opposition
to EDCA because it derogates
national sovereignty, territorial
integrity and even national dig-
nity. The terms of EDCA mean an
unlimited and unspecified num-
ber of agreed locations where an
unlimited number of US forces, as
well as private defense contrac-
tors, may come and go; where an
unspecified and uncontrolled
number of war equipment (in-
cluding nuclear and other weap-
ons systems) may be stockpiled
and launched; where the USforces
exercise all rights and authori-
ties to ensure operational control
and defense; and where the Philip-
pine judicial systemdoes not have
jurisdiction in cases of crimes
committed against Filipinos, on
Philippine soil.
To top it all, the EDCA has an
unlimited duration an initial
term of 10 years, and therefore, it
shall continue in force automati-
cally unless terminated by either
Party.
What does the Philippines
get in return? Not compensation
for the use of our national terri-
tory: the agreed locations are
free of charge. Not an upgrade of
the Philippine militarys defense
capabilities: all the war materiel,
especially the high-tech gadgetry,
are for the exclusive use of US
forces and may be brought in and
taken out at any time. Not even a
promise of US military preemp-
tive or retaliatory action in the
wake of Chinas encroachment in
the West Philippine Sea.
What we get is the real danger
of such agreed locations being
magnets of attack fromthe Amer-
ica's numerous enemies. And
something else: that EDCA pro-
vides the legal and political cover
for increasing direct US military
intervention in Philippine afairs.
All in all, it means that under
the BS Aquino regime and con-
trary tonational interest, the USis
being handed on a silver platter all
economic and military privileges.
At least the previous administra-
tions asserted some semblance
of sovereignty. This is more than
enough reason to rage and march
in protest, rather than engage in a
shallow and meaningless celebra-
tion of Independence Day.
... proving that human
life begins at fertilization
falls outside the scope
of science. What science can do is
to provide empirical evidence and
elements to aid reason so as to arrive
at the conclusion that life begins at
fertilization. But this conclusion is
itself a philosophical one.
ONE of the biggest frustrations
I have with the Supreme Court
ruling on the Reproductive
Health (RH) Law was not that
RA 10354 was upheld. Rather, its
the irrational celebration by pro-
lifers due to their belief that the
Court affirmed the idea that life
begins at conception. Irrational
because the question of when
life begins was never really an is-
sue. RA 10354 itself, as noted by
the Court in its ruling, clearly
mandates that protection be af-
forded from the moment of fer-
tilization and that abortion is
a crime. All the while, the real
and true issue of contraception
was forgotten.
In any event, the implications
of the RH Law ruling is for an-
other article to tackle. Instead,
lets focus onthe idea that life sup-
posedly begins at conception. The
argument usually given to sup-
port that position is that science
(rather thanreligion) provided the
objective and settled fact, hence
concluding the debate.
To quote law professor Robert
George (taken from his remarks
before the American Political Sci-
ence Association Convention): A
human being is conceived when a
human spermcontaining 23 chro-
mosomes fuses with a human egg
also containing 23 chromosomes
(albeit of a different kind), pro-
ducing a single-cell human zygote
containing, in the normal case,
46 chromosomes that are mixed
differently from the 46 chromo-
somes as found in the mother or
father. Unlike the gametes (that
is, the sperm and egg), the zygote
is genetically unique and distinct
from its parents. Biologically, it is
a separate organism.
From this, anybody can now
logically conclude, as Mr. George
does, that: Thescientic evidence
establishes the fact that each of us
was, from conception, a human
being. Science, not religion, vin-
dicates this crucial premise of the
pro-life claim. From it, there is
no avoiding the conclusion that
deliberate feticide is a formof ho-
micide.
But if one looks closely at the
matter, science did not declare the
fetus humanity. And not even Mr.
George said so (note he says that
science merely vindicates the
pro-life premise). The reason is
that science could only describe
characteristics. But to determine
what those characteristics in total
makeup, one has to rely on meta-
physics.
Or to put it another way: it is
philosophy that tells us what a
human being is and then science
merely comes in to tell us if the
conditions set by philosophy have
been met.
As Fr. Cecilio Magsino (a phi-
losophy expert and my Philosophy
of Law co-lecturer at the Univer-
sity of Asia and the Pacic School
of Law and Governance) once
wrote in his blog: ... proving that
human life begins at fertilization
falls outside the scope of science.
What science can do is to provide
empirical evidence and elements
to aid reason so as to arrive at
the conclusion that life begins
at fertilization. But this conclu-
sion is itself a philosophical one.
The reasoning behind it is quite
simple: If we say that Peter is the
same person we saw today and
yesterday, we can say he was the
same person the day before and so
forth all the way until the moment
he was conceived. He would not
become a person if he was not one
the moment his life began.
Philosophyprofessor MathewLu
afrmsthatsciencecantell uswhen
life begins, provided that we already
knowwhat to look for. Empirical bi-
ology alone cannot tell us what that
is. Once we establish a metaphysi-
cal account of life, then empirical
embryology can tell us whether the
relevant conditionsaremet.
Indeed. Science cant actu-
ally tell us when life begins. In
fact, determining which criteria
are the right criteria for ascertain-
ing whether a living thing exists is
not an empirical question at all.
Instead, ones answer to this ques-
tion will turn on how one under-
stands the nature of a living thing
i.e., on ones metaphysics of life.
In the nal analysis, questions of
existence are not, and cannot be,
scientific questions, simply be-
cause they are not what empirical
science is about.
So whats the point? Because
contrary to what most involved
in political or policy debates are
concerned, while science may
indeed be objective and ar-
guably neutral, it has limits
(as was demonstrated above).
Instead, most of the really im-
portant issues that need to be
confronted: poverty and social
justice, same-sex marriage and
divorce, euthanasia, stem cells
and embryology all of these
can only be addressed through a
fundamental understanding of
philosophy.
Fr. Magsino puts it best: De-
veloped countries have risen to
that status by dint of hard work,
justice, law and order, truth and
other values their culture holds
dear. The way a nation acts de-
pends on the way its people think:
it depends on their philosophy.
Man acts based on what he knows.
To act well, a man needs a good
philosophy.
Thats a truththat our Supreme
Court, Congress, and the Execu-
tive Branch still need to learn.
(Contact the author at jemygat-
dula@yahoo.com. Visit his blog at
www.jemygatdula.blogspot.com;
and Facebook and Twitter.)
Friday-Saturday, June 13-14, 2014 6/S1 Labor&Management
Why many people hate the HR department
IN THE
WORKPLACE
Reylito A. H. Elbo
IM the operations manager of
one manufacturing facility in
Laguna. And Id like to tell you
why I hate people from the hu-
man resource (HR) depart-
ment. For one: theyre painfully
and shamefully slow in making
hiring plans and updating our
succession strategies that often
result in us getting rotten candi-
dates. This was also conrmed
by many of colleagues in other
industries who gave me various
reasons why they, too, hate HR.
Do you agree? Haters Club
In World War II, General Doug-
las MacArthur called one of his
army engineers and asked: How
long will it take to build a bridge
across this river?
The man immediately replied:
Three days.
MacArthur snapped: Good,
have your draftsmen make the
plans right away.
Three days later MacArthur
sent for the engineer and asked
how the bridge was coming along.
The engineer reported, Its all
ready. You can send your troops
across the river right now. But sor-
ry, if youre waiting for the plans,
theyre not done yet.
Of course, thats not to say that
plans are not important.
But in this age of fast-paced
work environment and the ex-
traordinary demand of internal
customers, HR must be like Ma-
cArthurs engineer who is more
conscious of the result rather than
the process (or making plans) on
how to get there.
Imagine a simple demand-and-
supply model for businesses.
Step back and ask questions
about your current role in people
management: Arent you the
ultimate decision maker when it
comes to hiring someone for your
department? Then, why blame
HR? In the rst place, whats the
reason why people are leaving you
for another boss, if not another
company?
The quality of HR services is
afected by many factors. Just the
same, there is no question that HR
must also change if it is to respond
to general business demands of
the organization, and your specic
needs, in particular. The challenge
now is how to specify how HR
departments and the roles of its
managers and staf should change.
In August 2005, Keith Ham-
monds, Fast Companys deputy ed-
itor, outlined four major reasons
in an article with the title Why
We Hate HR. First, HR people
are not intelligent enough to be
fully equipped to understand
the business. Second, HR people
pursue quantity rather than qual-
ity. Many of them talk about the
greater number of employees
who attended training programs
instead of emphasizing specific
value to the organization. Third,
HR people use performance ap-
praisal to protect management
from deadwoods, but not enough
to change them into a productive
lot, if not prevent them from be-
ing hired, in the first place. And
fourth, HR people prefer the soft
value (training, discipline, ap-
praisal, and the administrivia),
rather than the hard value of
directly contributing to the com-
panys protability.
Hammonds list is not com-
plete. I can even write a book on
why HR continues to become ir-
relevant in many things. My most
recent experience involves the HR
manager of one Japanese multi-
national. Her department con-
tracted my services to conduct two
batches of in-house training on
Office Kaizen Blitz, but unfor-
tunately, for unclear reasons, she
failed to personally appear dur-
ing the seminar to emphasize the
importance of such event to the
50-plus participants composed of
managers and key personnel.
David Ulrich, a first-rate
American HR guru, says HR man-
agers must be more than business
partners, change agents, employee
champions, and administrative
experts rolled into one. HR must
play the role of a high-value-added
professional in organizations.
They must be active players, high-
ly engaged (not merely observant)
professionals who can deliver
value. And HR must do things that
should make a big difference in
more ways than one.
If HR cant make it ahead of the
pack without accurate measure-
ment, it is impossible to deter-
mine how successful they are.
Really, there are two types of
HR people on this planet: Those
who come into a room and say:
Here I am to help you and those
who say: Dont worry about it.
Ive already settled the matter long
before you can even think of it.
Just same, let me remind of you
Mahatma Gandhi, who said: Hate
the sin, love the sinner.
Send feedback and questions to
elbonomics@gmail.com.
Trainee program expanded
WORKERS stretch their bodies before they start working at a construction site on a public road in Tokyo in this Dec. 23, 2013 fle
photo.
REUTERS
TOKYO Japan is both aging
and shrinking as it tries to emerge
from two decades of economic
stagnation.
The construction work force is
a prime example. It has contracted
by a third since its peak in 1997
and is set to continue that trend
a fifth of the workers in that
industry are aged over 60.
Yet, construction companies
face boom times with new build-
ing projects tied to the 2020 Tokyo
Olympics and rebuilding work in
the areas of northern Japan de-
stroyed by a 2011 tsunami.
The easy answer would be to
open the immigration gates to
foreign labor, but the Japanese
public worried about safety and
the impact on their culture are
adamantly opposed.
Prime Minister Shinzo Abe has
found a halfway measure ex-
panding a controversial program
that ofers trainees from China
and elsewhere work for up to three
years in the worlds third largest
economy.
The plan, to be unveiled later
this month, contemplates letting
trainees stay for up to ve years,
relaxes hiring rules for employers
and would boost the number of
jobs open to them.
It follows a government deci-
sion in April allowing construc-
tion workers who had completed
their stint under the trainee pro-
gram to come back for another two
to three years as regular laborers.
While the government says it
doesnt have a specific target for
the number of workers it wants to
attract, the reforms amount to the
biggest opening to foreign labor in
many years.
Mr. Abes economic plan specif-
ically states that the enlargement
of the program is not, however, an
immigration policy.
Mr. Abes Liberal Democratic
Party wants to strengthen the
governance of the program with
harsher penalties for companies
that abused workers, and would
rely on external inspectors and
local governments to monitor
compliance. Reuters
Unemployment
of lost generation
in OECD edges down
PARIS Euro zone unemploy-
ment is still far higher than the
average rate across advanced
countries, the Organization
for Economic Cooperation and
Development (OECD) said on
Wednesday just as Britain report-
ed another fall.
However, the outlook for young
people the lost generation
finding work in the 34 OECD
countries is improving slowly.
Across the 18 countries in the
euro zone, the unemployment rate
in April was 11.7%.
This is about half as much again
as the overall rate of 7.4% across
the 34 countries belonging to
the OECD which published the
monthly data.
The rate across OECD coun-
tries edged down slightly by 0.1
percentage point in April from the
March level, and in the euro zone
also by 0.1 point.
One improvement was a sharp
fall, of 0.6 percentage point over
one month, of the high levels of
unemployment among young
people in the OECD area, which
has led policy makers to speak of a
lost generation.
In April, 10.7 million young
people were unemployed, about a
quarter of all OECD-area people
without work, even though the
total has fallen by 1.3 million over
a year.
The figures for unemploy-
ment among 15-24 year olds are
extremely high in some coun-
tries: 56.9% in Greece, 53.5% in
Spain, 43.3% in Italy, 36.1% in
Portugal and 32.9% in the Slovak
Republic.
The latest overall gures mean
that across the 34 advanced de-
mocracies covered by the OECD,
about 45 million people are regis-
tered as without work.
On the bright side, this is 4.9
million fewer than at the worst
point in April 2010, after the nan-
cial crisis.
But that is still 10.3 million
higher than when the financial
crisis began just after July 2008.
Outside the euro zone area,
the US unemployment rate fell
sharply by 0.4 percentage point in
April from the March level to 6.3%
and was stable in Canada at 6.9%
and in Japan at 3.6%.
More recent data points to a
steady US figure, but a slight in-
crease in Canada to 7.0%.
Unemployment is usually a
lagging indicator, trailing behind
economic downturns when busi-
nesses cut staf and recruitment,
and also behind upturns, although
the labor market responds more
quickly in both directions in open
economies.
Other recent data paints a pic-
ture of advanced economies recov-
ering rather sluggishly from the
nancial and then the euro zone
debt crises, and that this pickup is
not rich in job creation, although
unemployment has fallen in the
United States and Britain and is
low in Japan.
On Wednesday, ofcial gures
in non-euro Britain showed that
the unemployment rate fell to
6.6% in the three months to the
end of April, the lowest level for
ve years from 6.8% in the three
months to the end of March.
This is in parallel with a cam-
paign by the right-center govern-
ment to reduce sharply the num-
ber of public employees as part
of a range of structural reforms.
AFP
Female Afghan taxi driver meters out election advice
MAZAR-I-SHARIF, AFGHANISTAN
When Afghan taxi driver Sara
Bahai has male passengers in her
cab, she takes the chance to lobby
them on female rights and she
hopes the countrys next presi-
dent will also listen to her argu-
ments.
Ms. Bahai has been driving the
streets of Mazar-i-Sharif city for
10 years, during which Afghanistan
has experienced huge changes, in-
cluding limited improvements in
the lives of many women after the
harsh years of Taliban rule.
OPPOSITION
Now, ahead of the Saturdays
runof election, she says the new
president must push ahead with
reforms in the face of opposition
from Islamists who seek to reverse
gains as the US-led intervention
winds down this year.
Sometimes I argue with male
passengers all the journey to
convince them a woman driving
a taxi isnt a bad or un-Islamic
thing, Ms. Bahai, who is thought
to have been Afghanistans first-
ever female taxi driver, said in an
interview.
I have many expectations for
the next government. They must
pay serious attention to women,
she said.
Women should be given bigger
roles, they should be given seats
as ministers. And female teach-
ers should be paid more to help
female education, she added.
I see a lot of changes for Af-
ghan women in the past few years.
Many are setting up businesses
to do whatever they want. Much
work has been done, but it is not
enough women are aware of
their rights.
Under the Taliban, who im-
posed a strict version of Islamic
law, Afghan women were barred
from work and education, and the
all-encompassing burqa was com-
pulsory on rare trips outside the
home. Improvement in womens
rights has been hailed as one of the
successes of the US-led effort in
Afghanistan, but most women still
live strictly conned lives and very
few build an independent career
such as taxi driving.
When I first got the license
after the fall of the Taliban, every-
body laughed at me. But working
has emboldened me and I want
to show that women are not just
meant to marry and have chil-
dren, said Ms. Bahai, 40, who is
unmarried and took up her job to
provide for her two adopted sons
and her sisters seven children.
Many women, when they see
their taxi driver is female, remove
their veils or burqas and talk, they
trust me more, she noted, adding
that she earns about $9 a day ply-
ing the streets of Mazar-i-Sharif
in the relatively peaceful north of
Afghanistan.
Some people would say I am
setting a bad example, and I have
sufered insults. But it is my pas-
sion, and I was determined not to
give in to the pressure.
IMPROVING
The two presidential candidates,
Abdullah Abdullah and Ashraf
Ghani, have both stressed that
they would work to boost wom-
ens dire status in society, but
entrenched patriarchal views re-
main strong nationwide.
Activists say the agship 2009
Elimination of Violence Against
Women law has been rarely imple-
mented, and horric recent abuse
cases have included women ex-
ecuted for alleged afairs, as well as
stonings and mutilation.
The United Nations, Human
Watch Rights and local campaign-
ers fear that womens rights could
already be deteriorating as North
Atlantic Treaty Organization
forces withdraw and attention on
Afghanistans development fades.
A female taxi driver is one ex-
ample of the success we had in the
last 14 years, but there have been
only limited improvements on the
ground, said Hasina Sa, director
of the Afghan Womens Network.
I hope to see more female
drivers. This shows the evolution
of Afghan women. The election
will bring positive changes for
womens rights if the govern-
ment stands by its international
commitments.
Earlier this year, a global cam-
paign nudged President Hamid
Karzai into ordering amendments
to a proposed law that would have
banned family members from tes-
tifying against male relatives in
abuse cases.
In other areas, womens seat
quotas on provincial councils
were cut, and a draft law suggest-
ing reinstatement of stoning for
adultery was rejected only after
the proposal became public.
For one of Ms. Bahais custom-
ers, hailing a female taxi driver
ofers hope for the future. When a
women drives, it shows progress,
said Lida, a 22-year-old university
student. It shows the women can
stand on their own feet, without
anyone elses help. AFP
Euro cabbies
protest use
of taxi app
LONDON Taxi drivers brought
parts of European cities to a
standstill on Wednesday as they
protested against new private cab
apps such as Uber which have
shaken up the industry.
Thousands of Londons iconic
black cabs lled the roads around
Buckingham Palace, Trafalgar
Square and the Houses of Par-
liament to the exclusion of any
other vehicles. In Paris, hundreds
of drivers blocked airports and
staged a go-slow during the
morning rush hour, while protests
were also staged in Madrid, Barce-
lona, Berlin, Rome and Milan.
Long-runni ng compl ai nts
about competition from private
hire and unlicensed taxis have
been crystallized by the new chal-
lenge posed by smartphone-de-
pendent car services. California-
based Uber is the main target of
the drivers ire, thanks to an in-
creasingly popular app that is now
used in 128 cities in 37 countries.
Uber allows customers to order
and pay for a car using their phone,
with geo-locating technology con-
necting them to the nearest taxi
driver. Unlike other private hire
cabs those that must be pre-
booked Uber drivers use the app
to x the fare, rather than it being
calculated by a central operator.
Critics say this amounts to a
meter like those used by tradi-
tional London taxis, and say Uber
cars should therefore be subject to
the same tough regulation. AFP
Refugee children forced to work
BEIRUT At least 50,000 Syrian
refugee children in Lebanon are
working, often in dire conditions
and for 12 hours a day, to pay for
food and shelter for their families,
aid organization CARE said.
More than a million Syrian
refugees live in Lebanon, mak-
ing up a quarter of the countrys
population, having fled a civil
war now in its fourth year which
has left more than 160,000 dead.
Only 50% of Syrian refugee
children in the region attend
school, and only 30% in Lebanon,
CARE said. Children working as
street vendors say they are earn-
ing less than $5 a day. Others work
at coffee shops and markets or
on farms and construction sites.
Some say they commute for hours
on buses into the capital Beirut.
In Jordan, where nearl y
600,000 Syrian refugees live, child
labour has doubled nationwide to
60,000 since the start of the war,
CARE said this week.
The group is giving cash to
families in Jordan and Lebanon,
which has banned refugee camps,
to allow children to attend school
rather than work, but funds are in-
sufcient, CARE said. Reuters
Debt payments down in April
IMEM suspended
again
Fertilizer prices slide
Agribizs role stressed
Most Filipinos would rather rent homes: Lamudi
Friday-Saturday, June 13-14, 2014 S1/7
The
Economy
THE GOVERNMENTS debt pay-
ments declined by nearly 50% in
April as it settled less in interest
and principal for its liabilities,
data from the Bureau of the Trea-
sury showed.
The state spent P16.083 billion
to service its interest and principal
payments to its creditors in April,
46.81% less than the P30.238 bil-
lion disbursed in the same month
last year.
Interest payments accounted
for the bulk of the months total at
P13.398 billion. This amount was
43.42% less than the P23.681 billion
in interest settled in April 2013.
Of this total, the government
made P10.655 billion in interest
payments to its domestic credi-
tors, down by 37.02% from the
P16.919 billion paid a year ago.
Broken down further, of the
interest payments made to do-
mestic creditors in April, P5.841
billon went to holders of fixed-
rate Treasury bonds. Holders of
retail Treasury bonds were paid
P4.596 billion while Treasury
bills holders accounted for P196
million.
The remaining P2.743 billion in
interest paid in April, meanwhile,
went to foreign lenders. This was
also down from the P6.762 billion
spent in the same month in 2013.
On the other hand, principal
payments in the month dropped
to P2.685 billion from last years
P6.557 billion.
Maj ori ty of thi s went to
the states external creditors
at P2.413 billion, less than the
P2.875 billion paid in April 2013.
Some P272 million, meanwhile,
went to local lenders, down
sharply from the P3.682 billion
recorded a year ago.
For the first four months of
the year, debt payments totaled
P174.194 billion, 31.83% less than
the P255.56 billion spent in Janu-
ary to April 2013.
Interest payments during the
period amounted to P116.527 bil-
lion, less than the P122.017 billion
recorded the year previous. Of
this, P75.082 billion was paid to
local lenders and the remaining
P41.445 billion, to external lend-
ers.
Meanwhile, principal pay-
ments made from January to April
totaled P57.667 billion, also less
than the P133.543 billion recorded
a year ago. Payments to foreign
lenders made up bulk of this total
at P56.683 billion, and the remain-
ing P984 million went to local
creditors.
A significant portion of the
national budget goes to interest
payments on debt, while principal
payments are off-budget items
covered by debt renancing.
The government i s pro-
grammed to spend P793.583 bil-
lion to service its debts this year,
with P440.931 billion of this total
going to principal payments and
P352.652 billion to interest pay-
ments, according to the national
budget.
In 2013, debt payments
dropped by over a fth to P559.017
billion from P729.774 billion the
previous year, staying well below
the P767.394 billion programmed
for debt service last year.
The national governments
outstanding debt grew by 6.2%
year-on-year to P5.64 trillion
at end-April from the P5.308
trillion recorded as of the same
month in 2013. Bettina Faye
V. Roc
DAVAO CITY The resumption
of the Mindanao interim power
market has been suspended again
as the Energy Regulatory Commis-
sion (ERC) has scheduled a public
hearing on July 3 on the amend-
ments to its governing provisions.
Both the ERC, through its Web
site, and the Mindanao Develop-
ment Authority (MinDA) conrmed
the postponement of the imple-
mentation of the InterimMindanao
Electricity Market (IMEM), which
was supposed to resume this month
afteritwassuspendedearlythisyear.
The ERC will still evaluate the
proposed amendments, so we just
have to wait for the eventual ap-
proval of the rules, said Romeo M.
Montenegro, head of the MinDA
public afairs department.
The ERC said that the issues
to be discussed during the public
hearing, which will be held in Pasig
City, are incorporation of demand-
side bidding, re-nomination of
contracts, issuance of advisories
on utilization of IMEM resources,
centralized load-to-maintain infor-
mation, exemption of the resource
dispatch compensation recovery
amount for Power Sector Assets and
Liabilities Management Corp., and
intermittent generators.
The regulator decided to hold
the public hearing after the market
manager, Philippine Electricity
Market Corp., applied for it to be
put on hold as the market, particu-
larly electric cooperatives, called
for the price cap to be reduced to
P22 per kilowatt-hour from P32/
kWh, as well as for demand-side
bidding, to allow them to introduce
the pricing for the volume of power
that they would buy.
Implementing demand-side
bidding, which is expected to re-
sult in a bilateral contract between
the buyer and the provider, would
render the power price cap use-
less because the buyer would then
dictate the price that it wants from
the provider. Under the old rule,
only the power providers would
announce the price at which they
would be willing to sell, with the
last bidder getting to dictate the
price of the market.
On the other hand, the Asso-
ciation of Mindanao Rural Electric
Cooperatives wants to aggregate
the volume that its member coop-
eratives need from the temporary
market through its corporate arm,
Amreco Power Supply Aggregation
Group Corp.
However, the ERC, in its April
28 ruling, pointed out that it has
yet to resolve the personality of the
aggregator as the representative of
the power buyers. In that ruling,
it ordered the power supplier to
sign separately the supply contract
agreement with each of the coop-
eratives. The ERC, however, did not
mention the issues to be resolved
in relation to the personality of the
aggregator.
Mr. Montenegro earlier said that
IMEM is still necessary as the gov-
ernment is turning over two power
plants in 2016 and 2017 to Alcan-
tara Group companies that built the
plants in the 1990s, as part of the
emergency intervention of the gov-
ernment to address the power crisis.
He added that the temporary
market would be used as an ini-
tial step to a permanent market,
similar to the Wholesale Electricity
Spot Market being implemented
in Luzon, if Mindanao could have
stable power and the market is dic-
tated by the buyers. Carmelito
Q. Francisco
MORE than two-thirds of Filipi-
nos would rather rent than buy
property as it absolves them of a
long-term commitment, accord-
ing real estate rm Lamudi Phil-
ippines.
The Web-based company said
in a statement that 69% of house
hunters on its Web site have
showed a strong bias towards
renting, while the remaining
31% opted to invest in purchasing
a property.
For the younger generation in
particular, renting allows exibility,
less commitment and less invest-
ment than making the big decision
of buying a property, Lamudi
Philippines Founder and Managing
Director Jacqueline van den Ende
was quoted saying in the statement.
Owning property comes with
additional costs that are being
taken into account, directing the
majority of the Filipino popula-
tion towards renting, she added.
The report said an analysis of
searchesonLamudisWebsiteshowed
that majority of house hunters are
women, withthe young persons aged
21-34preferringtorentproperty.
The rm said Filipinos prefer-
ence for renting is in stark con-
trast to the trend seen in most
Southeast Asian markets.
Figures also showed that al-
most 100% of renters and 96% of
buyers were looking for property
in Metro Manila.
As such a lively and cosmopoli-
tan area, Metro Manila is drawing
people in with its diverse land-
scape and wealth of opportuni-
ties, Ms. Van Den Ende said.
Lamudi, which was launched
last year, provides sellers, buyers,
landlords and renters with a plat-
form to nd or list properties on-
line. It is currently available in 28
countries across Asia, Africa, the
Middle East and Latin America.
Daphne J. Magturo
NATIONWIDE fertilizer prices last
month were generally lower year-on-
year, a report by the Philippine Statis-
tical Authority - Bureau of Agricultural
Statistics (PSA-BAS) showed.
At the national level, the monthly
average dealers prices of four fertil-
izer grades were lower in May 2014
compared with the same period last
year, the report read.
It noted that prices across all fertil-
izer types were lower than May 2013
numbers, despite having different
movements from last Aprils prices.
Average urea prices in May
climbed a meager 0.51% to
P1,111.40 per 50-kilogram sack
versus April fgures, but were lower by
6.96% than prices in May last year.
PSA-BAS noted that, regionally, urea
price increases ranged from 0.02%
for the Autonomous Region in Muslim
Mindanao (ARMM) to 2.96% in Eastern
Visayas, while price cuts in fve regions
ranged from 0.12% in the Cordillera Ad-
ministrative Region (CAR) to as much
as 2.51% in Zamboanga Peninsula.
The average national price of com-
plete fertilizer also increased month-
on-month, but by a smaller 0.19% to
THE PHILIPPINES wont be a
developed country by 2050 if it
doesnt address issues in agricul-
tural development, according to
an economist at the University of
Asia and the Pacic.
Speaking at the universitys
2014 Midyear Business Econom-
ics Forum, UA&P Center for Food
and Agribusiness Executive Di-
rector Dr. Rolando T. Dy identi-
fied low farm productivity and
limited farm diversification as
weaknesses of Philippine agri-
culture. Citing 2012 data from
the United Nations, he also said
that the Philippines trails in
food exports, selling only $4.9
billion compared with Asian
neighbors double-digit exports.
Citing successful agribusiness
models from Thailand, Malaysia,
Vietnam, Indonesia and Taiwan,
Mr. Dy urged the creation of more
non-farm and off-farm jobs in
agricultural areas to boost the sec-
tors growth.
Rural non-farm and of-farm
work provided about half of all to-
P1,202.26 from P1,119.94/sack.
This was still 2.90% lower than last
years P1,238.16/sack.
The report noted that complete
fertilizer in Ilocos Region cost
P1,137.50/sack as prices had
scaled up in most regions, except for
slight dips of 0.16% in the CAR, 0.30%
in Central Luzon, 0.18% in Western Vi-
sayas, 1.29% in Zamboanga Peninsula,
and 0.98% in Soccsksargen.
Average national month-on-month
prices of P642.34/sack of ammosul
and P1,033.50/sack of ammo-
phos, meanwhile, fell by 0.42% and
0.12%, respectively, and were lower
than May 2013 prices by 14.45%
and 5.23%.
Month-on-month, ammosul prices
in Eastern Visayas had the biggest
gain, 4.21%, while Zamboanga Penin-
sula saw a 3.85% price cut to P692/
sack from P719.69/sack.
Compared with April fgures,
ammophos price cuts ranged from
0.12% in Caraga to 4.78% in Northern
Mindanao, even as the cost per sack
rose in the CAR, Mimaropa, Bicol
Region, Davao Region and the ARMM.
Anton Joshua M. Santos
tal rural jobs in Thailand in 2000.
Growth in non-farm employment
was linked to agricultural growth,
he said.
Off-farm labor, as in a banana
chips factory beside a farm,
would ensure that the country
is diversifying its exports, he
added.
There are many good agribusi-
ness models out there in South-
east Asia. The problem is that each
administration we have tries to
reinvent the wheel and uses an
untested model.
Mr. Dy also noted that the Phil-
ippines has an opportunity to in-
crease production of agricultural
commodities such as cacao and
cofee.
Citing data from the Mars Cocoa
Development Center in Davao, he
said the world demand for cacao
will be up by 1 million tons of beans
by 2020. He also said Filipino
farmers can increase their cacao
production by intercropping them
with banana or coconut. Benise
Chiara P. Balaoing
Corporate News Friday-Saturday, June 13-14, 2014 8/S1
THE DEPARTMENT of Trans-
portation and Communications
(DoTC) said it set a date of Aug. 30
for the submission and opening of
bids for the P2.5 billion Integrated
Terminal System (ITS)-South-
west Terminal Project.
The new date represents a fur-
ther delay from the mid-August
estimate given by Transportation
Secretary Joseph Emilio A. Abaya
on June 2. The mid-August date
was itself a postponement from
June 16 to give bidders 30-45
days from issuance of the final
concession agreement in order
to prepare their bids, Mr. Abaya
said.
The original schedule for the
auction was May 15.
The ITS project involves the
construction of a transport hub
that will facilitate commuter
travel to Metro Manila.
In May, the DoTC met with the
National Economic and Develop-
ment Authority Board to seek its
approval for changes in terms of
the Southwest and South Termi-
nal projects.
The modifications allowing
the proponent to construct ac-
cess roads and give it an option to
increase the land area by 1.9 hect-
ares, and changing the bid param-
eter the basis for determining
the winning concessionaire to
lowest service fee from highest
concession fee.
Ayala Land, Inc., Ayala Corp.,
Metro Pacic Tollways Corp., and
San Miguel Corp. are among those
that have expressed interest in
the project. Representatives from
these rms were not immediately
available for comment.
The largest public-private part-
nership (PPP) deal ofered to date,
the P64.9-billion Light Rail Tran-
sit Line 1 Cavite Extension project
is set to be awarded this month.
The other PPP project in
the pipeline, the P35.42-billion
Cavi t e- Laguna Expressway
(CALAX), will see the opening
of bidders financial proposals
today.
One CALAX bidder, San Miguel
Corp.s Optimal Infrastructure,
Inc. has been disqualified after
submitting a defective bid secu-
rity.
That leaves only three bidders,
which are Metro Pacific Invest-
ments Corp.s MPCALA Holdings,
Inc., AlloyMTD Philippines, Inc.,
and the Team Orion consortium of
AC Infrastructure Holdings Corp.,
Aboitiz Land, Inc. and Macquarie
Infrastructure Holdings (Philip-
pines) Pte. Ltd.
The Aquino administration
has so far awarded seven projects
under the PPP program, which
was launched with much fanfare
in late 2010 as a means of address-
ing the countrys infrastructure
problems.
Southwest Terminal
bids opened Aug. 30
PSALM asks DoJ for legal
opinion on Naga lease
THE POWER Sector Assets and Liabilities
Management Corp. (PSALM) is seeking a le-
gal opinion from the Department of Justice
(DoJ) to clear up a dispute that is holding up
the privatization of the 153.1-megawatt (MW)
Naga power plant complex in Cebu.
The dispute stems from an option held by
SPC Power Corp. to offer a counter-bid for
the project should it ever be auctioned of, un-
der the terms of a 2009 land lease agreement
(LLA) which expires in 2020.
Thelegal ambiguityliesinwhetherSPCsrights
run beyond 2020. SPCsought a new25-year LLA
asprovidedbythebiddingparameters,butPSALM
contends that SPCs so-called right-to-top any
other bidisgovernedbythe2009agreement.
Department of Energy (DoE) Secretary
Carlos Jericho L. Petilla told reporters that in
seeking the legal opinion, the DoE wants to
know whether the LLA will be efective for six
years or 25 years if SPC gets it.
Speaking at a brieng in Bonifacio Global
City on Wednesday, Mr. Petilla added: If
PSALM would decide that the LLA will only be
efective for six [more] years, I dont think SPC
will want it. If its 25 years, they will want it.
PSALM had taken the earlier step of seeking
the opinion of the Office of the Government
Corporate Counsel (OGCC), which expressed its
support for PSALMs position.
Its a legal issue now. Besides the OGCC, the
PSALM board also agreed that the DoJ will be
consulted, Mr. Petilla said.
I hope all parties will respect the opinion of
the DoJ to avoid further litigation, he added.
SPC executed the LLA with PSALM follow-
ing the privatization of a 55-MW gas turbine
located within the Naga power plant complex.
The Naga power plant complex was due to
be awarded to Therma Power Visayas, Inc. a
subsidiary of Aboitiz Power Corp. (AboitizPow-
er) when SPC submitted its counter ofer and
wired a payment of P1.143 billion to PSALMs
account. Its ofer was 5% higher than the P1.088
billion put forward by Therma Power.
Along with its exercise of the right-to-top,
SPC asked PSALM to sign and execute the as-
set purchase agreement and the 25-year LLA
attached to the bidding package.
The auction for the sale of the Naga power
plant complex was held on March 31, when the
AboitizPower unit bested SPCs original P859-
million ofer.
The power plant complex consists of three
power plants: these are the coal-fired Cebu
thermal power plants 1 and 2, with installed ca-
pacities of 52.5 MW and 56.8 MW, respectively;
and 43.8-MW Cebu diesel power plant, con-
sisting of six 7.3-MW diesel-fed power units.
Claire-Ann Marie C. Feliciano
KEPPEL Philippines Properties,
Inc., the local afliate of Singa-
pores Keppel Corp. Ltd., said it
budgeted US$235 million for the
expansion of The Podium com-
plex in the Ortigas district.
The first phase of the expan-
sion, which is set to open by the
end of 2016, will have ve levels of
basement for parking and six lev-
els of retail area, while the second
phase is a 42-storey ofce tower,
Keppel Philippines Properties
Chairman Linson Lim Soon Kooi
told BusinessWorld in an inter-
view on Wednesday.
The development cost for
basement car park and retail mall
is US$80 million. Development
cost for the ofce tower is expect-
ed to be US$155 million, Keppel
Philippines Properties President
Lee Foo Tuck said in an e-mail to
BusinessWorld.
Mr. Lim said excavation work is
proceeding.
The Podium is a mixed devel-
opment with office, retail and
serviced apartments developed in
partnership with the SM Group,
through Keppels associate SM
Keppel Land, Inc. It started com-
mercial operations late in 2001
and hosts more than 150 specialty
stores and restaurants.
There will be around 35,000
square meters (sq.m.) of retail area
and around 90,000 sq.m. of leas-
able space in the ofce tower.
The proposed office tower,
based on our estimated develop-
ment timeline, will be completed
sometime in the middle of 2019. So
it is still in the early stages now, we
will only start to identify tenants
probably by end of next year, Mr.
Lee said, adding that the construc-
tion of the car park will begin in
2015.
Keppel Philippines rst-quar-
ter report showed a P3.2-million
net loss, turning around from a
year-earlier prot of P5.14 million.
Prots for this year will prob-
ably be in line with last year,
because we dont have any new
projects but we are moving for-
ward with the completion of our
retail mall and subsequently the
completion of the commercial
tower, Mr. Lim said.
He added that the company is
encouraged by the growth mo-
mentum of the Philippines, noting
high demand for office space in
the business process outsourcing
sector.
Shares in Keppel Properties
last closed on June 4 at P2.82.
Daphne J. Magturo
A POWER distributor in Ilocos
Norte has sought regulatory ap-
proval to invest about P273 mil-
lion for its three-year capital ex-
penditure (capex) program.
Ilocos Norte Electric Coopera-
tive, Inc. (INEC), in a May 26 l-
ing released yesterday, asked the
Energy Regulatory Commissions
authorization to implement its
proposed projects from 2015 to
2017.
The total capex was pegged
at P272,706,764, distributed as
follows: P95,888,820 in 2015;
P115, 525, 198 i n 2016; and
P61,292,746 in 2017.
The projects involve substation
and subtransmission develop-
ment; primary distribution devel-
opment; secondary distribution
development and new customer
connection; asset renewal; and an
asset distribution management
system.
INECs proposed capex proj-
ects shall be financed from its
reinvestment fund for sustainable
capital expenditures, as well as
loans from the National Electri-
cation Administration, the dis-
tributor said.
It added that INEC can viably
pursue and implement the three-
year capex without resulting in a
signicant increase in electricity
rates.
A simulation showed that the
improvements would bring about
an average rate of P0.4213 per
kilowatt-hour (/kWh) from the
current P0.2752/kWh.
INEC distributes electricity
in the municipalities of Adams,
Bacarra, Badoc, Bangui, Banna,
Burgos, Carasi, Currimao, Din-
gras, Dumalneg, Marcos, Nueva
Era, Pagudpud, Paoay, Pasuquin,
Piddig, Pinili, San Nicolas, Sarrat,
Solsona and Vintar.
Its franchise area also cover
the cities of Laoag and Batac.
Claire-Ann Marie C. Feliciano
Ilocos Norte
electric co-op
seeks capex
approval
THE COURT of Appeals (CA)
has ruled in favor of Globe Tele-
com, Inc. after the latter con-
tested a local ordinance enacted
by Santiago City, Isabela impos-
ing tower fees on its cellular
sites.
The appellate courts 11
th
divi-
sion, in a 19-page decision promul-
gated on May 30, nullied Santiago
Citys Ordinance No. 6THCC-53
which ordered telecommunica-
tions companies to pay an annual
P200,000 in tower fees as part
of the citys income generating
schemes.
The CA decision reversed a
Santiago City regional trial court
(RTC) decision declaring the
ordinance as valid and ordering
Globe to pay P5.92 million in
tower fees for its seven cell sites
in the city.
Evidently, there is no reason-
able relation between defendant-
appellees imposition of the sub-
ject tower fees and the promotion
of health, morals, good order,
safety or the general welfare of
the people, Associate Justice Vi-
cente S.E. Veloso wrote.
Santiago Citys local govern-
ment, in 2008, issued the resolu-
tion as part of its mandate under
the Local Government Codes
General Welfare Clause.
The Santiago City RTC, in a
May 10, 2012 decision, found that
the ordinance was consistent with
a local governments authority
to regulate companies operating
within its jurisdiction.
However, the appellate court
said the ordinance failed to ad-
equately justify its regulation
and restraint of property rights,
and called the fee patently op-
pressive, confiscatory and pro-
hibitive.
Associate Justices Jane Aurora
C. Lantion and Nina G. Antonio-
Valenzuela concurred with the
decision. Mikhail Franz E.
Flores
Court of Appeals rules for Globe
in Isabela tower fees case
CAB receives fuel surcharge
petitions from four airlines
FOUR AIRLINES have sought regulatory per-
mission to impose or increase fuel surcharges
on some domestic and international routes,
according to lings with the Civil Aeronautics
Board (CAB).
South East Asian Airlines (SEAIR), Inc. asked
permission on June 10 to impose a P500 fuel
surcharge for its Manila-Cagayan de Oro service.
Meanwhile, Air Busan Co. Ltd. asked to
increase its fuel surcharge to $60 per sector
between Cebu, Philippines and Busan, Korea,
from $55.
For its part Magnum Air, Inc. sought autho-
rization to introduce a fuel surcharges for its
Manila services to Basco (P2,940), Busuanga
(P1,960) and Caticlan (P2,613).
Finally, Cebu Air, Inc., parent company of
the Cebu Pacific airline, sought to impose a
P300 fuel surcharge on its Cebu-Tandag route.
Data from CAB also indicate that Cebu Pa-
cics domestic passenger trafc rose to 2.65
million in the rst quarter, from 2.52 million a
year earlier.
Asked to comment on the rst quarter num-
bers, Cebu Pacic spokesperson Juan Lorenzo
T. Taada cited increased presence in key
markets, strategic seat sales ofering the lowest
possible fares and continuous network expan-
sion.
Shares of Cebu Air closed at P58.70 on
Wednesday, up P1.90 or 3.35%. Chrisee
Jalyssa V. dela Paz
Keppel Philippines
allocates $235M
for Podium expansion
By Chrisee J. V. dela Paz
THE PODIUM mall driveway in the Ortigas district of Mandaluyong City
FACEBOOK/THEPODIUM
Friday-Saturday, June 13-14, 2014 S1/9
The
World
BAGHDAD/ARBIL Iraqi Kurds
seized control of the northern oil
city of Kirkuk on Thursday, while
surging Sunni Islamist rebels ad-
vanced towards Baghdad, as the
central governments army aban-
doned its posts in a rapid collapse
that has lost it control of the north.
Peshmerga fighters, the secu-
rity forces of Iraqs autonomous
Kurdish north, swept into Kirkuk
after the army abandoned its posts
there, a peshmerga spokesman
said.
The whole of Kirkuk has fallen
into the hands of peshmerga, said
Jabbar Yawar. No Iraqi army re-
mains in Kirkuk now.
Kurds have long dreamed of
taking Kirkuk, a city with huge oil
reserves just outside their autono-
mous region, which they regard as
their historical capital. The swift
move by their highly organized
security forces demonstrates how
this weeks sudden advance by
ghters of the Al Qaeda ofshoot
Islamic State of Iraq and the Le-
vant (ISIL) has redrawn Iraqs
map.
Since Tuesday, black clad ISIL
ghters have seized Iraqs second
biggest city Mosul and Tikrit,
hometown of former dictator
Saddam Hussein, as well as other
towns and cities north of Baghdad.
They continued their lightning
advance on Thursday, moving into
towns just an hours drive from the
capital.
The army of the Shiite-led
government in Baghdad has es-
sentially fled in the face of the
onslaught, abandoning buildings
and weapons to the ghters who
aim to create a strict Sunni Caliph-
ate on both sides of the Iraq-Syria
frontier.
Security and police sources said
militants now controlled parts of
the small town of Udhaim, 90 km
north of Baghdad, after most of the
army troops left their positions
and withdrew towards the nearby
town of Khalis.
We are waiting for supporting
troops and we are determined not
to let them take control. We are
afraid that terrorists are seeking
to cut the main highway that links
Baghdad to the north, said a po-
lice ofcer in Udhaim.
In Tikrit, militants have set up
military councils to run the towns
they captured, residents said.
They came in hundreds to my
town and said they are not here for
blood or revenge but they seek re-
forms and to impose justice. They
picked a retired general to run the
town, said a tribal gure from the
town of Alam, north of Tikrit.
Our final destination will be
Baghdad, the decisive battle will
be there, thats what their leader
of the militants group kept repeat-
ing, the tribal gure said.
Security was stepped up in
Baghdad to prevent the Sunni
militants from reaching the capi-
tal, which is itself divided into
Sunni and Shiite neighborhoods
and saw ferocious sectarian street
fighting in 2006-2007 under US
occupation.
The stunning advance of ISIL,
efectively seizing northern Iraqs
main population centers in a mat-
ter of days, is the biggest threat
to Iraq since US troops withdrew
in 2011.
The administration of Presi-
dent Barack Obama has come un-
der re for failing to do enough to
shore up the government in Bagh-
dad before pulling out its troops.
The million-strong Iraqi army,
trained by the United States at a
cost of nearly $25 billion, suffers
from low morale. Its effective-
ness is hurt by the view in Sunni
areas that it represents the hos-
tile interests of the Shiite-led
government.
In Washington, an Obama
administration official said the
government of Iraqi Prime Min-
ister Nuri al-Maliki had in the past
sought US air strikes against ISIL
positions. The White House sug-
gested such strikes were not being
considered and said Washingtons
main focus now is on building up
government forces.
Iraqs parliament was due to
hold an extraordinary session
yesterday to vote on declaring a
state of emergency which should
expand the powers of Mr. Maliki.
About 500,000 Iraqis have fled
Mosul, home to two million people,
and the surrounding province,
many seeking safety in autono-
mous Kurdistan, a region that has
prospered while patrolled by the
powerful peshmerga, avoiding the
violence that has plagued the rest of
Iraq since the US invasion in 2003.
The Kurdish capture of Kirkuk
instantly overturns the fragile bal-
ance of power that has held Iraq
together since Saddams fall.
Iraqs Kurds have done well
since 2003, running their own
affairs while being given a fixed
percentage of the countrys overall
oil revenue. But with full control
of Kirkuk and the vast oil depos-
its beneath it they could earn
more on their own, eliminating
the incentive to remain part of a
failing Iraq.
Mr. Malikis army already lost
control of much of the Euphrates
valley west of the capital to ISIL
last year, and with the evaporation
of the army in the Tigris valley to
the north this week, the govern-
ment could be left in control only
of Baghdad and areas south.
The surge also potentially
leaves the long desert frontier be-
tween Iraq and Syria efectively in
ISIL hands, advancing its stated
goal of erasing the border alto-
gether and creating a single state
ruled according to mediaeval Is-
lamic principles.
Mr. Maliki described the fall
of Mosul as a conspiracy and
said the security forces who had
abandoned their posts would be
punished. He also said Iraqis were
volunteering in several provinces
to join army brigades to ght ISIL.
In a statement on its Twitter
account, ISIL said it had taken
Mosul as part of a plan to conquer
the entire state and cleanse it from
the apostates, referring to the
province of Nineveh of which the
city is the capital.
Militants were reported to have
executed soldiers and policemen
after their seizure of some towns.
In Mosul, 80 Turkish citizens
were being held hostage by ISIL,
the foreign ministry in Ankara
said, after its consulate there was
overrun. Turkey threatened to
retaliate if any of the group, which
included soldiers, diplomats and
children, were harmed.
Ambassadors of the NATO de-
fense alliance held an emergency
meeting in Brussels at Turkeys
request and Prime Minister
Tayyip Erdogan held talks with US
Vice-President Joe Biden about
the developments.
ISIL, led by Abu Bakr al-
Baghdadi, broke with al Qaedas
international leader, Osama bin
Ladens former lieutenant Ayman
al-Zawahri, and has clashed with
al Qaeda ghters in Syria.
In Iraq, it has carried out end-
less bombings against Shiite civil-
ians, killing hundreds a month.
The violence in Iraq raised
fears about the outlook for oil sup-
plies, with futures prices in New
York pushed higher towards $110
a barrel. Reuters
Kurdish, ISIL advances redraw Iraqs map
BEIJING China yesterday said
that Japans accusations of Chi-
nese ghter jets ying abnor-
mally close to Japanese military
aircraft over the East China Sea
were aimed at deceiving the inter-
national community.
Japan protested after Chinese
warplanes ew abnormally close
to Japanese military aircraft over
the East China Sea on Wednesday.
Chinas Defense Ministry said
Japans repeated accusations
were aimed at furthering the
deception of the international
community, smearing the image
of our military and manufacturing
tensions in the region.
This type of vile approach by
Japan disregards the facts, confus-
es right and wrong and is entirely
the villain bringing suit against
his victims, the ministry said in a
statement on its Web site.
On Wednesday, two Japanese
F-15 planes followed a Chinese
Tu-154 aircraft and came as close
as 30 meters, seriously afecting
Chinas ight safety, the ministry
said. It also released video footage.
Japans Self-Defense Force
sent a YS-11EB aircraft and an OP-
3C surveillance plane to conduct
reconnaissance in the air defense
identication zone established by
China, the ministry said.
The operations of the Chinese
pilots were professional, standard
and restrained, the ministry said.
The actions undertaken by the
Japanese pilots were dangerous
and obviously provocative in their
nature.
The comments came after
Japans Vice-Foreign Minister,
Akitaka Saiki, summoned Chinas
ambassador to Japan, Cheng Yon-
ghua, to protest the incident.
The newest are up in a long-
running territorial dispute be-
tween Asias largest economies
follows a similar incident on May
24, when Japan said Chinese air-
craft had come within a few dozen
metres of its warplanes.
Mr. Saiki told Mr. Cheng yes-
terday that extremely dangerous
activities that could lead to an
unexpected accident in the sea or
airspace in the vicinity of Japan
should not repeated, according to
Japans foreign ministry.
China lays claim to Japanese-
administered islets in the East
China Sea, known as Senkaku in
Japan and Diaoyu in China. China
declared its air defence zone cov-
ering most of the East China Sea
last year despite protests by Japan
and the United States.
Sino-Japanese ties have long
been strained by allegations in
China that Japan has not properly
atoned for its wartime aggression
and by the spat over the uninhab-
ited islands. Reuters
WASHINGTON A shock primary
election defeat for Eric Cantor, the
No. 2 Republican in the US House
of Representatives, left his political
party in chaos on Wednesday as f-
nancial markets worried the shake-up
might renew budget fghts that in the
past have caused government shut-
downs and near credit defaults.
Mr. Cantor, who has served as
House Majority Leader since 2011,
unexpectedly lost in Tuesdays vote
to college economics professor
David Brat, who has strong support
from the Tea Party movement and
grass-roots activists who want to
reduce federal government spending
and taxes and advocate for a smaller
government.
The defeat put an end to Mr.
Cantors quest for an eighth term
but he will serve out his current term
through this year. It also brought an
abrupt halt to Mr. Cantors career as
a rising star who had his eye on the
top job of Speaker.
House Speaker John Boehner
cried during a closed-door meeting
of House Republicans, according to
some who attended. At a press con-
ference following that meeting, Mr.
Cantor said he would step down from
his leadership job on July 31.
Representative Kevin McCarthy
of California would have his backing
to replace him, if he seeks it, Mr.
Cantor said. He and Mr. McCarthy
were close allies and they often had
to try to scale back the demands of
the Tea Party.
Representative Pete Sessions of
Texas, who chairs the House Rules
Committee, told reporters he would
run for majority leader. Mr. McCarthy
and Mr. Sessions both have conser-
vative voting records. Other Republi-
cans also could vie for the job, with
an election set for June 19.
Trying to heal intra-party rifts that
have plagued House Republicans for
the last three years, Mr. Cantor said:
The differences that we may have
are slight, and pale in comparison
with the differences that we have
with the left.
Capitol Hill buzzed with specula-
tion over whether the Tea Party victo-
ry in Mr. Cantors Richmond, Virginia-
area district could bring Washington
back to the showdowns of 2011,
2012 and 2013 over budget defcits
and the size of government.
Financial market analysts feared
a disruption from the relative politi-
cal calm that had prevailed since a
December 2013 budget deal.
I just think it underscores the
total political dysfunction in US
politics, said Doug Kass, president
of Seabreeze Partners Management
in Florida. Noting the need for fscal
and regulatory reform, he said: This
defeat suggests it may retard it.
The turmoil, however, has given
Democrats a breather from a string
of politically damaging events that
were preoccupying Washington less
than fve months before congressio-
nal elections.
As they try to keep control of the
Senate in Novembers elections,
Democrats have been battered by
a scandal over the administrations
failure to provide veterans with timely
health care and President Barack
Obamas decision to swap fve high-
level Taliban prisoners for an Ameri-
can prisoner of war in Afghanistan.
More than a dozen House Demo-
crats, gathered at a press confer-
ence to promote a manufacturing bill,
were all smiles as they reveled in the
Republican Partys turmoil.
We have seen over the last three
years a [Republican] party that is
deeply divided and dysfunctional.
I think last night was evidence of
that, said Democrat Representa-
tive Steny Hoyer, the second-ranking
House Democrat.
The election result was an ironic
turn for Mr. Cantor, who vaulted into
the No. 2 job in 2011 after he helped
Republicans capture the chamber
the previous November on a wave of
Tea Party support. A number of fac-
tors, including low turnout of 65,000
voters, contributed to Mr. Cantors
defeat.
Mr. Boehner is expected to remain
in his position through this year
and to seek re-election next year if
Republicans maintain control of the
chamber, as expected, in November
elections. But some conserva-
tive Republicans were speculating
that whoever emerges as a Cantor
replacement could also become a
challenger to Mr. Boehner for the
speakership next year.
Tea Party discontent with Repub-
lican leadership was at a boil level
and activists were eager to fex their
muscles after the win in Mr. Cantors
district.
Tea Party-backed Representative
Tim Huelskamp of Kansas, who has
been at odds with House Republican
leadership, said conservatives have
been frustrated over and over again
for the last three and a half years
about a team, not just Cantor, that
rode the Tea party-conservative wave,
[but] none of them with real conser-
vative bona fdes.
Still unclear was whether Mr.
Cantors defeat could even resonate
in the 2016 presidential campaigns,
as the Republican Party battles over
whether to put forward a nominee
with Tea Party leanings or someone
more mainstream, like former Florida
Governor Jeb Bush, who could have
the broader political appeal needed
to win the White House.
One leading House Republi-
can, Representative Paul Ryan of
Wisconsin, told reporters he was
not interested in a party leadership
job. He is expected to take over the
powerful House Ways and Means
tax-writing panel next year and has
been mentioned as a possible 2016
presidential hopeful. Reuters
KIEV Ukraines new president
signalled on Wednesday he would
be ready to hold talks with oppo-
nents in eastern Ukraine if pro-
Russian separatists waging an in-
surgency there agreed to lay down
their weapons.
The rebels show no sign of
giving up their arms, but open-
ing talks would be a big step on
the road to peace, building on
Ukrainian President Petro Poro-
shenkos meetings this week with
Moscows envoy and with Rus-
sian President Vladimir Putin in
France last week.
Mr. Poroshenko, trying to act
swiftly after being sworn in as
president on Saturday, was quoted
by his press office as telling the
governor of the Donetsk region
of east Ukraine that he would not
rule out holding roundtable
talks with diferent parties.
We do not need negotiations
for the sake of negotiations. Our
peace plan must become the ba-
sis for further de-escalation of
the conflict, a statement on the
presidents Web site quoted Mr.
Poroshenko as saying at a meeting
with Governor Serhiy Taruta.
He added: Terrorists must lay
down their weapons.
Donetsk is at the heart of the re-
bellion by separatists who oppose
centralized rule from the national
capital, Kiev, and want Russia to
annex parts of the mainly Russian-
speaking east as it did the Black
Sea peninsula of Crimea in March.
Mr. Taruta, one of the coun-
trys richest men, was brought in
by Kiev to try to keep the eastern
regions within Ukraine soon af-
ter Mr. Poroshenkos predeces-
sor was ousted following months
of protests and fled to Russia in
February.
The meeting with Mr. Taruta
was Mr. Poroshenkos latest at-
tempt to win backing for peace
proposals he announced upon
taking ofce but without ofering
details.
He has also said that before
making any foreign trips as presi-
dent, he will visit the Donbass
coal-mining area, where Donetsk
is the main city. A political source
in Kiev conrmed plans were un-
der way for a visit and it was likely
to be to Donetsk.
Mr. Poroshenkos moves this
week have given new momentum
to peace eforts although talks on
ending a dispute with Moscow
over the price Kiev pays for Rus-
sian natural gas, as well as billions
of dollars in unpaid bills, stalled on
Wednesday.
Moscow has threatened to cut
off gas supplies to Ukraine if no
deal is reached by Monday and
this could disrupt deliveries to the
European Union, which gets about
a third of its gas imports from Rus-
sia, half of them via Ukraine.
Mr. Poroshenkos office says
progress is being made at talks
with Russias ambassador to Kiev,
but the presidents proposals have
been unanswered by the rebels
in east Ukraine, where scores of
people have been killed in ghting
since April.
The violence has continued,
particularly around the rebel-
held city of Slaviansk and nearby
Semyonovka, although there were
no reports of fierce clashes on
Wednesday.
Ukraines health minister said
210 people had been brought to
morgues in the Donbass area since
the clashes began, including 14
children.
Mr. Poroshenko, who met Mr.
Putin for 15 minutes during World
War Two anniversary events in
Normandy on the eve of his inau-
guration, wants corridors opened
to let rebel ghters escape to Rus-
sia and to allow civilians to escape
the ghting.
Russia denies any involvement
in the uprising and says the onus
for ending the violence must be on
Kiev, whose forces have launched
a military operation to prise out
the separatists.
Russian Foreign Minister Ser-
gei Lavrov told US Secretary of
State John Kerry by telephone it
was vital to hold direct talks be-
tween the Ukrainian government
and the rebels.
Mr. Lavrov underscored the
need for the swiftest halt by Kiev
of its military operation ... agree-
ment on terms of a ceasefire, a
solution to acute humanitarian
issues and ... real national dialogue
on Ukraines future structure, his
ministry said.
Many civilians and rebels doubt
Mr. Poroshenko can carry out his
promises to secure peace, and
some question his aims. Reuters
Ukraine president lays down
condition for talks
China
denounces
Japan protest
US House Republican
to step down
Call for prayers
A HOT air balloon in the shape of Brazils Christ the Redeemer statue fies over the Sydney skyline yesterday. The balloon,
measuring over 45 meters tall and built in Britain, few on Thursday to publicize an online sports betting agency and asked
fans of Australias national soccer team Socceroos to keep the faith as they compete in the 2014 World Cup in Brazil.
REUTERS
Friday-Saturday, June 13-14, 2014 10/S1
By Mikhail Franz E. Flores
Reporter
The
Nation
Transfer of PCG trial
to Manila sought
PHILIPPINE COAST GUARD
(PCG) personnel accused of kill-
ing a Taiwanese shermen in dis-
puted waters have asked the Su-
preme Court to transfer the trial
to Manila from Batanes, citing
lack of accessibility to resources
in the island-province.
Petitioners as well as respon-
dents will be unable to properly
present their respective cases if
the trial of the criminal case will
be held in Batanes, thereby result-
ing in a miscarriage of justice,
the PCG personnel argued in a
15-page petition.
Whil e acknowl edging the
Batanes court was the proper
venue of the trial since the killing
happened in Balintang Channel
near the island-province, the PCG
personnels resources are mainly
based in Manila, the petition
stated.
Hence, to require all petition-
ers, as well as their witness and
evidence to move from Metro
Manila to Batanes for each and
every hearing of the criminal case
would be a tremendous expendi-
ture of time, resources and man-
power, not to mention finances
which petitioners, as low-ranking
civil servants, have little of, they
said.
Conducti ng the tri al i n
Batanes will hinder or inhibit
petitioner from calling whatever
witnesses they may need, or se-
curing and transporting whatever
documents are necessary for their
defense given the tremendous lo-
gistical requirements, expense,
and security risk involved in the
same, they added.
Holding the trial in Batanes, the
PCG personnel said, would sub-
ject them to harassment given the
proximity of the island to Taiwan.
Homicide charges were filed
against eight PCG personnel
including: Commanding Officer
Arnold E. Dela Cruz; Seaman First
Class (SN1) Edrando Q. Aguila,
Mhelvin A. Bendo II, Andy Gibb R.
Golfo, Sunny G. Masangcay, Henry
B. Solomon; Seaman 2
nd
Class
(SN2) Nicky Renold D. Aurello and
Petty Ofcer 2 Richard F. Corpuz.
The case stemmed from a
shooting incident in Balintang
Channel in Batanes where 17 PCG
and three personnel of the Bureau
of Fisheries and Aquatic Resourc-
es (BFAR) on board a maritime
patrol craft encountered two Tai-
wanese fishing vessels who were
allegedly engaged in illegal shing
in Philippine waters.
The incident resulted to the
fatal shooting of Hong Shi-cheng,
a Taiwanese sherman, who was
killed by a lone bullet.
The Department of Justices
prosecution panel found the Coast
Guard ofcials have acted in con-
spiracy with one another.
Obstruction of justice was also
filed against Messrs. Bendo and
Dela Cruz for submitting two
monthly gunnery reports with
diferent results and for deleting
video les in evidence submitted
to investigators.
The monthly gunnery report
was allegedly falsied to reect a
smaller amount of ammunition
used during the incident.
CoA nds P540 million worth
of govt projects in Cebu illegal
CEBU CITY The Commission
on Audit (CoA) has found P540
million worth of projects illegal
for lacking ratication by the pro-
vincial board (PB).
The 58 projects were imple-
mented between 2007 and 2011
under the administration of for-
mer Cebu governor Gwendolyn F.
Garcia.
Without the ratification, the
disbursements are considered
illegal and therefore subject to
disallowance for violating the
Government Procurement Re-
form Act, the annual audit report
stated.
Provincial Board Member Gre-
cilda Sanchez-Zaballero, chairper-
son of the Bids and Appropriations
Committee, said the CoA report
validated the decision of Governor
Hilario P. Davide III to defer pay-
ment to the contractors involved
in the questioned projects.
Of the total amount, she said
P300 million was considered de-
mandable payment as the projects
have already been completed.
I have suggested that we hold
appropriations for payment of
these projects and contracts in
the annual budget next year, Ms.
Zaballero said in a telephone in-
terview.
She said she will ask the CoA
to do a special audit on each disal-
lowed project.
The audit report also recom-
mended that the present admin-
istration ensure that the disallow-
ances be settled by the persons or
ofcials identied as liable in the
notices of disallowances.
Ms. Zaballero said the PB will
send notices to the former admin-
istration under Ms. Garcia, and the
other signatories of the contracts.
We will give them ample time
to explain the disallowances. It is
now up to the Executive (depart-
ment) to contact those deemed
liable by the report, she said.
The report noted that the
projects were not reected in the
annual budget ordinance of the
province for the respective year
and that none of the projects can
be found in the Annual Invest-
ment Plan (AIP) on the year it was
undertaken or in any supplemen-
tal budget.
For his part, Mr. Davide said
the province will not pay the con-
tractors until the matter has been
resolved.
He said that contractors with
legitimate claims may exercise
their right to bring their claim to
the courts.
My position since last year
that the contracts entered into
without the approval of the board
will not be paid. They can go to
court if they feel that they have
valid claim. Thats their preroga-
tive. If the court says they should
be paid, then we will accede, he
said.
Asked who the respondent
should be in the event the contrac-
tors will le for their claims, Mr.
Davide said that the person who
was responsible for entering the
contracts should appear before the
court. Its very clear in the (CoA)
report that the former governor
should be the respondent because
she was the one who authorized
the contracts without clearance,
and without approval from the
provincial board, he said.
Mr. Davide said he will await
the input of the provincial legal
ofcer on the best avenue to follow
in responding to both the claims
of the contractors and the recom-
mendation of the CoA. John
Paolo G. Bago
Duterte assures Malaysian palm oil investors of protection in Davao City
DAVAO CITY Mayor Rodrigo R.
Duterte has assured two Malaysian
investors that he will help protect
their capital if they pursue a palm
plantation project in the city.
Mr. Duterte said he will talk to in-
digenous communities whose areas
will be among those proposed for
the project particularly in the citys
hinterlands. I will guarantee them
that they will not be disturbed, said
Mr. Duterte, who is known for his
hard stance against criminality.
Ivan C. Cortez, offcer-in-charge
of the Davao City Investment and
Promotion Center, said the two Ma-
laysian companies want to develop
about 50,000 hectares in Davao City
to make a plantation that will pro-
duce palm oil. We suggest to them
that they may set up (the plantation)
in agriculture areas such as Calinan,
Marilog, Paquibato and Baguio, said
Mr. Cortez, who declined to identify
the companies that sought the as-
sistance of his offce in looking for
possible plantation areas.
He added that he told the com-
panies that investing in the rural
areas of the city will result in added
incentives as there are more tax
exemptions provided to them, like
fve-year exemption in the payment of
real property taxes.
In urban sections of the city,
exemption on the payment of real
property taxes lasts only three years.
Mr. Cortez said the city government
is pushing for investment in palm
oil production because it has the
area that it can offer to investors.
Last year, a group of South Korean
investors also visited the city for
the same purpose, but then acting
head of the City Agriculturist Offce,
Valente D. Turtur, said the plan did
not materialize.
In the last fve years, the city
government has been pushing for in-
vestments in agriculture, among the
sectors it has identifed as priority
investment areas. Among the crops
being pushed are cacao, coffee, oil
palm and rice. C.Q. Francisco
Friday-Saturday, June 13-14, 2014 S1/11
The
Nation
REUTERS
Finishing touches
Erlinda Padilla, 51, puts the fnishing touches on a 10 feet by 20 feet national fag of the Philippines before selling it at a store in Manila. The fnished fag costs P2,800.
Filipinos celebrated the countrys 116
th
Independence Day yesterday, marking the end of three centuries of Spanish rule.
Airport fee exemptions stay
AIRLINES will still exempt over-
seas Filipino workers (OFWs),
Muslim pilgrims, national ath-
letes and children below two years
old from the P550 terminal fee
despite the integration of inter-
national passenger service charge
(IPSC) to airline ticket fares, the
Manila International Airport Au-
thority (MIAA) said in a statement
yesterday.
The scheme shall also recog-
nize and honor all exemptions
mandated by law, such as OFWs,
Muslim pilgrims and national ath-
letes endorsed by the Philippine
Sports Commission. Children
ages two years and below are also
exempted from the P550 IPSC,
MIAA General Manager Jose An-
gel Honrado said.
It was announced on Wednes-
day that MIAA concluded talks
with international air carriers for
the integration of the IPSC into
the price of airline tickets starting
October this year.
The integration will be imple-
mented simultaneously by all
airlines, and will cover passengers
transiting Manila to any destina-
tion point.
The process will start this Octo-
ber, but will be fully implemented
in October 2015.
The MIAA is expected to sign
the memorandum of agreement
with the air carriers within the
month. For those exempted, no
terminal fee will be collected upon
presentation and surrender of the
exemption certicate, for tickets
purchased from ticketing offices
or travel agents within the Philip-
pines.
If bought online or from ticket-
ing ofces or travel agents outside
the Philippines, the terminal fee
will be refunded in Manila after
presenting the overseas employ-
ment certificate for OFWs and a
MIAA exemption certificate for
athletes and others.
Refund locations will be after
immigrations in all NAIA termi-
nals or at the MIAA administra-
tion ofce.
In the Ninoy Aquino Interna-
tional Airport Terminal 1, OFWs
comprise 25% of total depart-
ing passengers or 99% of total
exempted passengers, while 1%
pertain to Muslim pilgrims and
national athletes. The MIAA col-
lects an average of P8.36 million
per day in international terminal
fees.
Last year, the airport agency
collected a gross of P3.05 billion in
international terminal fees, with a
net share of P1.93 billion.
More than 2.054 million out
of the total 7.671 million interna-
tional departing passengers who
passed through the country last
year were exempted from paying
terminal fees.
Overall passenger traffic at
Philippine airports slightly fell
2.41% to 9.32 million last quarter
this year, from the same period
last year, data from the Civil Aero-
nautics Board showed. Chrisee
Jalyssa V. dela Paz
OFWs spared from paying P550 terminal charge
DND denies army
modernization link
to China aggression
THE DEPARTMENT of National
Defense (DND) said the modern-
ization of the countrys air and na-
val assets is not a specic response
to the movements of China, which
has shown increasingly aggressive
measures in disputed waters west
of the Philippines.
DND Public Affairs chief Ar-
senio R. Andolong said the depart-
ment is merely focusing on the
improvement of the capability of
the Philippine Air Force and Navy,
which currently lack mission es-
sential equipment.
This has nothing to do with
countering China. Our thrust is
really modernizing our Air Force
and Navy because that is where
we are lacking, Mr. Andolong
said in the vernacular during an
interview.
This year, most of the big-ticket
projects of the DND involves pro-
curement of aviation and sea ves-
sels as opposed to acquiring land
military assets such as armored
tanks and assault vehicles.
Included here are the purchase
of two anti-submarine helicopters,
eight amphibious assault vehicles,
two long range patrol aircraft, and
six close-air support aircraft with
a total budget of P16.4 billion.
There was also a P23.7-billion
deal for the purchase for 12 FA-
50s lead-in trainer ghter jets, and
eight combat utility helicopters
last March. These will be delivered
on a staggered basis until 2017.
Mr. Andolong said only two
high endurance cutters, or naval
vessels, which can handle multiple
missions in any weather, patrol
the countrys rough seas.
These are the BRP Ramon Al-
caraz (PF-16) and the BRP Grego-
rio del Pilar (PF-15).
He also cited the geographi-
cal features of the country as
the practical explanation why it
is more prudent to acquire naval
and aircraft than bulky, heavily
armored steel tanks.
The Philippines is archipelag-
ic, not like Europe where the land
mass is contiguous. Also, our forc-
es could get stuck in the jungles
if we focus on using heavy tanks,
Mr. Andolong said in Filipino.
The DND official clarified,
however, that the military is not
neglecting its land forces, which
will also be receiving considerable
upgrades in the near future.
We have projects for land as-
sets but they are not big-ticket
items. For example, we will be pro-
curing armored infantry vehicles
that have special turrets using
digital aiming and targeting sys-
tems, the ofcial said in Filipino.
The countrys armed forces
has a modernization fund of more
than P85 billion, which is set to
last until 2017.
BANGSAMORO
Meanwhile, The Moro Islamic
Liberation Front (MILF) and the
Moro National Liberation Front
(MNLF) do not see Chinas move-
ments in the seas west of the Phil-
ippines as a threat to the territo-
ries of the proposed Bangsamoro
Region.
MILF Political Affairs Vice-
Chair Ghazali Jaafar said that Chi-
nese incursions in the disputed
waters will not jeopardize those
places that they are vying for au-
tonomy. No, it isnt [a threat to
the Bangsamoro Region,] Mr.
Jaafar told BusinessWorld in a
telephone interview.
Likewise, MNLF Spokesper-
son Atty. Emmanuel C. Fontanilla
echoed Mr. Jaafars sentiments,
saying Bangsamoro territories are
not compromised due to Chinas
increasing territorial assertions.
I dont think so. Its not a
threat, Mr. Fontanilla said in the
vernacular in a telephone inter-
view.
The nine-dashed line claim of
China encompasses the whole of
the China sea including waters in
the overlapping economic zones
of several countries including
Brunei, Malaysia, Taiwan, Philip-
pines and Vietnam.
These includes the much dis-
puted Paracel and Spratly Islands,
which security experts fear may
become military flash points in
the future.
Terri tori al waters of the
proposed core territory of the
Bangsamoro Region is approxi-
mately 400 miles away from the
borders of Chinas nine-dashed
claim, roughly four times the dis-
tance between Metro Manila and
the Province of Batangas.
Meanwhile, Mr. Fontanilla said
that diplomacy is the best prob-
able solution to end the rift be-
tween the Philippines and China,
one that should be done through
bilateral talks.
The Philippines and China
should have one-on-one talks. The
United States shouldnt intervene
anymore so things would be clear-
er, Mr. Fontanilla said in Filipino.
Mr. Jaafar, on the other hand,
suggested a multilateral approach
to the situation, elevating the dis-
pute to international bodies that
can help settle things.
What should be done to neu-
tralize tensions is through dip-
lomatic means. It could be done
through one-on-one talks, though
it may be difcult if theres no one
to broker the peace agreement.
The issue can be elevated to the
[Southeast Asian] level and if that
fails, to the United Nations, Mr.
Jaafar said in Filipino.
Last week, Malacaang assured
the public that the draft Bangsam-
oro Basic Law, which has yet to be
submitted to Congress, is still on
track to be approved by yearend
despite the delays in the submis-
sion.
Presidential Spokesman Edwin
S. Lacierda said although the draft
bill is still under Executive review,
President Benigno S. C. Aquino
III will certify the bill urgent to
Congress to hasten its passage.
The Bangsamoro Basic Law is
still being evaluated and studied
by the Ofce of the President to-
gether with the Chief Presidential
Legal Counsel. It would be certi-
fied by the President upon sub-
mission, Mr. Lacierda said then.
Malacaang earlier said it
was hoping to submit the draft
Bangsamoro bill to the House of
Representatives when Congress
resumed sessions on May 5 to
keep up with its indicative time-
table approval of the Bangsamoro
Basic Law by end of 2014.
The plebiscite in the areas cov-
ered by the Bangsamoro is expect-
ed in 2015, while the conduct of
elections for ofcials that will reg-
ularly administer the Bangsamoro
political entity is expected to be
done simultaneous with the 2016
national elections.
The Bangsamoro Basic Law
will formalize the creation of the
new Bangsamoro political entity
that will replace the Autonomous
Region in Muslim Mindanao
(ARMM).
The creation of a new autono-
mous region is part of a peace pro-
cess to end decades of ghting that
has claimed tens of thousands of
lives in the region.
The draft law, which was craft-
ed by the 15-member Bangsamoro
Transition Commission (BTC),
was based on the Comprehensive
Agreement on the Bangsamoro
signed between the government
and the MILF last March 27.
The BTC submitted the draft
Bangsamoro Basic Law to Malaca-
ang early last May.
The MI LF expect s t he
Bangsamoro Basic Law to be
passed before the President steps
down in 2016, but the MNLF
thinks otherwise.
Mr. Jaafar has said that the
MILF remains hopeful that the
proposed law will pass the scruti-
ny of Congress, and will be ratied
before the start of the next presi-
dential term.
Meanwhile, Mr. Fontanilla
believes the opposite, citing that
amendments to the Philippine
Constitution must be made before
the peace deal is signed into law.
As a lawyer, I think it will
not pass because it is against the
Constitution, Mr. Fontanilla said
earlier. Alden M. Monzon
House committee scolds
CIDG chief over missing
military rearms
MEMBERS of the House com-
mittee on public order and safety
chided Criminal Investigation and
Detection Group (CIDG) Director
Benjamin B. Magalong after giving
out the names of Philippine Na-
tional Police (PNP) ofcers alleg-
edly involved in the case on 1,004
missing ries.
During the committee hear-
ing, Cebu City Rep. Gwendolyn F.
Garcia (3
rd
district) said Mr. Mag-
alongs action could preempt the
ongoing House probe on the case.
There seems to be a deliberate
attempt either to lead this com-
mittee towards the conclusions
which Director Magalongs own
investigation wishes to impose
upon us or to hide other facets of
an incomplete truth, Ms. Garcia
said during the hearing.
Mr. Magalong agreed that he
may have, to an extent, acted pre-
maturely when he revealed the
names of 19 ofcials allegedly in-
volved in the case.
I nd the situation rather mys-
terious if not suspicious. I find it
even unacceptable that this com-
mittee that is trying its best to get
to the bottom of things to nd the
truthinamannerthatismostobjec-
tive, apolitical and totally without
agenda should be preempted by an
investigationwhichuptonowI can-
not fathom whether it is ongoing,
terminated or suddenly, inexplica-
blyconcluded, Ms. Garciaadded.
Ms. Garcia also said that the
House probe had been preempt-
ed right after the hearing, less than
24 hours later by a pronounce-
ment of a conclusion to the CIDG
investigation.
Public order committee chair-
man and Negros Occidental Rep.
Jefrey P. Ferrer (4
th
district) added
to the statements of Ms. Garcia,
noting that he did not anticipate
the information shared by Mr. Mag-
along to members of the media.
Meanwhile, Party-list Rep.
Samuel D. Pagdilao (ACT-CIS)
asked Mr. Magalong to wait for
the ling of a case after the Ofce
of the Ombudsmans investigation
for probable cause before making
any statements.
So prudence tells it is better
to face the media if the case has
already been led and accepted at
the [Ofce of the] Ombudsman or
scals ofce. Then therefore, you
have an assurance the case you
led has a basis, it has a probable
cause because it was accepted,
Mr. Pagdilao said.
Mr. Magalong admitted his
fault by saying he takes full re-
sponsibility for that mistake.
The missing firearms were
traced to the New Peoples Army
(NPA) in Mindanao, as earlier an-
nounced by Mr. Magalong.
Isidro Lozada, owner of the
Caraga Security Agency, allegedly
sold rearms and ammunition to
the NPA.
Last week, the committee con-
ducted an earlier investigation on
the case.
Lawmakers present during
the hearing aired their dissat-
isfaction over the CIDG probe.
Jacqueline P. Miranda
7
Philippines
World
Legend: S-Sunny; PS-Partly sunny; PC-Partly cloudy; CD-Cloudy; MC-Mostly cloudy; MS-Mostly sunny; SH-
Shower; R-Rain; SN-Snow; FG-Fog; FL-Flurries; T-Thunderstorm; W-Windy; HO-Hot
Note:Temperatures in Centigrade.
Source of Basic Data: Local - PAGASA; Global - Accuweather.com
DAILY WEATHER
Beijing Seoul
Bangkok
Hanoi
Hong Kong
Taipei
Manila
Kuala
Lumpur
Singapore
Jakarta
13 June 2014
Asia
SYNOPSIS: A southwest monsoon will affect Luzon. Meanwhile, a
low pressure area was estimated at 560 kilometers west of Sinait,
Ilocos Sur and still outside the Philippine area of responsibility
at 4 p.m. yesterday.
FORECAST: Batanes, Calayan and Babuyan group of islands, the
regions of Ilocos, Cordillera and Central Luzon will experience
monsoon rains. Metro Manila and the rest of Luzon will have
occasional rains. The rest of the country will be partly cloudy to
cloudy with isolated rainshowers or thunderstorms.
City Lo Hi Sky
Bangkok 27 33 CD
Beijing 22 33 CD
Hanoi 25 31 R
Hong Kong 27 31 CD
Jakarta 25 32 CD
Kuala Lumpur 24 32 T
Seoul 17 26 T
Singapore 26 32 T
Taipei 22 27 S
Tokyo 19 29 S
Philippines Lo Hi Sky
Metro Manila 25 30 R
Baguio 15 19 R
Tagaytay 22 31 CD
Clark Zone 24 21 R
Metro Cebu 26 33 PC
Metro Davao 25 34 PC
High Tide (1.30 m) 9:27 a.m. Low Tide (0.41 m) 1:10 a.m.;(-0.13 m) 5:47 p.m.
Sunrise 5:26 a.m. Sunset 6:25 p.m.
City Lo Hi Sky
Amsterdam 12 21 S
Brisbane 14 22 SH
Chicago 12 22 S
Frankfurt 14 26 S
Honolulu 23 31 S
Johannesburg 2 17 S
Lisbon 19 31 S
London 15 25 S
Los Angeles 16 22 S
Madrid 19 33 S
Melbourne 10 16 S
City Lo Hi Sky

Montreal 13 22 CD
Moscow 11 21 CD
New York 18 27 SH
Paris 14 24 S
Riyadh 26 38 S
Rome 20 33 S
San Francisco 10 18 S
Sydney 12 20 CD
Vancouver 12 19 CD
Washington 19 30 SH
Zurich 13 26 T
Tokyo
Friday-Saturday, June 13-14, 2014 12/S1
The
Nation
Independence Day protests held in Davao, Cebu and Tacloban
Senate discloses
Luys deleted fles
on PDAF scam
THE SENATE BLUE RIBBON committee on
Wednesday night provided reporters copies
of the so-called deleted les in the external
hard drive of whistle-blower Benhur K. Luy.
The les, which were saved in a CD format,
included personal les of Mr. Luy with photos,
videos and songs.
Also found in the CD is a word document
saved in a photo format entitled Additional
Defendants which listed down the following
names: Jamie Napoles, Jeannette Napoles,
Christine Napoles, James Napoles and Renald
Lim.
The files also include copies of various
Memorandum of Agreements (MoA) of law-
makers implicated in the so-called pork barrel
scam. The MoA acknowledges the fund source
from the offices of the public officials stated
as: acknowledging the fund source of the Of-
ce... from its Priority Development Assistance
Fund (PDAF) from the Special Allotment Re-
lease Order (SARO) No...
In the spirit of transparency again, in the
spirit of openness so that the interest of the
public may be served, we are going to divulge
the contents of this, Senate blue ribbon com-
mittee chairman Senator Teosto D. Guingona
III earlier said.
On May 28, the National Bureau of Investi-
gation (NBI) submitted to the Senate a CD copy
of the digital les found in the hard drive of Mr.
Luy, in compliance with the subpoena issued
by the Senate blue ribbon committee compel-
ling the bureau to turn over the hard drive.
The les found in the CD earlier provided
to the media by the Senate blue ribbon com-
mittee contained several folders, among them
is a folder labeled Recovered Files which
contains a number of Christian songs and
documents.
Among the documents was a certication of
a seminar conducted by one of the nongovern-
ment organizations (NGOs) created by Ms.
Napoles and said to have received funding from
a senators PDAF.
The digital les of Mr. Luy contained hun-
dreds of word and excel les showing the list
of bank accounts of the numerous fake NGOs
allegedly created by Ms. Napoles, amounts of
cash advances given to implicated lawmakers,
and a breakdown of details on how the PDAF of
these lawmakers were used.
Also found on the digital les are unsigned
letters related to the disbursement of the pork
barrel funds, as well as letters from senators
including Senate President Franklin M. Drilon,
Senate President Pro Tempore Ralph G. Recto
and Senate Minority Leader Juan Ponce En-
rile, among others, allegedly requesting for
millions of pesos of nancial assistance from
then Agriculture Secretary Arthur C. Yap.
There are also unsigned letters of lawmak-
ers addressed to the Department of Budget and
Management requesting for the release of their
pork barrel allocations.
The digital files submitted by NBI Direc-
tor Virgilio L. Mendez, contains 31,742 pages
consisting of the transaction details of Ms.
Napoles, Mr. Luys former employer.
Justice Secretary Leila M. de Lima earlier
assured that the NBI did not alter or sanitize
the contents of Mr. Luys hard drive to alleg-
edly protect the Aquino administrations allies.
As far as I know, the NBI has nothing to do
with those deletions, Ms. de Lima earlier said.
Ms. de Lima said NBIs Cyber Crime Divi-
sion was tasked to authenticate Mr. Luys hard
disk, including the retrieval of deleted les.
I understand though that those deletions
were actually retrieved already. So, any insinu-
ation of sanitizing on our part is completely
baseless. As I previously stated, we will never
do that, Ms. de Lima said.
The NBI said it obtained the hard drive
between December 2012 and January 2013.
Ailyn D. Galura
DAVAO CITY Militant organizations
composed mostly of students and
youth groups observed this years
Independence Day here through
protest rallies slamming President
Benigno S. C. Aquino IIIs support of
the Enhanced Defense Cooperation
Agreement (EDCA) with the US.
During a morning rally here,
Anakbayan regional spokesperson
Gelyne Alapag said instead of ap-
proving the agreement, the President
should have prioritized the countrys
more pressing problems ranging from
power shortage to unemployment.
This activity aims at showing the
youths patriotism and to expose the
fake independence day Filipinos con-
tinue to believe in, Ms. Alapag said.
Groups led by Anakbayan also
held a second Independence Day
picket yesterday at the Bankerohan
where the citys biggest public market
and farmers outlets are located.
Ms. Alapag said the picket
questioned the present state of the
country under the alleged anti-
people policies and US intervention
of the Aquino administration. EDCA is
an agreement between the govern-
ments of the Philippines and the US
envisioned to advance the implemen-
tation of the Philippine-US Mutual
Defense Treaty.
In Cebu, the Cebu Coalition
Against the Pork Barrel System gath-
ered at the Fuente Osmea to call on
senators charged of plunder to resign
and return the money stolen from
the people.
The multi-sectoral group also
urged government agencies to
hasten the investigation and fle the
appropriate cases in court. While we
laud the Supreme Court decision on
the Priority Development Assistance
Fund (PDAF), we wish to point out
that the Supreme Court itself admits
that its decision only covered certain
aspects of the pork barrel issue,
contained in the limited parameters
of the petitioners. Notwithstanding,
the PDAF has reemerged or is still
untouched in many disguised forms,
in the budgeting and disbursing by
government offces and agencies,
the group said in a statement.
In Tacloban, the International La-
bor Organization (ILO) led a rally call-
ing for a stronger campaign against
child labor as part of the World Day
against Child Labor celebration.
Poverty and shocks play a key
role in driving children to work. Poor
households are more likely to have
to resort to child labor to meet basic
needs and deal with uncertainty, the
ILO stated.
Among those who participated in
the rally were representatives from
government agencies, nongovern-
ment organizations, and international
and humanitarian partners.
Children in fve out of every 10
villages surveyed by the child protec-
tion cluster of the typhoon rehabilita-
tion task force are involved in harsh
and dangerous labor.
Three-fourths of the 112 villages
surveyed reported that children
who are working are not able to
go to school. Forms of child labor
emerging since the typhoon include
farming, serving as household help
in other barangays, children working
as pedicab drivers, in construction,
welders, or collecting materials, the
survey showed. Maya M. Padillo,
John Paolo G. Bago and Sarwell Q.
Meniano
TACLOBAN CITY The implementation of the
rehabilitation plan following typhoon Yolanda (inter-
national name: Haiyan) will be delayed by another
week, said Presidential Assistant for Recovery and
Rehabilitation (PARR) Panflo M. Lacson.
Mr. Lacson said the Cabinet cluster overseeing
rehabilitation efforts is set to make a fnal review
of the master plan, with new proposals today. It
will take a week for President Benigno S. C. Aquino
III to approve the blueprint, he added.
Implementation of an approved rehabilitation
plan was targeted to start on June 15. It will be
delayed by one week, but were still on track. Its
better to rebuild better than to hurry up. We are on
the side of caution, Mr. Lacson told reporters on
the sidelines of the groundbreaking for a school
funded by the United States Agency for Interna-
tional Development (USAID).
We want to converge numbers and address
discrepancies. All expenditures should be properly
vetted before the Presidents approval, he added.
Only upon approval of the plan by the President
will the funds be released by the Department of
Budget and Management (DBM), he said.
We will make signifcant accomplishments
once the master plan is approved. Our offce is
devising ways to be transparent about all rehabili-
tation activities, Mr. Lacson said.
The Cabinet cluster approved on May 30 the
rehabilitation plans for Tacloban, Leyte, Samar,
and Cebu with a combined budget of P65.2 billion.
Proposed plans from Eastern Samar and Iloilo will
be reviewed this week. Mr. Lacson said techni-
cal personnel have been sent to Antique, Aklan
and Biliran to help local government units (LGUs)
prepare proposals and program of works. This is
with the help of USAID. We ask that a portion of
their rebuilding fund will be used for technical as-
sistance to LGUs, he added.
Robert R. Castaares, Eastern Visayas Cham-
ber of Commerce and Industry regional governor
and former local rehabilitation coordinator, earlier
criticized the government for the slow pace of
reconstruction and repair amid announcements of
the approval of budgets.
If we are to consider the P53-billion rehabilita-
tion budget for Region 8, which was approved by
the Cabinet cluster recently, the government would
have to enter into a contract with contractors and
suppliers and disburse (through progress pay-
ments) roughly P2 billion a month to achieve that
goal, he said.
We need to be informed what are the specifc
projects, budget and date of completion for every
affected town, otherwise the government was only
shooting in the dark when it made a forecast of
90% accomplishment by 2016, Mr. Castaares
added.
Offcials of the Department of Education
(DepEd) and Department of Public Works and High-
ways said they have been resolving bottlenecks
to address logistical concerns.Our central offce
is helping the region with the procurement. Some
regional offces were also mobilized to ensure
immediate recovery because our offce cannot
do this alone. Our efforts is also augmented by
various local and international nongovernment
organizations, said DepEd Regional Director Luisa
Bautista-Yu.
Go Tic Ching, president of the Tacloban Federa-
tion of Filipino-Chinese Chamber of Commerce and
Industry, noted that the Department of the Interior
and Local Government was reported to have
released in April a total of P230.68 million for the
repair of the city hall, astrodome and public mar-
ket. Its been two months, but our public market
is still damaged, polluted and very disorganized.
The budget has been released, but theres still no
improvement, he said.
Mayor Alfred S. Romualdez told reporters that
the project has to go through the procurement
process. Sarwell Q. Meniano
Post-Yolanda rehab plan delayed
PSBank, AXA sign bancassurance deal
ANOTHER hike in banks reserve
requirements could be delivered
by the Bangko Sentral ng Pilipinas
(BSP) next week, while policy rates
could be left untouched until next
month given weak frst quarter
growth, the Hong Kong and Shang-
hai Banking Corp. Ltd. (HSBC) said
yesterday.
In a research note, HSBC
economist Trinh D. Nguyen said that
the bank believes that only a third
consecutive one percentage point in-
crease in banks reserve requirement
ratios (RRR) is on the table when
the BSPs Monetary Board meets to
discuss policy anew on Thursday.
Infationary concerns, however, could
prompt the central bank to raise its key
rates as early as July, HSBC said.
The Philippine central bank is
no longer in a comfortable position:
growth momentum is slowing but
headline infation is accelerating to
the upper bound of the BSPs 3-5%
target range, Ms. Nguyen said.
When monetary offcials meet
next Thursday on 19 June, they will
have to consider whether they want to
seriously tighten monetary conditions
to temper infationary pressures or
maintain low interest rates to support
domestic demand, she said.
Ms. Nguyen said that in previous
tightening cycles, the BSP waited
until absolutely necessary to hike
rates and instead managed mon-
etary conditions via tools like RRR to
protect its infation targets.
In this tightening cycle, the
central bank began gently by increas-
ing the RRR by 1 [percentage point]
ppt each time in March and May
2014. Next week, monetary offcials
Third consecutive hike
in reserve ratio expected
Third hike, S2/ 3
Slowing China not a risk to local banks
PUBLICLY listed Philippine Sav-
ings Bank (PSBank) said it will
begin selling Philippine AXA Life
Insurance Corp.s (AXA Philip-
pines) insurance products on
Monday after sealing a bancassur-
ance partnership with the insurer.
The bancassurance deal, first
announced in late May, was signed
last June 9.
Starting June 16, PSBank clients
looking for insurance solutions will
be referred to AXA representatives
in PSBanks 123 branches in Metro
Manila. This is also expected to be
offered to its provincial branches
within the year to cater to more cli-
ents, the thrift bank said in a state-
ment released Wednesday night.
PSBank and AXA Philippines
are both under the Metropolitan
Bank & Trust Co. (Metrobank)
Group. The insurer already has an
existing bancassurance partner-
ship with Metrobank.
PSBank is Metrobanks thrift
arm, while GT Capital and First
Metro Investment Corp. both
controlled by tycoon George S.K.
Ty of the Metrobank Group re-
spectively own 25% and 28% of
AXA Philippines, a joint venture
with the global AXA Group.
We have been looking at this
opportunity for quite some time,
AXA Philippines President and
CEO Rien Hermans said in the
statement.
PSBank saw its earnings de-
cline 77.01% last quarter, amid an
industry-wide downturn in trad-
ing gains. Its net income fell to
P468.67 million in the rst three
months, from P2.04 billion it
reported in the same period last
year.
The thrift lender had 224
branches in its network as of the
rst quarter.
Meanwhile, AXA Philippines
total premium income was down
by an annual 26% to P3.5 billion
in the rst quarter. Raymund
Luther B. Aquino
A CHINA slowdown and the re-
gions mounting debt pose as a
threat to Southeast Asian banks,
but these risks remain muted in
the Philippines, Fitch Ratings said
yesterday.
Fitch continue[s] to have a
stable outlook on the [banking] sec-
tor in the Philippines, Fitch Rat-
ings Senior Director and Head of Fi-
nancial Institutions Ratings-South
and Southeast Asia Ambreesh Sriv-
astava told BusinessWorld.
The Philippine banking sector
joins Singapore and Malaysia in
securing that stable outlook from
Fitch. The ratings agency has a
negative outlook for the banking
industries elsewhere in the region.
Fitch said in a commentary
released Wednesday night that
uncertainties surrounding the
Chinese macroeconomic outlook
are a key point of risk for ASEAN
banking systems.
Already, a separate report by the
World Bank released on Wednes-
day showed lower global growth
forecast, including for China.
The vulnerability arises from
the regions strong nancial link-
age with China, Fitch said.
Singaporean banks, in particu-
lar, face increasing risks related to
their direct exposures to China,
the London-based debt watcher
said.
It said, however, that [e]ven
for the majority of ASEAN banks,
which have only limited direct
exposures, the high level of mac-
roeconomic linkages points to
challenges should Chinese growth
slow.
The ratings agency also tagged
a combination of higher lever-
age and asset-price inflation as
another risk for regional banks.
Rapid credit growth and ab-
normally low interest rates have
supported South and Southeast
Asian bank performance in a be-
nign domestic credit environment
over the last four to ve years de-
spite a difficult global economic
backdrop, the commentary read.
However, this has led to a com-
bination of higher leverage and
asset-price ination, with house-
hold debt in particular, rising
sharply in some ASEAN countries
including Malaysia, Thailand and
Singapore, Fitch said.
While risks have been manage-
able thus far, the ratings rm said
that this situation could become
a source of asset-quality problems
should unemployment begin to rise
and interest rates normalize.
NOT AS PRONOUNCED
The Philippines, however, still en-
joysafairamountof insulationfrom
macroeconomic China-related
risks and the threat of rapid credit
growth, accordingtoMr. Srivastava.
Those risks that we talked
about are not as pronounced in the
Philippines. Whether its Chinas
economy, rapid credit growth - its
all there to some degree or the
other across the region, but less
so for the Philippines, Mr. Sriv-
astava said in a phone interview,
speaking from Singapore.
Philippine banks continue to
generate reasonable prot. A lot of
them have further strengthened
their capital position by raising
money from the capital market.
There is sufcient bufer in their
balance sheets, he explained.
The Philippine banks with
adequate bufers, we believe that
many of those banks continue
to be on stable outlook, he said.
Or even positive outlook, if these
negative risks are less pronounced
and dont outweigh the positives.
The risks of a Chinese slow-
down is a question of degree
depending on the country, Mr.
Srivastava said, and in the Philip-
pines, there is less of a direct risk
back there.
The direct exposure not sig-
nicant at all, he said on the expo-
sure of the larger Philippine banks
to China.
He also said that household
debt is not a big issue in the Philip-
pines, as compared to Singapore,
Malaysia, and Thailand. R.L.B.
Aquino
S2/1-8
NEWS
UPDATED
DAILY
www.bworldonline.com
Friday-Saturday, June 13-14, 2014
VOL XXVII ISSUE 223 ISSN0116-3930
STOCK MARKET WORLD BUSINESS WORLD MARKETS BULLETINS WORLD SPORTS
Friday-Saturday, June 13-14, 2014 2/S2
Weak markets greet investors
PHILIPPINE SHARES may strug-
gle to gain momentum today as in-
vestors return to work after a one-
day break, analysts said.
Caution rules investor senti-
ment ahead of the central bank
policy meeting next week, they said.
Trading at the local bourse re-
sumes today after nancial markets
were closed yesterday in celebra-
tion of Independence Day.
The market will likely remain
quiet and will continue to see limited
activity, as investors avoid taking po-
sitions given that theres not much
signicant news in the local front,
Lexter L. Azurin, research head at
Unicapital Securities, Inc., said.
The Philippine Stock Exchange
index (PSEi) might trade in a tight
range of 6,700 to 6,850 today, he
said.
April Lynn L. Tan, vice-presi-
dent at COL Financial Philippines,
said: The market is expected to
move sideways as it is undergoing
consolidation after its rally for the
past three to four months. Inves-
tors are waiting until valuations
become fair before positioning.
With the latest string of eco-
nomic and nancial data clouding
second-quarter prospects gross
domestic product, state spending
and ination investors are look-
ing for reasons that would drive the
market higher, she said.
Jose L. Vistan, research head at
AB Capital Securities, Inc., pointed
out that the market has not cor-
rected enough to appease valuation
concerns. We are still relatively
expensive compared to our peers
with our valuations currently at
around 20 times, he said.
Last Wednesday, the benchmark
PSEi closed slightly above the 6,800
mark, edging up by 0.46% or 31.20
points to settle at 6,809.18, its high-
est close since the 6,811.33 finish
recorded on May 23.
Joanna M. Capiral, analyst at
Papa Securities Corp., meanwhile,
said: The market will continue to
consolidate as investors remain
cautious ahead of the Monetary
Board meeting next week.
The policy-setting Monetary
Board is set to revisit policy on June
19. The central banks key rates have
been kept at record lows of 3.5% for
overnight borrowing and 5.5% for
overnight lending since October
2012.
Providing clues as to how the
local markets will do today would
be the turnout on Wall Street and
regional markets.
Markets sank in Asian trade
Thursday as Wall Streets record-
breaking streak came to an end,
while Tokyo was hit by a stronger
yen as investors look ahead to a
Bank of Japan policy meeting.
Tokyo lost 0.64%, or 95.95
points, to finish at 14,973.53 and
Sydney fell 0.46%, or 25.19 points,
to 5428.8, while Seoul eased 0.15%,
or 3.02 points, to 2,011.65.
Investors stepped back after
global markets enjoyed a rally at
the start of the week in response to
upbeat data from the United States,
China and Japan.
While there was a certain
amount of profit taking, analysts
suggested some of the losses could
be attributed to the World Banks
decision to trim its 2014 global
growth forecast to 2.8% from a
January estimate of 3.2%.
Regional dealers were given a
negative lead from New York, where
all three main indexes ended lower.
The Dow snapped a four-day
streak of all-time highs, closing
down 0.60% to 16,843.88. The S&P
500 fell 0.35%, and the Nasdaq
eased 0.14%.
Jack Ablin, chief investment of-
cer at BMO Private Bank, said the
World Bank report sent a sorry
signal to investors. with AFP
By Judy Dannibelle T. Chua Co
Assistant Research Head
Banks
89.9 56.3 23,133 Asia United Bank Corp. 27,250 71.5 71.5 71 71.5 71.2 1,634,769
92.65 68.2 331,768 Banco de Oro Unibank, Inc. 7,047,900 91 93.5 91 92.65 91.2 180,710,047
103.03 80.95 341,849 Bank of the Phil. Islands 2,467,620 86.3 87.1 86.25 87 86.3 23,084,128
64.44 50.98 87,251 China Banking Corp. 297,040 54.9 54.9 54.65 54.9 54.6 27,400
33 23.25 35,376 East West Banking Corp. 97,500 31.1 31.4 31.1 31.35 31.1 1,017,860
92.69 70 235,641 MetroBank and Trust Co. 5,493,940 84.5 86.4 84.4 85.85 85.4 (67,661,012)
30.3 21.6 8,309 Philippine Business Bank 29,000 24.2 24.3 24.2 24.2 24.1 -
72 59 18,573 Philippine Bank of Comm. 9,540 61 62 61 62 60.05 (95,480)
94.81 65.93 100,301 Philippine National Bank 99,030 89.5 91.5 89 89.6 89.5 2,442,297
61.95 41 67,865 Rizal Commercial Banking 19,230 55 55 53.05 53.2 54.5 460,542
146.5 88.08 73,545 Security Bank Corp. 576,310 122.7 126.5 122 122 122.6 (5,052,364)
141.5 116.4 77,676 Union Bank of the Phils. 6,470 121.1 122 121.1 121.1 121 (281,820)

Other Financial Institutions
3.6 2.65 809 AG Finance, Inc. 4,000 3 3.09 2.99 3.09 3.1 -
3.15 0.95 4,050 Bright Kindle Res & Inves., Inc. 82,000 2.77 2.77 2.65 2.65 2.7 -
2.25 1.85 4,866 BDO Leasing & Fin., Inc. 91,000 2.25 2.27 2.25 2.25 2.2 -
20 14.86 6,967 COL Finl. Group, Inc. 201,700 14.9 14.9 14.86 14.86 14.9 (2,717,888)
0.87 0.75 978 First Abacus Financial 10,000 0.82 0.82 0.82 0.82 0.81 -
10.22 6.65 385 Filipino Fund, Inc. 3,500 7.68 7.68 7.68 7.68 7.61 -
2.98 2.23 1,440 I-Remit, Inc. 4,000 2.35 2.35 2.35 2.35 2.35 -
32 16.2 32,052 Macay Hldgs., Inc. 200 30 30 30 30 30 (6,000)
0.4 0.178 224 Medco Holdings 1,170,000 0.32 0.33 0.31 0.32 0.32 (51,200)
830 570 1,408,872 Manulife Financial Corp. 100 761 761 760 760 761 -
1.86 1.3 2,803 National Reinsurance Corp. 88,000 1.33 1.33 1.32 1.32 1.32 (39,900)
314 279.4 20,679 The Phil. Stock Exchange, Inc. 54,030 282 285 281.8 282 282 2,117,614
1,535 1,045 856,184 Sun Life Financial, Inc. 155 1,400 1,402 1,400 1,402 1,400 -
2.8 2.28 5,711 Vantage Equities, Inc. 142,000 2.72 2.72 2.72 2.72 2.74 -

Electricity, Energy, Power & Water
2.15 1.22 13,527 Alsons Cons. Res., Inc. 10,493,000 2.08 2.18 2.04 2.15 2.07 602,520
42.25 31 269,693 Aboitiz Power Corp. 2,917,300 36.5 36.7 36.5 36.65 36.6 (9,230,280)
6.55 4.37 122,813 Energy Devt. (EDC) Corp. 53,680,800 6.41 6.6 6.41 6.55 6.41 126,296,530
22.2 12.4 74,679 First Gen Corp. 6,213,900 22 22.3 21.8 22.2 21.85 7,754,335
90.85 49 41,458 First Phil. Hldgs. Corp. 1,059,210 73.05 75.45 73.05 75 73.1 27,836,181
7.5 5.2 1,095 Calapan Ventures, Inc. 48,100 6.6 6.75 6.46 6.75 6.46 73,225
345 247 289,664 Manila Electric Co. 86,560 259 260.4 256.2 257 259 (4,682,930)
37.05 21.35 50,890 Manila Water Co. 326,700 25.55 25.55 25.05 25.25 25.4 1,446,385
14.82 11.7 111,376 Petron Corp. 1,051,200 11.8 12 11.8 11.88 11.78 (1,866,082)
6.51 4.35 9,044 Phoenix Petroleum Phils. 136,800 6.33 6.33 6.16 6.33 6.34 -
2.79 1.4 12,160 Trans-Asia Oil and Energy 7,309,000 2.52 2.52 2.48 2.5 2.52 1,691,600

Food, Beverage & Tobacco
6.46 3.86 2,143 Agrinurture, Inc. 39,000 3.86 4 3.86 4 3.96 -
89.4 40.2 408 Bogo Medellin Milling Co. 420 65.1 68 65.1 68 72 -
79.9 16 1,950 Central Azucarera De Tarlac 1,430 69.5 70 65.1 69 69.5 (5,600)
16.9 14.62 37,191 Century Pacifc Foods, Inc. 1,359,900 16.42 16.74 16.3 16.68 16.42 6,708,296
33.45 20.5 26,580 Del Monte Pacifc Ltd. 199,100 20.7 21.9 20.4 20.5 21 (3,032,065)
10 6.03 34,750 D and L Industries, Inc. 1,082,700 9.75 9.8 9.72 9.73 9.8 (1,372,692)
17.34 8.6 174,900 Emperador, Inc. 1,221,400 11.54 11.68 11.52 11.66 11.54 6,388,296
1.65 0.93 2,235 Alliance Select Foods Intl., Inc. 694,000 1.49 1.51 1.49 1.49 1.48 865,030
189.6 124.7 185,686 Jollibee Foods Corp. 831,380 179 179 174.8 176 178 43,252,554
76.5 48.5 3,047 Liberty Flour Mills, Inc. 100 60.95 60.95 60.95 60.95 60.95 -
40 11 10,368 Pancake House, Inc. 6,200 38.5 40.95 38 40 38.3 -
277.8 214.8 39,500 San Miguel Pure Foods Co., Inc. 215,800 238.8 238.8 236 237 237.8 4,524,166
6.3 4 17,361 Pepsi-Cola Products Phils. 6,648,000 4.7 4.75 4.66 4.7 4.7 (13,912,480)
7.72 1.65 5,957 Roxas and Co., Inc. 1,000 3.1 3.1 3.1 3.1 3.1 -
6.6 4.17 21,597 RFM Corp. 1,797,600 6.3 6.3 6 6.17 6.31 (2,433,664)
8.06 2.28 6,658 Roxas Hldgs., Inc. 29,100 7.33 7.4 7.32 7.32 7.4 -
0.151 0.118 254 Swift Foods, Inc. 100,000 0.14 0.14 0.14 0.14 0.145 14,000
155.5 105.5 338,133 Universal Robina Corp. 2,049,060 155.3 157 154.6 155 154.9 132,433,258
0.93 0.55 2,369 Vitarich Corp. 4,998,000 0.85 0.86 0.81 0.85 0.85 555,500
5.25 1.57 11,885 Victorias Milling Co. 945,600 5.02 5.04 5.02 5.02 5.05 (1,643,510)

Construction, Infrastructure & Allied Services
19 9.9 2,160 Asiabest Group Intl., Inc. 200 11.08 11.08 10.8 10.8 10.48 -
2.37 0.95 15,269 SE Asia Cement Hldgs. 159,000 2.18 2.32 2.13 2.18 2.29 (10,700)
3.35 0.86 3,668 Da Vinci Capital Hldgs., Inc. 21,041,000 3.22 3.46 3.18 3.26 3.29 (237,290)
14.5 9.2 11,048 EEI Corp. 584,900 10.68 10.8 10.66 10.66 10.68 (4,074,202)
15.68 12 90,329 Holcim Philippines, Inc. 53,600 14.6 14.6 14 14 14.2 28,300
11.2 8.55 57,073 Lafarge Republic, Inc. 506,800 9.89 9.89 9.79 9.8 9.8 -
16.69 10.1 21,212 Megawide Const. Corp. 108,200 12.9 12.92 12.86 12.86 12.88 (248,724)
15 9.98 2,732 Phinma Corp. 30,500 10.52 10.6 10.52 10.52 10.6 (186,560)
2.49 1.6 1,983 TKC Steel Corp. 217,000 2.21 2.25 2.09 2.11 2.26 (62,640)
1.62 1.3 882 Vulcan Industrial Corp. 262,000 1.48 1.48 1.46 1.47 1.5 -

Chemicals
4.55 2.62 5,793 Chemrez Technologies, Inc. 731,000 4.45 4.48 4.38 4.45 4.46 (133,500)
4.85 1.96 623 LMG Chemicals Corp. 252,000 3.25 3.25 3.2 3.22 3.29 -
3.5 1.63 1,614 Mabuhay Vinyl Corp. 221,000 2.45 2.46 2.43 2.44 2.42 -

Electrical Components & Equipment
16.7 12 4,147 Cirtek Hldgs. Phils. Corp. 39,200 14.5 14.8 14.4 14.8 15 -
44 22.5 11,233 Concepcion Indl. Corp. 83,600 44 44 42.05 43 42.05 (257,990)
0.016 0.0098 1,863 Greenenergy Hldgs., Inc. 40,500,000 0.01 0.011 0.01 0.01 0.01 -
6 1.88 9,559 Integ. Micro-Electronics 837,000 5.91 5.95 5.79 5.85 5.9 12,219
0.69 0.32 591 Ionics, Inc. 14,505,000 0.69 0.77 0.68 0.69 0.67 98,900
6.6 3.56 1,505 Panasonic Mfg. Phils. Corp. 2,101,000 3.61 4.15 3.56 3.56 3.61 330

Holding Firms
0.57 0.46 1,752 AbaCore Capital Holdings,Inc. 116,000 0.55 0.55 0.53 0.55 0.55 -
658.5 500 382,724 Ayala Corp. 362,910 639.5 639.5 635 637.5 640 (2,232,195)
61.5 40 313,090 Aboitiz Equity Ventures 3,283,360 56.4 57 55 56.7 56.15 14,827,955
31.15 21.4 302,446 Alliance Global Group, Inc. 13,335,500 29.65 29.75 29.2 29.45 29.85 (179,668,550)
7.29 6.3 17,325 A. Soriano Corp. 327,600 6.95 6.98 6.93 6.93 7 727,974
2.16 1.65 2,097 Anglo-Phil. Hldgs. Corp. 40,000 1.79 1.8 1.79 1.8 1.79 -
1.98 0.99 585 ATN Hldgs., Inc. A 10,000 1.58 1.58 1.58 1.58 1.58 -
1.98 1.05 146 ATN Hldgs., Inc. B 1,000 1.82 1.82 1.82 1.82 1.79 -
11.28 7.48 71,387 Cosco Capital, Inc. 1,241,000 9.55 9.7 9.5 9.64 9.55 1,802,606
79.95 45.1 212,307 DMCI Hldgs., Inc. 1,784,090 80 81 79.5 79.95 79.2 105,408,577
5.51 4 44,631 Filinvest Devt. Corp. 35,000 4.8 4.8 4.79 4.79 4.8 -
3.3 2.9 878 F&J Prince Hldgs. Corp.A 2,000 3 3 3 3 3 -
0.221 0.15 303 Forum Pacifc, Inc. 420,000 0.16 0.165 0.159 0.165 0.159 -
888 690 151,815 GT Capital Hldgs., Inc. 158,400 865 877 864.5 871 860 13,054,345
8.5 5.7 3,757 House of Investments, Inc. 2,100 6.1 6.1 6.1 6.1 6.06 (12,810)
52.55 35 361,385 JG Summit Hldgs., Inc. 1,793,840 50.8 52.2 50.8 51.5 50.75 32,670,308
5.6 4.6 109 Keppel Phils. Hldg., Inc. B 1,000 5.05 5.05 5.05 5.05 4.62 -
0.86 0.6 562 Lodestar Invest. Hldg. Corp. A 3,000 0.78 0.78 0.76 0.76 0.75 -
5.54 3.95 24,089 Lopez Hldgs. Corp. 5,033,200 5.17 5.36 5.17 5.25 5.2 (10,498,901)
24.9 13.32 156,044 LT Group,Inc. 9,471,100 14.4 14.46 14.32 14.42 14.44 8,271,368
0.73 0.5 780 Mabuhay Hldgs. Corp. 36,000 0.65 0.65 0.65 0.65 0.65 -
6.1 4.68 3,498 Minerales Industrias Corp. 90,400 5.02 5.07 4.95 5.07 5.05 (50,500)
5.8 4.1 136,705 Metro Pac. Inv. Corp. 7,371,000 5.29 5.29 5.21 5.25 5.29 (5,053,656)
0.047 0.027 1,680 Pacifca, Inc. 6,600,000 0.043 0.045 0.042 0.042 0.043 -
0.65 0.4 1,302 Prime Orion Phils., Inc. 1,651,000 0.58 0.58 0.55 0.55 0.58 -
2.16 1.23 697 Prime Media Hldgs., Inc. 50,000 1.8 1.8 1.8 1.8 1.73 -
2 1.04 2,914 Solid Group, Inc. 1,100,000 1.6 1.66 1.53 1.6 1.65 (31,350)
1.4 0.26 8,105 Sinophil Corp. 74,532,000 1.22 1.24 1.15 1.17 1.21 (5,512,870)
961.5 634 622,685 SM Investments Corp. 395,100 777 792.5 776.5 782 775 150,494,880
95 54.5 194,999 San Miguel Corp. 341,990 81 82 79.5 82 80.75 (6,893,510)
1.29 0.92 1,037 South China Resources 110,000 1.1 1.15 1.09 1.15 1.15 -
3.3 1.5 538 Seafront Resources Corp. 306,000 3.02 3.45 3.01 3.3 3.01 (40,740)
98.95 58.1 31,291 Top Frontier Inves. Hldgs., Inc. 74,960 93 94.95 93 94 94 (2,099,211)
0.26 0.136 367 Unioil Res. And Hldgs. Co. 970,000 0.225 0.25 0.225 0.231 0.231 -
0.245 0.169 612 Wellex Industries, Inc. 190,000 0.182 0.187 0.182 0.187 0.188 -
0.43 0.29 1,054 Zeus Hldgs., Inc. 210,000 0.39 0.39 0.39 0.39 0.39 -

Property
0.29 0.187 1,542 Arthaland Corp. 20,000 0.28 0.29 0.28 0.29 0.29 -
17.17 12.7 13,728 Anchor Land Hldgs., Inc. 1,200 13.3 13.3 13.2 13.2 13.34 -
32.9 23.75 447,565 Ayala Land, Inc. 12,415,300 30.7 31.6 30.7 31.55 30.6 212,225,835
2.01 1.25 2,748 Araneta Properties, Inc. 28,000 1.76 1.76 1.76 1.76 1.77 -
6.03 4.46 48,045 Belle Corp. 21,494,000 4.72 4.78 4.5 4.55 4.69 7,251,980
1.82 1 2,253 A Brown Co., Inc. 434,000 1.35 1.37 1.3 1.3 1.35 -
1.18 0.98 3,674 Cityland Devt. Corp. 38,000 1.14 1.15 1.08 1.08 1.1 (6,900)
0.099 0.067 1,170 Crown Equities, Inc. 2,500,000 0.087 0.089 0.086 0.086 0.087 -
6.25 5 10,349 Cebu Hldgs., Inc. 54,100 5.38 5.39 5.22 5.39 5.38 254,737
1.9 1.14 13,559 Century Prop. Group, Inc. 4,457,000 1.42 1.42 1.4 1.4 1.4 (1,117,060)
6 4 3,047 Cebu Prop. Vent. & Devt. Corp. A 100 5.4 5.4 5.4 5.4 6 -
0.87 0.47 4,833 Cyber Bay Corp. 3,276,000 0.71 0.71 0.7 0.71 0.71 (745,500)
1.07 0.9 14,383 Empire East Land, Inc. 15,065,000 1 1.03 0.97 0.98 0.98 (3,779,860)
0.34 0.177 1,400 Ever Gotesco Res. 2,680,000 0.28 0.28 0.28 0.28 0.28 (142,500)
1.91 1.18 40,740 Filinvest Land, Inc. 18,433,000 1.67 1.72 1.67 1.68 1.67 14,326,010
2.04 1.23 21,203 Global-Estate Resorts, Inc. 1,347,000 1.93 1.93 1.92 1.93 1.92 -
8.56 5.6 44,144 8990 Hldgs., Inc. 7,981,100 8.2 8.25 7.93 8 8.14 (462,561)
1.66 1.1 1,220 IRC Properties, Inc. 67,000 1.22 1.23 1.22 1.22 1.22 -
2.08 1.53 1,772 City and Land Developers 96,000 1.8 1.82 1.8 1.82 1.79 -
4.75 2.9 146,053 Megaworld Corp. 53,303,000 4.58 4.58 4.49 4.56 4.58 18,509,760
0.124 0.071 843 MRC Allied Industries, Inc. 2,210,000 0.099 0.1 0.097 0.099 0.099 -
0.52 0.33 520 Phil. Estates Corp. 310,000 0.35 0.36 0.35 0.36 0.36 -
24 18.86 93,953 Robinsons Land Corp. 2,093,900 22.7 22.95 22.45 22.95 22.3 3,863,455
2.7 1.46 11,805 Rockwell Land Corp. 171,000 1.93 1.95 1.91 1.93 1.92 -
3.8 2.96 15,483 Shang Properties, Inc. 22,000 3.19 3.25 3.18 3.25 3.22 -
0.83 0.58 8,961 Sta. Lucia Land, Inc. 3,521,000 0.82 0.83 0.8 0.83 0.82 -
19.58 14.1 453,452 SM Prime Hldgs., Inc. 9,084,800 16.4 16.42 16 16.3 16.4 38,137,122
5.5 3.36 46,343 Starmalls, Inc. 454,000 5.3 5.5 5.25 5.5 5.46 (1,153,900)
1.95 0.57 3,420 Suntrust Home Dev., Inc. 2,385,000 1.47 1.55 1.47 1.52 1.47 -
6.44 4.4 53,879 Vista Land & Lifescapes 14,236,800 6.36 6.36 6.21 6.31 6.36 (19,325,382)

Media
42 27.4 30,985 ABS-CBN Corp. 9,000 36.55 36.55 36.15 36.15 36.7 -
9 7.2 25,073 GMA Network, Inc. 582,100 7.49 7.49 7.45 7.46 7.46 -
1.5 0.48 3,172 Manila Bulletin Pub. Corp. 1,297,000 1.03 1.03 1 1 1.01 -

Telecommunications
1,810 1,374 224,488 Globe Telecom, Inc. 25,280 1,696 1,696 1,690 1,692 1,696 (441,095)
2.39 1.39 2,665 Liberty Telecoms Hldgs. 4,000 1.93 2.06 1.93 2.06 2.1 -
3,100 2,582 620,080 Phil. Long Dis. Tel. Co. 103,600 2,880 2,888 2,866 2,870 2,882 73,648,240

Information Technology
8.88 3.72 1,200 DFNN, Inc. 176,000 7.9 8.09 7.9 8 7.8 1,159,820
6 3.02 363 Imperial Resources A 13,000 4.5 4.65 4.5 4.65 4.5 -
0.053 0.026 215 Island Info. and Tech., Inc. 700,000 0.04 0.044 0.04 0.044 0.042 -
2.18 1.58 3,296 ISM Comm. Corp. 1,000 1.72 1.72 1.72 1.72 1.71 -
6.02 1.68 821 Jackstones, Inc. 133,000 4.8 4.91 4.75 4.9 4.7 29,420
0.54 0.35 1,046 Millenium Global Hldgs., Inc. 475,000 0.5 0.5 0.47 0.49 0.5 -
2.48 1.88 443 Transpacifc Broadband 7,000 1.93 2 1.91 2 2 -
15.4 4.89 7,249 Philweb Corp. 154,100 5.19 5.19 5.06 5.06 5.05 (146,472)
1.47 1.04 406 Yehey! Corp. 1,716,000 1.38 1.56 1.37 1.46 1.37 490

Transportation Services
3.12 1.5 6,849 2Go Group, Inc. 67,000 2.9 2.9 2.76 2.8 2.9 (141,070)
75.15 46.05 35,569 Cebu Air, Inc. 251,750 57.15 58.85 57.15 58.7 56.8 6,516,205
112.6 77.8 226,003 Intl. Cont. Terml. Serv., Inc. 840,150 111.6 111.8 111 111 111.6 (19,419,035)
4.19 1.9 2,491 Macroasia Corp. 121,000 2.02 2.05 2.02 2.02 2.06 -
6.96 5.15 136,601 PAL Hldgs., Inc. 12,000 5.4 5.5 5.4 5.5 5.4 (39,050)
1.91 1.21 1,120 Harbor Star Shipping Serv., Inc. 1,543,000 1.8 1.85 1.79 1.85 1.82 19,800

Hotel & Leisure
1.35 0.99 427 Acesite (Phils.) Hotel Corp. 39,000 1.2 1.24 1.2 1.24 1.25 -
0.162 0.112 1,644 Boulevard Hldgs., Inc. 32,820,000 0.138 0.139 0.137 0.137 0.138 (13,800)
3 1.75 1,252 Discovery WorldCorp. 10,000 2 2 2 2 2 -
0.41 0.31 837 Waterfront Philippines, Inc. 700,000 0.33 0.34 0.31 0.34 0.34 -

Education
12 10.14 4,074 Centro Escolar University 300 10.94 10.94 10.94 10.94 10.94 -
0.89 0.59 7,924 STI Educ. Systems Hldgs., Inc. 1,848,000 0.8 0.82 0.8 0.8 0.82 -

Casinos & Gaming
12.3 8.3 116,488 Bloomberry Resorts Corp. 9,943,500 11.28 11.28 10.96 11 11.36 (24,852,178)
0.019 0.012 420 IP E-Game Vent., Inc. 800,000 0.014 0.014 0.013 0.014 0.013 -
18.8 14.5 4,833 Pacifc Online Sys. Corp. 46,000 17 17.02 16.02 16.4 17 (5,040)
8.3 5.85 8,159 Leisure and Resorts Corp. 1,659,800 7 7 6.79 6.8 6.99 (8,640,737)
14.4 7.6 56,214 Melco Crown Resorts Corp. 5,110,900 13.2 13.2 12.68 12.7 13.16 (34,725,954)
2.4 1.63 1,992 Manila Jockey Club, Inc. 188,000 2.1 2.11 2.1 2.1 2.17 (382,690)
0.54 0.25 848 Premiere Horizon Alliance Corp. 1,750,000 0.47 0.47 0.46 0.47 0.47 1,700
11.34 8.71 143,851 Travellers Intl. Hotel Grp., Inc. 4,797,000 9.58 9.65 9.09 9.13 9.58 (15,604,647)

Retail
3.79 2.98 1,108 Calata Corp. 42,000 3.08 3.08 3.07 3.08 3.08 -
48.15 33.75 115,221 Puregold Price Club, Inc 3,973,300 42.1 42.1 41.6 41.65 42.05 (8,383,040)
71.6 50 92,344 Robinsons Retail Hldgs., Inc. 75,160 70.2 70.3 67.6 67.6 70.3 (1,799,659)

Other Services
0.81 0.6 5,628 APC Group, Inc. 8,963,000 0.75 0.76 0.74 0.75 0.74 -
0.86 0.35 1,133 Now Corp. 91,627,000 0.99 1.04 0.85 0.86 0.85 (477,230)
2.78 1.85 2,722 Paxys, Inc. 177,000 2.4 2.5 2.36 2.37 2.51 -

Mining
3.86 1.72 6,241 Apex Mining Co., Inc. A 3,000 3.35 3.35 3.34 3.34 3.34 -
0.0055 0.0029 823 Abra Mng. and Indl. Corp. 342,000,000 0.0045 0.0046 0.0045 0.0045 0.0045 -
17.8 11.68 28,526 Atlas Cons. Mng. & Devt. 347,300 14.1 14.1 13.66 13.74 13.72 30,330
13 6.2 1,163 Benguet Corp. A 75,800 9.9 9.92 9.89 9.9 9.92 -
13 6.25 761 Benguet Corp. B 2,500 9.8 9.8 9.8 9.8 9.9 -
1.6 0.78 5,800 Coal Asia Holdings, Inc. 4,523,000 1.47 1.47 1.44 1.45 1.46 (30,710)
1.11 0.5 2,538 Century Peak Metals Hldgs. 3,385,000 0.89 0.9 0.86 0.9 0.88 (8,700)
9.96 4.95 704 Dizon Copper Silver Mines 20,400 8.79 9.05 8.68 8.9 8.79 -
0.48 0.4 1,470 GEOGRACE Res. Phils., Inc. 610,000 0.42 0.42 0.41 0.42 0.41 -
0.69 0.3 10,170 Lepanto Cons. Mng. A 8,810,000 0.39 0.4 0.39 0.39 0.4 -
0.71 0.29 6,954 Lepanto Cons. Mng. B 4,500,000 0.4 0.4 0.4 0.4 0.4 (150)
0.0371 0.0109 2,643 Manila Mining Corp. A 155,200,000 0.017 0.018 0.017 0.017 0.017 -
0.0372 0.0124 1,864 Manila Mining Corp. B 48,300,000 0.018 0.018 0.018 0.018 0.018 -
5.25 1.56 8,396 Marcventures Hldgs., Inc. 2,035,000 4.75 4.75 4.6 4.61 4.78 (238,990)
3.85 1.49 2,419 Nihao Min. Resources 1,040,000 2.7 2.75 2.6 2.65 2.71 10,600
28.6 14.28 71,363 Nickel Asia Corp. 1,674,800 28.2 28.65 28 28.25 28.15 10,413,360
0.54 0.22 483 Omico Corp. 358,000 0.5 0.5 0.46 0.46 0.5 136,160
2.34 1.16 2,889 Oriental Peninsula Res. 1,403,000 2.01 2.02 1.99 1.99 2.01 (94,480)
13.04 7.85 46,161 Philex Mining Corp. 554,600 9.45 9.45 9.3 9.35 9.41 1,508,880
419 229 134,306 Semirara Mining Corp. 142,560 378 386 376.8 377 378 (2,470,808)
0.015 0.0087 3,136 United Paragon Mng. Co. 600,000 0.012 0.012 0.012 0.012 0.012 -

Oil
0.3 0.225 733 Basic Energy Corp. 14,090,000 0.29 0.3 0.29 0.29 0.28 (168,700)
0.022 0.017 2,160 Oriental Pet. & Min. Corp. A 300,000 0.018 0.018 0.018 0.018 0.018 -
0.022 0.018 1,520 Oriental Pet. & Min. Corp. B 20,200,000 0.019 0.019 0.019 0.019 0.019 (22,800)
0.042 0.034 7,099 The Philodrill Corp. 3,700,000 0.037 0.037 0.037 0.037 0.037 -
7 5.4 1,780 Petroenergy Res. Corp. 600 6.52 6.52 6.5 6.5 6.5 -
13.66 7.1 12,070 Philex Petroleum Corp. 133,600 7.15 7.3 7.1 7.1 7.11 (152,674)

Preferred
44 26.4 11,746 ABS-CBN Hldgs. Corp. 69,800 36.6 36.6 36 36.4 36.6 1,019,250
538 514.5 10,400 Ayala Corp. Pref. B 3,850 516 520 516 520 515 -
117 107 14,311 First Gen Corp. Pref. G 21,210 107 107 107 107 107 -
9.88 7.1 6,603 GMA Hldgs., Inc. 22,400 7.9 7.9 7.38 7.7 7.4 19,689
1,072 1,000 15,270 San Miguel Purefoods Pref. 8,350 1,018 1,018 1,017 1,018 1,015 -
112 104 10,400 Petron Corp. Perpetual Pref. 17,800 104 104 104 104 104 -
79.6 74.7 53,968 San Miguel Corp. Series 2-A Pref. 1,145,330 75 75 74.7 74.85 74.9 7,401,300
81.5 75 6,809 San Miguel Corp. Series 2-B Pref. 44,610 75.4 75.4 75.3 75.3 75.5 (707,820)
84 75.5 19,678 San Miguel Corp. Series 2-C Pref. 106,650 77.2 77.2 77 77 77.2 -

Warrants, Phil. Deposit Receipts, Etc.
1.32 0.08 87 Leisure & Resorts World-Wrnts. 330,000 1.04 1.07 1.03 1.05 1.05 -
3.74 1.21 674 Megaworld Corp.- Warrants1 2,309,000 3.44 3.44 3.4 3.4 3.5 -
4 2.2 42 Megaworld Corp.- Warrants2 11,000 3.37 3.37 3.37 3.37 3.27 -

Small and Medium Enterprises
10 3 17,392 DoubleDragon Prop. Corp. 23,319,400 9.04 9.04 7.55 7.8 9.04 5,227,697
4.44 3.16 799 Makati Finance Corp. 0 4 4 4 4 4 -
21.45 7.74 311 iRipple, Inc. 0 20 20 20 20 20 -

Exchange Traded Funds
111 94.5 847 First Metro Phil. Equity ETF 15,980 109.6 110 109.4 110 109.5 -
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ARA
BEL
BRN
CDC
CEI
PHILIPPINE STOCK EXCHANGE
WEDNESDAY, JUNE 11, 2014
Provided by: Technistock
52Wk 52Wk MktCap Stocks Volume Open High Low Close Prev Net Foreign
High Low (Pmil) Close Trade(peso)
Buy(sell)
Stock
Code
52Wk 52Wk MktCap Stocks Volume Open High Low Close Prev Net Foreign
High Low (Pmil) Close Trade(peso)
Buy(sell)
Stock
Code
CHI
CPG
CPV
CYBR
ELI
EVER
FLI
GERI
HOUSE
IRC
LAND
MEG
MRC
PHES
RLC
ROCK
SHNG
SLI
SMPH
STR
SUN
VLL
ABS
GMA7
MB
GLO
LIB
TEL
DFNN
IMP
IS
ISM
JAS
MG
TBGI
WEB
YEHEY
2GO
CEB
ICT
MAC
PAL
TUGS
ACE
BHI
DWC
WPI
CEU
STI
BLOOM
EG
LOTO
LR
MCP
MJC
PHA
RWM
CAL
PGOLD
RRHI
APC
NOW
PAX
APX
AR
AT
BC
BCB
COAL
CPM
DIZ
GEO
LC
LCB
MA
MAB
MARC
NI
NIKL
OM
ORE
PX
SCC
UPM
BSC
OPM
OPMB
OV
PERC
PXP
ABSP
ACPB
FGENG
GMAP
PFP
PPREF
SMC2A
SMC2B
SMC2C
LRW
MEGW1
MEGW2
DD
MFIN
RPL
FMETF
Stocks Volume Stocks Value
Abra Mining and Industrial Corp. 342,000,000 Banco de Oro Unibank, Inc. 653,025,558
Manila Mining Corp. A 155,200,000 Metropolitan Bank and Trust Co. 470,222,448
Now Corp. 91,627,000 Alliance Global Group, Inc. 393,924,065
Sinophil Corp. 74,532,000 Ayala Land, Inc. 390,231,020
Energy Development Corp. 53,680,800 Energy Development Corp. 351,950,982
Megaworld Corp. 53,303,000 Universal Robina Corp. 318,505,945
Manila Mining Corp. B 48,300,000 SM Investments Corp. 310,156,245
Greenergy Holdings, Inc. 40,500,000 Phil. Long Distance Telephone Co. 297,957,780
Boulevard Holdings, Inc. 32,820,000 Megaworld Corp. 242,760,280
DoubleDragon Properties Corp. 23,319,400 Ayala Corp. 231,251,920
Stocks Volume Close Net %
Seafront Resources Corp. 306,000 3.30 0.290 9.63%
Keppel Philippines Holdings, Inc. B 1,000 5.05 0.430 9.31%
IP E-Game Ventures, Inc. 800,000 0.014 0.001 7.69%
Yehey! Corp. 1,716,000 1.46 0.090 6.57%
Island Information and Technology, Inc. 700,000 0.044 0.002 4.76%
Calapan Ventures, Inc. 48,100 6.75 0.290 4.49%
Pancake House, Inc. 6,200 40.00 1.700 4.44%
Jackstones, Inc. 133,000 4.90 0.200 4.26%
GMA Holdings, Inc. PDR 22,400 7.70 0.300 4.05%
Prime Media Holdings, Inc. 50,000 1.80 0.070 4.05%


Stocks Volume Close Net %
DoubleDragon Properties Corp. 23,319,400 7.80 -1.240 -13.72%
Cebu Property Venture and Devt. Corp. A 100 5.40 -0.600 -10.00%
Omico Corp. 358,000 0.460 -0.040 -8.00%
TKC Steel Corp. 217,000 2.11 -0.150 -6.64%
Paxys, Inc. 177,000 2.37 -0.140 -5.58%
Bogo Medellin Milling Co. 420 68.00 -4.000 -5.56%
Prime Orion Philippines, Inc. 1,651,000 0.55 -0.030 -5.17%
Southeast Asia Cement Holdings, Inc. 159,000 2.18 -0.110 -4.80%
Travellers Intl. Hotel Group, Inc. 4,797,000 9.13 -0.450 -4.70%
Robinsons Retail Holdings, Inc. 75,160 67.60 -2.700 -3.84%
LAGGARDS
TOP 10 IN VOLUME TOP 10 IN VALUE
LEADERS
OPEN HIGH LOW

Financial 1,588.94 1,609.75 1,588.94
Industrial 10,383.24 10,458.58 10,372.55 ODD LOTS VOLUME : 209,193
Holding Firms 6,195.41 6,247.01 6,192.51 ODD LOTS VALUE : 238,065.20
Property 2,624.23 2,662.26 2,624.23
Services 2,031.47 2,032.96 2,017.89
Mining & Oil 15,548.31 15,654.23 15,399.21 TOTAL FOREIGN BUYING : 3,993,776,083.79
All Shares 4,071.07 4,092.01 4,069.82 TOTAL FOREIGN SELLING: 3,092,346,625.18
PSEi 6,778.88 6,832.81 6,778.88
PSE TURNOVER AND AVERAGES
Volume Value (P) Close Pt. Change

Financial 19,422,576 1,512,445,583.14 Financial 1,600.87 up 9.76
Industrial 187,826,159 1,510,921,267.60 Industrial 10,391.92 up 15.03
Holding Firms 132,850,999 2,016,987,333.26 Holding Firms 6,215.90 up 27.68
Property 183,324,272 1,244,723,206.22 Property 2,655.86 up 32.28
Services 173,278,386 970,125,427.90 Services 2,017.89 down (13.25)
Mining & Oil 614,138,205 153,238,464.81 Mining & Oil 15,447.24 down (56.42)
SME 23,319,521 195,038,539.90 All Shares 4,076.01 up 5.39
ETF 15,980 1,753,489.00 PSEi 6,809.18 up 31.20

Grand Total 1,334,176,098 7,605,233,311.83 Advances 84 Declines 98 Unchanged 42
COMPANY STOCK CASH EX-DATE RECORD PAYABLE
DIVIDEND UPDATE
SCHEDULE OF MEETING
Date Company Time & Place
June
13 Travellers Intl. Hotel Group, Inc. (Annual) 9:00 a.m. Garden Room of Marriott Hotel Manila,
Newport City Cybertourism Zone, Pasay City
13 Discovery World Corp. (Annual) 10:00 a.m. Discovery Shores Boracay, Station 1,
Balabag, Malay, Aklan
NOTE: These schedules are subject to change without any further notice.
PLDT 24,767 $66.25 $65.76 $66.14 ($0.10)
MANULIFE FINL. CORP. 986,458 $19.13 $18.94 $19.09 ($0.01)
SUN LIFE FINL. SERV. 103,792 $35.33 $35.00 $35.28 $0.01
Volume High Low Close Change JUNE 10, 2014
RP ABROAD
source: PSE
Manila Jockey Club, Inc. P0.05 15-May-14 20-May-14 16-Jun-14
Philippine Seven Corp. P0.30 20-May-14 23-May-14 18-Jun-14
First Phil. Hldgs. Corp. P1.00 20-May-14 23-May-14 18-Jun-14
MUTUAL FUNDS
NAV One Year Three Year Five Year Y-T-D
per share Return % Return % Return % Return %
NOTE: * NAVPS as of the previous banking day; ** NAVPS as of two banking days ago;
*** Listed in the PSE
(1)
- YTD return generated fromInception Date of February 7, 2014..
Source: PIFA
WEDNESDAY, JUNE 11, 2014
STOCK FUNDS
Primarily invested in Peso securities
ALFM Growth Fund, Inc. * 251.85 -0.86% 11.43% 19.75% 15.76%
ATRKE Alpha Opportunity Fund, Inc. * 1.3841 -3.41% 7.75% 4.84% 13.18%
ATRKE Equity Opportunity Fund, Inc. * 4.0836 -2.32% 13.49% 19.88% 11.22%
First Metro Save & Learn Equity Fund, Inc. * 5.244 -5.5% 15.49% 24.38% 10.5%
Philam Strategic Growth Fund, Inc. * 521.68 -9.41% 11.23% 19.52% 13.6%
Philequity Dividend Yield Fund., Inc. *
(1)
1.1248 n.a. n.a. n.a. 16.8%
Philequity Fund, Inc. * 33.7187 0.69% 17.83% 24.96% 16.67%
Philequity PSE Index Fund, Inc. * 4.5349 1.68% 17.79% 22.05% 14.87%
Philippine Stock Index Fund Corp. * 758.89 -0.8% 18.07% 21.75% 15.87%
Sun Life Prosperity Phil. Equity Fund, Inc. * 3.8654 -5.82% 12.79% 18.77% 11.35%
United Fund, Inc.* 3.2349 -10.16% 5.81% 9.29% 11.72%
Exchange Traded Fund
First Metro Phil. Equity ExchangeTraded Fund, Inc. * *** 109.3144 n.a. n.a. n.a. 16.01%
Primarily invested in foreign currency securities
ATR KimEng Asia Plus Recovery Fund, Inc. ** $0.9881 2.1% -5% n.a. 2.85%
BALANCED FUNDS
Primarily invested in Peso securities
ATRKE Phil. Balanced Fund, Inc. * 2.2363 -0.11% 12.34% 15.41% 6.38%
Bahay Pari Solidaritas Fund, Inc.* 1.9602 -0.74% 11.03% n.a. 9.26%
First Metro Save & Learn Balanced Fund, Inc. * 2.8532 -6.45% 14.01% 22.15% 6.3%
NCM Mutual Funds of the Phils., Inc. * 1.8069 -10.6% 8.16% n.a. 10.32%
One Wealthy Nation Fund, Inc.* 0.9924 n.a. n.a. n.a. 3.26%
Optima Balanced Fund, Inc. * 1.8497 -1.13% 14.48% 16.11% 6.18%
PAMI Horizon Fund, Inc. * 3.63 -11.57% 7.41% 15.4% 11.35%
Philam Fund, Inc. * 16.319 -11.11% 8.86% 16.31% 10.32%
Sun Life Prosperity Balanced Fund, Inc. * 3.6015 -6.58% 10.17% 13.89% 7.01%
Primarily invested in foreign currency securities
Cocolife Dollar Fund Builder, Inc. * $0.03399 2.78% 3.74% n.a. 4.84%
PAMI Asia Balanced Fund, Inc. * $1.025 -0.35% -0.22% n.a. 2.38%
Sun Life Prosperity Dollar Advantage Fund, Inc. * $3.2825 10.1% 6.56% 5.58% 2.64%
BOND FUNDS
Primarily invested in Peso securities
ALFM Peso Bond Fund, Inc. * 314.31 -2.09% 5.68% 5.81% 0.14%
Cocolife Fixed Income Fund, Inc. * 2.3532 5.35% 6.49% 8.77% 2.28%
Ekklesia Mutual Fund, Inc. * 1.9973 -2.86% 8.34% 6.98% 0.18%
First Metro Save & Learn Fixed Income Fund, Inc. * 2.1613 0.41% 13.2% 10.96% -2.02%
Grepalife Bond Fund Corp. 1.3542 -5.72% 5.29% n.a. -1.3%
Philam Bond Fund, Inc. * 3.9605 -4.8% 7.83% 6.9% 0.42%
Philequity Peso Bond Fund, Inc. * 3.436 -2.68% 9.58% 8.6% -0.12%
Prudentialife Fixed Income Fund, Inc. * 1.9286 0.18% 7.22% 5.27% -0.24%
Sun Life Prosperity Bond Fund, Inc. * 2.6784 -3.22% 6.21% 6.14% 0.27%
Sun Life Prosperity GS Fund, Inc. * 1.522 -4.34% 5.15% 6.08% 0.22%
Primarily invested in foreign currency securities
ALFM Dollar Bond Fund, Inc. * $400.13 1.46% 4.01% 4.79% 3.82%
ALFM Euro Bond Fund, Inc. * 201.53 2.26% 4.54% 4.09% 2.5%
ATR KimEng Total Return Bond Fund, Inc. ** $1.055 0.84% 1.75% n.a. 3.03%
Grepalife Dollar Bond Fund Corp. $1.666 2.3% 6.04% 6.68% 4.22%
Grepalife Fixed Income Fund Corp. P1.6127 -10.97% 4.48% 5.2% -1.1%
MAA Privilege Dollar Fixed Income Fund, Inc. $1.28603 -6.27% -0.15% -0.18% 4.02%
MAA Privilege Euro Fixed Income Fund, Inc. 0.02763 n.a. n.a. n.a. 2.33%
PAMI Global Bond Fund, Inc. * $1.1954 1.37% -0.85% 1.9% 2.73%
Philam Dollar Bond Fund, Inc. * $2.0086 1.93% 3.13% 5.3% 5.71%
Philequity Dollar Income Fund, Inc. * $0.0540214 4.11% 4.77% 6.16% 4.09%
Sun Life Prosperity Dollar Abundance Fund, Inc. * $2.7179 -2.89% 2.24% 4.25% 2.99%
MONEY MARKET FUNDS
Primarily invested in Peso securities
ALFM Money Market Fund, Inc. * 112.25 0.99% 2.6% n.a. 0.4%
First Metro Save & Learn Money Market Fund, Inc. * 1.0737 0.09% 1.28% 1.42% 0%
Philam Managed Income Fund, Inc. * 1.1515 -0.08% 1.33% 1.47% -0.06%
Sun Life Prosperity Money Market Fund, Inc. * 1.1256 -0.47% 0.05% 0.31% 0.02%
FINANCIAL: 1,600.87 ALL SHARES: 4,076.01 PSEI: 6,809.18
J F M A M J
INDUSTRIAL: 10,391.92 PROPERTY: 2,655.86 MINING & OIL: 15,447.24
PHILIPPINE INDEX CHARTS
J F M A M J J F M A M J
J F M A M J J F M A M J J F M A M J
31.20 5.39
WEDNESDAY, JUNE 11, 2014
9.76
56.42
32.28
15.03
Friday-Saturday, June 13-14, 2014 S2/3
Banking&Finance
Third hike,
S2/ 1
BEIJING Chinas rapid ac-
cumulation of foreign-currency
reserves creates difculties for
steering economic policy, of-
cials with the nations foreign ex-
change regulator said on Thurs-
day.
China will keep its foreign ex-
change reserves at a reasonable
level, ofcials of the State Admin-
istration of Foreign Exchange
(SAFE) said in a webcast.
The excessively large foreign
exchange reserves increase do-
mestic money supply and create
potential domestic ination pres-
sures, said Huang Guobo, chief
economist of the SAFE.
They also put more pres-
sure on the central bank to raise
reserve requirement ratios and
sterilise (inows), he said.
Foreign currency reserves ac-
count for more than 80% of the
central banks assets, leading to
a mismatch between its assets
and liabilities, fueling foreign
exchange risks, Mr. Huang said.
Chi nas forei gn exchange
reserves, the worlds largest,
grew by $130 billion in the first
quarter, reaching a record $3.95
trillion.
Premier Li Keqiang said in
May that Chinas war chest of
foreign exchange reserves had
become a headache as its contin-
ued rise could stoke ination in
the long term.
Large foreign currency pur-
chases by the Peoples Bank of
China, which regularly inter-
venes to cap rises in the yuan,
amount to creati on of base
money and can fuel inflation un-
less the central bank soaks up
the excess yuan injected into the
system.
On Thursday, the foreign ex-
change regulator reiterated its
plans to use some of the reserves
for outbound investment and to
improve the way it manages the
reserves.
China will step up efforts to
ward off economic risks to two-
way capital ows, while improv-
ing the yuan regime to make it
more responsive to market forces,
SAFE said.
Yi Gang, vice central bank gov-
ernor, said in November that the
cost of holding the reserves would
surpass earnings from them when
reserves exceed a certain level.
Reuters
Rising FX reserves
pose a headache
NEW YORK The US Federal
Reserve wants banks to get some-
thing out of their annual stress
tests beyond just ticking the box
of regulatory compliance, but few
banks actually do, according to
a survey to be released later this
week.
Moodys Analytics polled 32
chief risk ofcers and others who
took part in the stress tests this
year, or may be required to par-
ticipate next year. All said they
used the results for regulatory
compliance, but when it came to
business decisions the numbers
were much lower.
The banks pretty univer-
sally say they want to get more
out of stress testing, said David
Little, a managing director at
Moodys Analytics. Theyre
spending a ton of money and
the return-on-investment isnt
there if theyre just using it for
compliance.
There are two parts to US stress
tests, one called DFAST that
is required by the Dodd-Frank
nancial reform law, and another
called CCAR, which approves
or rejects plans to use capital for
dividends, share repurchases or
investments.
Of 18 banks surveyed that par-
ticipate in CCAR, only eight said
the results factor into financial
planning, budgeting and strat-
egy. None said the results afected
pricing. Of another 14 banks that
only participate in DFAST, fewer
than half said it afected planning
or budgeting, and only two said it
afected pricing.
The stress tests measure how
banks would fare under hypo-
thetical scenarios of market and
economic turmoil. They may be-
come more important as the Fed
emphasizes stress test results over
a global set of capital rules known
as Basel III.
The Fed wants stress tests to
influence the way banks go about
day-to-day business, said Mr.
Little, who has hosted roundta-
bles of bankers and regulators to
discuss the stress test. But that is
not yet happening because banks
are ill-equipped to collect and an-
alyze data across their businesses
in the way the Fed requires.
As a result, regulatory stress
tests take three or four months to
conduct, compared with just a day
to run an internal test on the way
a currency uctuation or interest
rate move would afect prots, Mr.
Little said.
Banks know the models the
Fed wants them to run are very
good, he said. Its a good ap-
proach; its just a very expensive
approach.
Banks are devoting more re-
sources to technology and models
to streamline the process, Mr.
Little said. JPMorgan Chase &
Co, for instance, says it has 500
employees devoted to stress tests
and thousands of additional staf
peripherally involved.
Some are also working to im-
prove results after embarrassing
failures or mistakes. The Fed
rejected Citigroup Incs capital
plan this year, citing weaknesses
in loss projections, and Bank of
America Corp uncovered a $4
billion error in its stress-test
cal cul ati ons. JPMorgan and
Goldman Sachs Group Inc had
to resubmit capital plans last
year because the Fed took issue
with their planning processes.
Reuters
Banks are not getting much use
out of US stress tests survey
SINGAPORE Societe Generale,
Frances third-largest bank by assets,
will set up a 1 billion ringgit ($311.3
million) multi-currency sukuk (Islamic
bonds) program in Malaysia, the sec-
ond conventional bank to do so in as
many weeks.
Sukuk are growing in popularity as
a funding choice for corporates and
sovereigns across the globe, with
Malaysia a preferred jurisdiction as
the largest and most liquid Islamic
capital market.
The program would issue sukuk
through a wholly owned subsidiary of
SocGen, a structure featuring back-to-
back sharia-compliant contracts that
would provide investors legal recourse
to the French lender, Kuala Lumpur-
based credit ratings frm RAM Ratings
said in a bourse fling on Thursday.
SocGen did not immediately
respond to requests from Reuters for
comment.
Reuters reported last year that
SocGen was considering issuing $300
million worth of sukuk in Malaysia,
with proceeds used to expand the
banks operations in the Middle East.
RAM Ratings gave the bond pro-
gram a AAA(s), or stable, rating but
gave no details on the sukuk tenure,
structure or when a frst issuance
might occur.
The announcement comes a week
after Bank of Tokyo-Mitsubishi UFJ, a
unit of the Mitsubishi UFJ Financial
Group, set up a $500 multi-currency
sukuk program in Malaysia.
Such new issuers are crucial in
Malaysias efforts to internationalize
its Islamic capital markets, which
remains dominated by domestic
issuers. International frms represent
less than 10% of total issuance.
An accommodative tax regime and
strong demand from local investors
have made Malaysia an attractive
market for issuers from as far away
as Kazakhstan, but big names could
encourage even more frms to tap
the market. Moodys estimates issu-
ance will pick up by 10% over 2014
and 2015. Reuters
Societe Generale to issue
sukuk in Malaysia
will likely raise the RRR by another
1ppt...The main policy and SDA (spe-
cial deposit account) rates, however,
are expected to stay on hold.
Economic growth, she noted, is a
concern right now, with gross domes-
tic product (GDP) expanding by just
5.7% in the opening quarter, easing
from the 7.7% notched in the same
period in 2013 and 6.3% in the last
three months of 2013.
Fissures are showing on the
Philippines stellar growth story:
supply-side constraints. From rice to
electricity, more production is needed
to keep up with rising demand...
However, meanwhile, negative sup-
ply shocks will drive prices higher.
Already, headline infation shot up
in May to 4.5% y-o-y from 4.1% in
April, due to higher food and housing
prices, said the economist.
The outlook for the coming months
is similar, she said, with headline
infation expected to creep up higher
and beyond the midpoint of the central
banks 3-5% target for the year.
And while the central bank has to
deal with rising infation, a slowing
economy would continue to hound it.
Muted exports growth in April as
well as a contraction in fscal spend-
ing point to further deceleration
in economic growth in the second
quarter, HSBC said.
Thus far in Q2 2014, the econ-
omy is showing few signs of picking
up, Ms. Nguyen said.
We expect fscal spending to
accelerate in May and June to offset
the contraction in April. Exports, too,
will likely pick up gradually. But this will
unlikely allay the central banks fear
of a growth slowdown. As a result, we
believe the central bank will hold off
on raising the main interest rates until
it becomes absolutely necessary.
HSBC forecasts a hike in the cen-
tral banks overnight borrowing rate
to 3.75% and in SDA rate to 2.25%
on July 31.
The central bank could further
bring up the reverse repurchase rate
and the SDA rate to 4% and 2.5% by
September 11, it added. Bettina
Faye V. Roc
BSP REFERENCE RATES
WEDNESDAY, JUNE 11, 2014
source: BSP
Equivalent Equivalent Equivalent Equivalent Equivalent Equivalent
of foreign of US$1 of foreign of RPP in of foreign of EURO
currency in in foreign currency in foreign currency in in foreign
Currency US Dollar currency RP peso currency EURO currency

Convertible currencies with BSP
US dollar 1.000000 1.000000 43.6590 0.022905 0.738171 1.354700
Japanese yen 0.009773 102.322726 0.4267 2.343567 0.007214 138.619351
UK pound 1.675900 0.596694 73.1681 0.013667 1.237100 0.808342
Hongkong dollar 0.129009 7.751397 5.6324 0.177544 0.095231 10.500782
Swiss franc 1.111976 0.899300 48.5478 0.020598 0.820828 1.218282
Canada dollar 0.917515 1.089900 40.0578 0.024964 0.677283 1.476488
Singapore dollar 0.800641 1.248999 34.9552 0.028608 0.591010 1.692019
Australia dollar 0.936768 1.067500 40.8984 0.024451 0.691495 1.446142
Bahrain dinar * 2.652520 0.377000 115.8064 0.008635 1.958013 0.510722
Kuwait dinar N/A N/A N/A N/A N/A N/A
Saudi Arabia rial 0.266631 3.750502 11.6408 0.085905 0.196819 5.080810
Brunei dollar 0.797448 1.254000 34.8158 0.028723 0.588653 1.698794
Indonesia rupiah 0.000085 11764.705882 0.0037 270.270270 0.000063 15873.015873
Thailand baht 0.030769 32.500244 1.3433 0.744435 0.022713 44.027649
U. A. E. Dirham 0.272264 3.672906 11.8868 0.084127 0.200977 4.975694
E.M.U. euro 1.354700 0.738171 59.1448 0.016908 1.000000 1.000000
South Korea won 0.000983 1017.293998 0.0429 23.310023 0.000726 1377.410468
China yuan ** 0.160643 6.224983 7.0135 0.142582 0.118582 8.432983

Others (Not Convertible with BSP)
Argentina peso 0.122986 8.131007 5.3694 0.186241 0.090785 11.015036
Brazil real 0.448994 2.227201 19.6026 0.051014 0.331434 3.017192
Denmark kroner 0.181574 5.507396 7.9273 0.126146 0.134033 7.460849
India rupee 0.016898 59.178601 0.7377 1.355565 0.012474 80.166747
Malaysia ringgit 0.311915 3.206002 13.6179 0.073433 0.230247 4.343162
Mexico new peso 0.076821 13.017274 3.3539 0.298160 0.056707 17.634507
New Zealand dollar 0.851064 1.175000 37.1566 0.026913 0.628231 1.591771
Norway kroner 0.167344 5.975715 7.3061 0.136872 0.123528 8.095331
Pakistan rupee 0.010150 98.522167 0.4431 2.256827 0.007492 133.475707
South African rand 0.09332 10.715817 4.0743 0.245441 0.068886 14.516738
Sweden kroner 0.149388 6.693978 6.5221 0.153325 0.110274 9.068321
Syria pound 0.006718 148.853826 0.2933 3.409478 0.004959 201.653559
Taiwan dollar 0.033351 29.984108 1.4561 0.686766 0.024619 40.619034
Venezuela bolivar 0.159129 6.284210 6.9474 0.143939 0.117464 8.513247
SDR Rate = $1.53744 SDR GOLD Buying: $1,260.00 SILVER Buying: $19.20
* Various banks in Bahrain as quoted in Reuters Screen
** Asian Time Closing Rate as of June 10, 2014

MONEY QUOTATIONS
EXCHANGE RATES
NEW YORK-one US$ expressed in respective
unit of foreign currency
EMU 1.3528/31
United Kingdom 1.6789/92
Canada 1.0866/68
Switzerland 0.9000/03
Japan 102.02/07
India 59.33/35
Mexico 13.0087/29
Denmark 5.5142/47
Norway 6.0004/18
Sweden 6.6978/08
Singapore 1.2502/04
Australia 0.9382/85
New Zealand 0.8555/58
Hong Kong 7.7515/18
S. Africa 10.7530/20
Hungary 225.61/61
Israel 3.4543/42
Iceland 114.25/25
Czech Koruna 20.256/305
LONDON - one pound sterling expressed in
respective unit of foreign currency at 1637 GMT
US 1.6794 1.6799
Swiss France 1.5102 1.5113
Japan 171.2900 171.48
Norway 10.0606 10.0755
EURO 1.2399 1.2406
Canada 1.8243 1.8258
Denmark 9.2519 9.2558
Sweden 11.2358 11.2495
JAPAN-in per unit of foreign currency
UK 0.5832 0.5835
Switzerland 0.8811 0.8816
SINGAPORE-in S$ per unit of foreign currency
US 1.2496 1.2501
UK 2.0986 2.1000
Australia 1.1717 1.1730
Per 100
Hong Kong 0.1612 0.1612
Japan 1.2243 1.2251

MONEY RATES
Prime rate-charged by large
comml banks to their best corp. borrowers;
Broker Loan Rate-charged to broker on stock
exchange collaterals; Federal Funds-reserves
traded among comml banks for overnight use
Prime rate 3.2500
Discount 0.7500
Broker Loan Rate 2.0000
Federal Funds Rate 0.25
EURODOLLAR DEP (New York)
One month 0.1000 0.1700
Two months 0.1400 0.2100
Three months 0.1500 0.2400
Four months 0.1700 0.2600
Five months 0.1900 0.3500
Six months 0.2000 0.3600
Nine months 0.2300 0.3900
One year 0.2900 0.4300
MONEY RATES (London)
Euro$ Depo
One month 0.0300 0.2300
Three months 0.1000 0.3000
Six months 0.3400 0.4400
One year 0.4400 0.5900
Forwards & Deposits (Singapore)
One month 0.1788 0.3663
Two months 0.1900 0.3700
Three months 0.2225 0.4100
Six months 0.2791 0.4666
Nine months 0.3900 0.5700
One year 0.29 0.69
LIBOR RATE -London Interbank Offered
Rates charged in US$ for Eurodollar loans
Rates fixed at 11:00 a.m. London time
One Month 0.1513
Two Months 0.1913
Three months 0.2298
Six months 0.3203
One year 0.5396

GOLD BULLION
WORLD BULLION-in US$ per troy
ounce, rupees/10 gms, won/gram
Ldn morning fix 1262.50
Ldn aftrn fix 1262.00
London close 1262.20 1262.85
New York 1260.70 1261.20
Zurich 1,260.70 1,261.20
Bombay 24 carat 3,000.00 4,000.00
Karachi 24 carat 0.00 0.00
Dubai 24 carat 0.00 0.00
US Gold Prices ($/Troy ounce)
Engelhard gold (bullion) 1266.3
Engelhard gold (fabricated) 1361.27
Handy & Harman (base price) 1262
Handy & Harman (fabricated) 1362.96
Krugerrand 1225.44 1228.44
source: REUTERS
WEDNESDAY, JUNE 11, 2014
PESO CROSS RATES
WEDNESDAY, JUNE 11, 2014
source: BSP
Phil Aussie Bahrain Canadian HKong Japan Saudi Spore Swiss UK US EMU
one unit of currency peso dollar dinar dollar dollar yen rial dollar franc pound dollar euro
Philippines 1.0000 0.0245 0.0086 0.0250 0.1775 2.3436 0.0859 0.0286 0.0206 0.0137 0.0229 0.0169
Australia 40.8984 1.0000 0.3532 1.0210 7.2613 95.8481 3.5134 1.1700 0.8424 0.5590 0.9368 0.6915
Bahrain 115.8064 2.8316 1.0000 2.8910 20.5608 271.4000 9.9483 3.3130 2.3854 1.5827 2.6525 1.9580
Canada 40.0578 0.9794 0.3459 1.0000 7.1120 93.8781 3.4412 1.1460 0.8251 0.5475 0.9175 0.6773
Hong Kong 5.6324 0.1377 0.0486 0.1406 1.0000 13.1999 0.4838 0.1611 0.1160 0.0770 0.1290 0.0952
Japan 0.4267 0.0104 0.0037 0.0107 0.0758 1.0000 0.0367 0.0122 0.0088 0.0058 0.0098 0.0072
Saudi Arabia 11.6408 0.2846 0.1005 0.2906 2.0668 27.2810 1.0000 0.3330 0.2398 0.1591 0.2666 0.1968
Singapore 34.9552 0.8547 0.3018 0.8726 6.2061 81.9199 3.0028 1.0000 0.7200 0.4777 0.8006 0.5910
Switzerland 48.5478 1.1870 0.4192 1.2119 8.6194 113.7750 4.1705 1.3889 1.0000 0.6635 1.1120 0.8208
United Kingdom 73.1681 1.7890 0.6318 1.8266 12.9906 171.4743 6.2855 2.0932 1.5071 1.0000 1.6759 1.2371
United States 43.6590 1.0675 0.3770 1.0899 7.7514 102.3178 3.7505 1.2490 0.8993 0.5967 1.0000 0.7382
EMU 59.1448 1.4461 0.5107 1.4765 10.5008 138.6098 5.0808 1.6920 1.2183 0.8083 1.3547 1.0000
Percent per annum
FOREIGN Interest Rates
FOREX RATE
WEDNESDAY, JUNE 11, 2014
Current: P43.757
Volume: $887.20 M
Previous: P43.659
PDS weighted
average rate
New MRR (days)
Percent per annum; Weekly rates
MANILA Reference Rates
Source: BSP
Jan 13-17 May 19-23 May 26-30
60 1.1250% 1.0625% 1.1250%
90 1.8750% 2.1250% 1.8750%
180 1.6875% 2.0000% 2.1250%
T-BILL 91-DAY
MONDAY, JUNE 2, 2014
January 10, 2011 June 2, 2014
Average yield Current: 1.035
Previous: 1.346 (May 5, 2014)
Daily Volume
TUESDAY, JUNE 10, 2014
INTERBANK RATES
Demand Rate
Feb Mar Apr May Jun
High Low
LENDING RATES
WEDNESDAY, JUNE 11, 2014
MARKET WATCH
UNIVERSAL BANKS
LOCAL BANKS
Banco de Oro Unibank 6.0350 3.0350
Bank of the Philippine Islands 6.3000 3.5000
China Banking Corporation 8.0000 4.2500
Development Bank of the Philis. 6.6500 4.5000
East West Bank 6.5000 5.2500
Land Bank of the Phils. 6.5000 3.5000
MetroBank and Trust Co. 8.0000 6.0000
Philippine National Bank 8.4000 8.4000
Philippine Trust Co. 6.5000 4.5000
Rizal Commercial Banking Corp. 7.7500 5.7500
Security Bank Corporation 8.4000 6.4000
Union Bank of the Philippines 8.5000 6.5000
United Coconut Planters Bank 7.0000 5.0000
AVERAGE 7.2719 5.1219

BRANCHES OF FOREIGN BANKS
ANZ Bank 6.1000 2.2000
Deutsche Bank 6.2500 3.2000
Hongkong & Shanghai Bank 8.0000 2.9000
ING Bank 4.7500 2.7500
Mizuho Corporate Bank Ltd. 6.0350 1.2500
Standard Chartered Bank 9.0000 3.0000
AVERAGE 6.6892 2.5500

COMMERCIAL BANKS
LOCAL BANKS:
Asia United Bank 7.0000 6.0000
Bank of Commerce 6.5000 4.0000
BDO Private Bank 6.0350 3.0350
Phil. Bank of Communications 7.2500 5.2500
Philippine Veterans Bank 7.5000 5.5000
Robinsons Bank Corp. 8.0000 5.2500
AVERAGE 7.0475 4.8392

BRANCHES OF FOREIGN BANKS
Bangkok Bank 8.1500 4.4800
Bank of America 6.0350 4.0350
Bank of China 6.0000 2.2500
Bank of Tokyo-Mitsubishi 5.0000 3.5000
Citibank, N.A. 6.5000 2.9500
JPMorgan Chase Bank 4.1740 2.5600
Korea Exchange Bank 8.0000 4.5000
Mega Intl. Comml. Bank Co. Ltd. 8.2500 4.0000
AVERAGE 6.5136 3.5344

SUBSIDIARIES OF FOREIGN BANKS
Chinatrust Bank 5.3980 4.3980
Maybank 7.0000 6.0000
AVERAGE 6.1990 5.1990
GENERAL AVERAGE 6.8989 4.2741
Feb Mar Apr May Jun
Apr 15 May 13 Jun 10
LIBOR (US$)
90-days 0.2264 0.2239 0.2303
180 0.3209 0.3229 0.3214
SIBOR (SG$)
90-days 0.4038 0.4038 0.4038
180 0.4774 0.4805 0.4815
Feb Mar Apr May Jun
P3.300 B
HI GH: 2% LOW: 2% AVE.: 2%
9.8
ctvs

Friday-Saturday, June 13-14, 2014 4/S2 World Business

TOKYO/DETROIT Takata
Corp.s safety crisis deepened yes-
terday after Toyota Motor Corp.
recalled almost 2.3 million vehi-
cles globally, many for the second
time, and the Japanese air bag
maker warned that further xes
may be needed.
Toyota, the worlds largest auto-
maker, called back 1.62 million vehi-
cles outside of Japan that it recalled
last year as well as 650,000 more in
Japan not previously recalled. The
additional vehicles brought to more
than seven million the total number
of cars equipped with Takata air
bags to be called back worldwide
over the last ve years.
The 2.3 million cars, many of
them sold in the United States, are
being recalled to replace faulty air
bag inators.
Also on Wednesday, US safety
regulators at the National High-
way Trafc Safety Administration
(NHTSA) opened an investiga-
tion into vehicles equipped with
Takata air bags.
Toyota expands recall on faulty Takata air bag
Honda, Nissan, Mazda check for problem
Takata, the worlds no. 2 manu-
facturer of auto safety equipment,
said other automakers may have to
issue recalls because of problems
with tracking potential defects re-
lated to air bag inators that date
back over a decade.
Toyota expanded its recall be-
cause Takata said it had discov-
ered record-keeping errors at a
Mexican plant where potentially
faulty air bag inators were made
in 2001 and 2002.
While Toyotas recall covers
passenger side air bags, NHTSA
investigation documents cited
reports of both driver and pas-
senger side air bags not working
properly or rupturing. Takata said
it was cooperating with NHTSAs
probe but declined to comment
further.
Toyotas expanded recall comes
at a time when General Motors Co.
under intense scrutiny over why
it took more than a decade to dis-
cover a defective ignition switch
linked to at least 13 deaths.
In 2013, car makers including
Toyota, Honda Motor Co., Nis-
san Motor Co. and BMW recalled
about 3.6 million vehicles because
of aws in Takata air bag inators
that could cause them to explode
in an accident.
Takata did not disclose how
much it expected Wednesdays
Toyota recall to cost, but last years
recall cost the Tokyo-based auto
supplier $300 million. The com-
panys shares were down more
than 4% when the Tokyo market
closed.
Previously, Takata told US safe-
ty regulators it improperly stored
chemicals and botched the manu-
facture of the explosive propel-
lants used to inate air bags. It also
kept inadequate quality-control
records, making it impossible to
identify vehicles with potentially
defective inators.
The Takata-related recall in
2013 was the largest air bag-relat-
ed recall in history and came after
a series of recalls, accidents and
at least two deaths alleged to have
been caused by faulty air bags.
Toyota said on Wednesday it
was expanding its April 2013 re-
call involving 2.14 million vehicles
manufactured between 2000 and
2004. The serial numbers Takata
provided for potentially flawed
inflators had been incomplete,
Toyota said.
In an unusual step, Toyota said
it would also instruct dealers in the
United States and other overseas
markets to begin replacing sus-
pect Takata inators in all vehicles
covered in a recall announced last
year. Previously, the automaker
had asked dealers only to replace
inators that were defective.
We have judged that it is more
certain to replace everything,
Toyota spokesman Naoki Sumino
said.
More than 766,000 Toyota ve-
hicles were afected in last years
recall in the United States.
NHTSA said it has opened a
probe into an estimated 1,092,000
vehicles made by not only Toyota,
but also Honda, Nissan, Mazda
and Fiat SpAs Chrysler Group
after receiving six reports of air
bags not deploying properly in
the humid climates of Florida and
Puerto Rico.
OTHERS INVESTIGATE
Honda, Nissan and Mazda said
they were investigating whether
they needed to recall more ve-
hicles due to problems tracking
faulty Takata parts. BMW said it
was not aware of any impact on
its vehicles. Chrysler said its engi-
neers were analyzing the issue and
that the automaker is cooperating
with NHTSAs probe.
In January, Takata began inves-
tigating whether there were other
vehicles with potentially faulty in-
ators not covered by the previous
recalls after being contacted by
Toyota, Takata spokesman Toyo-
hiro Hishikawa said.
Toyota spokesman Ryo Sakai
said the automaker had been noti-
ed of one case in which a defective
front passenger-side air bag ina-
tor caused a seat cover to burn and
two cases where the inator rup-
tured when the air bag deployed.
Toyota vehicles covered by the
recall include Corolla and Camry
sedans, and Tundra trucks.
The inators under investiga-
tion were manufactured between
September 2001 and September
2002 at Takatas Mexico plant,
the company said. Some of the ex-
plosive wafers used in the air bag
inator may have been exposed to
excessive moisture or pressed into
shape with too little force.
That could cause the inflator
to explode when the air bag is de-
ployed, potentially sending pieces
of shrapnel into the vehicle, the
previous investigation found.
It was not immediately clear
how many Takata air bag infla-
tors could have defects. Takata
said it will supply the replace-
ment inflators in the Toyota re-
call. Reuters
TOKYO Japan plans to lower
the corporate tax rate below
30% within a few years start-
ing from the next scal year,
a source told Reuters yester-
day, as part of Prime Minister
Shinzo Abes package of steps
to boost Japans growth poten-
tial.
Mr. Abe wants to detail how
much Japan will cut the corpo-
rate tax rate by in an economic
package due this month.
However, he has met resis-
tance from his ruling partys tax
panel, which has called for as-
surances on how to ll the gap
in tax revenues to ensure Japan
does not delay much-needed
scal reforms.
CORPORATE
TAX RATE
Japans corporate tax rate is
nearly 36% for large companies
operating in Tokyo.
Private-sector members of
the governments top economic
and fiscal council have pro-
posed cutting the rate to 25% to
put it in line with international
standards.
Economics Minister Akira
Amari met Takeshi Noda,
the head of the ruling Liberal
Democratic Partys tax panel,
on Wednesday night to discuss
the plan.
They agreed to clarify in
the governments guideline on
long-term economic policy, to
be issued this month, that Ja-
pan will lower the tax rate below
30% in stages over several years
from fiscal 2015/16, which be-
gins in April, the source familiar
with the matter told Reuters
yesterday. Reuters
Japan to cut corporate tax rate
below 30% within a few years
NEW YORK Imperial Tobacco
Group Plc. is evaluating a deal for
assets likely to be divested from
Reynolds American, Inc. and Lo-
rillard, Inc. if the two US tobacco
companies proceed with a pro-
posed combination, according to
people familiar with the matter.
Reynolds and Lorillard are in
advanced talks about a deal that
would merge the no. 2 and no. 3 US
cigarette makers, Reuters previ-
ously reported. The companies
have discussed divesting some
brands to address potential anti-
trust concerns.
UK-based Imperial, the worlds
fourth largest tobacco group that
Imperial eyes assets from possible
Reynolds-Lorillard deal
is known for Gauloises and Dav-
idoff cigarettes, has held discus-
sions about acquiring these brands
and is working with advisers to
study the deal, the people said.
The scope of the potential
divestiture is expected to be sig-
nicant, and the parties may try to
line up a buyer for these assets be-
fore nalizing a merger, the people
said, asking not to be named be-
cause the matter is not public.
Representatives for Reynolds,
Lorillard and Imperial did not im-
mediately respond to requests for
comment.
Purchasing sizabl e assets
from the US tobacco makers
would give Imperial additional
scale in a competitive and declin-
ing US tobacco market, roughly
half of which is controlled by
Marlboro cigarette maker Altria
Group, Inc.
Reynolds, which is 42% owned
by British American Tobacco PLC,
and Lorillard have a market share
of 27% and 15%, respectively. The
proposed combination would face
substantial regulatory issues.
Having an agreement in place
to divest assets would be crucial
to success of a deal, which is
already complicated with mul-
tiple parties and various moving
pieces. Reuters
BRUSSELS/LONDON The European Com-
mission raised pressure on Ireland, the Neth-
erlands and Luxembourg over their corporate
tax practices, saying it was investigating deals
the countries have cut with Apple, Starbucks
and Fiat.
The EU is looking at whether the countries
tax treatment of multinationals, which help to
attract investment and jobs that might other-
wise go to where the companies customers are
based, represent unfair state aid.
Corporate tax avoidance has risen to the top
of the international political agenda in recent
years following reports of how companies like
Apple and Google use convoluted structures to
slash their tax bills.
In the current context of tight public bud-
gets, it is particularly important that large
multinationals pay their fair share of taxes,
Commission Vice-President in charge of com-
petition policy Joaqun Almunia said yester-
day.
Governments have promised to rewrite the
rules that govern international tax, but experts
said the European Commission would struggle
to challenge deals Ireland, Luxembourg and
the Netherlands had agreed under existing
rules.
Apple said on Wednesday it has not received
any selective tax treatment from the Irish au-
thorities, while Starbucks said it complied with
all tax rules. Fiat declined comment.
The Irish government said it was condent
that it has not breached state aid rules and will
defend its position vigorously.
Eric Wiebes, the Dutch secretary of state for
finance, said he was confident the investiga-
tion would find the country had not broken
EU rules. A spokesman for the Luxembourg
nance ministry declined comment.
Sheila Killian, assistant dean in the Ac-
counting & Finance department of the Uni-
versity of Limerick, Ireland, said the naming
of individual companies represented a more
aggressive stance from the Commission.
TRANSFER PRICING
The Commission said it was looking at whether
the pricing for transactions between company
subsidiaries known as transfer pricing that
were approved by the Irish, Luxembourg and
Dutch tax authorities, and which allowed the
companies to reduce their tax bills, were selec-
tive and thereby represented unfair incentives.
While the Commission has often forced
countries to change tax rules which it deemed
would distort intra-bloc trade, a Commission
spokesman was unable to name any success-
ful challenges to a countrys transfer pricing
decisions.
Ms. Killian said existing international tax
rules gave companies wide exibility in choos-
ing transfer prices.
Its almost impossible to prove that the
transfer pricing is any way favorable but
in launching a high-profile investigation, it
puts a spotlight on those companies tax af-
fairs, which acts as a deterrent to companies
against engaging in aggressive tax planning,
she said.
Philip Kermode, director, directorate-gen-
eral for taxation and customs union, speaking
to an Irish parliamentary hearing on Wednes-
day said that in principle the companies could
be forced to repay money if they were deemed
to have received state aid.
However, Chas Roy-Chowdhury, head of
taxation at accounting group ACCA, said that
scenario was unlikely. It was more likely, he
said, that the Commission would issue an un-
flattering report which might encourage the
three countries to take a stifer line with multi-
nationals in future.
COMPLEX STRUCTURES
The Commission said it was investigating the
tax treatment of Starbucks Manufacturing,
which operates a cofee roasting plant in Am-
sterdam.
The Dutch operation buys raw cofee beans
from an afliate in Switzerland and sells roast-
ed coffee to operating units across Europe.
It also receives fees from subsidiaries for the
right to use the Starbucks brand.
Starbucks told a UK parliamentary investi-
gation in 2012 that the deal it received in the
Netherlands allowed it to enjoy a very low
tax rate.
A US Senate probe last year revealed that
Apple had sheltered tens of billions of dollars
in prots from tax by using Irish companies
that had no tax residence anywhere.
Apple in the United States entered into
deals with the Irish subsidiaries whereby
the Irish units received the rights to cer-
tain intellectual property that were subse-
quently licensed to other group companies.
Reuters
EU investigates tax rulings
on Apple, Starbucks, Fiat
Friday-Saturday, June 13-14, 2014 S2/5 World Markets
SPOT PRICES WEDNESDAY, JUNE 11, 2014
FOOD
COCOA ICCO Dly (SDR/mt) 2063.6
COCOA ICCO $/mt 3172.66
COFFEE ICA comp 79 cts/lb 148.57
COFFEE mild arabica NY cts/lb 192
COFFEE mild arabica Bmen/Hburg 197.01
COFFEE robusta NY cts/lb 101
COFFEE robusta Le Havre/Marseilles 94.53
SUGAR ISA FOB Daily Price, Carib. port cts/lb 17.84
SUGAR ISA 15-day ave. 18.06
GRAINS
(FOB Bangkok basis at every Thursday)
FRAGRANT (100%) 1st Class, $/ton 1018
FRAGRANT (100%) 2nd Class, $/ton 939
RICE (5%) White Thai- $/ton 390
RICE (10%) White Thai- $/ton 384
RICE (15%) White Thai- $/ton 373
RICE (25%) White Thai- $/ton (Super) 352
RICE (35%) White Thai- $/ton (Super) 0
BROKER RICE A-1 Super $/ton 312
RUBBER
Standard Msian Rub. 5 (FOB)Mal cts/kilo 0.00
Standard Msian Rub. 20 (FOB)Mal cts/kilo 0.00
METAL
COPPER Journal, spot, US cts/lb
COPPER Merchant,US cts/lb 312.00
COPPER No.2 Refned, US cts/lb 355.35
COPPER Bare Bright,del US cts/lb 389.85
LEAD battery scrap, del US cts/lb 42.50
LEAD Premium, del US cts/lb 13.50
LEAD Asarco Premium, del US cts/lb
ALUMINUM Premium, del US cts/lb 18.75
ALUMINUM Alloy, spot, US cts/lb 87.00
ALU Mixed Clips, del US cts/lb 61.00
ALU Turnings, del US cts/lb 49.00
TIN Premium/Grade A, US cts/lb 34.03
TIN Premium/Low Lead, US cts/lb 41.90
PALLADIUM free $/troy oz 860.00
PALLADIUM JMI base, $/troy oz 869.00
PLATINUM free $/troy oz 1481.50
PLATINUM JMI base $/troy oz 1486.00
KRUGGERAND, fob $/troy oz 1225.44
NICKEL Premium, del US cts/lb 22.50
ZINC Premium, del US cts/lb 7.00
IRIDIUM, whs rot, $/troy oz 590.00
RHODIUM, whs rot, $/troy oz 1075.00
COCONUT
MANILA COPRA(based on 6% moisture)
Peso/100kg Buyer Seller

Lag/Qzn/Luc 3780/3830
Coconut Oil - Crude 64.50/65.50
COCONUT OIL (PHIL/IDN),$ per ton,
CIF Rotterdam
Jun14/Jul14 1420.00
Jul14/Aug14 1390.00
Aug14/Sep14 1370.00
COCONUT OIL (US)-cents/lb
Crude CIF, NY Nola Mar/Apr 62.75
Crude FOB rail Nola Mar 64.00
LONDON METAL EXCHANGE
LIFFE COFFEE
New Robusta 10 MT - $/ton
LIFFE COCOA (Ldn)-10 MT-/ton
LME FINAL CLOSING PRICES, US$/MT
CASH 3 MOS
ALUM. H.G. 1835.50 1867
ALUM. Alloy 1960.00 1975
COPPER 6689.50 6690
LEAD 2090.50 2125
NICKEL 18350.00 18305
TIN 22830.00 22850
ZINC 2102.50 2125
High Low Sett Psett
Jul 1945 1870 1944 1875
Sep 1961 1888 1960 1894
Nov 1974 1900 1971 1906
Jan 1978 1911 1980 1915
High Low Sett Psett
Jul 1987 1947 1984 1961
Sep 1961 1928 1958 1948
Dec 1945 1913 1942 1933
Mar 1934 1904 1930 1922
LONDON-BRENT
(JULY CONTRACT)
ASIA-DUBAI
(JUNE CONTRACT)
Source: Reuters
s DOLLARS PER BBL
J
s DOLLARS PER BBL
J
NEW YORK-WTI
(JULY CONTRACT)
s DOLLARS PER BBL
J
Jun 5 6 9 10 11
$/bbl 108.79 108.61 109.99 109.52 109.95
Average (Jun. 2-11) $104.82
Average (May 1-30) $105.52
Jun 5 6 9 10 11
$/bbl 102.48 102.66 104.41 104.35 104.40
Average (Jun. 2-11) $109.11
Average (May 1-30) $109.18
Average (Jun. 2-11) $103.26
Average (May 1-30) $101.65
Jun 5 6 9 10 11
$/bbl 104.08 105.30 105.10 104.60 104.77
J 30 days to June 11 J 30 days to June 11 J 30 days to June 11
US COMMODITY FUTURES
Source: Reuters
WEDNESDAY, JUNE 11, 2014
PLATINUM
(JULY CONTRACT)
Dollars per ounce
OPEN: 1,482.00 CLOSE: 1,481.10
HIGH: 1,488.40 NET: -1.10
LOW: 1,474.80 PREV: 1,482.20
30 days to JUNE 11, 2014
Dollars per ounce
OPEN: 1,259.90 CLOSE: 1,260.80
HIGH: 1,264.40 NET: 1.00
LOW: 1,259.10 PREV: 1,259.80
30 days to JUNE 11, 2014
GOLD
(JUNE CONTRACT)
Dollars per ounce
OPEN: 19.19 CLOSE: 19.172
HIGH: 19.33 NET: 0.004
LOW: 19.15 PREV: 19.168
30 days to JUNE 11, 2014
SILVER
(JULY CONTRACT)
Dollars per ounce
OPEN: 3.04 CLOSE: 3.04
HIGH: 3.06 NET: -0.01
LOW: 3.03 PREV: 3.06
30 days to JUNE 11, 2014
COPPER
(JUNE CONTRACT)
US cents per pound
OPEN 166.60 CLOSE: 171.60
HIGH: 173.50 NET: 5.95
LOW: 166.15 PREV: 165.65
30 days to JUNE 11, 2014
COFFEE
(JULY CONTRACT)
US cents per pound
OPEN: 16.95 CLOSE: 16.81
HIGH: 16.95 NET: -0.16
LOW: 16.75 PREV: 16.97
30 days to JUNE 11, 2014
SUGAR
(JULY CONTRACT)
US cents per pound
OPEN: 3,083.00 CLOSE: 3,120.00
HIGH: 3,138.00 NET: 33.00
LOW: 3,058.00 PREV: 3,087.00
30 days to JUNE 11, 2014
COCOA
(JULY CONTRACT)
Dollars per bushel
OPEN: 603.00 CLOSE: 589.25
HIGH 608.50 NET: -12.00
LOW: 588.50 PREV: 601.25
30 days to JUNE 11, 2014
WHEAT
(JULY CONTRACT)
NEW YORK US stocks fell on
Wednesday, with the Dow break-
ing a four-day string of record
closing highs, following the World
Banks (WB) reduction of its glob-
al growth forecast.
The S&P 500s drop of 0.4% was
its biggest daily percentage loss
since May 20. The benchmark index
fell for the second day in a row, after
four straight record closing highs.
The sell-off was broad. Every
S&P 500 sector index except
energy declined for the day. Low
volume and low volatility have
marked recent sessions, leaving
indexes to trade in a narrow range.
The World Banks lower growth
forecast provided investors with a
reason to unload some stocks. Late
Tuesday, the World Bank cut its
global economic growth forecast
for 2014 to 2.8% from 3.2% be-
cause of a harsh US winter and the
impact of the Ukraine crisis.
Its pretty quiet. The only news
investors are keying in on is the
forecast of slightly lower global
growth, said Dan Veru, chief in-
vestment ofcer of Palisade Capital
Management LLC in Fort Lee, New
Jersey, which oversees $4 billion.
I think its an excuse for some
investors to take some money of
the table.
The biggest drag on the S&P
500 was Bank of America Corp.,
down 2.1% at $15.59. The bank has
reached an impasse in negotiating
a multibillion-dollar settlement
with the US Department of Justice
related to the banks mortgage in-
vestments, according to The New
York Times.
Investors turned cautious after
the surprising primary election
defeat of Eric Cantor, the no. 2
Republican in the House of Repre-
sentatives, by an upstart candidate
from the Tea Party movement.
The Dow Jones industrial aver-
age fell 102.04 points or 0.60%, to
16,843.88. The S&P 500 slid 6.90
points or 0.35%, to 1,943.89. The
Nasdaq composite dropped 6.07
points or 0.14%, to 4,331.93.
Even as the Dow and the S&P
500 retreated from recent gains,
the PHLX semiconductor index
kept up its rally. The SOX rose
0.5%, extending its winning streak
to 15 days, its longest stretch of
gains since the index was created
about 20 years ago.
Leading the SOX higher, Mi-
cron Technology, Inc. rose 5%
to $30.99 a day after Credit Su-
isse raised its price target on the
memory chipmakers stock to $50
from $30.
Tech company Synaptics bolted
29.0% higher after bumping up its
quarterly revenue guidance from
$275 million-$295 million to $300
million-$310 million. The compa-
ny also announced the $475-mil-
lion acquisition of Renesas SP
Drivers, which makes components
for smartphones and tablets.
Ulta Salon, Cosmetics & Fra-
grance shot up 13.8% following
a strong quarter that included
comparable-store sales growth of
8.7%. The company opened 21 new
stores during the quarter.
The CBOE Volatility Index
rose 5.6% to 11.60 but remained
well below its historical average
of 20. In a sign of the markets low
volatility, the 14-day Average True
Range on the S&P 500 fell to 9.71,
the lowest since February 2013.
Orexigen Therapeutics, Inc.
shares sank 14.7% to $5.81 after
the US Food and Drug Adminis-
tration delayed a decision on the
marketing application for its obe-
sity drug by three months.
Volume was once again below
average. With just 5.2 billion
shares changing hands on US
exchanges, Wednesdays volume
was below the 5.76-billion average
for the last month, according to
data from BATS Global Markets.
Reuters
Wall St. ends lower after WB cuts forecast
LONDON Zinc hovered near
its highest levels in 15 months on
Wednesday as investors eyed fall-
ing stocks and a pending mine
supply shortfall next year, while
copper steadied after recent falls
following Chinas port probe into
warehouse fraud.
Daily data out earlier from the
London Metal Exchange (LME)
showed zinc stocks fell 1,100 tons
to 694,650 tons their lowest
level in 4-1/2 years, and a portent
of further tightness next year
when one of the worlds largest
zinc mines will shut.
Output from MMG Ltd.s
Century zinc mine in Australia
is expected to run dry in mid-
2015, while its nearby Dugald
River mine is expected to miss its
start date of late 2015 due to poor
ground conditions.
But William Adams, head of
research at Fast Markets, cast
doubt on the sustainability of
zincs current rally: Id say the
markets anticipated a large part
of this (supply) issue in December
and January.
LME benchmark three-month
zinc hit $2,146 a ton, its highest
since February last year, but pared
gains. Untraded at the close, it was
bid at $2,125 a ton, down 0.3%.
LME copper steadied at $6,990
a ton, up 0.2%, after touching
$6,628 on Tuesday, its lowest since
May 7 on worries that copper fi-
nancing in China will be harder
to come by as the port probe runs
its course.
Premiums to obtain copper
from Shanghais bonded areas
dropped another $10 to $70-$90
a ton on Wednesday, according to
China price provider Shmet, down
from $105-$125 a week earlier.
Meanwhile, at least two global
banks involved in commod-
ity nancing in China have asked
some clients to shift copper and
aluminium, used as collateral for
loans, to better regulated ware-
houses, three sources said on
Wednesday.
Also, worries over Chinese cop-
per nancing are prompting some
banks to wind up deals or stop do-
ing them altogether and not just
in the Qingdao port at the center
of a probe into possible fraud,
traders said.
China is investigating a private
metals trading firm over a sus-
pected metal financing scam at
Qingdao port, police sources said
on Tuesday, as CITIC Resources
Holdings Ltd. warned that metal
it owns at the port may be afected
by the probe.
Meanwhile, an executive of a
commodity hedge fund said the
Chinese probe into financing of
copper and aluminium may spread
to other commodities such as iron
ore and soybeans.
The bri ghter pi cture f or
growth especially in the United
States is helping lift metals
with tightening fundamentals
like zinc, though a slowdown in
China, the worlds top metals
consumer, is keeping gains in
check.
Nickel dropped to its lowest in
a month at $18,250 a ton. It later
closed down 2.5% at $18,305,
while tin hit a three-month low
of $22,618 before paring losses
to close down 0.2% at $22,825
a ton.
Lead closed 0.7% lower at
$2,125, while aluminium, untrad-
ed at the close, was bid at $1,866,
down 1.7%. Reuters
Zinc hovers near
15-month peak;
copper steadies
NEW YORK/LONDON Pal-
ladium rallied to its highest lev-
el since early 2001 on Wednes-
day, as lingering supply worries
due to a ve-month strike in
South Africa prompted inves-
tor buying.
Palladium has risen 20% so
far this year, underpinned by a
crippling strike in South Africa,
the worlds no. 2 producer of
the metal, which took out a sig-
nicant portion of the worlds
output in platinum group met-
als (PGM).
A fresh round of wage settle-
ment talks between the main
Palladium hits 13-1/2 year high on supply worries
mine workers union and major
PGM producers broke down on
Monday, sparking palladiums 2%
spike so far this week.
Spot palladium hit a peak of
$862.50 an ounce on Wednesday,
its highest level since February
of 2001. The metal rose 0.8% to
$859.75 an ounce by 3:22 p.m. EDT
(1922 GMT).
US NYMEX palladium contract
for September delivery settled up
$5.60 at $860.15.
There is no prospect about
resolving the strike any time soon.
We are going to see continued
labor unrest leading to higher
prices, said Jeffrey Sica, chief
investment ofcer of Sica Wealth
which manages over $1 billion in
client assets.
Palladium is used in catalytic
converters to clean exhaust emis-
sions, most heavily in gasoline-
powered vehicles.
Platinum, which gained 2% in
the previous session, was up 0.4%
at $1,479.10.
On Tuesday, South Africas
Impala Platinum IMPJ.J, the
worlds no. 2 producer of the
precious metal, said it had noth-
ing more to offer to resolve the
walkout.
Among other precious met-
als, gold inched down 14 cents
to $1,260.35 an ounce, hold-
ing above a four-month low of
$1,240.61 hit last week.
US COMEX gold futures
for August delivery outper-
formed spot to settle up $1.10 at
$1,261.20 an ounce.
Investment interest in bul-
lion was low as trading volume
was under 80,000 lots, about
half of golds 30-day average at
160,000 lots, preliminary Re-
uters data showed.
Silver edged up 0.2% to $19.15
an ounce. Reuters
NEW YORK Brent oil futures
climbed toward $110 a barrel on
Wednesday as violence in Iraq
prompted worries about the sup-
ply outlook, while US crude strug-
gled to make gains near key levels
of resistance.
Militants from an al Qaeda
splinter group who seized Iraqs
second biggest city, Mosul, ear-
lier this week have advanced
into the oil refinery town of
Baiji, raising concerns about
oil supply interruptions should
other regions in the country
fall.
US crude gained slight sup-
port from a weekly government
report showing a fall in crude oil
and gasoline stocks, but overall
strong production in the country
weighed on sentiment.
Brent futures gained 43 cents
to settle at $109.95, having earlier
hit a high of $110.25.
US oil gained 5 cents to settle
at $104.40 a barrel, after swinging
between $104.17 and $104.81. It
had risen to an intraday high of
Brent crude up near $110 on Iraq supply fears
$105.06 on Tuesday, inching close
to this years peak of $105.22 in
early March.
Key resistance levels around
$105 a barrel for US crude and
$110 for Brent capped gains, trad-
ers said.
In Iraq, oil Minister Abdul Ka-
reem Luaibi said key southern oil
field export facilities were very,
very safe, with shipments run-
ning at around 2.6 million barrels
per day (bpd).
Although the fighting is not
close to oil-producing areas, it has
prompted fears that the situation
could deteriorate and hit produc-
tion.
Libya is aiming for an oil output
target of 800,000-900,000 bpd if
its output is restored soon, the
countrys oil minister, Omar Shak-
mak, said. Protests have lowered
oil exports from Libyan ports to
nearly zero.
In the United States, crude in-
ventories fell 2.6 million barrels
in the week ended June 6, data
from the US Energy Informa-
tion Administration showed on
Wednesday.
The fall in crude oil stockpiles,
which exceeded forecasts for
a 1.9-million-barrel drop from
analysts polled by Reuters, was
accompanied by slow imports and
lower renery utilization rates.
The Organization of the Petro-
leum Exporting Countries, which
pumps more than a third of the
worlds oil, agreed on Wednesday
to renew for the second half of
2014 its oil production ceiling of
30 million barrels a day in a widely
anticipated decision based on its
thinking that current oil prices are
fair. Reuters
FTSE NASDAQ COMPOSITE DOW JONES
DJ EURO STOXX 225-NIKKEI
30 days to JUNE 12, 2014
KOSPI
OPEN: 2,013.60 CLOSE: 2,011.65
HIGH: 2,015.80 NET: -3.02
LOW: 2,003.57 PREV: 2,014.67
30 days to JUNE 11, 2014 30 days to JUNE 12, 2014
30 days to JUNE 11, 2014 30 days to JUNE 11, 2014 30 days to JUNE 11, 2014
OPEN: 16,943.16 CLOSE: 16,843.88
HIGH: 16,943.16 NET: -102.04
LOW: 16,821.85 PREV: 16,945.92
OPEN: 4,322.92 CLOSE: 4,331.93
HIGH: 4,338.21 NET: -6.07
LOW: 4,315.49 PREV: 4,338.00
OPEN: 14,942.15 CLOSE: 14,973.53
HIGH: 14,992.96 NET: -95.95
LOW: 14,862.08 PREV: 15,069.48
OPEN: 6,873.55 CLOSE: 6,838.87
HIGH: 6,873.55 NET: -34.68
LOW: 6,825.24 PREV: 6,873.55
OPEN: 3,311.02 CLOSE: 3,289.09
HIGH: 3,311.02 NET: -24.71
LOW: 3,285.15 PREV: 3,313.80
BRIEFS
Pancake House bares
Fathers Day treats
HONOR the man of the house this
coming Fathers Day by treating him
to a delicious lunch or dinner at
Pancake House. Families can enjoy
a memorable dining experience
and create good memories by
savoring all-time Pancake House
favorites while dad gets to pick
his choice of one main course
for free for a minimum P1,000
purchase on Fathers Day, June
15. Dads will absolutely adore
any of the following main course
choices: Classic Pan Chicken,
Fish Rolls, Arroz a la Cubana, Hot
Roast Chicken, Adobo Sulipan,
Pork Vienna, Bonoan Fish Steak,
Hamburger Steak, Special Salibury
Steak, Home-Style Bangus, Hot
Roast Beef or Salmon Fillet. Make
Fathers Day celebration more
special with the whole family by
indulging in melt-in-your-mouth
pancakes must-try variants:
blueberry, chocolate marble and
caramel banana walnut.
McSpicy Shake
Shake Meal offered
MCDONALDS brings back the
McSpicy Shake Shake Meal, the
chicken burger and favored Fries
combo that everyone loves. Savor
the 100% whole chicken meat,
fresh and crunchy lettuce with
a favorful dressing in between
sesame buns cooked to perfection
paired with any of the three Shake
Shake Fries plus a Coca-Cola drink
for a complete and satisfying meal
time. Choose from any of the three
favors the tangy Three Cheese,
smoky BBQ, and the new and excit-
ing Kickin Ketchup.
Oraherb introduced
ORAHERB mouthwash seeks
to maintain the natural balance
of organisms in the mouth.
Nurturing good bacteria to control
bad bacteria and enhancing our
bodys immunity is its guiding
principle. Oraherb mouthwash
uses only natural antibacterial,
anti-infammatory and healing
herbs neem, capsicum, clove and
chlorophyll to promote overall oral
health and fresh breath.
CTBC Bank holds
economic briengs
IN keeping with its thrust to help
clients make better investment and
business decisions, CTBC Bank
Philippines (formerly Chinatrust
Philippines) recently conducted two
consecutive Economic Briefngs
for its corporate clients entitled
Managing Risks in Interesting
Times. Treasurers of CTBC Bank
Philippines Oliver Jimeno and
CTBC Bank Singapore Isabelle Lei
presented their global and local
outlook for the Philippine economy
and its prospects.
Magsaysay essay
competition on
YOUNG writers still have the
chance to submit their entries
to the Ramon Magsaysay Youth
Essay Competition (RMYEC), which
closes on June 30. Organized
by the Ramon Magsaysay Award
Foundation, RMYEC is open to all
Filipino youth age 15 to 24. The
theme is My Favorite Ramon
Magsaysay Awardee: Servant
Leadership Qualities That Inspire
Me. Those interested to join
the competition must write an
essay inspired by one of the 301
Magsaysay laureates. It must focus
on the personal refections of the
young writer about a Magsaysay
awardee of his/her choice, and
the specifc leadership qualities
refected in the chosen laureates
life and work which are most
personally inspiring. The RMYEC
has two categories Level 1 for
youth between 15 and 18 years
old, and Level 2 for youth between
19 and 24 years old. Contestants
are required to register and submit
their essays through the RMYEC
online registration and submission
portal at www.rmaf.org.ph/rmyec.
Friday-Saturday, June 13-14, 2014 6/S2
Bulletins
Mindanao Shipping Conference scheduled
KEY TRANSPORT and customs officials, econo-
mists as well as supply-chain executives will gath-
er for the Mindanao Shipping Conference 2014 on
June 18 at the Limketkai Luxe Hotel in Cagayan de
Oro City.
Among the topics for discussion are Mindanaos
shipping and trade prospects; the regions role in
sustaining Philippine economic growth; governments
logistics strategies for Mindanao; the impact of
ASEAN economic integration on the transport sector;
and Bureau of Customs (BoC) policies in support of
greater trade facilitation.
Delegates will also get a chance to participate in
high-level networking with shipping industry execu-
tives, manufacturers, importers and exporters.
Heading the list of speakers is Dr. Cayetano
Paderanga, Jr., former Socio-Economic Planning
Secretary, who will discuss Philippine macro-economic
and Mindanao trade prospects for the next three years.
Leon M. Dacanay, Jr., regional director of the Na-
tional Economic and Development Authority for Re-
gion 10, will tackle Mindanaos maritime trade growth.
The state of preparedness of the Philippine logistics
industry as ASEAN economies integrate next year will
be the focus of the presentation of Dr. Adora Navarro,
senior research fellow of the Philippine Institute for De-
velopment Studies.
Augustus Adis, president, PIE-MO Industries
Association, will point out theneedsof Mindanaoshippers
whileJoseMariFernandez,terminalmanagerofMindanao
International Container Terminal Services, Inc., will
discuss systems innovations and container through put
projectionsattheMindanaoContainerTerminal.
Capping the event will be Atty. Agaton Teodoro
Uvero, BoC deputy commissioner for the Assessment
and Operations Coordinating Group, who will brief
delegates on new BoC measures aimed at cutting red
tape, and mitigating corruption and smuggling.
Mindanao Shipping Conference 2014 is organized
by logistics and transport publication PortCalls in
association with Phividec Industrial Authority, PIE-
MO Industries Association, Cagayan de Oro Chamber
of Commerce, Philexport Regions X and XII and the
Philippine International Seafreight Forwarders. For
more information, e-mail to: info@portcalls.com.
CROWNE PLAZA Changi Airport in
Singapore and Crowne Plaza Manila
Galleria in the Philippines is ofering a
special meetings package.
Enjoy these additional privileges
until Dec. 31 when you book your meet-
ing until Aug. 31. Qualied bookings
are entitled to choose among the fol-
lowing benets: 20% of on rooms, one
hour complimentary cocktails for the
delegates, and IHG Meeting Rewards
Double Points apply. Supplementary in-
clusions apply for higher bookings.
Crowne Plaza has created a number
of brand hallmarks to make each meet-
ing experience unique. Its services in-
clude twohour response time meeting
inquiries followed by a detailed propos-
al within 24-hours.
There is also a Daily Meeting De-
brief with your Crowne Meetings Di-
rector, at the conclusion of every day
meeting, she will provide an itemized
account of that days expenditures to
help meeting planners track costs and
manage their budgets.
There are also several choices of
meeting rooms from boardrooms to
ballrooms and several customizable
menu packages featuring international
and local selections.
Aside from the state of the art
meetings facilities and a committed
Crowne Meetings team, Crowne Plaza
takes pride with its IHG Meeting
Rewards.
IHG Meeting Rewards members
will earn points for Qualied Meetings
they hold at any IHG property
worldwide. Points never expire and
can be redeemed either with free room
nights, miles, and merchandise.
Crowne Plaza Manila Galleria is
situated in Ortigas Avenue corner
ADB avenue, Ortigas Center, Quezon
City. For inquiries, call +63-2-633-
7222.
For meetings in Singapore,
Crowne Plaza Changi is located at
#75 Airport Boulevard Singapore,
Singapore 819664. For inquiries, call
+656-283-5350.
FOR THREE years running, Readers
Digest named Camella as one of
Asias Trusted Brands. And for the
third straight year, the company was
handed a Gold Award.
The Readers Digests Asias
Trusted Brands award is the premier
consumer-based international
measure for brand preference across
Asia. Each year, it approaches
ordinary consumers, as well as
Readers Digest subscribers, soliciting
their opinion on what brands of
specifc products and services are
important to them.
The consumer polls are conducted
across seven markets in Asia
namely Malaysia, Hong Kong, India,
the Philippines, Singapore, Taiwan,
and Thailand. From this survey comes
a list of the brands most known
and trusted by those countries
consumers.
On its 16
th
year, the award-giving
body once again partnered with
French research giant, Ipsos the
worlds third largest market research
company. With offces in 84 countries,
Ipsos is the only independent market
research company both controlled and
managed by research professionals,
working both on a global scale and in
local markets.
Winning the Gold for the Readers
Digest Trusted Brand Award for
Property Developer signifes that
Camellas rating score clearly excelled
above other brands in the same
category a show of appreciation for
the company that has built quality
homes and themed communities and
masterplanned cities in more cities,
municipalities and provinces than any
other property brand.
Each Camella home carries with
it Vista Lands expertise in space
planning, carefully thought out
architecture, and an innate knack for
selecting the most accessible and
attractive locations.
For information, call 02-Camella or
226-3552.
Camella receives
Trusted Brand award
PEOPLE
NOTE: Press and photo releases are published in this paper free of charge. Priority will be accorded to
releases of news value, which are subject to editing. Releases may be e-mailed to bulletins@bworldonline.
com. Materials sent become BW property.
Dentsu Aegis Network in the Philippines names new CEO
DENTSU AEGIS Network announced
changes in its leadership team in the
Philippines as part of the next phase
of integration between the former
Dentsu and Aegis brands.
The combined network, which em-
ploys 159 people in the country, named
Miguel Ramos as the chief executive
ofcer (CEO) for the groups operations
in the Philippines. He will step into his
new role starting July 1 and will report
to Regional Chairman and Chief Ex-
ecutive Ofcer Dick van Motman.
With innovative brand building at
its core, the Dentsu Aegis Network will
continue to provide unparalleled inte-
Crowne Plaza offers special
meetings package
MIGUEL RAMOS
Crown Agents inks deal with Pointwest Technologies
Crown Agents Ltd, an international development consultancy rm, has recently signed up
Pointwest Technologies Corp. for a strategic alliance that would see Pointwest handling
Crown Agents key software migration program. In photo (from left) are Ma. Josena
M. Reyes, senior executive, Pointwest Technologies Corp.; Mohammed Razak Bhatti,
IT consultant project head for the Philippines, Crown Agents; Ma. Cristina G. Coronel,
president, Pointwest Technologies Corp.; and Renato B. Quizon, senior executive,
Pointwest Technologies Corp.
Maxs Restaurant supports Gilas Pilipinas
Global Filipino brand Maxs Restaurant boosts its support for Gilas Pilipinas who are
hailed as the countrys modern-day heroes through its #PusoToTheMax campaign. Dem-
onstrating their commitment and their Puso to the Max gesture are Gilas Players (from
left) Jason Castro, Jared Dillinger, Larry Fonacier, Jimmy Alapag, Ranidel de Ocampo,
Junmar Fajardo, Marc Pingris, together with Gilas head Coach Chot Reyes, and Maxs
representatives Carolyn Salud, CEO of Maxs Restaurant; and Mark Gamboa, marketing
director for Maxs Group of Companies.
FEU Diliman partners with Sitel Philippines
FEU Diliman and Sitel Philippines recently signed a memorandum of understanding to
unify efforts for the promotion of career opportunities in the BPO industry, and develop a
stable supply of qualied workers for the rapidly growing sector. In photo (from left) are
Mark Paolo Anido, Sitel HR supervisor; Nathan Andaya, Sitel country director for Talent
Acquisition; Lakan-asa Bautista, FEU Diliman executive director; and Lucila Sison, FEU
head for General Education.
grated solutions to clients in the Phil-
ippines by tapping into the presence
of its agency brands in the country;
Dentsu Philippines, Dentsu Media
Philippines, Carat, Isobar, iProspect,
Posterscope and Mediaforce Vizeum.
Mr. Ramos, who is currently
chairman of Aegis Media in the
Philippines, will lead Dentsu Aegis
Network Philippines and will work
closely with the respective agency
heads of all the Dentsu Aegis Network
brands to drive the day-to-day
operations in the Philippines.
He is a second-generation advertising
andmarketing professional withover 20
years of experience managing creative,
digital and media specialist agencies for
someof theworlds biggest global brands,
andsuccessful challenger Asianbrands.
A hands-on leader with a strong en-
trepreneurial drive, Mr. Ramos started
out on the creative side of the business
leading indie Agency ASPAC to a two-
time win of the Independent Agency of
the Year Award before moving to head
the Aegis Media Philippines opera-
tions. He is an industry thought leader
who has been at the helm of both the
4As Philippines and the Internet and
Mobile Marketing Association of the
Philippines in the past.
Friday-Saturday, June 13-14, 2014 S2/7 World Sports
CHESS
PIECE
Bobby Ang
CHESS was banned during the
rst eight years of the Cultural
Revolution (1966-1976), but by
1974 there was an easing of the
ban that saw China begin to par-
ticipate in international competi-
tions. Many of Chinas top players
had already moved to Hong Kong
due to the ban (for example, Sin
Kuen and Kan Wai Shui, the latter
tied for 2
nd
in the 1972 Asian Zonal
behind Eugene Torre) and the
Chinese organizers had to start
from scratch.
In 1975, Dato Tan Chin Nam,
the Malaysian-Chinese tycoon,
decided that chess in China had
enormous potential, and set up
the Big Dragon Project, the aim
being to see China dominate the
chess world by 2010. He was quite
successful:
In 1990 Ye Rongguang broke
through to become Chinas first
International Grandmaster in
1990. He was followed in quick suc-
cession by Ye Jiangchuan (1993),
Wang Zili (1995), Peng Xiaomin
and Liang Jinrong (1997), and
then the flood gates opened and
out came a real torrent of GMs.
As of the June 2014 FIDE rating
list China already has 34 GMs, and
that does not count the ones who
have already migrated to other
countries (Zhang Zhong & Wu
Shaobin to Singapore, Zhu Chen
to Qatar, for example).
First player to reach a rating of
2600: Ye Jiangchuan in January
2000
First player to reach a rating of
2700: Wang Yue (October 2007)
In the late 70s the Chinese top
player was Qi Jingxuan (I remem-
ber back then his name was still
spelled Chih Hsing Hsuang), then
came:
1) Ye Jiangchuan, at one time
no. 17 in the world, followed in
succession by
2) Xu Jun this guy had a very
boring style, but quite unbeatable;
he won the very rst Asian Conti-
nental Championship,
3) Zhang Zhong almost won
the World Junior Championship
and was at one time winning ev-
erything he took part in,
4) Ni Hua brilliant; a little
bit of everything and currently
Chinas national team captain,
5) Wang Yue like Xu Jun, bor-
ing but unbeatable in 2010 he
was ranked no. 9 in the world, and
6) Wang Hao one of the great-
est tacticians from China he
peaked at no. 15 in the world and
was at one time Levon Aronians
second.
All of them extremely talented,
very well respected players, and
especially the latter two deemed
among the world elite, but, frankly
speaking, none of them considered
to have world champion potential.
Now it seems that China has
one such player with that poten-
tial.
Chinas Wei Yi (born June 2,
1999) qualied as a GM at 13 years
+ 8 months, putting him fourth
youngest on the all-time list where
the current world champion, Mag-
nus Carlsen, is third. Wei Yi also
became the youngest ever to reach
a 2600 rating (breaking the record
of the Philippines Wesley So, grrr)
and in the 2013 Tromso World
Cup he defeated former European
Champion Ian Nepomniachtchi
in the 1st round and then knocked
out the former nalist Alexei Shi-
rov in the second.
I remember in the Tromso
event some people, unable to
believe that such a young player
could play so well, insinuated that
he was cheating with a computer.
Whatever doubts they had though
were extinguished when he was
invited to join Susan Polgar in the
press room after one of his games.
The way he answered questions
left little doubt that he completely
understood what was going on and
that the moves were his.
Wei Yi is currently 15 years old
and rated 2634, so he still has some
ways to go before joining the world
elite, but the quality of his games
and the rapidity of his growth tell
us that he will soon be there.
* * *
NGUYEN, DUC HOA (2498) -
WEI, YI (2634) [D85]
Asian Nations Cup 2014 Tabriz
IRI (4.4), 24.05.2014
1.d4 Nf6 2.c4 g6 3.Nc3 d5
4.cxd5 Nxd5 5.e4 Nxc3 6.bxc3
Bg7 7.Qa4+
This move is increasingly be-
coming popular against the Gru-
enfeld, aiming to disturb Blacks
development. The game can be-
come very sharp, as what happens
here.
7Qd7
The main alternative is 7Nd7
8.Nf3 0-0 9.Be2 c5 with chances
for both sides.
8.Qb3
This move origindated with
GM Sergey Volkov. The queen on
b3 is well-placed and meanwhile,
Blacks queenside has not yet
started to develop.
80-0 9.Be3
Preventing c7-c5, or so he
hoped.
9c5!?
Nevertheless! Black usually
plays 9b6 followed by Bb7 and
only then c7-c5. Here, then
c8-b7 and only later c7-c5.
10.d5
After 10.dxc5 the pawn cannot
be held: 10Qc7 followed by Nd7.
10b5!?
An i mprovement on t he
Kramnik vs. Giri game from the
2011 Wijk aan Zee tournament,
which continued 10e6 11.Bc4!
(11.Bxc5?! Qc7!) 11exd5 12.Bxd5
Qc7 13.Ne2 Nd7 14.Bf4 Ne5 15.0-
0 Whites bishop is in a strong
position. Kramnik, V. (2784) -
Giri, A. (2686) Wijk aan Zee 2011
1-0 59.
11.Bxc5
If 11.Bxb5 then Qg4 12.Be2
Qxe4 with the idea of following up
with Bd7 and Rb8.
11Qc7 12.Bd4 Bxd4 13.cxd4
Qa5+
The point. Whites king loses
the right to castle.
14.Kd1 Bd7
Black is going to play one of the
rooks to c8-c3 and also play b7-
b5 and threaten Ba4.
15.Rc1 Na6 16.Bd3 Rac8
17.Nf3
Obviously Black should play
17Rxc1+ 18.Kxc1 Rc8+ right? Wei
Yi finds a stronger way to con-
tinue.
17e6! 18.Ke2
Taking the pawn lands White
in trouble: 18.dxe6 Rxc1+ 19.Kxc1
Bxe6 20.Qb2 (if 20.d5 then 20
Nc5 is really bad for White) 20
Nb4 etc.
18exd5 19. Qxd5 Rcd8
20.Qb3 Nb4 21.Rhd1 Rfe8
22.Kf1 Nxd3 23.Qxd3 b4
With the idea of Bb5.
24.Kg1 Qxa2 25.d5 b3 26.Nd4
b2 27.Rb1 Rc8 28.f3 a5 29.Qd2
Rb8 30.Nc6 <D>
POSITION after 30.Nc6
30a4! 31.Nxb8?
After 31.Nb4 Rxb4 32.Qxb4
a3 i s sti l l a game, but why
shouldnt White take the offered
exchange?
31Rxb8 32.Qf4 Qb3 33.Rd3
And now after the queen re-
treats then Qe3 and the a-pawn
cannot advance further. Right?
33a3!
Ouch!
34.Rxb3 Rxb3 35.Qd2 a2
36.Qc2 a1Q 37.Qd1 Qa2
Next Black is going to play
Rc3, then Qxb1+.
38.Ra1
If 38.Kf2 to get out of the 1
st
rank then 38Bb5! 39.Kg3 Bd3.
38Qxa1 39.Kf2 0-1
Everything looks obvious and
clear-cut after the game, and that
is because Wei Yi has seen the
underlying thread of the position.
* * *
WEI YI (2625) - ZENG
CHONGSHENG (2520) [B40]
ch-CHN 2014 Xinghua CHN
(4.5), 14.03.2014
1.e4 c5 2.Nf3 e6 3.d4 cxd4
4.Nxd4 Qb6
GM Nisipeanu has remarked
that the problem with 4Qb6 is
that White can play 5.Nc3 Bc5
6.Na4 Qa5+ 7.Nc3 and since Nb3
is a threat, Black has to play Qb6
with a repetition of moves. The
alternative 7.c3 Bxd4 8.Qxd4 Nf6
9.Nc5 Nc6 10.Qe3 0-0 did not seem
attractive to him.
But of course since Wei Yi is
a much higher rated player than
Black there does not seem to be
much danger that he will be forc-
ing a draw in six moves.
5.Be3 Qxb2?!
Blacks most logical move here
is 5Bc5, which works if White
continues 6.Nd2? Bxd4 7.Nc4
Bxe3! (7Qb4+?! 8. c3 Bxc3+
9.bxc3 Qxc3+ 10.Bd2 Black is in
bad shape) 8.Nxb6 Bxb6 Black has
three pieces for the queen and bet-
ter prospects.
However, after 5Bc5 6.Nb5!
(instead of 6.Nd2) Bxe3 7.fxe3
Nc6 (7Qxe3+ 8.Be2 Na6 9.N1c3
Ne7 10.Nd6+ Kf8 11.Nc4 does
not inspire confidence) 8.Qd2!
Nf6 9.Nd6+ Kf8 10.Nc3 White is
better.
By taking the poisoned pawn on
b2 Black is actually daring Wei Yi
to give it his best shot.
6.Nd2
With the threat of Nb5.
6a6 7.Bd3 Qc3 8.0-0 Qc7
9.Rb1 Nf6 10.Qf3
Now it is e4-e5 and Nc4 on the
menu.
10d6 11.Qg3 Nbd7 12.f4 Nc5
13.f5 e5 14.N4f3 b5 15.Kh1 Bb7
16.Bxc5 Qxc5 17.a4 b4 18.Bc4
Ra7 19.Ng5 Bc6 20.Qb3 d5
Well, it looks like Black has de-
fended very well and is now about
to push back Whites pieces, but
White is not yet over.
21.exd5 Bxd5 22.Rfe1 Bd6
23.Bxd5 Qxd5
[ 23Nxd5? 24. Nde4 Qc6
25.Rbd1 wins a piece]
24.Nc4 Rc7?
[24Qc5 is the only move al-
though after 25.c3 he would still be
under pressure]
25.Nxf7! Kxf7 26.Nxd6+ Ke7
27.Qg3 Kxd6 28.Rbd1 Re8 1-0
Reader comments/suggestions
are solicited. E-mail address is
bangcpa@gmail.com.
Fast-rising Wei Yi
RIO DE JANEIRO Goal line
technology will be used at a World
Cup for the rst time in Brazil with
its backers insisting it is 100% ac-
curate and cannot be hacked.
It will come as welcome news
to the likes of Frank Lampard who
famously had a goal ruled out in
Englands second round match
against Germany in South Africa
in 2010 despite the ball clearly
crossing the line.
Goal Control , the of fi ci al
provider of the system, retested
the technology at Rios Mara-
cana stadium the venue of the
World Cup final in April ahead
of the tournament which starts
today.
It is 100% accurate. The sys-
tem will work, Dirk Broichhau-
sen, managing director of Goal-
Control, said at a presentation at
the Maracana.
World governing body FIFA
awarded the contract to the Ger-
man company 16 months ago
and there will be 14 high-speed
cameras at each of the 12 World
Cup stadiums to determine if an
attempt on goal has crossed the
line or not.
There are seven cameras
trained on each goal and the cam-
eras each take 500 pictures per
second, sending a GOAL mes-
sage to the referees watch if the
ball is in, GoalControl Chairman
Bjoern Lindner explained.
He stressed, however: The
referee has the last call. He can
override the system any time he
wants. But he knows the system is
reliable.
FIFA tested out GoalControl
last year at the Confederations
Cup, the World Cup dress rehears-
al in Brazil, where it accurately
detected each goal.
If the ball does not cross the
line then the game will simply
continue.
The cameras, fitted out with
the latest in sensor technology, are
stationed on catwalks around the
stadium and measure the position
of the ball every two milliseconds
to within accuracy of as little as 0.5
centimeters (0.2 inches). AFP
World Cup
debut for
unhackable
goal technology
Brazil races towards World Cup kickoff
SAO PAULO Brazil was rac-
ing to be ready for the opening
of the World Cup here yesterday,
scrambling to apply the nish-
ing touches to a troubled build-
up dogged by delays and violent
street protests.
The hosts launch the four-week
football carnival when they play
Croatia in Sao Paulos 61,600-ca-
pacity Corinthians Arena at 5:00
p.m. (1500 GMT) today.
Jerome Valcke, general secre-
tary of footballs governing body
FIFA, acknowledged to reporters
preparations had gone down to
the wire.
As workers planted trees and
flowers around the venue yes-
terday, the threat of new chaos
eased after subway workers voted
against calling a fresh strike.
A walkout last week brought
the city to a standstill, and a repeat
for todays opening extravaganza,
which is to be attended by a dozen
heads of state and government,
would have almost certainly
caused similar havoc.
Brazil coach Luiz Felipe Sco-
lari earlier on Wednesday urged
compatriots to unite behind his
players as they launched their bid
for glory.
As the last of the 32 teams who
will contest the greatest prize in
football arrived in Brazil, mount-
ing evidence of World Cup fever
was visible.
BRAZILIAN FLAGS FLYING
Brazilian ags uttered from cars,
bars and apartments as Thurs-
days big kickof approached.
In Rio de Janeiro, some of the
600,000 foreign fans descending
on the vast South American nation
thronged the famous Copacabana
beach district excitedly.
Hollywood star Leonardo Di-
Caprio was among the overseas
multitude jetting into Brazil,
taking in the tournament from
the luxury of a mega-yacht off-
shore.
But while more Brazilians are
sporting the yellow jersey of star
forward Neymar, discontent still
rumbled with scattered protests
planned in host cities.
The estimated $11 billion Brazil
is spending on the World Cup has
angered many in a country with
chronically underfunded health
and public services and violent
crime.
Last year, rage at poor public
services morphed into a na-
tionwide movement during the
Confederations Cup test event,
with violent clashes across the
city.
The rapid spread and sheer
scale of the protests caught Brazil-
ian authorities of guard.
For the World Cup, a vast se-
curity blanket is being deployed,
with 150,000 soldiers and police
on duty along with 20,000 private
security ofcers.
Brazils leader Dilma Roussef
warned that her government will
not tolerate a repeat of last years
protests.
FOOTBALL POLITICS
In Sao Paulo, meanwhile, football
politics took center stage with
FIFA President Sepp Blatter in-
dicating he will extend his reign
as the most powerful man in the
sport by seeking a fresh term next
year.
With corruption allegations
engulng the body over its scan-
dal-tainted decision to award the
2022 World Cup to Qatar, Blatter
said he was the man to take foot-
ball into the future.
My mandate will finish next
year but my mission is not fin-
ished, he said.
For all the off-field problems
dogging the buildup, and the sor-
did allegations leveled at FIFA
ofcialdom, the tournament itself
promises to be a classic.
Defending champions Spain
are bidding to make history by
becoming the rst side from Eu-
rope to win a World Cup in South
America.
Vicente del Bosques side have
dominated international football
for the past six years, winning two
consecutive European champion-
ships either side of their memo-
rable triumph at the 2010 World
Cup.
Brazil are hosting the tourna-
ment for the rst time since 1950
when they suffered a heartbreak
2-1 loss to Uruguay in the deciding
game. AFP
Richest sports gures
Boxer Floyd Mayweather, Jr. celebrates in this May 3 fle photo in Las Vegas. Por-
tugals soccer forward Cristiano Ronaldo celebrates in a Sept. 6, 2013 fle photo
in Belfast, Northern Ireland. LeBron James of the NBA Miami Heat speaks to the
press in San Antonio, Texas, in a June 7 fle photo. Barcelonas Argentinian soccer
forward Lionel Messi plays in Madrid in this March 23 fle photo. Forbes magazine
announced on June 11 its list of the richest sports fgures. Mayweather was frst
wih 2014 earnings worth $105 million; Cristiano, second with $80 million; James
was third with $72.3 million and Messi came in fourth with $64.7 million.
AFP
RIO DE JANEIRO One is the
worlds best known footballer,
the other the most valuable.
They have scored the same
number of Champions League
goals and are loaded down with
titles. But superstars Cristiano
Ronaldo and Lionel Messi are
stuck in a World Cup dead end.
Between them Messi and
Ronaldo have monopolized the
past six world player of the year
Messi, Ronaldo duel for Cup stardom
awards. But each have attended
the last two World Cups and failed
to even get near the trophy. Messi
has scored just one goal at the -
nals, Ronaldo only two.
The Brazil World Cup could
finally decide whether the name
of Messi or Ronaldo is etched into
football legend alongside the Peles
and Diego Maradonas and Zine-
dine Zidanes. It is the competition
which transforms reputations.
Messi capture three Champi-
ons League wins with Barcelona,
while Ronaldo responded by add-
ing a crown for Real Madrid last
month to his earlier success with
Manchester United.
Both average more than 50
goals a year in all competitions for
their clubs.
Ronaldo is the worlds most
recognizable and marketable foot-
baller, according to the Repucom,
a sports marketing research
company.
But Messi remains the
worlds most valuable foot-
baller on the market, accord-
ing to the Swiss-based CIES
Football Observatory. It put
the Argentines value at 216
million ($294 million), while
because of his age Ronaldo
was worth just 114 million.
AFP
Friday-Saturday, June 13-14, 2014 8/S2 World Sports
COURTSIDE
Anthony L. Cuaycong
GIVE
AND GO
Michael Angelo
S. Murillo
FOR CASUAL observers, its easy
to argue that a simple change in
the starting five made all the dif-
ference for the Spurs in Game
Three of the National Basketball
Association finals. In truth, the
decision to replace Tiago Split-
ter with Boris Diaw at the slot re-
sulted from significant give and
take among the franchises brain
trust. Certainly, it was borne of
the realization that the Heats
predilection for chucking height
in favor of mobility had to be
matched at all times, and that it
needed to be complemented by
a conscious effort to put offense
at the forefront of their competi-
tiveness.
In light of the way Game Three
evolved, the Spurs benefited not
just from Splitters demotion. As
relatively gaudy as his numbers
may have been, he became expend-
able in the face of the Heats small-
ball strategy. More importantly,
what made head coach Gregg
Popovichs move the single big-
gest reason for victory was Diaws
starring role. Simply put, no other
player had the unique combine of
range, build, vision, and experi-
ence to take the measure of the op-
position on both ends of the court.
Thusly, the Heat found them-
selves neutralized early on. If the
match proved decidedly one-sided
after the rst three minutes, it was
because the Spurs creative sets
became even more precise with
Diaw taking Splitters place; spac-
ing was at its most ideal, finally
ummoxing the scrambling cover-
age of LeBron James And Com-
pany and allowing Kawhi Leonard,
whose face hitherto looked ready
to be pasted on milk cartons, to
make a considerable impact.
Lost in the brilliance of the play-
ers has been the fantastic back and
forth between bench tacticians of
the Spurs and Heat. With Popo-
vich gaining the upper hand, the
onus is now on Erik Spoelstra and
his crew to come up with efective
countermeasures. Its easier said
than done, what with protagonists
knowing each other to the point
where surprises can no longer be
expected. Nonetheless, the deni-
tive manner in which the denoue-
ment of Game Three was forged
makes the work of the black and
white clear: They need to adapt,
pronto. Else, they will be con-
signed to relive the same outcome
again and until they relinquish
their hold on the ultimate prize.
Starting ve
BECAUSE OF THE BIRTH of my
second child I had to miss writ-
ing my column early this week to
allow things to settle rst. But de-
spite that, it did not stop me from
continuing to keep tabs on the go-
ings-on in the world of sport.
Two events in the Philippine
Basketball Association, in particu-
lar, caught my interest for they
pricked the basketball purist in
me. I am talking of the naming of
Filipino boxing superstar Manny
Pacquiao as head coach of expan-
sion team Kia Motors and the rst
regular PBA game matchup of gi-
ants June Mar Fajardo of the San
Miguel Beermen and Greg Slaugh-
ter of the Barangay Ginebra San
Miguel Kings.
As friends and colleagues would
know, I am not really sold on the
idea of the Pacman joining the
PBA, as a coach or even as a player.
The reasons for this is rst I feel
he has already a lot in his hands.
He is a boxer, congressman, busi-
nessman, endorser and pastor,
among other things; roles that in
themselves are already demand-
ing. Adding coach in the PBA to
ones work experience no doubt
looks good on the CV but make no
mistake it entails much work. In
order for one to succeed in it one
has to put in the needed time and
effort. With the many hats Pac-
quiao is wearing I do not see how
it is going to be effectively pos-
sible. Worse, it might even detract
his focus from being a boxer and
legislator, roles I believe that carry
much weight and where Pacquiao
should channel more of his atten-
tion to at this point.
Second it is of my opinion that
being a PBA coach is beyond the
core competence of Pacquiao
at this time. He has had success
coaching his own team in diferent
minor leagues alright, but come
on, we are talking of the PBA here,
the local professional league (!).
Initial plans have it that he will
be surrounded with competent
assistant coaches, however, in
my view that is the last thing the
PBA needs, another gurehead
coach who delegates his duties. As
a longtime fan of the league you
hate to see that as you expect top-
level and serious coaching from a
league that is home to the likes of
Tim Cone, Baby Dalupan, Norman
Black, Chot Reyes, Yeng Guiao and
Tommy Manotoc, champion and
legend coaches all.
Of course, there is the issue
of why deprive someone of his
dream as Pacquiao said he always
wanted to be part of the PBA as a
player and possibly a coach. While
I recognize that, still, is Pacquiao
really missing out so much if he
does not get to be a PBA player
or a coach right now? I mean, his
legend as a sporting icon is already
set regardless. Then there is the
sanctity of the league. Which so
much questions surrounding Pac-
quiaos coaching abilities, you just
do not want the PBA, which has
gone a long way as institution, to
be caught in the potential circus
that goes with it.
Since it has already been cast,
we just have to wait and see how
things will pan out for Coach
Manny and the Kia Kamao team
next season. I hope my concerns
are proven wrong, though, so as
we can avoid ruefully throwing
around the four words you do not
want to hear in this cases, I told
you so.
BIG MEN TAKE
CENTER STAGE
Last Wednesday, the much-await-
ed encounter between PBA big
men Fajardo and Slaughter -
nally took place, this, after being
delayed a number of times previ-
ously.
Again as big PBA time I got a
kick seeing these two giants of the
league go up against each other. It
surely brought back fond memo-
ries of the big man clashes of the
past which had the likes of Mon
Fernandez, Abet Guidaben, Man-
ny Victorino, Philip Cezar and Abe
King in the 80s and Benjie Paras,
Jerry Codiera and Zaldy Realubit
in the 90s going at it.
Fajardo, 611, and Slaughter,
71, denitely did not disappoint
as they competed hard against each
other on both ends of the court and
left their imprint on the game.
The more physical Fajardo,
known as The Kraken, powered
his way to a solid stat line of 23
points, 14 rebounds and three
blocks in 38 minutes but it was not
enough to lead his team over Gine-
bra who got 19 points, 11 rebounds
and a block in 39 minutes from
Gregzilla in a 105-98 victory.
For a while the PBA lost the
big man game as guards and wing-
men took hold of the league. But
those days are seemed to be over
with Fajardo and Slaughter, along
with other centers, making their
presence felt and asserting them-
selves. The big men are back. And
the future looks bright.
Games today at the Mall of Asia
Arena: 5:45 p.m. Barangay Gine-
bra San Miguel Kings vs. Alaska
Aces; 8 p.m. San Mig Super Cof-
fee Mixers vs. Talk N Text Tropang
Texters.
Purist pricked
MIAMI The San Antonio Spurs
can move within one win of their
fth NBA title with a victory over
reigning champion Miami in Game
Four of the NBA Finals today.
San Antonio handed the Heat
their rst home loss of the playofs,
shooting a stunning 76% in the
rst half to win Game Three 111-92
Wednesday and take a 2-1 lead in the
best-of-seven championship series.
The Spurs are the first team
since 1989 to return to the nals
after losing a Game Seven in the
nals the year before.
Their bruised egos simply
wont let them forget last years
seventh-game loss to the Heat.
We nally put a game together,
for not the full 48 (minutes) but
for as long as we could, where we
did exactly what we planned to
do and executed in that respect,
Spurs veteran Tim Duncan said
yesterday.
Thats what were going to
need to do again.
Duncan said if the Spurs are
to win today they must stay with
their game plan and not give the
ball away, as they did in Game One
at San Antonio when they made 22
turnovers.
I think for the most part we
just need to bring that same kind
of focus, take care of the ball,
Duncan said.
Execution-wise, we have a
game plan in place that worked
and its about the ve guys on the
floor just making sure that we
make as little mistakes as possible.
I think we did a great job of
that in this last game.
Spurs must keep focus
loss. This the last team in the NBA
that you can dig a hole against.
Miami has not dropped back-
to-back playof games since losing
games Three, Four and Five of the
2012 Eastern Conference nal to
Boston. The Heat went on to win
the series in seven games.
Records were shattered in the
Spurs remarkable run in the rst
two quarters of Tuesdays contest
as San Antonio led by 25 points at
one stage and 71-50 at the half. It
went 11 1/2 minutes without miss-
ing a shot.
Spurs forward Kawhi Leonard
paced their attack, scoring 16 of
his career-high 29 points in the
rst quarter after averaging only
nine points in the rst two games
of the series.
Wednesdays contest was remi-
niscent of last years Game Three
of the NBA Finals, when San An-
tonio bounced back and set a nals
record for most three-pointers in
a game with 16.
It went on to win 113-77, hand-
ing the Heat its worst loss in play-
of history.
Spurs coach Gregg Popovich
said yesterday that this is a difer-
ent Spurs team than last year.
I dont think about last years
Game Three, Game Four at all,
Popovich said. This is a differ-
ent animal and Im just concerned
about the game tomorrow night.
So thats the way I look at it. I
dont go back in time. Just gure
out whats going on now, what are
we doing well, what are we doing
poorly and how can you improve
it. AFP
GREGG POPOVICH of the San Antonio Spurs speaks to the media after practice on
an off day following Game Three of the 2014 NBA Finals against the Miami Heat at
AmericanAirlines Arena on June 11 in Miami, Florida.
The two-time defending cham-
pion Heat are also looking forward
to Game Four, condent in their
ability to bounce back.
Miami is the best team in the
league at rebounding from a defeat
as it has won 13 consecutive play-
of games following a loss.
They came in and took care
of business on our home floor,
so we have to learn from it and
come out in Game Four and make
the adjustments, Heat superstar
LeBron James said.
We are going to learn from our
mistakes as we always do after a
AFP
NEW YORK New York goalten-
der Henrik Lundqvist stopped 40
shots yesterday to help the Rang-
ers stay alive in the Stanley Cup
nals with a 2-1 triumph over the
Los Angeles Kings.
With a 3-0 lead in the best-of-
seven NHL championship series,
the Kings were looking to com-
plete a four-game sweep on the
Rangers home ice at Madison
Square Garden.
But Lundqvist and the Rangers
were determined not to be the rst
club since 1998 to be swept out of
the Stanley Cup nals.
Whatever happens, were win-
ning this game, Swedens Lun-
dqvist said of the mind-set among
the Rangers going into the contest,
and it was largely thanks to him that
New York made good on the vow.
Martin St. Louis gave New York
a 2-0 lead early in the second peri-
od and the goal proved decisive for
the Rangers, who improved to 11-2
in their last 13 elimination games
and 5-0 when facing elimination
in this postseason.
Benoit Pouliot put the Rangers
ahead with a rst-period goal, and
New York hung on despite getting
only one shot of in the games nal
20 minutes.
Lundqvist stopped 15 shots in
the third period to preserve the
Rangers lead.
Dustin Brown scored and Jona-
than Quick made 17 saves for the
Kings, who still own a command-
ing three-games-to-one lead and
can wrap up their second title
in three seasons when they host
Game Five on Friday. AFP
Rangers down Kings
to keep Stanley Cup
hopes alive
LOS ANGELES A July 7 trial
date was set yesterday on a pro-
bate petition led by Shelly Ster-
ling that could determine the fate
of a sale deal for the NBAs Los An-
geles Clippers.
The wife of embattled Clip-
pers owner Donald Sterling
wants the Los Angeles County
Superior Court to complete a
$2-billion sale of the NBA team
to former Microsoft chief execu-
tive Steve Ballmer and prevent
a significant loss to the family
trust if her husband be able to
block the sale.
The trial, set to last four days,
would end just days before the
deadline to complete the sale and
when NBA owners are scheduled
to meet to vote on whether or not
to approve the sale.
NBA Commissioner Adam Sil-
ver told ESPN yesterday that the
league stands ready to consider,
and likely approve, the deal pro-
vided Shelly Sterling wins the case
and can sell to Ballmer.
Shelly Sterling also claimed her
husband was unable to manage
his own business afairs in papers
led with the court, including test
results from two doctors declaring
him incompetent, the Los Angeles
Times reported.
Donald Sterlings racist re-
marks in a private conversion,
recorded and made public in April
by celebrity Web site TMZ, led
Silver to ban him from the NBA for
life and begin to process to have
owners strip him of the Clippers.
A vote was scheduled on the
matter last week but called of after
Donald Sterling empowered Shelly
Sterling to make a deal and she
struck an agreement with Ballmer.
But the league wanted Donald
Sterling to withdraw a lawsuit
against the NBA and Silver before
it would approve the deal.
Shelly Sterlings filing called
her husbands stated plan for a le-
gal ght with the NBA costly and
protracted with little likelihood
of success. She also submitted
results of CT and PET scans of her
husband to support her mental
incompetence claims.
Psychiatrist Meril Platzer ex-
amined Sterling on May 19 and
said in a letter 10 days later that he
could not carry out his duties due
to an impairment of his level of
attention, information processing,
short-term memory impairment
and ability to modulate mood (or)
emotional lability and is at risk of
making potentially serious errors
of judgment. AFP
July trial next step
in Sterling mess,
LA Clippers sale
PINEHURST Top-ranked Adam
Scott and former world number
one Rory McIlroy, among the fa-
vorites at the 114
th
US Open, will
put a premium on patience and
creativity this week at Pinehurst.
Australian star Scott, the 2013
Masters champion coming off a
win last month at Colonial, plays
alongside Masters winner Bubba
Watson and 2011 Masters cham-
pion Charl Schwartzel of South
Africa on Thursday and Friday.
Its going to present a great
challenge, Scott said.
Northern Irishman McIlroy, a
two-time major champion who won
last months European PGA Cham-
pionship at Wentworth, will join
fellow US Open winners Graeme
McDowell and Webb Simpson in
the rst and second rounds.
In the 72 holes Im hopefully
going to play here, I might go at
ve pins, McIlroy said. Its going
to be a test of patience.
Pinehurst offers an unusual
scene for a US Open, the normal
tight fairways and dense rough re-
placed by wide fairways and sandy
areas with weeds that give players
more options and more decisions
on how to attack greens that are
turtle-backed and lightning quick.
Its not lack of rough off the
fairways, Scott said. If you spend
the week playing out of that, youre
not going to do well.
Everyone is going to miss a
few more greens this week than
theyre used to, so they better be
ready for that, he said.
Patience will be tested. But
certainly these chipping areas
provided you with a lot of diferent
options on how to play a shot. So
imagination is going to be a big
thing.
McIlroy put himself among the
favorites and warned of Aussie Ja-
son Day, a US Open runner-up in
2011 and 2013 who is back on form
after a left thumb injury.
MCILROY MISSES TIGER
Former world number one Tiger
Woods, a 14-time major champion
chasing the record 18 major titles
won by Jack Nicklaus, will miss his
second major in a row after back
surgery to relieve a pinched nerve.
Just when he will return is un-
certain, but US television ratings
took a plunge the past two months
with Woods out even as others
rose to the spotlight.
In the absence of Tiger, it let
people come through and be more
recognized and shine for how
good of players they are, McIlroy
said.
I do miss him. He has been
the face of golf for the last 15, 20
years and golf is a better sport and
a better place with Tiger Woods in
it. AFP
McIlroy, Scott relish
US Open test of patience
NEWS
UPDATED
DAILY
www.bworldonline.com
Friday-Saturday, June 13-14, 2014
VOL XXVII ISSUE 223
ISSN 0116-3930
EDITOR ALICIA A. HERRERA
BUSINESSWORLD
2014 BusinessWorld
Publishing Corporation
All rights reserved Published
in Manila Monday to Friday
(63) 535-9901 and
(63) 411-0268
S3/1-12
S
tomp a rhythm-based
performance with no
spoken dialogue, no set
changes, and no show-
stopping special efects
has riveted audiences
through the most mun-
dane sounds. The sibi-
lant brush of brooms,
the slapping of boots on
Junkyard, S3/ 2
Contents
Going Out l S3/3
Movies l S3/4-5
Staying In l S3/6-7
Health l S3/8
Environment l S3/9
Marketing l S3/10
Travel l S3/11
I think a better solution
is progressive tax on
private wealth. Its like
ination but it is more
civilized because you can
protect lower and middle-
class wealth owners and
ask more of those who
have more. French
economist Thomas
Piketty
Climate change
forecasts
S3/9
ENVIRONMENT
MOVIES
How to Train
Your Dragon 2
S3/4
pavement, the rustle of newspapers, and
the vicious slurp of snot as it is snorted
up a nasal passage have been appropri-
ated and turned into a comedic master-
piece.
Luke Cresswell, co-creator of Stomp,
is sitting in the back of Ambassadors
Theatre, the shows London home,
watching four cast members who are
goong of on stage. Theyre incapable
of stillness. Lulls are immediately lled
with the sound of feet shufing and n-
gers snapping at preternatural speed.
Everything in the show has changed.
Weve gotten better. When we were
starting, we were learning a new lan-
guage. Now, theyre really good, Mr.
Cresswell said, referring to current
Stompers. Theyre better than we
were. Theyve grown up with Stomp so
its not an alien thing.
At its heart, Stomp will always be
about rhythm, movement, and doing
fun things but after 20 years, its be-
come more complex. To explain how, Mr.
Cresswell had to go back to the begin-
ning, when he was playing odd solo gigs
with Fatboy Slim. Id be upside down,
hanging from the ceiling, surrounded
by all this junk, he said. Id sit there
for an hour, waiting because no one
looks up when theyre in a club. Fatboy
Slim would cut the music, to the crowds
displeasure, and the momentary silence
was Mr. Cresswells cue to start banging
on his makeshift instruments. The dip in
energy was always restored surpassed,
even by the ruckus he created. It was
crazy. After pulling similar stunts, such
as suspending himself off a ship out at
sea, he thought of gathering eight or so
performers and mounting a proper show.
That show was Stomp, and Mr. Cress-
well says its still evolving even if its
become a category unto itself. (When
auditioning, someone might say I did
ballet, contemporary dance, and Stomp
as shorthand for body percussion and
the ability to make music with a laundry
list of objects: a cigarette lighter, a box of
matches, a plastic bag, and so on. In short,
everything including the kitchen sink.)

ODD SOUNDS, ODD TIMES
Two new pieces of choreography were
recently added, pushing Stomps run-
time to a little over 90 minutes. These
segments were born out of impulses
more sophisticated than wanting to
beat the hell out of a metal dust bin.
Frogs came about because Mr.
Cresswell and Stomp co-creator Steve
McNicholas wanted to use a prop they
had never used before. It took a while for
them to nd something, but a trip to the
hardware store revealed the musical po-
tential of an item which shall remain
nameless lest the show be spoiled that
croaks when exed like an accordion.
Trolleys (or Shopping Carts if you
prefer American English) was almost an
intellectual exercise for Mr. Cresswell,
who was intrigued by thought of doing
a piece in the 5/4 time signature. Its
unusual for dance because people like 3s
and 4s those are more regular to move
on, he said. Once the performers get
the 5, they love it because its great but
it takes them a while to learn it and not
slip out of it.
REUTERS
By Sam L. Marcelo
Associate Editor, High Life
Junkyard
STOMPERS are as fussy about their boots
as ballerinas are of their pointe shoes. Good
boots have to be broken in properly and reach
a stage where theyre just about hanging
together.
Adam Buckley takes three pairs of boots
with him on tour, each having a particular role.
He has a special pair of boots for Hands
and Feet and Brooms, a soft slip-on pair
for Bins, and, for the rest of the show, an
all-around pair that would have fallen apart by
now if not for several strips of black electrical
tape.
Stompers are loyal to their footwear,
sticking to the same pair for years which
explains the tape and multiple visits to the
cobbler. Repairs are done, yes, but never to
the point where the boots are good as new.
Examine the scuff marks on a Stompers
boots and you can tell what kind of performer
he is (the same way that wear on a running
shoe reveals if someone is a heel-striker or a
forefoot-striker). Some Stompers like smack-
ing their feet straight into the ground; others
prefer landing back-of-boot frst.
Stompers agree, though, that the most
important thing about a boot is its sole. Soles
made from hard leather and hard rubber
are popular choices because of their sound
quality.
A good Stomp shoe is a loud shoe, said
Luke Cresswell, creator of Stomp. There is
no specifc shoe everyone fnds his or her
own but it has to be loud. SLM
Boot camp
jam
2/S3
Friday-Saturday, June 13-14, 2014
Junkyard,
fromS3/ 1
Different
performers
bring
different
things to
the show
and make
it richer.
Stomp is
so much
cooler now.
Emma King, a Stomper who studied
percussion and music theory, was blown
away when she first saw Trolleys,
which explores the choreographed
chaos of grocery-shopping. It was the
most impressive for me. It took me a
good while to understand it I had to sit
down and really think about what was
going on, she said.
Not satised, Mr. Cresswell also com-
posed a middle section that breaks of
into several tangents: someones doing
5s, someone else is doing triplets over
the 5s, and still another is doing 4s. Suf-
ce to say its complicated and everyone
has to march to his own beat.
It was out there, Adam Buckley said
of Trolleys. Its mellow, it sounds
fantastic, and its great fun to do because
its so smooth. But its definitely the
toughest routine Ive had to learn on
this show.

FASTER, BIGGER, BETTER,
COOLER
Both Ms. King and Mr. Buckley are
part of the touring company perform-
ing Stomp at the Cultural Center of the
Philippines (CCP) this month. Aside
from having a highly developed sense of
rhythm, they have the outsized attitude
and swagger required by a show that has
to captivate viewers without a single
spoken word.
Despite the absence of dialogue,
Stomp does have discernable characters,
who convey their personalities through
the cock of an eyebrow or the ick of a
nose. The show, ever witty, even man-
ages to be risqu (check out the kitchen
sink routine).
Stomps West End home, which seats
about 400, is smaller than the CCPs
main theater (capacity: more than
1,500). Mr. Cresswell promised that
the Manila show would be louder, loud
enough to ll the entire building. Com-
pared to the performance that visited
the country three years ago, this incar-
nation is faster, bigger, better. Audience
participation is key. Due to the size of
the CCP, it may take longer for people
to realize that theyre part of Stomp, not
just passive witnesses of its awesome-
ness. Once they catch on, the experience
is sure to delight.
When we were starting out, we just
wanted to do a show we would like. It
was important to us to make something
that we would want to go and see, said
Mr. Cresswell. The rst time we real-
ized the concept was bigger than we
were was when we were watching other
people do it. Diferent performers bring
diferent things to the show and make
it richer. Stomp is so much cooler now.
(Tickets are available through Ticket-
World. Call 891-9999 or visit www.tick-
etworld.com.ph.)
Stomping ground
WHEN anyone with even a drop of Filipino
blood makes their mark on the world stage,
they are claimed as one of our own. A Pinoy on
American Idol, Miss Saigon, Ellen or the MGM
Grand Arena inspires paroxysms of pride. On
the eve of Jessica Sanchez fnals night on
American Idol, Filipinos in San Diego held their
own little Jessica parties, sending in their text
votes, praying as one to all the saints in the
heavens. Whenever Manny Pacquiao has a
fght, American-based Pinoys gather in friends
houses, reacting collectively to every blow.
Galing talaga ng Pinoy! (Pinoys are great) they
would cap their litanies, suddenly experts in
theatrics, athletics and stage performance.
Drop by Broadway and spot a morena
performing onstage, and youre also likely to
fnd similarly complexioned audience members
whispering to their American chums: Proud
to be a Filipino! But also know that a Filipino
cast member experiences a euphoric moment
when he spots black hair in a sea of blondes.
The feeling on either side of the stage is
mutual.
That when Stomp US cast member Andres
Fernandez, a Filipino born and raised in Hawaii,
was invited by the European touring group to
perform in Manila, he agreed without second
thoughts. Of course! he exclaimed.
Mr. Fernandez in the cast of Stomps Manila
run on June 17 to 22 at the Cultural Center of
the Philippines. It will be his frst time perform-
ing in Manila he has toured all 50 states of
the United States, Brazil, Panama, Colombia,
South Africa, Athens, Istanbul, Germany, Spain,
Paris, and lots of other places since 1997
and he has never felt more ecstatic.
Before he stomps onto the Cultural Center
of the Philippines stage in his thick rubber-
soled Blundestones boots, the Kapampangan/
Visaya actor agreed to an exclusive interview
with BusinessWorld.
Q: How did you get into the production?
A: I auditioned back in 97 in Los Angeles. My
kuya (older brother) was in the show Miss Saigon.
He wanted me to go to Los Angeles for Miss Sai-
gon cause when the frst national tour goes, hed
move to L.A. from Hawaii. There were fve shows
that we were gonna audition for... The Lion King,
Starlight Express, Phantom of the Opera, Joseph
[and the Amazing Technicolor Dreamcoat] and
Stomp. Stomp was the last one I auditioned for
and I made it to all of the callbacks and then they
hired me. The other musicals I auditioned for,
my kuya went to the next round each time and in
Stomp, he didnt make it to the next round.
Q: What was your background when you went
to the audition?
A: I was a singer and dancer. Me and my broth-
ers, we toured the Hawaiian Islands with Gary
Valenciano, Martin Nievera, and Pops Fernandez
in Hawaii. We had a little boy band group. Not
professional. I learned by just watching TV and
learning their moves then late 80s and early
90s, I just started picking it up on my own. I
took music in high school, I was in the band and
played the drums, that helped me with my skills.
Q: Are you going on an Asian tour or only in
Manila?
A: Im just doing Manila, one week in Manila
and then later on in the summer, the European
tour is going to Taiwan and China. Im in the
US national tour, but because of my Filipino
heritage, Europe asked me if I want to go to
Manila. I said, of course!
Q: How different are the two touring groups?
A: The cast can pretty much change. The show
all around the world, the structure is the same
and they can take somebody from the US go
to the European tour and it will ft in well. They
do different things here and there but then the
structure of the show is pretty much the same.
Its easier too. If somebody gets hurt, it can be
easy to add somebody else. The choreography
is pretty much the same between tours. We
have a rehearsal an hour before the show so
we can make sure were on the same page
with each other, dynamics wise, and the music.
Little things here and there.
Q: How much room for improvisation do you
guys have?
A: With the show, theres choreography, but
theres certain times in the show that we have
to be in certain places so when we get to
those places we can do our own movement.
Thats why everybody who comes in, when
they choose the people, they ask what danc-
ing background you have or drumming back-
ground so then you can incorporate your own
background in the show and it changes up the
whole show. We travel with a cast of 12 people
but we perform each night on stage, so when
the other four come in, and they change the
people up then that changes the whole show
cause they do something different.
Q: Why do you think did you blend in well with
Stomp as opposed to the other musicals you
auditioned for?
A: The other musicals involves a lot of serious
dancing. Of course, I didnt make it to the sec-
ond round. The frst, they had me doing triple pir-
ouettes and like for Starlight Express, and for The
Lion King, we were doing African dancing, and
like, I dont dance like that. For Stomp, it was
just our body. We use our feet, our hands and
our body and I just kinda dance with the style
of the music that they gave me to do. And then,
they liked what they saw. Pola E. del Monte
STOMP cast member
Andres Fernandez
FOR THE LAST ve years, Joel
Trinidad has been playing a cave-
man.
To be more specic, he has been
playing the titular role in Rob Beck-
ers one-man comedy Defending
the Caveman about love, sex and
why guys leave their dirty clothes
on the bedroom oor.
This is not to say that he has only
been playing a caveman, he has been
performing in multiple plays over
the last ve years, most recently in
Repertory Philippines musical The
Producers. But he keeps coming
back to this humorous monologue
on the battle of the sexes, playing
a married man struggling to un-
derstand the lack of understanding
between men and women.
Its really interesting to watch
the audiences when Im up on
stage doing my thing, Trinidad
was quoted as saying in a release,
referring to the couples who elbow
each other as they recognize them-
selves and their own gender quirks.
I always have the best seat in the
house!
Defending the Caveman, the
longest running solo one-man
show in Broadway history, has been
performed in 35 countries in more
than 16 different languages. The
Chicago Sun-Times described the
show as a outrageously funny and
surprisingly sweet exploration of
the gender gap while the New York
Times called it a comic phenom-
enon.
The pared-down production
just Trinidad with next to no
set pieces is directed by Cathy
Azanza-Dy.
According to the shows produc-
er Ria Pangilinan, they are plan-
ning a national tour of the show.
As long as people keep clamoring
for it, well keep bringing it back,
she said.
Ticket prices range from P625 to
P1,563 and are available at Ticket-
World.
Friday-Saturday, June 13-14, 2014 S3/3
Going Out
Theater
Defending the Caveman
Upstart Productions, Inc.
June 13, 14, 20, 21 at 8 p.m.
June 15 and 22 at 4 p.m.
Carlos P. Romulo Auditorium, RCBC Plaza
Ayala Ave. cor. Gil Puyat Ave., Makati City
Out and about
on Fathers Day
Return to the cave
THE ARANETA CENTER celebrates a com-
bination of Independence Day and Fathers
Day with All Out Freedom: A Celebration
of Freedom and Fathers, which includes
the Looking For Juan art exhibit at Gateway
ongoing until June 21. The offcial ribbon-
cutting ceremonies features talks by
Filipino artists and special guests, on June
12, 3 p.m. A Fathers Day Mall Show with
TV5 celebrities, VIVA artists, and games,
will be held at Farmers Plaza on June 15,
4 p.m. There will be Fathers Day freebies
on June 14 and 15. Visit www.aranetacen-
ter.net for details.
There will also be a Fathers Day cel-
ebration at McKinley Hill. At Venice Piazza,
fathers can test-drive todays hottest
cars around McKinley Hill at the Fathers
Day Drive, running from June 14 to 15,
featuring the Mercedes-Benz C250 Coupe,
the Chrysler Town & Country, the Dodge
Durango and the Jeep Grand Cherokee. Fa-
thers will also have a chance to take home
a Canon Digital Camera and other items in
the Fathers Day Gadget Giveaway promo.
For every P1,500 spent at any McKinley
Hill establishment, fathers can pick-a-prize
at Canons booth or they can double up
their prizes when they buy P1,500 worth of
Canon products. Dads Night Out, a special
Fathers Day 80s party with a performance
by The Authority will be held on June 14,
7 p.m. McKinley Hill also has a dining
treat with the Dads Eat for Free at Tuscany
promo on June 15, for a minimum pur-
chase at participating Tuscany restaurants
and establishments including Marcianos,
Detoxify Bar, SF Bistro, The Burgery, CBTL
Coffee Bar, Wursty Wursty, Trattoria Poggio
Fathers Day, S3/ 12
AT VENICE PIAZZA, fathers can test-drive todays hottest cars like the Jeep Grand Cherokee around
McKinley Hill from June 14 to 15.
ONE of the many reasons I loathed
Blended was its tendency to under-
cut anypotentiallysweet scenewith
a punch line directly to the nose
of the viewer, as if to say: Sucker!
Were not making a real movie here,
whats wrong with you?
Case in point, and sure, Ill go
ahead and issuea SPOILERALERT,
even though the real spoiler alert is
DONT SEETHIS MOVIE:
AdamSandlers Jimis a widower
with three daughters. Drew Barry-
mores Laurenis a divorcee withtwo
sons. Jim and Lauren are set up on
a blind date that goes spectacularly
wrong, with golden comedic mo-
ments such as Lauren spitting up
French onion soup (if its a Sandler
movie, theres going to be projectile
something), and Jimguzzling beers
and irting with Hooters waitresses
withnames like Bubbles.
Stay with me, reader! We need a
doctor here!
Cut to a few weeks later, when
their respective families nd them-
selves on vacation together, due to
one of the most contrived setups
this side of a one-and-done sitcom
on a network youve never heard of.
After a schmaltzy moment be-
tween Lauren and Jims daughters
designed to evoke tears, with Jim
conveniently positioned outside to
eavesdrop on the whole thing, Jim
reacts bypulling a prankonLauren,
and laughing at her when she falls
for it.
Any decent man would have
thanked Lauren. Jim uses the mo-
ment to exploit Lauren. And were
supposed to think Laurens ex-
husband is the jerk?
Over 16 years, Sandler and Bar-
rymore have teamed up for three
comedies: The Wedding Singer (di-
rected by Frank Coraci, who also
helmed this film), which remains
one of Sandlers most endearing
eforts; 50 First Dates, whichhad its
moments, but was sunk by a prem-
ise so insane there was no way to
rescue it; and now Blended, which
is so much worse than the other
two films its difficult to put into
words beyond something along the
lines of:
This is a clichd, cynical, occa-
sionally offensive, pandering, idi-
otic lmthat redenes shameless.
Its a measure of the screenplays
laziness that we actually have a
scene where a kid looks up from
the on-deck circle and is crestfallen
when his divorced dad isnt in the
bleachers.
And then we get the scene again.
Each of Jims three daughters
and Laurens two sons has been as-
signed one character trait. I wont
punishyoubylistingall of them, but
for example, Jims middle daughter
is named Espn, as in ESPN, be-
cause Dad works for Dicks Sport-
ing Goods and ESPN is his favorite
network, and apparently Espns
now-dead momdidnt care enough
to say, Were not calling our child
Espn, you idiot.
Oh, and Espns personality
quirk? She carries onconversations
with Dead Mom all day long, even
insisting on Mom having her own
place setting at dinner. Wheres the
Long Island Mediumwhenwe need
her?
Laurens children are just as
disturbed, as evidenced in an early
scene when one son sets a shirt on
fire and the other sprays the fire
extinguisher in the baby sitters
face.
Of Jim and Laurens five chil-
dren, at least four are in need of
immediate psychiatric help.
You dont need to know how or
why Jimand Lauren and their kids
wind up on a luxurious African
vacation, staying in a garish two-
bedroomsuite that looks like Hugh
Hefner invaded Neverland. Or why
Jim winds up riding an ostrich,
and Lauren nds herself narrowly
avoiding a collision with a rhino,
while Jims youngest daughter says
vagina as a punchline, and not for
the rst time.
As for the African characters
are you sure you want to know? We
have Abdoulaye NGomas Mfana, a
smiling jokester who always seems
one beat away from singing Dont
Worry, Be Happy, and Terry Crews
as Nickens, who dresses up in out-
rageous costumes and shows up
witha chorus line of backupsingers
and dancers, commenting on the
developing relationship between
Jim and Lauren. Also, we see lots
of girafes and elephants and smil-
ing, deliriously happy natives with
seemingly not a care in the world.
If you were to see this lmand The
Lion King and youhad to categorize
one as a documentary, the latter
would win out.
Stupi d mi sunderstandi ngs,
child actors overacting, blatant
product placement, Shaquille
ONeal given about a dozen lines
and thats probably 11 times too
many: Blended has all of that and
less. Ms. Barrymore looks lovely
and still has the ability to light up
the screen, and every once in a
while, we see a spark of something
between her and Sandler, and we
remember they had something,
once. Universal UClick
Rating: H
MTRCB Rating: PG
4/S3
Movies Movies
Movie Review
Blended
Directed by Frank Coraci
By Richard Roeper
Movie Review
How to Train Your Dragon 2
Directed by Dean DeBlois
By Rianne Hill Soriano
Movie Review
Noah
Directed by Darren Aronofsky
By Richard Roeper
Friday-Saturday, June 13-14, 2014 Friday-Saturday, June 13-14, 2014 S3/5
THIS is not your fathers fathers
fathers fathers fathers fathers
fathers fathers fathers fathers
fathers fathers Noah.
This is a Noah for the 21
st
cen-
tury, one of the most dazzling and
unforgettable biblical epics ever
put on lm.
Its also already ticking off
some people, including a few who
havent actually seen the lm be-
fore deciding it is blasphemous
propaganda.
What it actually is is a movie
a stylized but never disrespect-
ful take on one of the most well-
known stories in the history of
civilization.
Director and co-writer Darren
Aronofsky has delivered a bold,
visually stunning, emotionally in-
volving and sometimes just plain
loony interpretation of the legend-
ary tale from the Book of Genesis
of the man and the ark and the
two-of-every-kind animals and the
40 days and nights of rain. This is
a biblical epic with an apocalyptic
look, filled with thunderous spe-
cial efects and amazing sets. Noah
looks as pricey and ambitious as a
Lord of the Rings movie and some-
times plays like the Old Testament
as filtered through a Braveheart
lens.
In a ferocious, razor-sharp per-
formance one of his best in years
Russell Crowe gives us a God-
loving, God-obeying, hard-core,
knife-wielding, fireball-hurling,
stick-fighting, villain-stomping,
sometimes tormented Noah who
literally looks to the skies for an-
swers.
Hes on a mission from God.
On a number of occasions, I
half-expected the blood- and mud-
spattered Noah to hold his arms
out and bellow, Are you not EN-
TERTAINED?!
Noah sticks to the basic ele-
ments of the story, though Aronof-
sky almost immediately serves
notice this is not going to be a by-
the- Good-Book telling when he
gives us a title card that reads, In
the beginning, there was nothing.
Theres no booming Voice of
God from the sky; Noah gets his in-
structions from God via hallucina-
tory dreams and visions, and once
he gets his marching (or building)
orders, theres no stopping him
even when his interpretation of
those commands makes him seem
like a danger to his own family.
Noah, his wife, Naameh (Jenni-
fer Connelly, who played Crowes
wife in A Beautiful Mind), and their
sons, Shem (Douglas Booth), Ham
(Logan Lerman) and Japheth (Leo
Carroll), live a nomadic existence
in isolation from humankind,
which has grown corrupt and vio-
lent and has scorched the Earth to
Watch at your own risk
Gods gladiator
the point where the planet is on the
verge of dying. (The Icelandic loca-
tions, mixed in with CGI magic,
are breathtaking.) Whenever Noah
says Men! it serves as a warning
for the family to head for cover,
because those men will inevitably
be bloodthirsty warriors who will
slice a strangers throat to take a
morsel of food from his hands.
Although we get some beauti-
ful and sometimes frightening
ashbacks to the dawn of time and
the creation of creatures and man,
the bulk of Noah is set during the
building of the ark and the subse-
quent ood, and my word is there
are a lot of drama and tension and
violence surrounding those two
major events.
Wearing garb and a beard that
wouldnt seem out of place at the
head of the table on Sons of Anar-
chy, Noah has a vision of a great
cleansing a ood that will wipe
out humanity, with only Noah
and his family and Gods innocent
creatures surviving. In addition
to his wife and three sons, that
unit includes Ila (Emma Watson),
who was rescued by the family as
a little girl and is now in love with
Noahs eldest son. (She was raised
as Noahs daughter, but shes not a
blood relative, so the whole post-
flood be fruitful and multiply
thing doesnt have an ick factor, at
least not for the rst generation.)
How can one small family build
an enormous, multi-tiered ark de-
signed to contain two of nearly
every species on Earth? It would
be impossible were it not for the
assistance of the giant, rock-
encrusted, talking creatures that
have come to Noahs aid. They are
fallen angels that were turned to
stone after disobeying the Cre-
ators orders and trying to help
mankind. Theyve long since aban-
doned man, but now theyre united
in a mission to aid Noah, for they
believe he has truly heard the word
of God.
Sidebar re the giant rock crea-
tures: Theyre one of the reasons
Im giving Noah three and a half
stars and not the full four. Theyre
just kind of silly. Like something
wed expect to see in a middle
passage in some Tolkienesque
adventure. When they speak in
the classic, deep, echoing voice
of nearly all giant creatures in
all movies that contain giant
creatures (Nick Nolte and Frank
Langella are among those speak-
ing the dialogue), Noah loses its
gravitas.
Ah, but the performances and
the overall tone easily overcome
this stumble. Anthony Hopkins is
perfectly cast as Noahs ancient
grandfather Methuselah, who has
a Yoda-like wisdom, and the great
Ray Winstone sinks his teeth into
the role of Tubal-cain, the ruthless
king who is the embodiment of
everything that is wrong with man.
In Aronofskys Noah, it turns
out herding the creatures onto
the ark and getting them to settle
down, while not a snap, is among
the least difcult tasks. Noah also
has to contend with a rebellious
middle son, that evil king and the
thousands of men literally storm-
ing the gates of the ark, and a wife
who looks on in horror as he ex-
plains theyre not the beginning
of a new era theyre the last of a
dying breed.
In the most powerful scene
in the film, Noah tells his family
about the dawn of life, and we see
visuals combining elements of
evolution and creationism. (Not a
single character in this lm actu-
ally doubts the existence of the
Creator. But many have forsaken
Him.) To be sure, some will be of-
fended by Aronofskys interpreta-
tion of the Noah story, but amidst
all the amazing efects and all the
ights of creative risk taking and
all the liberties taken in the name
of mainstream entertainment, this
is the story of a great and greatly
flawed man who did everything
in the name of serving his God.
Universal UClick
Rating:
MTRCB Rating: R-16
7500
THE FILM DISTRIBUTOR obviously decided to take advantage of a topical subject matter by reissuing this 2012 flm which
concerns a group of passengers who encounter what appears to be a supernatural force while on a transpacifc fight. Directed by
Takashi Shimizu, it stars Leslie Bibb, Ryan Kwanten, and Amy Smart. MTRCB Rating: PG
My Illegal Wife
IN THIS COMEDY starring Zanjoe Marudo, Pokwang and Ellen Adarna, a man wakes up with amnesia, and is tricked by the frst
woman he frst sees into believing that hes married to her. Directed by Tony Y. Reyes. MTRCB Rating: PG
HOWTO TRAIN YOUR DRAGON 2 has the
core of a genuine crowd-pleaser. Many
Hollywood blockbusters suffer from the
usual franchise fatigue, but this sequel is
a satisfying continuation of the pioneering
flm. Although not without faws, it ultimately
succeeds in utilizing and expanding the ele-
ments that made the frst animated adven-
ture work. Compared to its 2010 predeces-
sor, this second installment dares to go a
bit darker, more mature and more intense.
The tale begins a few years after
dragons and humans on the island of Berk
found peace and companionship. Now an
inseparable pair, the young adult Viking
Hiccup and the charming dragon Night Fury
Toothless are often seen exploring the
skies and charting unmapped territories.
In between their exciting adventures, the
hesitant Hiccup gets pressured by his
chieftain father to become the new leader
of their town. This leads to some father-
son issues that later become even more
complicated when Hiccup accidentally
bumps into his long-lost mother who
happens to be a secret dragon rider bound
to protect dragons from all evil. Soon, Hic-
cup and Toothless, alongside their family
and friends, fnd themselves at the center
Soaring high
of a battle to protect the future of both
dragons and humans.
This sophomore piece hasnt dimin-
ished the original flms dragons and
Vikings fair. Director Dean DeBlois
carefully handles the canons extended
universe and lore without sacrifcing any
of its charm. Although the wiggle-wagging
frst part suffers from some structural con-
cerns and overly hurried moments, halfway
through, the story advances compellingly
without sacrifcing the integrity of the
narrative. Everything builds up towards a
touching and memorable fnale.
With many hilarious beats and heart-
breaking points, the storytelling allows
the audience to experience that sense
of wonder of being inside the characters
world. The well-grounded, more grown-up
story line touches on complex human-and-
animal interactions through fnely tuned co-
medic and dramatic scenes. With notable
emphasis on family and friendship, the
flm establishes the deep emotional bond
between dragons and their riders, particu-
larly that of Hiccup and Toothless.
Both the animation and the voice-acting
work led by Jay Baruchel as Hiccup and
Gerard Butler and Cate Blanchett as Hiccups
parents bring out the best in the story.
Coming from someone who is not
typically impressed by the 3-D gimmicks
in movies, this animated outing provides
plenty of stunning 3-D fight sequences
and amazing scenery that dont get in the
way of a good narrative. Often, viewers will
fnd themselves soaring high and falling
down alongside dragons in fight. Yet, the
storytelling remains just as focused as the
awesome sounds and visuals.
This follow-up pictures commercial ap-
peal breaths fresh fre into the blockbuster
franchise. As an immersive high-fying fam-
ily offering, it delivers heartfelt action and
smartly delightful antics that are certainly
worth the price of admission.
MTRCB Rating: G
Friday-Saturday, June 13-14, 2014 6/S3
Staying In
By Angela Dawson Front Row Features
By Mark John Reuters
By Michael Thurston Reuters
Staying In
Friday-Saturday, June 13-14, 2014 S3/7
LOS ANGELES He claims to have
saved hundreds of thousands of
marriages. But John Gray, author of
Menare fromMars, Womenare from
Venus, is worried by where relation-
ships are going notably online.
Free Internet pornis like taking
heroin, while online cheating Web
sites can also lead to sex addiction,
Gray said.
Gray, whose books including
the original 1992 classic have been
published in 50 languages and sold
50 million copies, is also worried
about feminism, which he blames
for spiking divorce rates.
The reasonwhy theres so much
divorce is that feminism promotes
independence in women. Im very
happy for women to find greater
independence, but when you go too
far in that direction, then whos at
home? he asked.
In an interview with AFP, Gray
said widespread feminism in
America holds back sales of his
books here, while other parts of
the world he cited Australia and
Latin America notably are more
in tune with his basic message.
Men and women come fromdif-
ferent planets, and the two sexes
should stop trying to behave simi-
larly, and embrace their own natu-
ral personalities, according to Gray.
The most resistance I get to my
message is in America. Wherever
feminismhas a strong hold, theres
resistance to the idea that men and
women are diferent, he said.
When you go to Australia, for
example, theres a very clear knowl-
edge that men and women are dif-
ferent.
Gray also cited Latin American
countries as places where they
love my books.
In Europe, he said his biggest
fans are in France.
I think its because France is a
romantic country, the language is
more romantic, people care more
about relationships, Gray said.
IMPACT OF TECHNOLOGY
The 62-year-old who says he has
saved at least hundreds of thou-
sands of marriages over the last two
decades meanwhile was ambiva-
lent about the impact of technology
on relationships.
Being able to meet people eas-
ily online has its pluses he said,
citing notably the number of di-
vorced people in their 40s and
50s who seek out former friends
and partners from their younger
days.
But he voiced concern notably
about two online trends: Internet
porn, and the huge success of so-
called cheating Web sites, where
users canhook upwithothers seek-
ing illicit afairs.
With free Internet porn, theres
a massive addiction happening...
just millions and millions of people
are experiencing their sexual sat-
isfactions through total fantasy,
Gray said.
The efect that porn has on the
brain is like taking heroin.
Cheating websites, while provid-
ing real physical sexual experienc-
es, are equally dangerous to real,
long-termloving relationships, the
author cautioned.
Sites like www.ashleymadison.
com and www.arrangementnders.
comgo along the same line of por-
nography, he said. Whenyouhave
impersonal sex.... Its OK, here are
these cheating wives, men, they
want to have sex with you.
So you go have sex with some-
one that you dont knowand some-
one you dont love... impersonal sex
does promote addiction to sex, he
said.
The California-based author
and counselor, meanwhile, said he
thought the famously liberal and
fun-in-the-sun western US state
had more divorce precisely because
life is so easy here.
Freethinkers want to go to
California... Theyre experiment-
ing with new things, so theres a lot
of feminism here. Youre at work
all the time, naturally you start
having afairs at work, and you get
divorced, Gray said.
California people are experi-
menting with new ways... I dont
think therapys the answer for
everybody, I just think they need
more therapy here.
LOS ANGELES Psy, who set of a global
sensation with Gangnam Style, tried out
a fresh sound Sunday as he released a hip-
hoptale of drunkendebauchery co-starring
rap legend Snoop Dogg.
Entitled Hangover, the South Korean
stars new song returns to the Gangnam
Style theme of material excess but eschews
the giddy K-Pop arrangements of his 2012
megahit for more minimalist hip-hop beats.
The video features Psy and the notori-
ously hard-partying Snoop Dogg on a night
of intense boozing. The subject matter is
apparent from the videos first moments
in which Psy vomits in a toilet bowl, only
to start tapping his hands to the rhythmas
Snoop Dogg jumps out of a bathtub revved
up to party.
In a line that could quickly become a fa-
vorite in late-night bars the world over, the
song goes: The partys over! It aint over!
and, Drink it up and get sick. Bottoms up,
get wasted.
Thevideotakes theduoona beer-sodden
adventure through Seouls rambunctious
nightlife. At one point, young women twerk
to the music and later Psy and Snoop Dogg
skipthroughthe streets withtwo irtatious
middle-aged women they met at a karaoke
bar.
I cant stop. Makingbottles popuntil the
wheels go out, Snoop Dogg raps. I cant
quit. I wake up in the morning do the same
sh*t.
Psy released Hangover onYouTube, an
appropriate forumfor himafter Gangnam
Style became the most viewed music clip
ever on the video-sharing site with more
than two billion views.
In an elaborate rollout for the video, Psy
and Snoop Dogg also appeared on a special
edition of the Jimmy Kimmel Live! comedy
showin Los Angeles broadcast before game
two of the National Basketball Association
nals.
Psy, whose real name is Park Jae-Sang,
said that he and Snoop Dogg wrote the song
through online collaboration and filmed
the video together in Seoul in just 18 hours
of production without breaks.
Psy said that he initially telephoned
Snoop Dogg to pitch working together.
He said, What is the title of the song?
And I said, Hangover, and he said, Im
doing it, Psy said.
Snoop Dogg said that he felt like I was
in an action movie by shooting a video in
Asia.
For me, it was awesome, because Ive al-
ways wanted to be in a martial arts movie,
he said.
For the show, host Kimmel, Psy and
Snoop Dogg appeared together at a Los
Angeles karaoke club where Psy performed
Snoop Doggs signature 1994 hit Whats
My Name? and the South Korean star de-
lighted the crowd by putting on his horse-
riding-like dance moves from Gangnam
Style.
TheGangnamStyle dancehas spawned
myriad imitations in videos around the
world, in a global success all the more sur-
prising as unlike Hangover the song
is in Korean.
Gangnam Style, however, is at its
root satirical, poking fun at the quest for
material wealth and status epitomized by
Seouls tony Gangnam district. AFP
Mars, Venus author warns over sex in online world
Book Talk: Game-changer or Marx revisited?
A new tale of capital
JOEL KINNAMAN was only seven years old when Paul
Verhoevens cautionary sci-f drama RoboCop came out.
It was an iconic flm for the Swedish-American actor,
so when he heard from his agent that the flm was
set for a reboot, he thought he would be interested in
watching it as a viewer, but worried it would be tricky as
an actor to step into the big steel boots of Peter Weller,
who played the original half-machine, half-human police
offcer in the 1987 version.
What changed his mind was hearing that Brazilian
flmmaker Jose Padilha (the Elite Squad flms) was
going to helm the update. Kinnaman, who starred in
the Swedish thriller Easy Money and the acclaimed
independent romantic comedy Lola Versus, fgured it
would be a risk worth taking in capable hands.
The tall, blond actor, who bears a striking resem-
blance to a young Keith Carradine, says he was then
game to tackle the role. The update is set in the year
2028, and Kinnaman, 34, plays Alex Murphy, a loving
husband, father and good cop doing what he does
best trying to stem the tide of crime and corruption
in Detroit.
Released theatrically in February, the remake took
in a respectable $242 million in worldwide box offce.
(It fared better overseas than domestically.) RoboCop
is now available on Digital HD and arrived on Blu-ray,
DVD and VOD on June 3.
When Alex is critically injured in a criminal attack,
executives from a company called OmniCorp, a robot
technology frm, convince his wife (Abbie Cornish) to
allow them to save him by replacing the destroyed
parts of his body with robotic technology. OmniCorp
has other than altruistic reasons to save Alex. Theres
a fortune to be made selling robots with a human
brain to the nations law enforcement agencies. But
the greedy tycoon (played with cool menace by Michael
Keaton) behind the project didnt consider the fact that
there is still a man fghting inside the machine.
Playing a charismatic, sweater-wearing Bill Gates-
type, Keatons OmniCorp chief Raymond Sellars is
actually bent on making his prototype work no matter
what the consequences. He didnt count on the human
within the machine to be a problem for him, though.
Having once spent a great deal of time confned
inside an uncomfortably rigid Batman suit, Keaton told
reporters prior to the flms theatrical release that he
could relate to the constricting costume that Kinnaman
had to wear as the hybrid cop/machine, but ribbed him
nonetheless.
I got no sympathy from Michael Keaton when I got
my suit, Kinnaman said. He was like shut the f***
up! Youve got it easy. They had to glue my suit on!
The RoboCop Blu-ray is chock-full of material, with
nearly an hour of extra features and featurettes, taking
fans behind the scenes of OmniCorp to witness the
future of law enforcement, revealing the secrets of
director Padilha, and exploring the making of the flm.
SON OF GOD
Also arriving on Blu-ray and DVD last week was the box
offce hit Son of God, which brings the story of Jesus
Christ to life to audiences through inspirational story-
telling. Told with the scope and scale of an action epic,
this production presents powerful performances, exotic
locales, dazzling visual effects and a rich orchestral
score by Hans Zimmer and Lorne Balfe. Son of God
chronicles Jesus life from his humble birth through his
teaching, crucifxion and resurrection.
Christopher Spencer directs this epic bible flm,
which was produced by Emmy award-winning husband
and wife Roma Downey and Mark Burnett through their
LightWorkers Media. The flm has grossed nearly $68
million worldwide since its Feb. 28 release.
The Son of God Blu-ray and DVD special features
include a 30-minute docu-story about Christians today,
a featurette called Jesus for a New Generation, a
making-of video (including a Spanish version), behind-
the-scenes on set and a compassion video.
AFTER SVU
For 12 seasons, Christopher Meloni played NYPD
detective Elliot Stabler on Law & Order: Special Victims
Unit. Then his character abruptly resigned offscreen
in the 13th season premiere. The offcial story was
that Meloni left the show over a contract dispute with
the producers.
The 53-year-old veteran actor stars in the dramedy
Small Time, which arrived on Blu-ray and DVD on June 3.
The dramedy centers on a divorced used car sales-
man (Meloni), who encourages his slacker teenage
son (Devon Bostick) to work one summer on the lot
with him and his longtime business partner (played
by Breaking Bads Dean Norris), in hopes of sparking
a sense of responsibility in the kid. But the veteran
salesmans remarried ex-wife (Bridget Moynahan) isnt
sold on the idea, because she wants her son to fnish
school and go to college so he can become a fnancial
success like his stepfather.
Based loosely on writer/director Joel Surnows own
experience with his salesman father, Small Time is
a story about how following ones own path is more
important than simply accumulating wealth.
The Blu-ray/DVD includes an audio commentary
with Surnow (24 co-creator), Meloni and Norris.
HERE BE DRAGONS
In anticipation of the June 13 theatrical release of How
to Train Your Dragon 2, the highly anticipated sequel to
2010s hit animated feature, 20th Century Fox Home
Entertainment has released the second part of the
award-winning top-rated TV series DreamWorks Dragons:
Defenders of Berk. Based on How to Train Your Dragon,
Hiccup and his friends embark on new adventures and
battle to protect their island home of Berk. The young
Vikings must put their dragon training skills to the test
to defeat dangerous and surprising new enemies.
The series features the same voice talents from
the flm including Jay Baruchel, America Ferrera and
Christopher Mintz-Plasse. The DVD is jam-packed with
special features that dive deeper into the exciting
world of dragons, including Dragon Tracker Part 4,
featuring an in-depth look at Skrill, Baby Thunderdrums
and Speed Stinger dragons, along with a special sneak
peek of Snaptrapper, a dragon who will debut in How to
Train Your Dragon 2.
Evolution of Skrill is a featurette with visual effects
supervisor David Jones explaining the history behind
the mysterious and scary dragon. Another feature is a
Here Comes the Fire Dragon Mash-up music video.
WASHINGTON Cult television saga Game of
Thrones may be best known for killing off its leading
characters, but a US academic is trying to salvage a
living language from all the death and destruction.
Like Star Treks Klingon before it, the invented
language of the Dothraki people an imaginary race
of horse-borne warriors from the steppes of Essos
now has a grammar and a vocabulary.
Its creator, linguist David Peterson, began the
development of the tongue to add some realism to
the dialogue of the fantasy fgures, but now plans to
develop it into an ongoing shared project.
A course, to be released in November in book
form and on a CD with audio samples, will teach
the series more committed fans phrases such as
khaleesi zheanae or the queen is beautiful.
There will also be cultural and etiquette tips for
those hoping to slip more thoroughly into the skin
of the nomadic raiders and their culture of warfare,
honor and horsemanship.
Whatever you do, never call a Dothraki warrior
an ifak a walker. Its the ultimate insult since it
implies he can no longer ride his horse, publisher
Living Language warned in announcing the book.
Peterson said that he had often been asked by
fans when he was going to make his new language
open to all, and the course was his response.
This book will take you from arakh to zhav-
vorsa in no time, and the audio samples will help
you perfect your pronunciation, he said.
The HBO series Game of Thrones now in its
fourth season is based on the epic multi-volume
saga A Song of Ice and Fire by US novelist George
R.R. Martin.
The book series is not yet complete, but budding
Dothraki will have to hurry to learn the new language
as most of the characters in the show drawn from
the tribe have already been killed or died of thirst.
Reuters
Robot cop, Bible story, used car salesmen and dragons hit DVD
Khaleesi zheanae:
Thrones fans get
Dothraki course
Psy goes from Gangnam
to hip-hop style in new song
PARIS Capital in the Twenty-
First Century by French econo-
mist Thomas Piketty has attracted
praise and invective alike onits way
to the top of the Amazon.combooks
best-seller list.
New York Times columnist Paul
Krugman called its findings on
wealth dating back to the 18
th
cen-
tury a game-changer that demol-
ishes the myth that great wealth is
earned and deserved.
Time Magazine featured a pic-
ture of le hot hand author under
the headline Thomas Piketty:
Marx 2.0 a reference to the co-
author of the 1848 Communist
Manifesto whose later Das Kapital
sought to explain how capitalism
worked.
The scope of Pikettys 696-page
inquiry is vast, taking in the deadly
clashes between police and strik-
ing miners in South Africa two
years ago, the world wars of the last
century and even how the ctional
heroes of 19
th
-century novelists
Jane Austen and Honore de Balzac
amassed and lost their fortunes.
For Piketty, the statement r >
g where the rate of return on
capital (r) outpaces economic
growth (g) is the fundamental
inequality underpinning much of
the work.
In his tiny, book-lined office at
the French School for Advanced
Studies in the Social Sciences
(EHESS), the 43-year-old academ-
ic explains why wealth taxes and
increased financial transparency
could prevent an endless inegali-
tarian spiral.
Q: Briey, why does r tend
to be greater than g?
A: To some extent it is coincidence.
But according to the textbooks, r is
always bigger than g because oth-
erwise people wouldnt save, they
would just borrow indenitely
from future resources. But when
r is substantially bigger than g, in-
equality of wealth tends to rise to
pretty large levels.
Q: So is inequality just
a fact of life?
A: r>g is just one possible force
among many: the main conclusion
of the book is that there are many
forces going inall directions. Histo-
ry shows youhave forces pushing in
the direction of reducing inequali-
ties such as the transmission of
skills and knowledge. But you also
have forces in the direction of ris-
ing inequality, notably because of
the tendency of the rate of returnto
exceed the growth rate in the very
long run. This is particularly likely
to happen if we have a slowdown in
the growth rate, especially due to
a slowdown in population growth.
We cant exactly predict what in-
equality is going to be like in the fu-
ture but we shouldnt wait for some
incredible coincidence when r and
g matchupbefore we dosomething.
Q: Like what?
A: We need to set up a systemwith
more transparency about wealth
so we can adapt our tax systemand
our tax rate to what we observe. If
after all that, we dont need very
progressive taxation, then ne. But
we shouldnt wait for this to hap-
pen: theres no pilot in the plane
and we need to put one there.
Q: What do you say to those who
call you a modern Marx?
A: Marxs mainconclusionwas that
the rate of return would ultimately
tend towards zero that there
would be a nal catastrophe with
a falling rate of prot. I dont think
there is any good historical evi-
dence for this claimand there is no
logical consistency behind it either.
I dont think there will be a big ca-
tastrophe, although it can raise po-
litical problems because the level of
inequality grows.
Q: What surprises did you come
across in your research?
A: The main surprise is the return
of what I call this patrimonial soci-
ety with a high wealth-to-income
ratio. When I read Balzac and Jane
Austen I saw wealth everywhere
and when I started working on this
issue in the 1990s and reaping evi-
dence in the 1980s, 1970s, I could
not see the same large wealth as
I could in these 19
th
-century nov-
els. But finally I realized we were
in the middle of a big transition
and we were returning to the same
kind of wealth-to-income ratio as
before.
Q: Are you surprised by the
erce debate your book has
created in the English-speaking
world?
A: There is a long egalitarian tradi-
tion in the US and the UK they
are the two countries that invented
progressive taxation in the 20
th

century. One reason I think this is
picking up quite well there is that
there has been a very large rise in
inequality in these two countries.
Part of the reason why the US in
particular invented progressive
taxationinthe 1920s and 1930s was
that at that time there was already
a big concern about a rising con-
centration of wealth and political
power. To some extent we are in a
similar period now.
Q: Is it touching the same nerve
in Europe?
A: There the issues are less about
rising inequality and more about
the future of the welfare state and
the future of public debt. Here the
book is interesting because it shows
we have already had much higher
public debt than we have today
and it is interesting to see how it
was solved: in the 19
th
century UK
via scal surpluses but it took one
century; 20
th
century Germany and
France used mostly ination to re-
ducetheirdebtafterWorldWarTwo
which was faster but destroyed a
lot of private saving accounts which
left us with big trauma.
Q: Neither option seems that
likely today, though...
A: So what are we going to invent
in the future if we dont have ina-
tion and we dont want austerity
for 50 years? I think a better solu-
tion is progressive tax on private
wealth. Its like ination but it is
more civilized because youcanpro-
tect lower- and middle-class wealth
owners and ask more of those who
have more. These issues are beyond
left and right. What history tells us
is that there is noeasy way toget rid
of big debt.
Q: But many countries wont
risk going it alone with such
taxes and cross-border agree-
ment on taxes is tough, isnt it?
A: If you talk about a complete
global wealth tax and global gov-
ernment that is not very realistic,
but theres a lot than can be done
at a national level. It is easier in
large countries like the US which
has one-quarter of world GDP.
The United States can have the
tax policies it wants and then put
sanctions on Swiss banks if they
want to get the right transmission
of information. We saw that in the
last ve years and ve years ago
people were saying nothing would
ever happen with Swiss banks and
bank secrecy.
Q: Any signs policy makers are
taking this on board?
A: You know I think many politi-
cians seem to be interested, but at
the end of the day I believe in the
power of ideas and the power of
books. We all have a little bit of in-
uence. And when I see reports by
the IMF and the Bundesbank say-
ing a tax on private wealth can be
a good way to reduce public debt,
I feel that sometimes people can
change their mind.
REUTERS
FRENCH ECONOMIST and academic Thomas Piketty poses in his book-lined offce at the French School for Advanced Studies in the Social Sciences (EHESS),
in Paris on May 12.
MEDICINE
CABINET
Reiner Gloor
Task force on emerging infectious diseases
Friday-Saturday, June 13-14, 2014 8/S3
Health
ON MAY 26, President Benigno
S. Aquino signed Executive Order
No. 168 creating the inter-agency
task force for the management of
emerging infectious diseases (EID)
in the country.
One of the objectives in setting
up the inter-agency task force is to
educate the public on EID and its
prevention, control and manage-
ment to promote positive health
behaviors, and address public fear
and anxiety through the conduct of
a nationwide awareness campaign.
It is anchored on the Constitu-
tion which provides that the State
shall protect and promote the right
to health of the people and instill
health consciousness among them.
The Administrative Code of 1987
states that the primary function of
the Department of Health (DoH) is
the promotion, protection, preser-
vation or restoration of the health
of the people through the provision
and delivery of health services and
through the regulation and en-
couragement of providers of health
goods and services.
The emergence of the Severe
Acute Respiratory Syndrome
(SARS), Avian Inuenza, Ebola, and
the Middle East Respiratory Syn-
drome Coronavirus (MERS-CoV)
infections have been acknowledged
by the global community to cause
potential public health emergencies
of international concern, he added.
Focusing on the Philippines, the
recurrent threats of other diseases,
such as Meningococcemia, Lepto-
spirosis, Antimicrobial Resistance
of Tuberculosis, and other bacte-
rial, viral and parasitic diseases
contribute to the high incidence of
infectious diseases in the country.
The international proliferation
of these diseases persist due to in-
creased globalization and mobility
of travelers and products, and thus
threatens the lives and safety of
Filipinos both here and abroad, as
well as the Philippine economy in
general.
In the event that any or a com-
bination of these diseases result in
multi-country outbreaks that can
lead to epidemics and even a world-
wide pandemic, there is a need for
an inter-sectoral collaboration to
establish preparedness and ensure
efficient government response to
assess, monitor, contain, control,
and prevent the spread of any
potential epidemic in the Philip-
pines, the President stated.
To prepare for a potential epi-
demic in the Philippines, the task
force will be composed of represen-
tatives from the DoH (chair), and
the departments of Foreign Afairs,
Interior and Local Government,
Justice, Labor and Employment,
Tourism, and Transportation and
Communications as members.
Among the important items in
EO 168 is that the President em-
powered the EID to call on gov-
ernment agencies, including the
government-owned or -controlled
corporations, government finan-
cial institutions, local government
units, non-government organiza-
tions, and the private sector for as-
sistance when the need arises.
The EO said that the DoH Secre-
tary may recommend to the Presi-
dent the enlistment of the Armed
Forces of the Philippines to supple-
ment the Philippine National Police
and other law enforcement agen-
cies for the purpose of enforcing the
quarantine of specic areas or facili-
tating the transport of EID patients.
The task force was specifically
ordered to establish a system to
identify, screen, and assist Filipi-
nos suspected or confirmed to be
infected with EID.
The task force must likewise pre-
vent and/or minimize the entry of
suspected or confirmed patients
with EID into the country. This
should include the rigid screening
and identication of EID suspects,
and the institutionalization of a
surveillance, alert, and quarantine
system in all ports of entry.
The task force must also prevent
and/or minimize the local spread
of EID in the country through the
establishment or reinforcement
of a system in screening possible
patients infected with EID, contact
tracing, identication of the mode
of exposure to the virus, and imple-
mentation of efective quarantine
and proper isolation procedures.
It is also imperative that the task
force prevents and/or minimizes
mortality through effective clini-
cal management by capacitating
health care facilities, government
and private medical practitioners,
health care workers, and public
safety enforcers.
And to adequately protect the
Philippines from infectious and
tropical diseases, the task force
must adopt measures to strength-
en the Emerging and Re-Emerging
Infectious Diseases Program of the
DoH or its equivalent in other local
health units.
One of the initial steps is edu-
cating the public on EID through
the formulation, development, and
implementation of the EID Pre-
paredness Manual.
(For more information, log on to
www.phap.org.ph or www.phapcares.
org.ph. Join www.facebook.com/
people/Pharma-Phap/. E-mail the
author at reiner.gloor@gmail.com.)
SINGAPORE Singapores Sean
Chin had a body fat percentage of 24%
seven years ago. He is now lean with
just 9% fat and as a personal trainer
he works daily with clients at their
homes to help them ght the ab.
Building up condence levels is
the crucial rst step towards tackling
obesity and I help my clients build
theirs by showing them a photograph
of a fat me, he said with a smile.
My mantra? If I could, you can.
To complement such eforts and
nudge others to take the rst step,
many Southeast Asian countries are
rolling out measures so people can
make healthy choices before obesity
turns into the full-blown epidemic
seen in many Western countries.
Obesity is a priority for the gov-
ernment, said Zee Yoong Kang, chief
executive of Singapores Health Pro-
motion Board.
Theres some intuition that once
obesity gets above a certain share of
a population, it becomes more of a
norm and then businesses and infra-
structure accommodate the greater
appetite, sucking in more people
into that lifestyle, Zee said.
While Southeast Asia still enjoys
one of the worlds lowest obesity
rates, it is seeing a rapid growth in
the condition.
Rising incomes, sedentary life-
styles and fattier, Western fast food
are exacerbating the situation for a
region that has for decades focused
on under- rather than over-nutri-
tion.
The obesity rate in Singapore
climbed to about 13-14% in 2010
from 8.6% in 2004. In Malaysia, one
of two adults is either overweight or
obese, while the prevalence of obe-
sity in Thailand has almost doubled
between 1991 and 2009.
The World Health Organization
has urged governments to do more
to prevent obesity, instead of risking
the high costs when it sets in.
BATTLING THE BULGE
Malaysia is working on increas-
ing awareness about obesity being
a public health threat as part of its
national strategic plan for non-com-
municable disease (NCD). Obesity
is a key cause of NCDs like diabetes
and cardiovascular diseases.
A population with a high burden
of NCDs... will affect productiv-
ity and ultimately negatively impact
our economic development, said
Dr. Chong Chee Kheong, director
of disease control at the Ministry of
Health in Malaysia.
The Nutrition Month Malaysia
initiative had Eat right, move more:
Fight Obesity as its theme this
year. The country also hosted the
International Congress on Obesity
in March.
Thailand is looking at various
measures to beat the bulge, includ-
ing a ban on the sale of carbonated
soft drinks at state schools, said
Krisada Ruangareerat, manager at
the health ministrys Thai Health
Promotion Foundation (THPF).
The latest number in 2012
showed about 17 million Thais suf-
fered from obesity... the number
continues to rise by four million
people a year, Krisada told Re-
uters.
The THPF is also thinking of pro-
posing a tax on sweet foods or those
with high calories. Thais consume
23.4 teaspoons of sugar per person
per day, which is very high com-
pared with an appropriate level of
six teaspoons a day, Krisada added.
I think every government is at
various stages of realization that
prevention is better than cure, said
Simon Flint, the Asia CEO of gym
chain operator Fitness First, which
is fast expanding in the region.
SINGAPORE ON A FITNESS
DRIVE
In Singapore, many child care
centers are serving less-fattening
brown instead of white rice and pub-
lic housing blocks have signs urging
people to skip the lift and take the
stairs.
The government has rolled out an
incentive-based weight management
programme for its residents to col-
lectively shed one million kilos (2.2
million lb) in the next three years.
The city-state, home to 5.4 million
people, is also working with several
organizations to promote healthy
living, including Fitness First and
with fast-food chain McDonalds.
Its safer as a health authority to
tell the kids no McDonalds, but its
more real and will potentially have
a better impact if I work with Mc-
Donalds to improve their product
mix, the health boards Zee said in
an interview.
McDonalds has come forward to
commit to provide more wholesome
options in its menu, he added.
Singapore, which is hoping to at
least stabilize the rising obesity rate
by 2020, recently launched a healthy
living master plan and a food strat-
egy that will see some 700 food out-
lets island-wide serving 500-calorie
meals. It plans to roll out another
initiative for physical activity later
this year.
Nutrition has to go hand-in-
hand with exercise. Drastic changes
will backre, said Chin, the trainer.
Appreciate healthy food and your
body will thank you in its own way.
By Himani Sarkar Reuters
Climb stairs, cut calories:
Southeast Asia fghts fab
PEDESTRIANS walk down a street in downtown fnancial district in Singapore on Jan. 29, 2013. Singapores obesity rate has risen to 13-14% in 2010 from
8.6% in 2004.
LOVEYOURSELF, a volunteer advocacy or-
ganization, is opening LoveYourself Anglo,
its second free HIV testing hub located
along Shaw Blvd. near the Ortigas central
business district.
LoveYourself Anglo shall offer free and
confdential HIV testing services and coun-
seling specifcally targeted for men who
have sex with men (MSM) and the youth
which are considered as the two demo-
graphic groups that are most vulnerable
to contracting the virus, based on offcial
health data.
LoveYourself Anglo is looking to build
on the success of its pioneering HIV test-
ing clinic, the LoveYourself Hub in Malate
which was established in 2012. Designed
by award-winning architect Dan Lichauco
of Archion Architects, the new clinic is
roomier and is more accessible.
Ronivin Vinn Garcia Pagtakhan,
president of LoveYourself said that over
the last two years, the LoveYourself Hub
in Malate has extended its services to
over hundreds of clients every week and
with the continuing increase in numbers,
there was indeed a need to scale up our
mission in another demographic location.
And through the fnancial assistance from
the Department of Healths Research In-
stitute of Tropical Medicine, a grant from
the Global Fund through the Department
of Health and Positive Action Foundation
Philippines, Inc., contributions from the
LoveYourself organization, and personal
donations from private citizens, LoveYour-
self Anglo was fnally opened. The new
hub shall provide a safe and affrming
venue for young men and MSMs where
they can learn how to take care of one-
self, and have a safe and private place
for HIV testing.
Volunteers of LoveYourself work
together to create a model community
of MSM and friends who empower and
affrm the self-worth of youth and MSM in
the Philippines through various services,
including free HIV testing and counseling.
The organization was recognized nationally
as one of the fnalists to the Ten Accom-
plished Youth Organizations.
A launch ceremony will be held on
June 22, 5 p.m. The free HIV testing and
counseling services will be offered to the
public starting June 25 from noon to 7
p.m., Wednesdays to Sundays.
LoveYourself Anglo is located at Units
2-6, 3/F 715-A Shaw Blvd., Mandaluyong
(behind Star Mall and a three-minute walk
from MRT Shaw Station.) For details and
schedules for HIV testing services, vsit
www.loveyourself.ph.
Free HIV testing,
counseling hub
opens at Shaw
AFP
Friday-Saturday, June 13-14, 2014 S3/9
Environment
HOUSTON Computer scientists are
picking a new ght with old school me-
teorologists, claiming nally to have
cracked the code on weather forecast-
ing at a pivotal, protable moment for
the eld, as climate change roils com-
modities markets and industries.
Banks and traders are reporting out-
sized prots, and losses, on everything
from natural gas to grains as severe
weather causes extra price volatility;
power grid operators are struggling with
bouts of extreme cold or droughts that
crimp supplies while demand spikes;
and more and more retailers and manu-
facturers are using forecasts to manage
inventories.
Traditional meteorologists, who look
at current weather patterns to make
forecasts, have long derided examining
historical temperatures as climatol-
ogy, of limited use, at best, when trying
to predict the future.
But applied mathematicians, some
of whom once worked on Wall Street
as market-predicting quants, see the
future in patterns of historical data.
After years of tinkering, they say their
weather algorithms can blow away tra-
ditional forecasting.
It has taken me two solid decades to
get something useful, said data miner
Ria Persad, the president of StatWeather.
Weathermen are looking at whats
happening now they are looking at
current data to get to the future, said
Ms. Persad. They arent actually study-
ing this 120 years of data log to extract
patterns like we are to draw statistical
lessons.
Ms. Persad looks far ahead: she sees
the California drought persisting until
late 2015, so far into the future as to
draw scofs from some practitioners.
Traditional meteorologists use com-
puter models as well, and some see val-
ue in mixing historical data with what
is happening outside their window, but
they are skeptical of relying too heavily
on the past.
We only have data for the last 100
years, which is 100 winters, which is a
really small sample size. It would work
if we had 1,000 years or 10,000 years of
data, but we dont, said Mike Halpert of
the National Oceanic and Atmospheric
Administrations Climate Prediction
Center.
This is kind of like being a gambler
in Las Vegas, on any one hand you may
lose, he added, declining to discuss
StatWeather specically.
Mr. Halpert, however, had predicted
this past winter was going to be warmer
than normal. Instead, it was unusually
cold just as StatWeather predicted.
Only about 20% of commercial fore-
casters saw the colder winter coming,
Ms. Persad said.
StatWeather nailed calls on a cold
snap in late 2013 and a string of frigid
temperatures through March, surpris-
ing some in the forecasting commu-
nity and even Ms. Persad herself. She
attributed improving accuracy to her
software training itself.
Another company, Global Weather
Oscillations, uses historical data to
predict where hurricanes will strike
land and correctly predicted a weak
hurricane season last year, unlike many
rivals.
We dont have to wait four days be-
fore a hurricane hits to do this. We can
do it eight months into the future, said
Chief Executive Officer David Dilley,
whose company sells its forecasts to
insurance rms and big retailers.
MANAGING RISKS
Climate change is already causing dri-
er droughts, more intense oods and
wilder temperature swings across the
United States, the National Climate As-
sessment said in May.
The winter of 2014, when frigid tem-
peratures roiled natural gas markets as
heating needs rose, may be a glimpse of
what lies ahead.
Major trading houses, including Mor-
gan Stanley and Goldman Sachs, hedge
funds and energy producers made and
lost hundreds of millions of dollars as
gas futures prices spiked by more than
50% to a ve-year high of $6.49 per mil-
lion British thermal units in late Febru-
ary. At a delivery point into New York
City, spot prices rose 20-fold.
Oil giant ConocoPhillips posted some
$200 million in prot during the quar-
ter from natural gas. Texas-based hedge
funds e360 and Goldfinch reportedly
had gains of 14% and 21% in January,
respectively, when gas spiked.
It was a very unusual quarter be-
cause of weather, ConocoPhillips Chief
Financial Officer Jeff Sheets told Re-
uters in May, describing a successful
winter of gas trading. He warned the
results might not be repeatable.
Commodities giant Cargill, Inc.s
quarterly earnings fell 28% on market
disruptions that it blamed in part on
extreme weather.
Most rms active in energy markets
have contracts with several forecasting
companies, paying them tens of thou-
sands of dollars a year.
StatWeather, which just moved to
Houston from Florida to be closer to
clients, declined to detail its roster of
users and several trading houses con-
sulted by Reuters would not identify
their suppliers.
Air Liquide, which produces and buys
power to distill specialized gases, said it
relies on half a dozen suppliers like Stat-
Weather, Planalytics, DTN, Wilkens and
Vaisala that track not just temperature
but also wind and in one case lightning.
The forecasts help it monitor pipe-
line safety, calibrate its plants based on
the price and availability of power, and
gauge when the Texas grid might sufer
supply disruptions.
The suppliers distinguish themselves
by forecast time frame; each is better
at viewing a particular slice of the fu-
ture, said Charles Harper, Air Liquides
global head of smart manufacturing.
As the forecast battle continues,
theres one fundamental disagreement
whether human instinct plays a role
in the science.
You live by the model, you die by the
model, said Marshall Wickman, senior
meteorologist at Wilkens Weather, a
unit of Rockwell Collins. The wise fore-
caster doesnt wager everything on the
computer, he believes.
Thats where the meteorologist
comes in. The model doesnt do every-
thing. Its a guide, he said.
CAPE CANAVERAL, FLORIDA
First-time astronaut Reid Wise-
man arrived at the International
Space Station two weeks ago, but
zero gravity still surprises him.
Laughed so hard, I cried yester-
day during dinner. Tears dont run
down your cheeks in space, wrote
Mr. Weisman, who is sharing his
observations and pictures with a
growing following on Twitter.
Still adjusting to zero g. Just
flipped a bag upside down to
dump out its contents. #doesnt-
workhere, Mr. Weisman tweet-
ed last week.
His favorite picture so far is a
view of the northern Australian
coast. The way the clouds and
the red desert met the ocean, its
burned in my mind, Mr. Weis-
man said during an inight inter-
view with CBS News broadcast
on Monday.
This will go in my living
room, he tweeted along with the
picture.
Mr. Weisman is one of six
men living aboard the station, a
$100-billion research laboratory
that flies about 260 miles (418
kilometers) above Earth.
So far, the rookie astronaut
has about 74,000 Twitter fol-
lowers. More than 40 current
astronauts from the United
States, Europe, Japan, Russia
and Canada use the social media
service, sharing perspectives 140
characters at a time.
Tweeting astronauts include
two-time shuttle veteran and
Hubble Space Telescope repair-
man Mike Massimino, who has
1.3 million followers, and former
station commander Chris Had-
field of Canada, with nearly 1.1
million followers.
Mr. Weisman has the distinc-
tion of posting the first loop-
ing Vine video from space. The
time-lapse clip shows the sun
circling over Earth, never set-
ting.
The view out the window is
way beyond whatever I dreamed
it would be, Mr. Weisman said in
the CBS interview.
Mr. Weismans Twitter ac-
count is @astro_reid. Reuters
Climate change heats up quants
vs old school forecast battle
Rookie astronaut takes
to Twitter to share life in space
By Terry Wade Reuters
THE EGYPTIAN DESERT meets the Red Sea on a cloudless afternoon in this photo tweeted by frst-
time astronaut Reid Wiseman on June 8. Mr. Wiseman is one of six men living aboard the Interna-
tional Space Station. He is sharing his observations and pictures with a growing following on Twitter.
AFP
I DECIDED to overindulge myself
with watching television over this
last weekend before the summer va-
cation ofcially ends. My objective
was to catch at random a full range of
TV commercials that I can truthfully
categorize as interesting, attention-
getting, entertaining and creative.
The commercials should stand out
because of clarity of message com-
municating uniquely to a target mar-
ket that would nd the material com-
pletely relevant and memorable.
There are two totally different
materials that were standouts, both
produced by advertising agency
BBDO Guerrero. The Pantene Whip
It commercial with celebrity en-
dorser Kris Aquino declaring herself
as Opinyonada is a full 90-second
umbrella material of Pantene. It
employs a cohesive strategy across
multiple media.
Karen Go, BBDO group account
director, revealed that the com-
mercial marks the second phase of
a campaign that began last year and
segued to teasers a couple of months
ago. She called it an engagement
campaign, expanding mainly to a full
digital campaign. Interestingly, the
campaign was adopted globally by
Procter & Gamble, calling it Shine
Strong.
It reveals a powerful message
about the undeniable nature gender
inequality in society. And then comes
the link between the product and the
message Pantene believes that
when you stand strong, you shine.
Beyond a shadow of a doubt, Kris
Aquino is a perfect fit to her char-
acterization as a strong, powerful
woman who knows where she stands
and will not blink an eye to express
and defend what she stands for. Even
the Pantene Whip It creative label
sinks well with the target markets
perception of Kris Aquino. This cam-
paign hit a home run with Aquino.
The second BBDO TV commer-
cial that I selected stands above the
clutter of liquor commercials. The
Emperador Lite 45-seconder ad-
dresses its target market in a fun,
youthful yet sophisticated way. The
choice of very creative visuals rever-
berates throughout the commercial,
where you easily identify with the
well-chosen characters simply doing
their thing.
Director Erik Matti follows the
group with his lenses that seem to
just catch the characters almost ac-
cidentally adding to the realism
of the vignettes. The couple danc-
ing in the rain, oblivious to where
and when, ushers the viewer to even
greater fun. The producers may not
have meant the material for the rainy
season but its denitely good tim-
ing that we are now experiencing
lovely surprising downpours.
I loved the whole band cross-
ing a busy street with instruments
being pushed: definitely far from
the ordinary would you believe
a true-to-life piano and the whole
ensemble? Eye-catching indeed.
Good executional idea! Good pac-
ing too! And what about the long
row of swivel chairs with all their
young happy people which denitely
identifies the characters as young,
modern, upbeat workers about to
call it a day. Clever!
BBDO group account director
Paul Acosta proudly revealed that the
Emperador Lite jingle was composed
and written by a BBDO creative di-
rector. Nice beat and good delivery of
the Emperador Lite selling message.
No ambiguity here.
Call both BBDO creative nuggets.
Credits. Client-company, Procter
& Gamble. Brand, Pantene. Country
marketing manager, haircare, Pepe
Torres; assistant brand manager,
Friday-Saturday, June 13-14, 2014 10/S3
Marketing
ADS
AND
ENDS
Nanette
Franco-Diyco
Untrammeled
creativity
Demonstrations and trial installations
GETTING THE EDGE
IN PROFESSIONAL
SELLING
Terence A. Hockenhull
FOR those involved in service sales,
demonstrations are rarely a factor.
However, when selling products,
particularly when the cost is high
or the item is high tech, clients
often ask for and expect an equip-
ment demonstration or trial instal-
lation. This is the time they get a
close-up look at what they might be
buying and perhaps more impor-
tantly, get the opportunity to see
how it works. However, ill-planned
or inappropriate demonstrations
will do more harm than good.
I am reminded of Bill Gates launch
of Windows 95 when the computer
running the software crashed. I have
the feeling that people wouldnt be
quite so critical of many of Micro-
softs failings had the demonstration
run flawlessly. Consider for a mo-
ment that if the operating system of
your computer crashes, you are most
likely to blame your inept eforts at
installing the program or your hast-
ily cobbled together computer sys-
tem. However, after watching the
single most powerful man in the soft-
ware world crash his own system and
software, we now tend to be critical
of the product!
Demonstrations are a highly
efective way of selling. But many
things can and will go wrong. There
are some basics that should be fol-
lowed. Very often, demonstrations
form part of a sales presentation. If
possible, the equipment should be
set up in an area where it will not
detract from the verbal part of the
presentation. I recall attending a
presentation for mobile radios in
Hong Kong. The presenter had a
signicant amount of information
to impart throughout the first 30
minutes of the presentation after
which he would demonstrate the
equipment. However, throughout
his talk, the equipment, placed on a
nearby table, continued to squawk,
beep and pick up fragments of po-
lice radio messages. Guess where
the audiences attention went? If
possible, keep the equipment out
of sight, turned of, or covered until
ready to start the demonstration.
The presenter should avoid pa-
tronizing the audience during the
demonstration. Remember, dem-
onstrations should not be used as
training sessions (or vice versa)!
Explaining every feature on the
equipment is unnecessary. The pre-
senter should concentrate on those
features that he knows the client
needs or is specifically interested
in. One salesmen who came to my
ofce to demonstrate a fax machine
laboriously covered turning the
unit on and of while ignoring the
automatic document feeder (that I
was specically interested in).
Some companies set aside equip-
ment for demonstrations. Unfortu-
nately, constant use can make this
look old and this rarely creates a fa-
vorable impression. One of the lead-
ing car companies in Makati used to
use demonstration units as service
and loaner cars for clients having
their vehicles serviced. I test-drove
one of their cars that was dirty, out of
tune, smelly and generally in a scrufy
condition. It didnt endear me to the
company (or cars) and certainly af-
fected my decision to buy another
brand and model (even though this
particular car was my initial choice)!
Sometimes the equipment to be
demonstrated is too small. In this
situation, consider removing the
demonstration from the presenta-
tion completely or using a CCTV
camera and LCD projector so ev-
eryone can see what is being done.
Even if the equipment is large, many
people crowding around to see what
is happening rarely afords everyone
a good view. Consider placing a bar-
rier around the display or putting
the demonstration unit in the mid-
dle of a large table. This is one way
of keeping people back and allow-
ing everyone to see. However, make
sure you can reach all the controls.
The presenter or demonstrator
should avoid making his audience
look foolish or stupid by asking
them to participate in a demonstra-
tion particularly if they are unfamil-
iar with the equipment. I recall one
senior Operations Manager feeling
acutely embarrassed at not being
able to identify an on/off switch.
Since her endorsement was critical
in the purchase, little wonder that
she opted for another brand.
Demonstrations should be short.
The equipment should be set up and
Hockenhull, S3/ 12
Diyco, S3/ 12
THERE is no doubt that for busi-
nesses, trust is a form of currency.
It underpins the perceived value a
brand enjoys. If a product does not
deliver what it promises, or what
it has in previous occasions, then
there are many alternative products
waiting to lure away its customers.
But when a brand does deliver,
consumers feel a sense of trust and
are more likely to support it and
to continue buying it in the future.
Once trust is established, it be-
comes an instinctive response
the consumer buys the brand with-
out so much as a second thought
because it is their brand.
For consumers, a trusted brand
makes their lives easier and gives
them peace of mind hence they
are even willing to pay a bit more
for the products they trust.
For businesses, this is the ul-
timate vote of confidence. While
reputation is based on past expe-
riences, trust is a forward-facing
measure, and is imbued with expec-
tation, promise and satisfaction.
Once gained, it is its own reward.
These are some of the reasons
why general interest magazine
Readers Digest has conducted the
annual Trust Brands Survey.
Now on its 16
th
year, the survey
of the Asian edition of the maga-
zine continues to approach Filipino
consumers to seek their opinions
about the brands of products and
services that are important to them.
Readers Digest Asia Editor-
in-Chief Sue Carney said the an-
nual survey dissects what features
a trusted brand must possess in
order to maintain its relevance and
purpose for Philippine consumers.
In a market as brand-savvy as the
Philippines, consumers have high
expectations. A trusted brand must
be genuine, reliable and consistent.
A trusted brand enjoys interna-
tional appeal, yet at the same time
upholds a strong local connection.
It has individual relevance for all
its consumers, just about anywhere
and in any culture, Ms. Carney told
Manila-based reporters last week.
She said Filipino consumers take
a lot of things into account such
as cost, quality and desirability.
But the survey also revealed that
staying true to its promise is just
as important, she said. Trends
give rise to a lot of new brands that
quickly capture our attention, but
only those who stay true to their
core principles are the ones that
win over consumer trust, she said.
For this years survey, Readers
Digest commissioned global market
research company Ipsos to interview
5,000 individuals across ve key Asian
markets the Philippines, Singapore,
Hong Kong, Malaysia and Taiwan.
Readers Digest group advertis-
ing director for Asia-Pacic Sheron
White said 1,000 respondents
from the Philippines completed
the survey. Half of the Philippine
respondents are Readers Digest
subscribers, while the other half
were selected to reect the demo-
graphics of the general population.
Respondents were asked to name
their most trusted brand in each of
the product categories, then give
each brand a rating on a scale from
1 for poor, and 5 for excellent
on six qualitative criteria: trustwor-
thiness and credibility, quality, value,
understanding of customer needs,
innovation, and social responsibility.
Ms. White said Gold Trusted
Brand Awards were given to brands
that scored significantly higher
than their needs, while the Plati-
num Trusted Brand Awards were
given to brands that performed ex-
ceptionally, winning their category
with a score that vastly outpolled
their nearest competitor.
Being ranked on the Trusted
Brand list is a great achievement,
but maintaining this ranking in-
volves a genuine commitment to
protect and fulfill the promises
made to the consumer. It means
ensuring the quality doesnt drop.
It means that great taste stays the
same, Ms. White told reporters.
And it denitely means deliver-
ing the same value and consumer
satisfaction year in and year out,
while always remaining open to in-
novation and reinvention a task
easier said than done, she added.
The results of the survey present
an analysis of consumer condence
in brands driving the Philippine
economy.
Awards were presented in 42 cat-
egories covering food and beverage,
consumer electronics and personal
products, services and motoring;
telecommunications, household
products; finance; and health and
personal care.
Among this years winners is
broadcast journalist Jessica Soho,
who has won the surveys Most
Trusted TV Presenter award for
the fourth time.
Its always a proud moment for
me to go up on stage and receive my
award, Ms. Soho said in an inter-
view. Im grateful because Readers
Digest is such an inuential and re-
spected magazine... Trust is a very
big honor in itself but I know that
its also a major responsibility, she
added.
Ms. Soho credits Readers Digest
for getting her hooked on reading.
She said she would borrow her
aunts magazines since her family
couldnt aford their own subscrip-
tion back then.
Ms. Soho, GMA Network, Inc.s
vice-president for News Programs,
has received a long list of awards in-
cluding two George Foster Peabody
Awards for investigative reports.
The Peabodys are considered the
Oscars of broadcast journalism.
Ms. Soho is the rst Filipino to
win in the New York Film Festival
for Coverage of a Breaking Story for
her account of a hostage crisis in
Cagayan Valley. She also received
the Kapisanan ng mga Brodkaster
ng Pilipinas Ka Doroy Valencia
Award and is included in the list of
100 Filipino Women of Distinction.
For the complete list of this
years winners, visit www.rdasia.
com/trustedbrands.
By Jeffrey O. Valisno Sub-Editor
The importance of trust
JESSICA SOHO won the Readers Digest Trust Brands Surveys Most Trusted TV Presenter for the 4
th
time.
Friday-Saturday, June 13-14, 2014 S3/11
Travel
DAVAO CITY The coastal town
of Jose Abad Santos in Davao Oc-
cidental, just two hours south
from here, has been among the
least known destinations in the
region. But not anymore, as recre-
ational game fishing enthusiasts
have discovered its rich fishing
grounds.
The town has a population
of 69,631 covering a 600-square-
kilometer area. The road going to
Jose Abad Santos is not for the faint
of heart not only because of the
poor road condition but primarily
because of the high slopes and the
rocky mountain on the side.
But for the adventurous soul,
traversing the steep narrow roads
overlooking the coast while the
sun sets will be an unforgettable
event. The town boasts of a long,
72-kilometer coastline, mostly of
white sand beaches and mangroves.
It is also rich in marine resources
including saltwater and freshwater
sh as well as shpond-raised milk-
sh and tilapia.
The area is a unique shing des-
tination that also promotes station-
ary fishing compared with other
playgrounds that only do trolling,
Arturo P. Boncato, Jr., assistant sec-
retary of the Department of Tour-
ism said.
By Carmencita A. Carillo
Correspondent
GAME FISHING enthusiasts Buboy Pacayra (left) and Carlos Gempesaw (right) show off a 30-kilogram sailfsh caught by Mr. Gempesaw in Bgy. Caburan, Jose Abad Santos, Davao Occidental.
Trolling is a shing method that
makes use of one of more fishing
lines with baits and lures but done
from a moving boat. This is difer-
ent from trawling which makes use
of a net or trawl instead of shing
lines.
Carlos S. Gempesaw, a Davao
game fishing enthusiast, said the
whole area, especially Barangay
Caburan, has lots of potential for
game fishing because of the open
sea which abounds with large sh.
Mr. Gempesaws group used to go
to towns in Surigao for game shing
until a Filipino-American friend
who retired in the area invited
them there.
I have been into game fishing
for almost 10 years and what we
usually go for are pelagic fishes
such as sailsh, tuna, and marlins,
Mr. Gempesaw said. The Davao
Gulf is not as good for this purpose
as before, so shing enthusiasts are
looking at other destinations.
His group is now coordinating
with the local government of Jose
Abad Santos, led by Mayor James
Y. Joyce, to position the area for
sports fishing. There is a plan to
host a game shing tournament in
the town before the end of the year.
This early, fishing enthusiasts
and the local government have in-
stalled payaws to increase the sh
population in the area. A payaw is
an articial sh sanctuary, usually
made of rope or tied bamboo poles,
submerged at least six meters in sea
to attract big sh.
Mr. Wenceslao said the area
boasts of organized shermen who
watch over the payaws in prepa-
ration for the next game fishing
season. The small sh in the area
provide regular livelihood for the
shermen while the income gener-
ated from boat rentals when there
are game fishing enthusiasts pro-
vide them with additional income
throughout the year.
Since the community shermen
are skilled in spotting fishes, we
also hire them as guides for game
shing, he said.
More than a magnet for tour-
ism development, game fishing is
also being eyed as a strategic way to
protect the rich shing area of Jose
Abad Santos.
We are only after the big ones
like sailsh and marlins and we set
a standard for our sh catch. When
those below the size or weight stan-
dard are caught usually fishes
weighing 10 kilograms or below
then we release them back to the
sea, Mr. Gempesaw said.
Its bad when the commer-
cial shing vessels get to the area
because they will get everything,
small and big shes, he said.
The presence of the fishing en-
thusiasts as well the community
fishermen will hopefully discour-
age commercial fishing vessels
from sweeping the area. He said
the local government has plans of
declaring the area a fish sanctuary
to further discourage commer-
cial fishing and prohibit the use
of trawls.
Community fishermen, how-
ever, need incentives so they will
continue to watch over the payaws.
While big sh of up to four kilos are
considered big money for them,
the game fishing enthusiasts pay
them for their labor even during
of-season.
Fishing enthusiasts can make
Malita, the economic center of
Davao Occidental, their jump off
point and then travel to Caburan
by land for two hours, or by sea.
Most opt to travel by motorboat
since they can start trolling from
the waters of Malita.
Jose Abad Santos used to be part
of Davao del Sur until Davao Oc-
cidental was created by R.A. 10360
and ratified through a referen-
dum in October last year. Davao
Occidental includes the munici-
palities of Sta. Maria, Malita, Don
Marcelino, Jose Abad Santos and
Sarangani.
The administration of Davao Oc-
cidental, however, remains with
Davao del Sur provincial officials
pending the election of its local of-
cials in 2016.
We may have been left behind
compared with other areas ofering
a variety of tourism packages, so
instead of developing new destina-
tions we will prioritize and develop
our existing attractions, Jason
John A. Joyce, Davao del Sur board
member said.
Mr. Joyce, who also chairs the
Davao del Sur provincial councils
tourism committee, said tourism
plans for Davao del Sur and Davao
Occidental would be diferent.
The towns of Kapatagan, Sulop,
Padada, Hagonoy and Matanao in
Davao del Sur promote tourism on
the edge since these municipali-
ties are located at the boundary of
the province.
Mr. Joyce said Davao Occidental
areas will be developed into culture
and sports destinations. It turns
out that barangay Caburan is not
just a haven for game shing enthu-
siasts, it is also home to Caburan
Hot Springs and is a good site for
scuba diving.
Nearby Barangay Tabayon is also
home to the 25-hectare Lake Ka-
panglaw, which is rich in carp and
tilapia. The barangay is also home
to the 50-foot high Kapindangan
Falls which is great for nature lov-
ers.
We are looking at the tourism
codes of Davao City, Palawan, and
other provinces in Davao Region
as basis for drafting the code, Mr.
Joyce said. Most of the tourist sites
in the province are untouched, he
said, and they would want to ensure
those sites protection prior to the
inux of tourists.
Game fshing destination
AS THE province celebrates the
55
th
year of its foundation, Lanao
del Sur has managed to preserve its
natural beauty and history through
the passage of time.
One of the places where Maranao
culture holds strong is municipality
of Taraka, which has managed to
stay at the forefront of Lanaos cul-
tural conservation and promotion.
The Maranao the people of
the lake is the ethnic Muslim
group that inhabits the two Lanao
provinces.
Taraka, considered as one of the
oldest municipalities in the area,
boasts of numerous historical sites.
It is where Baab Ur-Rahman Mas-
jid, the oldest mosque in Lanao, is
found. The Masjid, at almost 300
years, is one of the earliest his-
torical landmarks of Islam in the
Philippines and is second earliest
mosque built in the country.
Taraka also happens to be one of
the few places in the country which
still has the Dibarosan, a stone on
which criminals were meted with
the death penalty. Today it is re-
garded as a symbol of discipline
among Maranaos.
Elsewhere, different kinds of
artifacts show the municipalitys
historic role as a trade destination.
Inside an old house in Salamatul-
lah, Gapao Balindong, are huge Chi-
nese stoneware jars called abdans
or gusis, these attest to the afflu-
ence of Taraka.
Then there are the lakeside toro-
gans antique royal houses with
high roofs adorned with intricate
carving and supported by whole
tree trunks. The torogans are now
considered as heritage sites which
the local government is trying to
maintain.
With all these Maranao trea-
sures in its midst, the local govern-
ment working to ensure that these
will not be lost to future genera-
tions of Maranaos.
Taraka: preserving Lanao del Surs culture
Friday-Saturday, June 13-14, 2014 12/S3
Antico and Milky Way. For restaurant
reservations, call the Megaworld Lifestyle
Malls Concierge at 709-0888, 709-9888 or
0917-838-0111.
Dads who visit Robinsons Mall get
a chance to win Totem Mustang MTB
66cm mountain bikes. Shop at select
Robinsons Malls from June 9 to 15 and
for every P1,500 single receipt pur-
chase, shoppers have a chance to win
one of the 17 Totem Mustang MTB 66cm
mountain bikes. There will also be car
and bike shows at Robinsons Metro East
on June 13 to 15, at Robinsons Place
Manila on June 13-16, and at Robinsons
Magnolia and Robinsons Place Malo-
los on June 14-15. At Robinsons Nova
Market, there will be a Street Kings Bike
Show from June 13-15. On June 15, 4
p.m., there will be live acoustic shows at
Forum Robinsons, Robinsons Town Mall
Malabon, Robinsons Place Lipa, Robin-
sons Sta. Rosa Market and Robinsons
Starmills Pampanga. There are freebies
in store on June 15 like free coffee from
10 a.m. to 6 p.m. at Forum Robinsons,
Robinsons Otis, Robinsons Place Cainta,
Robinsons Town Mall Malabon, Robin-
sons Place Lipa, Robinsons Sta. Rosa
Market, Robinsons Town Mall Los Baos
and Robinsons Starmills Pampanga; or
a souvenir photo at Robinsons Gallerias
3-D Bike Photo Corner; or a free photo
print out from 1-8 p.m. at Robinsons
Otis, Robinsons Town Mall Malabon,
Robinsons Place Imus, Robinsons Town
Mall Los Baos and Robinsons Place
Angeles. For details visit www.robinsons-
malls.com.
Over at Lucky Chinatown, for every
single or accumulated purchase worth
P1,000 at mall establishments, dads
get to pick a prize gift certifcate from
Lucky Chinatown establishments like
Rotazion, Planet Sports, Krispy Kreme
and more. There will also be a Fathers
Day Mini 4WD Challenge for kids and
dads. It will happen on Sunday, 4 p.m. at
the mall atrium. Children can bring their
Mini 4WD for the chance to race against
other father and son teams to win the
Fathers Day Trophy. Those who dont
have a Mini 4WD can also purchase one
at the venue.
Those who would like to go out of town
for Fathers Day but who dont want to go
too far can opt to visit Corregidor. Fathers
will get a free package day tour around
the historic and scenic World War II island,
if he comes with at least one full-paying
family member. The treat is inclusive of
a roundtrip transfer aboard Sun Cruises,
Inc. fast ferry, a buffet lunch at La Playa
Restaurant, and a guided tour. Called The
Rock, this island fortress by the mouth
of the Manila Bay has reinvented itself
into an adventure, nature and recreation
destination, and not just a war memorial.
While touring the island, visitors can also
glide down a 300-meter long, 40-foot high
Rocket Zipline which takes them from Cor-
regidor Inn to the scenic South Beach. The
beach is also a playground for watersports
lovers and for an all-terrain vehicle (ATV)
ride around a purpose-built track. For
inquiries and reservations, log on to www.
corregidorphilippines.com or or call 834-
6857 to 58.
Fathers Day,
S3/ 3
Diyco,
S3/ 10
Hockenhull,
S3/ 10
tested before the presentation. The
salesman who spends 10 minutes
installing, switching on and testing
his demonstration unit in front of
a live audience will certainly lose
their attention and interest. Getting
things ready before the start should
also add a degree of condence that
everything will work. However,
Murphys Law says that if things can
go wrong they will go wrong. If the
demonstration starts to fall apart,
dont try to plod through it. Aban-
don it in favor of another activity or
a non-working demonstration.
If demonstration items are passed
around a room for the audience to
examine, make sure they keep mov-
ing around the room. People waiting
for items to be passed to them will be
distracted and out of spite, may take a
long time examining the item when it
nally reaches them. Remember that
when items are being passed around,
many in the room will not be listen-
ing to the verbal presentation.
No matter how friendly the au-
dience is, there is always the possi-
bility of sabotage. Often done in good
humor or as a practical joke, it can
nonetheless ruin what would other-
wise be an excellent demonstration.
Keep this in mind and minimize the
risks by keeping the audience out
of range of the demonstration (and
away from the electrical outlet)!
No matter how familiar the sales-
man might be with the equipment, all
demonstrations should be rehearsed
and a comprehensive checklist of all
required items made. One salesman
turned up in my friends ofce with
a computer system, monitor, printer
and LCD panel for a demonstra-
tion of inventory control software.
However he had forgotten to bring
a mouse. Since none of the comput-
ers in the ofce were compatible, he
wasted 45 minutes having one sent
over from his office. Ive seen the
same thing occur with power adap-
tors and transformers.
The last major presentation and
demonstration I attended involved
a company selling on-line executive
search and placement. They flew
speakers in from overseas who re-
grettably had such heavy accents,
much of the message was lost. The
demonstration, supported by com-
puter software projected onto a
screen, was designed to show how
easy it was to use the database (for
both job applicants and potential
employers). A great pity that every-
thing projected on the screen was
so small, few in the audience could
read anything!
Demonstrations can be effec-
tive. But there is much that can
and will go wrong. Avoid the pit-
falls by careful planning and of
course, know what you will do if
your carefully rehearsed presenta-
tion falls apart.
(Contact the author at terry@
charteris-inc.com.)
Michelle Villaruz. Agency, BBDO
Guerrero: Chief creative ofcer, David
Guerrero; executive creative director,
Dale Lopez; associate CD/copywriter,
Donna Dimayuga; art director, Liz
Castaneda; group account director,
Karen Go; account manager, Patricia
Cui; agency producers, Jing Abellera,
Anj dela Calzada; planner, Cristina
Buenaventura. Production house, Fil-
mex; director, Paolo Villaluna.
Client-company, Emperador, Inc.
president, Winston S. Co; executive di-
rector, Kendrick Tan; brand manager,
Cesar Avena. BBDO: chief creative
officer, David Guerrero; executive
creative director, Tin Sanchez; CD,
Jeck Ebreo; associate CD, Donna
Dimayuga; planning director, Cris-
tina Buenaventura; group account
director, Paolo Acosta; senior account
manager, Mara Valdez; account man-
ager, Monica Muyot; producer, Idda
Aguilar. Production house, Revolver.
If you would like to be listed in this directory,
please contact the Circulation Department at 535-9901, e-mail: circ@bworldonline.com
MANILA: 770 Pedro Gil St., Malate, Manila
Tel:(632)521-1888 Fax:(632)526-7270
TAGAYTAY: Amadeo Road,
Brgy. Kaybagal North Tagaytay City
Tel:(6346)483-8888 Fax:(6346)483-5210
Email: reservations@hotelkimberly.com
www.hotelkimberly.com
608 G. Araneta Ave., Quezon City
For Inquiries and Reservations:
Tel.: (02) 438-6686, (02) 438-6688
Email:inquire@amci.ph
www.fernandinagardensuites.com
1588 Pedro Gil cor., M.H. Del Pilar,
Malate, Manila, Philippines
Tel:(632) 2451234
www.manila.casino.hyatt.com
Governor Camins Avenue,
7000 Zamboanga City, Philippines,
P.O. Box 100
Email: reservation.gardenorchidhotel@
gmail.com
Tel: +63 62 991-0031 to 34;
Fax: +63 62 991-0035
1 Asian Development Bank Avenue,
Ortigas Center, Pasig City 1655
Tel: (63 2) 63371111 Fax: (63 2) 6332824
Email: higm.reservations@ihg.com
www.holiday-inn.com/himanila
Magallanes Square Complex
Tagaytay City
Tel: (046) 5440062/(046) 4133918
Mobile:09228043129/09237192576/
09175047820
Email: magallanessquarehotel@yahoo.com
#445 Tagaytay-Calamba Road, Barrio
Sungay West, Tagaytay City
Tel: (+632) 584 4111, 584 4156
Mobile: 09228348874
E-mail: reservations@onetagaytayplace.com
www.onetagaytayplace.com
5010 P. Burgos Street, Makati City,
Metro Manila, Philippines
Tel: +(632) 899-5555
Fax: +(632) 659-4887
Email: inquire@royalbellagio.com
www.royalbellagio.com
at 902.0100 or email your
reservationsat info@midashotelandcasino.com
Be inspired and surprised
about our hotel at midashotelandcasino.com
2702 Roxas Blvd., Pasay City, Philippines
1726 Adriatico St. cor. Alonzo St.,
Malate, Manila
Tel: (632) 328-2828
Cel. No. +63 917-8127483
Email: manilacrownpalacehotel@gmail.com
www.manilacrownpalacehotel.com
620 P. Ocampo St., Malate, Manila City
Tel:(632) 5239836
www.orchidgardenhotel.com
Cagraray Island, Bacacay, Albay, Philippines
Manila Sales Offce: Unit 1109, Tektite West
Tower, Exchange Road, Ortigas Center, Pasig
City, Philippines
Tel: +63 2 661 8888 (Trunkline)
Tel: +63 2 637 4959 local 3023 (Direct Line)
Email: reservations@misibisbay.com
www.misibisbay.com
No. 10 Newport Blvd.,
Newport City Complex, Pasay City
Tel.:(02)9889999 Fax:(02)836 9998
www.marriott.com/mnlap
#1032-34 Belen Street, Paco, Manila
1007 Philippines
Tel.: 521-2371 to 75 Fax.: 521-2373
www.oasispark.com
Cauayan, Negros Occidental
1007 Philippines
Tel: (034)4335160/(034)4730235
Mobile:09209003558
Email: info@puntabulata.com
ayusparesort@gmail.com
C.M. Recto St., Davao City, Philippines
Tel: (+6382) 221-0888
Fax: (+6382) 225-0111
www.marcopolohotels.com
5309 East Asia Drive, Filinvest Corpo-
rate Center, Alabang, Muntinlupa City
Tel:(632) 8505847
www.parqueespana.com.ph
17 ADB Avenue, Ortigas Center Pasig
City 1600, Philippines
MARCO POLO ORTIGAS MANILA
ARMADA HOTEL MANILA
BAYVIEW PARK HOTEL MANILA
ATRIUM HOTEL
CROWNE PLAZA
MANILA GALLERIA
Far East Road Piloto Wawa Nasugbu, Batangas
www.canyoncove.com.ph
Corporate Hotel Sales Offce
(632) 892-9827 loc. 248, 253, 257
Makati Central Reservations Offce Numbers:
(632) 840-2290,840-2365, 840-2204, 840-2327,
840-2417, 840-2446, 840-2406 Fax No: 817 -5473
canyoncoveres@gmail.com
lizette.villanueva@g2globalinc.com
Diokno Highway, Brgy San Gregorio,
Laurel, Batangas
www.canyonwoods.com
Corporate Hotel Sales Offce
(632) 892-9827 loc. 248, 253, 257
Makati Central
Reservations Offce Numbers: (632) 840 2290, 840-
2365, 840-2204, 840-2327,
840-2417, 840-2446, 840-2406 Fax No: 817 -5473
canyonwoodsres@gmail.com
lizette.villanueva@g2globalinc.com
Guide
Hotel
Plan your trip ahead by using
Station 2 Alice in Wonderland St Manggayad,
Barrio Manoc-Manoc, Boracay Island, Malay,
Aklan Philippines
www.canyondeboracay.ph
Corporate Hotel Sales Offce
(632) 892-9827 loc. 248, 253, 257
Makati Central Reservations Offce Numbers: (632)
840-2290,840-2365, 840-2204, 840-2327, 840-
2417, 840-2446, 840-2406 Fax No: 817 -5473
canyondeboracayres@gmail.com
lizette.villanueva@g2globalinc.com
In town for business or for pleasure?
our directory of fine hotels.
Meralco Avenue, Ortigas Center,
Pasig City, Metro Manila
Tel: (632) 720-7777
Email: manila@marcopolohotels.com
www.marcopolohotels.com
www.mpmdining.com
2108 M.H. Del Pilar Street, Malate,
Manila 1004, Philippines
Tel: +63 (2) 526 0888 / 559-9890
Fax: +63(2) 353-8838
Email: reservation@armadamanila.com
www.armadahotelmanila.com
Like us on Facebook: facebook.com/
ArmadaHotelManila
1118 Roxas Boulevard cor. United
Nation Avenue, Manila, Philippines
Tel: (632) 247 9000/(632) 526 1555/
(632) 522 3040 Fax : (632) 522 3040
Email:bookings@ bayviewparkhotel.com
www.bayviewparkhotel.com
THE PINNACLE HOTEL AND SUITES
Sta. Ana Avenue, Davao City
Tel: (082) 300-5885 / 221-3025 / 300-1881
Mobile: (+63) 932 870 8621 /
(+63) 927 235 5885 / (+63) 947 375 2508
info@thepinnaclehotel.com
www.thepinnaclehotel.com
Taft Avenue, cor. Sen. Gil Puyat Ave.,
Makati City, Philippines
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LOS ANGELES Microsoft and
Sony grappled on Monday for
the hearts of hard-core gamers
whose devotion could determine
whether Xbox One or PlayStation
4 (PS4) rule console play and In-
ternet Age entertainment.
The rival console makers aimed
squarely at hard-core video game
players in grand press briengs, un-
veilingblockbustertitlesandtouting
content or opportunities only avail-
ableontheir respectivesystems.
Microsoft opened fire with
Halo and a barrage of other titles
for play on its new-generation
Xbox One consoles.
Sony shot back in a return salvo
lead by keenly anticipated Destiny,
the rst new franchise from Bun-
gie Studios revered in the gaming
community for creating Halo.
Our vision is grounded in an
uncompromising commitment to
gamers, said PlayStation group
chief Andrew House.
Destiny will help us dene this
next generation of gaming.
PS4 owners will be able to play
an online test version of Destiny
starting on Thursday and through
the coming weekend.
Sony is even launching a white
PS4 in September as part of a Des-
tiny game bundle when the game
is released.
Exclusive PS4 games touted
included a new The Order 1886.
Powerhouse titles heading for
consoles, but sometimes will spe-
cial content tailored for one or
the other, include exciting sequels
to franchises including Batman
Arkham, Uncharted, Assassins
Creed, and Far Cry.
HALO COLLECTION
Microsoft announced the release
for later this year of an addition to
its popular science ction Halo se-
ries called Halo: The Master Chief
Collection, as well as other exclusive
titles Sunset Overdrive, Forza Hori-
zon 2, and Dance Central Spotlight.
We are committed to deliv-
ering amazing experiences that
will help dene this generation of
games and delight the millions of
passionate Xbox fans around the
world, said Phil Spencer, head of
the Xbox division.
Our goal is to make Xbox One
the best place to play games this
generation.
Microsoft brought the focus
back to games in a shift from
stressing how Xbox is evolving
into a multipurpose entertain-
ment center for lms, television,
music, and more.
Sony goes into the video game
industrys biggest annual trade
show with an edge, its PS4 having
trumped Xbox One in sales since
the competing consoles hit the
market in November.
Microsoft played to its strength
with a Halo Master Chief collec-
tion for Xbox One that will let
people play installments from the
game dating back to previous gen-
erations of Xbox.
Typically older games arent
compatible with new-generation
consoles, but the collection brings
the array of Halo titles to Xbox One
as a drawfor newplayers as well as
fansinterestedinreplayingthepast.
Its massive, said Bonnie
Ross, general manager of 343 In-
dustries unit of Microsoft Studios
behind Halo.
It is also setting the ground-
work for the future.
The Master Chief collection
will contain a live action series
based on the franchise and pro-
duced in collaboration with lm-
maker Ridley Scott.
The Halo Nightfall series is
coming to the Xbox Live service
for online game play and digital
content, according to Microsoft.
EDITOR ALICIA A. HERRERA
BUSINESSWORLD
2014 BusinessWorld
Publishing Corporation
All rights reserved Published
in Manila Monday to Friday
(63) 535-9901 and
(63) 411-0268
S4/1-4
NEWS
UPDATED
DAILY
www.bworldonline.com
Friday-Saturday, June 13-14, 2014
VOL XXVII ISSUE 223 ISSN0116-3930
Video gamers, S4/ 2
COMPARISONS seem unavoid-
able when Miss World 2013 Mea-
gan Young is your older sister. But
actress Lauren Young wants to be
known for more than being the
younger sister of a popular beauty
queen.
Of course, the 20-year-old con-
tract star of listed GMA Network,
Inc. says she is proud of her sisters
accomplishments. However, she
insists she wants to be known for
her own merits as well.
I really want to prove some-
thing with my career right now,
and I know that I still have a long
way to go, Ms. Young told report-
ers last week.
Of course there will always
be comparisons because we are
sisters, we are both girls, we are
both from this industry. But we are
two different people. You know,
she has different interests than
I have. She has her own thing. I
have mine. I am more complex as
a person. She is much simpler. I
am me. I am me in my own way. I
know who I am. My sister knows
who she is. We both know each
other. We respect each other, and
we love each other. And we dont
let whatever other people say get
in the way of our relationship,
she added.
Ms. Young believes that among
the ways she can establish her own
identity in showbiz is to take on
challenging roles, where she can
prove that she is more than just
another pretty face.
When Ms. Young moved to
GMA Network in 2012 after start-
ing her acting career in ABS-CBN
Corp. in 2006, she did not hesitate
to accept the role of one of the vil-
lains in the prime time TV drama
series Mundo Moy Akin.
Last year, she opted to do the
thriller show Dormitoryo, instead
of doing a romance-drama series
as her peers did.
I want to be known as a char-
acter actor, not a star, Ms. Young
declared.
So when the ofer came to do the
indie movie Overtime (under GMA
Films), she did not think twice.
Directed by comedian turned
filmmaker Earl Ignacio and his
creative partner Wincy Ong in
their freshman efort, Overtime is
a suspense-action story that re-
volves around the lives of a hacker
and his victim. The hacker is on a
vendetta against a pharmaceutical
company, his victim is a secretary
whom he forces into a mission to
blow up a bomb. A deadly game
between the two transpires as the
bomb ticks down to zero.
Ms. Young plays the secretary.
Jody is a very bored girl, she just
lives her life the way she thinks life
is supposed to be lived. She goes to
work and goes straight home, gives
her family whatever they need, even
if her mom isnt the nicest person to
her and the fact that her dad is a
drunkard, although she is closest to
her brother and would do anything
in the world for him, Ms. Young
explained about her character.
Shes the conservative type and
isnt adventurous at all until one
day she nally decides to meet the
guy shes been talking to online for
quite some time already, because
this is her already stepping out of
her comfort zone, she added.
Playing opposite her in the
movie is Richard Gutierrez.
Ms. Young has only good things
to say about her co-actor. Its been
a breeze working with Richard
[Mr. Gutierrez]. What I like most
is that he also has visions for what
he does and is always brainstorm-
ing with our directors, giving new
ideas on how we can all make this
film worth watching. Hes quite
the jokester too, she said.
Overtime opens on July 2 in cin-
emas nationwide. JOV
Microsoft, Sony battle
for video gamers hearts
Younger sister rising
Lauren Young takes center
stage in Overtime
LONDON Paul McCartney has postponed the start of his US tour,
due to begin on Saturday, as he recovers from an illness that forced the
cancellation of gigs in Japan and Korea last month. Im sorry but its
going to be a few more weeks before we get rocking in America again,
the 71-year-old former Beatle said in a statement on his Web site late
Monday. Im feeling great but taking my docs advice to take it easy for
just a few more days. Look forward to seeing you all soon. McCartney
canceled four sold-out dates in Japan and on the South Korean leg of
his Out There global tour last month after falling ill with an undisclosed
virus. The Out There world tour will now resume July 5 in Albany, New
York Tickets for the original June dates will be honored for the new
dates. said a statement on the singer-songwriters Web site. AFP
McCartney postpones tour
Sudoku Pacifc
Complete the grid so that every row, column
and 3x3 box contains every digit from 1 to 9 inclusively.
ACROSS
1 Cracksmans
targets
6 Nassers successor
11 Student of Socrates
12 Emulate Clay
13 Appraised
14 Enticed
15 Tough wood
16 Minos daughter
18 Mamies mate
19 Short time
20 To date
21 DEA agent
23 Beholds
25 Small rug
27 Dam-building org.
28 Was furious
30 Screws up
33 Completely
34 Place: Abbr.
36 Casino action
37 Simon
and Garfunkel hit
39 Much of N. Amer.
40 Taunt
41 Happen again
43 Orange shade
44 Tibias end
45 Shortstop Jos
46 Battery makeup
DOWN
1 Athletes mishap
2 Sewards Folly
3 M*A*S*H
character
4 Riviera season
5 Fizzy drinks
6 Ask for
7 District
8 Little Orphan
Annie character
9 Makes amends
10 Principle
17 Gun, as a motor
22 Motor part
24 Holiday lead-in
26 Bank workers
28 Swindle
29 How love thee?
31 Upshot
32 Rude looks
33 Ham, perhaps
35 Garnet unit
38 Got it
42 Hydrocarbon sufx
Crossword
By Thomas Joseph
Friday-Saturday, June 13-14, 2014 2/S4
EDITOR ALICIA A. HERRERA
Video gamers,
S4/ 1
LOS ANGELES The daugh-
ter of ailing 82-year-old deejay
Casey Kasem has decided to
withhold food, hydration and his
usual medication from him fol-
lowing a Los Angeles judges de-
cision on Wednesday to let her
do so, her spokesman said.
Kerri Kasem and her brother
and sister, the American Top 40
hosts children from his frst mar-
riage, chose to transition Kasem
back to comfort-oriented, end-of-life
care at a Washington state hospital
where he has been in hospice care.
Kasems care has been
the subject of a legal tussle
between Kerri Kasem and
Casey Kasems current wife,
Jean Kasem, who initially won
a court order on Monday allow-
ing Kasem food, water and his
usual medication. Kasems wife
has opposed withholding food
and water from her husband.
Los Angeles Superior Court
Judge Daniel Murphy determined
that giving Kasem food and
water would be detrimental to
his health, agreeing with the
deejays physicians and daughter
Kerri Kasem, who is in charge of
her fathers health care.
Transitioning our fathers
treatment to comfort-oriented care
was one of the hardest decisions
weve ever had to make, Kasems
children said in a statement.
The statement included part
of Kasems health directive, which
stated that he desired no form of
life-sustaining procedures, includ-
ing nutrition and hydration.
Kasem, who also voiced
the character Shaggy in the
Scooby-Doo cartoons, had been
on comfort-oriented care, which
manages pain and withholds
food and water that could be
harmful to his health, Kerri
Kasems attorney Martha Pat-
terson said.
Patterson said food was
running a risk of giving Kasem
pneumonia while water was
fooding his lungs.
Kasems court-appointed
attorney, Samuel Ingham, sup-
ports putting his client back on
comfort-oriented care.
Gregory Young, an attorney
for Jean Kasem, said they would
pursue all legal options and that
Kasem was being starved and cut
off from medicine until he dies.
Young also alleges that the
health care directive presented
by Kerri Kasem is out of date.
Kasem who suffers from
Lewy body disease, a form of de-
mentia with symptoms similar to
Parkinsons disease is also suf-
fering from an infected bedsore,
an ulcer on the skin that is often
diffcult to treat. Reuters
MONTREAL For the rst time in
her career, Canadian songstress Ce-
line Dion has appointed a new man-
ager, as her husband steps down from
the position he has held for more than
30 years.
Rene Angelil, who had a cancer-
ous tumor removed from his throat
in December, will now serve as
chairman of Dions Feeling Produc-
tions, Inc., the company said in a
statement.
It is with great pleasure and with
the utmost confidence that Rene An-
gelil announces today that his long-
time close friend, Aldo Giampaolo,
has been appointed as chief execu-
tive officer of Feeling Productions,
Inc., the company which manages
Celine Dions career, the statement
added.
Giampaolo, who has worked with
the Quebecois couple for more than
25 years, will live in Las Vegas, where
Dion, a ve-time Grammy winner, has
performed full-time for more than
three years.
Celine and Rene have decided that
the time has come to bring this ap-
pointment to fruition, one that Rene
had proposed to Aldo several years
ago, the statement said.
Giampaolo, who has worked as CEO
of sports and entertainment group
Quebecor Media since July 2013, has
spent nearly 25 years in show busi-
ness, and worked for Cirque du Soleil
from 2005 to 2011.
Dion, 46, met Angelil at the begin-
ning of her career in 1981, when she
was 12 and he was 38.
The couple began a relationship
when Dion was 19 and married in 1994.
They have three boys, the youngest of
whom are twins. AFP
While many blockbuster titles from
third-party studios or publishers have
versions tailored for both platforms,
Microsoft and Sony are keen to con-
vince gamers that their console is the
better place to have fun or nd enter-
tainment.
Sony and Microsoft have also been
courting independent game mak-
ers to add quirky or innovative new
titles uniquely to their respective
consoles.
KEVIN SPACEY GETS GAME
Spencer touted that downloadable
content for a keenly-anticipated Call
of Duty: Advanced Warfare game, com-
plete with a character played by a vir-
tual version of actor Kevin Spacey, will
arrive rst on Xbox One.
Advanced Warfare is slated for a No-
vember release.
The title by Insomniac Games is due
out on Xbox One in October.
Microsoft and Sony each touted
projects to let people create and play
their own games on consoles.
PlayStation is the best place to play
today, and in the future, Sonys House
said. AFP
Ailing deejay Casey Kasem
to stop receiving food, water
LONDON Harry Potter author J. K.
Rowling said Wednesday she had do-
nated 1 million ($1.7 million) to the
No campaign in the Scottish inde-
pendence referendum.
The multi-millionaire writer, who
was born in England but has lived in
the Scottish capital Edinburgh for
more than two decades, said there
would be serious risks if Scots voted
for independence on Sept. 18.
Her donation by far the biggest
to the No camp was received re-
cently, an ofcial conrmed.
Writing on her Web site, Rowl-
ing said while she was no fan of
the current British government, she
was afraid the Scottish economy
would be destabilized by going it
alone.
My hesitance at embracing in-
dependence has nothing to do with
lack of belief in Scotlands remarkable
people or its achievements, she wrote.
The simple truth is that Scotland is
subject to the same 21
st
century pres-
sures as the rest of the world.
It must compete in the same global
markets, defend itself from the same
threats and navigate what still feels
like a fragile economic recovery.
The more I listen to the Yes cam-
paign, the more I worry about its mini-
mization and even denial of risks.
Rowling said she was aware some
people would consider her insuffi-
ciently Scottish to take a view on the
independence issue.
But referring to characters from her
books about the boy wizard, she said:
When people try to make this debate
about the purity of your lineage, things
start getting a little Death Eaterish for
my taste.
Rowlings donation is the largest re-
ceived by the No campaign, while the
pro-independence camp has benefited
from2.5 million fromColin and Chris
Weir, a couple who won 161 million in
theEuroMillions lotteryin2011.
Polls showthat the No vote holds a
clear lead over the Yes camp, although
a potentially significant chunk of the
electorateremains undecided. AFP
Author gives 1M vs
Scottish independence
Celine Dions husband no longer manager
THE BILLBOARD Hot 100 SINGLES
This Last Artist
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2 2 Ariana Grande feat. Iggy Azalea - Problem
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5 4 Pharell Williams - Happy
6 8 Nico & Vinz - Am I Wrong
7 6 Kary Perry feat. Juicy J - Dark Horse
8 15 MAGIC! - Rude
9 12 Calvin Harris - Summer
10 10 Jason Derulo feat. Snoop Dogg - Wiggle
1 N The Fault in our Stars 20th Century Fox $48,002,523 $48,002,523 1
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RODOLFO GUMATAY MENDOZA
Friday-Saturday, June 13-14, 2014 S4/3
Montblanc
With its sophisticated character that makes
it a unique and ideal writing instrument,
Montblanc's Meisterstck stands as one of the
most famous icons of luxury in the world.
Exemplifying Montblancs quest for perfec-
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instruments, it prevails as the most meaning-
ful companion of generations of scholars and
scientists, poets and artists, statesmen and in-
dustry leaders alike since it was manufactured
in Hamburg in 1924.
And to celebrate the 90 years of the spirit
and achievements of Meisterstck, Montblanc
unveils its Meisterstck Collection: a premium
selection of leather goods, timepieces, jewelries
and new writing instruments collection.
WRITING INSTRUMENTS
The new Meisterstck Collection features a
series of modes, from the quintessential 149
Fountain Pen, to Classique and LeGrand
Fountain pens, to a Rollerball and Ballpoint.
Emblematic of the unmatched craftsman-
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enhanced by 90 years of experience, each
writing instrument is crafted in precious black
resin, adorned with red gold-plated fttings and
ofered in a distinct gift box.
For the Special Edition assortment, available
only within the year of the anniversary, the
Fountain Pen, Rollerball and Ballpoint Pens
in Classique size are further enriched with
elegant guilloche engraving coated with black
lacquer, mother-of-pearl Montblanc emblem,
red gold-plated fttings and gold nibs with a
special design.
There is also a Skeleton Fountain Pen,
which has skeletonized ruthenium-plated cap
and barrel, added with a quartz Montblanc
emblem on top.
The Limited Edition 90 completes the of-
ferings with its Fountain Pen and Rollerball,
each limited to 90 pieces in LeGrand size,
showcasing a cap ring set with 90 diamonds,
solid red gold attributes with guilloche engrav-
ing, mother-of-pearl emblem and Au750 gold
nib with rhodium-plated inlay.
LEATHER GOODS
To complement the timeless beauty of Mont-
blanc Meisterstck writing instruments, a new
line of prestigious leather goods dubbed as the
Meisterstck Soft Grain was born.
The highlight of this collection, as seen
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soft grain leather, available in both black and
beige that is designed out of a supple calfskin.
These leather goods, lined with the histori-
cal Jacquard pattern based on the Montblancs
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MENS JEWELRY
A curated set of mens jewelry and accessories
designed in Paris further celebrates 90 years
of Meisterstck. The cufinks, bracelets and
key holders have refned engravings, lustrous
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colored fnish that make for a discreet and
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The collection complements the writing
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The Montblanc Meisterstck Heritage Time-
pieces, manufactured by the skilled hands in
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The hour-hand and the minute-hand,
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With these new lines crafted for new
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The Montblanc Meisterstck Collection
will be available from April 2014 in Montblanc
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Montblanc is exclusively available in
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Montblanc Marks 90
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Friday-Saturday, June 13-14, 2014
4/S4
Montblanc
Everyone has a meaningful story to tell,
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In a new Montblanc global campaign,
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new heights.
The new campaign flm directed by
Montblancs Crafted for New Heights Global Campaign Features Hugh Jackman
Martin Campbell, who helmed two James
Bond movies, features the award-winning
actor writing down his thoughts with his
trusty Meisterstck pen, tracing his jour-
ney from Sydney to New York, from his
childhood daydreams to his achievements
in adulthood, from frustration to inspira-
tion, from hard work to success.
In the end, the flm delivers a surpris-
ing twist: Its not Hugh Jackman whos
telling his story, whos revealing himself
as a creative mind, a world traveler, a
father, a visionary, a man dedicated to his
lifes passions, but his Meisterstck. As
his new Montblanc Meisterstrck glides
across a blank page shaping his memoir,
and the flm unfolds frame by frame, a
story is told.
Jackman is the master of his own des-
tiny, pushing himself forward, embark-
ing on new creative endeavors through
dedication, passion and commitment.
Crafted for new heights, his Montblanc
pen, newly interpreted in a special red
gold version, and watch become his fne
lifetime companions, integral to his per-
sonal journey.
In another campaign, this time in print,
Hugh Jackman is portrayed in a sequence
of flm-like images backstage as shot by
the renowned photographer Nathaniel
Goldberg. The frst motif shows the actor
rehearsing for his latest role, while using
Meisterstck fountain pen to annotate
his script. In the behind-the-scenes, he
is shown caught in a discussion backstage
at a ceremony with his hand raised, re-
vealing the new Meisterstck Heritage
Moonphase timepiece.
With Goldbergs trademark photo-
graphic technique of framing his subject
by a blurred surrounding, masterfully
playing with refned light settings, Jack-
man is authentically captured in action.
Hugh Jackman was announced as
the face of the brand during the Salon
International de la Haute Horlogerie in
Geneva in January 2014. He appears in
print and online advertising globally with
the exception of the US.
Montblanc is exclusively available in
Rustans Makati, Rustans Shangri-La and
Newport Mall, Resorts World. ADVT