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F RIDAY-SAT URDAY JANUARY 15-16, 2 01 6 www.bwo r ld o n lin e.co m

VOL. XXIX ISSUE 120

OIL
JANUARY 13, 2016
CLOSE PREVIOUS
DUBAI 26.60 26.50
WTI 30.48 30.44
BRENT 30.31 30.86

S1/1-12 3 SECTIONS, 34 PAGES

Growth seen to pick up, but forecast cut

GDP GROWTH RATE OF SELECT ECONOMIES
(in %)

Average pre-crisis

12.9

12

11.4

Real GDP growth

2014
9

6.1
4.3 4.2

4.6 4.9

5.8

5.1

5.0 4.8

3
1.7

4.8 4.8 4.9

2015

2016

2016

8.4

6.6 6.5 6.5 6.5

6.0

6.5 6.4
6.1 6.3
5.8 5.9

5.2

3.1

8.5
7.3

6.7
6.5 6.6
6.0 6.1 6.2

3.5

3.5

3.9 4.0

3.5 3.5
3.2 3.2 3.4

2.8 2.8
2.5 2.4 2.5

3.3
2.1

INDONESIA

LAOS

MALAYSIA

PHILIPPINES SINGAPORE

MYANMAR

THAILAND

2.6 2.9

3.4

3.7

TIMOR-LESTE

VIETNAM

EAST AND
NORTHEAST
ASIA

-1.2

CHINA

-0.1
JAPAN

HONG KONG

THE PHILIPPINE economy is

now expected to grow faster this
year than in 2015, according to
the latest report of the United Nations Economic and Social Commission for Asia and the Pacific
(ESCAP), but forecasts for both

THE GOVERNMENT plans to

swap at least $1.25 billion worth
of dollar-denominated bonds this
year to extend maturities, a senior government official said on
Wednesday.
The bond swap may be done
at the same time the government
goes to the offshore debt market
to raise as much as $750 million
this year, National Treasurer Roberto B. Tan told Reuters in an
interview.
I prefer to have it at the earliest possible time, Mr. Tan said
when asked about the timing of
both transactions.
The country has a history of issuing sovereign bonds early in the
year in the hopes of getting more
favorable terms. The Philippines,
which used to be one of Asias
most active sovereign bond issuers, had looked at raising funds
overseas late last year but delayed
it due to market volatility.
Mr. Tan said the government
is in the process of registering $5
billion worth of new issues with
the United States Securities and
Exchange Commission to allow
it to sell bonds to the US market.
That amount will cover this years
planned dollar bond sale and future issues. Manila plans to tap
Citigroup, Deutsche Bank, HSBC,
Standard Chartered, Credit
Suisse, JP Morgan and UBS to
handle the bond exchange and
bond sale, Mr. Tan said.
The country, which wants to
cut its dependence on foreign
borrowing by pursuing debt buybacks and swaps, last conducted
a bond exchange in January last
year. To help finance this years
record P3-trillion national budget, the government plans to borrow P675 billion from domestic
and foreign creditors. Reuters

2.6 2.7 2.4

2.3

37

36

The projections compare with

the governments own 7-8% targets for both years, though it now
expects economic expansion to
have averaged just 6% after an actual 5.6% pace in the nine months
to September.
Economic growth in the AsiaPacific region is markedly less robust compared to the years before
and immediately after the global

38
34
26

21
19

15

16

21

24

21

26 22

20

20

21

20

Nov. 27-Dec. 1, March 20-23,

2014
2015

SOURCE: SOCIAL WEATHER STATIONS SURVEYS

MANUEL A.
ROXAS II

RODRIGO R.
DUTERTE

11
4
June 5-8

2
Sept. 2-5

Nov. 26-28

BUSINESSWORLD GRAPHICS: BONG R. FORTIN

Dec. 12-14

MIRIAM
DEFENSOR P.
SANTIAGO

Jan. 8-10,
2016

Binay pulls away, Marcos rises in latest survey

VICE-PRESIDENT Jejomar C.
Binay has pulled away from his
closest contender in the presidential race, Senator Grace Poe,
according to the latest BusinessWorld-Social Weather Stations
(BW-SWS) pre-election survey,
that also bared Ms. Poe, Liberal
Party (LP) standard bearer Manuel Mar A. Roxas II and Davao
City Mayor Rodrigo R. Duterte in
a statistical tie.
Results of a Jan. 8-10 survey
among 1,200 validated voters nationwide with sampling error
margins of 3 points for national
percentages showed that 31%
of respondents picked Mr. Binay
for the highest office in the country, up five points from Decembers 26%.
At second place were Ms. Poe
with 24% (from 26% in December), Mr. Roxas with 21% (from

BEYOND

A billion in pandemic prevention

is worth a trillion in cure
http://goo.gl/S7jnE0

5.1
4.5 4.8
3.5 3.6 3.4 3.7
3.2

INDIA

PAKISTAN

TOTAL
ESCAP

22% previously), and Mr. Duterte

with a flat 20%.

MAKING HIMSELF SEEN

Edmund S. Tayao, political science professor at the University

of Santo Tomas, said the January
survey already reflects the effects of campaign strategies and
styles of the candidates.
In the case of Vice-President
Binay, he has been going around,
following the traditional campaign style, and making himself
seen, Mr. Tayao said in a phone
interview.
Mr. Tayao also observed that
Ms. Poe as well as Messrs. Roxas
and Duterte in a statistical tie
in the latest survey have been
relying more on media to reach
out to potential voters.
All of them have political ads,
Mr. Tayao said.
DISCLOSURES

EastWest Banking Corp.,

VistaLand, Manila Water
http://goo.gl/k1tIuB

Mr. Roxas has been going

around too, but Im not sure if it
could match the frequency of Mr.
Binay, he said.

SIGNIFICANT IMPROVEMENT

In the vice-presidential race,

Senator Francis Joseph Chiz G.
Escudero remained respondents
top choice with 28% (though
from 30% in December), followed
by Senator Ferdinand Bongbong R. Marcos, Jr. with 25% (a
six-point increase from 19% in
December), LP bet Camarines
Sur Rep. Maria Leonor Leni G.
Robredo with 17% (from Decembers 19%) and Senator Alan Peter
S. Cayetano with 14% (from 17%
previously). (please go to S1/12
for the tables for the vice-presidential and senatorial derby).
Describing the improvement
in Mr. Marcos numbers as sig-

nificant, Mr. Tayao said [h]e is

gaining ground because of name
recall.
Leading the senatorial bets
were Sen. Vicente C. Sotto III
(56% in January from 59% in December), former senator Panfilo
M. Lacson (49% from 46%), Sen.
Ralph G. Recto (46% from 56%),
former food security presidential
assistant Francis N. Pangilinan
(46% from 56%), Senate President Franklin M. Drilon (43%),
Sen. Sergio D. Osmea III (42%),
former senator Juan Miguel F.
Zubiri (39%), Sarangani Rep. Emmmanuel D. Pacquiao (37%), former Justice secretary Leila M. de
Lima (33%) and former senator
Richard J. Gordon (31%).
The survey showed only 32%
of respondents chose a full slate
of 12 names, averaging 7.9 names
each. K. M. P. Tubadeza

EVENTS CALENDAR

Nov. OFW remittances,

ASEAN Tourism Forum
http://goo.gl/9qRlCS

decline in demand from China,

are the main factors behind economic slowdown in developing
economies in the region, total
factor productivity growth has
also weakened, read the report,
which particularly noted that
downgrades in forecasts have
also been made for economies
where exports play an important
Growth, S1/3

2015 ends
with bigger
hot money
net outflow
By Melissa Luz T. Lopez

24
21
20

15

11

5
0

GRACE
POE

26

21

15
10

SOUTH AND BANGLADESH

-0.8 SOUTHWEST
ASIA

JEJOMAR C.
BINAY

31

24

6.8

NORTH
AND
CENTRAL
ASIA

financial and economic crisis that

started in 2008, ESCAP said.
It now expects Asia and the
Pacific to have expanded 3.2% last
year, instead of the 3.4% tipped in
May. The region is seen rebounding to 3.6% this year, but this falls
behind the 3.7% previous forecast.
Although deceleration in international trade, coupled with

(Jan. 2016 pre-election survey, in %)

31

32

3.1

DEVELOPED
COUNTRIES
(AUSTRALIA AND
NEW ZEALAND)

VOTER PREFERENCES FOR PRESIDENT

40

7.2

-2.9 -2.9

development arm of the United

Nations said the countrys economic expansion will likely accelerate to 6.3% from the 5.9%
estimated for 2015 that, in turn, is
a slowdown from 2014s 6.1%.
But the expected growth of the
countrys gross domestic product
for both years fell below the 6.4%
for this year and 6.5% for 2015
ESCAP had projected last May.

42

8.1 8.2

0.1

S. KOREA

BUSINESSWORLD GRAPHICS: BONG R. FORTIN

years have been cut with much of

the region as a global trade slowdown weighs and, particularly, as
Chinas demand eases.
Counteracting downward
growth pressures, particularly in
Southeast Asia, is improved government spending.
In a yearend update to its Economic and Social Survey of Asia
and the Pacific 2015, the regional

Dollar bond
swap eyed
within 2016

3.4

1.3

-2.3

By Keith Richard D. Mariano

6.7
6.3 6.5 6.3 6.5
5.9 5.9 6.1 6.1

7.3 7.4 7.5

4.0 4.2

1.1
0.5 0.6 0.8

0.9

CAMBODIA

5.6 5.4

4.8

2.6

2.0 2.2

8.1

6.9 7.0 6.8 6.8

6.5

5.0

4.9
2.9

SOURCE: UNESCAP ECONOMIC AND SOCIAL SURVEY OF ASIA AND THE PACIFIC 2015

E
ON TEHB
W

2015

7.8

BRUNEI
2.0 2.0
1.5

SOUTHEAST
ASIA

-3

5.9 6.0

5.8
5.3 5.6

Survey 2015

8.5 8.5 8.4 8.3 8.2

8.0
7.7 7.5
7.4 7.2 7.2

7.4
7.0 7.2 7.2 7.3

12.7

2005-2007

Reporter

FOREIGN PORTFOLIO INVESTMENTS to the Philippines

ended 2015 with net outflows that
were nearly double those a year
ago, according to a statement yesterday of the Bangko Sentral ng
Pilipinas (BSP) that cited stock
market profit taking in the face
of a widely anticipated United
States interest rate hike and Chinas slowing economy.
Such flows called hot
money given the ease by which
they enter and leave the country
posted a $170.52-million net
outflow for December, accelerating from Novembers $68.79 million net outflow and a reversal
from a $397.02-million net inflow
seen a year ago.
The December figure brought
total outflows for the year to
$599.69 million, 93.3% more than
the $310.21 million that went out
in 2014, central bank data showed.
The full-year tally was also
nearly three times BSPs revised
projection of a $200 million net
outflow projected for 2015 that
was announced in December.
In a statement, the BSP said
the rise in outbound flows was
due mainly to profit-taking in
the local stock market, as well as
concerns on the then imminent
interest rates lift-off in the United
States and slowdown of the Chinese economy.
For 2015, gross hot money
investments registered with the
BSP stood at $19.926 billion, 8.6%
less than 2014s $21.796 billion,
Hot money, S1/3

A NEWSPAPER IS A PUBLIC TRUST

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2/S1

Corporate News

FRIDAY-SATURDAY, JANUARY 15-16, 2016

Toyota eyeing 10% sales growth

By Victor V. Saulon
TOYOTA MOTOR Philippines
Corp. targets to increase car
sales in 2016 to reach 137,000, or
higher by 10% compared with the
125,027 sold last year.
We have to ramp it up. We are
optimistic about the Philippine
economy. That will be the main
driver, Toyota Vice-Chairman
Alfred V. Ty said Wednesday
night on the sidelines of turnover ceremony of the companys
presidency at the Makati Shangri-La Hotel.
He described the fundamentals of the economy as very
strong, very much in place and
that this will drive demand for
automobiles.
The automotive manufacturing company, which is a joint
venture between the Ty familys

GT Capital Holdings, Inc. and

Japanese companies Toyota
Motor Corp. and Mitsui and Co.
Ltd., welcomed a new president,
Satoru Suzuki, who will replace
Michinobu Sugata, who was president for six years.
During the same event, Kyoichi Tanada, Toyotas managing
officer and chief executive officer
for Asia, Middle East and North
Africa, said that the Philippine
unit would have a sales target of
200,000 units by 2020.
Mr. Ty said: 200,000 sounds
big where we are today but in
the Southeast Asian region and
considering the number of population we have, we believe its
achievable, he said.
The CARS (Comprehensive
Automotive Resurgence Strategy) program will play a big role.
The support of the parts manufacturers will be very important
to realize that, he said, referring

to the government scheme that

offers incentives for car manufacturers that move production
capacity to the Philippines.
The requirements have been
studied for so many years, he
said, adding consultations have
been conducted with the Trade
department, the company and
industry participants.
We believe we have a strong
model to register for the CARS
program the Vios, he said.
To enroll a car model under
the program, a company should
have a planned output volume of
at least 200,000 vehicles over the
model life up to a maximum of
six years.
The IRR (implementing rules
and regulations) just came out.
Were definitely eager to comply
and register our interest right
away, he said.
Should it quality, Toyotas targets will rely greatly on its new

president Mr. Suzuki, who had a

stint in the local unit from 1997 to
1999 as vice-president for vehicle
sales operation.
In his speech, Mr. Suzuki said
he felt a great sense of responsibility to sustain the companys
momentum for growth.
Rest assured that I shall continue your legacy of excellence
and relentless passion for continuous improvement, he said,
referring to departing president
Mr. Sugata.
The company is currently the
local top seller in passenger cars
and commercial vehicles.
Toyotas Santa Rosa industrial complex is home to its
manufacturing plant and head
office, as well as a number of
investors performing strategic
roles in the manufacture and
export of automotive products.
It was declared a Special Economic Zone in 1995.

AC Energy gets loan for Bataan plant expansion

AC ENERGY Holdings, Inc. has
secured financing for the first
phase of the expansion of its power plant in Mariveles, Bataan, the
top official of the Ayala-led company said yesterday.
John Eric T. Francia, president
and chief executive officer of AC
Energy, told reporters in a briefing that GNPower Mariveles Coal
Plant Ltd. had signed in December a loan agreement with at least
five banks for the financing of the
$1-billion expansion.
He declined to disclose how
much of the venture would be financed through bank loans, but
said the traditional mix would be

70-30% in favor of borrowings.

The rest will be internally generated funds.
He added that the company
was just waiting for regulatory
approval from the Bangko Sentral
ng Pilipinas. He did not disclose
the names of the banks, but he
said these are all local firms.
Mr. Francia also said the
company already has a Chinese
contractor for the 660-megawatt
(MW) power plant. He added that
a European turbine generator
would be hired.
The target [completion] is
2019... three years to build roughly, he said.

AC Energy is targeting to build

by this year at least 1,000 MW
of its own capacity from power
plants that are both operational
and under construction.
It has so far assembled around
700 MW in both conventional
and renewable power generating assets. This translates to over
$700 million in equity committed
in the power sector, the company
earlier said.
The companys projects include a 50% interest in South
Luzon Thermal Energy Corp.,
which covers two 135-MW coalfired power plant in Calaca,
Batangas; a 20% interest in the

600-MW power plant of GN

Power in Mariveles, Bataan; and
an approximately 80% interest
in the development of four 135MW coal-fired power plant of
GNPower Kauswagan Ltd. Co. in
Kauswagan, Lanao Del Norte.
AC Energy also assembled
a total of 133 MW of wind farm
capacity, the second largest in
the country, which includes
the Northwind Power Development Corp.s 52-MW wind farm
in Bangui, Ilocos Norte and the
81-MW wind farm of the North
Luzon Renewable Energy Corp.
in Pagudpud, Ilocos Norte.
Victor V. Saulon

WWW2.URC.COM.PH/

RLC posts higher income

UNIVERSAL Robina Corp. plans to spend P9.5 billion this fiscal year to further
expand its branded food business.

URC sets P9.5-B capex

By Krista A. M. Montealgre
Senior Reporter

REGIONAL SNACK FOOD giant

Universal Robina Corp. (URC)
pledged to spend more in the
current fiscal year to boost the
capacity of its branded food business after higher finance costs
tempered earnings growth in the
previous year.
The Gokongwei-led firm budgeted about P9.5 billion for capital
expenditures in fiscal year 2016,
including maintenance capex and
investments, according to its annual report. The company spent
P6.52 billion in fiscal year 2015.
Of this years capex, URC is
earmarking P7.7 billion to expand
capacities in the snack foods
and beverage businesses across
branded food operations, both
domestic and international.
Another P1.1 billion is going
to the commodity foods group
for flour mill construction, sugar
business expansion and maintenance capital expenditures. The
remaining P700 million will be
allotted for the agro-industrial
group for sow level expansion,
farm improvements and handling
facilities for feeds division.
In the same report, URC said
its net profit attributable to equity holders of the parent grew by
an annual 7.1% to P12.38 billion in
fiscal year 2015 slower than the
15.1% expansion to P11.56 billion
in the prior year.
It was in line with our estimates, COL Financial Group,

Inc. Head of Research April

Lynn L. Tan said in a telephone
interview.
Weighing on the companys
bottom line were higher finance
costs, which surged 749% to P1.28
billion due to increased level of financial debt resulting from availment of long-term debt to finance
the NZ$700-million acquisition
of NZ Snack Food Holdings Limited owner of Griffins.
Consolidated sales enjoyed an
annual 18.1% growth within
the companys guidance of highteens to 20% expansion to
P109.05 billion.
Sales of the branded consumer
foods segment, which accounted
for 83.2% of total sales, increased
19.2 % to P90.73 billion from
P76.13 billion.
The Philippine branded
business grew by a tenth on the
strength of the coffee business
and snackfoods division, while
international sales climbed 39.4%
driven by operations in Thailand,
Indonesia and Vietnam with sales
contribution from New Zealand.
Sales of the agro-industrial
segment jumped 8.9% to P8.93
billion from P8.20 billion due
to higher sales volume in the
feeds business.
Sales of the commodity foods
segment advanced 19% to P8.26
billion from P6.94 billion, buoyed
by higher sales in the sugar business alongside the contribution
from the distillery and cogeneration businesses.
Shares in URC added P1 or
0.55% to close at P183 each on
Thursday.

ROBINSONS LAND Corp. (RLC)

saw its net income jump by a fifth
in fiscal year 2015 anchored on
the double-digit growth across
its business units, according to its
annual report.
The Gokongwei-led property
developer made P5.7 billion in its
fiscal year ended September 2015,
higher than the P4.73 billion recorded in the prior year.
The 20% growth was in line
with our estimates. Across the
board, it was strong, COL Financial Group, Inc. Head of Research
April Lynn L. Tan said in a telephone interview.
Revenues increased by 16% to
P19.73 billion from P17.05 billion,
as the commercial centers, office
buildings, hotels and residential
segments chalked up double-digit
growth rates.
Our balanced mix of investment and development
components ensures RLC of
stable recurring revenue, the
listed company said, noting that
its commercial centers, offices
and hotels divisions accounted
for 66% of the total companys
revenue.
The commercial centers division delivered a 13% growth in
revenues to P9.12 billion from
P8.10 billion driven by the contribution of the six malls opened
in the last two years, the report
showed. The reopening of its
shopping center in Tacloban in
June 2014, which was shut down
due to Typhoon Haiyan, likewise
boosted growth.

Revenues from the office

buildings surged by a record 45%
to P2.24 billion from P1.54 billion
with the opening of two new fully
leased out office buildings in the
Ortigas central business district.
The hotel division registered
revenues of P1.75 billion, a 14%
increase compared to the same
period last year.
At end-September, Robinsons
Land was operating 40 commercial centers, 11 office buildings
and 14 hotel properties.
Higher level of buyers meeting
the equity requirement pushed
revenues of the residential segment by 13% to P6.62 billion from
P5.87 billion.

CAPEX AT P17 BILLION

In the same report, Robinsons

Land pegged its capital expenditure (capex) budget for fiscal year
2016 to P17 billion at the highend of the P16-17 billion range
provided by its President Frederick D. Go in October.
Of the total, 54% will be allocated for the construction of
malls, office buildings and hotels,
while 25% will be spent for the
residential division. The remaining 21% will be allocated to boost
its land bank.
The capex will be funded
through cash from operations
and borrowings, the listed firm
said.
Shares in Robinsons Land
were unchanged at P23.70 each
on Thursday. Krista Angela
M. Montealegre

BW FILE PHOTO

A NICKEL ASIA Corp. booth at an annual industry conference.

Nickel Asia shipments up

NICKEL ASIA Corp. increased
its 2015 ore shipments by a tenth
from the previous year.
In a disclosure to the Philippine Stock Exchange, the
countrys largest listed nickel
producer said it shipped 19.7 million wet metric tons (WMT) of
ore last year, a 10% increase from
the 17.9 million shipped from
the Zamora-led companys four
mines in 2014.
Exports comprised bulk of the
shipments at 11.88 million WMT
last year, up from 10.47 million
in 2014. The balance of 7.80 million WMT of ore produced last
year pertained to ore shipped to
the companys two high-pressure
acid leachate (HPAL) facilities.
The ore shipped to the Taganito and Coral Bay HPAL plants
was higher than the 7.41 million
in 2014. The Taganito shipment
drove the increase, as the plant
marked its first full year of operations in 2014 and operated at 80%
capacity for the period.
Of its four mines, the Taganito
mine shipped the most and comprised 39% of the companys total
shipments in 2015. The Rio Tuba
mine contributed another 33%.
Nickel Asias two other mineral
production areas are the Hinatuan and Cagdianao mines.
Last year s performance
marked the 7th consecutive year
of higher production. The record

shipment however wasnt enough

to offset the continued fall in
nickel prices.
Export contract prices averaged $22.66 per WMT, below the
average of $45.10 in 2014. Prices
applicable to ore sold to the HPAL
plants were pegged to the London
Metal Exchange and averaged
$5.36 per pound of payable nickel
last year, also lower than the $7.69
in 2014.
The higher prices in 2014
stemmed from expectations of
tight supply resulting from Indonesias export ban, which however didnt materialize.
As a result of the lower prices,
the value of shipments fell by
39.24% to P14.4 billion last year
from P23.7 billion in 2014.
Gerard H. Brimo, president
and chief executive officer of
Nickel Asia, said the slowdown
in Chinas economic growth,
coupled with a strong US dollar, has clobbered metal prices,
resulting to a steep reversal of
the strong prices [of nickel] [we]
experienced in 2014.
In spite of the current low
prices, our operations continue
to remain profitable, he said.
Our position as a low-cost
producer in our mining operations will help the Company
ride-out the challenges in the
current down cycle he added.
Janina C. Lim

Share issuance cleared

THE BOARD of directors of Abra
Mining and Industrial Corp.
(AMIC) has cleared the issuance
of P1-billion worth of shares to
four investors groups, including
a Luxembourg-based company
that will infuse the lions share of
that amount into the listed miner.
In a disclosure to the Philippine Stock Exchange, AMIC
said its board in a meeting on
Jan. 9 has approved the P1 billion private placement by Gem
Global Yield Fund LLC and three
Philippine-registered companies,
namely B-Phar, Inc., Andrei Vincent Freight Services Corp. and
Jubileum Sea & Air Logistic, Inc.
A Luxembourg-based company, Gem in July last year sent
a firm letter of commitment to
AMIC for a P700 million capital infusion by way of an equity
line of credit agreement, under
which majority shareholders of
the listed Philippine mining firm
would lend their shares, numbering 70 billion, to Gem.
Early this week, AMIC said
the three Philippine firms will
also take part in the top-up exercise, raising the fund infusion
to P1 billion. In yesterdays disclosure, AMIC said each of the

three Philippine companies will

infuse P100 million in exchange
for equal shares of 10 billion.
B-Phar, a local drug wholesaler and retailer, had assets of
P1,113,609.24 at end-2014, while
the two cargo forwarding companies Jubileum Air & Sea Logistic
and Andrei Vincent Freight Services had assets of P6,354,226
and P3,264,403.10, respectively.
Valued at P0.01 each, the common shares that will be lent out
would come from AMICs unissued shares. The agreement also
included warrants which would
be converted into common stock
as needed.
As of this date, AMIC had
199,294,584,200 in outstanding
shares, of which 99,294,584,200
had been issued.
AMIC earlier revealed plans to
tap more funding sources to relaunch its Patok Gold Operations,
upgrade its surrounding mines
in northern and Central Luzon,
and finance the development
and commercial operations of its
Baticang Lime Project.
AMIC shares were last traded
at P0.0042 a share yesterday,
unchanged from Wednesday.
Janina C. Lim

Final price for Jollibee-Smashburger deal at $100M

JOLLIBEE FOODS Corp. (JFC)
saw a slight upward revision in
the final purchase price to secure
a significant stake in American
fast-food chain Smashburger
its biggest investment to date.
The homegrown fast-food giant told the stock exchange yesterday that the acquisition price
for 40% of SJBF LLC the parent
company of the entities comprising the Smashburger business
increased to $100.25 million from
the original $99.47 million due
to higher than estimated actual
level of cash of the latter.
JFC, through its wholly
owned subsidiary Bee Good!,
Inc., paid Smashburger Master

LLC an additional $777,494 on

top of the $99.47 million it had
paid on closing of the transaction
in October.
Isla Lipana & Co./PwC, JFCs
accounting and tax advisor for the
transaction, validated the price
adjustment, the listed firm said.
Based on a $335-million enterprise value and a $248-million equity value, the original price was
said to be subject to post-closing
adjustment based on a pre-agreed
mechanism with Smashburger
Master LLC, JFC had said in previous disclosures.
Under the agreement, BGI
can buyout Smashburger Master between 2018 and 2026 in

two tranches with the purchase

price based on the achievement
of certain financial performance targets.
Headquartered in Denver,
Colorado, Smashburger operates
339 restaurants worldwide in 35
states in the United States and in
seven foreign markets.
The investment in Smashburger will significantly boost
JFCs footprint in the US, one of
the key markets that will drive the
latters long-term growth along
with the Philippines, China and
Filipino markets overseas.
The Jollibee group is raising
its capital spending budget this
year to P10.4 billion from the P9.1

billion budgeted for 2015, with

plans to open more stores that
will top the projected 300 store
openings in 2015 a milestone in
the companys history.
JFC considered Asias most
valuable restaurant chain is
now the ninth biggest quick service restaurant firm in the world
in terms of market capitalization,
with the Philippine company having reasonable chance of rising
to the seventh spot by 2020, Chief
Finance Officer Ysmael V. Baysa
had said in November.
Shares in JFC shed P3.20 or
1.56% to close at P201.80 each on
Thursday. Krista Angela M.
Montealegre

S1/3

FRIDAY-SATURDAY, JANUARY 15-16, 2016

Money leaving emerging markets faster than ever amid Chinas slump
NEW YORK Investors pulled
more money from emerging markets in the three months through
December than ever before as
investors dumped riskier assets
in China amid fears the countrys
currency will weaken further,
Capital Economics Ltd. said.
Capital outflows from developing nations reached $270 billion

last quarter, exceeding withdrawals during the financial crisis

of 2008, led by an exodus from
China as investors pulled a record
$159 billion from the country just
in December, Capital Economics
economist William Jackson said
in a report. Excluding outflows
from the worlds second-largest
economy, emerging markets

would have seen inflows in the

quarter, he said.
This appears to reflect a growing skepticism in the markets that
the Peoples Bank can keep the
renminbi steady, Mr. Jackson
said in the note, which was published Wednesday.
Given the fresh sell-off in EM
financial markets and growing

concerns about the level of the

renminbi, it seems highly likely
that total capital outflows will
have increased in January, he
said.
Investor skepticism increased
last year as a surprise devaluation
of Chinas yuan roiled global markets and triggered a $5 trillion
rout in the nations equity mar-

Top fund keeps cash as valuations clash with China

THE PHILIPPINES top fund
manager is staying with cash as
the cheapest shares in three years
arent attractive enough to ease
his anxiety over Chinas economy
and stock-market rout.
Smith L. Chua, who has been
managing four out of the five bestperforming Philippine equity
funds over the past two years as
chief investment officer at Bank
of the Philippine Islands, said
his cash holding is the same as
August and September when it
doubled from the start of 2015 as
the volatile environment in China
makes it difficult for him to invest.
Chinese stocks headed for a
bear market on Thursday, while
government bond yields plunged
to a record.

Valuation wise, its a buying

level but you have these uncertainties before you, Mr. Chua,
who helps manage about $11.8
billion, said in an interview in Manila on Wednesday.
China is a major source of uncertainty. Whats keeping us back
is the issue China may still pull
something out of the hat.
Mr. Chua joins other money
managers who are keeping cash
amid the global rout. Robert Rol
B. Ramos, Manila-based chief investment officer at Union Bank of
the Philippines, said Wednesday
that hes holding cash thats about
double from a year ago because of
concerns over Chinas financial
markets and economy. Recent
data showed producer prices

extending declines and manufacturing continuing to weaken.

Philippine stocks entered a
bear market on Monday amid a
sell-off by foreign investors as
concern about the slowdown in
the worlds second-biggest economy and slumping oil prices curb
demand for developing-nation
assets already hurt by higher US
interest rates.
Valuations in the countrys
share index sank to 15.3 times
estimated earnings last Monday,
the lowest since September 2012.
The Philippine Stock Exchange Index tumbled 4.4% on
Monday, taking its decline from
a record set in April to more than
20%, the threshold in which technical analysts classify as a bear

market. The equity measure fell

1.32% yesterday. Foreign funds
sold net 20.8 million worth of
shares this week, data compiled
by Bloomberg show. More than
$2 trillion was erased from the
capitalization of the 31 largest
emerging equity markets this
year through Wednesday.
Mr. Chuas BPI Equity Value
Fund has returned 9.9% in the
past two years, the top performer
among 31 funds tracked by
Bloomberg.
We know there is an upside
from where we are sitting today,
but if China does something
again, then the environment becomes volatile again and investors will ignore fundamentals,
said Mr. Chua. Bloomberg

Hot money,
such surge to investor optimism
taking on the back of 2014s positive corporate earnings, a higher
growth outlook then from the International Monetary Fund, and
bigger investments in companies
listed on the bourse.
The Fed in its Dec.15-16 meeting hiked policy rates by 25 basis
points, kick-starting a gradual
lift-off in interest rates in the face
of solid signs of sustained economic recovery after remaining
close to zero for nearly a decade.
At the same time, China reported 6.9% growth for the third
quarter its slowest pace in more
than six years prompting monetary authorities in the worlds
second-biggest economy to ease
policy rates anew in a bid to further stimulate the economy.
Back home, the BSP kept policy rates steady for the 10th time in
the row in December 2015.
For the year, the United Kingdom, the United States, Singapore, Luxembourg, and Hong
Kong stood as the biggest sources
of investments, the BSP said.

The United States continued

to be the main destination of outflows, receiving 79.7% of total,
the central bank added.

TIME TO RETURN

Sought for comment, an economist said the outflows were still

largely caused by market expectations due to the Fed rate hike,
adding that bigger outflows can
be expected for 2016.
The accelerated pace of hot
money outflows were in line with
expectations for the Fed rate hike.
As the Fed signals that the US
economy is finally strong enough
to stand on its two feet sans substantial monetary stimulus, this
could signal to investors that it is
time to return back West, Nicholas Antonio T. Mapa, research officer at the Bank of the Philippine
Islands, said in an e-mail.
In recent years, cheap money
emanating from quantitative easing in the US has been flooding
Asian markets, the Philippines
being one destination, he noted
further.

With the rate lift-off finally

enacted, hot money flows have
begun the reversal back to the
US as rates rise in the US and
growth prospects seem a little
brighter.
The BSP said last month that
it expects $1.3 billion in net outflows for 2016, a projection that
Mr. Mapa described as wellfounded.
As the Fed continues to hike
rates (projections are for two
to four rate hikes) within the
year, we can expect even more
money opting to return back to
sender. Dimming prospects from
ASEANs recent darling (the Philippines) may also convince investors that its time to find other
markets with better prospects
(Vietnam), Mr. Mapa added.
The PHLs recent stellar
run has slowed in recent quarters (GDP no longer cresting
7%) and with the elections approaching, our ASEAN neighbors may look to be a more
attractive destination for the
moment.

Growth,

from S1/ 1
role, such as the Philippines and Malaysia.
Growth in Southeast Asia is expected to have logged 4.2%, compared
to 4.9% previously, and to pick up to
4.6% this year, against the 5.1% given
in May last year.
In Southeast Asia, the forecast of
a modest rebound [this year] is due
to increased government expenditures and further progress on infrastructure investments, particularly in
Indonesia, the Philippines and Thailand, ESCAP said.
In a statement accompanying the
report, ESCAP Executive Secretary
Shamshad Akhtar said reinvigorating
domestic demand has become even
more important in order to revive
growth and prod sustainable development, adding that the slowdown
in the regions economic growth is
raising doubts about Asia and Pacifics
continued ability to lead the way forward to global economic recovery.
In the face of a challenging monetary policy environment that presents
risks for both easing and tightening
tacks, ESCAP recommended that
Asia-Pacific economies adopt proactive fiscal policy stance particularly
by investing in education, healthcare
and infrastructure that will help
improve productivity as a way of
laying the foundation for inclusive
growth. In order to create more fiscal space to invest in these critical
areas, governments should reprioritize expenditures and enhance their
efficiency while improving tax policy
and administration, Ms. Akhtar said.

SWING FACTORS

years. The yuan traded in the

mainland market declined 4.4%
in 2015, the most since 1994.
Outflows from emerging markets rose to a record $113 billion
in December, Capital Economics
said. Over 2015, investors pulled
$770 billion from developing nations, compared with $230 billion
a year earlier. Bloomberg

Republic of the Philippines

Department of Health
Center for Health Development-Bicol
BICOL SANITARIUM
Cabusao, Camarines Sur

Invitation to Bid for Various Medical Equipment

1. The Bicol Sanitarium, through CY 2015 Health Facility Enhancement Program and
Income from Hospital operation intends to apply the sum of Php 6,767,500.00 being
the Approved Budget for the Contract (ABC) for payments under the contract for the
Purchase of Medical Supplies BS-GS-2016-R01. Bids received in excess of the ABC
shall be automatically rejected at bid opening.
2. The Bicol Sanitarium now invites bids for Medical Equipment. Delivery of the Goods
is required within 45 calendar days. Bidders should have completed, within two
years from the date of submission and receipt of bids, a contract similar to the
Project. The description of an eligible bidder is contained in the Bidding Documents,
particularly, in Section II. Instructions to Bidders.
3. Bidding will be conducted through open competitive bidding procedures using a
non-discretionary pass/fail criterion as specified in the Implementing Rules and
Regulations (IRR) of Republic Act (RA) 9184, otherwise known as the Government
Procurement Reform Act.
Bidding is restricted to Filipino citizens/sole proprietorships, partnerships, or
organizations with at least sixty percent (60%) interest or outstanding capital stock
belonging to citizens of the Philippines, and to citizens or organizations of a country
the laws or regulations of which grant similar rights or privileges to Filipino citizens,
pursuant to RA 5183 and subject to Commonwealth Act 138.
4. Interested bidders may obtain further information from Bicol Sanitarium and inspect
the Bidding Documents at the address given below during 8:00 AM-5:00 PM.

from S1/ 1

while last years $20.526 billion

in total outlfows were 7.2% less
than the $22.107 billion recorded
in 2014.
The central bank noted that
outflows were bigger last year,
when the Federal Reserve first
gave hints in the first half that it
was looking at eventually normalizing its loose monetary policy.
About 77.5% of hot money investments last year were invested
in companies at the Philippine
Stock Exchange, while 21.7%
were placed in peso-denominated
government securities.
Bulk of the outflows were due
to withdrawals from interim peso
deposits at $18.6 billion, $395
million from Philippine Stock
Exchange-listed securities, $78
million from peso-denominated
government securities and less
than $1 million from peso-denominated time deposits.
The central bank recorded
high net inflows in the first two
months of the year in May, it
was still projecting a $1.4-billion
full-year net inflow attributing

kets, casting doubt on the governments ability to contain the

selloff and support growth.
Chinese leaders have since
then stepped up efforts to restrict
capital outflows and prop up
share prices despite pledges to
give markets greater sway and
allow money to flow freely across
the nations borders within five

Also yesterday, a Standard Chartered

Bank economist cited investments
and exports as key growth factors
for the Philippine economy this year.

Investment growth faces nearterm challenges; however, we expect

it to improve in the second half.
Similarly, in exports, near-term risks
persist, Jeff Ng, Standard Chartered
economist for Asia-Pacific, said in a
research note yesterday.
Mr. Ng expects the May 9 national
elections to weigh on investment
growth in the Philippines, although
global growth remains a bigger concern. During the last 2010 election,
investment growth picked up from
negative prints in 2009 as the global
economy rebounded from respective
recessions or slowdowns, he noted.
Standard Chartered expects merchandise exports which dropped
5.8% in the 11 months to November
to continue contracting until the
first half. But demand from Asia could
eventually drive outbound shipments
of the countrys goods to bounce back.

DOUBTS LINGER

In a separate joint research released

yesterday, First Metro Investment
Corp. (FMIC) and the University
of Asia and the Pacific (UA&P) said
some doubts linger about the Philippine economys ability to move to
much faster track of 6.5% to over 7%.
In the December issue of The
Market Call, FMIC and UA&P cited
as headwinds the interest rate increase in the United States, lowerthan-targeted inflation, an expected
moderate export recovery and
slowing growth of money sent home
by Filipinos abroad an anchor of
household spending that, in turn,
contributes more than 60% to the
countrys economic output.
For the central bank, however, the
Philippines is well on track to sustaining its growth momentum even as
global prospects continue to be un-

even, with modest inflation seen to

remain steady and domestic demand
likely to stay firm, according to the
highlights of the Monetary Boards
Dec. 17 meeting published yesterday.
Recent demand indicators affirm
the earlier assessment that domestic
demand conditions would remain
relatively firm, read the minutes
of the Bangko Sentral ng Pilipinas
(BSP) policy-setting body, citing
robust household consumption and
improved government spending that
had fueled third-quarter economic
growth to 2015s fastest pace, thus far.
Consistent with these developments, other indicators continue to
point to positive growth momentum.
In its eighth and last meeting for
2015, the Monetary Board kept policy
settings steady for the 10th time in a
row even as the United States Federal Reserve finally decided to raise
interest rates by 25 basis points in its
Dec. 15-16 meeting to start a gradual
interest rate lift-off in the worlds biggest economy.
On Monday, BSP Deputy Governor
Diwa C. Guinigundo told reporters
that the Philippines had made preemptive monetary policy tweaks to
anticipate the US Feds lift-off, thus
doing away with the need to adjust
policy settings after the US move.
The Monetary Board also observed that domestic demand conditions are likely to stay firm, supported
by solid private household and capital
spending, buoyant market sentiment,
and adequate domestic liquidity, the
statement said, noting further that
risks to inflation remain broadly balanced with potentially slower global
economic activity offsetting possible
price upticks from pending utility
rate hikes and the impact of El Nio.
with Melissa Luz T. Lopez

A complete set of Bidding Documents may be purchased by interested Bidders on

January 14, 2016 to February 3, 2016 from the address below and upon payment of
a nonrefundable fee for the Bidding Documents in the amount of Php 10,000.00.
It may also be downloaded free of charge from the website of the Philippine
Government Electronic Procurement System (PhilGEPS) and the website of the Bicol
Sanitarium, provided that Bidders shall pay the nonrefundable fee for the Bidding
Documents not later than the submission of their bids.
5. The Bicol Sanitarium will hold a Pre-Bid Conference on January 22,2016 1:30 PM
at SRC Hall, Admin. Building, Bicol Sanitarium which shall be open to all interested
parties.
6. Bids must be delivered to the address below on or before February 3, 2016, 1:30
PM. All Bids must be accompanied by a bid security in any of the acceptable forms
and in the amount stated in ITB Clause 18.
Bid opening shall be on February 3, 2016 1:30 PM at SRC Hall, Admin. Building,
Bicol Sanitarium. Bids will be opened in the presence of the Bidders representatives
who choose to attend at the address below. Late bids shall not be accepted.
7. The Bicol Sanitarium reserves the right to accept or reject any bid, to annul the
bidding process, and to reject all bids at any time prior to contract award, without
thereby incurring any liability to the affected bidder or bidders.
8. For further information, please refer to:
MS. RAZEN MAY Z. BANIEL
BAC Secretariat
Bicol Sanitarium
San Pedro, Cabusao, Camarines Sur
Tel. Nos. (054) 472-4422 local 105
bicolsan.bac@gmail.com

(Sgd.) ROMINA C. IGNACIO

BAC Chairman

4/S1

Economy

The

EDITOR TIMOTHY ROY MEDINA

FRIDAY-SATURDAY, JANUARY 15-16, 2016

CARS program entrants revealed by mid-2016

By Victor V. Saulon
THE DEPARTMENT of Trade
and Industry (DTI) expects to announce by mid-year the three car
companies that qualified for the
incentives offered by the governments Comprehensive Automotive Resurgence Strategy (CARS)
program.
However, this early the Trade
department said it was looking at
the possibility that not all three
slots offered for application under the program will be taken up
amid speculation that only two
car companies expressed their
intent to participate.
The CARS program, a scheme
that aims to bolster the competitiveness of the Philippines as a

top destination for regional car

manufacturing, is open to car
companies that could each guarantee the production of at least
200,000 vehicles.
The volume is for a particular
car model with a maximum life
of six years. The fiscal support for
CARS was set at P27 billion, with
each car model qualified to get up
to P9 billion.
Once the deadline sets in, if
[a slot remains] we will have to
evaluate, Trade Secretary Adrian
S. Cristobal, Jr. said on the sidelines of the turnover ceremony of
the presidency of Toyota Motor
Philippines Corp.
Up to a certain period, most
likely we will open that third slot,
he said.
During the same event, Toyota
Vice-Chairman Alfred V. Ty said

ICT access by population

the company was banking on the

CARS program for its long-term
sales target. Mr. Ty said Toyota
will enroll its Vios model.
Another local assembler
thought to be capable of meeting
the volume target is Mitsubishi
Motors Philippines Corp., whose
high-volume models include the
Mirage subcompact. The Mirage
sold in the Philippines is currently imported.
In a statement yesterday, the
Board of Investments (BoI), the
Trade departments trade development and investment promotion arm, said it is set to accept applications for the program shortly.
It said the memorandum circular
announcing the opening of applications is to be published today.
It said car and car parts manufacturers eligible for the program

have 60 days upon publication of

the circular to submit their application.
The opening of applications a
week earlier than the mandated
schedule augurs well for the
CARS program. We are especially
enthusiastic for small and medium enterprises (SMEs) in the
car parts manufacturing sector
that stand to benefit from the program, Trade Undersecretary and
BoI Managing Head Ceferino S.
Rodolfo said.
The department said local
car parts makers, most of which
are SMEs, have expressed full
support for the CARS program
saying that the annual target
production of 100,000 vehicles
doubles the current completely
knocked down assemblies. The
auto industry stakeholders proj-

A closer look at the worlds offline population

Global population (in billions)

(in millions)

Total

68 Congo, Dem. Rep.

70 Mexico

~7.4
98 Brazil

Within
mobile coverage

95 Ethiopia

Philippines 63
Russian Federation 55
Iran, Islamic Rep. 54

111 Nigeria

Myanmar 53

148 Bangladesh

Vietnam 52
Tanzania 49
Thailand 48

213 Indonesia

5.2

China

Egypt 42

755

Total
Internet users

India

1,063

3.2

Countries
outside of
the top 20

3.2

High-speed
Internet

High-speed
Internet

1.1

1.1

Note: High-speed Internet (broadband) includes the total number of fixed-line broadband subscriptions (such as DSL, cable modems, fiber optics), and the total number of 4G/LTE mobile
subscriptions, minus a correcting factor to allow for those who have both types of access. 4G = fourth generation; DSL = digital subscriber line; ICT = information and communications
technology; LTE = Long Term Evolution.
Sources: World Bank 2015; Meeker 2015; ITU 2015; GSMA, https://gsmaintelligence.com/; UN Population Division 2014

Digital benefits uneven; Philippine workers

vulnerable to automation World Bank
By Keith Richard D. Mariano
THE DIGITAL DIVIDE remains
large across the globe, the World
Bank said, potentially keeping
countries like the Philippines
from realizing their potential in
terms of economic growth, employment and improved services.
For digital technologies to
benefit everyone everywhere
requires closing the remaining
digital divide, especially in Internet access, the multilateral
lender said in its 2016 World Development Report titled Digital
Dividends.
Digital technologies allow
businesses to become more
productive, people to find more
opportunities and governments
to deliver better public services,
according to the report published
yesterday.

In terms of job creation, digital technologies are paving the

way for the expansion of businesses using information and
communications technology,
Internet-enabled offshoring and
outsourcing, Internet-enabled
entrepreneurship and self-employment.
But while digital technologies
have spread fast, the dividends or
perceived benefits are thought to
remain wanting.
First, nearly 60% of the
worlds people are still offline and
cant participate in the digital
economy in any meaningful way.
Second, some of the perceived
benefits of digital technologies
are offset by emerging risks, the
World Bank said.
The report showed about 60%
of the worlds population including 63 million Filipinos remains offline even amid the rapid
spread of digital technologies.

The benefits have also been

skewed towards the wealthy,
skilled and influential around the
world, who are better positioned
to take advantage of the new technologies.
The World Bank noted that
making the Internet universally
accessible and affordable should
be a global priority.
This will require both public
and private investments, which
depends partly on market competition, public-private partnerships and effective regulation of
Internet and mobile operators.
The digital economy also
requires a strong analog foundation, consisting of regulations
that create a vibrant business climate and let firms leverage digital
technologies to compete and innovate; skills that allow workers,
entrepreneurs, and public servants to seize opportunities in
the digital world; and accountable

institutions that use the Internet

to empower citizens.
But the rapid technological
change poses challenges as well.
In the Philippines, for instance, the progress in digital
technologies and international
competition has necessitated the
need to move to more high-valueadded, non-routine jobs.
In the Philippine information technology-business process
outsourcing industry, 85% of the
revenues are generated in jobs
intensive in routine cognitive
tasks, with workers increasingly
susceptible to automation, the
World Bank said.
The full benefits of the information and communications
transformation will not be realized unless countries continue to
improve their business climate,
invest in peoples education and
health, and promote good governance.

First phase of rebuilding LGU

facilities damaged by Yolanda
nearly complete, DILG says
THE Department of Interior and Local Government (DILG) said it is close to completing the first phase of its post-typhoon Yolanda infrastructure rehabilitation efforts.
On Thursday, DILG Secretary Mel
Senen S. Sarmiento said a that total of
299 out of the 309 partially damaged
municipal facilities are now rehabilitated
under the departments Recovery Assistance on Yolanda (RAY) project, with
the remaining 10 projects expected to be
completed by the first quarter of 2016.
We will soon finish work on the damaged facilities listed in the first batch of
RAY projects and are working on projects
in the second batch, Mr. Sarmiento said.
The first batch covers assistance given
to the Philippine National Police (PNP),
Bureau of Jail Management and Penology (BJMP), Bureau of Fire Protection
(BFP) and the DILG Region VIII office.

Under the first group, the DILG said

that the PNP completed repairs in eight
out of the 22 police stations, the BJMP in
20 out of 22 jail facilities, and the BFP in
all 43 fire stations listed.
The second phase is now 42% complete with repairs performed on 601 of
3,626 barangay level facilities.
Mr. Sarmiento said that P1.24 billion
for the first batch was released to local
government units (LGU) in April 2014
while the P1.57 billion for the second
batch was released in May 2015.
DILGs RAY project is intended to
provide support and assistance to LGUs
deemed to have been most affected by super-typhoon Yolanda. These LGUs include
those in the provinces of Palawan, Masbate, Aklan, Antique, Capiz, Iloilo, Negros
Occidental, Cebu, Biliran, Eastern Samar,
Leyte and Samar. Alden M. Monzon

By Daphne J. Magturo
Reporter

Turkey 41

Total
Internet users

the investment but also the jobs

that will be generated.
Roughly for us, with this CARS
program were looking at about
60%-70% increase in our current manpower, he said. Right
now we have 70,000 employees
in the parts-making industry as
soon as we capture the projected
200,000 units for each model.
It will come in stages its not
going to happen this year, which
will be [focused] on product development, he added.
Mr. Raquelsantos expects the
CARS program to double the utilization of local car part makers
production plants.
An interagency committee
composed of representatives
from different agencies will
evaluate the application within a
prescribed one-month period.

Bombardier to begin
working soon on upgrade
to MRT-3 signal system

United States 51

165 Pakistan
Mobile phones

ect increased activities in domestic auto parts making, including

complementing industries down
the line. Some 70,000 personnel
are currently employed by local
parts makers.
During the Toyota event,
Philippine Parts Maker Association, Inc. President Ferdinand I.
Raquelsantos said his group is
targeting at least 31 joint ventures
and technical agreements under
the CARS program.
He said a Japanese company
signed a deal with a local partner
ahead of the program. Actually
its a done deal already, he said,
but declined to disclose the identity of the foreign partner.
Theyre going have to put in
a lot of capital expenditure and
equipment, he said. What we
are excited about this is not only

A CANADIAN supplier to Metro Rail

Transit Line 3 (MRT-3) will replace the
obsolete signaling system as early as
this month, with the Transportation department saying that it expects no more
sudden breakdowns starting April.
However, the P53.37-million deal with
Bombardier Transportation Signal Ltd.
overlaps with a separate but bigger
contract with a South Korean-led consortium worth P3.81 billion, but officials
said the Bombardier deal offers a more
immediate solution to the problem.
Under the seven-month contract
signed in December, Bombardier will
upgrade the MRT-3s signaling system,
which ensures safe distances between
trains and controls their speed.
That is what triggers the automatic
train protection that causes sudden
stops and injures passengers, Transportation Secretary Joseph Emilio A. Abaya
told a media briefing at the agencys
headquarters yesterday.
At the same time, the agency
awarded a three-year maintenance deal
with South Koreas Busan Transportation
Corp. and its Filipino partners: Edison
Development and Construction, Tramat
Mercantile, Inc., TMI Corp., Inc. and
Castan Corp.
Busans task includes the total
replacement of the signaling system for
P888 million, along with other maintenance components.
We recognize that there is an
overlap, Mr. Abaya said.
But he defended this, saying the
South Koreans will take two years to
replace the signaling system, while the
Canadians can do it in just seven months.
If we didnt procure this upgrade,
we will have an old system degraded,
inefficient service disruptions for the
next two years because the contract
with Busan involves a complete replacement, fully operational in two years, Mr.
Abaya said.
Busan took over the signaling system
on Jan. 8.

If there is no upgrade now, there

will be two more years of glitches because of the obsolete signaling system,
Mr. Abaya said.
There will be an overlap, but I think
better service for 17 months is worth the
cost, he said, referring to the gap between the time Bombardier finishes the
upgrade, and the time Busan completes
its own project.
As early as 2012, the agency received
recommendations from various bodies to
replace the signaling system. It started negotiations with Bombardier in July 2014.
The deal was awarded on Sept. 29,
2015 through direct contracting because
Bombardier holds exclusive proprietary
rights to supply new components, as it
designed, developed and implemented
the entire MRT-3 signaling system when
it was constructed.
We made that decision [to engage
Bombardier] way back in July 2014,
without ever knowing if we will ever
able to award a three-year maintenance, the Transportation chief said.
Asked about the delay in the
Bombardier deal, Mr. Abaya replied: We
wanted a quick negotiation, but there are
always two parties involved. I thought
they wanted this to happen, but their
staff behaved as if they didnt want it.
But finally we got them to sign,
and now were just waiting for the letter
of credit so we can issue the Notice to
Proceed and they can begin.
Bombardier will replace the local
control system, known as MAN 900,
with the more contemporary EBI Screen
900, which has the same functionality as MAN 900 but is compliant with
modern computers hardware and fiber
optic technology.
The company will also ensure the
availability of spare parts needed for the
uninterrupted and efficient operation of
the busiest rail line in the capital.
Within the first month of the
contract, Bombardier will provide the required hardware upgrades and software
licenses; install, test and commission
support of the new system; carry out the
migration of existing data and functions;
and train MRT-3 personnel on proper
operation and maintenance.

Over half of corporate PCs hit

by malware in 2015 Kaspersky

AFP

DEPARTMENT of Interior and Local

Government Secretary Mel Senen S.
Sarmiento said a that total of 299 out
of the 309 partially damaged municipal
facilities are now rehabilitated under the
departments Recovery Assistance on
Yolanda project.

WELL OVER half of corporate personal

computers (PCs) faced malware attacks in
2015, up 3 percentage points from a year
earlier, with attacks featuring greater exploitation of legitimate software and the
use of valid digital signatures to better hide
malicious files, Kaspersky Labs said.
The cybersecurity company said in a
statement that 2015 also saw a doubling in
so called cryptolocker attacks, involving
over 50,000 corporate computers. Such attacks involve freezing out legitimate users
until a ransom is paid.
Organizations that have fallen victim
to a cryptolocker can find themselves faced
with a ransom demand to stop a DDoS-attack, decrypt files, or maintain the confidentiality of any stolen information. Because
the evidence shows that cybercriminals
dont always honor the agreement once the
ransom has been paid as happened in the
case of the DDoS-attacks on Proton-mail,
many of those affected should call in law enforcement and computer security experts,

Yury Namestnikov, a senior Kaspersky security researcher, was quoted as saying.

It said in 2015 cybercriminals focused
their attacks on systems allowing the withdrawal of funds from financial services institutions, it said, adding that firms dealing
with Bitcoin and mergers and acquisitions
were also targeted.
On the consumer level, Point-of-Sale
terminals were also targeted with Kaspersky Lab products blocking more than
11,500 attempts from hackers.
An Advanced Persistent Threat group
from China, it said, switched its targeting
from computer games companies to pharmaceuticals and telecommunications firms.
The future cyber-landscape for business includes a new attack vector: infrastructure, because almost all of an organizations valuable data is stored on servers
in data centers. We also expect tougher
safety standards from regulators, which
could lead to more cybercriminals being
arrested in 2016, Mr. Namestnikov said.

Economy

The
FRIDAY-SATURDAY, JANUARY 15-16, 2016

2016 A.T. Kearney Global Services Location Index

The index tracks the contours of the offshoring landscape in 55 countries across three major categories: financial attractiveness, people skills and
availability, and business environment. Based on an assessment of 38 metrics, countries with the strongest underlying fundamentals to potentially deliver
information technology, business process outsourcing, and voice services are identified and ranked.
6.96

Business environment

LEGEND:

1.19

6.49

6.05

People skills and availability

6.00

1.51
1.59

1.89
2.55

5.99

5.92

5.88

5.87

1.22

1.44

1.29

1.61

1.54

2.71

1.42

2.28

2.75

2.34

India

China

Malaysia

Brazil

Indonesia

4.88

4.82

4.77

4.74

4.67

1.26

1.50

1.74

3.22

2.06

1.12

3.23

2.45

0.97

2.20

SOURCE: A.T. KEARNY

Slovakia

5.68

1.88

1.90

1.26

1.37

2.71

2.58

2.41

Mexico

Chile

Poland

1.43
1.56

3.17

Thailand

Philippines

4.53

4.34

4.25

4.07

2.34

2.09

1.65

1.64

1.71

0.36

0.44

Australia

Ireland

BOTTOM 10

1.62

1.97
Singapore

4.05

Reporter

THE PHILIPPINES remained

the seventh most attractive country in the world for offshored jobs,
as companies discover competitive labor supply in tier-3 cities,
according to a report by consultancy A.T. Kearney.
India and the Philippines
are still top of mind when it
comes to offshoring, but the
hunt for new talent is now
taking companies beyond the
capital and major cities to tier 3
locations such as Bacolod and

Uruguay

Manila placed behind India

(6.96), China (6.49), Malaysia
(6.05), Brazil (6), Indonesia (5.99)
and Thailand (5.92).
The Philippines is second
only to India as a player in the
global outsourcing industry,
where it began in contact centers and gradually climbed the
value chain to now incorporate
most functions in BPO and IT
(information technology), read
the report.
Since 2014, the Philippines has
improved in infrastructure, environment, and tax and regulatory
costs.
The report said significant
recent offshoring activities in-

Local Muslims a starting point

for halal tourism push expert
By Carmelito Q. Francisco Correspondent
DAVAO CITY The local Muslim population
must serve as the initial market for halal tourism establishments to get them ready for Muslim overseas visitors, according to an industry
expert who evaluates businesses for their halal-friendliness.
Fazal Bahardeen, chief executive officer of
the Singapore-based Crescent Rating Pte. Ltd.,
said the Philippines has a sizeable Muslim
community that in itself can help sustain and
develop halal tourism.
In an interview with BusinessWorld, Mr.
Bahardeen said these domestic consumers can
provide a good starting point for businesses
that want to draw in foreign Muslims.
As of the 2010 official Philippine census,
Muslims comprise about 5% of the 92.3 million population. The National Commission
on Muslim Filipinos, however, have a higher
estimate of more than 10%.
Mr. Bahardeen cited Singapore where about
15% of the population is Muslim. Despite their
minority status, a majority of food establishments is halal-certified.

AFP

THE LOCAL MUSLIM population must serve as the

initial market for halal tourism establishments to get
them ready for Muslim overseas visitors.

of the Commission Attorney or to the

office of any Commissioner.
It also removes the requirement that
Labor Arbiters be appointed to a specific
arbitration branch and the preference
that they be residents from a particular
region.
Senator Juan Edgardo M. Angara,
acting chairman of the Senate committee on labor, has earlier noted
that between 2004 and 2013, the
NLRC arbitration branches received
an average of 32,243 cases while the
Commission handled an average of
11,465 cases.
He said that with the overwhelming load of cases, the NLRC is faced
with the challenges of resolving labor
disputes in the fairest, quickest, least
expensive and most effective way possible. Kathryn Mae P. Tubadeza

1.22
1.15
Israel

0.64
New Zealand

BPOs in smaller cities keep PHL

competitive A.T. Kearney
Iloilo City, read the 2016 A.T.
Kearney Global Services Location Index (GSLI).
The Philippines can complement its traditional business
process outsourcing (BPO) skills
with the requisite soft skills that
machines cannot replace, making it clearly better positioned
than others.
The country retained its 7 th
place after a total score of 5.88
out of 10. The 55 countries were
assessed based on three major
categories, with Manila scoring
3.17 on financial attractiveness,
1.43 on people skills and availability, and 1.29 on business environment.

PRESIDENT Benigno S. C. Aquino III has

signed a measure strengthening the legal staff of the National Labor Relations
Commission (NLRC).
Republic Act (RA) No. 10741, signed
on Jan. 12, amends Articles 220 and 222
of the Presidential Decree No. 442 or the
Labor Code of the Philippines.
The new law increases the number of
Commission Attorneys assigned to each
NLRC Commissioner to five from the
current three.
Commission Attorneys assist the
eight divisions of the NLRC in its appellate and adjudicatory functions.
The NLRC is the chief government
agency deciding labor disputes and
tasked with promoting and maintaining
industrial peace.
RA 10741 removes the prohibition on
assigning Labor Arbiters to the functions

2.19

BUSINESSWORLD GRAPHICS: SAMANTHA GONZALES

By Daphne J. Magturo

Labor Code amendment boosting

NLRC personnel signed into law

1.27

0.74
South Africa

5.72

3.04

1.48

2.03

0.94
Peru

TOP 10

0.94

1.88

Spain

1.44

2.07

1.08

2.43

Financial attractiveness

S1/5

He added that the Philippines already has

offerings that could be considered as attractive
to Muslim tourists.
You have the best products (among establishments that have started attracting Muslim
tourists) like beaches, food and culture; so
regardless of whether they are halal or not,
tourists will come, said Mr. Bahardeen, who
was in the city earlier this week for an orientation attended by tourism establishments for
the Department of Tourisms (DoT) Philippine
Halal Tourism Project
Crescent Rating assesses tourism establishments based on their readiness to provide
for the needs of Muslim tourists, using a one
to seven rating system, with one as the lowest.
Mr. Bahardeen explained that a rating of
one to three means that the establishment is
helpful to the Muslim traveler and can offer
basic information on prayer times and places
as well as halal-certified restaurants.
For an establishment to get a rating of four,
an establishment should be able to provide
information as well as offer halal food even if
its kitchen is not halal-certified.
The next two levels involve having certified
kitchens, other facilities and services that are
halal-compliant.
A rating of seven requires that only halal
food and beverages are served, no alcoholic
beverages, and segregation between men and
women in the use of facilities such as the gym.
DoT-Davao Region Director Roberto P. Alabado III, meanwhile, said the rating of business establishments will help them become
truly Muslim-friendly businesses.
He said that when he and other government
officials visited Singapore last month for a promotional activity, one of the questions that was
asked of them was whether the Davao Region
has Muslim-friendly business establishments.
Singapore, aside from being near Malaysia
and other Muslim countries, is also a hub that
can be used by Muslim tourists who are interested to visit Davao, said Mr. Alabado.
The city government of Davao has committed to help the DoT in its Philippine Halal
Tourism Project, particularly in assisting local
businesses get certification.
(We) will look at how we can provide trainings and other capability-building measures to
ensure that these establishments get the needed
certification, said Ivan C. Cortez, chief of the
Davao City Investment and Promotion Center.

clude the opening of Accentures

third delivery center in the country, located in Ilocos, to complement its Manila and Cebu operations.
Convergys and Sutherland are
also expanding their Davao contact centers to generate as many
as 4,000 new jobs.
The GSLI noted the advantages of tier-3 cities include affordable real estate and available
labor with lower cost and attrition rates.
Many of these cities have a
highly developed educational
infrastructure, ensuring fresh
crops of qualified graduates for
the foreseeable future.

INVITATION TO APPLY FOR ELIGIBILITY AND TO BID

The BFAR IV-A, through its Bids and Awards Committee (BAC), invites eligible bidders to
apply for eligibility and to bid for the hereunder project:
PROJECT : Bangus Fingerlings (size 2-3 inches)
LOCATION : Rizal
APPROVED BUDGET: P 6,000,000.00
CEILING FOR THE CONTRACT (ABC)
CONTRACT DURATION: 60 Calendar Days
Prospective bidders must have completed, within the period specified in the Invitation to Bid
and ITB Clause 12.1(a) (iii), a single contract that is similar to this Project, equivalent to at
least twenty five percent (25%) of the ABC. In lieu of the above, BFAR IV-A may require the
following: a.) The prospective bidder should have completed at least two (2) similar contracts
and the aggregate contract amounts should be equivalent to at least the percentage of the
ABC as required and b.) The largest of these similar contracts must be equivalent to at least
half of the percentage of the ABC as required. Similar Project, for purposes of this bidding,
should mean delivery of Live Animals and/or marine and fishery supplies, as supported further
by the bidders BIR Certificate of Registration, showing its Line of Business to be inclusive
of Sale of Live Animals and Marine and Fishery Supplies. The Eligibility Check/Screening as
well as the Preliminary Examination of Bids shall use a non-discretionary pass/fail criteria.
Post qualification of the lowest calculated bid shall be conducted. All particulars relative to
Eligibility Statement and Screening, Bid Security, Performance Security, Pre-Bidding Conferences, Evaluation of Bids, Post Qualification and Award of Contract shall be governed by
the pertinent provisions of R.A. 9184 and its Implementing Rules and Regulations (IRR).
The schedule of activities are listed as follows:
BAC ACTIVITES

SCHEDULE

1. Published in the PhilGEPS Website and in

conspicuous areas

January 15, 2016

2. Issuance of Bid documents

January 15, 2016

3. Pre-Bid Conference

January 22, 2016, 1:30 p.m.

4. Deadline of Submission and Opening of Bids

February 3, 2016, 1:30 p.m.

Bid documents will be available only to prospective bidders upon payment of a non-refundable amount of Nine Thousand Five Hundred Pesos (9,500.00) to the BFAR IV-A Cashier.
The BFAR IV-A assumes no responsibility whatsoever to compensate or indemnify bidders
for any expenses incurred in the preparation of their bids. BFAR IV-A reserves the right to
accept or reject any Bid, and to annul the bidding process and reject all Bids at any time prior
to contract of award, without thereby incurring any liability to the affected bidder or bidders.
(Sgd.) RICARDO B. CACHUELA, JR.
BAC, Chairman

6/S1

Opinion

T
Part 2

In my previous column, I
stated that the political leaders of
Turkey seem to be moving away
from Ataturks vision of a secular,
democratic, and modern Turkey
and returning to governance
heavily influenced by religious
leaders. The party of President
Erdogan rose to power on the
promise of reforms and a strong
Turkey (sounding like Attaturk).
Erdogans party, the Justice and
Development Party (JDP), developed what it referred to as conservative democracy supported
by a broad coalition of Islamists,
reformist Islamists, conservatives,
nationalists, center-right, and probusiness groups.
However, shortly after it was
formed in 2001, the JDP portrayed itself as pro-Western and
anti-Al-Qaeda, with its sight on
membership in the European
Union. Supported by powerful
reform movements such as the
Cemaat Movement of Fethullah
Gulen, opposition to Erdogan
weakened. Gulen has established
thousands of schools in Turkey

he bomb blast in Istanbul

sent shivers up my spine.
A suspected Syrian suicide-bomber of the Islamic State
of Iraq and Syria (ISIS) group
killed 10 people. My family and I
had visited Sultan Ahmet Square,
near the famous Blue Mosque, a
few weeks ago. Turkish friends
had actually advised me to postpone our vacation, because they
were so worried about the unrest
in Turkey. We decided to risk it,
believing that a country that had
over 30 million tourists last year
would have a well-coordinated
security program. We were lucky.
President Recep Erdogan has
stated that Turkey was the top
target for all terrorist groups in the
region. The political and security
situation in Turkey today is influenced by a strengthened role of
fundamentalist religious thought,
sympathetic to a return to the Caliphate of old and moving farther
and farther away from the vision
of Attaturk. The ideology is more
allied to the political belief of ISIS.

Ataturk and the Bangsamoro

and thousands more abroad. (I
understand that there has been
a parting of ways between the
Cemaat Movement and the JDP,
with leading members of the
movement harassed.)
Conditions of indigenous Muslims in Mindanao today are similar
to rural Turkey during Ataturks
time: poorest of the poor, highest
illiteracy rate and lowest education levels, least served, conflict
affected. We may live in a democracy but in the areas of conflict,
strongmen or warlords rule while
Islam, as the basis for governance
and justice is the rallying cry of
rebels and citizens.
Democracy has taken a back
seat, in Muslim Mindanao. Do we
have any Moro political leaders
who have a similar vision and political will like Attaturk (less his
dictatorial ways)? Who will move
heaven and earth and Imperial

#bworldfeed
Charlee C. Delavin

InterAksyon @interaksyon

@charleedelavin
Bank of Tokyos Watanabe: PHL
is one of the potential markets.
Among Asian countries this is very
prominent @bworldph

Ex DOH Sec Cabral: Dont vote for

those who continue to subvert
your reproductive rights. Your vote
is your most important weapon |
@lirafernandez

Kathryn Mae Tubadeza

Harvard Biz Review

@kayetubadeza
Pres. Aquino vetoes bill increasing
the monthly pension of SSS
members by P2,000 @bworldph

@HarvardBiz
Time to step back and see whether
all our gadgets, social networks,
and online explorations are really
serving us s.hbr.org/1JzGggz

Jeremy Douglas

United Nations ESCAP

@jdouglasSEA
Serious exchange of fire in
downtown #Jakarta. Didnt
experience this in 3.5 years in
#Pakistan

@UNESCAP
#AsiaPacific continues to
introduce trade-restrictive
measures; potentially damaging
growth, employment & welfare
bit.ly/1P1p9pr

Democracy.Net.PH

@PHNetDems
Average #PHInternet connection
speed: 3.64Mbps
Recommended connection speed for
@NetflixAsia HD: 5 Mbps. FYI

Tim Ferriss

@tferriss
How to complain less, appreciate
more, and live a better life
bit.ly/1XAR13m

World Economic Forum @wef

What are the worlds #migration mega-cities?

wef.ch/1OExY7z #cities

Two elections
VANTAGE POINT
LUIS V. TEODORO

The 2016 elections in the

Philippines are as bizarre as
their US counterpart.

s announced by the Commission on Elections

(Comelec), the official
election season began last Jan.
10 and will end on June 8 this
year. It includes a campaign period starting February and ending in May; election day itself on
May 9; the counting of the ballots; and the official proclamation of the winning presidential
and vice-presidential candidates
and their inauguration.
Some cynical souls lament
that the results of the triennial
exercise the election of the
same scoundrels, incompetents,
crooks and clowns and/or their
clones do not justify the 150
days allocated for it. But the unofficial period for campaigning
for office is actually far longer,
in many cases consisting of the
entire three years between congressional and local government

RAUL L. LOCSIN
Founder

EDITOR ROBERT J.A. BASILIO, JR.

FRIDAY-SATURDAY, JANUARY 15-16, 2016

ROBY ALAMPAY
Editor-in-Chief

elections, and, for the presidential election, the six years during which the previously elected
president sits in Malacaang.
One could say the same about
the United States.
Like its former colony, the US is
holding presidential elections this
year (on Nov. 8), except that the
politicians there have their eye on
the presidency for four rather than
six years, using the time, depending on their affiliations, to either
paint the incumbent as unworthy
of the post, or as Gods gift to the
US and all of humankind.
No electoral commission declares the start of the US election
season, and it runs much longer
than the official season in the
Philippines because of the complexity of the process through
which the president is elected.
The process includes state primaries and caucuses during which
delegates to the two parties conventions are elected; mid-year
conventions; debates among the
contenders; the election of electors for the Electoral College;

Manila to reform regional and

local governance and move the region on the path to peace, progress
and development? Sadly, most of
our political strongmen think in
three-year time frames, looking
to consolidate political power by
buying or manipulating the electoral process instead of improving
the lives of the communities.
The impoverished and oppressed communities have but
two options: do nothing but accept occasional largesse from political leaders and continue a life
of squalor and violence or support radical groups who promise
a better life. This is why hundreds
have been turning to ISIS.
ISIS has grown rapidly from
Iraq and Syria to Africa (with the
Boko Haram of Nigeria swearing
allegiance), Asia (small groups
of rebels declaring support in
Mindanao and Indonesia) and

has even attracted followers in

rich countries such as the United
States, United Kingdom, Australia, Singapore and Turkey. ISIS
position has gone beyond that
of the decimated Al Qaeda, consolidating actual territory in Syria
and Iraq. ISIS has become more
and more a state, an Islamic State,
although rejected by the international community.
The coordinated military response of the international community has stopped the expansion of ISIS. It has lost territory,
such as Manbij in Syria and there
are reports of IS commanders
pulling out.
However, supporters outside
Syria and Iraq remain enamored
of the idea of the return of an Islamic State. They heed the call of
ISIS to attack its enemies in their
home grounds abroad. According to
Turkish President Recep Erdogan,

Turkey is the top target for all terrorist groups in the region. Turkey
has provided refuge for millions of
Syrian refugees, establishing temporary settlements in its borders.
We should be worried about
the setbacks in the peace process
with the Moro Islamic Liberation Front (MILF) following the
Mamasapano debacle. The spillover effects of the conflict and the
attractiveness of a conflict area
for terrorists is a concern for the
international community, particularly ASEAN. Will the doors
open wide to ISIS, if the peace
process fails?
Last year, the Philippine Center for Islam and Democracy
(PCID) organized a conference
on Radicalization in East Asia:
Addressing the Challenges of the
Expanding ISIS Influence. At
the conference, Retired AFP Lt.
General Ben Dolorfino, former

TRADE TRIPPER

he budget for 2016 was

signed into law last Dec.
22, 2015 and at P3.002
trillion it unabashedly is the
costliest one for our Republic
to date. By practical consideration, this makes the size of our
government equal to 25% of
our economy (the humongous
US government merely hovers
around the 20% mark). And all
this amidst the fact that our domestic debt is at P3.896 trillion,
with external debt at P2.057 trillion (roughly totaling P5.9 trillion as of Nov. 2015).
This column is the first (at least
in so many years) to encourage
Filipinos to look at the budget as
an instrument for pushing a coherent and effective governance
philosophy. And, to put it with all
the intricate subtlety of a battering
ram, our budgets in the past decades have been quite socialistic.
This article will not dwell on
the different strands of socialism. I dont think even socialists
themselves agree on what they
are. Many dont probably even
realize theyre adhering to socialistic beliefs. So lets simplify it for
now as the thinking that the State
should, under the guise of equality
and social justice, dictate peoples
lives through coercive measures
such as high taxes, more regulations, and by an all-powerful
government bureaucracy.
But as I pointed out in my article Disconnect: Paying for the
Philippines New Normal (9-10
October 2015), to adhere to such
a policy goes against the philosophy and intent of our Constitution, which seeks to promote a
specific idea of the common
good and subsidiarity.
In other words, government
was not designed under our
Constitution to be the be-all and
do all for the people. The running and welfare of the State is
actually the responsibility of the
people themselves.

Because despite tons of

graduate school gibberish and
regardless of what Picketty says:
socialism doesnt work and our
Constitution was wise to reject it.
It caused poverty in Cuba, Greece,
much of Europe, even China. And,
unless they reverse course, promises to do the same for the US.
Unfortunately, we seemed to
have forgotten this little detail
and gleefully dumped so many
responsibilities on government
that we let it bloat to the size it is
today, with the logically resulting
budget and debt.
Using the 2015 General Appropriations Act as benchmark, 64%
are on welfare matters: socialized
housing, climate change, social
protection such as the Conditional Cash Transfer (CCT), health
care, and employment. These are
matters better left to the people
themselves, exercising personal
discretion and self-responsibility.
And yet on the one job our government is supposed to do under
the Constitution: to serve and
protect the people, was met with
a pittance of a 4.4% of the budget
for 2015.
Fortunately, all that hullaballoo about the Disbursement
Acceleration Program (DAP),

alongside the noble sacrifice

of the SAF 44 in Mamasapano,
have led (very much relatively
speaking) to an improvement
on the budget (from that initially proposed).
Rightly, education was given
high priority, with the Department of Education getting P435.8
billion (representing a 15.4% increase from last year). The crucial
thing, of course, is in the details.
And gratifyingly, the funds
supposed to be spent for possible
abortifacients was slashed from
the Department of Healths budget. This was the correct thing to
do: RA 10354 (the RH Law) was a
Congressional act that could be
repealed or amended anytime by
another law. And the 2016 GAA
was such a law. But its ultimately
better if the contraceptive provisions of the RH Law be repealed
completely.
Unfortunately, despite a laudable Senate attempt to cut the
quite misguided, ineffective,
and self-entitlement encouraging CCT program by P8 billion,
Welfare was able to retain its proposed P64 billion.
But a quite definite improvement was the P117.521 billion allocation for Defense. This represents an increase of P18.6 billion
from last year, with bulk of the
increase going to modernizing
the air force. Having said that, Defense in this election year is
seemingly only 5th in priority for
the Aquino government (behind
Education, Public Works, Local
Government, and Health).
Indeed, while on the subject of
defense, the next administration
is strongly encouraged to commit
thoroughly to reviving the SelfReliant Defense Posture of the
Marcos years, which was conceptualized and implemented
through the enactment of Presidential Decree 415: The underlying concept of the program was
to produce locally, when feasible,

and the election itself. Its a process thats been described as bizarre, among other labels, but,
for the purposes of that country,
has worked for hundreds of years.
This year, however, its not
only the process but the number of contenders for the US
presidency, the contenders
themselves, the views some of
them have expounded, and the
reaction of the electorate, that
have made that adjective apt. At
one point there were seventeen
contenders for the Republican
nomination, with this number
being reduced to 12 when five
dropped out. On the Democratic
Party side, there were six initially, that number being reduced to
half when three withdrew.
Among the Republicans the
most bizarre candidate is the billionaire celebrity Donald Trump,
whose views on such issues as
immigration, terrorism, and the
state of US military power have
elicited the condemnation of
even some of his fellow Republicans. If elected, Trump has vowed

to compel Mexico to build at its

expense a wall to keep Mexican
immigrants, whom he has described as rapists and criminals,
out of the US.
He has proposed a total ban
on Muslim immigration, which
would constitute a religious test in
violation of the US Constitution.
He has also suggested that some
kind of identification be devised
that all Muslims in the US should
have on their persons at all times
a plan reminiscent of Nazi Germanys compelling Jews within
the territories under its control
to wear the Star of David. Trump
claims that global warming is a
hoax. He is also against same sexmarriage, which all US states now
allow, and has inveighed against
political correctness.
Trump also claims that the US
has become soft, by which he
presumably means when its dealing with its perceived enemies.
Its a description the victims of
US drone attacks in Pakistan, Afghanistan, and Iraq, as well as the
12 doctors and 10 patients killed

during a US bomb attack on the

Kabul hospital of the medical
NGO Medicins Sans Frontieres
(Doctors Without Borders) would
have every reason to challenge.
But the implication is clear: if hes
President, he will be harder
on the world, very likely by intensifying US bombing of those
countries he and its other rulers
dont like.
Trump sounds like a racist
and a crypto-fascist, and seems
as clueless as a doorknob as far
as human rights, democracy,
and the state of the planet is
concerned. But whats even
more curious than his views
is how his outrageous plans
should he be elected president
of the United States have been
welcomed by most US Republicans and even some Democrats:
Trump is the current frontrunner among the contenders
for the Republican nomination.
But its not really surprising
that this should be happening,
say two conservative political
scientists. The Republicans, say

JEMY GATDULA

Sixty-four percent of the

national budget cover
welfare: socialized housing,
climate change, social
protection such as the
Conditional Cash Transfer,
health care, and employment.
But all of these are better left
to the people themselves,
exercising personal discretion
and self-responsibility.

WILFREDO G. REYES Managing Editor ALICIA A. HERRERA, CATHY ROSE A. GARCIA, RICKY S. TORRE, BETTINA FAYE V. ROC Associate Editors MARIA ELOISA I. CALDERON Editor-at-Large
ROBERT J.A. BASILIO, JR. Opinion and Engagement Editor FRANCISCO P. BALTAZAR Foreign News Editor TIMOTHY ROY MEDINA Online Managing Editor MIRA CATHERINE B. GLORIA Online Editor BRIAN M. AFUANG Visual Editor

head of Western Mindanao Command and chair of the conference,

said Growing exasperation with
obstacles to the peace process
may lead younger generation of
rebels to radicalization. It must
be noted that many members of
local terrorist groups such as the
Abu Sayyaf Group, Bangsamoro
Islamic Freedom Fighters, Justice for Islamic Movement and
Kilafah Islamiyah Movement are
orphans of rebels and frustrated
members of Moro fronts.
Our own military confirm that
there is a growing number of Muslims in Mindanao who adhere to
the radical ISIS belief. While the
supporters are few, possibly a couple of hundreds of disillusioned
and extremist rebels, Mindanao
has the potential of becoming a
fertile ground for the spread of
ISIS if the peace process fails. We
at PCID are not alone in worrying
about the situation in Mindanao.
International security analysts,
such as those with Singapores S.
Rajaratnam School for International Studies, share our concerns.

SURVEIL

AMINA RASUL
Mindanao has the potential
of becoming a fertile ground
for the spread of ISIS if the
peace process fails.
Senator Juan Ponce Enrile has
successfully reopened the Mamasapano investigation, some say
for political (election-related)
reasons. Will the hearings lead
to any new information? Or will
it serve to inflame already heated
hearts and minds, for or against
the Bangsamoro Basic Law. Will
the rhetoric consolidate the rising prejudice against Muslims in
this country? Should this happen,
will moderate Muslims react by
turning to more radical thoughts
and back to conflict?
Should the Bangsamoro Basic
Law (BBL) not be passed, we
are back to square one in the
search for a peaceful political
solution to the generations of

armed conflict in Muslim Mindanao. Should a watered-down

BBL be passed, will the MILF
accept the amendments? MILF
peace panel Chair Mohagher
Iqbal has said repeatedly that
no BBL is better than a watered
down BBL, that the MILF would
rather go back to the negotiating
table than accept a BBL which
will merely give the Bangsamoro
what it already has a dysfunctional and weak autonomous
region, tied to the aprons of
national government. Iqbal has
said that ARMM had been offered to the MILF three times
in the past, which the MILF had
consistently rejected.
Mustafa Kemal Attaturk saw
that the way to peace and progress
for Turkey was to unite the peoples behind one vision, a secular
vision allowing all to practice their
own faith and creed. In Muslim
Mindanao, we need such a vision.
The Bangsamoro Law provides the foundation for such a
vision, providing Muslims access
with Islamic institutions and all

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citizens of the region with access

to secular institutions of governance as well.
Let us hope that our legislators
can find a way to provide a law
that will strengthen autonomy,
guaranteed by the Philippine
Constitution and agreed on by
the negotiating panels.
Instead of providing a mere
amendment of RA 1954 (Autonomy Act), itself a watered down
version of the 1976 Tripoli Agreement and 1996 Final Peace Agreement between the government
and the Moro National Liberation
Front. Otherwise, I fear a shift
in the Muslim liberation fronts/
insurgency power structure away
from those who support moderation and peaceful negotiations to
those with a radical, Islamist core
more closely allied to ISIS.
AMINA RASUL is a democracy,
peace and human rights
advocate, president of the
Philippine Center for Islam
and Democracy.
aminarasul@yahoo.com

THE BUDGET
AS INSTRUMENT
FOR EFFECTIVE
GOVERNANCE

material for our defense forces

through partnership between the
military and civilian establishments, while importing those that
cannot be locally produced with
the ultimate objective of acquiring the technology for the production of these material. (see
GlobalSecurity.org)
Put it this way: with China
encroaching and Islamic radicals plotting, as well as local
thuggish political families and
communists desperately seeking to be relevant, the Philippines would be foolish to bet
the lives of its citizens solely
on mutual defense treaties with
foreign governments.
And besides, all this talk of social justice and the rule of law are
useless if we cant even protect
whats ours.
JEMY GATDULA specializes in international
economic law (WTO and ASEAN), and
teaches international law
and legal philosophy at
the UA&P School
of Law and Governance.
jemygatdula@yahoo.com
www.jemygatdula.
blogspot.com
facebook.com/jemy.gatdula
Twitter @jemygatdula

Thomas E. Mann of the Brookings Institution and Norman J.

Ornstein of the American Enterprise Institute, are primarily responsible for the politics
of extremism that has made US
politics dysfunctional.
The GOP (Grand Old Party)
is ideologically extreme; scornful of compromise; unmoved by
conventional understanding of
facts, evidence and science; and
dismissive of the legitimacy of its
political opposition, say Mann
and Ornstein.
One cant say the same of the
Philippine political formations
we loosely call political parties,
these being, in the first place,
indistinguishable from each
other in terms of either ideology,
platforms (if any), and even personalities, since the politicos that
comprise them migrate from one
group to another with the same
nonchalance with which they
change their barongs (or ternos).
In one respect, however, the
2016 elections in the Philippines
are as bizarre as their US coun-

terpart. Five individuals are running for president, but six others
are vying for the second highest post, with one of the latter
running without the benefit of a
presidential partner.
Among the former, Grace Poe
the adopted daughter of the
late movie idol Fernando Poe, Jr.
and his actress wife is a former
US citizen who has reclaimed
her (presumably) Filipino citizenship. She is in the throes of
fighting off disqualification cases
focused on her citizenship.
Her fellow front-runner Jejomar C. Binay, Jr. is the current
vice-president and was once in
the cabinet of President Benigno
S. C. Aquino III. But hes running
as an oppositionist and under a
cloud of corruption accusations
that in another country would
have led an individual in the same
predicament to drop out of the
race altogether.
Rodrigo R. Duterte, whos either the second or third choice
of the electorate depending on
which polling firm you consult,

BusinessWorld Publishing Corporation, 95 Balete Drive Ext.,

New Manila Quezon City, Metro Manila, Philippines 1112

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editor@bworldonline.com

is running on a law-and-order
platform that if implemented
would lead to less law and more
disorder, and whose most recent
brainstorm has yielded a promise
to lease islands to multinational
corporations if hes elected.
Miriam Defensor- Santiago
claims to have recovered from
stage four lung cancer, but seems
to be sitting out the campaign behind the ten-foot high walls of her
La Vista residence.
President Aquino IIIs Chosen
One, Manuel Mar Roxas II, who
has vowed to continue Aquinos
supposedly straight path of governance, is apparently running on
the say-so of his broadcaster wife
and his mother.
Among the vice-presidential
hopefuls only Ferdinand R.
Marcos, Jr. merits mentioning,
if only because of the dire possibility that he might be elected
this year to the second highest
post and to the presidency in
2022 presumably to the rest
of the worlds chagrin, wonderment, and concern.

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The world, however, would be

better occupied with developments in the US electoral scene.
What happens in the Philippines affects only its unhappy
people, while what happens in
what Barack Obama crowed in his
final State of the Union address
is the only superpower left affects the fate of millions all over
the planet, as those millions have
indeed been discovering over the
last 100 years of the US empire.
Its not just Trump the worlds
millions have to fear, but whoever
else is elected this November. Whats
merely curious in the Philippines
stays in the Philippines. But what
happens in the US can lead, and has
led, to the most terrible catastrophes for the peoples of the world.
LUIS V. TEODORO is on Facebook and
Twitter (@luisteodoro).
The views expressed in
Vantage Point are
his own and do not
represent the views of
the Center for Media
Freedom and Responsibility.
www.luisteodoro.com

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S1/7

BEYOND BRUSHSTROKES
MARIA VICTORIA RUFINO

It is wise to be a child again. Watch some animated

movies and learn valuable lessons.

Tips for a better life

he positive, bright side of life is a refreshing perspective as we start the New Year.
Here are some of the practical points with
updated side comments from an old list compiled by
columnist Regina Brett, who is more than 90 years old but
still is spritely.
1. Life isnt fair, but its still good.
2. When in doubt, just take the next small step.
3. Life is too short to waste time hating anyone.
4. Your job wont take care of you when you are sick.
(Neither will your boss or colleagues unless you are extra
special.) Your friends and parents will. Stay in touch.
5. Pay off your credit cards every month. (Practice fiscal
discipline).
6. You dont have to win every argument. (Agree to
disagree.)
7. Cry with someone. Its more healing than crying alone
(If someone has a shoulder to share. Otherwise, crying in
the shower helps.)
8. Its OK to get angry with God. He can take it. (Not sure
about this one. It is better to pray and to ask for grace.)
9. Save for retirement starting with your first pay check.
(If possible, the experts say, 10% 20% of the amount.
Discipline.)
10. When it comes to chocolate, resistance is futile. (The
happy hormones are released when you indulge in decadent
dark chocolate which have antioxidants and pheromones.)
11. Make peace with your pastso it wont mess up the
present. (Release the anger. Dispose of the emotional baggage. This is very hard to do but it is essential.)
12. Its OK to let your children see you cry. (Crying is
good for the soul.)
13. Dont compare your life to others. You have no idea
what their journey is all about.
14. If a relationship has to be a secret, you shouldnt be in
it.(Illicit stuff is stressful.)
15. Everything can change in the blink of an eye. (The
sudden turn of events can make your life topsy-turvy. One
should learn to let go and move on.)
16. Take a deep breath. It calms the mind. (Oxygen helps
you think clearly.)
17. Get rid of anything that isnt useful, beautiful or
joyful. (This applies to false friends users, sycophants,
plastic people, and to objects in your collection.)
18. Whatever doesnt kill you really does make you
stronger. (Learning how to solve problems and to accept
pain are exercises we need in order to grow.)
19. Its never too late to have a happy childhood. But the
second one is up to you and no one else. (There is more fun
the second and third time around. Bring out the suppressed child within.)
20. When it comes to going after what you love in life, dont
take no for an answer. (Go for whatever makes you happy.)
21. Burn the candles, use the nice sheets, and wear the
new clothes and fancy lingerie. (Dont save them for a
special occasion. Today is special!)
22. Over prepare, and then go with the flow.
23. Be eccentric now. (This is true for artists and all
creative spirits.)
24. The most important sex organ is the brain. (This is so
true. Everything starts in the mind.)
25. No one is in charge of your happiness but you. (You
have to take charge and be happy for yourself.)
26. Frame every so-called disaster with these words: In
five years, will this matter?
27. Always choose Life.
28. Forgive everyone everything. (Peace of mind and heart.)
29. What other people think of you is none of your business. (It is their problem if they dont like you.)
30. Time heals almost everything. Give Time time.
(Broken hearts mend eventually.)
31. However good or bad a situation is, it will change.
32. Dont take yourself so seriously. No one else does.
33. Believe in miracles. (Miracles, rainbows, and Divine
signs.)
34. God loves you because of who God is, not because of
anything you did or didnt do.
35. Dont audit life. Show up and make the most of it now.
36. Growing old beats the alternative dying young.
(Stay youthful and healthy!)
37. Your children get only one childhood. (Let them
enjoy their childhood now. Dont give them too much stress
with homework and many extracurricular activities. Let
them play and be kids.)
38. All that truly matters in the end is that you loved.
(Love begets love. When you love others, you become
lovable too.)
39. Get outside every day. Miracles are waiting everywhere.
40. If we all threw our problems in a pileand saw everyone elses, wed grab ours back.
41. Envy is a waste of time. You already have all you need.
(Wants and needs are not the same.)
42. The best is yet to come. (The eternal optimist looks
for that silver lining.)
43. No matter how you feel get up, dress up, and show
up. (Sometimes, it is tough to get through a day. But one can
make the effort. It is worth it.)
44. Yield.
45. Life isnt tied with a bow, but its still a gift. And one
must remember: live one day at a time.
Kung Fu Pandas very wise Master said, Yesterday
is history. Tomorrow is a mystery. Today is a gift. That
is why it is called the present. It is wise to be a child
again. Watch some animated movies and learn valuable
lessons.
MARIA VICTORIA RUFINO is an artist, writer and
businesswoman. She is president and executive
producer of Maverick Productions.
mavrufino@gmail.com

MIGUEL G. BELMONTE President and Chief Executive Officer LUCIEN C. DY TIOCO Senior Vice-President for Sales and Marketing
HAZEL D. GASTON Advertising Director JEANETTE F. DOMINGUEZ Special Features Advertising Manager
RAFAEL M. DE LARRAZABAL, JR. Circulation Director DYA JILL E. ARENAS Marketing Communications Supervisor

8/S1

World

The

EDITOR KATRINA PAOLA B. ALVAREZ

FRIDAY-SATURDAY, JANUARY 15-16, 2016

JAKARTA Suicide attackers

struck the Indonesian capital
on Thursday, with a series of explosions and gunfire that tore
through a Starbucks cafe and
shook an embassy district in the
Muslim-majority nation.
At least seven people were
known to have died including
two who police said blew themselves up in the area that is also
overlooked by United Nations offices, in what the countrys president dubbed acts of terror.
An unknown number of gunmen
were involved in the blasts, including at a police post that left four
mangled bodies lying in the road.
Five terrorists are dead, Security Minister Luhut Panjaitan
told reporters. He said that one
Indonesian and one Dutch citizen
had died, but the Dutch embassy
said only that one of its nationals
was wounded and being treated
in hospital.
While no one has yet claimed
responsibility for the attacks, they
have revived fears that homegrown extremists bloodied on the
battlefields of the Middle East with
the Islamic State (IS) group could
have brought their jihad home.
Indonesia suffered several
major bomb attacks by Islamic
radicals between 2000 and 2009,
including the 2002 strike on the
resort island of Bali that killed
202 people.
A security crackdown weakened the most dangerous networks, leading to a long lull in
large-scale strikes.
But the European-based Soufan
Group says that of the 500-700 Indonesians who traveled abroad to
join the self-proclaimed caliphate
of the IS, scores have since returned.

REUTERS

Seven dead as suicide bombers,

gunmen hit Indonesian capital
POLICE GATHER outside a restaurant near the scene of an attack in central Jakarta
on Jan. 14.
We know that ISIS has the
desire to declare a province in this
region, said Kumar Ramakrishna, a counterterrorism analyst at
the S. Rajaratnam School of International Studies in Singapore.
The threat of returning
Southeast Asian fighters radicalized in the Iraq/Syria region are
also another factor of concern,
together with the possibility of
self-radicalized lone wolves appearing on the scene.
Witnesses to the carnage on
Thursday said a powerful explosion ripped through a branch of
US coffee giant Starbucks before
at least one gunman emerged and
began shooting at bystanders,
reloading his weapon as police
flooded the streets.
In chaotic scenes, security
forces moved in behind the cover
of moving vehicles, with regular
bursts of gunfire and warnings of
a sniper in the area.

FELT LIKE AN EARTHQUAKE

As well as the confirmed deaths, a

number of people were feared injured, with an eyewitness telling
AFP he had seen a terrorist repeatedly shooting at bystanders,
including a local journalist.
I heard a loud bang, boom! It
felt like an earthquake. We all went

downstairs, said Ruli Koestaman,

32, who had been in a nearby building when the attack started around
10:35 a.m. (3:35 a.m. GMT).
We then saw that the Starbucks
downstairs was destroyed too. I saw
a foreigner Westerner, a man
with a mangled hand but alive.
A Starbucks waiter then ran out
with blood coming out of his ear.
And I asked: Anyone hurt inside?
He said: Yes, one. Dead already.
Then everybody gathered,
and a terrorist appeared. He had
a gun and started shooting at us
and then at Starbucks. Then the
police post... exploded.
The blasts at least six, according to eyewitnesses were
close to a shopping center, the
Sarinah.
Graphic photographs from the
scene showed the bloodied bodies
of what appeared to be two men in
civilian clothes lying by the side of a
road next to the wrecked police post.
Another body, also apparently male, dressed in black was
pictured lying on his back in the
center of the street while another,
almost naked, lay nearby.

STARBUCKS SHUTTERED

US-based coffee giant Starbucks

said one of its customers was
injured, as it announced it was

shuttering all branches in the Indonesian capital.

This store and all other Starbucks stores in Jakarta will remain closed, out of an abundance
of caution, until further notice, a
statement said.
The area is home to several
embassies, including those of the
United States, France, and Spain.
A number of United Nations
agencies are also housed nearby.
Britain and Australia advised
their nationals to avoid the area.
Indonesian President Joko
Widodo urged people to remain
calm.
Our nation and our people
should not be afraid; we will not
be defeated by these acts of terror, he said, in comments broadcast by MetroTV.
We all are grieving for the
fallen victims of this incident,
but we also condemn the act that
has disturbed the security and
peace and spread terror among
our people.
It was not immediately clear
who was behind the attacks, but
national police spokesman Anton
Charliyan said they came after the
IS group issued a cryptic warning.
The warning said there will be
a concert in Indonesia, and it will
be international news, he told a
local radio station.
He did not give any further
details, or say when the warning
was issued.
Police foiled several terror
plots in Indonesia last month,
with some believed to be linked
to IS. Jakarta was placed on high
alert after anti-terror police
foiled what they said were plans
for an New Year suicide attack.
AFP

Australia rejects US request for more IS help

SYDNEY Australia has formally rejected a request from the
United States for more military
help to tackle the Islamic State
(IS) group, arguing it had already
made a substantial contribution to the fight.
US Defense Secretary Ash
Carter in December asked coalition partners battling the jihadists and other militants in Iraq
and Syria for a greater commitment following the Paris attacks
in which 130 people were killed.
Prime Minister Malcolm Turnbull signaled at the time that there
was no appetite for such a move,
and Defense Minister Marise
Payne said Australias current
commitment was sufficient.

Australia has considered

the request from US Secretary
of Defense Ash Carter in light of
the substantial contributions we
are already making to train Iraqi
security forces and to the air campaign, she said in a statement
late on Wednesday.
The government has advised
Secretary Carter that our existing
contributions will continue.
The decision comes just days
ahead of Mr. Turnbull meeting
US President Barack Obama in
Washington on a trip focused
on terrorism and territorial disputes. During the visit, he will deliver a national security address
at the Center for Strategic and
International Studies.

Australia has some 780 defense personnel in the Middle

East supporting its operation
against IS and has been active in
Iraq for months.
Many are based in Iraq, with
400 attached to the Air Task
Group flying six F/A-18 Hornets
on bombing missions.
Another 300 are in Baghdad
helping train Iraqi security
forces while 80 are advising and
assisting on counterterrorism
operations with the Iraqi military.
Late last year, Australia started
carrying out air strikes against IS
targets in Syria as part of a 60-nation, US-led coalition against the
jihadists.

Ms. Payne said that while there

would be no change in Australias
current military commitments, it
would offer more airlift support
on humanitarian efforts while
keeping its options under review.
In Australia, authorities have
been on alert for potential terrorist attacks since late 2014, when it
raised its alert level to high. Canberra has since introduced new national security laws and conducted
a string of counterterrorism raids.
Six attacks have been foiled on
home soil over the past year, according to the government. But,
several have taken place, including the terror-linked murder of
police employee Curtis Cheng in
October. AFP

AFP

A LOTTERY WORKER puts up a new promotional sign as people line up to

buy California Powerball lottery tickets at the famous Bluebird Liquor store,
considered to be a lucky retailer of tickets, in Hawthorne, California, on Jan. 13.

$1.6-B US lottery jackpot

shared by three winners
LOS ANGELES Three winning
tickets shared a $1.6-billion bonanza in the US Powerball lottery
on Wednesday, after millions of
people tuned in to see the fate of
the world-record jackpot live on
TV.
The winning numbers were 4,
8, 19, 27, and 34, with a 10 as the
so-called Powerball number.
Lottery fever gripped the United States, with people forming
long lines outside stores to buy a
ticket and then frantically checking their $2 slips to see if they had
hit the mammoth jackpot.
Its official! There were 3 jackpot-winning tickets in tonights
Powerball draw: California,
Florida, & Tennessee, California
Lottery tweeted.
Local television showed swarms
of people, many cheering and
chanting, descending on the Los
Angeles convenience store where
the California ticket was sold.
The jackpot, which had stood
at $1.5 billion for much of the
day, eventually crept up to nearly
$1.59 billion.
The winner can choose to be
paid the full jackpot in annual
installments for 29 years or take
a one-off payment of at least $930
million.
The odds of winning were at
least one in 292 million.
Despite that, shops all over the
United States did a roaring trade
in frenzied last-minute ticket
sales in the final hours before the
live draw.
Office workers dashed out
between meetings to buy tickets, fantasizing about what they
would do with the winnings, and
commuters in New York joked
about scooping the jackpot to
save them from the deep freeze
of winter.
For days, the talk of the nation,
from coast to coast, and even from
Canada to Mexico, was: will someone finally win the first Powerball
in two months and, if you were to
win, how would you spend such a
whopping jackpot?
Im not a regular, but why
not? Like the commercial says,

Hey, you never know, said Nick

Friedberg, a carpenter and father of two drinking coffee on a
bitterly cold street in Manhattan.
Nonstop, everyones talking about it, he said, running
through a list of things he would
like to buy. Do the world, thats
for sure.
Id love to go to Europe; never
been. There is a lot of stuff over
there Id like to see Italy and all
that history. I like all that stuff,
he told AFP.

RECORD SALES

Lottery executives say ticket sales

reached record levels, generating
more than $1 million an hour in
Texas alone, in the final build-up
to the draw.
Wednesdays jackpot started at
$40 million on Nov. 7 and was the
result of 20 draws with no overall
winner.
Sales are doing exponentially more than weve ever done
before, Gary Grief, chair of the
Powerball game group, told AFP
on Tuesday.
Im hearing anecdotally and
through news outlets, millions
of people who have never played
Powerball before are indeed purchasing a ticket.
It was a bonanza of sorts for
retailers too, particularly those
in US states bordering the handful that do not participate in the
game.
The lottery had anticipated
that 85% of all possible combinations would be wagered on so
there was an 85% likelihood of
a jackpot winner on Wednesday
night.
The previous US jackpot record of $656 million, on March
30, 2012, was scooped up by three
winners from North Carolina,
Puerto Rico and Texas.
The worlds richest lottery
is Spains annual Christmas El
Gordo, which in 2015 handed
out 2.2 billion ($2.4 billion) but
which capped individual wins at
400,000 and handed out thousands of smaller prizes. AFP

Giant boards seen next Taiwan votes for president in fight for identity
in S. Koreas mind games
SEOUL South Korea is preparing
to escalate its psychological warfare
against North Korea in response to its
latest nuclear test with giant electronic
message boards along the border.
South Korea has already set up walls
of loudspeakers on the border that
have been blaring bursts of anti-North
Korean slogans and K-pop music since
last Friday, a tactic the North considers
insulting.
South Koreas defense ministry said
on Thursday it was preparing to install
the old electronic bulletin boards,
which media said were last used in
2004.
It takes some time to arrange them
because the electronic bulletin boards
that were used before were dismantled
or old, Kim Min-seok, spokesman at the
South Korean defence ministry, told a
news briefing.
But, Mr. Kim said no final decision
had been made on whether to go ahead
with the installation.
The bulletin boards in the past
carried slogans such as Come over to
the Republic of Korea, South Koreas
official name, and, North Korea is a
difficult place.
The screens resemble electronic
scoreboards at sports stadiums, another
military official said.
President Park Geun-hye said on
Wednesday the loudspeaker broadcasts

against North Korea were the most

effective and certain tool for psychological warfare.
The last time the South used the
speakers, in August, it led to a standoff
that included an exchange of artillery
fire.
Ms. Park said the tactic had an
impact in the North.
According to defectors who served
on the Norths front line, they first didnt
trust what loudspeakers broadcast, but
they came to believe it then crossed the
border, risking their lives, Ms. Park said
in a televised speech.
The power of truth is the strongest
threat to a totalitarian regime, she
said.
South Koreas loudspeakers were
Seouls initial retaliation for North Koreas fourth nuclear test, on Wednesday
last week, but Ms. Park has also called
for bone-numbing international
sanctions.
North Korea appears to have
responded with its own psychological
operations. It is suspected of sending
hot air balloons dropping leaflets critical
of the Seoul government into the South
on recent nights.
The North is also using its own
loudspeaker broadcasts, although
South Korean officials say those appear
intended to muffle the broadcasts from
the South. Reuters

TAIPEI Taiwan is expected to

turn its back on closer ties with
China when it votes for a new
president on Saturday, in an
election symbolizing the islands
battle for identity.
As citizens prepare to go to
the polls, many frustrated Taiwanese are calling for change as
fears grow over Chinas increasing influence, casting a gloom
exacerbated by economic woes.
Current President Ma Yingjeou was voted in by a landslide
eight years ago, promising prosperity through warmer relations
with Beijing.
But, trade deals and a tourism
boom under his ruling Kuomintang (KMT) have been offset by
deep unease that China is eroding Taiwans identity and sovereignty, by making it economically dependent.
Voters are also angry that the
economic benefits from closer
ties have not filtered down to ordinary Taiwanese.
The Democratic Progressive
Party (DPP) which takes a
much more skeptical approach
to China relations is tipped to
win Saturdays vote, and make
its leader Tsai Ing-wen Taiwans
first woman president.
Im concerned the government is eager to pursue ties with
China without carefully calculat-

ing the risks, said Lee Yi-chung,

a Taipei businessman in his 40s
who will be voting DPP.
I dont want Taiwan to be
ruled by China.
Taiwan is self-ruling after
splitting with the mainland in
1949 following a civil war, but
Beijing still sees it as part of its
territory, to be reunited by force
if necessary.
Mr. Ma has been accused of
secret dealings over trade pacts
and his historic summit with
Chinas president Xi Jinping in
Singapore last November the
first between the two side since
their split bolstered those
fears.
Anger erupted in 2014 when
student-led protesters occupied
parliament over a trade deal they
said had been agreed behind
closed doors. There were also
protests last year over school
textbooks criticized as too China-centric.
Voters fear Taiwan will eventually be snatched by Beijing,
says Lee Shiao-feng, Taiwanese culture professor at the
National Taipei University of
Education.
They want to say no to China, said Mr. Lee.
Surveys show that more and
more people here, even secondor third-generation mainland-

ers, consider themselves Taiwanese rather than Chinese.

STATUS QUO

The DPPs Ms. Tsai says Taiwan

must move away from economic
dependence and that public sentiment will influence her crossstrait strategy.
However, in a sign of pragmatism, she also says she will
maintain the status quo and
has toned down the DPPs traditional pro-independence
stance.
Her moderate message is not
just designed to assuage China
but to calm nerves in the United
States Taiwans main ally
which does not want to see a rise
in tensions.
The vast majority of voters
also want to maintain peace with
China.
Beijing has warned it will not
deal with a leader who refuses to
recognize Taiwan as part of one
China.
The concept is enshrined in
a tacit agreement between the
KMT and Beijing known as the
1992 consensus and is the bedrock of closer ties. The DPP has
never endorsed it.
But, analysts say Beijing will
not want to alienate Taiwan, as
that would work against its reunification goal.

I think, at least in the first

year, Beijing will try to show
conciliatory gestures, said Willy
Lam, professor at the Chinese
University of Hong Kongs Center for China Studies.
If after two or three years,
the Tsai Ing-wen administration
refuses to demonstrate any enthusiasm for political dialogue,
then its possible that Beijing
might employ tougher tactics,
he added.
China has marginalized Taiwan on the world stage as its influence has grown another source
of voter anger. Only 22 countries
formally recognize it, and even
the US has only unofficial ties.
But for many, everyday issues will take precedence on
Saturday, when the KMT is also
expected to lose its majority in
parliament.
Low salaries, rising housing
costs, and shrinking exports are
among a raft of economic problems.
I dont care about China ties;
I just want the economy to get
better, said Yang Chien-yi, 24,
an office worker in Taipei.
The KMT is incompetent
and only looks after the interests of big business groups while
regular people are suffering. I
think the DPP could do better.
AFP

World

The
FRIDAY-SATURDAY, JANUARY 15-16, 2016

S1/9

Migration, climate top risks for Davos leaders

LONDON Humans live in an
increasingly dangerous world,
with political, economic and environmental threats piling up,
according to experts polled by the
World Economic Forum.
Ahead of its annual meeting
in Davos next week, the groups
2016 Global Risks report on
Thursday ranked the migrant
crisis as the biggest single risk
in terms of likelihood, while
climate change was seen as
having the greatest potential
impact.
Around 60 million people
have been displaced by conflicts
from Syria to South Sudan, pushing refugee flows to record levels
that are some 50% higher than
during World War II.

Coupled with attacks such

as those on Paris last year and
geopolitical fault lines stretching
from the Middle East to the South
China Sea, the world is today arguably less politically stable than
at any time since the end of the
Cold War.
Economic fears, particularly
for Chinese growth, and increasingly frequent extreme weather
events are further red flags, resulting in a greater breadth of
risks than at any time in the surveys 11-year history.
Almost every risk is now up over
the last couple of years, and it paints
an overall environment of unrest,
said John Drzik, head of global risk
at insurance broker Marsh, which
helped compile the report.

Economic risks have come

back reasonably strongly, with
China, energy prices and asset
bubbles all seen as significant
problems in many countries.
Last year, the threat
of conflict between
states topped the
list of risks for
the first time,
after previous
editions mostly
highlighted economic threats.
British finance
minister George
Osborne, one of those
heading to the Alpine ski resort,
set the mood last week, warning
that 2016 opened with a dangerous cocktail of new threats.

The Jan. 20-23 Davos meeting

will bring together players from
geopolitical hot spots such as the
foreign ministers of archrivals
Iran and Saudi Arabia, as well
as the biggest ever US
delegation, including
Vice-President Joe
Biden.
North Koreas
invitation, however, has been
revoked after
it conducted a
nuclear test, defying
a United Nations ban.

CYBER RISK A WILD CARD

The immediate problems of Middle East tensions, Chinas turbulent markets, and a tumbling oil

price are likely to dominate corridor conversations at Davos.

But, long-term concerns identified in the report center more
on physical and societal trends,
especially the impact of climate
change and the danger of attendant water and food shortages.
While last months climate
deal in Paris may act as a signal to
investors to spend trillions of dollars to replace coal-fired power
with solar panels and windmills,
it is only a first step.
For businesses, the transition from fossil fuels remains
uncertain, especially as political
instability increases the risk of
disrupted and canceled projects.
One wild card is cyberattack,
which business leaders in several

developed countries, including

the United States, Japan and
Germany, rank as a major risk to
operations, although it does not
make the top threat list overall.
A glimpse in the report at the
results of the Forums Executive
Opinion Survey showed that the
global risks of highest concern
for East Asia and the Pacific were
energy price shock and an asset
bubble.
Extreme weather events,
though, were among the leading
concerns for executives in the
Philippines and Myanmar.
The report analyzed 29 global
risks for both likelihood and impact over a 10-year horizon by
surveying nearly 750 experts and
decision makers. Reuters

Greece warned not to

play games with IMF

AFP

HEALTH WORKERS wearing protective suits assist a patient suspected of having Ebola on their way to an Ebola
treatment center run by the French Red Cross in Patrice near Macenta on Nov. 21, 2014.

Though Ebola outbreak ends,

survivors plagued by stigma
FREETOWN, SIERRA LEONE They may
have conquered Ebola, but survivors of the
fever and the heroic workers who saved them
face a new struggle: acceptance by communities after the end of the deadly epidemic.
The worst outbreak of the tropical fever in
history ravaged west Africa over two years, infecting by the most conservative estimates
almost 29,000 people and killing more than
a third.
It was declared over as Liberia got the allclear Thursday, thanks to a brave army of
doctors, nurses, grave diggers, contact tracers,
and others there and in neighboring Sierra
Leone and Guinea.
They are celebrated as heroes by their government and the international community,
yet many face the harsh reality of stigmatization rather than gratitude once back in their
communities.
Helen Matturi signed up for the Red Cross
disposal teams responsible for safely burying
highly infectious victims as the outbreak began to tighten its grip on Sierra Leones capital
Freetown in 2014.
At the onset of the Ebola outbreak, it was
men that were handling the corpses of women,
sometimes in an exposed fashion. I wanted to
keep the dignity of women if they were dead,
she said.
Soon after joining up, her fiance left for
work one morning and never returned.
When some friends tracked him down and
asked the reason for abandoning the house
where we were living together, his answer was:
I dont want an Ebola family.
The tropical pathogen, one of the deadliest known to humankind, is spread through
contact with the bodily fluids of an infected
person showing symptoms such as fever or
vomiting, or the recently dead.

EBOLA CORPSE MAN

The fever, which can cause fatal hemorrhaging, organ failure and severe diarrhea, spread
to 881 health workers, killing more than 500.
As well as shattering health services, economic growth and family life, it has also sewn
deep fissures in communities hit hardest by
the contagion.
Ebola bred fear and suspicion, particularly
in rural areas where many believe that foreigners are responsible for spreading the disease, including the very humanitarian groups
who helped overcome it.
Victor Koroma, another member of a Freetown burial team, told AFP he was forced to
move home six times as landlords or neighbors found out how he was earning a living.
In some instances, I was openly called the
Ebola Corpse Man and, since the nickname
was persistent, I had to move, he said.

The hostility encountered by both west

African and western aid workers and medical
staff has manifested itself not just in low-level
disapproval but in sporadic bloodshed.
Guinea and Sierra Leone saw numerous
episodes of mobs attacking ambulances and
burial teams as they imposed a state of emergency and began restricting movement of
their populations.
The violence reached a grim nadir in 2014,
when eight members of an outreach team in
southern Guinea were slaughtered by protesters who denied the existence of Ebola and
denounced a white conspiracy.
The hostility has hit not just health workers
but also survivors, made pariahs by the fear of
contagion and because their very existence is
a painful reminder for families who lost loved
ones.

STIGMA, SHAME, DISCRIMINATION

A UNICEF survey of 1,400 households across

Sierra Leone in 2014 found that Ebola survivors suffered high levels of stigma, shame and
discrimination.
In another survey by Sierra Leones health
ministry and the United States Centers for
Disease Control and Prevention, 96% of respondents reported discrimination toward
people who had beaten Ebola.
An exacerbating factor has been the discovery that the virus can stay in semen for at least
nine months after a patient has recovered, six
months longer than previously thought.
Scientists are working to establish how long
it can persist in other bodily fluids and tissues
such as the spinal column and the eye, and for
how long it could remain infectious.
Ebola passed on from survivors whose
blood had been given the all-clear is thought
to have been behind two small outbreaks in Liberia after it was initially declared Ebola-free.
Medical charity Doctors without Borders
estimates around three-quarters of survivors
are dealing with a variety of post-Ebola complications including headaches, fatigue and
eye problems.
Momoh Sesay, a middle-aged farmer in
Kambia, a major trading post in northwestern
Sierra Leone, was already struggling with grief
after losing his two wives and four children to
the epidemic.
He survived his own infection but encountered hostility rather than sympathy when he
returned home.
Everything went well at first when I was
discharged, he told AFP.
But as soon as word went round that some
male survivors sometimes have the virus in
their semen, many of my best friends would
wave to me from afar and then hurry on.
AFP

BERLIN The EUs economic affairs commissioner on

Wednesday called on Athens not to play games with
the International Monetary Fund (IMF) as the body decides whether to participate in Greeces latest bailout.
Pierre Moscovici insisted the IMF must play a role in
the three-year, 86-billion ($93-billion) rescue package
agreed in July, but Greek Prime Minister Alexis Tsipras
has said funds from the institution are not necessary.
We dont play games with the IMF, Mr. Moscovici
said in an interview with the German daily Suddeutsche
Zeitung.
We are going to try to come to an agreement with
the Fund, he said.
For many (EU) member countries, not only
Germany, the participation of the IMF is an absolute
necessity, the former French finance minister added.
Germany which led negotiations last year and
where the public are largely critical of the idea of sending more funds to Greece has said the IMF must be
involved in any bailout.
The Washington-based institution teamed up
with the EU on the first two bailouts for Greece but
held back from making a decision on the most recent
round, citing insufficient reform pledges from the Greek
authorities and European reluctance on restructuring
the countrys debt.
In December, Mr. Tsipras said that IMF funding was
not necessary, adding that the institutions position
was unconstructive.
But Klaus Regling, the head of the EUs rescue fund,
said he assumed the IMF would participate in a bailout
even if its contribution would likely be small. AFP

INVITATION TO APPLY FOR ELIGIBILITY AND TO BID

The BFAR IV-A, through its Bids and Awards Committee (BAC), invites eligible bidders to
apply for eligibility and to bid for the hereunder project:
PROJECT : Bangus Fingerlings (size 2-3 inches)
LOCATION : Laguna
APPROVED BUDGET: P 2,800,000.00
CEILING FOR THE CONTRACT (ABC)
CONTRACT DURATION: 60 Calendar Days
Prospective bidders must have completed, within the period specified in the Invitation to Bid
and ITB Clause 12.1(a) (iii), a single contract that is similar to this Project, equivalent to at
least twenty five percent (25%) of the ABC. In lieu of the above, BFAR IV-A may require the
following: a.) The prospective bidder should have completed at least two (2) similar contracts
and the aggregate contract amounts should be equivalent to at least the percentage of the
ABC as required and b.) The largest of these similar contracts must be equivalent to at least
half of the percentage of the ABC as required. Similar Project, for purposes of this bidding,
should mean delivery of Live Animals and/or marine and fishery supplies, as supported further
by the bidders BIR Certificate of Registration, showing its Line of Business to be inclusive
of Sale of Live Animals and Marine and Fishery Supplies. The Eligibility Check/Screening as
well as the Preliminary Examination of Bids shall use a non-discretionary pass/fail criteria.
Post qualification of the lowest calculated bid shall be conducted. All particulars relative to
Eligibility Statement and Screening, Bid Security, Performance Security, Pre-Bidding Conferences, Evaluation of Bids, Post Qualification and Award of Contract shall be governed by
the pertinent provisions of R.A. 9184 and its Implementing Rules and Regulations (IRR).
The schedule of activities are listed as follows:
BAC ACTIVITES

SCHEDULE

1. Published in the PhilGEPS Website and in

conspicuous areas

January 15, 2016

2. Issuance of Bid documents

January 15, 2016

3. Pre-Bid Conference

January 22, 2016, 10:30 a.m.

4. Deadline of Submission and Opening of Bids

February 3, 2016, 10:30 a.m.

Bid documents will be available only to prospective bidders upon payment of a non-refundable amount of Nine Thousand Five Hundred Pesos (9,500.00) to the BFAR IV-A Cashier.
The BFAR IV-A assumes no responsibility whatsoever to compensate or indemnify bidders
for any expenses incurred in the preparation of their bids. BFAR IV-A reserves the right to
accept or reject any Bid, and to annul the bidding process and reject all Bids at any time prior
to contract of award, without thereby incurring any liability to the affected bidder or bidders.
(Sgd.) RICARDO B. CACHUELA, JR.
BAC, Chairman

10/S1

Labor&Management

EDITOR KATRINA PAOLA B. ALVAREZ

FRIDAY-SATURDAY, JANUARY 15-16, 2016

Getting paternity leave Why do workers join unions?

still tough in S. Korea O
OPINION

SEOUL When Kim Jin-Sung

applied for paternity leave to care
for his two young children, the response from senior management
at the company he worked for
ranged from shock and disbelief
to outright anger.
They asked me hundreds of
times if I was being serious, the
40-year-old Seoul-based information technology salesman said.
The reaction from friends was
equally incredulous, with most
struggling to comprehend why
Mr. Kim would disrupt his career
to do the wifes job.
But, Mr. Kim was determined,
and after months of pleading
with management, he was finally
granted a year-long paternity
leave the first in the 15-year
history of his employer.
It was a very difficult process,
but I was really lucky to get it at
all, he said in the toy-strewn living
room of his apartment in Seoul.
Mr. Kim is one of a growing number of South Korea fathers opting to
take a break from their careers to
help bring up their children an
unthinkable idea until recently in
a male-dominated society where
daily child care has always been considered a womans responsibility.
But a rock-bottom birthrate,
fueled in part by a growing reluctance among women to accept
traditional roles, has spurred the
government to push for societal
changes that will help couples to
have larger families.
The multibillion campaign has
included subsidies to encourage
more men to take paternity leave,
despite resistance from the corporate world.

Fathers like Mr. Kim forsake

their company salary but receive
a government handout equivalent to 40% of their monthly income capped at 1.0 million won
($840). By law, men and women
are entitled to up to one year maternity or paternity leave.

RAPIDLY AGING SOCIETY

South Korea has a fertility rate of

1.19 births per woman as of 2013
the lowest among Organisation
of Economic Co-operation and
Development (OECD) member
nations and far below the OECD
average of 1.67.
This is forcing a worrying demographic shift in Asias fourth
largest economy, as the pool of
young, working-age South Koreans shrinks in contrast to a burgeoning elderly population.
Sky high property prices and
narrowing job prospects are causing many young South Koreans of
both sexes to delay marriage or
shun it completely.
But, women are becoming particularly resistant, rebelling against
the traditional norm of the stay-athome mother, with sole responsibility for all household duties.
South Korean men spend an
average of 45 minutes a day on
household chores including child
care the least among OECD
member nations.
Our mind-set is still stuck in
the old days when men were sole
breadwinners, President Park
Geun-Hye said last month, during
a meeting with experts to discuss
the low birthrate.
We need to educate more
fathers to create a culture where

they can naturally take part in

child care, she said, urging local
companies to cut unnecessary,
long office hours and after-hour
drinking sessions.

GRUELING WORK CULTURE

South Koreas intense work culture was a major factor behind

Mr. Kims decision to take his year
off to be with his five-year-old
daughter and three-year-old son.
I used to come home from
work at eight or nine on a few
lucky days and it was impossible
to find enough time to play with
or read to my kids, he said.
And he isnt alone.
The number of South Korean
fathers taking paternity leave in
the first half of 2015 jumped 40%
from the same 2014 period albeit off a very low base to 2,212.
But, men still only represented
5% of requests for parental leave,
compared to more than 40% in
countries like Sweden.
South Korea still has a long,
long way to go, said Hong SeungAh, researcher at Korea Womens
Development Institute.
Its a brave father who asks for
a paternity leave in South Korea,
but things are changing in a positive way, Ms. Hong told AFP.
The brave tag, which has
been actively promoted by the
government, references the concern fathers have of the career
consequences.
A recent survey showed nearly
80% of South Korean fathers wanted to take paternity leave, but half
were too worried about the risk
of being laid off or demoted when
they returned to work. AFP

ur company has a union. I know that

theres a global decline in the unionization rate for some reasons. But, please
tell me, why do some employees still join unions
to ventilate their complaints when there are
other available means given to them by management? Just Asking.

supervisory skills. The ability to communicate is a

technique that tends to be taken for granted by those
in management, including those in a unionized
environment. If theres a labor union, management
tends to be passive until a major issue comes up.
Indeed, solid two-way communication is impossible to achieve unless you master the art of
active listening with employees, regardless of
your current programs. To do just
Let me start by giving you this
that, here are some suggestions that
short answer management confishould be helpful to you.
dence is the feeling you have before
First, establish the proper setting
you understand a workers problem. REY ELBO
and programs. This includes town
Now, before I give you my long anhall meetings, birthday clubs, interswer, allow me to tell you this story:
est clubs, quality circles, suggestion
A typical father is reading the ELBONOMICS: A long
schemes, and much more with laborSunday newspaper and sharing the managers journey
result of a scientific study, which starts with a short union management cooperation, which is
he reads with his teenage son. Hes
organizational process. prescribed by the Labor Code. There
are many variants of these programs
telling his son about the lack of atthat you can set up to meet the culture of your orgatention of children today given the amount of
nization and harmonize them with existing policies.
technology and various gadgets; they lose focus on
Second, exercise patience with people. Some
other mundane things. The study also says todays
employees take longer than others to bring their
children are lazy, have little concentration, and
message across, while others can do so briefly and
barely any listening skills at all.
directly. The line supervisors must take the lead
The father asks his son for his reaction to the
in soliciting workers ideas, suggestions, and comstudy. The son halfheartedly lifts his head. What
plaints. The best approach is to offer help without
was that again, Dad?
creating any false expectations.
Just like the moral of this story, its hard to know
Third, listen to what is not being said. Sometimes,
the specific reasons in your particular situation
people are too shy or timid to accuse their supervisors
unless you come out with another study, like an obof any wrongdoing. What management will hear
jective employee morale survey as part of the comin this situation are reasons that will dilute their
panys proactive employee communication strategy.
argument, if not contradict them. Therefore, its best
There are many factors to be considered. But
to ask questions that focus on the unspoken issues.
the fact (as youve admitted) that employees still
Somehow, it will help you understand the whole issue.
join unions to raise their complaints with manageIf youre in management, being convincing and
ment suggests to me that your communication
trustworthy are important traits that are necesprograms are not enough to handle all issues, if not
sary, whether youre trying to motivate employees
ineffective at dealing with people.
or resolving an issue against a certain company
For one, it also boils down on the poor people
policy. Show a continuing interest in people by
skills of your line managers and supervisors to
talking with them on a casual, friendly manner.
handle problem employees and employees with
Be honest and level with the workers, regardproblems. You may not know it, but your line
less of their union orientation. There are some
management may be part of the problem as well.
things that appear trivial at first glance, but if
It might help to think about your management
you ignore it, chances are, it will ripen into a fullprograms in more concrete terms, and contrast
blown issue that you may not be able to
them with the best practices of industry leaders,
handle in the future.
including those that have the lowest turnover rate.
How well do you compare?
Excellent, proactive communication strategy is
elbonomics@gmail.com
undoubtedly the best reason to sharpen everyones

IN THE
WORKPLACE

Nation

The
FRIDAY-SATURDAY, JANUARY 15-16, 2016

S1/11

Aquino cites diplomats in last vin dhonneur

PRESIDENT Benigno S. C. Aquino III in his valedictory address
to the diplomatic community
yesterday cited key efforts by its
members in behalf of the Filipino
peoples welfare, of encouraging
the growth of industries here, and
of the countrys interaction with
the global community.
During my time in office, I
have had the good fortune to work
with so many of you in whom I
saw a deep desire to help Filipinos
and, by so doing, help your own
people, Mr. Aquino said in his
address for the New Years vin
dhonneur ceremony, his last with
this audience, as posted on gov.ph.
You have done your countries
proud. On this occasion, perhaps,

you will permit me to thank all of

you by highlighting the work of
certain envoys as examples of the
entirety.
There is of course, the dean of
the diplomatic corps, Archbishop
Giuseppe Pinto, who has worked
closely with us not only in ensuring the success of last years papal
visit, but also in uplifting the lives
of Filipinos, Mr. Aquino said.
The President also thanked
Guy Ledoux, former head of the
European Union delegation here,
saying Mr. Ledoux was instrumental in our achievements in
aviation, agriculture, trade and
even in the peace process.
Ambassador Philip Goldberg
of America has played a vital

role in the consistently close ties

between the USA and the Philippines, especially in forging a
strengthened bilateral defense
cooperation, Mr. Aquino said.
He then cited the efforts of
former Japanese ambassador
Toshinao Urabe and his successor, Kazuhide Ishikawa, in behalf
of the strategic partnership between the Philippines and Japan
in terms of the significant humanitarian assistance and official
development assistance, as well
as the successful state visits to
both nations.
In particular, Ambassador
Urabe helped to arrange the
initial meeting with the Moro
Islamic Liberation Front in To-

kyo, serving as the foundation on

which both parties built trust and
mutual good will which remain
key to the peace process, the
President said.
We also thank former Australian Ambassador Bill Tweddell
and his successor Amanda Gorely,
for the extensive assistance they
have helped to facilitate: almost
immediately, in the wake of calamities.
There is also Korean Ambassador Jae-Shin Kim, who has
been an able representative of his
country: Helping to strengthen
trade and investment between
the Philippines and Korea, and
also to coordinate projects we
undertook for our countrymen

Kingdom, Saudi Arabia, Turkey,

Canada, Australia, New Zealand,
the United States, and all those
who continue to trust our determination to bring lasting peace to
Mindanao.
He said the recent COP21 in
France embodies our commitment to address global climate
change, and pave the way for a
cleaner, safer future for all.
This time of year also lends
itself to nostalgia, which is why
this will be a longer toast than
normal and I hope you can forgive
me: this is, after all, my final New
Years toast as President, and I
find that there are so many things
to recall and be thankful for, Mr.
Aquino said.

Shipping as usual despite

tension in disputed waters

SC advises
Poe camp,
critics: Dont
discuss case
in public
THE SUPREME COURTs (SC) advice for both the camp and critics
of Senator Grace Poe?
Huwag naman comment
nang comment sa merito ng
kaso (Refrain from commenting
so frequently on the merits of
the case), recounted Ms. Poes
lawyer, George Erwin M. Garcia.
Mr. Garcia said that during
Thursdays preliminary conference, the high court gave the
advice to the camps of Ms. Poe
and the four who successfully
petitioned the Commission on
Elections (Comelec) to cancel her
candidacy for president.
But he clarified that its not a
gag order.
The SC just said this is a very
legal and technical issue that
should not be made political, and
each of the parties should be responsible so as not to undermine
the proceedings, Mr. Garcia said.
The high court also asked all
parties to ensure their supporters
would behave properly inside the
session hall amid the expected
heated debates during the Jan.
19 hearing, when it hears the oral
arguments on Ms. Poes electoral
cases.
Ms. Poes lawyers will be the
first to speak during the oral
arguments.
Her camp will be followed by
Commissioners Arthur D. Lim and
Rowena Amelia Bing V. Guanzon, representing the Comelecs
Second and First Divisions, which
canceled Ms. Poes certificate of
candidacy on Dec. 1 and Dec. 11
on the grounds of misrepresenting her citizenship and residency
eligibility.
After then, the petitioners
lawyer Estrella C. Elamparo
for the Second Division; former
senator Francisco S. Tatad, political science professor Antonio P.
Contreras, and former law dean
Amado D. Valdez for the First
Division will take turns arguing
their points against Ms. Poe.
Solicitor General Florin T.
Hilbay, who does not represent
the Comelec in this case, will also
be required to speak.
To recall, the Solicitor General declined to defend Comelec
because it would represent the
Senate Electoral Tribunal in the
separate case regarding its Nov.
17 decision to uphold Ms. Poe as
eligible to serve as senator. Oral
arguments for this case were
postponed to a later date.
Vince Alvic Alexis F. Nonato

like the construction of schools in

areas affected by typhoon Haiyan.
I cannot forget former and
current Indonesian Ambassadors
Yohanes Legowo and Johnny
Lumintang; as well as Malaysian
Ambassador Dato Mohd Zamri
Bim Mohd Kassim they have
all done extraordinary work in
strengthening the cooperation
and friendships between our
people, particularly in the antiterrorism effort and humanitarian relief.
Mr. Aquino also cited the
following countries who have
helped us along the path to
peace: Indonesia, Malaysia,
Brunei, Japan, Norway, the European Union, Libya, the United

The controversy does not appear

to have dented Ms. Poes popularity among a public known for
craving drama and putting more
store in personality than policy.
She remains in the lead in a December opinion poll for the presidential race.
Ramon C. Casiple, executive
director of the Institute for Political and Electoral Reform, said
Ms. Poes decision to stay on the
campaign trail pending the court
verdict would work in her favor.

In the meantime, she will be

an underdog. Filipinos love underdogs, he said.
Ms. Poe drew big crowds in
Panay, the island home to Boracay
Beach, one of the countrys most
popular tourist destinations.
While she has been traveling
on a borrowed private jet, Ms. Poe
insists her pro-poor campaign is
about inclusive growth and leaving no Filipino behind.
Dressed in her trademark
white polo shirt, she promised to
build on retiring President Benigno S. C. Aquino IIIs programs of
creating jobs and building infrastructure, which have helped propel one of Asias fastest-growing
economies.
Her support, she says, comes
from recognition that shes among
a vast number of new Filipinos
who have spent time overseas and
shouldnt be penalized for it.
Your aspiration is really for
the country to be better. I think
thats exactly what Ive gone
through a Filipino who may
live elsewhere but who cares just
as much for the country, she
said.
Remittances from Filipinos
working overseas totaled almost
$24 billion in 2014 and are one of
the countrys biggest sources of
foreign exchange.
Ms. Poe is battling for the
presidency with Vice-President
Jejomar C. Binay, tough-talking
Davao City Mayor Rodrigo R.
Duterte, and former Interior secretary Manuel A. Roxas II, who
is Mr. Aquinos handpicked successor.
Ms. Poe says her comparative
inexperience isnt a disadvantage.
Reuters

CHINAs growing military presence in the South China Sea has

drawn warnings from the United
States that Beijing is seeking
to exert control over one of the
worlds most important sea lanes,
but so far the shipping industry
seems less concerned.
Beijing has been increasingly
assertive in staking its claim
to almost the whole of the sea,
through which trillions of dollars
of trade passes each year.
This month China landed
its first test flights on a new
3,000-meter (10,000 ft) runway
it has built on a reef in the Spratly
Islands, drawing protests from
Vietnam and the Philippines
which have overlapping claims in
the area.
Despite the diplomatic tensions, merchant shipping says
operations are, as yet, unaffected.
For shipowners, its business
as usual, said Captain Bjorn
Hojgaard, chief executive officer
at Anglo-Eastern Univan Group,
one of the worlds biggest ship
management companies.
From our point of view, its
just another military base. Its
only politics, commercially it
makes no difference.
The deep waters of the South
China Basin between the Spratly
and also-disputed Paracel Islands
are the most direct shipping lane
between northeast Asias industrial hubs of China, Japan and
South Korea, and Europe and the
Middle East.
The geography of the region
offers few economically viable alternative routes for large oil tankers, dry-bulk ships and container
vessels.
Reuters shipping data show
that, counting just Very Large
Crude Carrier (VLCC) supertankers, some 25 VLCCs are
passing between the Spratly and
Paracel Islands at any time, with
enough capacity to carry the
equivalent of about 11 days worth
of Japanese demand.
The US military, which remains by far the most powerful
naval force in the region, has
warned that Beijing is seeking to
establish a level of de facto control over the South China Sea that
threatens freedom of navigation
for international shipping.
Speaking to reporters aboard
a US aircraft carrier in Japan last
week, Vice-Admiral Joseph Aucoin, commander of the US Seventh Fleet, said that already we
are kind of using China national
rules for international (navigation) in the sea.
Admiral Scott Swift, commander of the US Pacific Fleet,
said in December that ships
nearby these islands were now

that the President has decided

against it, I hope the government
has other plans to uplift the living
conditions of SSS pensioners.
Senator and presidential candidate Grace Poe, for her part,
also called the presidential veto a
sad development.
I wish to know what is the
acceptable increase in pension
if the P2,000 is inappropriate,
her statement in Filipino said. I

challenge the SSS board to offer

a concrete alternative because
I think the funds are enough to
grant the additional benefits.
In its statement, the Ecumenical Institute for Labor Education
and Research, Inc. (EILER) disputed Malacaangs claim that the
pension hike will lead to a deficit.
Malacaang did the wrong
computation to make it appear
that the cost of the SSS pension

hike outweighs SSS income from

investments. If we include total
contributions aside from income
from investments, it will be clear
that SSS has more than enough
funds to finance the pension increase, EILER research coordinator Carlos L. Maningat said in
the statement.
The P160 billion in revenues,
Mr. Maningat said, is way bigger
than the projected annual payout

REUTERS

STUDENTS at a school in Antique province take a selfie with Senator and presidential candidate Grace Poe.

Grace Poe returns to roots as cloud

hangs over presidential candidacy
SENATOR Grace Poe returned
this week to the rustic island
where she was abandoned as an infant, forging ahead with her presidential campaign under a cloud
of controversy as she struggles to
prove she has Filipino blood.
Ms. Poe flew into Kalibo, one
of the main towns on the island
of Panay, for a whirlwind tour on
Tuesday, posing for selfies with
excited fans, meeting the local
bishop and doing radio interviews
to reach a wider rural audience.
Part of the reason why I am
really going around is to tell the
people that I am still very much
in the race and I am not giving
up, Ms. Poe told Reuters before
she embarked on her journey to
Panay island.
Her Dickensian life story has
become one of the main narratives in the Philippine presidential election scheduled for May 9.
Found in the Jaro Cathedral on
Panay in 1968, she was eventually
given to a Philippine couple who
became prominent in cinema and
politics in a country with a long
history of political melodramas.
Her adoptive father, the late
action movie hero Fernando Poe,
Jr., would himself make an unsuccessful run for president in 2004,
fending off charges that he, too,
did not have proper citizenship
credentials for the presidency.
The first-term senator, who
moved to the United States during her university years and spent
much of her adult life in Fairfax,
Virginia, married an American of
Philippine origin and worked as a
schoolteacher.
The 47-year-old mother of
three returned to the Philippines
in late 2004 after the death of

her adoptive father and topped

the Philippine senatorial race in
2013, running on his legacy.
But last month, the Commission on Elections disqualified
Ms. Poe on the grounds that she
could not prove she has Filipino
blood and failed to meet a 10-year
residency requirement. She has
appealed that decision to the Supreme Court.
Loyalty to the country does
not end with territory. Sometimes
you are elsewhere but your heart
is really for the country, Ms. Poe
said in the interview.
To strengthen her case, she
said she is awaiting the results of
DNA tests involving three people
who could be her relatives.
Its an emotional process to
go through, especially when I
consider my adoptive parents as
my parents, she said. Although
the DNA evidence is not necessarily a requirement of the law,
it will probably make the process
short for us.
The Supreme Court will hear
arguments next week before making a final judgment on whether
she can stay in the election race.

the measure granting a P2,000

across-the-board increase to
their monthly pension.
It seems that the President
has chosen to look the other side,
instead of being sensitive and
looking at the realistic conditions
of the pensioners who dedicated
their active and healthy years to
labor, Mr. Marcos also said. I am
one of the authors of the Senate
version of the measure and now

THE UNDERDOG

subject to superfluous warnings

that threaten routine commercial
and military operations.
Chinese President Xi Jinping
said in November that freedom
of navigation for shipping would
never be a problem in the South
China Sea.

SABER-RATTLING?

Tensions in the South China Sea

have risen over the last year as
China has stepped up construction and reclamation to create
man-made islands on reefs and
atolls it controls.
It seems that the new strategically located islands reportedly
constructed by China would give
China more security leeway in
the disputed waters and make it
difficult for other forces to assert
sea control, said Jonathan Moss,
head of transport at law firm
DWF, who acts for insurers and
shipping companies.
Michael Frodl of the US-based
consultancy C-Level Global Risks
said Chinas goal was to use air
power to project into the waters
around the artificial islands.
So far, however, there are few
signs that the commercial shipping is being affected.
Ships have the right of free
passage... and even if China does
eventually take over the South
China Sea, this shouldnt affect
the passage of merchant ships,
said Arthur Bowring, managing director of the Hong Kong
Shipowners Association, whose
members operate or manage
about 8% of the global merchant
fleet.
Khalid Hashim, managing director of Precious Shipping, one
of Thailands largest dry cargo
ship owners, said that, despite
all the saber-rattling by the USA,
shipping activity in the South
China Sea remained normal.
I dont think the current tensions will escalate any further,
he said, adding that the regions
shipping lanes were too important for Chinas economy to be
disrupted.
Ship insurers also said had
been no impact on the regions
trading.
Simon Lockwood, deputy
managing director of marine at
leading global insurance broker
Willis Towers Watson, said the
South China Sea area was not
listed as a high-risk area by the
industrys influential Lloyds
Joint War Committee, which underwriters follow closely.

FULL STORY
Read the full story by scanning
the QR code with your
smartphone or by typing the link
<http://goo.gl/S6Chw9>

SSS pension increase,

from S1/ 12

Senator Ralph G. Recto, a reelectionist candidate of the ruling

Liberal Party, said Mr. Aquino
should provide pensioners an
increase of at least half recommended by Congress.
For his part, Senator and vicepresidential candidate Ferdinand
R. Marcos, Jr. said: This is a sad
day for all SSS pensioners and
I am sure they are disappointed with the Presidents veto of

of P56 billion to pensioners. Mr.

Maningat also said investment
reserve funds are over P428 billion, invested in equities, bank deposits, securities and real estate.
He also cited the rising contribution surplus over the last three
years, at P11.6 billion as of 2013.
The Kilusang Mayo Uno,
for its part, is holding a protest
rally at Mendiola today. with
Carmencita A. Carillo

12/S1

Nation

The

President Aquino vetoes

SSS pension increase
PRESIDENT Benigno S. C. Aquino III yesterday vetoed a bill increasing the monthly pension
of Social Security System (SSS)
members, citing the measures
dire financial consequences.
While we recognize the
objective of the bill to promote
the well-being of the countrys
private sector retirees, we cannot support the bill in its present
form because of its dire financial
consequences, Mr. Aquino said
in his veto message dated Jan. 12
to Senate President Franklin M.
Drilon and House Speaker Feliciano R. Belmonte, Jr.
House Bill No. 5842 seeks to
mandate a P2,000 across-theboard monthly increase in the
monthly pensions of SSS members. The bill proposes to raise
the monthly pension to P3,200 to
P4,400, from the current P1,200
to P2,400 a month for pensioners
who have remitted to the agency
for 10 to 20 years.
Mr. Aquino said the proposal
will result in substantial negative income for the SSS.
More specifically, the proposed pension increase of P2,000
per retiree, multiplied by the
present number of more than two
million pensioners, will result in
a total payout of P56 billion annually, he said.
Compared against annual investment income of P30 billion
to P40 billion, such total payment
for pensioners will yield a deficit
of P16 billion to P26 billion annually, Mr. Aquino added.
Given this situation, the SSS
will be constrained to draw from
and use its Investment Reserve
Fund (IRF) to support the pension increase.
Mr. Aquino said the IRF will diminish over the years and eventually will reach zero by the year 2029.
The stability of the entire
benefit system, whose present
membership comprises about 31

EDITOR RICKY S. TORRE

FRIDAY-SATURDAY, JANUARY 15-16, 2016

million individuals, will be seriously compromised in favor of

two million pensioners and their
dependents, he said.
SSS President Emilio S. De
Quiros, Jr. had earlier said the
proposed pension hike would
shorten fund life by 13 years and
would thus need an increase in
member contributions.
In a press briefing on Thursday,
Communications Secretary Herminio B. Coloma, Jr. said: Ang
tugon ng isang responsableng pamahalaan ay ito: una, kailangan
maging makatuwiran ang anumang pagdadagdag sa benepisyo;
ikalawa, dapat isaalang-alang
ang katatagan ng pondo upang
makamit ng lahat ng miyembro
ang kanilang inaasahang pensyon
kapag sila ay nagretiro. Yung
sobrang laki nung epekto nito na
hinihigitan pa yung kontribusyon
at yung investment income at
dahil dito ay iikli ang buhay ng
pondo na sa halip hanggang 2042
ay hanggang 2029 lamang (The
answer of a responsible government is this: first, the additional
benefits should be reasonable;
second, the stability of the fund
should be considered so that all
members would get their expected pension when they retire.
The bigger effect of pension increases that are bigger than the
contribution and investment
income is that this may result in
shortening the funds life to 2029,
instead of 2042), Mr. Coloma
said.
Citing data from the SSS, Mr.
Coloma said projected revenues
of SSS in 2016 are P171 billion,
including contributions amounting to P141 billion and investment
income of P30 billion, whereas
expenditures are expected to
reach P130 billion for a net revenue of P41 billion.
With the proposed pension
increase, SSS expects its revenues
to reach P160 billion, including

contributions amounting to P141

billion and investment income of
P19 billion, while expenditures
will increase to P189 billion and
will result in a loss of P29 billion,
Mr. Coloma said.
Despite Congress being
dominated by Mr. Aquinos allies, Bayan Muna Reps. Neri J.
Colmenares and Carlos Isagani T.
Zarate called on his colleagues to
override the veto.
The fight is not yet over. We
call on our colleagues in Congress to side with the people and
to override Aquinos veto, Mr.
Zarate said.
This callous veto of the SSS
pension hike is the true face of
President Aquinos Daang Matuwid [Straight Path]. It is blind, deaf
and numb [to] the urgent needs of
the people, Mr. Zarate added.
Mr. Colmenares, for his part,
said: We are also calling on LP
[Liberal Party] congressmen to
cross party lines and help us override this.
Mr. Drilon, in his statement,
said he respect[s] the decision of
the President to exercise his veto
power.
We may have a different opinion with the President on this particular matter, but I am confident
that the Executive branch is looking into other alternatives that
will help the pensioners, without
compromising the viability of the
SSS as an institution tasked by
the State to establish, develop,
promote and perfect a sound and
viable tax-exempt social security
system suitable to the needs of
the people, Mr. Drilon also said.
Mr. Belmonte said the President had no choice as SSS could
not afford it from an actuarial
point of view.
President Aquino chose to be
a fiscally responsible leader, and
not just one driven by current
politics, he said via text.
SSS pension increase, S1/ 11

VOTER PREFERENCES
FOR VICE-PRESIDENT
(January 2016 pre-election survey, in %)

30

20

18

12

12
6
0

3 3
3
0 0

2
1 01
0

March 13-20
2015

FRANCIS JOSEPH G.
ESCUDERO

7
4

June 5-8

FERDINAND R.
MARCOS, JR.

28
25

24
21

30

19

19

17

17

14

Sept. 2-5

Nov. 26-28

Dec. 12-14

Jan. 8-10
2016

MA. LEONOR G.
ROBREDO

ALAN PETER S.
CAYETANO

GREGORIO B.
HONASAN II

ANTONIO F.
TRILLANES IV

VOTER PREFERENCES FOR SENATOR

Jan. 8-10
2016

Vicente C. Sotto III

Panfilo M. Lacson, Sr.
Ralph G. Recto
Francis N. Pangilinan
Franklin M. Drilon
Sergio D. Osmea III
Juan Miguel F. Zubiri
Emmanuel D. Pacquiao
Leila M. de Lima
Richard J. Gordon
Teofisto D. Guingona III
Ana Theresia Hontiveros-Baraquel

56
49
46
46
43
42
39
37
33
31
28
28

Jan. 8-10
2016

Francisco M. Domagoso
Mark T. Lapid
Joel J. Villanueva
Francis N. Tolentino
Marilou B. Estrada
Sherwin T. Gatchalian
Eduardo B. Manzano
Martin G. Romualdez
Vanessa M. Lacsamana
Maria Susana V. Ople
Melchor G. Chavez
Roman T. Romulo

SOURCE: SOCIAL WEATHER STATIONS SURVEYS

28
19
19
19
18
17
16
13
11
9
8
8

BUSINESSWORLD GRAPHICS: BONG R. FORTIN

Review of boundary system urged

amid reports of hostile taxi drivers
By Daphne J. Magturo Reporter
A BOARD MEMBER of the Land
Transportation Franchising and
Regulatory Board (LTFRB) called
on taxi operators to review the
boundary system and exercise
stricter supervision over their
drivers, after a driver attacked
his passengers a father and his

10-year-old son with a samurai

sword.
The series of reported incidents are now becoming alarming. Alarming in the sense that
illegal acts are no longer about
overcharging or refusal to convey passengers, now were talking about more violent acts such
as attempted homicide, in other
words, there are some drivers
out there who are willing and

ready to injure, and worse kill

their passengers, LTFRB Board
Member Antonio Enrile-Inton,
Jr. said in a statement yesterday.

FULL STORY
Read the full story by scanning
the QR code with your
smartphone or by typing the link
<http://goo.gl/7vxKrt>

Prosecutors wrap up inquiry

on Mamasapano incident
By Vince Alvic Alexis F. Nonato Reporter
THE DEPARTMENT of Justices (DoJ) prosecuting panel
has terminated its inquiry on the Mamasapano incident,
submitting the case for resolution nearly one year after
44 members of the Philippine National Police-Special
Action Force (PNP-SAF) were killed.
The preliminary investigation was concluded during Thursdays hearing, with the panel only receiving
counteraffidavits from four of the 90 respondents
facing complaints for the complex crime of direct
assault with murder.
Senior Assistant State Prosecutor Roseanne E.
Balauag said during the hearing that up to this
date, there are no counteraffidavits received from
the 86 other respondents.
This was despite three of the 86 respondents
Manny and Rolan Samal and Saabudin Kedsa being served copies of the criminal complaint through
the office of Mamasapano Mayor Datu Tahirodin
Benzar Ampatuan.
National Bureau of Investigation (NBI) Deputy
Director for Investigation Services Edward A. Villarta
told the panel they would no longer file a reply to
the counteraffidavits.
The DoJ now formally closes the preliminary investigation and the case is submitted for resolution,
said Ms. Balauag as she adjourned the hearing.
On the sidelines of the hearing, Assistant State
Prosecutor Alexander Q. Suarez told reporters that
we will resolve [this case] based on the allegations
in the criminal complaints as most respondents
missed their chance to rebut the NBIs findings.
Mr. Suarez could not say if the case will be resolved
before the incidents first anniversary on Jan. 25.
We cannot give you a definite time frame or
period as we resolve this case, he said. What the
panel can commit is we will expedite the resolution
of this case.
DoJ spokesperson Undersecretary Emmanuel L.
Caparas said the agency is doing all it can to ensure
the wheels of justice keeps spinning even if they
could not commit to resolve the case soon.
Whether or not the anniversary of this tragedy
is approaching or we just passed it, the point is the
DoJ continues to do what it needs to do so that it
can deliver justice to all parties involved, he said.
It was not immediately clear how the criminal
case will be affected by the Senates reopening of its
own investigation into the incident.
Mr. Caparas said that because it was now submitted for resolution, unless something earth-shaking
happens at Senate, we will continue with the case.

All four counteraffidavits submitted by Lakiman K. Dawaling, Pendatun Utek Makakua, village
chieftain Mustapha Inggot Tatak, and Khalim Keda
deny links with the armed groups involved in the
incident.
Besides closing the door for the other respondents counteraffidavits, the DoJ panel received
from the NBI an inventory of recovered firearms and
combat equipment the armed men allegedly looted
from members of the 55th Special Action Company
(SAC), the blocking force decimated at Barangay
Tukanalipao.
The nine surviving members of the 84 th Seaborne the assault force that attacked the hut
of terror target Zulkifli bin Hir, alias Marwan, at
Barangay Pidsandawan also appeared at Thursdays hearing to swear by the statements they
submitted last year to the PNP Board of Inquiry
(PNP-BOI).
The PNP-BOIs March 13 report was among those
considered by the National Bureau of InvestigationNational Prosecution Service Special Investigation
Teams (NBI-NPI SIT) April 22 fact-finding report,
which in turn led to the filing of criminal charges on
Sept. 22 last year.
These cases cover only the deaths of 35 elite policemen belonging to the 55th SAC. The NBI-NPS SIT
could not gather enough evidence to file complaints
as to the deaths of the nine members of the 84th
Seaborne, 17 Moro Islamic Liberation Front members,
and five civilians.
The reopening of the Senate investigation into
the Mamasapano incident has been rescheduled two
days further from Jan. 25 upon the request of the
PNP.
PNP Director-General Ricardo C. Marquez requested the postponement to give way to commemoration activities for 44 SAF members who perished
on that date a year ago in the hands of members of
the Moro Islamic Liberation Front and the Bangsamoro Islamic Freedom Fighters.
The camp of presidential candidate and former
Interior secretary Manuel A. Roxas II, who was kept
out of the loop in that police operation, welcomed
the postponement in behalf of the commemoration.
Kahit anong araw naman, handang humarap si
Mar sa Senado kung ipatawag siya (Mar is ready to
be called to the Senate any day), said Quezon City
Rep. Ibarra M. Gutierrez III, spokesperson of the ruling
Liberal Party.
Mr. Gutierrez also expressed the concern that the
Senate hearing may be marred by politics. with
Alden M. Monzon

VOL XXIX ISSUE 120 ISSN0116-3930

w w w . b w o r l d o n l i n e . c o m S2/1-10 STOCK MARKET WORLD BUSINESS WORLD MARKETS WORLD SPORTS BULLETINS ARTS & LEISURE

S2/1

EDITOR BETTINA FAYE V. ROC

FRIDAY-SATURDAY
JANUARY 15-16, 2016

Banking&Finance

BUSINESS
NEWSPAPER
OF 2014
AND 2015
Awarded by

ROTARY
CLUB OF
MANILA

BTMU acquiring a fifth of Security Bank

MARKET WATCH
LENDING RATES

WEDNESDAY, JANUARY 13, 2016

High Low
UNIVERSAL BANKS

LOCAL BANKS
Asia United Bank
7.0000 6.2500
Banco de Oro Unibank
6.8360 4.0000
Bank of the Philippine Islands 6.8000 4.0000
China Banking Corporation
8.0000 4.2500
Reporter
Development Bank of the Phils. 7.5000 4.5000
East West Bank
6.2500 4.2500
Land Bank of the Philippines
7.6667 4.6667
MetroBank and Trust Co.
7.5000 5.0000
SECURITY BANK Corp. (SBC) is
Philippine National Bank
8.4000 7.4000
selling a minority stake to Bank
Philippine Trust Co.
7.0000 4.5000
Rizal Commercial Banking Corp. 7.7500 5.7500
of Tokyo-Mitsubishi UFJ Ltd.,
Security Bank Corporation
7.0000 5.2500
(BTMU) Japans largest bank, in a
Union Bank of the Philippines 8.5000 6.5000
United Coconut Planters Bank 7.0000 5.0000
deal seen to accelerate its expanAVERAGE
7.3716 5.0941
sion strategy and tap additional

BRANCHES OF FOREIGN BANKS
market segments while allowing
ANZ Bank
6.0000 2.7000
the foreign lender to further exDeutsche Bank
6.2500 3.2000
Hongkong & Shanghai Bank
6.2500 2.9000
pand its presence in Southeast
ING Bank
5.6000 3.6000
Mizuho Corporate Bank Ltd.
6.8360 1.7000
Asia.
Standard Chartered Bank
4.6600 3.5550
The commercial banking unit
AVERAGE
5.9327 2.9425

of Mitsubishi UFJ Financial
COMMERCIAL BANKS
Group (MUFG) is seeking a 20%
LOCAL BANKS:
Bank of Commerce
6.7500 4.2500
stake in the countrys fifth largBDO Private Bank
6.8360 4.0000
Phil. Bank of Communications 7.0000 5.0000
Philippine Veterans Bank
7.3250 4.8250
Robinsons Bank Corp.
7.5000 4.7500
AVERAGE
7.0822 4.5650

BRANCHES OF FOREIGN BANKS
Bangkok Bank
7.5000 5.0000
Bank of America
6.8360 4.8360
Bank of China
6.0000 2.8000
Bank of Tokyo-Mitsubishi
5.7500 3.7500
Cathay United Bank Co., Ltd.

Citibank, N.A.
3.0000 2.5700
GOLDMAN SACHS Group, Inc.
Industrial Bank of Korea-Manila

JPMorgan Chase Bank *

6.8130 6.8130
is considering cutting more than
Korea Exchange Bank
8.0000 4.5000
5% of its fixed-income traders
Mega Intl. Comml. Bank Co. Ltd. 8.0000 3.5000
AVERAGE
6.4874 4.2211
and salesmen later this quarter

SUBSIDIARIES OF FOREIGN BANKS
as it contends with an industryChinatrust Bank
7.7450 6.7450
wide revenue slump, according
Maybank
7.0000 6.0000
AVERAGE
7.3725 6.3725
to a person with knowledge of the
GENERAL AVERAGE
6.8815 4.5232
matter.
* as of January 8, 2016

By Imee Charlee C. Delavin

est bank by market value subject to regulatory approvals in

a deal valued at P36.943 billion
($782 million), the largest equity investment in a Philippine
financial institution by a foreign
investor.
Security Bank has accepted
the offer from BTMU to invest
in a 20% voting interest in [the
bank]. This investment will provide capital and long-term funding support to SBC for accelerating its growth strategy, including
expansion of its branch network
and increasing its penetration
of the retail market, the listed
lender said in a regulatory filing
on Thursday.

The partnership will also allow

Security Bank to leverage on the
BTMUs extensive relationship
with Japanese corporates, global
network and expertise to tap new
niche markets, it added.
Security Bank accepted BTMUs offer to buy 150.7 million
newly issued common shares at
P245 apiece and 200 million preferred shares at P0.1 per share
representing over 80% premium
on Security Banks current share
prize making the Japanese
lender the second-largest shareholder in the local bank next to
the Dy family.
Security Bank shares closed at
P144 apiece yesterday, up by P9

or 6.67% from its previous days

P135 per-share close.

GAME-CHANGING

Frederick Dy, chairman emeritus

of Security Bank, said during the
announcement of the partnership yesterday that the deal will
be a game-changing development in the Philippine banking
industry and the local bank will
maximize every benefit that this
partnership brings to ensure the
acceleration of Security Banks
overall business strategy and exposure.
Security Bank President Alfonso L. Salcedo, Jr., said yesterday that the transaction is seen

completed by the first half of 2016

subject to regulatory approvals
in the Philippines, and BTMU
will appoint two representatives
to the Security Bank Board of 11
directors.
The partnership with Japans
largest banking group will raise
P36.9 billion in capital for Security Bank, increasing its shareholder capital from P52.4 billion
as of September to P89.3 billion
on a pro-forma post-transaction
basis.
As of end-September, Security
Bank was ranked the sixth largest
domestic universal lender with
total assets of P482 billion.
Security Bank, S2/3

Source: BSP

FOREIGN INTEREST RATES

Percent per annum

LIBOR (US$) Nov. 17

Dec. 15 Jan. 12

90-days

0.3671 0.5258 0.6236

180

0.6018 0.7550 0.8548

SIBOR (SG$) Nov. 11 Dec. 09 Jan. 06

90-days

1.0723

1.120 3

1.1913

180

1.1304 1.1811 1.2534

FOREX RATE

THURSDAY, JANUARY 14, 2016

s
22.2
ctvs

Sept Oct Nov Dec Jan

PDS weighted
average rate

Current: P47.679
Volume: $970.60M
Previous: P47.457

INTERBANK RATES
TUESDAY, JANUARY 12, 2016
DEMAND RATE

HIGH: 2 9/16% LOW: 2 1/2% AVE.: 2 17/32%

The bank will make a decision

after evaluating client activity during the period, the person
said, asking not to be identified
because the deliberations are
private.
The firm ultimately may cut
deeper in those operations than
its yearly push to cull about 5% of
staff to make way for new hires, or
it could shrink the unit by refraining from replacing those who go,
the person said.
The Wall Street Journal reported earlier Wednesday that
the New York-based investment
bank plans to cut as much as 10%
of the units traders and salesmen.
The move wouldnt affect more
than 250 people, the newspaper
said, citing unidentified people
familiar with the matter.

PESO CROSS RATES

one unit of currency
Philippines
Australia
Bahrain
Canada
Hong Kong
source: BSP
Japan
Saudi Arabia
Singapore
Switzerland
United Kingdom
United States
EMU

EXCHANGE RATES

DAILY VOLUME

P21.040 B

Sept Oct Nov Dec Jan

T-BILL 91-DAY

MONDAY, DECEMBER 7, 2015

January 10, 2011 December 7, 2015

Average yield

Current: 1.836
Previous: 1.773
(November 2, 2015)

OTHER CUTBACKS

Morgan Stanley included about

470 traders and salesmen from its
fixed-income and commodities
business in a plan to cut about
1,200 people worldwide, a person
briefed on the matter told Bloomberg last month.
That amounts to 25% of the
New York-based firms fixedincome trading staff, with other
reductions coming in infrastructure and support roles, according
to the person.
European banks also have
been reducing staff amid pressure to strengthen balance sheets,

cut costs and improve profitability. Zurich-based UBS Group AG

largely exited the capital-intensive fixed-income trading business in 2012.
London-based Barclays Plc
has been shrinking its operation as part of a broader plan to
eliminate 19,000 jobs by 2016,
including 7,000 at its investment
bank.
Frankfurt-based Deutsche
Banks fixed-income and currency
division is likely to be affected in a
company-wide overhaul unveiled
in October. The plan called for
reducing its workforce by 26,000
people by 2018 and an end to operations in 10 countries.
The long decline in fixed-income trading revenue is probably
ending, according a survey of 147
analysts and portfolio managers
released last month by Institutional Investor and Broadridge
Financial Solutions Inc. Still,
any turnaround for banks will be
slow probably amounting to
an increase of only 0.2% per year
Goldman, S2/3
Source: BSP

THURSDAY, JANUARY 14, 2016

Phil Aussie Bahrain Canadian HKong Japan Saudi Spore Swiss

UK
US EMU
peso
dollar
dinar
dollar
dollar
yen
rial
dollar
franc
pound
dollar
euro
1.0000 0.0301 0.0079 0.0303 0.1635 2.4789 0.0791 0.0303 0.0212 0.0146 0.0211 0.0194
33.2192 1.0000 0.2630 1.0057 5.4315 82.3480 2.6274 1.0055 0.7041 0.4854 0.7000 0.6428
126.3061 3.8022 1.0000 3.8237 20.6517 313.1039 9.9899 3.8230 2.6772 1.8454 2.6615 2.4442
33.0320 0.9944 0.2615 1.0000 5.4009 81.8840 2.6126 0.9998 0.7001 0.4826 0.6960 0.6392
6.1160
0.1841
0.0484
0.1852
1.0000
15.1611
0.4837
0.1851
0.1296 0.0894
0.1289
0.1184
0.4034 0.0121 0.0032 0.0122 0.0660 1.0000 0.0319 0.0122 0.0086 0.0059 0.0085 0.0078
12.6434 0.3806
0.1001
0.3828
2.0673
31.3421 1.0000 0.3827 0.2680
0.1847 0.2664 0.2447
33.0389 0.9946 0.2616 1.0002 5.4020 81.9011 2.6131 1.0000 0.7003 0.4827 0.6962 0.6393
47.1787 1.4202 0.3735 1.4283 7.7140 116.9527 3.7315 1.4280 1.0000 0.6893 0.9941 0.9130
68.4425 2.0603
0.5419
2.0720
11.1907 169.6641
5.4133
2.0716
1.4507 1.0000
1.4422 1.3245
47.4570
1.4286
0.3757
1.4367
7.7595 117.6425
3.7535
1.4364
1.0059 0.6934 1.0000 0.9184
51.6759 1.5556 0.4091 1.5644 8.4493 128.1009 4.0872 1.5641 1.0953 0.7550 1.0889 1.0000

MONEY QUOTATIONS
Sept Oct Nov Dec Jan

Goldman Sachs has stuck by

those operations to boost market
share while rival banks increasingly acknowledge fixed-income
trading revenue isnt bouncing
back after falling by more than
half since 2009. The trading
slump and stiffer capital requirements have prompted firms such
as Deutsche Bank AG and Morgan
Stanley to eliminate staff in recent months.

NEW YORK-one US$ expressed in respective

unit of foreign currency
EMU
1.0885/89
United Kingdom
1.4420/22
Canada
1.4367/69
Switzerland
1.0059/62
Japan
117.64/67
India
66.90/92
Mexico 17.9458/22
Denmark
6.8540/50
Norway
8.8133/10
Sweden
8.5143/06
Singapore
1.4364/72
Australia
0.6953/58
New Zealand
0.6514/24
Hong Kong
7.7617/20
S. Africa
16.5701/66
Hungary
289.81/21
Israel
3.9351/36
Iceland
129.61/96
Czech Koruna
24.797/847
LONDON - one pound sterling expressed in
respective unit of foreign currency at 1637 GMT
US
1.4397 1.4402
Swiss France
1.4497
1.4508
Japan 169.2000 169.32
Norway 12.7120 12.72
EURO
1.3228 1.3238
Canada
2.0684 2.0694
Denmark 9.8728 9.8771
Sweden
12.2676 12.2755
JAPAN-in per unit of foreign currency
UK
0.5907 0.5910
Switzerland 0.8565 0.8572

BW FILE PHOTO

Goldman Sachs said to mull cutting

more than 5% of fixed-income staff

ROBERTO Juanchito T. Dispo speaks at an investment summit.

PBCom appoints banker

Dispo as adviser to board
TWO Philippine banks yesterday
announced recent appointments
to its ranks effective immediately.
Philippine Bank of Communications, Inc. (PBCom) announced
the appointment of Mr. Roberto
Juanchito T. Dispo as adviser to
its Board of Directors.
Mr. Dispo was former chief of
the Metrobank Group-owned investment subsidiary First Metro
Investment Corp. (FMIC). His
retirement as president and director took effect on Jan. 1.
The Philippine Bank of Communications is pleased to announce the appointment of Mr.
Roberto Juanchito T. Dispo as
Adviser to the Board of Directors
of the Bank effective immediately, the listed lender told the local
bourse Thursday.

BSP REFERENCE RATE

The appointment of Mr. Dispo,

it noted, complements the banks
strategic direction considering
his depth of experience in both
commercial and investment
banking.
Mr. Dispo is a seasoned investment banker with extensive
experience in capital raising, investments, strategic acquisition,
and asset management. He also
previously held various posts in
the Department of Finance and
Bureau of Treasury, and is credited for the key reforms in the
debt and capital markets, the
disclosure read.
Prior to this appointment,
Mr. Dispo also joined the board
of another company owned by
Philippine billionaire Lucio L. Co,
PBCom, S2/3

Source: BSP

THURSDAY, JANUARY 14, 2016

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
47.4570
0.021072
0.9184
1.088900
Source: REUTERS
Japanese yen
0.008501
117.633220
0.4034
2.478929
0.0078 128.090175
WEDNESDAY, JANUARY 13, 2016
UK pound
1.442200
0.693385
68.4425
0.014611
1.3245
0.755027
Hongkong dollar
0.128874
7.759517
6.1160
0.163506
0.1184
8.449371
SINGAPORE-in S$ per unit of foreign currency
Forwards & Deposits (Singapore)
Swiss franc
0.994135
1.005900
47.1787
0.021196
0.9130
1.095324
US
1.4389 1.4393
One month
0.9500
1.1500
Canada dollar
0.696040
1.436699
33.0320
0.030274
0.6392
1.564421
UK
2.0716 2.0729
Two months
1.4600
1.9600
Singapore dollar
0.696185
1.436400
33.0389
0.030267
0.6393
1.564096
Australia 0.9997 1.0006
Three months
1.0625
1.2500
Australia dollar
0.699986
1.428600
33.2192
0.030103
0.6428
1.555602
Per 100
Six months
1.1250
1.3125
Bahrain dinar *
2.661486
0.375730
126.3061
0.007917
2.4442
0.409132
Hong Kong
0.1853
0.1853
Nine months
1.2500
1.3700
Kuwait dinar
N/A
N/A
N/A
N/A
N/A
N/A
Japan
1.2242 1.2246
One year
1.2500
1.4375
Saudi Arabia rial
0.266418
3.753500
12.6434
0.079093
0.2447
4.087188

Brunei dollar
0.693770
1.441400
32.9242
0.030373
0.6371
1.569541
MONEY RATES
LIBOR RATE -London Interbank Offered
Indonesia rupiah
0.000072 13888.888889
0.0034 294.117647
0.0001 15151.515152
Prime rate-charged by large
Rates charged in US$ for Eurodollar loans
Thailand baht
0.027594
36.239762
1.3095
0.763650
0.0253 39.461742
comml banks to their best corp. borrowers;
Rates fixed at 11:00 a.m. London time
U. A. E. Dirham
0.272301
3.672407
12.9226
0.077384
0.2501
3.998880
Broker Loan Rate-charged to broker on stock
One Month
0.4245
E.M.U. euro
1.088900
0.918358
51.6759
0.019351
1.0000 1.000000
exchange collaterals; Federal Funds-reserves
Two Months
0.5151
South Korea won
0.000831 1203.369434
0.0394
25.380711
0.0008 1310.615990
traded among comml banks for overnight use
Three months
0.6236
China yuan **
0.152107
6.574319
7.2185
0.138533
0.1397
7.158760
Prime rate
3.2500
Six months
0.8548

Discount 0.7500
One year
1.1561
Broker Loan Rate
2.0000
Others (Not Convertible with BSP)
Argentina peso
0.073817
13.547015
3.5031
0.285461
0.0678
14.751438
Federal Funds Rate
0.2500
GOLD BULLION
Brazil real
0.251193
3.981003
11.9209
0.083886
0.2307
4.334916

WORLD BULLION-in US$ per troy
Denmark kroner
0.145900
6.854010
6.9240
0.144425
0.1340
7.463355
EURODOLLAR DEP (New York)
ounce, rupees/10 gms, won/gram
India rupee
0.014984
66.737854
0.7111
1.406272
0.0138 72.669137
One month
0.3800
0.4800
Ldn morning fix
1081.80
Malaysia ringgit
0.228571
4.375008
10.8473
0.092189
0.2099
4.763946
Two months
0.4500
0.5500
Ldn aftrn fix
1088.15
Mexico new peso
0.055723
17.945911
2.6444
0.378158
0.0512
19.541173
Three months
0.5700
0.7000
London close
107.00
.25
New Zealand dollar
0.65591
1.524599
31.1275
0.032126
0.6024
1.660137
Four months
0.6300
0.7300
New York
1090.90
1091.40
Norway kroner
0.113465
8.813290
5.3847
0.185711
0.1042
9.596837
Five months
0.6800
0.8000
Zurich
1,090.90 1,091.40
Pakistan rupee
0.009540 104.821803
0.4527
2.208968
0.0088 114.142221
Six months
0.8000
0.9000
Bombay 24 carat
20/
0.00
South African rand 0.061026
16.386458
2.8961
0.345292
0.0560
17.843123
Nine months
0.9500
1.1000
Karachi 24 carat
0.00
0.00
Sweden kroner
0.117449
8.514334
5.5738
0.179411
0.1079
9.271278
One year
1.1000
1.2500
Dubai 24 carat
0.00
0.00
Syria pound
0.00455 219.780220
0.2159
4.631774
0.0042 239.291697
MONEY RATES (London)
US Gold Prices ($/Troy ounce)
Taiwan dollar
0.030042
33.286732
1.4257
0.701410
0.0276 36.246330
Euro$ Depo
Engelhard gold (bullion)
1087.49
Venezuela bolivar
0.159129
6.284210
7.5518
0.132419
0.1461
6.842894
One month
0.3800
0.4800
Engelhard gold (fabricated)
1169.05
SDR Rate = $1.37998 SDR GOLD Buying: $1,094.40 SILVER Buying:
$14.10
Three months
0.5700
0.6700
Handy & Harman (base price)
1088.15
* Various banks in Bahrain as quoted in Reuters Screen
Six months
0.8100
0.9100
Handy & Harman (fabricated)
1207.847
** Asian Time Closing Rate as of January 13, 2015

One year
1.1900
1.3900
Krugerrand 1076.3 1079.3

Stock Market

The

2/S2

FRIDAY-SATURDAY, JANUARY 15-16, 2016

Bourse resumes drop as global growth fears persist

poor, COL Financial Group, Inc.
Head of Research April Lynn L.
Tan said in a telephone interview.
Prior to Thursdays decline,
the PSEi staged a two-day recovery after a four-day slump that
sent the main gauge to its lowest level in nearly two years. The
benchmark index remains in a
bear market, down 21.15% from
its peak of 8,127.48 logged on April
10 last year.
Asian markets took their cue
from Wall Streets steep losses
on Wednesday night, dragged by
fears of a deepening slowdown in

gave up 48.55 points or 1.30% to

finish at 3,675.76.
The market fell anew following the drop in Wall Street and
Asian stocks. Thus, what we saw
in the past few days was merely
a technical rebound, BDO Unibank, Inc. Chief Market Strategist Jonathan L. Ravelas said in a
mobile phone message.
The recovery in China was
sort of a relief rally because exports were better than expected,
but the fundamental issues have
not been addressed. The outlook
for commodity prices remains

By Krista A. M. Montealegre
Senior Reporter

PHILIPPINE EQUITIES resumed

their decline yesterday, ending a
two-day technical rebound, as
Wall Street took another beating
overnight on lingering concerns
about global economic growth.
The bellwether Philippine
Stock Exchange index (PSEi)
declined 85.37 points or 1.31%
to close at 6,408.76, while the
broader all-shares index similarly

China and emerging economies

as well as volatility in financial
markets, oil and other commodities.
The Dow Jones industrial average plunged 364.81 points or
2.21% to 16,151.41. The S&P 500
plummeted 48.40 points or 2.50%
to 1,890.28 and the Nasdaq composite lost 159.85 points or 3.41%
to 4,526.07.
Brent crude oil slipped below
$30 a barrel for the first time in
a decade.
Five of the six sectoral indices
ended in negative territory, with

financials being the lone counter

ending with gains, rising by half a
point or 0.03% to 1,479.38.
In contrast, property sank
65.14 points or 2.46% to 2,580.34,
services went down 27.02 points
or 1.92% to 1,378.18, mining and
oil tumbled 177.04 points or
1.89% to 9,152.64, holding firms
slumped 91.39 points or 1.47% to
6,091.01, and industrial slid 42.07
points or 0.40% to 10,382.40.
Value turnover dipped to
P5.26 billion after 1.80 billion
shares were traded, just a third of
Wednesdays P6.22 billion.

Losers dominated gainers, 149

to 27, while 35 issues were unchanged.
Foreign investors dumped local equities, making yesterday log
net sales of P489.47 million a
reversal of the net purchases of
P250.06 million in the prior session.
Technically, the downward
momentum is still there. We
advise investors to be cautious,
COL Financials Ms. Tan said,
pegging the local barometers
support at its previous low of
6,280 and resistance at 6,600.

Philippine Index Charts

FINANCIAL: 1,479.38

THURSDAY, JANUARY 14, 2016

INDUSTRIAL: 10,382.40

0.50
A S O N D J

HOLDINGS: 6,091.01

42.07
A S O N D J

PSE TURNOVERS AND AVERAGES

OPEN HIGH LOW
FINANCIAL 1,474.18 1,487.14 1,450.11
INDUSTRIAL 10,297.48 10,399.15 10,241.44
HOLDINGS 6,071.58 6,124.05 6,033.06
PROPERTY 2,578.88 2,603.43 2,574.64
SERVICES 1,399.45 1,399.45 1,378.18
MINING 9,326.59 9,332.91 9,135.68
ALL SHARES 3,680.06
3,685.61
3,655.46
PSEI
6,395.87 6,433.70 6,346.00
ADVANCES: 27 DECLINES: 149 U
NCHANGED: 35

ODD LOTS VOLUME:
556,123.00
ODD LOTS VALUE: 220,556.94

91.39
A S O N D J

PROPERTY: 2,580.34

SERVICES: 1,378.18

65.14
A S O N D J

PHILIPPINE STOCK EXCHANGE

27.02
A S O N D J

MINING & OIL: 9,152.64

ALL SHARES: 3,675.76

PSEi: 6,408.76

177.04

48.55

85.37

A S O N D J

A S O N D J

A S O N D J

PROVIDED BY TECHNISTOCK

THURSDAY, JANUARY 14, 2016

VOLUME
VALUE (P)
FINANCIAL 12,100,534 941,728,658.64
52Wk 52Wk MktCap Stock Stocks
Volume Open High Low Close Prev Net Foreign
52Wk 52Wk MktCap Stock Stocks
Volume Open High Low Close Prev Net Foreign
INDUSTRIAL
63,716,716 1,264,316,490.32
High
Low
(Pmil)
Close
Trade (peso)
High
Low
(Pmil)
Close
Trade (peso)
Code
Code
HOLDINGS
79,233,039 1,075,625,007.33

Buy(sell)

Buy(sell)
PROPERTY
142,517,952 1,167,663,049.80
SERVICES
117,163,470 706,115,558.38 Banks
MINING 1,387,711,849 85,105,515.76
10.4 6.05 36,253 HOUSE 8990 Hldgs., Inc.
112,600
6.7
6.7 6.57
6.57
6.8
221,260
49.87 43.23
22,251 AUB Asia United Bank Corp.
7,200 45.85 45.85 45.05 45.85 45.85
137,640
SME
1,153,000 14,580,266.00
1.19
0.81
1,060 LAND City and Land Developers
56,000
0.9
0.9
0.9
0.9
0.91
123.7
93 357,247 BDO Banco de Oro Unibank, Inc. 2,244,520
97
98.1
95.1
98
98 (55,140,919)
ETF
7,060 740,757.00
5.88 3.52 119,931 MEG Megaworld Corp.
44,822,000
3.69
3.76 3.66
3.72 3.88 (33,473,460)
107 80.05 332,205 BPI Bank of the Phil. Islands
2,671,060
84.9
84.9 83.2 84.55 84.9
4,029,988
GRAND TOTAL 1,803,603,620 5,255,875,303.23
0.134 0.073
621 MRC MRC Allied Industries, Inc.
370,000 0.073 0.073 0.073 0.073 0.075

44.58 35.5 65,807 CHIB China Banking Corp.
116,300
35.5
36
35
35.5 36.05
-

0.38 0.202 292 PHES Phil. Estate
590,000 0.212 0.212 0.202 0.202 0.212

26.13
17 25,500 EW East West Banking Corp.
148,200
17
17.74
17
17 17.08 (1,370,676)
TOTAL FOREIGN BUYING: 2,913,063,983.55
8.79 4.88 2,729
Primex Corp.
81,100 8.58 8.58 8.44 8.44 8.45
MBT MetroBank and Trust Co.

99.8
69
225,156
1,541,100
72
72
70
70.8
72.2
(37,938,521)
PRMX
TOTAL FOREIGN SELLING: 3,402,531,490.87
31.9 23.45 97,024 RLC Robinsons Land Corp.
3,170,900
23
23.8 22.95
23.7
23.7 (23,685,605)

19.2 14.32
8,369 PBB Philippine Business Bank
549,900 15.66
15.7
15.6
15.6 15.68
7,820,000
1.87
1.35
8,563 ROCK Rockwell Land Corp.
234,000
1.39
1.4
1.36
1.4
1.4
212,560

87 48.35 60,396 PNB Philippine National Bank
110,300 49.45 49.45 48.25 48.35 49.55 (2,877,705)
0.98 0.68
6,710 SLI Sta. Lucia Land, Inc.
1,068,000
0.76
0.78 0.74
0.75 0.76

108.1
85 22,824 PSB Philippine Savings Bank
1,110 95.05 95.05
95
95
99
-
22.95
17.9 574,697 SMPH SM Prime Hldgs., Inc.
15,583,400
20
20.4
19.9
19.9 20.65 (63,241,117)

48.5 29.25 45,007 RCB Rizal Commercial Banking
77,400
32.2
32.2
31.7
32.15 31.95
253,325
Stocks Value
Stocks Volume
2,000 4.08 4.08 4.08 4.08 4.5
177
120 86,808 SECB Security Bank Corp.
1,449,560
150
156
143
144
135
18,928,888 8.49 3.89 34,378
STR Starmalls, Inc.
Universal Robina Corp.
487,558,000
Abra Mining and Industrial Corp.
1,276,000,000
1.5 0.65
1,688 SUN Suntrust Home Dev., Inc.
173,000
0.76
0.8 0.74
0.75 0.76
71.95 49.8 60,220 UBP Union Bank of the Phils.
27,000
56.5
56.9 56.5
56.9 56.9
(1,173,155)
Ayala Land, Inc.
478,790,000
Manila Mining Corp. A
70,800,000

8.59
4.2 52,530 VLL Vista Land & Lifescapes
6,810,000
4.41
4.45
4.15
4.2
4.5 (7,558,900)
SM Prime Holdings, Inc.
312,449,000 Other Financial Institutions
Premium Leisure Corp.
46,830,000

Phil. Long Distance Telephone Co.
258,945,000
Megaworld Corp.
44,822,000
8.7 2.05
537 AGF AG Finance, Inc.
53,000
2.1
2.1 2.05
2.05
2.1
- Media
Bank of the Philippine Islands
224,978,000
Pacifica, Inc.
30,800,000
40,340 59.95 59.95 58.5 58.5 59.8
3.3
1.12
1,834 BKR Bright Kindle Res & Inves., Inc. 23,000
1.12
1.2
1.12
1.2
1.12
- 67.8 49 49,772 ABS ABS-CBN Corp.
Banco de Oro Unibank, Inc.
219,235,000
Filinvest Land, Inc.
29,820,000
7.57 5.95 22,082 GMA7 GMA Network, Inc.
33,700
6.45
6.6
6.4
6.57
6.51
2.55
2.17
5,298 BLFI BDO Leasing & Fin., Inc.
10,000
2.45
2.45 2.45
2.45 2.45
-
Security Bank Corp.
213,395,000
Metro Pacific Investments Corp.
24,033,200

16.98
14.2
7,021 COL COL Finl. Group, Inc.
700
14.8
14.8 14.78
14.78 14.84
-
GT Capital Holdings, Inc.
169,882,000
Bloomberry Resorts Corp.
20,439,000

0.84 0.44
752 FAF First Abacus Financial
1,000,000
0.63
0.63 0.63
0.63 0.63
- Telecommunications
Megaworld Corp.
166,263,000
Ayala Land, Inc.
15,821,500
2,702 1,675 222,344 GLO Globe Telecom, Inc.
48,915 1,690 1,697 1,668
1,675 1,707 (15,580,510)

9.8
6.12
326 FFI Filipino Fund, Inc.
35,200
6.62
6.64
6.5
6.5
7
(29,172)
Jollibee Foods Corp.
142,640,000
SM Prime Holdings, Inc.
15,583,400
4.89
1.91
5,770 LIB Liberty Telecoms Hldgs.
232,000
4.43
4.5 4.35
4.46 4.45

0.73 0.35
308 MED Medco Holdings
60,000
0.4
0.44
0.4
0.44 0.44
-
3,200 1,900 410,506 TEL Phil. Long Dis. Tel. Co.
135,785 1,939 1,939 1,900 1,900 1,940 (151,165,420)
MFC Manulife Financial Corp.
850 600
1,222,583
80 600 620 600 620 600 (12,400)
1.19
0.9
1,911 NRCP National Reinsurance Corp.
176,000
0.91
0.91
0.9
0.9
0.91
-
Stocks
Volume Close Net %
361.2
268 19,666 PSE The Phil. Stock Exchange, Inc.
3,560 272.4 272.4
268
268 272.4
51,900 Information Technology
Anchor Land Holdings, Inc
3,000
7.39
1.140
18.24%

7.33
4
1,385 DFNN DFNN, Inc.
117,200
5.46
5.79 5.45
5.55 5.55
33,790
SLF

1,560
1,000
783,782
Sun
Life
Financial,
Inc.
40
1,300
1,305
1,280
1,280
1,328
(26,050)
Bright Kindle Res. and Investments, Inc.
23,000
1.20
0.080
7.14%
0.4 0.122
596 IS Island Info. and Tech., Inc.
2,560,000 0.125 0.125 0.121
0.122 0.128
(19,360)
3.2
1.44
6,425 V Vantage Equities, Inc.
63,000
1.54
1.68
1.53
1.53
1.54
-
Republic Glass Holdings Corp.
45,000
2.70
0.170
6.72%

1.9
1.2
960 ISM ISM Comm. Corp.
145,000
1.32
1.35
1.31
1.34
1.3
Security Bank Corp.
1,449,560
144.00
9.000
6.67%

4 1.9 322
13,000 1.92 1.92 1.92 1.92 1.92
Electricity, Energy, Power & Water
JAS Jackstones, Inc.
Megawide Construction Corp.
330,200
5.80
0.270
4.88%
1,843,000 0.64 0.64 0.62 0.64 0.64 63,000
2.27
1.21
7,613 ACR Alsons Cons. Res., Inc.
2,087,000
1.24
1.32
1.2
1.21
1.24
- 1.03 0.41 971
NOW Now Corp.
First Gen Corp. - Series G Pref.
500,020
113.90
4.900
4.50%
23.1
12.1 29,105 WEB Philweb Corp.
96,600
20
20.4 19.86
20.3 20.4
(610,598)
Da Vinci Capital Holdings, Inc.
2,863,000
1.92
0.080
4.35%
46.5
39.1 297,656 AP Aboitiz Power Corp.
2,212,500 39.85
40.7 39.85 40.45 40.5 (2,896,720)
Manulife Financial Corp.
80
620.00
20.000
3.33%
4.8
1.2
892 YEHEY Yehey! Corp.
7,000
3.21
3.45
3.21
3.21
3.5
8.96
5.2 105,696 EDC Energy Devt. (EDC) Corp.
8,729,700
5.6
5.7
5.51
5.64 5.68
5,862,448
AbaCore Capital Holdings, Inc.
20,000
0.315
0.010
3.28%
31.2
20
73,219 FGEN First Gen Corp.
1,081,000 20.45
20.7
20
20 20.45 (9,770,070)
ISM Communications Corp.
145,000
1.34
0.040
3.08%
106.2
58 32,120 FPH First Phil. Hldgs. Corp.
354,770 59.35 59.35
58
58 59.35 (6,958,929) Transportation Services

11.32 3.82 15,655 2GO 2Go Group, Inc.
5,800
6.48
6.48 6.35
6.4 6.48
4.81 2.47
730 H2O Philippine H2O Vent. Corp.
8,000
2.97
3 2.97
3
3.5
-
14.48
10.9 21,800 ATI Asian Terminals, Inc.
6,500 10.98 10.98
10.9
10.9 10.98

343.8 260.4 349,626 MER Manila Electric Co.
153,940 307.6
311
302
310.2 308.6
105,824
Stocks
Volume Close Net %
98.4
76 47,264 CEB Cebu Air, Inc.
1,041,570
79
79 77.95
78 79.5 (41,163,325)
32.95
20 49,397 MWC Manila Water Co.
2,159,200 24.15
24.5 23.95 24.05 24.65 (30,366,870)
Coal Asia Holdings, Inc.
2,313,000
0.420
-0.090
-17.65%
117.8
58 118,788 ICT Intl. Cont. Terml. Serv., Inc.
557,630
58.2
59
57.2
58.4
59.1 (9,240,575)
10.62 5.85 54,844 PCOR Petron Corp.
2,143,600
5.9
5.96
5.8
5.85
5.9 (5,395,062)
Philippine H2O Ventures Corp.
8,000
3.00
-0.500
-14.29%
1.66
1.13
684 TUGS Harbor Star Shipping Serv., Inc. 337,000
1.12
1.13
1.12
1.13
1.14
45,000
4.16
3.15
5,358 PNX Phoenix Petroleum Phils.
178,000
3.6
3.75
3.6
3.75
3.8
-
F and J Prince Holdings Corp. B
1,000
5.42
-0.780
-12.58%

2.44
1.66
9,730 TA Trans-Asia Oil and Energy
747,000
2
2.01
1.99
2 2.02
-
Oriental Peninsula Resources Group, Inc.
926,000
0.92
-0.130
-12.38%
VVT Vivant Corp.
25.5
19.4
23,540
8,500 23 23 23 23
22.5
- Hotel & Leisure
TKC Metals Corp.
53,000
0.88
-0.120
-12.00%

1.26
1.02
386 ACE Acesite (Phils.) Hotel Corp.
89,000
1.13
1.13
1.12
1.12
1.13

Lodestar Investment Hldgs. Corp.
794,000
0.56
-0.060
-9.68%

0.12 0.037
456 BHI Boulevard Hldgs., Inc.
6,000,000 0.039 0.039 0.038 0.038 0.04
Food, Beverage & Tobacco
Starmalls, Inc.
2,000
4.08
-0.420
-9.33%

2 1.49
933
Discovery
WorldCorp.
417,000
1.6
1.6 1.49
1.49 1.49
156,600
ANI

5.15
1.25
2,636
Agrinurture,
Inc.
118,000
4.16
4.28
4.11
4.24
4.32
50,740
DWC
The Philodrill Corp.
12,400,000
0.010
-0.001
-9.09%
0.4 0.165
800 WPI Waterfront Philippines, Inc.
60,000
0.33
0.33 0.32
0.32 0.32
20.55 14.84
33,124 CNPF Century Pacific Food, Inc.
4,259,400 14.98 14.98 14.78 14.84 14.96 56,882,976
Benguet Corp. A
400
5.00
-0.480
-8.76%
15.09 9.49 22,930 DMPL Del Monte Pacific Ltd.
80,200
11.7
11.8
11.7
11.8 11.82
-
Yehey! Corp.
7,000
3.21
-0.290
-8.29%

11.43 7.04 52,857 DNL D and L Industries, Inc.
5,127,400
7.19
7.4 7.08
7.4
7.32 (2,169,894) Education
12 9.48
3,530 CEU Centro Escolar University
9,300
8.4
9.48
8.4
9.48 9.57
EMP Emperador, Inc.
11.9 6.99
135,086
1,066,000 8.38 8.38 8.22 8.38 8.38 3,493,607
1,095
886
15,752 FEU Far Eastern University
690
956
956
956
956
955
(659,640)
1.28
0.7
1,825 FOOD Alliance Select Foods Intl., Inc. 45,000
0.74
0.74 0.73
0.73 0.74
-
JANUARY 13, 2016
Source: PSE

0.74
0.39
3,863
STI
Educ.
Systems
Hldgs.,
Inc.
3,160,000
0.4
0.4
0.39
0.39
0.41
449,150
JFC
235.8
180 215,859
Jollibee Foods Corp.
709,490
203
203 199.6
201.8
205 (24,345,870)
STI

Volume High Low Close Change
37.92 16.33
4,118 LFM Liberty Flour Mills, Inc.
2,100
27.2
27.5
27.2 27.45 26.9
-
PLDT
25,103 $41.12 $40.21 $40.22 ($0.60)
60 38.5
41,614 MACAY Macay Hldgs., Inc.
10,300
35.8 38.95 35.8 38.95 39.9
- Casinos & Gaming
Manulife Financial Corp.
2,449,569
$13.48
$12.85
$12.91
($0.30)
13 3.24 35,684 BLOOM Bloomberry Resorts Corp. 20,439,000
3.51
3.51
3.21
3.24
3.51 (28,860,290)
MAXS Maxs Group,Inc.
167,600 16.76 16.76 16 16.12 16.6 216,390
Sun Life Financial, Inc.
326,574
$28.47
$27.24
$27.37
($0.70) 34.4 16.12 17,524
0.016 0.0053
252 EG IP E-Game Vent., Inc.
11,000,000 0.0084 0.0084 0.0083 0.0084 0.0086

210
115 20,000 PF San Miguel Pure Foods Co., Inc. 8,700
120
122
120
120
120
(230,280)
21 17.12
5,235 LOTO Pacific Online Sys. Corp.
1,900 17.54 17.54 17.54
17.54
18

4.94
3.16
11,672 PIP Pepsi-Cola Products Phils.
208,000
3.18
3.18
3.16
3.16
3.19
(25,020)

11.48
6.7
8,039
Leisure
and
Resorts
Corp.
992,500
6.83
6.88
6.6
6.7
6.83
RFM RFM Corp.

6 3.8 13,302
226,000 3.89 3.89 3.8 3.8 3.86 217,010
LR
Issue
Stock Cash Ex-date Record Payable
12.86
1.48
8,352 MCP Melco Crown Resorts Corp. 4,421,000
1.55
1.55
1.48
1.48
1.54
(599,930)
7.08
3.8
5,528 ROX Roxas Hldgs., Inc.
4,000
5.9
5.9
4.8
4.8
4.8
-
Manila Broadcasting Co.
P0.0625
16-Dec.-15
21-Dec.-15
15-Jan.-16
2.18
1.85
1,893 MJC Manila Jockey Club, Inc.
19,000
1.9
1.9
1.9
1.9
1.98
0.203 0.129
245 SFI Swift Foods, Inc.
1,330,000 0.136 0.136 0.132
0.135 0.137
-
Far Eastern University
P12.00
22-Dec.-15
29-Dec.-15
15-Jan.-16
1.97 0.45 14,074 PLC Premium Leisure Corp.
46,830,000
0.44
0.45 0.43
0.45 0.46
766,300
230 173.6 399,215 URC Universal Robina Corp.
2,665,920
178 185.5
176
183
182 95,005,549
Puregold Price Club, Inc.
P0.30
05-Jan.-16
08-Jan.-16
18-Jan.-16 0.85 0.56 1,616
7.57
3.19 57,982 RWM Travellers Intl. Hotel Grp., Inc. 651,000
3.74
3.75
3.6
3.68
3.75
(163,980)
VITA Vitarich Corp.
102,000 0.56 0.58 0.56 0.58 0.59 (39,900)

4.8
4.2
13,255 VMC Victorias Milling Co.
1,000
4.55
4.55 4.55
4.55 4.55
4,550
Retail


4.01 3.52
12,071 MRSGI Metro Retail Stores Group, Inc. 877,000
3.58
3.58
3.5
3.52
3.57
465,500

Construction, Infrastructure & Allied Services
Date Company
Time & Place
42.8
30 87,939 PGOLD Puregold Price Club, Inc
645,900
32
32
31.8
31.8
32
15,912,415

12.9 8.05
1,960 ABG Asiabest Group Intl., Inc.
3,300 10.02 10.02 9.58
9.8 9.92
-
JANUARY
Primex Corp. (Annual)
3:00 p.m. Pasig Room, Valle Verde Country Club,
29
89
61.8 88,640 RRHI Robinsons Retail Hldgs., Inc. 1,099,540
65
65
64
64
65.1 (2,558,415)

2.34
1.19
2,160 DAVIN Da Vinci Capital Hldgs., Inc. 2,863,000
1.81
1.95
1.81
1.92
1.84
(1,900)

Capt. Henry Javier St., Pasig City
11.16 2.44
8,083 SSI SSI Group, Inc.
11,437,000
2.45
2.52 2.38
2.44 2.56 (10,292,890)
EEI EEI Corp.
11.16 4.54 5,503
142,600 5.35 5.35 5.3 5.31 5.33 111,045
FEBRUARY
02
Victorias Milling Co., Inc. (Annual)
8:00 a.m. Victorias Golf & Country Club,

15.18
12 85,813 HLCM Holcim Philippines, Inc.
2,100
13.3
13.3
13.3
13.3
14.3
-

Victorias City, Negros Occidental

25.6
8.5
12,120 LBC LBC Express Hldgs., Inc.
12,900
8.5
8.5
8.5
8.5
8.6
- Other Services
NOTE: These schedules are subject to change without any further notice.
0.83
0.41
3,077 APC APC Group, Inc.
320,000
0.4
0.41
0.4
0.41
0.41

8.6
5.21
13,917 MWIDE Megawide Const. Corp.
330,200
5.51
5.8
5.51
5.8 5.53
1,884,388
0.73
0.41
806 PHA Premiere Horizon Alliance Corp. 120,000
0.41
0.41
0.41
0.41
0.41

2.07 0.84
827 T
TKC Metal Corp.
53,000
1
1 0.88
0.88
1
-
NAV
One Year Three Year Five Year Y-T-D
7.23
4.12
5,832 SBS SBS Phil. Corp.
764,000
4.8
4.9 4.72
4.86 4.95
1.7 0.98
1,436 VUL Vulcan Industrial Corp.
8,000
0.99
0.99 0.99
0.99
1
-
per share Return Return* Return* Return


% % % %
THURSDAY, JANUARY 14, 2016
Mining
Chemicals
STOCK FUNDS
0.007 0.0038
837 AR Abra Mng. and Indl. Corp. 1,276,000,000 0.0043 0.0046 0.0042 0.0042 0.0042
3.2
1.53
1,325 CROWN Crown Asia Chemicals Corp. 320,000
2.18
2.18
2.01
2.1
2.2
-
Primarily invested in Peso securities

10.22
3.9
8,348 AT Atlas Cons. Mng. & Devt.
163,000
4
4
4
4
4
(12,000)
EURO

2.69
1.3
6,579
Euro-Med
Lab.
Phil.,
Inc.
49,000
1.7
1.7
1.6
1.6
1.66
ALFM Growth Fund, Inc. *
232.63
-12.21%
0.85%
5.2%
-5.83%

9.26
3.5
587
Benguet
Corp.
A
400
5
5
5
5
5.48
LMG

3.18
1.74
337
LMG
Chemicals
Corp.
8,000
1.74
1.74
1.74
1.74
1.75
BC
ATRKE Alpha Opportunity Fund, Inc. *
1.0495
-37.45%
-5.3%
n.a.
-10.27%
0.95 0.42
1,680 COAL Coal Asia Holdings, Inc.
2,313,000
0.51
0.51 0.42
0.42
0.51
6
1.61
2,043 MVC Mabuhay Vinyl Corp.
24,000
2.01
3.09
2
3.09
3.14
-
ATRKE Equity Opportunity Fund, Inc. *
3.3964
-23.61%
-2.2%
4.29%
-7.29%
First Metro Save & Learn Equity Fund, Inc. *
4.8964
-13.25%
-0.42%
7.1%
-7.24%
1.14 0.52
1,467 CPM Century Peak Metals Hldgs.
246,000
0.52
0.52
0.5
0.52 0.53
4.07
1.4
4,380 PPC Pryce Corp.
90,000
2.16
2.23
2.16
2.19
2.21
17,690
PAMI Equity Index Fund, Inc.* ********
43.8742
n.a.
n.a.
n.a.
-6.31%

9.26 5.62
465 DIZ Dizon Copper Silver Mines
46,000
5.91
5.95 5.88
5.88 5.95
64,790
Philam Strategic Growth Fund, Inc. *
478.53
-13.65%
-3.13%
5.07%
-5.56%

3.44 0.47
8,209 FNI Global Ferronickel Hldgs., Inc. 1,870,000
0.47
0.48 0.47
0.47 0.49
18,000
Electrical Components & Equipment
Philequity Dividend Yield Fund., Inc. *
1.1053
-13.4%
n.a.
n.a.
-6.06%
0.47 0.245
858 GEO GEOGRACE Res. Phils., Inc.
440,000
0.26
0.26 0.245 0.245 0.26
65.8
40 14,264 CIC Concepcion Indl. Corp.
166,800 41.95
42.1 41.95
42 41.95
4,859,365
Philequity Fund, Inc. *
31.6949
-15.65%
2.13%
9.47%
-6.56%
Philequity PSE Index Fund, Inc. *
4.3185
-12.17%
3.1%
9.98%
-6.69%
0.3 0.147
4,530 LC Lepanto Cons. Mng. A
5,510,000 0.153 0.153 0.142
0.147 0.153
IMI Integ. Micro-Electronics 66,800 5.1 5.18 5.1 5.17
7 5.1 9,600
5.22
-
Philippine Stock Index Fund Corp. *
723.88
-12.2%
2.7% 10.26%
-7.02% 3.82
0.32
0.18
3,698 LCB Lepanto Cons. Mng. B
2,190,000 0.176
0.18 0.175
0.18 0.185
ION Ionics, Inc.
0.43 1,867
2,024,000 2.2 2.2 2.1 2.18 2.21
-
Soldivo Strategic Growth Fund, Inc. *******
0.8084
-15.31%
n.a.
n.a.
-5.71%
0.018 0.0097
1,542 MA Manila Mining Corp. A
70,800,000 0.011 0.011 0.0099 0.0099
0.01
2.96
1.35
2,923 PSPC Phoenix Semicon. Phils. Corp. 275,000
1.43
1.43
1.35
1.35
1.43
13,500
Sun Life Prosperity Phil. Equity Fund, Inc. *
3.5645
-13.91%
-1.36%
6.63%
-7.2%
0.019
0.01
1,245 MAB Manila Mining Corp. B
100,000 0.012 0.012 0.012 0.012 0.012
32.09
16.4
7,317 TECH Cirtek Hldgs. Phils. Corp.
312,200 17.88 17.88 17.46
17.46 17.78
140,202
Sun Life Prosperity Phil.Stock Index Fund, Inc.* *******
0.8365
n.a.
n.a.
n.a.
-6.64%

6.3
1.5
2,732 MARC Marcventures Hldgs., Inc.
190,000
1.54
1.54
1.5
1.5
1.57
United Fund, Inc.*
2.9214
-12.18%
-4.5%
0.56%
-7.22%
Exchange Traded Fund

4.17 2.35
2,384 NI Nihao Min. Resources
63,000
2.5
2.5 2.32
2.36 2.36
Other Industrials
First Metro Phil. Equity Exchange Traded Fund, Inc. * *** 106.1058
-11.22%
n.a.
n.a.
-6.96%
15.78 4.33 32,895 NIKL Nickel Asia Corp.
2,734,000
4.41
4.42 4.29
4.33
4.4
(781,930)
2.65
1.56
1,509 SPH Splash Corp.
327,000
2.49
2.53 2.48
2.48 2.52
2,530
Primarily invested in foreign currency securities
0.8 0.5 525
126,000 0.5 0.5 0.5 0.5 0.51
OM Omico Corp.
ATR KimEng Asia Plus Recovery Fund, Inc. **
$0.8073
-18.57%
-6.9% -6.72%
-9.69%

2.57 0.92
2,648 ORE Oriental Peninsula Res.
926,000
1.03
1.05 0.92
0.92
1.05
BALANCED FUNDS Holding Firms
9.4 4.06 20,058 PX Philex Mining Corp.
381,000
4.11
4.11 4.04
4.06
4.11
(308,090)

0.49
0.3
1,004 ABA AbaCore Capital Holdings,Inc. 20,000
0.32
0.32 0.32
0.32
0.3
-
Primarily invested in Peso securities
ATRAM Dynamic Allocation Fund, Inc.* ****
1.6629
-14.7%
0.28%
6.6%
-4.55%
168.4
111.1 136,266 SCC Semirara Mng. and Power Corp. 465,480 126.2 127.6
126
127.5
129 (11,445,039)
821
660 413,900 AC Ayala Corp.
168,460
664
681
662
668
670 43,916,690
ATRKE Phil. Balanced Fund, Inc. *
2.0453
-13.69%
0.88%
5%
-4.3%
0.012 0.007
1,829 UPM United Paragon Mng. Co.
5,000,000 0.007 0.007 0.007 0.007 0.007
59 51.95 313,538 AEV Aboitiz Equity Ventures
1,486,200
55
56.6
55 56.45
56.1
8,366,545
Bahay Pari Solidaritas Fund, Inc.*
1.9403
-5.25%
2.09%
6.76%
-3.11%

AGI

27.3
14.6
149,939
Alliance
Global
Group,
Inc.
2,585,100
14.78
14.78
14.56
14.6
14.9
(11,080,122)
First Metro Save & Learn Balanced Fund, Inc. *
2.5306
-10.83%
-2.5%
5.07%
-5.9%
7.24 6.05
15,125 ANS A. Soriano Corp.
60,200
6.1
6.1
6.01
6.05
6.12
(159,765) Oil
NCM Mutual Funds of the Phils., Inc.* *****
1.735
-8.21%
-2.65%
4.06%
-3.14%
One Wealthy Nation Fund, Inc.*
0.9372
-10.8%
n.a.
n.a.
-6.41%
0.28
0.18
494 BSC Basic Energy Corp.
50,000 0.193 0.193 0.193
0.193 0.198
0.34
0.2
740 ATN ATN Hldgs., Inc. A
500,000 0.203 0.203
0.2
0.2 0.205
-
PAMI Horizon Fund, Inc. *
3.4503
-9.36%
-3.4%
3.6%
-3.26%
0.014 0.008
1,104 OPM Oriental Pet. & Min. Corp. A 5,000,000 0.0092 0.0092 0.0092 0.0092 0.0091
9.72
6.5 54,655 COSCO Cosco Capital, Inc.
4,190,200
7.53
7.53
7.32
7.4
7.58
1,045,102
Philam Fund, Inc. *
15.4777
-9.47%
-2.98%
4.34%
-3.29%
0.022 0.009
1,919 OV The Philodrill Corp.
12,400,000
0.01 0.011
0.01
0.01 0.011
30,000
16
10.7 156,940 DMC DMCI Hldgs., Inc.
4,801,500
11.8
11.9 11.74
11.82 12.02 (13,505,066)
Sun Life of Canada Prosperity Balanced Fund, Inc.*
3.4573
-8.95%
-0.41%
5.81%
-3.95%
5.92
3.2
1,351 PERC Petroenergy Res. Corp.
5,000
2.61
3.29
2.61
3.29
3.3
4.85
3.6 39,599 FDC Filinvest Devt. Corp.
13,000
4.25
4.25 4.25
4.25
4.4
-
Sun Life Prosperity Dynamic Fund, Inc. *
0.8899
-12.21%
n.a.
n.a.
-4.17%
5.3
1.2
2,040 PXP Philex Petroleum Corp.
173,000
1.2
1.24
1.2
1.2
1.23
18,000

6.6 2.76
1,522 FJP F&J Prince Hldgs. Corp.A
43,300
5.21
5.21
5.2
5.2 5.25
-
Primarily invested in foreign currency securities
Cocolife Dollar Fund Builder, Inc. *
$0.03539
2.08%
1.25%
3.57%
0%
12.26
1.93
500 TAPET Trans-Asia Petroleum Corp.
9,000
1.96
2
1.96
2
1.96
(8,000)
6.95 2.85
1,026 FJPB F&J Prince Hldgs. Corp.B
1,000
5.42
5.42 5.42
5.42
6.2
-
PAMI Asia Balanced Fund, Inc. *
$0.8318
-15.59%
-7.52%
-3.83%
-6.13%
1,446 1,104 224,847 GTCAP GT Capital Hldgs., Inc.
131,910 1,284 1,294 1,280 1,290 1,299 (10,246,600)
Sun Life Prosperity Dollar Advantage Fund, Inc. *
$2.9912
-5.37%
0.82%
2.08%
-3.97%
6.88
5.18
3,203 HI House of Investments, Inc.
25,000
5.2
5.2
5.2
5.2
5.2
130,000 Preferred
BOND FUNDS
532
500 10,390 ACPB1 Ayala Corp. Class B series 1 Pref. 85,000 519.5 519.5 519.5
519.5 525.5

9.96
4.9
6,755 IPM IPM Hldgs., Inc.
1,112,000
9.78
9.8 9.78
9.79
9.81
-
Primarily invested in Peso securities
128
107 15,234 FGENG First Gen Corp. Pref. G
500,020
111
113.9
111
113.9
109
75
62.1 458,422 JGS JG Summit Hldgs., Inc.
1,810,350
64.6 66.35
64
64 66.45 (26,897,319)
ALFM Peso Bond Fund, Inc. *
322.64
0.82%
2.42%
4.04%
-0.03%
ATRAM Corporate Bond Fund, Inc.*
1.9104
-3.99%
2.86%
4%
-0.38%
535
497 10,680 GLOPP Globe Telecom, Inc. - Perp. Pref. 2,100
534
534
534
534
534
0.89 0.54
414 LIHC Lodestar Invest. Hldg. Corp. A 794,000
0.69
0.69 0.56
0.56 0.62
-
Cocolife Fixed Income Fund, Inc. *
2.5444
4.93%
5.22%
6.05%
0.09%
115.9 102.5
4,400 MWP Megawide Const. Corp.-Perp. Pref. 11,000
110
110
110
110
110
9.18
5.14
25,615 LPZ Lopez Hldgs. Corp.
1,778,000
5.75
5.75 5.52
5.57 5.76
(998,910)
Ekklesia Mutual Fund, Inc. *
2.0392
0.37%
3.17%
5.48%
0.03%
1,064 1,005 15,360 PFP2 San Miguel Purefoods Perp. Pref. 2 25 1,024 1,024 1,024
1,024 1,024
1,645,200 14.08 14.08 13.9 14.04 14 7,490,716
First Metro Save & Learn Fixed Income Fund, Inc. *
2.2016
0.38%
5.82%
8.39%
-0.13% 16.84 9.89 151,932 LTG LT Group,Inc.
104.1
103
1,296 PNX3A Phoenix Petroleum-Non-Voting 3A 13,700
104.1
104.1 103.7
103.7 104.1
(728,700)
5.44
4.21 142,494 MPI Metro Pac. Inv. Corp.
24,033,200
5.15
5.19 5.09
5.11 5.25 (4,444,525)
Grepalife Bond Fund Corp. *
1.3265
-3.32%
-0.23%
3.05%
-0.62%
Grepalife Fixed Income Fund Corp. * *****
P1.601
-2.49%
0.27%
2.93%
0.31% 0.057 0.028 1,160 PA Pacifica, Inc.
106.8 105.7
799 PNX3B Phoenix Petroleum-Non-Voting 3B 5,600 106.5 106.5 106.5 106.5 106.5
30,800,000 0.028 0.029 0.028 0.029 0.029 (323,500)
Philam Bond Fund, Inc. *
3.9813
-1.46%
2.19%
4.95%
0.01%
1,170 1,016
3,068 PRF2B Petron Corp.-Perpetual Pref. 2B
1,130 1,068 1,068 1,066 1,066 1,063
2.35 0.65
4,048 POPI Prime Orion Phils., Inc.
699,000
1.7
1.73
1.7
1.71
1.74
(5,190)
Philequity Peso Bond Fund, Inc. *
3.4426
-2.88%
4.32%
5.86%
-1.03%
85.6
76
7,316 SMC2B San Miguel Corp. Series 2-B Pref. 3,700
80.8
80.9 80.8
80.9 80.8
2.85 2.38
1,842 REG Republic Glass Hldg. Corp.
45,000
2.53
2.7 2.53
2.7 2.53
-
Soldivo Bond Fund, Inc. *******
0.9162
-5.04%
n.a.
n.a.
-0.1%

89.05
78.9
21,084
San
Miguel
Corp.
Series
2-C
Pref.
13,650
82.55
82.55
82.5
82.5
82.5
SGI

1.31
1.06
1,931
Solid
Group,
Inc.
283,000
1.08
1.08
1.06
1.06
1.09
SMC2C
Sun Life Prosperity Bond Fund, Inc. *
2.6909
-1%
1.78%
3.81%
-0.44%
85
77
7,057 SMC2D San Miguel Corp. Series 2-D Pref. 4,400
79
79
79
79
79
970 769.5 637,626 SM SM Investments Corp.
94,100
790
797
775
794
810 (13,435,525)
Sun Life Prosperity GS Fund, Inc. *
1.514
-2.15%
0.57%
2.89%
-0.62%
Primarily invested in foreign currency securities
80
76
10,573 SMC2E San Miguel Corp. Series 2-E Pref. 3,500
79
79 78.9
78.9
79

80.75
44 142,712 SMC San Miguel Corp.
1,238,820
58.5
60
57
60
60 (18,340,537)
ALFM Dollar Bond Fund, Inc. *
$419.84
2.53%
1.78%
3.82%
0.36%
80.85
78
17,777 SMC2F San Miguel Corp. Series 2-F Pref. 52,860
79.6
79.6 79.5
79.6 79.6
123.9 62.9
21,421 TFHI Top Frontier Inves. Hldgs., Inc.
17,080
64.8
65 63.35 64.35 63.35
(192,605)
ALFM Euro Bond Fund, Inc. *
206.11
n.a.
1.88%
2.9%
0.03%
0.62 0.25
405 UNI Unioil Res. And Hldgs. Co.
270,000
0.27
0.27 0.26
0.26 0.27
-
ATR KimEng Total Return Bond Fund, Inc. **
$1.0955
2.62%
0.83%
1.78%
0.16%

Phil.
Deposit
Receipts
WIN

0.28
0.162
553
Wellex
Industries,
Inc.
350,000
0.169
0.169
0.169
0.169
0.18
First Metro Save and Learn Dollar Bond Fund, Inc. * ****** $0.0243
0.83%
n.a.
n.a.
0%

68 48.5
18,787 ABSP ABS-CBN Hldgs. Corp. PDR 120,440 59.15
59.2
57
57 59.55 (3,305,849)
Grepalife Dollar Bond Fund Corp. *
$1.7194
0.59%
1.08%
4.54%
0.53%
MAA Privilege Dollar Fixed Income Fund, Inc.
N.S.
N.S.
N.S.
N.S.
N.S. Property

7.4 5.92
5,332 GMAP GMA Hldgs., Inc. PDR
212,700
6.31
6.5
6.3
6.3
6.4
(548,100)
MAA Privilege Euro Fixed Income Fund, Inc.
N.S.
N.S.
N.S.
N.S.
N.S. 0.28 0.18 1,064
ALCO Arthaland Corp.
250,000 0.2 0.2 0.2 0.2 0.2 10,000
PAMI Global Bond Fund, Inc. *
$1.0543
-6.86%
-4.73% -2.06%
0.46%
10.94
5.72
7,686 ALHI Anchor Land Hldgs., Inc.
3,000
6.86
7.39 6.86
7.39 6.25
5,644 Warrants
Philam Dollar Bond Fund, Inc. *
$2.1241
0.7%
0.77%
3.17%
0.75%
4.7
1.48
122 LRW Leisure & Resorts World-Wrnts. 236,000
1.35
1.5
1.35
1.48
1.59
(2,980)
1.45
1.03
1,655 ARA Araneta Properties, Inc.
60,000
1.09
1.09
1.06
1.06
1.09
3,269,095
Philequity Dollar Income Fund, Inc. *
$0.0555076
1.33%
1.09%
3.66%
0.08%
Sun Life Prosperity Dollar Abundance Fund, Inc. * $2.8554
2.06%
-0.94%
2.38%
0.66% 4.72 2.3 24,187
BEL Belle Corp.
5,571,000 2.4 2.4
2.25 2.3
2.42
(3,575,870)
MONEY MARKET FUNDS
Small and Medium Enterprises

1.15 0.55
1,022 BRN A Brown Co., Inc.
372,000
0.6
0.6 0.59
0.59
0.61
-
Primarily invested in Peso securities
4.49 2.64
965 ALT Alterra Capital Partners, Inc.
30,000
3.24
3.29
3.1
3.1
3.3

0.164
0.1
1,414 CEI Crown Equities, Inc.
6,590,000
0.11
0.11 0.104 0.104 0.112
(160,520)
ALFM Money Market Fund, Inc. *
114.37
1.19%
1.38%
2.1%
0.12%
4.22
2.51
556 IDC Italpinas Devt. Corp.
47,000
2.58
2.6
2.5
2.51
2.61
1.01 0.47
5,394 CPG Century Prop. Group, Inc.
1,500,000
0.48
0.48 0.46
0.47 0.48
(92,000)
Philam Managed Income Fund, Inc. *
1.1554
0.03%
0.29%
0.88%
-0.16%
17.24
8.4 22,773 X Xurpas, Inc.
1,076,000 13.34
13.6 13.24
13.24 13.72 (4,309,974)
0.6 0.38
2,723 CYBR Cyber Bay Corp.
200,000
0.38
0.4 0.38
0.4
0.41
(32,000)
Sun Life Prosperity Money Market Fund, Inc. *
1.1405
1.34%
0.28%
0.31%
0.08%

25.35
7.26 47,047 DD DoubleDragon Prop. Corp.
473,400
21 21.45 20.5
21.1
21.7
213,800
* - NAVPS as of the previous banking day. ** - NAVPS as of 2 banking days ago

2.09
1.55 37,587 FLI Filinvest Land, Inc.
29,820,000
1.59
1.59
1.55
1.55
1.6 (26,981,630) Exchange Traded Funds
*** - Listed in the PSE.***** - Manage by BDO Private Bank starting September 1, 2015 (Formerly Manage by PAMI).
132 102.9
1,247 FMETF First Metro Phil. Equity ETF
7,060 105.6 105.6
104 104.8
106
52,500
GERI

1.78
0.88
10,437
Global-Estate
Resorts,
Inc.
227,000
0.95
0.95
0.92
0.95
0.95
-
****** - Inception date is October 8, 2014. **** - Formerly, Optima Balanced Fund, Inc.
******* - Launch date is May 5, 2015. ******** - Launch date is June 16, 2015

TOP 10 IN VOLUME

LEADERS

LAGGARDS

PHL ABROAD

DIVIDEND UPDATE

SCHEDULE OF MEETINGS

MUTUAL FUNDS

TOP 10 IN VALUE

FRIDAY-SATURDAY, JANUARY 15-16, 2016

Security Bank,
from S2/ 1

The rationale for this transaction is really to help us accelerate

our plans and execute what we
have been wanting to execute at a
faster pace and with more scale...
Everything s accelerated with
this additional capital and were
looking at being at the top four,
five banks in the industry sooner
than later, Mr. Salcedo said.
The bank also seeks to double
its current market share in both
loans and deposits to between
8-9% from the current 4% range,
with aggressive expansion plans.
What this does is it will enable us to accelerate timetable, we
expect to accelerate our branch
expansion from currently 262
branches. Wed like to increase
that significantly and with more
branches that would allow us to
penetrate more retail segments,
it will allow us to penetrate more
SME (small and medium enterprises) and middle-market segments.
With the additional capital, it
will help us accelerate our strategy over the next three to five
years of building our retail banking business.. we can scale up our
branch network much faster to
more than 500 by 2020. We will
be able to conveniently serve our
customers with a larger network,
offer them more comprehensive range of financial services
as well as make inroads into the
Japanese business sector, Mr.
Salcedo said.
The additional capital from
the stake sale and the expertise of
BTMU in project finance will also
facilitate Security Banks participation in big ticket infrastructure
projects, Mr. Salcedo said.

ASIA STRATEGY

Go Watanabe, CEO of BTMU Asia

& Oceania region, for his part,
said yesterday that as a member
of MUFG, Security Bank can look
forward to tapping the firms diversified financial services.
Our investment in Security
Bank is very much aligned with
our Asia strategy... Security Bank
has distinguished itself over the
years with superior growth, profitability, asset quality and capital
strength... I believe in [its] growth
strategy and I am keen for BTMU
to play a role and be part of its
transformational journey to becoming one of the top-tier banks
in the Philippines, Mr. Watanabe
said.
The BTMU executive noted
that the Philippines is a very big
potential market in Asia, citing
its robust economy and sound
demographic profile.
We would like to expand
our presence in the Asian market since it is our second core
market. Among the Asian countries, if you look at the GDP
(gross domestic product), very
young population, this country
is very prominent and has very
big potential, we can see more
Japanese investments coming to
Philippines, he added.
Sought for comment, COL
Financial Group Inc., Head of
Research April Lynn L. Tan said
yesterday that a stronger capital
base is the major impact of the
deal.
I guess it will help in the sense
that it (Security Bank) will have
more capital that will help it grow
faster amid strict capital requirements, she said via phone.

PBCom,

from S2/ 1
Cosco Capital, Inc. the holding firm for Mr. Cos consumercentric businesses as adviser,
effective Jan. 18.
He also joined the board
of Cirtek Holdings Philippines
Corp. as its adviser and president.
In a separate regulatory filing, another listed lender, China
Banking Corp., announced that

its board approved to recall the

secondment assignment in its
thrift unit of Mr. Hilarion Z. Silayan III in view of the merger
of China Bank Savings, Inc. and
Planters Development Bank. Mr.
Silayan will be reverted back to
his position in China Bank as
Treasury Officer effective Jan. 16.
Imee Charlee C. Delavin

S2/3

Peso extends slide as investors

stay risk averse on growth fears
THE PESO extended its slide
against the dollar yesterday,
dropping to its new low for this
year and in over six years, on safehaven buying amid worries over
global growth and persisting concerns over China.
The local currency closed at
P47.64 against the greenback on
Thursday, nine-and-a-half centavos weaker than its P47.545-perdollar finish the previous session.
The pesos latest close is again
a new six-year low, being its worst
finish since it finished at P47.73 a
dollar on Nov. 3, 2009.
The peso opened Thursdays
session slightly weaker at P47.60
versus the greenback, which was
just a tad lower than the local
units strongest intraday level of
P47.58-per-dollar. It managed to
recoup some of its losses, with its
weakest point for the day logged
at P47.75 against the foreign unit.
Dollars traded increased to
$970.6 million from the previous

sessions $858.8 million, according to data from the Philippine

Dealing & Exchange Corp.
The peso depreciated more
than previously estimated primarily because increased concerns over the health of the global
economy after oil prices breached
the $30 per barrel level, a trader
said. On top of this issue, the financial turbulence in China continued to dampen investors risk
appetite, resulting in safe-haven
buying.
Another trader said: Theres
continuing risk aversion as market players shy away from risky
assets on persisting concerns
over China.
Generally it will be a stronger
dollar and weaker EMs (emerging
markets) story until we see significant development in China,
the trader added.
A senior bank trader in Manila said the peso would weaken
further on a lack of confidence in

Chinas stock and concerns about

the global economy.
The currency may find chart
support at P47.80, its low in November 2009, the trader said.
For today, one trader said despite the absence of major economic data releases, the peso may
remain weak due to declining oil
prices and persistent worries over
the Chinese economy.
Traders said the peso could
move sideways and stay within
the P47.50 to P47.75-per-dollar
band today.
Most emerging Asian currencies also lost ground on Thursday
on growing concerns over a global
economic slowdown, while explosions and a gunfight in Jakarta hit
the Indonesian rupiah.
The rupiah touched a oneweek low after several explosions
went off and gunfire broke out in
Indonesias capital.
The rupiah fell 1.0% to 13,960
per dollar, its weakest since Jan. 7.

Foreign banks dumped the

currency following news of explosions and a gunfight in Jakarta.
Chinas yuan slid although the
central bank set its daily guidance
rate for the currency firmer in
continuous efforts to stabilize it.
A key focus is on the China
market. Despite keeping the fixing flat, CNY weakens, which
shows that the underlying weakening pressures are very strong,
said Sean Yokota, head of Asia
strategy for Scandinavian bank
SEB in Singapore.
The yuan will weaken on both
the economic slowdown and the
policy uncertainty. It will drag the
rest of Asia FX lower.
Asian equities markets
slumped, tracking steep losses
in Wall Street as Brent crude oil
skidded to 12-year lows amid a
commodity rout that increased
fears of a global economic
slowdown. Imee Charlee C.
Delavin with Reuters

Bank of Korea holds rates, signals no cut soon

SEOUL South Koreas central
bank kept monetary policy unchanged on Thursday, signaling
it would stay put for some time,
but then went on to cut this years
economic growth forecast.
I do not agree that the lowered
GDP forecast warrants monetary
policy easing, Governor Lee
Ju-yeol told a news conference,
disclosing his bank reduced its
growth forecast to 3.0% from the
3.2% predicted three months ago.
Uncertainty over the Chinese
economy and markets, global oil
prices and US policy prospects
all posed a risk to South Koreas
economy, Lee said, but savings
from low oil prices and a likely
improvement in exports would
provide a floor.
Governor Lee noted central
bankers from emerging-market

economies had been in close contact, adding that they had held a
separate gathering on the sidelines of the Bank for International Settlements meeting last week,
possibly reflecting concerns for
global financial stability following the US rate hike and Chinas
market gyrations.
The head of Mexicos central
bank said on Tuesday that emerging economies may need to resort to radical interventions in
financial markets, similar to the
sweeping measures taken by rich
countries during the financial
crisis, to cope with sharp capital
outflows.
The Bank of Koreas sevenmember board kept the base rate
steady at record-low 1.50% in a
unanimous vote - a seventh consecutive month of no change in

the policy interest rate after two

cuts last year.
Lee said last years economic
growth was estimated at 2.6%,
compared to 2.7% predicted in
its October 2015 forecasts, and
actual 3.3% growth in 2014.
I felt the governors comments as a whole were neutral,
said Yoon Yeo-sam, a fixedincome analyst at KDB Daewoo
Securities.
I still see room for policy easing later because the inflation
forecast was set at 1.4%.
The Bank of Korea revised its
2016 inflation forecast to 1.4%
from the 1.7% set three months
ago versus its medium-term target of 2.0%.
Lee said the increased purchasing power of South Korean
consumers as a result of low oil

prices would boost private consumption this year and exports

would also do better than last
year, citing an expected rise in
global trade volume.
Bond futures prices fell and
the won slightly cut losses as Lees
comments at the news conference were much less dovish than
investors had expected, analysts
said.
All but one of the 30 analysts
surveyed in a Reuters poll before
the decision had projected a
steady policy rate.
A growing number of analysts
now see the central bank taking
time and holding rates steady for
the rest of the year to monitor
the effects of the US Federal Reserves December rate hike and
additional policy moves that may
follow. Reuters

Swiss fallout from franc move not as bad as feared

Goldman,
from S2/ 1

through 2020, the respondents

predicted.

VERY COMMITTED

Banking&Finance

Were very committed to it,

Goldman Sachs Chief Financial
Officer Harvey Schwartz said of
his firms fixed-income business
when asked at an investor conference in November whether it
may be scaled back. When were
with our clients, whether theyre
transacting on a particular day
or not, doesnt matter to us. We
know the service is important to
them.

The bank already has shrunk

the units headcount more than
10% in recent years while adjusting balance sheets for capital
rules, he said. The company isnt
likely to broadcast additional
changes if theyre needed, he
added.
You just have to run the
business, and if the revenue environment is such that youre in
a period of decline, you just need
to take those actions, he said.
So, you probably wont hear us
make lots of announcements.
Bloomberg

A YEAR after the Swiss National

Bank suddenly abandoned its
currency cap, it looks like the
doomsday scenarios for the country havent panned out. But its
still too early for SNB President
Thomas Jordan to pop the champagne.
On paper, the SNB may have
inflicted the biggest wound on
itself. Its set to incur a record annual loss of 23 billion francs ($23
billion) after its foreign-exchange
holdings depreciated in value due
to the francs ascent from the cap
of 1.20 per euro to about 1.09 now.

While thats a book loss, a repeat

could jeopardize future payouts
to Switzerlands cantons.
With the stronger franc depressing import costs, consumer
prices fell 1.1% in 2015, the most
since 1950. Theyre set to fall again
this year, before rising in 2017,
according to the central bank.
Declining prices are a necessary
part of the adjustment process
for the economy to stay competitive, SNB Board Member Andrea
Maechler said on Tuesday.
Swiss blue chips plunged when
the news of the cap exit broke on

the morning of Jan. 15, 2015. Yet

from its one-year low, the index
rebounded and hit a eight-year
high in August.
The pace of economic growth
halved in the wake of the SNBs
cap exit. Yet Switzerland dodged
a recession. The SNB expects
expansion of just under 1% in
2015 and an acceleration to 1.5%
this year.
The jobless rate rose a fiveyear high of 3.4% in December,
with the number of people out
of work up 8% from a year earlier. According to government

forecasts, the rate will increase to

3.6% in 2016. However, for SNB
Vice President Fritz Zurbruegg,
if you look at joblessness in 2015,
most forecasters were positively
surprised.
At first glance, it doesnt look
so bad they avoided a technical
recession last year, exports didnt
collapse and the jobs market still
seems to be solid, said Alexander
Koch, an economist at Raiffeisen
Schweiz in Zurich. But we think
there will still be fallout. It depends on the currency development. Bloomberg

OPINION

Trendsetter or trend-follower?

A trend-follower, on the other hand,

ust like the beginning of each year,
is not the antithesis of the latter but its
the outset of 2016 is inundated
offspring. They are people who adopt
with a motley of news, tweets, and
a new idea or product, becoming a
prognostications about trends. The
member of the herd. Hence the term
10 Marketing Trends of 2016 and Beherd behavior which is characterized
yond, Stock Market Trends in 2016,
by how individuand Donald Trump
als in a group can
is Trending are just
act collectively in
some of the heralded
everyday decisionheadlines. Majority of REYNALDO C. LUGTU, JR.
making, judgement
us follow these trends,
and opinionbut a few create them.
forming. The more
In business, investing, Trendsetters surround
trend-followers
politics, and everyday themselves with innovators
there are lead to the
life, we are either a and creative people. They
trendsetter or a trendtalk about ideas with movers bandwagon effect
- a phenomenon
follower.
whereby the rate of
Usually associated in society and business.
adoption of a trend
with fashion, trend- They immerse themselves
increases the more
setters are people who in a multitude of interests
that they have alcan spot a new trend
and find innovative ways to
ready been adopted
at an early stage or
by others.
even create a new one spread the news about a new
The problem
and lead its spread to idea of a product.
with trends is that
new social groups or
they change fast and
locations. They are
frequently. So if youre a trend-follower,
visionaries and innovators able to see
when you read headlines about trends
whats in the horizon and create or set
in the current and coming years, its
something people will adopt or folmost likely old news and just a rehash of
low, which leads to the progression of
the authors lack of foresight.
trend-followers.

FINEX FOLIO

But there is wisdom in being a trendfollower as much as being a trendsetter.

At times, a trend-follower detects and
adopts a trend at an early stage, improves on it, and starts a new trend in
itself. Theres a plethora of successful
trendsetters and trend-followers alike
in the worlds of business, politics, and
arts.
Probably the most famous trendsetter is the iconic Steve Jobs who envisioned the iPod and iPhone which
paved the way for the mobile revolution. Other examples are Uber founders Travis Kalanick and Garrett Camp,
AirBnB founders Brian Chesky, Nathan
Blecharczyk and Joe Gebbia. In the
world of investing Warren Buffet, often
referred to as the most successful investor in the world, is well known for spotting investment opportunities. These
trendsetters are all visionaries who
recognized human needs, problems,
and opportunities, found solutions, and
turned them to fruition.
But then, examples of successful
trend-followers are companies from Japan, China, and Korea which improved
on products from the West, such as cars,
TVs and appliances, displays, mobile
phones, and others, and set their own

trend, lording it over the incumbent

Western brands.
In the world of investment such as
stocks and bonds, a trend-follower is
an investor whose strategy is based the
technical analysis of market prices, taking advantage of these market trends
by observing the current direction and
using this to decide whether to buy or
sell. On the other hand, a trend-setter
investor is one whose strategy is based
on the fundamental strengths of the
companies, sifting through financial
statements and balance sheets much
like Warren Buffet.
But what spells the difference between a successful trendsetter and
trend-follower from unsuccessful ones
are the mindset, preparation, planning,
and strategy.
Trendsetters surround themselves
with innovators and creative people.
They talk about ideas with movers in
society and business. They immerse
themselves in a multitude of interests
such as arts, sports, and culture. They
read a lot about various subject matters.
They create their own identity and style
much like branding. They find innovative ways to spread the news about a new
idea of a product.

Successful trend-followers, on the other hand, detect and adopt a trend at an early stage and not wait for the rest of the herd
to come in. They quickly execute to invest,
produce, and distribute. They improve on
a new idea, product, and concept through
enhancements, additions, and fusion. Like
trendsetters, they expose themselves to
innovative people, diverse subjects, and
creative distribution methods.
In the end, not all of us will be like a
Steve Jobs or a Warren Buffet. Theres a
complex interplay of timing, resources
availability, and luck. We can veer from a
trend-follower to s trendsetter and vice
versa. We just need to be more perceptive and skillful in creating or detecting
a trend and quick in capitalizing on it.
The opinions expressed here are the
views of the writer and do not necessarily
reflect the views and opinions of FINEX.

REYNALDO C. LUGTU, JR. is a senior executive in an

information and communications
technology firm. He also teaches
strategy, management and marketing
courses in the MBA Program of the
Ramon V. del Rosario College of Business,
De La Salle University.
reylugtu@gmail.com.

4/S2

World Markets

EDITOR WILFREDO G. REYES

FRIDAY-SATURDAY, JANUARY 15-16, 2016

Wall Street resumes sell-off;

S&P 500 lowest since Sept.
US STOCKS sank on Wednesday,
pushing the Standard and Poors
(S&P) 500 to close below 1,900
for the first time since September
as investors grew anxious about
weak energy prices, US corporate
earnings and the global economy.
All 10 S&P 500 sectors ended
in the red, led by consumer discretionary shares, the health care
sector and technology. Selling
was broad, with decliners outpacing advancing issues on the NYSE
more than seven to one and on the
Nasdaq by more than six to one.
All three major indexes are in
correction territory. The S&P 500
is now down 11.3% below its May
21, 2015, closing lifetime high.
At the same time, the Russell
2000 small-cap index dropped
3.3%, putting it in bear market
territory. The index is down 22%
from its June 2015 record close.

DOW JONES
30 days to JANUARY 13, 2016

Stocks had started the day

higher but sentiment turned
negative when a brief rally in
beaten-down oil prices stalled.
Growing stockpiles of oil in the
United States stoked market fears
about demand.
Weve been in capital preservation mode since the year began
and as the market has shown an
inability to rally with any conviction, thats only increased the
level of nervousness, said Michael James, managing director
of equity trading at Wedbush Securities in Los Angeles.
The market has attempted 10
intraday rallies at the outset of
2016, and each one has failed to
sustain itself.
The declines ended a two-day
rebound for the S&P 500 and
resumed the steep sell-off that
began at the start of the year amid

NASDAQ COMPOSITE

FTSE

30 days to JANUARY 13, 2016

concerns about a slowdown in

China and global growth.
The Dow Jones industrial average closed down 364.81 points,
or 2.21%, to 16,151.41, the S&P
500 lost 48.40 points, or 2.50%,
to 1,890.28 and the Nasdaq composite dropped 159.85 points, or
3.41%, to 4,526.07.
The CBOE Volatility index,
Wall Streets favorite gauge of uncertainty, gained 12.2%.
Analysts said nervousness
about fourth-quarter earnings
added to the bearish tone. CSX
was down 5.7% at $22.35 after the
railroad reported a lower quarterly net profit, and said the weak
global economy and US industrial
markets would weigh on results.
People are concerned about
the health of the economy, said
Ken Polcari, director of the NYSE
floor division at ONeil Securities

DJ EURO STOXX

KOSPI

30 days to JANUARY 14, 2016

WEDNESDAY, JANUARY 13, 2016

METAL
COPPER Merchant,US cts/lb
200.55
COPPER No. 2 Refined, US cts/lb 355.35
COPPER Bare Bright,del US cts/lb 389.85
LEAD battery scrap, del US cts/lb
42.5
LEAD Premium, del US cts/lb
13.5
ALUMINUM Premium, del US cts/lb 8.95
ALUMINUM Alloy, spot, US cts/lb
87
ALU Mixed Clips, del US cts/lb
61
ALU Turnings, del US cts/lb
49
TIN Premium/Grade A, US cts/lb
34.03
TIN Premium/Low Lead, US cts/lb
41.9
PALLADIUM free $/troy oz
489.85
PALLADIUM JMI base, $/troy oz
490
PLATINUM free $/troy oz
848.8
PLATINUM JMI base $/troy oz
845
KRUGGERAND, fob $/troy oz
1,076.3
NICKEL Premium, del US cts/lb
22.5
ZINC Premium, del US cts/lb
7
IRIDIUM, whs rot, $/troy oz
510
RHODIUM, whs rot, $/troy oz
630

in New York. Theres no catalyst

to really take it higher. If you start
getting bank and other earnings
that are really bad, nothing is going to hold.
S&P 500 earnings are estimated to have fallen 4.8% in the
fourth quarter from a year ago, in
a second straight quarterly profit
decline, Thomson Reuters data
showed.
JPMorgan Chase and Intel
report results on Thursday. Citigroup and Wells Fargo are among
companies reporting on Friday.
Amazon fell 5.8% to $581.81
and was among the biggest drags
on the S&P 500 and the Nasdaq.
About 9.9 billion shares
changed hands on US exchanges,
well above the 7.5 billion daily average for the past 20 trading days,
according to Thomson Reuters
data. Reuters

225-NIKKEI

30 days to JANUARY 13, 2016

30 days to JANUARY 13, 2016

SPOT PRICES

COCONUT

LONDON METAL EXCHANGE

MANILA COPRA (based on 6% moisture)

Peso/100kg Buyer/Seller
Lag/Qzn/Luc 3,300/3,380
Coconut Oil - Crude
64.50/65.50
COCONUT OIL (PHIL/IDN),$ per ton,
CIF Rotterdam
Feb. 16 / March 16
1,165.00
March 16 / April 16
1,167.50
April 16 / May 16
1,167.50
COCONUT OIL (US)-cents/lb
Crude CIF, NY Nola March / April
Crude FOB rail Nola March

LME FINAL CLOSING PRICES, US$/MT

LIFFE COFFEE

LIFFE COCOA (Ldn)-10 MT-/ton

New Robusta 10 MT - $/ton

High Low Sett Psett

High Low Sett Psett

Mar.

2082 2053 2073 2063

May 1490 1476 1488 1477

May

2086 2059 2076 2066

July

July

2085 2060 2076 2067

Mar. 1459 1447 1457 1448

30 days to JANUARY 14, 2016

FOOD
COCOA ICCO Dly (SDR/mt)
2,115.87
COCOA ICCO $/mt
2,924.45
COFFEE ICA comp 79 cts/lb
109.4
COFFEE mild arabica NY cts/lb
143.44
COFFEE mild arabica Bmen/Hburg 141.29
COFFEE robusta NY cts/lb
82.75
COFFEE robusta Le Havre/Marseilles 73.7
SUGAR ISA FOB Daily Price, Carib. port cts/lb 13.8
SUGAR ISA 15-day ave.
14.46
GRAINS
(FOB Bangkok basis at every Thursday)
FRAGRANT (100%) 1st Class, $/ton
789
FRAGRANT (100%) 2nd Class, $/ton
761
RICE (5%) White Thai- $/ton
366
RICE (10%) White Thai- $/ton
363
RICE (15%) White Thai- $/ton
362
RICE (25%) White Thai- $/ton (Super) 358
BROKER RICE A-1 Super $/ton
329

1517 1504 1515 1507

Sept. 1543 1530 1537 1533

CASH

3 MOS

1,453.00

1,462

ALUM. Alloy

1,595.00

1,610

COPPER

4,380.00 4,392

ALUM. H.G.

LEAD

1,610.00 1,628

NICKEL

8,260.00 8,390

TIN

13,310.00 13,305

ZINC

1,461.00 1,495

Sept. 2079 2055 2071 2062

Copper climbs as China

data bring some relief
OPEN: 16,526.63 CLOSE: 16,151.41

OPEN: 4,706.02 CLOSE: 4,526.07

OPEN: 5,929.24 CLOSE: 5,960.97

OPEN: 3,084.87 CLOSE: 3,073.02

OPEN: 17,384.93 CLOSE: 17,240.95

OPEN: 1,893.18 CLOSE: 1,900.01

HIGH: 16,593.51 NET: -364.81

HIGH: 4,713.98 NET: -159.85

HIGH: 6,011.13 NET:

HIGH: 3,124.98 NET:

8.36

HIGH: 17,393.83 NET: -474.68

HIGH: 1,900.48 NET:

LOW: 16,123.20 PREV: 16,516.22

LOW: 4,517.56 PREV: 4,685.92

LOW: 5,929.24 PREV: 5,929.24

LOW: 3,060.16 PREV: 3,064.66

LOW: 16,944.41 PREV: 17,715.63

LOW: 1,882.02 PREV: 1,916.28

31.73

LONDON Copper rebounded

on Wednesday from the 6-1/2
year low it hit a day earlier after
upbeat Chinese trade data helped
soothe concerns about demand
for metals in the worlds second
biggest economy.
China reported exports dipped
just 1.4% in dollar terms in December compared with forecasts
of an 8% drop. A 4% fall in imports
was also much smaller than many
had feared.
The countrys copper trade
data were even more positive.
Copper imports in December
rose 15.2% from the month before
as low prices attracted buyers,
and were down just 0.3% for the
year from record levels in 2014.
China copper demand is better than the macro numbers have
been suggesting but metals are
trading on macro cues... concern
over Chinese equities, factory and
industrial production numbers
etc., said David Wilson, an analyst at Citi.
On a 12-month view Im relatively positive on copper because
I think supply growth will be
anemic and China imports will
be decent, but in the short term
macro headwinds continue to
challenge.
Three-month copper on the
London Metal Exchange (LME)
closed up 0.8% at $4,390 a ton,
breaking a five-session losing
streak. The contract is down

-16.27

Brent hits near 12-year low as market wrestles

NEW YORK Brent crude ended
2% lower on Wednesday after
falling below $30 a barrel for the
first time since April 2004 as a
growing stocks of oil in the United States stoked market fears
about demand.
Both Brent and US crude futures saw highs early in the day
of more than $1 above Tuesdays
closing price on upbeat Chinese
economic data earlier in the session.
But US government data
showing builds in crude, gasoline
and diesel supplies augmented
fears that demand will stagnate
as global markets contend with
oversupply.
Concerns about US economic
uncertainty also amplified the
declines, the Standard and
Poors 500 index dipped below
1,900 for the first time since
early October.
Brent fell to a new 12-year low
at $29.96 a barrel before settling
at $30.31 a barrel, down 55 cents
or 1.8%.
US crude settled at $30.48, up
4 cents or 0.1% after dropping

ASIA-DUBAI

NEW YORK-WTI

(JANUARY CONTRACT)

LONDON-BRENT

(FEBRUARY CONTRACT)

(FEBRUARY CONTRACT)

s DOLLARS PER BBL

J 30 days to January 13, 2016

J 30 days to January 13, 2016

J
s DOLLARS PER BBL

s DOLLARS PER BBL

J 30 days to January 13, 2016

Jan. 7 8 11 12 13
$/bbl 27.20 29.20 28.10 26.50 26.60

Jan. 7 8 11 12 13
$/bbl 33.27 33.16 31.41 30.44 30.48

Jan. 7 8 11 12 13
$/bbl 33.75 33.55 31.55 30.86 30.31

Average (Jan. 4-13)

Average (Dec. 1-31)

Average (Jan. 4-13)

Average (Dec. 1-31)

Average (Jan. 4-13)

Average (Dec. 1-31)

$28.93
$34.64

$33.18
$37.33

$33.49
$38.86

Source: REUTERS

as low as $30.10. On Tuesday, it

dropped as low as $29.93, which
was last seen in December 2003.
Data showing that crude inventories rose 234,000 barrels
last week, much less than expectations, was overshadowed
by reported builds of 8.4 million
barrels in gasoline and over 6 million in distillates, which includes
diesel and heating oil.

Overall, its a bearish report.

I think todays inventory report
is all about products... The longawaited massive decline in crude
production is not starting again,
said Dominic Chirichella, senior
partner at Energy Management
Institute in New York.
This was a second week of
huge builds in refined fuel with
gasoline surging the most since

1993 in the previous week. Last

weeks build was massive, and this
weeks was much larger than the
seasonal norm, said John Saucer,
vice-president at Mobius Risk
Group in Houston.
The dynamics of supply have
shifted as diesel stockpiles have
surged past year-ago levels, indicating a products surplus, Mr.
Saucer added.
Analysts at Morgan Stanley
also warned that a rise in demand
for crude could be lower than previously expected. Any slowing in
the rate of demand growth could
delay the timing of rebalancing
and ultimately a price recovery,
they said in a research note.
The potential for the calling of
an emergency Organization of the
Petroleum Exporting Countries
(OPEC) meeting also weakened
on Wednesday when Irans oil
minister was quoted as saying he
had not received any request for
such a gathering.
Nigerias oil minister said on
Tuesday that a couple of OPEC
members had asked for an emergency meeting. Reuters

nearly 7% this year, and prices

plumbed their lowest level since
May 2009 at $4,350 a ton on
Tuesday.
A move by Chinas central bank
to halt the yuans steep deterioration quelled some of the jitters
in commodities. A weak yuan
diminishes the buying power of
Chinese metals importers.
But metals could head lower
in the near term as demand
weakens ahead of the Chinese
New Year and as worries about
China growth resurface, analysts
said.
We will see more price weakness in 2016, but a bottoming-out
process will likely take place during the second half of the year,
said US-based analyst Ed Meir
of financial services firm INTL
FCStone, noting that low prices
will eventually force producers to
cut output.
INTL sees a 2016 low of $3,850
a ton on copper, a high of $5,200
and an average price of about
$4,600, Mr. Meir told the Reuters
Global Base Metals Forum.
In other metals, aluminum,
the best-performing LME metal
this year, added 0.9% to reach
$1,463 a ton.
Zinc climbed 1.8% to $1,494 a
ton, lead rose 1.3% to $1,627 and
nickel added 2.1% to $8,390.
Tin bucked the stronger trend,
falling 0.7% to close at $13,350.
Reuters

Price of gold turns higher as the greenback and US equities weaken

NEW YORK/LONDON Gold
turned higher on Wednesday as
the dollar fell, US stocks dropped
and a Federal Reserve president
raised concerns about inflation
expectations.
US stocks sold off sharply and
a brief rally in beaten-down oil
prices stalled after US data added
to concerns about an oversupplied energy market.
Spot gold was up 0.6% at
$1,093.25 an ounce at 3:40 p.m.
EST (2040 GMT), while US

gold futures settled up 0.2% at

$1,087.10.
The downturn in equities
helped push prices up in the latter
part of trade, said James Steel,
chief metals analyst for HSBC
Securities in New York.
Also late in the session,
Chicago Federal Reserve Bank
President Charles Evans said he
was nervous about the potential
effects of Chinas slowdown on
the US economy and about the
possibility that inflation expec-

tations may be slipping. (Mr.)

Evans was erring on the side of
fewer, not more, rate rises and
thats supportive of gold.
The Fed raised US interest
rates in December and attention
has shifted to how many increases
will follow in 2016. Rate hikes
typically lower demand for the
noninterest-paying metal while
boosting the dollar.
There is a tendency for gold
prices to rise in the first few
weeks of the year, said analyst

Chinese trade data helped to

reduce some of the bearishness
toward the worlds second largest
economy.
But with Chinese economic
growth slowing and its stock markets vulnerable, analysts see it
as unlikely that gold will lose too
much ground.
China launched interbank
gold trading at the beginning
of this year as part of a broader
drive to open up the countrys
bullion market and increase fi-

Georgette Boele at ABN Amro.

But pressure will come back...
and when wider markets get
sold, youd better buy the dollar,
which is much more liquid than
gold.
Gold rallied to a nine-week top
of $1,112 last week.
The dollar and risk-sensitive
currencies recovered ground
against the yen and the euro
early in the session, after Chinas central bank held the yuan
steady and better-than-expected

nancial investment in the worlds

largest consumer of the precious
metal.
Among other precious metals,
palladium rose as much as 5.8%
to $498 an ounce after sliding
to a five-and-a-half-year low of
$449.55 on Tuesday.
The market had become very
oversold and was more likely to
snap back, HSBCs Mr. Steel said.
Silver gained 2.6% to $14.15
an ounce, while platinum was up
1.7% at $846.24. Reuters
Source: REUTERS

US COMMODITY FUTURES
PLATINUM

(JANUARY CONTRACT)
30 days to JANUARY 13, 2016

GOLD

(JANUARY CONTRACT)
30 days to JANUARY 13, 2016

Dollars per ounce

Dollars per ounce

OPEN: 837.20 CLOSE: 850.20

HIGH: 854.00 NET:
12.70
LOW: 836.50 PREV: 837.50

OPEN: 1,081.50 CLOSE: 1,087.50

HIGH: 1,093.90 NET:
1.90
LOW: 1,081.50 PREV: 1,085.60

WEDNESDAY, JANUARY 13, 2016

SILVER

COPPER

(JANUARY CONTRACT)

(JANUARY CONTRACT)

30 days to JANUARY 13, 2016

30 days to JANUARY 13, 2016

Dollars per ounce

OPEN:
HIGH:
LOW:

13.85 CLOSE:
14.10 NET:
13.85 PREV:

Dollars per ounce

14.15
0.40
13.74

OPEN:
HIGH:
LOW:

1.953 CLOSE: 1.951

1.967 NET:
-0.003
1.950 PREV:
1.953

COFFEE

(MARCH CONTRACT)
30 days to JANUARY 13, 2016

US cents per pound

OPEN
HIGH:
LOW:

114.50 CLOSE: 114.80

115.90 NET:
0.45
114.35 PREV: 114.35

COCOA

SUGAR

(MARCH CONTRACT)

(MARCH CONTRACT)
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US cents per pound

OPEN:
HIGH:
LOW:

14.05 CLOSE:
14.57 NET:
14.05 PREV:

14.47
0.42
14.05

30 days to JANUARY 13, 2016

WHEAT

(MARCH CONTRACT)
30 days to JANUARY 13, 2016

US cents per pound

Dollars per bushel

OPEN: 2,865.00 CLOSE: 2,892.00

HIGH: 2,902.00 NET:
32.00
LOW: 2,865.00 PREV: 2,860.00

OPEN: 480.50 CLOSE: 478.00

HIGH 484.25 NET:
-3.25
LOW: 476.50 PREV: 481.25

EDITOR FRANCISCO P. BALTAZAR

FRIDAY-SATURDAY, JANUARY 15-16, 2016

World Business

S2/5

REUTERS

Strong auto sales underpin

demand for Asia oil refiners
HYUNDAI MOTOR LOGO

Hyundai Motor targets

77,000 IONIQ hybrid
car sales next year
Tough fuel economy and emissions regulations in the United
States, Europe and South Korea
are compelling automakers to
push fuel-efficient cars even as
low oil prices undercut demand.
The stakes are higher for
Hyundai Motor, which has invested heavily to build a hybrid-only
model to take on dominant leader
Toyota Motor Corp.
Hyundai said it has built a
tailor-made platform, engine and
other key parts for the car, to help
achieve a better fuel economy
than the latest Prius.
The IONIQ, which has a fuel
economy of 22.4 kilometers per
liter, or 52.7 miles per gallon in
South Korea, is priced at 22.95 million won ($18,918.47), similar to
the basic version of Hyundais Sonata mid-sized sedan. Reuters

SEOUL Hyundai Motor on

Thursday said it aims to sell
77,000 of its first dedicated gasoline-electric car globally next
year, as it tries to meet stringent
emissions regulations in key markets.
The target is about 80% higher
than the 42,778 hybrid cars they
sold last year. The South Korean
automaker has so far launched
hybrid variants of their existing
models like the Sonata and the
Azera, but the 1.6-liter IONIQ is
the first hybrid-exclusive car it
has made from scratch.
Hyundai aims to sell 62,000
IONIQ cars overseas and 15,000
at home next year. The compact
car, which was launched in Korea last week, will be rolled out
in other markets like the United
States and China.

GrabTaxi, Asia-based
Uber competitor, to open
tech center in Seattle
serving Singapore, Indonesia,
Malaysia, the Philippines, Vietnam and Thailand. Its services
include private cars, taxis, carpooling and deliveries.
Created in 2012, GrabTaxi says
it has 185,000 drivers and up to 1.5
million bookings a day.
While the Seattle center is
GrabTaxis first physical presence
in the United States, the company
has a budding relationship with
San Francisco on-demand ride
service Lyft.
The two are part of a ride-hailing coalition created last month
that also includes China-based
Didi Kuaidi and India-based Ola
that will allow passengers to use
all platforms to hail a ride as they
travel between the United States
and Asia.
Seattle lawmakers last month
approved an ordinance that gives
drivers for on-demand ride companies, well as taxi and for-hire
drivers, the right to collectively
negotiate on pay and working
conditions. Reuters

SAN FRANCISCO GrabTaxi,

the on-demand ride service and
Uber competitor in Southeast
Asia, is opening a technology center in Seattle, marking the companys first physical presence in
the United States.
GrabTaxi said on Wednesday
the new center will work on cloud
computing and data projects to
support the smartphone app its
customers use to hail rides in a car
or motorbike.
GrabTaxi said it hired Raman
Narayanan, a former Microsoft
engineer, as technical adviser to
the center and to lead recruitment
efforts. The company plans to hire
a full team over the next year.
Seattle is home to e-commerce
giant Amazon as well as a growing start-up scene. Microsoft
is located in nearby Redmond,
Washington.
The Seattle center will complement GrabTaxis engineering
centers in Singapore and Beijing.
GrabTaxi is the leading ridehailing app in Southeast Asia,

NEW YORK US industrial conglomerate General Electric (GE)

said on Wednesday it was moving its corporate headquarters to
Boston to gain a technology edge
from the citys concentrated pool
of talent.
Greater Boston is home to 55
colleges and universities. Massachusetts spends more on research
and development than any other
region in the world, and Boston
attracts a diverse, technologically
fluent work force focused on solving challenges for the world, said
Jeff Immelt, GE chairman and
chief executive, in a statement.
US media suggested there were
tax motives behind the move,
since corporate taxes were raised
last year in the neighboring state
of Connecticut, where GE has had
its headquarters in Fairfield for
more than 40 years.
GE said though that it had been
mulling the relocation for more
than three years, and in June 2015
launched a formal review of 40
potential locations.
Boston was selected after a
careful evaluation of the business ecosystem, talent, long-term
costs, quality of life for employ-

REUTERS

GE to move headquarters
to Boston for tech gains

GENERAL ELECTRIC LOGO

ees, connections with the world
and proximity to other important
company assets, GE said.
It said it already employs
nearly 5,000 people across Massachusetts, in various businesses
including aviation and energy.
GE said the relocation would
have no significant impact on its
finances, citing incentives provided by Massachusetts and Boston.
It said it also would sell its offices in Fairfield and at 30 Rockefeller Plaza in New York to help
offset the cost of the move.
About 800 employees will
work at the Boston headquarters.
The relocation will be done in
stages, with the full move completed by 2018. AFP

SINGAPORE/BANGKOK As
oil producers agonize over tumbling crude prices, strong car
sales in India and China are underpinning demand for gasoline,
giving makers of refined products and petrochemicals healthy
margins.
While that means share prices
of refiners with little or no crude
production are outperforming
primarily crude producers, much
could hinge on Chinas economy
and Beijings policy of tax breaks
for small car buyers.
Crude oil prices fell to their
lowest in over a decade this week,
trading close to $30 a barrel, and
are down 70% since mid-2014.
This has been painful for oil producers and exporters, but has
boosted refinery margins as feedstock costs have tumbled.
If (the annual average) oil
price is $40-$50 a barrel, were
quite confident margins will be
higher than last year, Sukrit
Surabotsopon, chief executive
officer of Thai refiner IRPC, told
Reuters. The average price for
Brent last year was close to $54 a
barrel, and most banks have cut
their oil price forecasts for this
year to $37-$50 a barrel.
Cheap and plentiful feedstock
for refineries has been supported
by strong retail demand, especially for gasoline and plastics,
though demand for diesel is stalling largely because of Chinas
slowing heavy industry.

HSBC says 2016 demand for refined products will be between one
million and 1.2 million barrels per
day (bpd), while refining capacity
is seen growing at 540,000 bpd.
Demand growth in 2016
should easily outpace capacity
growth, barring a serious macroeconomic downturn, the bank
said in a Jan. 8 note that recommended stocks of SK Innovation
and Thai Oil the leading refineries in South Korea and Thailand, respectively.
After a slow start last year,
Chinas car sales picked up pace to
increase by 4.7%, averaging well
over two million new private vehicles a month. Growth this year
is forecast at 6%.
Most Chi n ese p assen g er
cars run on gasoline, boosting
demand for refiners, though
analysts note that much of the
recent growth in sales has been
pegged to generous tax breaks
for car buyers.
In India, passenger car sales
have been growing at an even
faster pace, and are forecast to
increase by more than 10% in the
year to March, providing another
strong pillar of fuel demand.
Reliance Industries saw its
gross refining margin hit a fiveyear high of $10.50 last year, and
is expected to hold at $9.70-$9.80
a barrel in 2016, refining sources
said, as it meets double-digit
demand growth for gasoline and
7%-8% growth for diesel.

CHERRY-PICKING: SWEET OR SOUR?

Refiners are also benefiting from

action they took when crude supplies were tight, as many invested
in refinery upgrades to allow
them to process whatever crude
was available.
Now, amid oversupply and a
discount war between exporters
that sees anywhere between half
a million and two million barrels
of crude produced every day in
excess of demand, refiners can
cherry-pick the grades that best
suit their facilities heavy or
light, sweet or sour.
The healthy refining conditions are visible in stock market
performance. Refiners that do
not have large crude production,
such as SK Innovation and Indias
Reliance Industries, far outperform refining-lite producers such
as Chevron or Chinas CNOOC.
Taiwans Formosa Petrochemical
has also been among the winners
from the crude slump.
In another support move for
refiners, Chinese authorities on
Wednesday set a floor for domestic retail gasoline and diesel
prices, saying these would not be
trimmed again while global oil
prices are below $40 a barrel.
Last month, China said it plans
further reforms to retail fuel pricing as part of moves to make prices more market-driven. For the
first time, China has allowed independent companies to import
crude oil and export refined fuel,

REUTERS

MARK FIELDS, president and chief executive of Ford, speaks with journalists at
the North American International Auto Show in Detroit, on Jan. 11.

breaking the long dominance by

the major state refiners.
We believe refining companies such as Shanghai Petrochemical and Sinopec, and also
the teapot (small independent)
refineries could be big beneficiaries of this policy, Nomura analyst Gordon Kwan said.
Refiners margins in South Korea, a major fuel and petrochemical exporter, could hit $11.40 a
barrel in the first half of this year,
said Son Young-Joo, analyst at
Kyobo Securities in Seoul, topping last years average of $10.30
a barrel.
Petrochemical producers like
Formosa, Shanghai Petrochemical and Lotte Chemical could also
see healthy ethylene margins as
supply of the key raw material
for plastics is expected to tighten
this year, said KGI analyst Aaron
Liu.
Ultimately, the party-pooper
for refiners could be Beijing closing the tap on new car subsidies,
with current tax breaks due to
expire on Jan. 1, 2017.
The last time China lowered
the tax on small cars was in 2009
(after) the global financial crisis.
Car sales surged 53% that year
and 33% in 2010, but (growth)
slowed to single digits after the
two-year policy expired, Barclays said in a client note.
This time, our auto equity
analysts expect the boost in sales
to fade over this year. Reuters

REUTERS

GENERAL MOTOR Chairman and CEO Mary Barra speaks during a keynote address
at the Consumer Electronics Show in Las Vegas, Nevada in this Jan. 6 file photo.

Slowing auto market puts GM, Ford to the test

DETROIT A looming slowdown in global auto demand will
test US automakers General Motors Co. (GM) and Ford Motor
Co. as they try to funnel more
cash to shareholders while still
investing adequately in new vehicles and technology.
At a conference on the sidelines of the Detroit auto show, the
rivals outlined their strategies
for an era of slower growth and
rapid shifts in technology and
consumer behavior.
As of Wednesday, GM was winning the referendum among investors, with its shares up slightly,
while Ford shares sank about 5%.
Yet with investors concerned
about the challenges facing the
automakers, shares of both companies remained well below the
highs they hit during the past 52
weeks.
Some of these issues, such as
the ups and downs of the sales
cycle and pressure to make cars
safer, are as old as the car industry
itself. Others are still not clearly
understood, for instance the
transformation of cars into digital
devices and selling to consumers
who want to buy rides instead of
cars.
Automakers face a challenging future where 60% of the
value of a car is software and
content, said Morgan Stanley
analyst Adam Jonas, who has
a sell rating on Ford and is restricted from covering GM. With

Chinas market uncertain and

US vehicle sales at a peak, more
investors will say its a pretty
good time to sell automaker
shares, he said.
GM Chief Executive Officer
Mary Barra and two of her top
executives outlined plans to return to shareholders a total of
$16 billion for the period of 2015
through 2017. In March 2015, GM
agreed to return a total of $10
billion in share repurchases and
increased dividends through the
end of 2016.
If GM carries out the plan, the
once-bankrupt automaker will
have returned to shareholders
about $23 billion between 2012
and the end of 2017, or about 90%
of free cash flow, Chief Financial
Officer Chuck Stevens said.
Top Ford executives announced a special dividend of $1
billion, but cautioned that margins in its North American auto
market could plateau at about
9.5%.
Ford and GM executives faced
questions from analysts about
how they will juggle investments
needed to keep global product
lines competitive, while forging
into new and riskier ventures involving ride sharing and autonomous vehicles.
In addition to giving investors
more cash, GM President Dan
Ammann said the company plans
by late this decade to reduce capital spending as a share of revenue

below the current rate of 5% to

5.5%.
In the past, such buybacks
and capital spending cuts would
have hurt GMs efforts to develop
competitive new models. But Ms.
Barra and Mr. Ammann said now
the company can do more with
less.
For instance, Mr. Ammann cited GMs plan to invest $5 billion to
work with its Chinese partner to
engineer a low-cost vehicle architecture for developing markets.
This will replace a hodge-podge
of vehicles currently produced
with different tools and dies and
components.
Once new vehicle architectures
such as the emerging markets car
are engineered: we will be able to
run those assets for a long time,
Mr. Ammann said, adding basic
architectures could be used for
the next decade-plus.
In the short run, though, the
strain will show as automakers work to keep vehicles fresh,
comply with new regulatory demands for cleaner cars and fend
off challenges from Silicon Valley
disrupters such as the Uber ride
sharing service.
Ford executives cautioned on
Tuesday that margins in the companys core North American auto
business could plateau at about
9.5% in part because of investments in new mobility ventures
such as car sharing and development of self-driving cars.

Ford Chief Executive Mark

Fields, addressing the sell-off in
Ford shares late on Wednesday,
told an audience of industry executives: were not going to get
discouraged, and added investors are waiting to see how we do
in the downturn.
Ford is also spending this year
on a push to enroll consumers
in a program called FordPass
that will stream consumer data to
Ford in return for services such as
quick access to parking. FordPass
is a response to the threat that
digital companies, such as Apple,
Inc. or Alphabet, Inc., will step
between drivers and car makers.
Mr. Fields said new, technology-enabled service businesses
could provide Ford with sources
of revenue that are less cyclical
than auto sales.
Investors, however, are watching a flattening sales cycle. Industry veterans say a slide in sales is
inevitable.
China and the United States,
the worlds no. 1 and 2 auto markets, have hit plateaus after six
years of robust growth. Industry
executives are forecasting slower
expansion this year in both markets, albeit from record levels.
We still are very strong on
China, said Ms. Barra. Long term,
she said the Chinese auto market
could grow to 35 million vehicles
from about 25 million currently.
For now, she said: Its going to be
very volatile. Reuters

Sports
World

6/S2

THE REAL MIGHT of defending champion

San Miguel is now beginning to show
and for two consecutive games, the winningest team in the PBA has been able to
outplay Rain or Shine to get back on the
drivers seat in their SMART BRO Philippine Cup best-of-seven semifinals series.
Unlike in their previous games where
June Mar Fajardo and Arwind Santos,
two of most valuable players (MVP) taking the cudgels offensively for the Beermen, San Miguel Beermen displayed
balance firepower in Games Four and
Five to beat the Elastopainters.
Eight players were able to score
eight points or more and the 6-foot-10,
reigning back-to-back MVP Fajardo sees
it as the best way to beat Rain or Shine.
Mr. Fajardo played 41 minutes in
Game Five, but finished with 27 points
and 12 boards, his lowest output in the
series, but for the Cebuano slotman, less
production means more opportunity for
his teammates.
Everybody stepped up, particularly
our bench players. This is the kind of San
Miguel team everybody knew, Mr. Fajardo told BusinessWorld in an interview.
We shared the ball well, thats the
reason why I was able to pace myself
despite staying on the floor, added Mr.
Fajardo.
Mr. Fajardo credited the coaching
staff for coming up with a great game
plan the past two games after the team

lost back-to-back matches in Games

Two and Three.
They were there early in practice,
preparing. The coaching staff looked at
every possible edge we can get and we
can use in the series. They were there
two hours before our practice, planning
and they came up with a good game
plan, said Mr. Fajardo.
For Mr. Santos, seeing everyone
contributing any which way they can is
a sign of great things to come. They will
need that more as they try to close out
the series today.
Im happy to see my teammates
doing their own share. Everyone wants
to help out. Credit goes to June Mar,
despite being the most dominant player,
he was humble enough to let his teammates shine, added Mr. Santos.
Seeing San Miguel displaying
balance firepower is a signal that the
Beermen have regained their old, deadly
form and that spells bad news for Yeng
Guiao and his Elastopainters.
If they make their outside shots, I
always say this, and they have June Mar
as a post option, theres really very little
chance of beating them. When Fajardo
was making his 38, 40 points, we were
actually winning. But now hes making
less, its more difficult for us to win games,
that means theyre spreading it out. So
we can sacrifice Fajardo scoring a little bit
more, but we cannot sacrifice two or three
other guys getting involved in offense. So
its really trying to stop one or two more
other guys on their team so we can keep
the game close, added Mr. Guiao.

OPINION

Cavs find way to win

f theres anything that can be gleaned from the Cavaliers

victory the other day, its that they find a way to win. Their
eighth straight triumph wasnt pretty; in fact, they proved
far from sharp, ending their overtime stint with a decidedly
poor 41.2% clip from the field. Still, theres something to be
said about the way they withstood a determined effort from the
Mavericks, and in front of a hostile crowd, to boot. Even as they
misfired from the get-go, they plodded on and kept plugging
away until they were able to keep pace by the time the fourth
quarter rolled around.
Needless to say, top dog
LeBron
James again spearANTHONY L. CUAYCONG
headed the drive, coming
up with timely plays and
Considering the manner in
exhibiting total command
which the Cavaliers clawed
of the moment; apart from
filling the box score, he
their way back from a
moved those around him to
significant deficit early on
achieve. He simply refused
and then traded leads with
to lose, and teammates folthe Mavericks, its clear that lowed suit. Lesser protagonists most definitely would
head coach David Blatt has
have folded in the face of the
finalized his rotation. He
masterful effort by the Mavstuck with a set substitution ericks; instead, the wine and
champagne asserted their
pattern that both
underscores their depth and superiority, never mind that
it took them an extra period
keeps otherwise fine players to do so.
stuck on the bench.
Considering the manner in which the Cavaliers
clawed their way back from a significant deficit early on and then
traded leads with the Mavericks, its clear that head coach David
Blatt has finalized his rotation. He stuck with a set substitution
pattern that both underscores their depth and keeps otherwise
fine players stuck on the bench. No matter, though; after all,
theyre firmly at the top of the Eastern Conference despite their
inability to spread minutes more equitably.
Indeed, the attainment of ultimate objectives will determine
success for the Cavaliers. Because vital cog Kyrie Irving was
away for a while, theyre still far from reaching peak form. If
their last set-to is any indication, though, they wont be lacking in resolve whenever they take to the floor. And that, at the
very least, tells them theyre moving in the right
direction.

COURTSIDE

ANTHONY L. CUAYCONG has been writing Courtside since

BusinessWorld introduced a Sporst section in 1994. He is the
Senior Vice-President and General Manager of Basic Energy Corp.

CSB, Arellano in volleyball KO match

SURVIVED the initial phase of the stepladder semifinals in womens volleyball of
Season 91 of the National Collegiate Athletic Association (NCAA) on Tuesday, the
College of Saint Benilde (CSB) Lady Blazers try to go deeper as they take on the
defending champions Arellano University
Lady Chiefs in another knockout match
today at The Arena in San Juan City.
Came from behind to defeat the
Perpetual Help Lady Altas, 16-25, 25-19,
25-11, 25-21, CSB is out to build on the
momentum of the win, cast aside Arellano and barge into the finals for the
first time since 2009.

The winner of todays match, set

for 4 p.m., will move on to face the San
Sebastian Lady Stags in the finals where
the latter will enjoy a thrice-to-beat
advantage.
The final four of the NCAA womens
volleyball was rendered a stepladder
after the Lady Stags (9-0) completed a
sweep of the elimination round.
Against Perpetual Help, the duo of
Janine Navarro and Ranya Musa paced
CSBs attack, finishing with 15 points
apiece. They were aptly backed up by
Jeanette Panaga who had 11. Michael
Angelo S. Murillo

ALVIN S. GO

MVPs Fajardo, Santos

see Beermen regaining
old and deadly form
By Rey Joble

EDITOR FRANCISCO P. BALTAZAR

FRIDAY-SATURDAY, JANUARY 15-16, 2016

THE SAN MIGUEL BEERMEN are out to finish their semifinal

series with the Rain or Shine Elastopainters in Game Six today.

SMB-ROS Game 6 today

By Michael Angelo S. Murillo
Reporter

SAN MIGUEL and Rain or Shine

resume their PBA Philippine Cup
best-of-seven semifinal series
with Game Six today with the
Beermen angling to finish things
off while the Elastopainters are
out to stave off elimination and
force a rubber match.
Seized the series edge at 3-2
with their 103-94 Game Five victory on Wednesday, the defending
champions Beermen are now a win
way from returning to the finals.
The win was the second consecutive for San Miguel after
dropping Games Two and Three
of the series and it is hoping to
make it three in a row in the 7 p.m.
match today at the Smart Araneta
Coliseum to complete its series
comeback.
But despite holding the advantage now, the Beermen are
not leaving anything to chance,
pinpointing the need to continue
to fight it out to propel their title
defense push.
With this win we have not
achieve anything yet. This is a

series and we need to win another

one for us to take this semifinals,
said San Miguel coach Leo Austria during the post-Game Five
press conference.
I hope we have not peaked yet
as our work is not yet done here in
the semifinals. We still have to play
hard and exert the needed effort as
Rain or Shine will go all out most
surely in the next game, he added.
Mr. Austria, however, expressed satisfaction with the collective improved play of his team
in the ongoing series.
I think our players are starting to pick it up that we have to
play deliberate and methodical
to succeed. Also, off-the-bench
players like Gabby Espinas and
Chris Ross are playing well. We
need our bench to play well for us
to sustain control of games and
give our starters the needed rest,
he said.
Game Five saw another thorough attack from the Beermen
with at least seven players scoring
in double digits.
Reigning league most valuable
player June Mar Fajardo led the
charge with 27 points and 12 rebounds while Alex Cabagnot had
14 markers.

Marcio Lassiter and Arwind

Santos chipped in 12 points
apiece, hitting five triples between them.
Auxiliaries Ross, Espinas and
Ryan Araa, meanwhile, combined for 27 points to give their
team a huge shot in the arm.
Getting much success with
Mr. Fajardo as the focal point of
their attack, Mr. Austria said they
would continue to ride the huge
shoulders of their big man.
Fajardo is a big advantage for
us and we have to exploit that,
the San Miguel bench tactician
said.

REMAIN POSITIVE

Lost the series lead and momentum they built early on, the Elastopainters remain positive that
they can claw their way out of the
hole they are in now.
We are still very positive. We
still feel we can take this series.
All we need is to get our momentum. And on Friday if we get that,
Game Seven will be a toss-up,
said Rain or Shine coach Yeng
Guiao.
It is a sentiment shared by
guard Jericho Cruz, who is back
in harness after not playing in

Game Four of the series because

of a hyper-extended knee.
We are sad, of course, after
losing two straight but there is no
sense in dwelling in it much. Its a
series and we still have a chance.
We just have to move on and bring
our intensity and deliver, Mr.
Cruz said when asked by BusinessWorld of the overall mood of
the team.
For Mr. Guiao, part of moving on is playing better defense
against a now clicking Beermen.
We need to play better defense. Overall the last two games
we have lost San Miguel scored in
the 50s percentage-wise and that
is not good. We are not playing
really bad. We can win with our
offense but not with our defense,
he said.
San Miguel just has too many
options. They can hit from the
outside, inside and in transition.
And we need to address that. Do
a better job at limiting them, Mr.
Guiao added.
In the event San Miguel wins
today it faces the Alaska Aces in
the finals of the season-opening
tournament of the Philippine
Basketball Association which will
begin on Sunday.

FIFA ex-vice president Hawit pleads not guilty in NY

NEW YORK A Honduran
former FIFA vice-president
pleaded not guilty in New York
on Wednesday just hours after
being extradited from Switzerland over the FIFA corruption
scandal rocking world football
Alfredo Hawit, 64, who has
been suspended by FIFA from
all football activities, is a former
president of the Confederation

of North, Central American and

Caribbean Association Football
(CONCACAF).
He is one of 39 officials and
marketing executives accused of
soliciting and receiving tens of millions of dollars in bribes and kickbacks in a case that has sparked
unprecedented crisis at FIFA.
Hawit entered a plea of not
guilty through his lawyer. He faces

12 counts of racketeering conspiracy, wire fraud, money laundering

and conspiracy to obstruct justice
and tamper with witnesses.
The defendant, wearing a suit,
stood slightly stooped before
Magistrate Judge Robert Levy
in the federal court in Brooklyn,
listening to proceedings with
the help of a court-appointed
interpreter.

His lawyer told the court that

he suffers from serious health
problems which he had difficulty
managing in a Swiss prison.
Hawit appeared tired and pale.
US prosecutors allege that he
accepted and laundered hundreds of thousands of dollars in
bribes as general secretary of
the Honduran soccer federation
between 2008 and 2014. AFP

Mobile tech firm partners with PBA to build brand

CELLPRIME Distribution Corp.,
maker of homegrown mobile
technology brand CloudFone, has
partnered with the local professional basketball league as part of
its brand-building thrust.
In ceremonies held last
Wednesday at the PBA Cafe in
Metrowalk, Pasig City, Cellprime
bared its plans for 2016 as well as
its new products.
Unveiled by the mobile tech firm
were a number of game-changing
collaborations and partnerships
with global and local brands to
help fortify its CloudFone brand,
including one with the Philippine
Basketball Association.
The collaborations, company
officials said, involve content
partnership, co-design and comarketing strategy all designed to
bolster its standing as a player in
the mobile market in the country.
In an interview with BusinessWorld, Jaime Alcantara, chief operating officer of Cellprime, said
the partnership with the PBA
commenced with CloudFone becoming the official mobile phone
of the league starting the 2016
PBA season in November with
more plans in the pipeline.

CELLPRIME Chief Operating Officer Jaime Alcantara (L) and Chief Executive Officer
Eric Yu unveiled partnerships with various global and local brands as part of their
brand-building thrust.
We are planning to develop
something for the PBA hopefully
starting this year like a mobile
application that would feature
the history of the league, players both legends and the current
ones, and maybe the schedule
as well. The technology is there
already and we just have to tap
it. The planned content will be
helpful for the fans of the PBA,
the official said.

Mr. Alcantara added that partnering with the PBA was logical
on their part, relative to what they
want to achieve for CloudFone.
As far as sports, basketball is
foremost here. There is football
alright, but it has not reached
the popularity of basketball just
yet. The PBA is certainly big
here and we want to ride their
brand strength for CloudFone,
he said.

And the PBA is excited as well

with the partnership, said Mr.
Alcantara, saying: The PBA is
excited to be partners with us and
they are looking forward to the
product development that we will
do for them and their fans.
The PBA partnership falls under
the lifestyle pillars that Cellprime
is tapping for CloudFone.
For the sports pillar, apart
from the PBA, the company also
has one with the National Basketball Association.
Under entertainment, CloudFone is partner with the Disney,
Marvel, Star Wars and ABS-CBNMobile brands.
Tie-ups were also forged with
Microsoft (productivity), X-Box
(gaming) and Spotify (music).
Cellprime bared partnerships
as well with Tinno, Gionee and
Hyundai for its mobile devices.
Year 2016 will be a banner year
for Cellprime because we have
succeeded in making some of the
worlds biggest lifestyle and technology brands part of our growing
family, giving Filipinos the widest
range of smartphone and tablet options to choose from, Mr. Alcantara
said. Michael Angelo S. Murillo

Sports

World
FRIDAY-SATURDAY, JANUARY 15-16, 2016

S2/7

MELBOURNE World number

ones Novak Djokovic and Serena Williams were named the top
seeds yesterday for next weeks
Australian Open with organizers
aligning with the current rankings.
Djokovic is chasing his sixth
title after beating Andy Murray
in last years final, while Williams,
battling a knee injury, is after her
seventh Australian crown.
Murray, who has lost
in four Australian

finals, three of them to Djokovic, is the second seed ahead of

17-time Grand Slam champion
Roger Federer.
Fellow Swiss Stan Wawrinka,
who won in Melbourne in 2014, is
the fourth seed with Rafael Nadal
at five.
French world number nine
Richard Gasquet was not among
the seedings for the years opening Grand Slam because of a
back injury.

Romanias Simona Halep is

the second seed in the bottom
half of the womens draw ahead
of Spains Garbine Muguruza and
Polands Agnieszka Radwanska.
Maria Sharapova, the 2008
champion, is fifth seed, while twotime winner Victoria Azarenka of
Belarus is seeded at 14.
World number nine Lucie Safarova is skipping the Australian
Open because of health problems
linked to a bacterial infection, while
Italys Flavia Pennetta, ranked at
eight, retired from the sport after
her win at last years US Open.
The 2016 Australian Open
runs from Jan. 18-31.

MEN

SERBIAS
Novak Djokovic
hits a shot during
a practice session at
Melbourne Park, Australia,
Jan. 14. The Australian Open
tennis tournament starts Jan. 18.

1. Novak Djokovic (SRB), 2. Andy

Murray (GBR), 3. Roger Federer
(SUI), 4. Stan Wawrinka (SUI), 5. Rafael Nadal (ESP), 6. Tomas Berdych
(CZE), 7. Kei Nishikori (JPN), 8.
David Ferrer (ESP), 9. Jo-Wilfried
Tsonga (FRA), 10. John Isner
(USA), 11. Kevin Anderson (RSA),
12. Marin Cilic (CRO), 13. Milos Raonic (CAN), 14. Gilles Simon (FRA),
15. David Goffin (BEL), 16. Bernard Tomic (AUS), 17. Benoit Paire
(FRA), 18. Feliciano Lopez (ESP),
19. Dominic Thiem (AUT), 20. Fabio Fognini (ITA), 21. Viktor Troicki
(SRB), 22. Ivo Karlovic (CRO), 23.
Gael Monfils (FRA), 24. Roberto

REUTERS

Djokovic, Williams top

seeds at Aussie Open
Bautista Agut (ESP), 25. Jack Sock
(USA), 26. Guillermo Garcia-Lopez
(ESP), 27. Grigor Dimitrov (BUL),
28. Andreas Seppi (ITA), 29. Nick
Kyrgios (AUS), 30. Jeremy Chardy
(FRA), 31. Steve Johnson (USA), 32.
Joao Sousa (POR)

WOMEN

1. Serena Williams (USA), 2. Simona Halep (ROM), 3. Garbine Muguruza (ESP), 4. Agnieszka Radwanska (POL), 5. Maria Sharapova
(RUS), 6. Petra Kvitova (CZE), 7.
Angelique Kerber (GER), 8. Venus Williams (USA), 9. Karolina
Pliskova (CZE), 10. Carla Suarez
Navarro (ESP), 11. Timea Bacsinszky (SUI), 12. Belinda Bencic
(SUI), 13. Roberta Vinci (ITA),
14. Victoria Azarenka (BLR), 15.
Madison Keys (USA), 16. Caroline
Wozniacki (DEN), 17. Sara Errani
(ITA), 18. Elina Svitolina (UKR),
19. Jelena Jankovic (SRB), 20. Ana
Ivanovic (SRB), 21. Ekaterina Makarova (RUS), 22. Andrea Petkovic
(GER), 23. Svetlana Kuznetsova
(RUS), 24. Sloane Stephens (USA),
25. Samantha Stosur (AUS), 26.
Anastasia Pavlyuchenkova (RUS),
27. Anna Karolina Schmiedlova
(SVK), 28. Kristina Mladenovic
(FRA), 29. Irina-Camelia Begu
(ROM), 30. Sabine Lisicki (GER),
31. Lesia Tsurenko (UKR), 32.
Caroline Garcia (FRA) AFP

SERENA WILLIAMS of the US runs to hit a ball thrown by a member of her

training team during a practice session at Melbourne Park, Australia, Jan. 14. The
Australian Open tennis tournament starts Jan. 18.

NFL: Super stadiums

outweigh supporters for
worlds richest league
LOS ANGELES When NFL
owners looked at the potential
revenue boost from a gamechanging super stadium in the
US entertainment capital Los Angeles, all the St. Louis Rams supporters and stadium plans meant
nothing.
A 30-2 vote of team owners
Tuesday sent the Rams back to
the Southern California city,
where they had spent 49 seasons
before going to St. Louis in 1994
and where they will play again
next season before their new
70,000-seat stadium is completed
in 2019.
Rams owner Stan Kroenkes
vision of a $1.86-billion complex
with shops, restaurants and attractions built near the old Hollywood Park race track and the
renovated former home arena of
the NBA Los Angeles Lakers in
Inglewood was an offer the NFL
could not refuse.
The project could eventually cost $2 billion and also set
the stage for future facilities that
produce year-round revenues beyond sports.
This is a project we think
is not only going to change not
only NFL sports stadiums and
complexes but sports complexes
around the world, NFL Commissioner Roger Goodell said. Its
going to set a new bar for all of
sports.
The ownership personally
believes the project in Hollywood
Park is the kind of project that
is going to make us successful in
Los Angeles long-term. The kind
of stadium, the kind of facility
that would bring a new kind of fan
experience to Los Angeles.
Kroenkes project was selected
over a stadium plan that would
have sent the San Diego Chargers
and Oakland Raiders to LA in a
shared venue.
Now one of those teams could
join the Rams as a co-builder or
tenant in the megastadium that
the NFL sought for a return to
LA.
Hes giving us the opportunity with his great project to do
what we need to do in Los Angeles, said Dallas Cowboys owner
Jerry Jones. This was not a vote
against St. Louis, which is a great
city. There can be opportunity
there.

THERE WILL BE LIFE

WITHOUT THE RAMS

St. Louis, losing an NFL team for

the second time in 27 years after
the Cardinals earlier departure
to Arizona, had $400 million in
taxpayer funding for a stadium
on the table. It might as well have
been a childs piggy bank.
It looks very clear we werent
even a consideration from the beginning, St. Louis Mayor Francis
Slay said. There will be life without the Rams here in St. Louis, I
can assure you that.
Slay said he had no appetite
for trying to lure another NFL
team to his city, decrying what he
called NFL dishonesty in relocation bidding practices.
Missouri Governor Jay Nixon
warned that the fallout could
put the NFL in trouble with supporters nationwide and it is their
money and interest that keeps the
NFL the highest revenue sports
league in the world.
It is troubling that the league
would allow for the relocation
of a team when a home market
has worked in good faith and
presented a strong and viable
proposal, said Nixon. This sets
a terrible precedent not only for
St. Louis but for all communities
that have loyally supported their
NFL franchises.
St. Louis is a world-class city
deserving of a world-class NFL
team. We will review the NFLs
decision thoroughly before determining what next steps to take.
In particular, we are interested in
their justification for departing
so significantly from the NFLs
guidelines after St. Louis had, in
record time, presented a proposal
for a first-class stadium.
Goodell recognized there
would be hurt feelings in St. Louis even as a delay was imposed
in the move plans for San Diego
and Oakland that might offer last
gasp hopes for stadium projects
there.
We were unsuccessful in being able to get the kind of facilities
we wanted to get done in their
home markets, so the excitement
we feel in getting the Rams back
to Los Angeles is balanced by the
disappointment we feel in not
being able to get it done in San
Diego, St. Louis and Oakland,
Goodell said. AFP

STEPHANE PETERHANSEL of France drives his Peugeot down a mountain during the 10th stage of the Dakar Rally 2016 near Fiambala, Argentina, Jan. 13.

REUTERS

Peterhansel closes on 12th Dakar title as Sainz suffers

LA RIOJA, ARGENTINA Dakar Rally legend
Stephane Peterhansel took a potentially decisive
step towards a 12th title on Thursdays drama-filled
10th stage, which proved costly for Carlos Sainz.
Spaniard Sainz started the demanding
drive from Belen to La Rioja leading his Peugeot teammate Peterhansel by nine minutes.
But his hopes of victory were dashed when
his Peugeot came to a grinding halt around 30
kilometers from the finish.
With three days of motorsports toughest
test remaining the French veteran now has a
handsome one-hour cushion over his closest
pursuer, last years Qatari winner Nasser AlAttiyah in a Mini.
In third comes South African Giniel De Villiers behind the wheel of a Toyota at one hour,
12 minutes, 31 seconds.

Nine-time world rally champion and Dakar

rookie Sebastien Loeb lost valuable time when
his Peugeot got stuck in the sand. The Frenchman finished the stage in fifth but is over two
hours adrift overall.
Despite getting lost and suffering a puncture, Peterhansel was the days big winner.
We had a terrible start to the special, the
50-year-old from Alsace reflected.
We got lost at km 32 and wandered around
for at least 15 minutes.
I blew a fuse because I thought Id lost
everything.
Then I had a flat tire and started screaming my head off, I was a bit out of my mind
today.
However, when we got going, we were fast.
We took a huge leap forward in the overall.

He completed the 244-kilometer timed

section in 3.58:32, to beat his teammate Cyril
Despres by 5:40 with Russias Vladimir Vasilyev (Toyota) almost 13 minutes back in third.
Peterhansel lined up for his first Dakar in
1988, winning the first of his six overall victories on two wheels back in 1991 and taking his
11th victory behind the wheel of a Mini in 2013.
Wednesdays bike stage was won by Slovakias Stefan Svitko on a KTM with his Australian
teammate Toby Price retaining the overall lead.
Price wrapped up victory in the ninth stage
earlier Wednesday after its conclusion had to
be held over from Tuesday because of extreme
heat.
Price leads by over 23 minutes from Svitko
with Hondas Paulo Goncalves in third over
half an hour adrift. AFP

Barcelona cruises into Cup quarters with derby win

BARCELONA Barcelona ended a
three-game series of bad-tempered
derbies against Espanyol on top by sealing its place in the Copa del Rey quarterfinals 6-1 on aggregate courtesy of a 2-0
win at Cornella-El Prat on Wednesday.
Fresh from picking up his record
fifth Ballon dOr, Lionel Messi was once
again Barcas inspiration as he brilliantly
picked out Munir El Haddadi to open the
scoring before the youngster tapped
home his second of the night late on.
There was less aggression on the
field than in the previous two meetings
between the sides in the past 10 days,
however Espanyol could be punished for
offensive banners towards Colombian
popstar Shakira the partner of Barca
defender Gerard Pique and Luis
Suarez.

Athletic Bilbao, Celta Vigo and Las

Palmas also booked their place in the
last eight to join Sevilla and Mirandes,
who qualified on Tuesday, for Fridays
quarterfinal draw.
La Liga leader Atletico Madrid hosts
Rayo Vallecano on Thursday tied at
1-1, whilst Gary Nevilles Valencia has
one foot in the quarters as they lead
Granada 4-0.
Today everything was a lot calmer,
partly because of the result, said Barca
boss Luis Enrique.
Suarez was banned for confronting
Espanyol players in the tunnel after last
weeks first-leg in which the visitors had
two men sent off.
Enrique also handed Neymar, Pique,
Sergio Busquets and Andres Iniesta a
rest, but Messi captained the side just

two days after regaining his title of

World Player of the Year.
Francesco Bardi produced a brilliant
save to prevent the Argentine opening
the scoring with a fierce volley on 11
minutes.
However, the Espanyol keeper was
left helpless when El Haddadi galloped
onto Messis inch-perfect through ball
to round Bardi before slotting into an
empty net.
Alvaro Gonzalez unceremoniously
chopped down Messi and Felipe Caicedo
charged into Marc-Andre ter Stegen as
the game threatened to boil over.
Yet, Ter Stegen had his revenge as he
stood up well to turn Caicedos chipped
effort over moments later.
With the tie clearly headed in Barcas
favor, the second half was largely a

non-event, but the European champion

did add a second two minutes from time
when Aleix Vidal squared for El Haddadi
to tap home.
Last seasons finalists Athletic Bilbao
completed a 4-2 aggregate victory over
Villarreal thanks to Inaki Williamss neat
turn and finish to claim a 1-0 win on the
night at El Madrigal.
Celta Vigo shrugged off its poor La Liga
form of late to end Cadizs Cup reprieve
after it advanced to the last-16 due to Real
Madrids expulsion from the competition
for fielding an ineligible player.
John Guidettis third goal of the tie
and Dejan Drazics late strike sealed a
2-0 win to progress 5-0 on aggregate.
And Las Palmas edged a goalfest
against Eibar 6-4 on aggregate thanks
to its second 3-2 win of the tie. AFP

8/S2

Bulletins

FRIDAY-SATURDAY, JANUARY 15-16, 2016

Japan marks 50 years of Japanese volunteers in the Philippines

THE JAPANESE government through the Japan International Cooperation Agency (JICA) commemorates
this year the 50 years of the Japan Overseas Cooperation Volunteers (JOCV) Program in the Philippines as
tribute to more than 1,500 young Japanese dispatched
to the country supporting development work.
More than 500 Philippine government, nongovernment organizations, academe, and local
government units were assisted by the JOCVs in the
Philippines since the 1960s.
The JOCVs dispatched to the Philippines
significantly contributed to human resource
development in the country. They shared Japanese
technology, work ethics, and values with their
Filipino counterparts, said Philippine National
Volunteer Service Coordinating Agency Executive
Director Joselito de Vera.
Over the years, the program has been aligned
with JICAs development agenda in the country under
the three pillars supporting sustainable economic
growth, overcoming vulnerability, and enhancing
basic social services.
The Philippines was among the first five countries
where Japan sent its early volunteers to support development work. Historically, first Japanese volunteers
in the Philippines were assigned to share Japanese
knowledge and experience in agriculture and rural de-

Power Mac Center boosts service

provider operations for customers
POWER MAC Center, with its commitment to deliver utmost
customer satisfaction, enhances its repair and inquiry
process at the beginning of 2016. The improvements
implemented are set to bring convenience and accessibility
to valued customers through significant changes on service
levels. Patrons can expect an enhanced Service Menu and a
quicker and easier resolution of queries from a well-trained
customer service team. Serviced iPhone and iPad devices
will also be given the Power Mac Center personal touch
upon release through specially designed packaging. More
importantly, Power Mac Center has allotted special lanes for
the exclusive use of the elderly, pregnant, and persons with
disabilities (PWDs).

CBRE Philippines is
best leasing agency
in Asia Pacific

MNTC receives IiP standard accreditation

Manila North Tollways Corporation (MNTC) President and Chief Executive Officer (CEO) Rodrigo E. Franco (fourth from left) received the
IiP Standard Accreditation plaque, along with MNTC Vice-President
Marketing Renie U. Ticzon and MNTC AVP Technology and Operations
Management Glenn G. Campos (second and third from left), from IiP
CEO Gerry Plana, IiP Chairman Janet Webster, and IiP Assessor Chit
Ventura. IiP stands for Investors in People Philippines, an organization that recognizes best practices in people management. This IiP
recognition affirms that our people engagement policies and practices
are aligned with global standards, said Mr. Franco. Established in the
1990s, IiP has become a global benchmark for companies believed to
have empowered human resources and strong management skills.

CBRE Philippines won the recognition of Best Lettings (Leasing)

AgencyAsia Pacific for the
fourth consecutive year at the
International Property Awards
2015 held in London, England.
Since joining the real estate
industry competition in 2012,
CBRE Philippines has received
numerous top awards at
national, regional and international levels.
The esteemed International
Property Awards, which has
been around for almost 20 years,
is open to professionals from
around the globe and celebrates
the highest levels of achievement
by companies operating in all
sectors of the property and real
estate industry.
We are very proud to once
again be recognized as the best
leasing agency in the entire Asia
Pacific region, said Rick Santos,
chairman, founder and chief
executive of CBRE Philippines.

PWDs from Japan meet with their counterparts in Iloilo to learn from and inspire one another.
velopment in the under the then Presidential Arms on
Community Development and local communities in La
Trinidad in Benguet, La Union Province, and Palawan.
JICAs JOCV Program, which involves 20-39
years old Japanese professionals, has been providing technical assistance to developing countries like the Philippines. JOCVs in the country
actively supported various sub-sectors including
manufacturing, human resource development,

health, agriculture, tourism, and public works

among others.
The JOCV program continued to foster knowledge sharing and strong ties between Japan and
the Philippines.
To date, Japanese volunteers have also been
supporting disaster risk reduction, education, persons
with disabilities (PWDs) and various community
development areas nationwide.

Ford Philippines recognizes top journalists

FORD PHILIPPINES held its annual Henry
Ford Awards (HFA) to honor media
professionals and their contributions
in strengthening public awareness of
the automotive industry in the country.
Now on its 15th year, Ford recognized
14 awardees who vied for nine regular
categories and five special categories.
The HFA continues to stand for
excellence in reporting and driving the
automotive industrys progress in print,
online and broadcast media.
A total of 230 entries were submitted
by automotive and non-automotive
journalists this year, the highest ever for
the HFA.
Our annual Henry Ford Awards
does not only set the caliber for our
media friends to hone their craft, but
also builds an esteemed standard
of recognition that honors honest,
credible and professional journalists
who have helped shape the motoring industry to what it is today, said
Joseph Aylln, assistant vice-president
for Communications, Ford Philippines.
This years winners are Jason dela Cruz
of Top Gear Philippines for Automotive
Print Feature, Vernon Sarne of TopGear.
com.ph for Automotive Column, Paulo
Rafael Subido of TopGear.com.ph for Auto-

FORD GROUP Philippines executives during the 15th Henry Ford Awards night
motive Online Feature, and James Deakin
of JamesDeakin.ph for Automotive Blog.
Bagging the Green and Smart
Technology Feature category is Mariano
Jose Tamayo of Top Gear Philippines,
Augustus Paiso, Jr. of GRID Magazine for
Automotive Lifestyle Feature, Real Gerard
Alcober of Turbo Zone for Automotive Video Feature, Jerel Fajardo of C!
Magazine for Published Photograph, and
Vince Pornelos of AutoIndustriya.com for
Automotive Road Safety Feature.

Claiming the Ford special categories

are Brian Afuang of BusinessWorld for
Ford Automotive Feature, Ma. Theresa
Andolong of BusinessMirror for Ford Go
Further Feature, John Raymond Darilag
of Top Gear Philippines for Ford Published
Photograph and Ulysses Ang of Wheels TV
and Philippine Star for Ford Automotive
Video Feature. Fast Times, the motoring
section of The Manila Times, claimed top
honors as it was hailed Best Automotive
Broadsheet for 2015.

Consumer Guide

Discovery Suites Ortigas offers room and restaurant deals

Briefs
Aboitiz Group mobilizes aid
for typhoon-afflicted families

THE ABOITIZ Group has earmarked a total of P2 million for relief efforts in Oriental Mindoro, extending
much-needed aid to 1,000 families recently affected
by Typhoon Nona in the province. Led by the Aboitiz
Foundation, the corporate social responsibility arm
of the Aboitiz Group, 28 Aboitiz team members (15
from Pilmico, 7 from LiMA Land, 3 from CitySavings,
and 3 from Aboitiz Foundation) and 20 volunteers
from the Give More for Action and Charity (GMAC)
Foundation assembled 1,000 relief packs for
distribution in six barangays in the municipalities of
Pinamalayan and Gloria. AboitizPower Distribution
Group has also sent four teams of linemen to reenergize powerless areas in the province.

GATHER YOUR family and friends and have

a blissful getaway in a dreamy suite replete
with living and dining areas, ideal for intimate
gatherings at Discovery Suites Ortigas.
Rates start at P5,000 net in a Junior
Suite and P6,000 nett in a One Bedroom
Suite, inclusive of breakfast buffet for two at
Restaurant 5 and free use of swimming pool,
Balance Lifestyle Fitness Club and other hotel
amenities. This offer is valid until Jan. 31.
A hotel experience is never complete
without the comfort of food. Embark on
a local trip and discover the best Filipino
cuisines on weekdays from 12:30 p.m. to 2:30
p.m. at Restaurant 5. Savor western zests
at 22 Prime where grilled mixed seafood,
chicken supreme, USDA beef stripe la
plancha and smoked salmon are available for
a satisfying lunch experience.
Customers may also want to try the
featured cut of the month to serve as the

Crowne Plaza Manila Galleria wins UNILAB award

Crowne Plaza Manila Galleria was recognized by United Laboratories,
Inc. (UNILAB) as one of their valued suppliers throughout the years.
Crowne Plaza Manila Galleria has been one of the preferred destinations
for their conferences, product launches, and conventions. In photo (L-R)
are Josh Fuentes, UNILABs product manager; Wenchie Keyser, UNILABs
DVP-general manager; Trixie De Chavez, Crowne Plaza Manila Gallerias
director of Sales and Marketing, Claud De Castro, senior Crowne Meetings
manager; Carlos Vigare, UNILABs AVP-general manager; Glenn Crisologo,
UNILABs Operations manager.
highlight of a succulent feast. Hickory-smoked
baby back ribs is priced at P1,100 net.
Discovery Suites Ortigas is located along
25 ADB Avenue Ortigas Center, Pasig City.

Marco Polo Ortigas bares

Lunar New Year offerings

SPEND the Year of the Fire Monkey at Marco Polo

Ortigas Manila and celebrate with lucky room rates
and festive benefits this Feb. 5 to 9. With a room rate
that starts at P5,388++ for one night and P4,388++
for two nights, spend the beginning of the Lunar
New Year at the hotels spacious and well-appointed
rooms while indulging in an appetizing breakfast
buffet for two at Cucina, complimentary high-speed
Wi-Fi and access to the hotels indoor infinity pool
and Fitness Center. Guests also enjoy a complimentary box of Marco Polo Ortigas Festive Chinese New
Year Rice Cakes which come in Coconut-flavored Koi
Fishes, Chocolate Gold Bars and Brown Sugar Round
Cake. The good luck and prosperity never end as the
room also includes a Hongbao inclusive of special
benefit hotel vouchers.

For inquiries and reservations, call

(02) 719-8888, e-mail to: reservations@
ds.discovery.com.ph or visit www.discoverysuites.com.

Yamaha Motor Philippines

visits SOS Childrens Village

YAMAHA MOTOR Philippines continued their

dedication to the Filipino community by
partnering with different Yamaha Club groups
to share the holiday spirit with the kids of the
SOS Childrens Village. The Kids Kringle, the
events official name, was attended by several
executives of Yamaha. In attendance was Sales
and Marketing Adviser Norio Ota; Marketing
Section Manager Ryan Jude Camus; Mindanao
Sales Manager Peter Salvadico; and Yamaha
Club Head Kristoffer Manayaga who opened
the Kids Kringle toy box. Presidents of Yamaha
Club groups from Luzon, Visayas, and Mindanao
distributed the toys to the children. A plaque to
commemorate the event was presented to the
Leonilo Rivero, Village director.

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, preferably with high-resolution photos, may be e-mailed to
bulletins@bworldonline.com. Materials sent become BW property.

St. Marys College in Bulacan

celebrates 100th anniversary

ST. MARYS College of Meycauayan (formerly St.

Marys Academy) is celebrating its Centennial
Foundation Anniversary on Feb. 8 to 13. All the
colleges alumni and former personnel are being
called upon to join all the activities and be part of
the historic event. On Feb. 8, a Thanksgiving Mass
to be officiated by Bishop Jose Oliveros, D.D. will
be celebrated to be followed by the launching of
the Sansiglo Vol. 2. On Feb. 9, a grand motorcade
will be held. A talent competition will be held.
On Feb. 10, there will be a Eucharistic Celebration
and marking of the Blessed Ashes. There will be a
two-day, Feb. 11 and 12, Dance Festival. According
to M. Ma. Clarita Balleque, RVM SMCM President,
the historic event will be highlighted with a grand
centennial celebration on Feb. 13.

Ipsos launches solutions with

geo-triggering capabilities

IPSOS launched a new suite of tools to conduct

location-based surveys in Asia-Pacific, starting with
Japan and Australia. The new offering is powered by
the Google Consumer Surveys platform that allows
users to survey a representative sample of their
target population among millions of respondents
across the web and mobile devices. Ipsos had introduced geo-triggering capabilities through its own
mobile application, currently in use in more than 80
countries. The announcement brings an additional
capability to reach users in Japan and Australia. With
an ever-changing marketing landscape, being able
to reach consumers in a particular location is critical.
As such, Ipsos now offers its clients one of the most
comprehensive suites of mobile-driven solutions, to
deliver in-the-moment insights.

EDITOR ALICIA A. HERRERA

S2/9

FRIDAY-SATURDAY, JANUARY 15-16, 2016

Madonna, Elton John honor Bowie with covers

With a slideshow of Bowie images on the screen behind her,
Madonna sang an energetic cover of his Rebel Rebel, throwing
down her skirt to prance across
the stage in bright purple and
red shorts.
Elton John offered a more
sedated cover as he taped an appearance on the Sirius XM satellite radio station in Los Angeles.
As his band was still setting
up, John spontaneously sang and
played piano to Space Oddity,
Bowies early hit with the probing
opening lines, Ground control to
Major Tom.
We dont have to say anything about the music: It speaks
for itself. He was innovative, he
was boundary-changing, and he
danced to his own tune which
in any artist is really rare, Mr.
John said, as quoted by Billboard magazine.
John applauded Bowie for
keeping his illness quiet in an age
of 24-hour social media.
We know David Bowie the
figure, the singer, the outrageous
performer, but actually, we dont
know anything about him and

thats the way it should be in music and should be in any art form
whatsoever, he said.

CURATED HIS DEATH

Meanwhile, celebrated US photographer Annie Leibovitz said

Wednesday that David Bowie was
a visual creative artist who curated his death with his final album Blackstar and a musical.
He was such a visual creative
artist, and I photographed him
two or three times just in passing
through his career, but we never
did a creative sitting, said the
photographer, known for her portraits of the stars.
Ms. Leibovitz was speaking
at the launch of her exhibition,
Women: New Portraits, in a former power station by the River
Thames in Wapping, east London.
When someone that great
passes, I just lament that I didnt
have that opportunity, the
66-year-old said.
From what I understand,
these last 18 months he really
curated his death, and the play
Lazarus and the album I just
think thats an extraordinary

thing he did as an artist, to understand he was dying and put all of

himself into that.
Bowie released Blackstar
on his 69 th birthday Friday. He
died two days later, having privately been battling cancer for
18 months.
Critics hailed Blackstar as
Bowies best work in years, a mixture of rock and jazz, with song
titles including Lazarus and I
Cant Give Everything Away.
The video for Lazarus depicts Bowie levitating from a hospital bed. Look up here, Im in
heaven, he sings.
His musical Lazarus opened in
New York in December.
Among other tributes, Britt
Daniel, lead singer of indie rockers Spoon, posted on Facebook an
acoustic cover of Bowies Never Let
Me Down recorded after his death.
No other artist has meant
as much to me personally or inspired my own songs as much,
Mr. Daniel wrote.
What a spirit. What an inspiration. What a shining example
of the beauty that humanity can
create. AFP

Herbie Hancock and Jefferson Airplane

among this years Grammy honorees
NEW YORK Jazz legend Herbie
Hancock and 1960s countercultural icons Jefferson Airplane will
be among the latest recipients of
the Grammy Lifetime Achievement
Award, the Recording Academy announced Wednesday.
The award is given annually to
artists who contributed significantly
to the recording industry and the
broader culture.
The new winners will be honored
with a concert sometime in early 2016
separate from the Feb. 15 ceremony
of the Grammy Awards, the US music
industrys most prestigious prize.
Hancock, 75, is one of the most
celebrated living jazz artists. A pianist
as well as composer, he revitalized
rhythm sections to bring a new sense
of melody.

Hancock has won 14 Grammy

Awards over his five-decade career,
which has included crossover hits
into pop.
Jefferson Airplane helped create
the psychedelic sound of the 1960s,
with lasting hits such as White Rabbit and Somebody to Love.
Bringing a harder rock edge to
folk music, Jefferson Airplane offered anthems for the 1967 Summer
in Love in the bands hometown
San Francisco and performed at the
eras defining festivals of Monterey
and Woodstock.
Other recipients of this years
Lifetime Achievement Award include
Celia Cruz, the late Cuban salsa singer
who was one of the 20 th centurys
leading artists in Latin America, and
Queen of R&B Ruth Brown, who

brought a new audience to the genre

with a string of hits in the 1950s.
The other recipients are Earth,
Wind and Fire, who became widely
popular by bringing a wider pop
audience to R&B; Run-D.M.C., who
were among the pioneers of hip-hop
in 1980s New York, and singer Linda
Ronstadt, who has won 10 Grammys over a career that has taken her
from pop to rock and across many
other genres.
The Recording Academy also
named the latest recipients of its
Trustee Award, which recognizes
career achievements outside of
performance.
This years winners will include
the late John Cage, one of the leading
US modernist composers of the 20th
century. AFP

Circus Band, New Minstrels unite for concert

IT WILL me a night of music and
memories as Viva Live reunites
two of the biggest showbands of the
1970s and 80s for their first concert together.
Titled the Best of Our Love, the
show stars Basil Valdez, Hajji Alejandro, Eugene Villaluz, Ray-An Fuentes,
Ding Mercado, Louie Reyes, Pat Castillo, Jacqui Magno, Tillie Moreno and
Ali Sotto who perform together in
the latest reincarnations of their old
bands, the Greatest Hits Circus Band
and New Minstrels Reunion to the
Kia Theatre in Araneta Center, Quezon City on Feb. 13.
They will be performing their
hits including Valdez You, Alejandros Tag-araw, Villaluz and Reyes
Nothing I Want More, Moreno
and Fuentes Umagang Kay Ganda,
Castillos Somewhere In Time, plus
many other songs by Earth, Wind and
Fire, the Carpenters, and Natalie Cole.

AFP

NEW YORK David Bowies music has returned to stage after his
death, with stars including Madonna and Elton John dedicating
emotional tributes to the legend
by singing his songs.
The British rock legends
death on Sunday at age 69 after
an undisclosed battle with cancer
has triggered an outpouring of
grief from fans and leading artists, many of whom cite him as a
towering influence.
He was one of the geniuses
in the music industry, one of the
great singer-songwriters of the
20th century, Madonna told the
audience at her concert Tuesday
night in Houston, according to a
video posted online.
Madonna, known for her elaborate show routines and expansive sense of sexuality, said that
she saw Bowie in Detroit when
she was growing up in Michigan
and he changed my life.
He showed me that it was
okay to be different, she said.
He was the first Rebel Heart
I laid eyes on, said the pop superstar, referring to the title of her
latest album.

A BALLOON is pictured along with floral tributes piled at the base of a mural
of late British singer David Bowie, painted by Australian street artist James
Cochran, aka Jimmy C, in Brixton, south London, on Jan. 13, two days after
the announcement of Bowies death. Music legend David Bowie was famously
private during his lifetime and in death, as a string of questions about the
circumstances of his passing remained unanswered.

THE BILLBOARD 200 ALBUM

This Last
Wk Wk

1
2
3
4
5
6
7
8
9
10

THE BILLBOARD Hot 100 SINGLES

This Last
Wk Wk

Artist
Title

1 Adele - 25
2 Justin Bieber - Purpose
3 Twenty One Pilots - Blurryface
6 The Weeknd - Beauty Behind the Madness
N Rachel Platten - Wildfire
4 One Direction - Made In The A.M.
12 Chris Stapleton - Traveller
5 Fetty Wap - Fetty Wap
10 Bryson Tille - T R A P S O U L
9 Taylor Swift - 1989

1
2
3
4
5
6
7
8
9
10

Artist
Title

2 Justin Bieber - Sorry

1 Adele - Hello
3 Justin Bieber - Love Yourself
4 Drake - Hotline Bling
9 Twenty One Pilots - Stressed Out
7 Selena Gomez - Same Old Love
6 Shawn Mendes - Stitches
5 Justin Bieber - What Do You Mean?
8 Alessia Cara - Here
10 M.Trainor feat. J.Legend - Like Im Gonna Lose You

WEEKEND BOX OFFICE ACTUALS - (US) January 8-10 weekend

This Last
Wk Wk

1
2
3
4
5
6
7
8
9
10

Title

Released by

Weekend
Gross

Cumulative
Gross

Rlse
Wks

Star Wars: The Force Awakens

Buena Vista

$42,353,785

$812,734,828 4

23

The Revenant

20 Century Fox

$39,826,840

$41,383,741 3

Daddys Home

Paramount Pictures

$15,015,465

$116,329,041 3

The Forest

Gramercy Pictures

$12,741,176

$12,741,176 1

Sisters

Universal Studos

$7,189,455

$74,899,400 4

The Hateful Eight

Weinstein Co.

$6,402,187

$41,525,007 3

The Big Short

Paramount Pictures

$6,174,503

$42,724,340 5

Alvin and the Chipmunks: The Road Chip

20 Century Fox

$5,703,675

$75,812,014 4

Joy 20 Century Fox

$4,476,246

$46,531,854 3

Concussion (2015)

$3,029,367

$30,947,645 3

th

th
th

Sony Pictures

Sudoku Pacific

Complete the grid so that every row, column

and 3x3 box contains every digit from 1 to 9 inclusively.

A COMPOSITE photo of the singers participating in Best of Our Love

Valdez, Alejandro, Castillo, Moreno
and Magno all started their careers as
members of the Circus Band. Villaluz,
Mercado and Reyes were with The
New Minstrels. Fuentes was a member
of both groups. Sotto was with neither
but before she turned to acting and

radio broadcasting, she was a recording artist and lounge singer. Best of Our
Love marks her return to performing.
Tickets to the concert, which range
in price from P1,500 to P3,300, are
available at TicketNet 911-5555 or at
Viva Live 687-7236.
1/15 DIFFICULTY RATING HHHHI

Four decades of OPM in one show

TURN back the clock and listen to some of the best OPM love songs in a concert
headlined by eight hitmakers at the PICC Plenary Hall on Feb. 13. Dubbed as
#LoveThrowback, the show unites singers who made their mark through the decades with their focus on OPM (Original Pilipino Music): Rico Puno, Marco Sison,
Raymond Lauchengco, Gino Padilla, Chad Borja, Wency Cornejo, Roselle Nava
and Nina.
Rico Puno whose hits include Kapalaran, Buhat, and Macho Gwapito, was
the singer who started the trend of using Tagalog lyrics in English songs like his
version of Barbra Streisands The Way We Were. His contemporary, balladeer Marco
Sison, who got his break in the late 1970s on the TV noontime show Student Canteen,
is known for songs like My Love Will See You Through and Make Believe.
One of the hottest teen idols in the 1980s, Raymond Lauchengco made a name for
himself as a singer and actor, best known for the songs Saan Darating Ang Umaga,
Farewell, and I Need You Back. Another 80s music icon, Gino Padilla, is the singer
behind hits like Gusto Kita, Let The Love Begin, and Closer You and I.
The 1990s music scene was dominated by bands. And one of the most remarkable
vocalists then was Wency Cornejo of pop-rock band AfterImage. His distinct voice
gave birth to phenomenal hits like Habang My Buhay, Mangarap Ka, Next In
Line, and Hanggang. One of that decades best solo singers, Chad Borja, made his
mark with Ikaw Lang to become an in-demand balladeer. The 90s also saw the rise
of Roselle Nava, whose songs Bakit Nga Ba Mahal Kita and Dahil Mahal Na Mahal
Kita were both used in movie soundtracks.
Nina is the concerts newest singer, and is the first female OPM singer with a
Diamond Record Award.
Tickets to #LoveThrowback are available at SM Tickets (472-2222), TicketNet (9115555) and TicketWorld (891-9999).

Crossword

Valentines shows

A VALENTINEs concert, The Love Playlist of

Carpenters and Platters will be held at the Midas
Tent, Midas Hotel & Casino on Feb. 14 and at Kia
Theatre, Araneta Center on Feb. 15, 8 p.m. The
show features Laurie Briggs with The Fabulous
Sounds of The Platters (photo), headed by Donne
Ray Radford, a fourth generation member of The
Platters. Ms. Briggs has been touring for over a
decade now as Karen Carpenter and as part of
the tribute act called The Karpenters. This is the
second time that The Fabulous Sounds of The
Platters will be in performing in Manila, having
had a successful Valentines show last year.
Tickets for Feb. 15 are available at TicketNet (9115555) while those for Feb. 14 are available at SM
Tickets (472-2222), TicketWorld (891-9999) and
TicketNet (911-5555).

ACROSS
1 Suez sight
6 Half of a chess set
11 Last letter
12 Lucys pal
13 Emulated Louganis
14 Texas landmark
15 Orinoco Flow singer
17 Resting on
18 Damaged
20 Touch down
22 Snaky shape
23 Units of force
26 Flat form
28 Two-point shot
29 Aridity
31 Keats poem
32 Pheasants nest
33 Signaled on stage
34 Flight part
36 Homecoming guest
38 Homes for workers
40 Districts
43 Cager Shaquille
44 Cabaret sight
45 Wingding
46 Forbidden acts

THURSDAYS PUZZLE ANSWER

By Thomas Joseph

DOWN
1 Atlantic catch
2 Bordeaux buddy
3 Justin Bieber song
4 Operative
5 Tramps love
6 Stew sphere
7 Hawks home
8 Justin Bieber song
9 Animated fish
10 Spill over
16 Frothy brew
18 Occupied
19 Manipulative sort
21 Saddlers tools

THURSDAYS ANSWER

23 Must have
24 Au naturel
25 Went 90
27 Criticize cattily
30 Sharks home
33 Knickknack

2016 Universal Uclick

34 Mall unit
35 Turner of song
37 Dragnet org.
39 Crafty
41 Tiny worker
42 Urgent call

1-15

AFP

10/S2

FRIDAY-SATURDAY, JANUARY 15-16, 2016

All eyes in Hollywood

on Oscar nominations

AFP

LOS ANGELES Hollywood

was waiting with bated breath
for the unveiling early Thursday
(Friday in Manila) of the list of
nominees for this years Oscars,
with The Revenant, The Martian,
Spotlight and Carol among the
strong contenders.
Industry watchers have been
hard-pressed this year to predict
which movies and actors will be
headed for glory at the Academy Awards on Feb. 28 the
pinnacle of Tinseltowns awards
season and many are betting
on some surprises.
The nominated films, actors
and filmmakers are revealed at
a pre-dawn ceremony in Beverly Hills.
This is a wide open year
with no clear frontrunner at this
point, said Pete Hammond, the
chief film critic for Deadline Hollywood, an entertainment industry Web site.
It might take a while to get it
all sorted out but I think there are
numerous movies in the hunt.
About the only sure thing that
pundits agree on? A nomination
for Leonardo DiCaprio, who
portrays 19th-century fur trapper
Hugh Glass in revenge thriller
The Revenant a big winner at
Sundays Golden Globes with
three prizes.
Beyond that, the field widens.
Apart from The Revenant, other
top contenders for best picture
include the space hit The Martian
which took home two Golden
Globes for best comedy film and
best actor for Matt Damon, who
could be DiCaprios main rival.
Spotlight, about sex abuse in
the Catholic Church, The Big
Short, on the sub-prime mortgage
crisis, and dystopian action movie
Mad Max: Fury Road are also expected to be Oscars threats.
Those five films earned nominations this week for the Directors Guild of America (DGA)
award, which is considered an
Oscars bellwether.
Other movies expected to be
in the Oscars hunt are lesbian

romance Carol, Straight Outta

Compton, about the pioneering
rap group N.W.A., Steven Spielberg s Cold War drama Bridge
of Spies and Room, about a kidnapped woman raising her son
in captivity.

LEO IS GETTING NOMINATED

In the best actor race, DiCaprios strong performance is

almost sure to earn the 41-yearold actor not only a nomination,
but his first Oscar, industry
watchers say.
Leo is getting nominated,
everyone knows that, said Scott
Feinberg, awards columnist for
trade magazine The Hollywood
Reporter, adding it was a slam
dunk that the actor would go on
to win.
The movie is directed by Alejandro Gonzalez Irritu, whose
film Birdman won four Oscars last
year including for best picture
and best director.
Should Irritu win again this
year for The Revenant, he will be
joining just two other directors
Joseph Mankiewicz and John
Ford who won the award for
two consecutive years.
Apart from DiCaprio, other actors tipped to earn nominations
are Damon, Bryan Cranston for
Hollywood biopic Trumbo and
Eddie Redmayne last years
winner in the same category for
The Danish Girl.
In the best actress category,
top picks are Cate Blanchett
for Carol; Saoirse Ronan for
Brooklyn, about a young Irish
immigrant navigating her way in
1950s New York; Golden Globe
winner Brie Larson for Room;
and British veteran Charlotte
Rampling for 45 Years, about a
couple on the edge.
Rampling and her costar Tom
Courtenay have received wide acclaim for their performances.
Sylvester Stallone is also being
touted as a possible contender for
best supporting actor for Creed, in
which he reprised his iconic role
of boxer Rocky Balboa.
US COMEDIAN Bill Cosby (C)
arrives Dec. 30, 2015 to the
Court House in Elkins Park,
Pennsylvania to face charges of
aggravated indecent assault.

Judge leaning toward sealing

some Cosby sex suit evidence
A US judge on Wednesday brokered
a compromise on whether to release
evidence in a defamation suit brought
against comedian Bill Cosby by seven
women who accuse him of sexually assaulting them.
Cosbys attorneys wanted to seal all
evidence in the case for at least 14 days.
This would likely include depositions
by Cosby and his wife Camille on topics
covering sexual matters.
US Magistrate Judge David Hennessy
rejected their bid. Instead, he said he was
inclined to give each side up to seven days
to make the case for whether individual
pieces of testimony should be sealed.
Tamara Green sued Cosby in
December 2014, accusing him of lying
when he publicly denied having sexually
assaulted her, and six other women have
since joined in the lawsuit. Cosby, 78,
filed a countersuit in US District Court in
Massachusetts last month, accusing the
women of defaming him.
The seven are among more than 50
women who have come forward to publicly accuse Cosby of sexually assaulting
them after plying them with drugs or
alcohol in alleged attacks carried out
over a number of decades.

Mr. Hennessy said that once he

had received a request for deposition
evidence to be sealed, the other side will
have up to seven days to challenge. Traditionally things like pretrial depositions
have not been conducted in public, Mr.
Hennessy said. There is the potential for
abuse, damaging reputations, revealing
private information about people.
Joseph Cammarata, an attorney for
the women, acknowledged that depositions of witnesses including Cosby
and his wife, Camille, would delve into
personal matters. Are we going to talk
about the sexual history? Of course. Are
we going to talk about the extramarital
activity? Yes, Mr. Cammarata said. We
already know these subject matters.
Last month prosecutors in Pennsylvania charged him with a 2004 sexual
assault days before the statute of limitations on that alleged crime was to expire.
One of Cosbys attorneys, Marshall
Searcy, noted that those pending
criminal charges may well influence
how much Cosby says in any deposition.
Cosbys right to avoid self-incrimination
under the Fifth Amendment of the US
Constitution will really come into play,
Mr. Searcy said. Reuters

Fifty Shades and Pixels among

Razzies worst film nominees
LOS ANGELES As awards season heats up in Hollywood, the annual Razzies Awards on Wednesday named the years worst achievements in film with steamy romance Fifty Shades of Grey and Adam
Sandlers video game adventure Pixels among the top nominees,
while Sylvester Stallone was honored with a redemption.
Fifty Shades of Grey, Pixels, sci-fi saga Jupiter Ascending, comedy
Paul Blart: Mall Cop 2, all of which landed six nominations, and
superhero flick Fantastic 4, which landed five nods, will compete for
the Razzies worst picture award.
The tongue-in-cheek Razzies, created in 1980, serve as an antidote to Hollywoods prestigious Oscars ceremony, as organizers
choose to bestow winners of the years worst films with a gold spraypainted trophy worth $4.97.
Stallone, who won his first Golden Globe last week for reprising
his iconic role as Rocky Balboa in Creed, is nominated for the Razzie
Redeemer Award, going from an all-time Razzie champ to 2015
award contender.
He will compete for the title with Will Smith, nominated for
his redeeming role in Concussion, actor-director Elizabeth Banks
for directing the hit Pitch Perfect 2 and horror filmmaker M. Night
Shyamalan for directing hit horror The Visit after a slew of flops.
Winners of the Razzies are voted for online by around 900 members of the Razzies committee, and anyone can sign up to vote, with
memberships starting at $40.
The tacky Razzies ceremony are traditionally held in Hollywood on the night before the Feb. 28 Oscars ceremony, and those
honored seldom show up.
Perennial Razzie favorite Sandler, nominated for five consecutive years, this year scored nods for worst actor in Pixels and worst
screen combo for Adam Sandler & Any Pair of Shoes for his role in
The Cobbler about a cobbler who can magically step into the shoes
of his customers.
Eddie Redmayne, a potential best actor Oscar contender for his
role in The Danish Girl, landed a worst actor Razzie nomination for
Jupiter Ascending, while Rooney Mara, potential Oscar best actress
nominee for Carol, landed a worst supporting Razzie nod for her
role as Tiger Lily in Pan. Reuters
He has a lot of momentum
behind him, Mr. Feinberg said
of Stallone after the actors Globe
win on Sunday.
Last year, the Academy was
accused of lacking diversity in its
slate of Oscar nominees with
the hashtag #OscarsSoWhite
trending on social media and
some say the same may happen
this year.
The only black actor that could
score a nomination for a best sup-

porting role is Idris Elba for Beasts

of No Nation, but he may face stiff
competition from Stallone.
Will Smith could earn a best
actor nomination for NFL drama
Concussion, but he would be competing with DiCaprio.
The Academy of Motion Picture Arts and Sciences is made
up of some 6,000 members who
work in the film industry and
who select the nominees for the
Oscars. AFP

DIRECTOR Alejandro Gonzalez Irritu (L) and actor Leonardo DiCaprio hold their
Golden Globe trophies for Best Motion Picture Drama and Best Director Motion
Picture, and Best Actor, respectively, for The Revenant.

Irritu, Scott get Directors

Guild nods ahead of Oscar
nominations announcement
LOS ANGELES Fresh off their
Golden Globe wins, Mexican filmmaker Alejandro Gonzalez Irritu and veteran British director
Ridley Scott were among those
nominated on Tuesday for Directors Guild of America (DGA)
awards one of the strongest indicators of success at the Oscars.
Iarritu, who won the Oscar
last year for directing Birdman,
was nominated this year for his
Pioneer-era tale The Revenant,
which was filmed in freezing conditions and primitive landscapes.
Scott, 78, who has yet to win an
Oscar over a career spanning six
decades, is nominated for space
adventure The Martian, about an
astronaut stranded on Mars.
Iarritu was named best drama director at the Golden Globes
on Sunday while Scott won best
comedy/musical film director.
Also nominated by the DGA
on Thursday was director Tom
McCarthy for Spotlight, about
the Boston Globes probe into
the Catholic Churchs coverup of child molestation; Adam
McKay for comedy The Big Short,
exploring the 2007 US financial
collapse, and Australian director
George Miller for gritty action
film Mad Max: Fury Road.
The DGA nominations, voted
for by a group of Hollywood directors, many of whom are also Oscar
voters, come ahead of Thursdays
Academy Award nominations.
Since 1948, only seven winners of the DGA prize have

failed to go on to win the best

director Oscar.
The directors of Carol, Bridge
of Spies and Creed, were among
those failing to make the DGAs
list this time.
The DGA also nominated five
filmmakers for directing a firsttime feature film in 2015, including
actor Joel Edgerton, who turned
director for thriller The Gift.
The category also includes
British filmmaker Alex Garland
for sci-fi thriller Ex Machina,
Hungarian director Laszlo
Nemes for Son of Saul, Brazilian
newcomer Fernando Coimbra for
A Wolf at the Door, and Marielle
Heller for coming-of-age tale The
Diary of a Teenage Girl.
Despite a recent backlash
against the lack of diversity both
on and off screen in Hollywood,
Heller was the only woman to be
nominated in either category.
Reuters

DIRECTOR Ridley Scott poses

with his Golden Globe award
for Best Motion Picture Musical
or Comedy for The Martian.

Al-Jazeera to shutter struggling US news channel

WASHINGTON Al-Jazeera
America, the cable news channel
launched by the global Qatar-based
media group with great fanfare in
2013, will be shut down April 30,
the company said Wednesday.
An internal memo from director general Mostefa Souag said
the decision was driven by the
fact that our business model is
simply not sustainable in light of
the economic challenges in the
US media marketplace.
Souag said the move would be
accompanied by an expansion of
Al-Jazeeras digital services to
broaden our multi-platform presence in the United States.
The shutdown comes less
than three years after a massive investment in a cable news
operation aimed at rivaling
CNN, Fox News and MSNBC,
but which failed to attract significant numbers of viewers.
In mid-2013, the channel went
live after hiring some 850 staff
and opening 12 bureaus in the
United States.

The wind-down of Al-Jazeera

America will not affect the groups
other global media operations,
the memo said.
Al-Jazeera America Chief Executive Al Anstey told staff that
he recognized that the shutdown
will be a massive disappointment
for everyone here who has worked
tirelessly for our long-term future,
adding that the decision was no
reflection on the work of that staff.
Excerpts of his comments appeared on Al-Jazeeras Web site.
Our commitment to great
journalism is unrivaled, he said.
We have increasingly set ourselves apart from all the rest. And
you are the most talented team
any organization could wish for.

GOING DIGITAL

Anstey noted that the reorganization would help Al-Jazeera invest

in expanded digital operations.
As audiences increasingly
turn to multiple platforms, including mobile devices, for news and
information, this expansion will

allow US and non-US consumers alike to access the networks

journalism and content wherever
and whenever they want, he said.
The move comes amid a growing
shift of TV viewers to digital platforms, including news start-ups
like Vice Media, BuzzFeed and the
Huffington Posts Huffpost Live.
Al-Jazeera acquired its US cable
channel from Current TV, a group
that included former US vicepresident Al Gore and reached
some 40 million households.
The new channel hired highprofile journalists from CNN and
other networks and began with 14
hours of daily news programming.
But the channel failed to attract
many viewers, crimping its ability
to earn advertising revenue.
From the start, Al-Jazeera
faced a tough sell to US audiences because of its history in
the Middle East, where it was the
outlet for videos distributed by
Al-Qaeda and Osama bin Laden.
Some conservatives claim it is
still anti-Western.

The company separately

launched an English-language
AJ+ digital network in 2014,
aiming to connect with younger
viewers who are not watching
television or reading newspapers.
While its channel struggled to
reach viewers, Al-Jazeeras journalism won a number of awards
including commendations from
Peabody, Emmy, Gracie, Eppy
and DuPont.
Anstey said the channels
quality would not wane in its
final months.
Between now and April, we
will continue to show America
why AJAM has won respect and
the fierce loyalty of so many of
our viewers, he said in the memo.
The foundation of this is integrity, great journalism, impartiality and a commitment to the
highest quality story-telling. This
will be our lasting impact, and
as we produce and showcase the
best of our work in the weeks to
come this will be clear for everyone to see. AFP

Foxs departing Intl TV chief founds podcast company

HERNAN LOPEZ, who left a job this week
running 350 international TV channels for
Rupert Murdochs 21st Century Fox, Inc.,
will build a podcast network, anticipating
that an on-demand market will develop for
audio dramas and talk radio, as it has for
music and TV.
Lopez will produce scripted and unscripted podcasts through a new company,
Wondery, which he founded and will run,
the executive said in an interview. The company has more than $1 million to work with,
including money from Lopez and from Fox,
and plans to release its first batch of shows
by summer.

Podcast listening has increased 40% over

the past two years, Mr. Lopez said, as the proliferation of mobile devices and changes to
in-car technology have made it easier and
more attractive to tune in to the latest episode
of Serial or The B.S. Report. This has attracted
investment from General Electric Co., which
is producing a science-fiction podcast, and
Graham Holdings Co., which owns podcasting
network Panoply and bought a stake in its
peer, Gimlet Media.
Americans spend 3.5 hours with audio every
day, second only to TV, said Mr. Lopez, whose
first job was at a radio and cable company in
Argentina. All that time is moving in only one

direction: mobile and on-demand. Its the first

time that one technology can be in the hands of
virtually everybody around the world.
To attract advertisers, Lopez has partnered
with ART19, a San Francisco-based company
that can use its technology to dynamically
insert commercials that target listeners based
on their location and time of day.
Monetization in podcasting has been held
up by antiquated technology, said Sean Carr,
chief executive officer of Art19. With targeting, measurement and back catalog advertising, our technology will provide Wondery
with the tools it needs to sell major brands.
Bloomberg

S3/1

weekender.bworldonline.com

Movies The better of 2015 2016 promises plenty of cinematic excitement Health US guidelines urge
breast cancer screening from age 50 Environment Bottom beginning to fall out of ivory market

weekender

VOL. XXIX ISSUE 120

FRIDAY-SATURDAY
JANUARY 15-16, 2016

EDITOR ALICIA A. HERRERA

JESSICA ZAFRA

Fargo Season 2
and the thrill
of storytelling

:
m
e
t
r
o
m
ost
P
F
F
M
M

How did this years festival go?

It depends on who you ask

PHOTOS: PHILIPPINE STAR_MIGUEL DE GUZMAN

By Zsarlene B. Chua, Reporter

atisfactory, was how

Marichu Vera PerezMaceda, spokesperson
of the Metro Manila
Film Festival
(MMFF) 2015 described the recently
concluded film festival, controversies
notwithstanding.
MMDA is the annual festivals
organizer.
Ms. Maceda also brushed
aside the alleged ticket-swapping incident early in the festival where viewers who went
to see My Bebe Love: Kilig Pa
More (GMA Films) were instead
given tickets to Beauty and the
Bestie (Star Cinema) though
the viewers did see the film
they originally intended to. The
number of tickets sold for each
film is how the box office take
of each movie is calculated, and
both films are in the running to
win the box office crown. Ms.
Maceda said it was an honest
mistake on the part of the cin-

DISAPPOINTED

Meanwhile, those who made

the embattled film Honor
Thy Father (a thriller about
a Ponzi-scheme gone wrong
starring John Lloyd Cruz in)
were not satisfied.
This hasnt been the most disappointing as Ive never expected
much from the MMFF, but this
was the most painfully affecting,
the films director/producer Erik
Matti told BusinessWorld in an
interview on Jan. 7.
Mr. Matti who has joined
the MMFF five times, first in

2003 with Mano Po 2: My Home

added that in previous years,
problems regarding the festival
were easy to dismiss but this
year was an exception because
he and the films producers felt
from the very beginning that
all the odds were against us.
Honor Thy Father wasnt
picked to join the festival at
first it was only in late October, when entry Hermano Puli
backed out, that Honor Thy Father was chosen as the replacement to round out the eight film
entries for the festival.
Then, after the first few days
of the MMFF, the films executive producer, Dondon Monteverde, said that they lost more
than 30% of the screens that
their film was showing at. This
was a situation echoed by another director, Pedring Lopez
of Nilalang (another thriller,
starring Cesar Montano and Maria Ozawa) and the movies coproducer Wesley Villarica. They
cried foul when their picture was
also being pulled out of theaters.
Finally, due to their supposed
non-disclosure of their films
participation in the CinemaOne
Originals film festival, where it
was the opening film, the MMFF
announced that Honor Thy Fa-

ther had been disqualified from

consideration in the Best Picture competition.

ITS JUST BUSINESS

Theres always controversies

during MMFF and most of them
comes from the losers, or the
producers who do not make
money out of the festival, said
MMFFs Ms. Maceda, before
adding that even with the added
publicity of the controversies,
those films that do poorly in the
box office rarely increase their
revenues to the point of them
being included in the Top 4
money-making festival films.
Its difficult to find a middle
ground [that will satisfy everybody]. If we had our way, all eight
films will be earning money but
that is not so. Sadly, this is still
business, she added, before explaining that pulling out films during the first few days of the festival
was the compromise arrived at as
it would be unfair to the theaters
if they open with poor performing
films during the busiest cinema
days (Dec. 25 to Jan. 1).
But we do bring [the badly
performing films back] on Jan.
1 after the interest of the [film]
goers with the Top 4 [movies]
has waned, she said.

In a Facebook post on Jan.

8, the MMFF reported a gross
take of P1.02 billion during its
14-day run from Dec. 25 to Jan.
7, a 0.5% increase from last
years P1.014 billion.
And the top spot in the box
office list went to... nobody is
saying.
The top four films were
In no particular order, said
the chairman of the Metro
Manila Development Authority (MMDA) Emerson Carlos
who said they do not give the
breakdown Haunted Mansion, My Bebe Love: #KiligPaMore, Beauty and the Bestie,
and #Walang Forever. The

emas and was likely due of the

great interest in the two films
and not because of the theaters
colluding with the producers of
one of the films.
How can you collude when
both films are earning? she said.
Beauty and the Bestie was reported as having earned P419.3
million as of Jan. 7 while My
Bebe Love was closing in on P300
million on Jan 2 according to
reports.
Were very happy with the
results, and were very happy
with the performance of the
committees of the MMFF, Ms.
Maceda told BusinessWorld during a phone interview on Jan. 10.

2/S3

weekender

FRIDAY-SATURDAY JANUARY 15-16, 2016

BW FILE PHOTO

Where the money goes

cover story

ACCORDING to Metro Manila Film Festival spokesperson Marichu Vera Perez-Maceda,

half the festival revenues come from cinemas in Metro Manila, and the rest from cinemas in the provinces. Only the amusement tax (10%) from the Metro Manila cinemas
will be given back to the industry.
The MMFF will be earning P23 million from this years festival more or less the
same as last year, said Ms. Maceda with more than P5 million allocated for the cash
awards and operating expenses of the festival.
The balance of that will be divided between the five beneficiaries: 50% goes to
MOWELFUND (Movie Workers Welfare Foundation, Inc.), 20% to the Film Academy
of the Philippines, 20% goes to the Motion Picture Anti-Film Piracy Council, 5% to
the Optical Media Board and 5% to the Film Development Council of the Philippines, she explained. ZBC

FIGHTING WORDS

The biggest change for next

years film festival is we are not
anymore allowing films that

have been entered or included in

any other film festival, here and/
or abroad [to join the MMFF],
Ms. Maceda said.
She said that the festival committee was insulted because it
turned out that aside from being
the opening film of the CinemaOne Originals film festival, Honor Thy Father had been screened
for competition before it was
shown at the MMFF. The movie
was shown at the Hawaii International Film Festival (Nov.
12-22, 2015) alongside Heneral
Luna and Magkakabaung (Coffin Maker), among other Filipino films. This had the effect of
making the film a re-issue at the
MMFF.
Now, the films [that will be in
the MMFF] will be specifically
made for the festival... we were
too lenient with them (Honor Thy
Father), we could have disqualified them entirely, she said.
Mr. Monteverde and the
people behind the film are intent on filing a legal case against
the MMFF as anyone who uses
logic will see that we should not
have been disqualified, said Mr.
Monteverde.
Yes, we will file a case against
them. Were going to the House
probe on Monday so we can air
our side of the story and get materials for our case, said Mr. Matti
in vernacular, referring to an resolution for an investigation filed
by Laguna 1st district congressman Dan S. Fernandez (who is a
member of the films cast). We

will push through with the case

because the MMFF is so used to
people just accepting their judgments, so this time, were fighting
them, said the director.
The MMFF is prepared for
any case filed against them said
Ms. Maceda, who maintained
that all filmmakers involved in
the festival were given the rules
and regulations and were advised to read and re-read those
regulations. If they dont like
our rules, then they are free not
to join [the festival]. Were not
the ones inviting them, they are
the ones who are joining the
MMFF, she said.

COMMERCE VS ART

[MMFF and those who are

handling it should] really try
to find out the real vision of the
MMFF: is it for box office or is it
for the arts? Because for us filmmakers, it should be balanced...
when [the festival] was created,
it wasnt stated that it was solely
for box office, Honor Thy Fathers Mr. Monteverde said.
The Metro Manila Film Festival was created in 1974 in recognition of the role of the film
industry in providing artistic
depictions of both this countrys
stories and history states the
website of the MMDA.
It actually started in 1966 as
the Manila Film Festival, initiated by then mayor Antonio
Villegas as a way of getting
Filipino films into the citys socalled first run theaters which

focused on showing American

films. [T]he yearly film festivals that followed popularized
Tagalog films, thus convincing
theater owners that these were
marketable and profitable, says
the CCP Encyclopedia, In 1975
the filmfest was expanded to include theaters and areas outside
Manila and was renamed the
Metro Manila Film Festival.
There has always been tension between artistic and commercial considerations when it
came to the festival. So much
so that, according to the CCP
Encyclopedia, the decision to
hold the annual Gabi ng Parangal (Awards Night) on the third
instead of the last day of the
MMFF was dictated by promotional considerations. Early recognition generates interest in
the award-winning films which
ordinarily do not attract as much
box-office attention as the more
commercial or escapist films.
During the festival, winning entries are announced in the movie
ads to entice moviegoers into
seeing the better-made films.
The importance of being
under consideration for Best
Picture is clear: it is one way of
getting more people to watch
your film and make your
money back.
Since the MMFF started,
the more commercial/popular
films have always dominated the
box-office, said DLSUs Mr. Del
Mundo, Jr. But there were always a few films that attempted

PHILIPPINE STAR_MIGUEL DE GUZMAN

RICHARD GUTIERREZ
and KC Concepcion
hosted the 41st Metro
Manila Film Festival
awards night at
the Kia Theater in
Cubao, Quezon City
last Dec. 27, 2015.

This practice does not sit well

with everyone.
Pulling out entries that are
not earning enough in the boxoffice should not be practised
in the MMFF. It is a festival.
The entries should be guaranteed theaters for the duration
of the festival, said writer/
director Clodualdo Del Mundo
Jr., professor emeritus of De La
Salle University (DLSU), in an
e-mail interview on Jan. 4.The
practice of pulling out the nonperforming films is a display of
greed, he declared. Exhibitors
do not want to support the entries that dont earn as much as
the top grossers; film producers
of the top grossing films want
to earn more. Its greed any
which way you look at it.
Honor Thy Fathers Mr. Monteverde said that the theaters
should have given them at least
a week to present their films before pulling the film out.
Ms. Maceda pointed out that
even with all the additional publicity it received thanks to the
disqualification, Honor Thy Father, recorded an insignificant
increase in revenue during its
later run in the festival.
Mr. Monteverde confirmed
that the film did not break even
as revenues have so far come up
to 50% of the estimated P30 million budget.
Ill be honest and candid:
the pictures of Erik Matti,
though well-made, are not for
Christmas, Ms. Maceda said, a
point that the director agreed
with obliquely.
My movies have never been
known to be competitive in the
box office, and the Metro Manila
Film Fest is always about the
box office so Ive never expected
to be included in the Top 5 or
Top 2 but it gives my movies
a chance to be seen by many, he
said. Of course, that is a doubleedged sword because those who
go to the MMFF are not the major market of my films.
Ms. Maceda suggested that
Mr. Matti and other serious
film directors lobby for a festival of their own or have the
government subsidize theaters
to show their films.

to go beyond the commercial,

he pointed out.
Through the years, quite
a number of quality films
won Best Picture: Ganito Kami
Noon, Paano Kayo (1976), Burlesk Queen (1977), Kisapmata
(1981), Himala (1982), Karnal
(1983), Jose Rizal (1998), Muro
Ami (1999), and Baler (2008)
are some. Whether they made
money is another thing entirely.
But Best is relative 2003s
winner was Enteng Kabisote 3:
Okay Ka, Fairy Ko: The Legend
Goes On and On and On.
Money is really at the root
of the Festival. I think this is
the reason why the MMDA is
running the Festival, Mr. Del
Mundo, Jr. said.
MMFF is a commercial film
festival, sort of, but we are now
more prudent in choosing which
films will be included in it, said
Ms. Maceda, echoing Mr. Del
Mundo, Jr.
As writer Jessica Zafra complained in a January 2013 article
on Interaksyon.com: Speaking of
standards, why do we bother to
review the festival entries when
most of them are rubbish? Because theyre not supposed to be
rubbish! Contrary to what youve
been led to believe, entertainment and commercial appeal
are not synonyms for garbage.
There are good commercial movies, and there are bad commercial
movies. The bad outnumber the
good because the studios think
the viewers are idiots.
Mr. Matti said that he is not
optimistic about the future of
the festival and has reservations
about joining the festival again
as the MMFF is not showing
signs of change. (He admitted,
though, that Honor Thy Father
would have had a harder time
at the box office if they decided
to release the film on their own,
outside the festival)
The MMFF is the way it is
because that is the concept of the
festival to promote commercial Pinoy movies. To change the
Festival, you have to change its
concept. Maybe the first step is to
change the Executive Committee. The people in the committee
have been there since the start of
the Festival. Or better yet, start
a new Festival with a different
vision a sort of Cinemalaya for
the mainstream Pinoy Cinema,
said Mr. Del Mundo, Jr.

FRIDAY-SATURDAY JANUARY 15-16, 2016

The better of 2015

By Noel Vera

WHEN MARNIE
WAS THERE

Hiromasa Yonebayashis
sophomore effort (he directed
the more overtly fanciful The
Secret World of Arietty) is a ghost
story, if by ghost one means a
lingering memory more than

actual ectoplasm. The film puts

aside Studio Ghiblis fantastical creatures to tell the Gothic
tale of one lonely girls friendship with another. You cant help
but wonder about Anna: why is
she so deliberately off-putting;
why is her interest in the world
and in others (Marnie aside) so
wan, her dislikes and hatreds so
intense? Her eponymous friend
is even more perplexing: is she a
spectre from the past, a figment
of Annas imagination, an actual
girl living in and enlivening the
present? And why do they have
2015, S3/ 4

S3/3

WHEN MARNIE WAS THERE

movies

I PARTICIPATED in two Endof-the-Year surveys: Film Comments and Sight and Sounds,
the latter having the advantage of making every voters list
(mine in particular) available
online.
Two movies that impressed
me the most Aleksei Germans Hard to be a God and Isao
Takahatas The Tale of Princess
Kaguya were released in their
respective countries in 2013, on
DVD in the USA in 2015; theyre
included in my 2014 tally.

Which is good as the following

may be because I really havent
found anything that engaged
and moved me as much as those
two masters final works (one
died, the other retired) hence
my title.
In ascending order then:

weekender

movies

4/S3

weekender

2016
FRIDAY-SATURDAY JANUARY 15-16, 2016

Promises plenty of
cinematic excitement

By Richard Roeper

EVERY MOVIE fan has a Cant

wait to see that! title they carry
around in their personal anticipation files.
In 2015, Star Wars: The Force
Awakens was by far the most
hyped and hotly anticipated
movie of the year (and probably
of all time). I was just as excited
about Creed, Mad Max: Fury
Road, Spotlight, The Big Short
and The Revenant, and none of
those titles let me down.
We now hit the refresh button
on Upcoming Movies and turn
our attention to 2016.
Quick: Whats the years most
anticipated film? Id say Batman
v Superman: Dawn of Justice
but thats just one of the reboots,
remakes, sequels and (that rarity
of rarities) original films already

PRIDE AND PREJUDICE

AND ZOMBIES

THE BFG

generating buzz as we load the

2016 movie calendar.
Im looking forward to dozens
upon dozens of films slated for
release next year (and dreading
more than a few). This is my own
16 for 16: my most eagerly anticipated movies heading soon to
a theater near us.
Hail Caesar! This has all
the makings of a classic Coen
brothers comedy. Josh Brolin
stars as Eddie Mannix, a 1950s
Hollywood fixer the guy who
cleans up messes and keeps scandals out of the tabloids. When
a famous leading man, Baird
Whitlock (George Clooney), is
kidnapped, who ya gonna call?
Eddie Mannix. Scarlett Johansson, Channing Tatum, Frances
McDormand and Jonah Hill also
star.
The Girl on the Train
The shorthand for this one is its
2016s Gone Girl. Emily Blunt
is the young woman who is obsessed with a seemingly perfect
couple (Luke Evans and Haley
Bennett). Based on the megaselling novel by Paula Hawkins,
TGOTT also features Rebecca
Ferguson, who was such a standout in Mission: Impossible
Rogue Nation, and Justin Theroux from HBOs The Leftovers.
Deadpool Ryan Reynolds
Deadpool first appeared in XMen Origins: Wolverine, and he
returns as the title character in
a film said to be more faithful to
the Marvel Comics, where Wade
Wilson/Deadpool debuted as a
villain, but eventually evolved
into a complex anti-hero.
Whiskey Tango Foxtrot
Cant wait to see the adaptation
of Kim Barkers sizzling, wickedly
funny and intense memoir about
her days covering Afghanistan
and Pakistan as a reporter for
ProPublica and the Chicago Trib-

SUICIDE SQUAD

une in the 2000s. A 2011 review

in The New York Times said: Ms.
Barker depicts herself as a sort
of Tina Fey character who unexpectedly finds herself addicted to
the adrenaline rush of war. The
movie stars... yep. Tina Fey.
Pride and Prejudice and
Zombies Just when I thought
I could go the rest of my life without seeing yet another version
of Jane Austens much-filmed
classic.
Finding Dory Some 13
years after Finding Nemo, Pixar
serves up this sequel, which will
take place a few months after the
first story. Writer/co-director
Andrew Stanton returns, as do
the sensational voice stars from
Nemo, Albert Brooks and Ellen
DeGeneres.
The BFG Hes a Big
Friendly Giant! The talented
Mark Rylance stars as BFG in
this adaptation of Roald Dahls
beloved novel. Some guy named
Spielberg directs, so you can
understand why we have high
hopes for this one.
Captain America: Civil
War Chris Evans, who is
not Ryan Reynolds (Deadpool,
Green Lantern) but reminds me
of Reynolds in looks and acting
style, has come to own the role
of Captain America. This looks
to be the most intriguing and
complex adventure yet for the
Cap: Amidst growing concerns
over collateral damage, i.e., loss
of civilian life in superhero battles, the Avengers split into two
opposing groups one led by
Captain America, the other led
by Tony Stark/Iron Man (Robert
Downey, Jr.).
Ghostbusters You may
have heard a little about this
one. I would have been fine with
Hollywood leaving the original
Ghostbusters alone, but if were
gonna get a reboot, it doesnt get
more promising than Paul Feig
(Bridesmaids, The Heat) directing Kristen Wiig, Melissa McCarthy, Kate McKinnon and Leslie
Jones as Ghostbusters, and reported cameos by a number of
original cast members, including
Bill Murray, Dan Aykroyd, Ernie
Hudson and Sigourney Weaver.
Suicide Squad The DC
Comics version of The Dirty
Dozen, with Jared Leto, Will
Smith, Margot Robbie, Adewale

BATMAN V SUPERMAN:
DAWN OF JUSTICE

Akinnuoye-Agbaje, Viola Davis

et al., starring as Death Row convicts secretly commissioned by
the government to, you know,
save the world.
Silence Martin Scorseses
oft-delayed project about two
Jesuit Catholic priests who
travel to Japan in search of their
mentor and find themselves
in a world of hurt is finally
scheduled to be released in 2016.
Andrew Garfield, Adam Driver
and Liam Neeson star.
War Machine From Troy
to Inglorious Basterds to Fury,
Brad Pitt has joined many a
movie battle. This time around
hes playing General Stanley McChrystal, the much-respected
commander whose career went
up in flames after he criticized
Vice-President Joe Biden and
other Obama administration officials in a Rolling Stone article.
Sully Another A-list
adaptation of real-life events.
Clint Eastwood directs Tom
Hanks (who else?) in the story
of Chesley Sully Sullenberger,
the US Airways pilot who pulled
off an emergency landing in the
Hudson River after his plane was
struck by a flock of geese.
LaLa Land Writer-director Damien Chazelles follow-up
to Whiplash reunites Ryan Gos-

ling and Emma Stone (Gangster

Squad, Crazy, Stupid, Love) in
a musical comedy about a jazz
pianist who falls for an aspiring
actress.
Fantastic Beasts and
Where to Find Them Movie
version of a textbook owned by
one Harry Potter. Fantastic! The
story reportedly takes place some
70 years before Harrys adventures, and will be set in New York.
Batman v Superman:
Dawn of Justice Fanboys and
fangirls who wailed in protest
about the casting of Ben Affleck
as the Dark Knight must have
missed his work in films such as
The Town and Gone Girl. Afflecks
an underrated actor capable of
playing charming, successful
and popular (someone like, say,
Bruce Wayne), as well as dark,
brooding and dangerous (a la the
Batman).
Zack Snyder (Man of Steel),
who knows a thing or two about
intense, epic action sequences,
directs. Henry Cavill returns as
Superman, and the supporting
cast includes Amy Adams, Jesse
Eisenberg, Diane Lane, Laurence Fishburne, Jeremy Irons
and Holly Hunter.
This film could be a real force
in 2016. Chicago Sun-Times/
Universal UClick

2015,
from S3/ 3

this immediate and intense (almost

homoerotically so) connection?
Yonebayashi doesnt present the
narrative as a mystery a recognizable genre puzzle to be investigated
and solved so much as something
more mysterious, the subconscious
processing of childhood trauma and
loss. Wonderful film calling it animated seems confining, if not smallminded and a fitting last work (if it
is the last; hope springs eternal) from
the legendary studio.

A PIGEON SAT ON A BRANCH

REFLECTING ON EXISTENCE

tion of John Browns Body; sometimes gazes impassively as Charles

XII rides a horse into a more modern
caf, and hits on a young bartender.
If you find this sort of thing funny
thats a very big if youll want to
watch this film (and people need to
watch themselves around you, but
thats another story).

TIMBUKTU

Another comedy (odd or

not that in a year full of grim
events the comedies resonate so).
Abderrahmane Sissako asks what
would happen if a group of Muslim
militants (the Ansar Dine) take over

the historical African city. The results are not as unremittingly grim
as you may think; the people resist in
all kinds of ways, from furtive indoor
singing to (in one glorious sequence)
playing imaginary football to a woman attired in brilliant peacock blue,
her hair tied in bows, her arms outspread, daring the soldiers to confront her. They shrink back, perhaps
in bewilderment perhaps in fear, the
power they sense streaming from her
as inexplicable as it is indisputable.

ESPRIT DE CORPS

Combine an ambivalent attitude towards the borderline

CAROL

Strange but I admired more

than adored Todd Haynes
Far From Heaven. In channeling
Douglas Sirks 50s melodramas he

seemed to have channeled too much

of Sirks distancing visual style, not
enough of the filmmakers impassioned tone. The results were beautiful but oddly unmoving, as if Julianne Moores Cathy and Dennis
Haysberts Raymond were passing
ships that never got to approach,
much less hook up.
Haynes Carol is a whole other
creature. Adapted from Patricia
Highsmiths The Price of Salt, its an
unabashedly erotic film where the
eroticism has been given a high gloss
by Haynes impeccable visual style,
this time more Hitchcock than Sirk
(though the Teutonic filmmakers
presence is still evident here, there).
Carol looks, tastes, feels like two pairs
of lips suspended an inch apart; that
inch of space is crucial to the films
appeal, in the way it makes the heat
palpable, the thrill unbearable.

CLOUDS OF SILS MARIA

Haynes film is as simple as a

stolen kiss; Olivier Assayas
film is more complicated a teasing
buildup between an actress and her
assistant, rehearsing a theater piece

Roy Anderssons heroically

deadpan comic masterwork suggests its premise from the title: a pair
of alien eyes peering down at grotesque humanity trying (in 37 static
if precisely composed shots) to make
sense of near-incomprehensible activity. The narrative is minimal: the
camera sometimes watches (sometimes not) the sad-sack attempts of a
pair of slow-motion salesmen to sell
novelty gag items; sometimes loiters
in a bar where at one point all the
customers sing an inspired rendi-

A PIGEON SAT ON A BRANCH

REFLECTING ON EXISTENCE

abusive yet (some would say) character-building Philippine military

with a rather breathless homoreroticism and you might get Kanakanan
Balintagos latest film, an adaptation
of his stage play written back in the
1980s. Balintagos doesnt so much
hide the films theatrical roots as revel in them, encircling the actors in
swirling long takes, drinking in their
tight muscles and creamy brown
skin. Are the officers taking physical and sexual advantages of the cadets hazing? Yes. Maybe. Maybe the
cadets are complicit (you dont see
them resisting much when the officers start getting hands-on); maybe
everyone accepts this as a necessary
step to building the military culture.
By films end youre so drunk on the
directors potent mix of discipline
and desire you arent sure you have
the answers or if any answer is
possible.

FRIDAY-SATURDAY JANUARY 15-16, 2016

weekender

S3/5

A little bit of this,

a little bit of that

Lumayo Ka Nga Sa Akin

ANDOY RANAY, Chris Martinez, and Mark

Meily direct the three tales that make up
this anthology of twisted takes on popular
entertainment genres based on Bob Ongs
2011 book of the same name. The Viva
Pictures release stars Maricel Soriano,
Herbert Bautista, and Cristine Reyes.
MTRCB Rating: PG

Miss You Already

POPULAR with the critics (Rotten

Toamtoes gave it a 68% fresh rating),
this comedy/drama/romance follows
two best friends, Milly and Jess, who
have been inseparable since they were
young girls. But nothing prepares them
for the day Milly is hit with life-altering
news. Directed by Catherine Hardwicke,
it stars Toni Collette, Drew Barrymore,
and Dominic Cooper. Unflinching yet
unburdened, Miss You Already is like
the best kind of hug: warm, reassuring,
cathartic, and a fleeting but vital
reminder that theres at least as much
good in the world as there is bad, writes
TheWraps Inkoo Kang. The film belongs
to Barrymore and Collette, who generate
a palpable BFF chemistry that will defy
you not to be choked up by the time the
credits roll, writes Sara Stewart of the
New York Post. Not everyone is so happy
with the film though: Newsdays John
Anderson says it is a soulless parade of
movie conventions and rote acting.
MTRCB Rating: PG

Macbeth

The latest version of Shakespeares

tragedy about ambition, murder and guilt,
is very popular among critics, with Rotten
Tomatoes review aggregate site giving
it a 79% fresh rating: Faithful to the
source material without sacrificing its own
cinematic flair, Justin Kurzels Macbeth
rises on the strength of a mesmerizing
Michael Fassbender performance to
join the upper echelon of big-screen
Shakespeare adaptations. Fassbender
plays Macbeth, Marion Cotillard is Lady
Macbeth, David Thewlis plays Duncan,
Jack Reynor as Malcolm, Sean Harris as
Macduff, and Paddy Considine as Banquo.
Michael OSullivan of the Washington Post
writes that Macbeth possesses a terrible
beauty, evoking fear, sadness, awe and
confusion. Presented with the aesthetic
of a dark comic book, its also a mournful
masterpiece. Christian Science Monitors
Peter Rainer says that Marion Cotillards
Lady Macbeth, however, is a triumph. She
seems transfixed by her own capacity for
evil, and her mad scene is one of the most
unhistrionic, and therefore spookiest, ever
filmed. On Fassbender, Manohla Dargis
of The New York Times writes: [he]
gives you a reason to see this Macbeth,
although the writing isnt bad, either. As
Gary Goldstein of the Los Angeles Times
puts it: Even less initiated viewers will
find themselves immersed in this classic
medieval tragedy, a kind of Macbeth for
the Game of Thrones crowd.
MTRCB Rating: R-13

where they play lovers. Do they have

feelings for each other or are they
playing characters with feelings for
each other? Are the characters really
so troubled or is that the actors repressed emotions breaking through?
Bookended on one end by a deft satire of film festivals and auteur worship, on the other by an equally deft
satire of Hollywood star power that
in the final scene suddenly sprouts a
pair of fangs, its one of the most unclassifiably supple subtle sexy films
Ive seen this year.

STORM CHILDREN BOOK ONE

Lav Diazs first feature documentary about the child

survivors of Typhoon Yolanda (Haiyan) is in a way a remake of his Death
in the Land of Encantos, only telling a
true story instead of imposing fiction
on the blasted landscape.
I have to confess, I prefer fictional
Diaz prefer his bleak narratives
that in Encantos seem to have found
their perfect backdrop, prefer the
way his ideas and characters try too
hard to scale themselves upwards
to the surrounding devastation. The

Billy Bob Thornton shows up in full snakecharmer mode as Pat Candy, a shameless political
FOR A manic-depressive, alcoholic, washed-up
operator and sexist pig who has defeated Janes
political consultant of a certain age whos dealing
candidates time and again, and once again seems
with altitude sickness in strife-torn Bolivia, and,
to be backing the right horse. (Thornton looks
oh yeah, shes just taken up smoking again, Jane
and even sounds a bit like a lower-intensity James
Bodine sure looks amazing.
Carville, the focus of the 2005 documentary.)
Granted, her outfits are a disaster, her hair
Zoe Kazan is LeBlanc, Janes secret weapon,
is usually disheveled (albeit in a $200 salon job
whose specialty is digging up dirt on candidates.
kind of way), and she moans about how lousy
Reynaldo Pacheco is Eddie, an idealistic Bolivian
she feels but COME ON. The rosy cheekbones,
volunteer for Castillo. Neither character is particuthe fashionably oversized specs, the killer smile,
larly well-drawn beyond those traits.
the great gams on display as she tiptoes about in
Working from a screenplay by Peter Straughan,
panties and an oversized shirt: What a knockout.
director David Gordon Green (Pineapple Express,
Lets just say Sandra Bullock isnt going the
The Sitter, the raunchy and funny HBO series Eastfull Charlize Theron in Monster/Nicole Kidman in
bound and Down) is all over the place with his tone.
The Hours route for Our Brand
Like most lets-get-wasted monis Crisis, a mixed-bag satire with
tages, a sequence where Jane and
ambitions that veer wildly from
crew get messed up and engage
Our Brand is Crisis
sharp political insight to slapstick Directed by David Gordon Green in wacky hijinks is tedious stretchfarce to inspirational semiing to the point of irritating. (Its
autobiography.
like being sober in a room filled with obnoxious
It never finds solid ground in any of those
drunks who mistakenly think theyre funny.)
genres.
Janes relapses, from her addictions to her unWere told Our Brand is Crisis is suggested
balanced behavior, are treated mostly as comedic
by Rachel Boyntons 2005 documentary of the
touchstones, until suddenly were told shes a
same name, which chronicled the escapades of an
deeply troubled person and, dammit, this is serious.
American consulting firm hired to resuscitate the
Revelations about Janes past make us like her less
fading campaign of a former president of Bolivia
at a point when we should be sympathizing with
trying to recapture the title.
her situation and caring about what shell do next.
When we meet Jane Bodine (Bullock), shes
Bullock and Thornton are smooth and sly in
a forgotten footnote of the modern American
their scenes together, but hes such a creep and
campaign wars a one-time hotshot whose ruthshes such a wreck, they dont deserve each other
less strategies and self-destructive habits earned
they should just be miserable in neutral corners.
her the nickname Calamity Jane and flushed her
Also, its hard to recall a movie with so many
right out of the business.
characters quoting so many historical figures, from
Janes living in a remote cabin, making bad pot- Sun Tzu to Winston Churchill to a certain German
tery and apparently muttering to herself, until one
author. Movie people recite direct quotes and
day her old friend and campaign teammate Nell
correct each others quotes about 100 times as
(Ann Dowd) and a skeptical young hotshot (Anoften as real people do that.
thony Mackie) show up at her door with the offer
Even with scenes involving the cynical candidate
of a job no one else will touch: lending a hand to
Castillo and the idealistic Eddie, Our Brand Is Crisis
the nearly dead campaign of Castillo (Joaquim de
remains all about Calamity Jane. The volatile economic
Almeida), a former and quite unpopular president
climate, the candidates promising to give Bolivia
of Bolivia who is polling in the single digits and
her freedom, the struggles of the people all just
trails a half-dozen other candidates.
background noise to beautiful Jane and her last shot at
And just like that were in Bolivia (actually Louiredemption. Chicago Sun-Times/Universal Uclick
siana and Puerto Rico), plunged into a bumpy adventure with hints of Wag the Dog, The Candidate,
Rating:
MTRCB Rating: R-13
Bulworth and Duck Soup all far superior films.

Movie Review

movies

By Richard Roeper

The Snow Queen

THIS RUSSIAN animated feature is set in

a world of eternal winter created by The
Snow Queen where the polar wind cools
human souls and clearness of lines obscure
emotions. A girl named Gerda, her pet
ferret Luta, and Orm the troll must venture
there to save her brother Kai and the
world. Directed by Vlad Barbe and Maxim
Sveshnikov. This movie is such a mess,
and is clearly a cash grab because Frozen
is coming out from Disney this winter
The only good thing in this movie is that
the final message in the movie is a good
one for people. That violence doesnt really
solve problems, but it would just be great
if it were in a better-made movie, writes
Julian Lyttle on the Punch Drunk Critics
Web site.
MTRCB Rating: PG

people in Storm Children simply are,

and while they have their own unaffected dignity you miss the attempt
at overreach, the attempt to get beyond surface realism.
That said, muted Diaz seems better than almost anything by anyone
else; the little figures struggling to
dig out vital material buried deep in
the sludge have their own pathos,
their own ways of coping. And watching these diminutive figures crawling past the hulk of beached ships
(stranded hundreds of feet past the
shoreline) you cant help but ask:
whats everyone else doing? Wheres
the government in all this? Millions in aid according to the news,
and months later the citys still halfdrowned in mud. Diaz doesnt give
us any answers, doesnt have to; the
wordless questions posed by his lens
are power enough for any one film.

THE ASSASSIN

Hou Hsiao Hsiens first-ever

wuxia isnt grand opera like
Zhang Yimous Hero, or blandly
tasteful like Ang Lees Crouching
Tiger Hidden Dragon (a.k.a. Intro-

duction to Chop-Sockey 101); Hous

wuxia (which he dreamed of making
even before he became a director) is
far more personal, far more perverse:
a sword-fighting film thats also unapologetically a Hou Hsiao Hsien
film.
Not that it doesnt have its genre
pleasures the occasional fight sequences are quick and brutal (much
like real fights), and breathtaking
only if youre sharp enough to suss
out the choreography (at one point
the eponymous killer Nie Yinniang
Shu Qi disarms a swordsman with
what looks like an extra pirouette and
a twist of her limbs; you might need
to rewind several times on DVD to
really appreciate the move). But Hou
above all is about mood and character study: the extraordinary intimacy
for example between Governor Tian
Jian (Chang Chen) and his concubine Huji (Hsieh Hsin-Ying); or
Yinniang standing trial before her
masters her posture defiant without her saying a word. Wonderful
new work from one of the greatest of
Chinese filmmakers, and in my book
the film of the year.

STORM CHILDREN
BOOK ONE

THE ASSASSIN

health

6/S3

weekender

FRIDAY-SATURDAY JANUARY 15-16, 2016

US guidelines urge
breast cancer screening from age 50
MIAMI Women 50 and older should get a mammogram to screen for breast cancer every two years, while
women in their 40s should decide with their doctors,
said US guidelines on Monday.
The newest recommendations by the US Preventive
Services Task Force stoked new controversy over what
is best for women, who not long ago were urged to get a
mammogram every year starting at age 40.
The guidelines are based on findings from six independent research teams, which crafted simulation
models to analyze 10 different digital breast cancer
screening strategies for the average-risk US female
population, said a description of the work in the Annals of Internal Medicine.
The new guidance accounts for the latest scientific
data on the potential harms such as over-diagnosis,
false-positives and benign biopsies of screening using digital mammography.
It also takes into account knowledge about molecular subtypes of cancer as well as how breast density
plays into risk.
Mammography screening every two years for average-risk women ages 50 to 74 offers a favorable balance
of benefits to harm, said the guidelines.
However, lead investigator Jeanne Mandelblatt of
Georgetown Lombardi Comprehensive Cancer Center
cautioned that its important to remember that none
of us is the average woman and that family history
and other risk factors must be considered.
The bottom line is that mammography saves lives,
she added.
When to start screening and how often to undergo
mammography is a personal decision. No model can
provide those answers.

The latest guidelines come on the heels of the American Cancer Societys recommendations issued in
October 2015, which urged women to wait until the age
of 45 before getting an annual mammogram to screen
for breast cancer.
The American Cancer Society previously recommended women be screened each year from age 40, but
said it changed its advice because evidence failed to
show enough lives were being saved.

SCREENING STATISTICS

For the task force guidelines, research was led by

the Cancer Intervention and Surveillance Modeling Network, and funded by the National Cancer
Institute.
Researchers considered screening strategies starting at age 40, 45 or 50, with one- or two-year intervals
between screening exams.
The recommendations, based on a review of new
research, are the same as those issued by the group in
2009.

They say screening earlier or more often prevented

a small number of additional deaths, but also caused
a larger number of false positive mammograms and
benign biopsies, and led to more over-diagnosis and
over-treatment.
Overall, the likelihood of a woman getting breast
cancer in her life from age 40 to 100 is 12.9%, the report
said.
Among women 50-74, screening every two years
achieves a median 25.8% breast cancer mortality
reduction averting seven breast cancer deaths per
1,000 women screened, the report said.
The strategy also leads to 953 false positives and 19
over-diagnosed cases.
Over-diagnosed cancer implies the discovery of a
small tumor that might not be life-threatening.
When women in their 40s are added to the equation,
screening every two years averts one more death per
1,000 from breast cancer and generates 576 more false
positive tests. AFP

EXPERTS CONCERNS

Some outside experts raised concern

about how younger women
would interpret the guidelines, and the potential for
fewer to seek screening.
While the new guidelines
still state women in their 40s can go forward
with mammograms, they suggest that mammograms
are not required, said Stephanie Bernik, chief of surgical
oncology at Lenox Hill Hospital in New York.
Unfortunately many women will take this as a
signal that mammograms are not beneficial.
According to Nina Vincoff, chief of breast imaging at
Northwell Health, mammography is not perfect, but
she said women in their 40s should not discount the
importance of screening.
They also concluded that mammography starting
at age 40 saves more lives than mammography starting
at age 50, said Ms. Vincoff, who like Ms. Bernik was not
involved in the research.
Women need to understand that if they start having mammograms later, they risk having a cancer
that is detected at a more advanced stage, which may
require more extensive treatment or which may no
longer be curable.

HELEN DARLING
of the San Antonio
Silver Stars receives
a screening
mammogram at
Christus Santa Rosa
Hospital-Westover
Hills on August 18,
2009 at the AT&T
Center in San Antonio,
Texas.
AFP

New Years health resolutions

I WISH you a belated happy new year in
this, my first column for 2016. May you
enjoy good health in the new year, which
is probably one of your wishes at the onset. Many of you may have made resolutions to enroll in a diet program and work
off all the weight gained over the holiday
season.
I did not make such a resolution to
avoid having to say I broke a promise
later on.
Those of you who are on social media
and the Internet get bombarded with
product ads to control your
weight, with promise

that you will lose X number of pounds by

following a certain diet.
I think your health care professional
(HCP) will confirm that many of these
programs do work temporarily. Once

MEDICINE CABINET
REINER W. GLOOR

One of the easier things to do that

might trick your mind into eating
better is to switch your big plates
for moderately sized plates and to
stick to smaller portions.

stopped you gain back all you lost. I

have many friends experiencing this. As
HCPs advise, the best way is to eat a balanced diet in many moderate portions.
Take your time eating, chew well and
savor the bites. Drink moderately and
avoid the sugary drinks. This should be
accompanied by regular exercise. This
way you can avoid unnecessary and expensive gym programs and diet plans.
A 20-minute brisk walk three times a
week is usually considered sufficient,
but better results are achieved if its
done more frequently.
Losing weight is a great goal but it
might be best to approach the problem
with the aim of being healthy above other
motivations. It would be best to find and
establish healthy habits all throughout
the year with the goal of becoming fit and
strengthening our immunity.
One of the easier things to do that
might trick your mind into eating
better is to switch your big plates
for moderately sized plates and
to stick to smaller portions. Half
of your plate should also be filled
with vegetables, preferably just
steamed and very lightly flavored
if you must. Keep carbohydrates
to only one-fourth of your plate
serving.
And if you are scheduled to go to
a party or a gathering, you do not have

to worry. You can keep to your diet by

eating meals or snacks low on carbohydrates such as fruits, vegetables, cheese,
and nuts before going to a party to curb
hunger pangs. This way, you can remain
in control.
Of course, it helps if partners and
friends follow the same routine. This
gives support and reduces the temptation
to indulge.
You may be interested to know that the
Department of Health (DoH) launched
a new Web site in early December called
Hospital Advisor (hospitaladvisor.doh.
gov.ph) which is meant to make it more
convenient for everyone to search and
find hospitals and medical centers in
your respective communities. There are
improvements planned to make it even
more user-friendly.
It is reassuring to see that the DoH
is moving towards being more patientcentric, with PhilHealth also expanding its benefits. We still have some ways
to go until we achieve full Universal
Health but we are on the best way to
get there.
I wish you all good health
throughout the year.
Log on to www.phap.org.ph and
www.phapcares.org.ph.
E-mail the author
at reiner.gloor@gmail.com.

weekender

of ivory market, says regulator

GENEVA, SWITZERLAND
Global efforts to crack down
on illegal ivory trafficking are
eating away at prices, a wildlife
trade regulator said on Tuesday,
voicing confidence the bottom
was falling out of the market.
Were seeing the price of
ivory start to tank, said John
Scanlon, head of the Convention
on International Trade in Endangered Species of Wild Fauna
and Flora (CITES).
Youre seeing the bottom fall
out of the market, he told AFP
on the sidelines of a meeting in
Geneva this week focused on illegal wildlife trade.
The international trade in ivory
has been banned in most of the
world since 1989 following a drop
in the population of African elephants from millions in the mid20th century to just 600,000 by the
end of the 1980s.

But a vast illegal market still

sees some 30,0000 elephants
slaughtered in Africa each year.
Organized crime syndicates
and rebel militia looking for
ways to fund insurgencies in Africa have become increasingly involved in the trade, eager to reap
the benefits as demand in Asia
for ivory to use in decorations
and traditional medicines drives
a multibillion-dollar market.
But in a report published late
last year, Kenya-based conservation group Save the Elephants said
the price of ivory in China was cut
in half over an 18-month period.
The organization said in December that the price of illegal
raw ivory in China had fallen to
$1,100 (1,000) per kilo, down
from a record high in mid-2014
of $2,100 (1,900) per kilo.

China has this year taken

steps to reduce both the legal
and illegal ivory trades although a total ban has not been
put in place and awareness of
the impact of the trade on Africas elephants is growing among
Chinese consumers.

HIGH RISK, LOW PROFIT

While the gangs behind most of

the illegal trade can still make
a profit, Mr. Scanlon said the
slumping prices were sending a
clear message.
He said that even more than
ivory-coveting end consumers,
scrupulous investors speculating in illegal ivory prices were
driving the demand, stressing
that they were unlikely to keep
investing as prices plunge and
the risks soar.

Countries across the world

have increasingly been cracking down on the illegal trade,
dishing out harsher sentences
to poachers, middlemen and
buyers alike and dramatically
increasing efforts to track ivory.
Trading in illegal ivory is
shifting from low risk, high profit to high risk, low profit, Mr.
Scanlon said, voicing hope that
lower prices could help bring the
devastating trade to an end.
The problem however remains far from solved.
Today, only 450,000 to
500,000 elephants remain in
Africa, with the hardest-hit
populations in the center and
the west of the continent seeing
annual killings that exceed the
natural birthrates.

We are faced with terrifying levels of poaching and illegal

trade, Nigers representative
Mariama Ali Omar told the
CITES conference.
She was among a range of
country representatives calling
on countries to destroy their
ivory stockpiles and urging
those that permit the trade of
ivory from domestic elephants
to stop it.
That would help us to bring
down demand (and) bring an
end to having domestic trade
serve to launder illegal ivory
trade, she said.
The Geneva meeting will
provide a range of recommendations to be considered at the
triennial World Wildlife Conference in opening in South Africa
in September.
AFP

TUSKS ARE displayed on Oct. 28, 2008 in Windhoek during

the rst legal auction of elephant tusks in nearly a decade
exclusively for Chinese and Japanese buyers.
AFP

Ancient giraffe relative

had thick legs, curly horns
PARIS, FRANCE An ancient relative of the giraffe was a huge,
heavy animal with thick legs, a flat face and massive, curly horns
flaring out from its skull, said a study on Wednesday.
Dubbed Sivatherium giganteum, the impressive creature would
have been shorter than todays giraffe, with a less elongated neck, a
trio of British scientists wrote in the Royal Society journal Biology
Letters.
Using bones dug up in India in the 1830s and now in Londons
Natural History Museum, the team built a computerized 3-D
reconstruction of an animal they said would have stood about 1.8
meters (5.9 feet) tall at the shoulder and weighed about 1.2 tons.
This was a heavy animal with thick legs, co-author Christopher Basu told AFP by e-mail.
Added to the large, flattened horns or ossicones on the top of
the skull, each about 70 centimeters (28 inches) long, it also had
two smaller, pointy horns just over the eyes.
It would have been an impressive and strong animal, said Mr.
Basu. Its face would have looked very different from a giraffe.
Giraffes have very long, pointed skulls. Sivatherium had a very
short, flattened skull.
It lived somewhere between the last five million and 12,000
years ago.
Related to the giraffe and its cousin the okapi, Sivatherium
was possibly the largest ruminant animal those with multicompartmented stomachs to ever have lived.
The first scientists to study Sivatherium bones misclassified
the animal as an archaic link between modern ruminants and a
long-extinct relative of elephants and rhinoceroses.
For the new study, the skeleton was reconstructed using 26
fossil bones from three individual animals. The ribs, back and
pelvis are missing.
We estimated what these might look like from giraffe and
okapi anatomy the two living relatives, said Mr. Basu. AFP

HTTP://PHYS.ORG

THE RECONSTRUCTION of a
skeleton of an extinct giraffe-like
animal, assumed to be the biggest
ruminant mammal ever

Gravitational wave rumors ripple through science world

MIAMI Rumors are rippling through the science in a major gap in our understanding of how the
world that physicists may have detected gravita- universe was born.
tional waves, a key element of Einsteins theory
A team of scientists on a project called BICEP2
which if confirmed would be one of the biggest dis- (Background Imaging of Cosmic Extragalactic
coveries of our time.
Polarization) announced in 2014 that they had
There has been no announcement, no peer re- discovered these very ripples in space time, but
view or publication of the findings all typically soon admitted that their findings may have been
important steps in the process of releasing reliable just galactic dust.
and verifiable scientific research.
A spokeswoman for the LIGO collaboration,
Instead, a message on Twitter from an Arizona Gabriela Gonzalez, was quoted in The Guardian as
State University cosmologist, Lawrence Krauss, saying there is no announcement for now.
has sparked a firestorm of speculation and exciteThe LIGO instruments are still taking data
ment.
t o d a y, a n d i t
M r. K r a u s s
takes us time to
does not work
analyze, interwith the Adpret and review
vanced Laser
results, so we
Interferomdont have any
eter Gravitational
results to share
Wave Observayet, said Ms.
tory, or LIGO,
Gonzalez, prowhich is searchfessor of physics
ing for ripples in
and astronomy at
the fabric of space
Louisiana State
and time.
University.
But he tweeted
We t a k e
on Monday about
pride in reviewthe apparent
ing our results
shoring up of rucarefully before
mor hed heard
submitting them
some months
for publication
ago, that LIGO
and for imporscientists were
tant results, we
writing up a paplan to ask for
per on gravitaour papers to be
tional waves they
peer-reviewed
WWW.LIGO.ORG HENZE, NASA
had discovered
before we anusing US -based A 3-D VISUALIZATION of gravitational waves produced by two orbiting nounce the reblack holes.
detectors.
sults that takes
My earlier rutime too!
mor about LIGO has been confirmed by indepenOther observers pointed out that any supposed
dent sources. Stay tuned! Gravitational waves detection may be a simple practice run for the scimay have been discovered!! Exciting, Mr. Krauss ence teams, not a real discovery.
tweeted.
Caveat earlier mentioned: they have engineerHis message has since been retweeted 1,800 ing runs with blind signals inserted that mimic
times.
discoveries. Am told this isnt one, Mr. Krauss
If gravitational waves have been spotted, it tweeted.
would confirm a final missing piece in what Albert
But science enthusiasts may have to wait a while
Einstein predicted a century ago in his theory of longer to get all the details.
general relativity.
The LIGO teams first run of data ended on
The discovery would open a new window on the Tuesday, Jan. 12.
universe by showing scientists for the first time
We expect to have news on the run results in
that gravitational waves exist, in places such as the the next few months, Ms. Gonzalez was quoted as
edge of black holes at the beginning of time, filling saying by New Scientist magazine. AFP

S3/7

environment

Bottom beginning to fall out

FRIDAY-SATURDAY JANUARY 15-16, 2016

marketing

8/S3

weekender

FRIDAY-SATURDAY JANUARY 15-16, 2016

Experts favor sparing use

of exclusive Ferrari label
DETROIT Newly spun off from Fiat
Chrysler, Ferrari has touted its growth
potential in luxury goods, yet branding
experts warn expanding beyond cars
could be a long and difficult slog.
Ferrari Chairman Sergio Marchionne has argued that Ferrari should
be seen as a unique expression of art
and technology, more like Hermes or
Prada than an automaker.
Ferrari is not really a car, Mr. Marchionne said. It has nothing to do with
the rest of the schmucks.
But shares of Ferrari, long associated with its iconic prancing horse
logo, have fallen 21% since its initial public offering in New York in
October. Ferrari last week added a
second listing in Milan, also under
the RACE ticker.
Ferraris cars certainly do sell for
otherworldly prices compared with
the industry as a whole.
In 2014, Ferrari garnered 2.3 billion for selling just 7,300 cars with
an operating profit margin of 14%. Its
market capitalization of 8 billion is
only slightly less than that of Peugeot
Citroen, which sells 430 times as many
cars per year.

Ferraris boast a starting price of

about 200,000. Ferrari enthusiasts
have likened the vehicles to dancing
works of art.
Ferrari is one of the strongest
brands in the world, regardless of
sectors, not just within the auto industry, said Robert Haigh, marketing
and communications director if Brand
Finance, a consultancy.
It inspires an almost religious devotion, an incredibly powerful, emotional pull, he said. They have that in
common with a very few brands.
Yet elements of Ferraris growth
strategy have begun to look less solid
of late.
Ferrari has discussed increasing annual vehicle production from 7,700 to
9,000 around 2019.
The boost is to serve growing markets in China and the Middle East,
two regions wracked of late by slowing
growth and, in the case of the Middle
East, much lower oil prices.

A FERRARI TOASTER?

Mr. Marchionne has also discussed additional efforts to cash in on the Ferrari brand by expanding its non-car

offerings, an idea that raises worries

with some branding experts.
You can get overexposure; that for
Ferrari that may be a particular issue,
since it stresses exclusivity so much
in its branding, said Bruce Clark, an
associate professor of marketing at
Northeastern University in Boston.
If theres a Ferrari logo on each
other item that you see, people start
saying: Well, how really exclusive is
this brand?
Mr. Marchionne has acknowledged
this fear, vowing to be very, very careful with new ventures.
The most important thing is not
to do anything big and stupid, Mr.
Marchionne said last week.
If you put Ferrari on a toaster, it
doesnt go faster... You can not stick
it everywhere; otherwise, it loses it
value.
Ferrari currently garners about 1020% of its revenues from items such
as watches, clothing and leather goods.
Especially lucrative has been custom-painting, an offering that can
bring in 10,000-15,000 per car and
gives a personal touch that is popular with the well-heeled, who are

also invited to drive the cars around

Ferrari racetracks.
The bespoke tailoring of vehicles
has proven to be massively profitable
for (Ferrari), said Ian Fletcher, an automotive analyst at consultancy IHS.
Ferrari also plans to open a second
amusement park in Spain following
the first such venture in Abu Dhabi.
But Jacqueline Kacen, a marketing
professor at the University of Houston,
said Ferrari must be careful before it
takes on too many different concepts.
Services are a lot harder to execute
than products in some regards, to maintain that high quality and that sense of
luxury and exclusivity, she said.
As youre expanding into a luxury
brand, you cant alienate your core
customers.
Marketing professor Mr. Clark said
Ferrari also must not lose site of its
core product.
What does Ferrari stand for?
Speed, luxury, exhilaration, passion,
performance, success, he said.
The cars need to stay great and
to win races, he said. If they have
trouble with that, that starts eroding
over time. AFP

Kultura scores in word-of-mouth advertising

MARKETING-MADE-SIMPLE.
COM defines word-of-mouth
advertising as the unpaid
spread of a positive marketing
message from person to person.
It can take place directly using
the human voice or can be transmitted via any communicative
means such as through the internet or via text message.
In our ever increasingly complex world of communications
in the marketing arena today,
the word-of-mouth push can be
the easiest and a most effective
way of arriving at a dependable
choice of action in the consumer
buying system.
My cousin and his wife
breezed into the city for a helloand-goodbye holiday visit, where
their activity was uncompromisingly confined to Makati. Before
the final goodbyes filled the air,
the wife had a special request.
She had to get the right gifts for
her neighbors abroad, veritably
a whole subdivision filled with
true-blue Americans in their
40s and 50s. These families
had never come to our country;
she had to give them what, in
essence, would be a reflection of
our culture and the Filipinos
exquisite taste for the elegant
and the beautiful.
Give me one single Makati
shop that can meet this demand:
We must have a bevy of choices,
then we point at our selection,
and voila, all are packed in one
single afternoon.
I called up four close friends,
whom I find the most credible
when it comes to shopping for

GETTING THE
EDGE IN
PROFESSIONAL
SELLING
TERENCE A. HOCKENHULL

The rights of consumers

are sacrosanct.
TERENCE A. HOCKENHULL is a longterm resident of the Philippines. He
is an accomplished sales
consultant who currently
holds an executive sales
position with an Italian
geotechnical company.
hockenhull@gmail.com

ADS & ENDS

NANETTE FRANCO-DIYCO

That we all recommended the

same store is a surefire application
of word-of-mouth advertising.

the very best en punto. This is

a sure-fire application indeed
of word-of-mouth advertising:
Tita Reverente, Mina Contreras,
Daisy Ongkiko, and Rose Gonzaga we are five in total agreement that Kultura in SM Makati
is the place to go.
It was amazing that we enjoyed the shopping adventure
that whole afternoon with our
tourist friend in tow. Among the
five of us, we locals bought
nearly as much as our recommendations for our guests
American friends.
SM Marketing Vice-President
Millie Dizon, whom we bumped
into, stressed that Kulturas
most popular items are indeed
souvenirs. My cousin went berserk over the fashion accessories
that she exclaimed would be real
treasures abroad. They were real
stones in different shapes, colors and shades. I myself could
not resist a one-of-a-kind pair
of hoop earrings meticulously

embedded with the finest minipearls that completely covered

its gold base.
She chose a beautiful frame
made of white marble laden
with pearls for a friend scheduled to tie the knot come June.
Heavy, but truly irresistible,
she sighed.
She also depleted Kultura
of all the colors of fans that
looked like genuine Spanish
fans, complete with intricate
carving. She said she was hopping to Indonesia en route to
the US, and Indonesia was
now sizzling hot. All of a sudden, she had expanded her gift
recipients to Indonesians!
We were impressed with the
wide selection of Filipiniana
and mens barongs, including
hand-embroidered wraps that
she went gaga over. Kultura,
per Millie, was also honored
to have been invited by the
Department of Foreign Affairs
and the Department of Trade

and Industry to showcase its

barong and pia collections for
the wives of the participating
foreign affairs and trade ministers during the recent APEC.
We stashed away a total of five
wraps for formal occasions.
What provinces are involved
in acquiring Kulturas widest
array of products? Millie said
they are sourced from all over
the Philippines. We seek to be
a hub of the best products that
the Philippines has to offer for
instance, shells and capiz from
Cebu, nito jars made by Mangyan artisans, and fashion accessories designed by Manilas
most talented.
It pleased us to learn that
Kultura, apart from SM Makati,
is also located in Megamall,
SM Aura, Mall of Asia, SM City
Cebu, SM Seaside City Cebu, and
SM Lanang Premier. Its also in
most SM stores nationwide and
boutiques in Pico de Loro Beach
Club, Taal Vista Hotel, and Molo
Mansion Iloilo.
Our guest bought several
boxes of dried mangoes with
tasteful ribbons. She could not
resist the multi-colored woven
bags that Millie informed us
were of special product lines
from Crafts for a Cause, where
Kultura helps support margin-

alized communities and... World

Wide Fund for Nature.
Adding to the entire non-stop
unforgettable shopping experience in Kultura, we noted the
impeccably dressed sales force
in native costumes, all smiling, articulate, polite, and of
utmost service to us. Last but
not least, my touristy cousin was
unexpectedly gifted with their
holiday promo item: a bright red
bamboo amplifier.
On the day of her flight, she
called to say that she brought the
red bamboo which will surely
prove to be one of the most precious, creative Filipiniana gifts
of all!
(As an addendum, she advised
that because it surprisingly
works efficiently as an amplifier,
Kultura should make it available
as a regular item for sale.).
Congratulations, Kultura
you make us proud!

However, it seemed that I

had hit on the right gift, for a
change. Within a couple of days,
the tablet was being used to take
all of our holiday shots, allowed
her to rediscover an interest in
Facebook, and have access to
all the latest news, gossip, and
fun facts usually posted during
the holiday season. A week later
and my wife and her tablet were
inseparable. It was declared the
greatest gift ever!
Imagine her chagrin when the
unit suddenly blacked out, re-

fusing to show a glimmer of light

on the screen! Off to the service
center at the earliest opportunity, I fully expected to have the
unit inspected, repaired or replaced. So, I was disappointed to
be told to leave the unit, and they
would look at it within the next
one or two weeks.
About 10 days later, I received
a call informing me that the unit
had been dropped and required
a new screen at a cost of P12,000.
However, out of the kindness

NANETTE FRANCO-DIYCO ended her

15th year advertising career as VicePresident of JWT, segueing into the
world of academe, currently
teaching communications
at the Ateneo de Manila
University.
nanettediyco131
@gmail.com

The Sam Smith Saga

APROPOS OF NOTHING, I
believe Sam Smith visited the
Philippines in 2015, and at his
long-awaited concert, he sang a
number of his greatest hits. Now,
let me tell you a tale of an ongoing saga that kicked off in 2014
and ended a few short weeks before Christmas.
As most married men will attest, buying gifts for their wives
is fraught with problems and
rarely ends with a highly successful outcome. Last year, I
found myself hurrying through

stores a few days before the

holidays with little idea of what
to buy my wife. I finally hit on
the idea of getting her a tablet
certainly not a cheap acquisition since I wanted her to have
something that would last.
On Christmas Day, she opened
it with the inevitable lack of enthusiasm. I believe it was only
the suggestion by my daughter
to take it from her (since she
obviously wasnt going to use it)
that prompted any level of interest at all.

Hockenhull, S3/12

FRIDAY-SATURDAY JANUARY 15-16, 2016

weekender

S3/9

travel

Top of the city

TOP TO BOTTOM:
the view of the
Metro Manila skyline
from the lobby
of the Sky Hotel
the Marco Polo
Ortigas; the Flow
Spa; and the Cucina
restaurant
By Zsarlene B. Chua, Reporter
SEEKING to be the top-ofmind hotel in the area (in the
words of general manager Frank
Reichenbach during a press
lunch last August) is no easy feat
with dozens of hotels crowding
the busy Ortigas Center and a
behemoth (a Shangri-La) at its
center, but Marco Polo Ortigas
has more than a fighting chance
as the so-called Sky Hotel has
a lot going for it, including a fantastic view and good food.
The less than two-year-old
Metro Manila iteration (the
third in the Philippines after
Cebu and Davao) of the Hong
Kong-based international hotel
chain sits in front of one of the
busiest and happening
places in Pasig City, Metrowalk,
and is thus smack dab in the
middle of the chaotic mess that
is Metro Manila traffic.
Curiously enough though,
once inside Marco Polo, one can
find the tail lights and slow moving vehicles almost beautifully
hypnotic when night falls, likely
because the room (spacious and
decked out in cool earth tones)

By Zsarlene B. Chua, Reporter

MVENPICK Hotel and Resorts have
added another Philippine property to
their portfolio as they are set to open
Mvenpick Boracay in the second
quarter of 2016.
The Switzerland-based hotel
management company has acquired
management rights to what was the
Sol Marina Resort (better known as
Club Panoly) located at Punta Bunga
beach in Boracay, Aklan, and is now
working to complete the 333-room
hotel and resort spread over nine
buildings, with eight food and beverage outlets, and what is said to be the
largest multi-level swimming pool in
Boracay.
We have extended the hotel to 333
rooms [from 150]. We have renovated
the rooms, especially those in the
[former Club] Panoly building which is
under renovation right now, Mvenpick Boracay Stefan Keel told BusinessWorld in a phone interview last month.
He described the 3.8-hectare property as having a village feel which
sets it apart from the Mediterraneanstyle Mvenpick Hotel in Mactan, Cebu
is known for. He added that in keeping
with the aforementioned style, the
nine buildings will only have two to
three storeys making them guest

this writer was billeted in last

December was on the 42nd floor
far, far above the sounds of the
street. It was blessedly quiet and
the pretty cityscape lighting up
at night was an added bonus.
The hotel, 45-storeys high,
has most of its public facilities
located at the 24 th floor and
above, hence the Sky Hotel
moniker. The lobby and the allday dining restaurant Cucina
are at the 24 th floor, while the
business center, Vus Sky Bar,
and Lung Hin Cantonese restaurant are located at the top
floor. Below the lobby level is the
indoor pool and Flow Spa and
Fitness Center. Everything is, of
course, afforded a magnificent
view of the skyline.
While the buffet spread at
Cucina is not as extensive as
others, it is certainly not lacking
as the selection (Asian and Continental cuisine) and flavors are
better than many others they
have pretty good tapa (cured
beef ) and the Indian section is
very good.
While the view alone would
have some people keep coming
back to the hotel (and go through

the mild inconvenience of

switching elevators as one only
goes as high as the lobby floor
while the other goes up to the
hotel rooms), one of the drawbacks of being in one of the tallest buildings in the city is that
it is sometimes uncomfortably
close to fireworks displays, as
this writer found out.

MASSAGE

During the staycation, this writer was given the chance to try
out the Flow Signature Massage
a 90-minute treatment said to
combine Eastern and Western
techniques while using a special
blend of essential oils, featuring
Thai stretching and Hawaiian
Lomi-Lomi strokes (according
to the hotel Web site).
What was supposed to be a
spa visit turned into an in-room
massage treatment as due to
technical issues (never explained) the spa had to close for
the night. Despite the hiccup, the
way the hotel handled the whole
thing by calling the guests and
informing them of the problem
and the solution/alternatives
was much appreciated.

The signature massage certainly was relaxing I would

hazard to say that it was one
of the best massages Ive had
in a while and the essential
oils smelled divine (without
the stickiness). In hindsight, it
was a boon that the treatment
was done in-room because I
wouldnt have been able to muster the strength needed to go
up my room afterwards if it had
been done in the spa.
It might not be the top-ofmind just yet, but Marco Polo
Ortigas certainly tries its hardest to be.
As an introductory promotion,
guests may enjoy a 90-minute
Flow Signature Massage for two
and get a 25% discount. Down to
P5,000 from the original price of
P6,250, this promotion is valid
until March 31. The Flow Spa is
located at the 22nd floor of Marco
Polo Ortigas Manila, with its
treatments starting at P1,800.
Flow Spa is not exclusive to the
Hotels in-house guests. It is open
daily from 9 a.m. to midnight. For
details visit www.marcopolohotels.com.

Coming soon: Mvenpick Boracay

friendly as it is not complicated to

navigate.
In the middle of everything would
be the pool (though Mr. Keel did not
say how big it would be) and the food
outlets around it.
A Mvenpick signature would come
in the form of a beach club like the
Cebu hotels Ibiza beach club where
guests can enjoy live music, dinner
shows and other events.
The Boracay property 10 minutes
from the busy Boracay strip will also

have conference rooms and a convention center which can accommodate

around 500 people.
It will also have 12 room categories
including a Royal Beach Villa and
Executive Suite Villas.
Overall we have all kinds of
markets from individual travelers, to
honeymooners, to colleagues, friends
and families and there is something
for everybody who wants an escape.
And because of the location, you have
leisure, of course, but with our confer-

ence and convention centers were also

looking at corporate clients, Mr. Keel
said.
He foresees a market split in half
between local and foreign tourists,
mostly from Asia, and because the
Mvenpick brand is quite strong in
the Middle Eastern market, he sees
that tourists from there will likewise be
drawn to the Boracay branch.
The resort is located at one of Asias
luxury resort hot spots and its nearest
neighbor (almost a literally a stones

throw away) is the famed Shangri-La

Boracay Resort and Spa, something
that doesnt bother Mr. Keel in the
least.
Although Shangri-La is directly
beside us but its not [going to be]
competition but a completion as
Shangri-La is more of the luxury and
we are upscale so were actually completing each other, he remarked.
Mvenpick Boracays soft opening
is slated for the second quarter of the
year, with the grand opening to be
held in August. Mr. Keel said that they
are looking at around 350 staff members, mostly from the local community
Maximum or all of them will
be local... to support the local community, he said.
Aside from the Boracay property,
Mvenpick is set to open another
property in Pattaya, Thailand (its third
after Phuket and KohSamui) on Jan.
15; in Quy Nhon, Vietnam within two
years; and in Bali, Indonesia in August
or September.
Mvenpick is a company that
is very much focused on the Asian
market... right now were talking [to
open] at around 25 properties in the
pipeline within the next five years, he
said before adding that officially, there
is no information regarding managing
another property in the Philippines.

10/S3

weekender

FRIDAY-SATURDAY JANUARY 15-16, 2016

Fargo Season 2

and the thrill of storytelling

THE BINGE
JESSICA ZAFRA

You do not need to

have taken a single
Comp Lit subject
to enjoy Fargo. You
dont need to have
seen the first season,
or the Coen Brothers
movie that inspired
the show, although
familiarity with
the material would
enhance your enjoyment.

Contact the author at

TVatemyday@gmail.com.
Read her work every week
at BusinessWorld, every day at
JessicaRulestheUniverse.com.

staying

in

EVERYONE thinks theyre the

hero of their own story. History is made up of all their stories bumping up against each
other. How do you make sense
of this chaos? What does it all
mean? Does it mean anything?
(No, says Albert Camus, from a
paperback that a teenage clerk
is reading, existence is absurd.
I dont know who that is, but
Im guessing he doesnt have a
six-year-old girl, retorts Betsy
the cancer-stricken housewife.)
At best we can tease out a pattern of actions and consequences, then impose a beginning and
an end to create narrative cohesion. But you need time and distance in order to do this. What
if youre inside the story as its
happening?
In the amazing second season of Noah Hawleys Fargo, the
characters can be too engrossed
with composing their own stories to see the bigger story of
America, or the even bigger
story of the universe. There are
UFOs in this season, because
in 1979 they were all over the
place, and because they fit in this
series. Fargo 2 is so enthralling
that after the initial Holy crap,
UFOs! you just accept that
theyre there, turning up at odd
moments like cinematography
aids. Aliens could be trying to
make contact, but were too
fascinated with the people to
care. Theres an oil crisis, the
nation is dealing with the fallout
from the Vietnam War, women
are asserting themselves, Native Americans are struggling
against racism, and Ronald Reagan the supreme storyteller is
running for president. This is
the backdrop of Fargo 2; now we
zero in on its many protagonists.
Theres Floyd Gerhardt (Jean
Smart), matriarch of the Gerhardt crime syndicate of Fargo,
North Dakota, who takes over
when her husband Otto (Michael
Hogan) suffers a stroke. She exerts a precarious control over
her three sons, Dodd (Jeffrey
Donovan), Bear (Angus Sampson), and Rye (Kieran Culkin),
who all want to be the boss.
Rye commits three murders in
Luverne, Minnesota, and as he

leaves
t h e
scene of
carnage he
is run over by
a passing car. The car is driven
by beautician Peggy Blumquist
(Kirsten Dunst), whose mind is
so addled by self-help nonsense
that she drives all the way home
with an unconscious man on her
windshield. She convinces her
husband, the butcher Ed (Jesse
Plemons), to keep the incident
secret we believe them because the actors on this show are
so committed, we never question their baffling decisions.
State trooper Lou Solverson
(Patrick Wilson as the younger
version of Keith Carradine from
Season 1) and his father-inlaw, Sheriff Hank Larsson (Ted
Danson) arrive to investigate
the murders. As the Gerhardts
search for the missing Rye, the
Kansas City crime syndicate
sends its emissaries Joe Bulo
(Brad Garrett), Mike Milligan
(Bokeem Woodbine) and the silent, hulking Kitchen brothers
(Brad and Todd Mann) to make
an offer for the family business.
The situation spins rapidly
out of control, in large part because each character is telling

themselves a different story.

This multiplicity of narratives is
acknowledged with split screens
or maybe the directors just
thought it was a cool retro-70s
device, but thats how I see it.
Peggy, who devours womens
magazines exhorting her to Be
the best me I can be, actually
perceives the hit-and-run, then
being pursued by killers, as a
positive. It is her opportunity
to escape to the exciting new life
the magazines have promised,
preferably in California. Sweet,
bovine Ed just wants to buy the
butcher shop and start a family. Floyd wants to protect her
husbands legacy and keep her
sons from killing each other.
Lou and Hank, decent men who
have served in foreign wars and
seen unspeakable things, must
deal with death at home: Betsy
(Cristina Milioti), Lous wife and
Hanks daughter, has cancer.
Their stories are rooted in
other stories. Floyd reminds
her sons how their crime
empire was founded on a
shoeshine box. When Rye
threatens the judge at gunpoint, she responds by telling
the biblical story of Job. The
drunken attorney Karl Weathers (Nick Offerman) rants about
the military-industrial complex.
The Gerhardts ward, Native
American Ohanzee (Zach McClarnon), carries his peoples
history of oppression. Mike
Milligan, the articulate enforcer from the Kansas City mob,
likes to quote from literature.
When the rebellious Simone
Gerhardt (Rachel Keller) lashes
out at him, he quotes the Duc
de la Rochefocaulds words to
Louis XVI: Non, sire, cest une
rvolution. Anywhere else this
would sound pretentious, but
in the literature-soaked universe of Fargo, its no stranger
than Milligan reciting Jabberwocky on his way to a massacre. Episodes are named after
classics of absurdism by Camus,
Ionesco, Kafka. As the action
hurtles towards the Sioux Falls
Massacre weve been hearing
about since Season 1, a narrator
(Martin Freeman, who played
Lester Nygaard) reads from

The History of True Crime in the

Mid-West, helpfully summarizing the bizarre chain of events
and placing Fargo squarely in
the literary universe.
But you do not need to have
taken a single Comp Lit subject
to enjoy Fargo. You dont need
to have seen the first season, or
the Coen Brothers movie that
inspired the show, although
familiarity with the material
would enhance your enjoyment.
Season 2 is crammed with references to the film, such as the
casting of Michael Hogan who
had played William H. Macys
father-in-law, and the body disposal system that was not unlike
a wood-chipper. There are references to other Coen Brothers
movies from Millers Crossing to
The Man Who Wasnt There.
Geekiness aside, Fargo 2 is
such a pleasure to watch that as
soon as I had devoured the 10
episodes, I had to watch them
all over again to make sure I
hadnt been in an unnaturally
good mood. The show rewards
repeat viewing: the jokes are still
bleakly funny, the shocks shocking, and the action scenes tense
and scary. Details I had missed
the first time leapt out at me,
such as the fact that a character
will turn up a quarter-century
later wearing a different face.
T h e c i n e m a t o g r a p hy i s
breathtaking, moving from
snow-clad woods to interiors
so unmistakably 1970s that the
polyester seat covers make your
eyes itch. A long, empty highway dissolves into veins on a
slab of meat. The camera pulls
away from a killing to hover high
above the skinny treetops like
the eye of an indifferent universe. Fine, I was a comp lit major. The soundtrack, an eccentric
mix of obscure yet oddly familiar
tracks, demands a review of its
own. Never have I been so glad to
hear Black Sabbath War Pigs
was one of the few tracks I could
identify.
Absurdist, humanist, bleak
and yet hopeful, Fargo has
evolved from an adaptation of
a great movie into a show that
hurls a challenge at the current
cinema. What have you got?

PARIS David Bowie who died on Sunday, two days after his
69th birthday and the release of his last album, Blackstar has
been repeatedly voted the most influential rock musician ever by
his peers and music critics.
Here are 10 of the songs that made helped make his reputation as
an edgy innovator and rocks great chameleon:

The

weekender

key tracks

SPACE ODDITY (1969)

LIFE ON MARS? (1971)

CHANGES (1971)

STARMAN (1972)

THE JEAN GENIE (1973)

YOUNG AMERICANS (1975)

HEROES (1977)

ASHES TO ASHES (1980)

LETS DANCE (1983)

BLACKSTAR (2015)

Bowies first major hit also introduced Major Tom, who would
become one of the stars many
alter egos. Despite all that was to
follow, it is still his best known
song with its sci-fi dialogue with
Ground Control striking a chord
with the public in the wake of the
moon landings.

The song that finally helped

Bowie and glam rock break the
American market came from his
plastic soul period and is full
of references to the civil rights
movement and even namechecks then president Richard
Nixon. Luther Vandross was one
of his backing singers, and another of the black musicians on
the song described Bowie as the
whitest man Ive ever seen.

Having gone two years without a hit, Bowie got back into
orbit with this theatrical and
often bizarre song which has
been described as a cross between a Broadway musical and
a Salvador Dali painting. The
singer wrote it as a riposte to
the success of My Way, after
his own version of the original
French song on which it was
based crashed and burned.

Written with Brian Eno as the

punk movement was gathering
steam and Bowie was rediscovering his own mojo in Cold War
Berlin, the songs inspirational
message has made it his most
covered track after Rebel Rebel.

Despite not even making the

British Top 40 when it was first
released, Changes became one
of his best-known songs and is
often seen as a manifesto for a
career studded with radical reinventions.

Bowies melancholic epitaph for the 1970s and his own

struggle with cocaine addiction,
saw the return of his Major Tom
character, and his first of what
would be a string of groundbreaking Bowie videos in which
he appeared as a harlequin.

S3/11

staying in

Bowie:10

FRIDAY-SATURDAY JANUARY 15-16, 2016

Perhaps Bowies most iconic

song, which introduced his most
famous character, Ziggy Stardust, a being from outer space
who brings hope to the young
people of the Earth through the
radio. The song very nearly did
not make it into the album The
Rise and Fall of Ziggy Stardust
and the Spiders from Mars, and
was only included at the last
minute.

Although the song and the

album of the same name which
also contained China Girl and
Modern Love were huge commercial hits, diehard fans and
critics panned Bowies pop period and the singer would later
describe it as my Phil Collins
years.

His catchy paeon to the arty

America of Andy Warhol and
the Factory, with whom Bowie
had been spending a lot of time,
although the title is tip of the
hat to the French writer Jean
Genet. The band Simple Minds
took their name from a line in
the song.

The 10-minute-long title song

of his last album is clearly the
product of an artist facing his
own end. A musical landscape
as much as a tune which ranges
across the musical styles of his
career from jazz and blues to
acid house, its surreal video
features a woman taking a dead
astronaut (for which critics have
read Ziggy and Major Tom) to an
otherworldly city. AFP

Why the wealthy give

By Jasmine Agnes T. Cruz, Reporter
DONATING to charity can make
people happy. This is the thesis
of the book The Giving Way to
Happiness by New York-based
Filipina Jenny Santi, a philanthropy advisor to some of the
worlds richest people.
This idea is supported in the
book through personal stories of
philanthropists that Ms. Santi has
met, such as actors Djimon Hounsou and Goldie Hawn, author Isabel Allende, models Christy Turlington-Burns and Petra Nemcova,
and entrepreneur Mo Ibrahim,
among others. Deepak Chopra
wrote the books foreword.
Aside from the stories, the
book also includes scientific research on the power of giving,
and advice on whether donors
should give as a family or anonymously and how to address donor fatigue.
Ms. Santi holds an MBA
from European business school
INSEAD (Institut Europen
dAdministration des Affaires),
went to Wharton business school
as an exchange student, graduated summa cum laude from the
Ateneo de Manila University, attended New York Universitys
Heyman Center for Philanthropy
and Fundraising, and is a Char-

tered Advisor in Philanthropy.

She is a frequent commentator
on the topic of philanthropy and
has been quoted in the New York
Times, the International Herald
Tribune, on Channel NewsAsia,
and on BBC World News.
As a philanthropy advisor, she
gives advice to clients regarding
where to donate depending on
their interests, she also plans
events to let charities and philanthropists meet, and more.
She got into this business
when she met a philanthropy
advisor, who hired her to be
part of his team. Soon after, he
left, giving her the opportunity
to be the head of philanthropy
services for Southeast Asia for a
wealth manager.
She held that job for five years,
and through it met celebrities
and other wealthy individuals
who are active in giving back.
She also heard many personal
stories of why philanthropists
decided to donate and how that
act changed their lives. I was
convinced that these stories
need to be told, she said.
Initially though, her subjects
were reluctant to have their stories made public because they
didnt want to be seen as selfish for experiencing personal
happiness from giving back, but

when some prominent people

decided to share their stories
with Ms. Santi, more followed
suit. Her book is filled with stories about how giving has helped
these givers become closer to
their loved ones, experience fulfillment they didnt find before,
enable them to overcome a painful experience, and now have a
sense of purpose.
The Giving Way to Happiness
is available for P755 in National
Book Store and Powerbooks. It is
also available as an eBook from
nationalbookstore.com.

Book

The Giving Way

to Happiness

By Jenny Santi
Published by Penguin
Random House

12/S3

weekender

Repertory Philippines celebrates

49 years of exceptional theater

out

going

FRIDAY-SATURDAY JANUARY 15-16, 2016

THEATER is booming in the

metropolis performance
groups are sprouting like
mushrooms, many good venues have opened, and theater is finally being looked
at as a proper profession and
not just a hobby indulged in
after work.
Through it all has stood
Repertory Philippines, now on
its 49th year and 79th season.
Repertory Philippines
began as a dream by Zeneida
Amador, said Carmen Baby
Barredo, the companys cofounder and current artistic
director, in a release from the
company. She wanted to make
theatergoing a social habit and
to give opportunities for actors to showcase their talents.
Its funny when you think
about our beginning because
when we did our first show
Miss Julie, we only had seven
members in the audience. And
only three were paying customers, she added.

EXHIBITS
Formal Elements, an exhibit of works by
Irma Lacorte, is on view at Galleria Duemila
until Jan. 30. The exhibit features a series
of pencil drawings on circular 122 cm. wood
panels prepared and coated with emulsion and gesso. Here, Lacorte works with
amassed images from old coffee table books
and reverts to the basics of image making
by isolating or expanding line, texture, form,
and tonal value. Lacorte is an accomplished
artist who has also been exhibited at the
Cultural Center of the Philippines and at St.
Pauls Gallery Columbia University in New
York. Galleria Duemila is located at 210 Loring St., Pasay City.
On view at the Cultural Center of the
Philippiness Bulwagang Juan Luna and
Pasilyo Juan Luna is Chromatext Rebooted.
Co-curated by Jean Marie Syjuco and Krip
Yuson, the group show involves artworks
based on, coupled with, or related to words,
poems, prose, or any kind of visual art executed by poets/writers including abstract,
sculptural, conceptual and digital works. On
view until Jan. 17.
RE:VIEW 2015, a year-end group show, is on
view at the BenCab Museums Gallery Indigo until Feb. 7. The show features the works
of 38 artists including Leonard Aguinaldo,
Virgilio Aviado, BenCab, Marina Cruz, Emmanuel Garibay, Kawayan de Guia, Winner
Jumalon, Arturo Luz, Raffy Napay, Leeroy
New, Ramon Orlina, Soler Santos, Rodel
Tapaya, and Olan Ventura. Also on exhibit
at the museums Print Gallery is Philippine
Views, an exhibition of 18th to 19th century
prints. The BenCab Museum is located at
Km. 6 Asin Road, Tuba, Metro Baguio.
The Vargas Museum at UP Diliman starts
the new year with the opening of the

exhibition BenCab:
Another Scale, part of the
year-long celebration of
National Artist Benedicto
BenCab Cabreras 50
years as an artist.

Despite this less than auspicious start, the company continued, staging everything from
farces to dramas, straight plays
to full-on Broadway extravaganzas. It has performed over
400 straight plays and musicals.
As it staged everything from
Antigone to Les Miserables,
Repertory discovered and
trained notable actors like Lea
Salonga, Monique Wilson, Pinky Amador, Cocoy Laurel, Subas
Herrero, Cris Villonco, and Leo
Martinez (a cofounder).
For its 79th season, Repertory is producing a mix of comedy, drama, and musicals for
young children.
Opening this season is Ken
Ludwig s The Games Afoot,
which goes onstage from Jan.
15 to Feb. 7. The story follows
William Gillette, a Broadway
star known for his portrayal
of detective Sherlock Holmes,
both in the play and in real life.
He invites his castmates to his
Connecticut castle for a week-

OPENING Repertory Philippines 79th season is The Games Afoot.

end, where someone ends up
dead. Gillette must channel
his inner Holmes to track the
killer and stop the next death.
This will be followed by Almost, Maine, from Feb. 19 to
March 13. The play is set in the
little town of Almost, where the
residents fall in and out of love

whats

in unusual ways. The New York

Times has described it as a higher-concept and more clever version of Hollywood [love stories]
with a beautiful structure.
Next comes Stepping Out
from April 1 to 24, Richard
Harriss Broadway comedy
about a former chorus girl who

GOING ON

Art Informal starts the

new year with three
shows, which are on view
until Feb. 6. At the Main Gallery is Begin,
a group exhibition by nine young artists Pope Bacay, Julia Barrameda, Mars
Bugaoan, Pin Calacal, Camille Cabatingan, Andie Harn, Kitty Kaburo, Henrielle
Pagkaliwangan, and Veronica Pee who
are treading the various personal and impersonal geographies of beginnings. The Big
Room houses Being, featuring an installation by Jacob Lindo. The Inner Room has
Hagiography, a show of portraits by Jun-Jun
Sta. Ana. The gallery is at 277 Connecticut
St., Greenhills East, Mandaluyong City.
On until Jan. 16 at the Dragon Gallery is Cocolifes Colors of Life, the gallery exhibition
of the winners, runners-up, and special prize
winners of the 6th Colors of Life Students
Visual Arts Competition. The gallery is
located at the second floor of the Yuchengco
Museum, RCBC Plaza, Makati City.
Samsung Electronics Philippines and the
Yuchengco Museums tribute to National
Artist for Visual Arts Benedicto BenCab Cabrera is the interactive exhibit dubbed BenCab in Two Movements. It is on view at the
museum until Jan. 16. Yuchengco Museum is
located at the RCBC Plaza, Corner Ayala and
Sen. Gil J. Puyat Avess., Makati City.
The Metropolitan Museum of Manila takes
its turn in celebrating the 50 creative years
of National Artist for Visual Arts Benedicto
BenCab Cabrera with a retrospective ex-

hibit that runs until Feb. 27. The museum is

at the Bangko Sentral ng Pilipinas Complex,
Roxas Blvd., Manila.
Galleria Duemila in partnership Greenbelt
presents New Life, a public sculpture exhibition by Impy Pilapil. The exhibit runs until
Feb. 28, 2016 at Greenbelt Park, Makati City.

PERFORMANCE
Bituing Walang Ningning (The Musical) has
performances at the Newport Performing
Arts Theater in Resorts World Manila until
January. Starring Mark Bautista, Antoinette
Taus and Monica Cuenco, it is based on the
famous film of the same name about an established star who finds herself competing
for fame and love with a newcomer. Directed
by Freddie Santos. For details, visit www.
ticketworld.com.ph, or call 891-9999.
The concert JESSA ZARAGOZA I am Me
will be presented on Jan. 15, 8:30 p.m., at
the Music Museum, Greenhills Shopping
Center, San Juan. Tickets range in price from
P1,100 to P2,900. Concept and Direction by
Dingdong Avanzado.
Described as The Best MMA Action in
Asia-Pacific, PXC51 (Pacific X-treme
Combat) will be held on Jan. 16 at the Grand
Ballroom of the Solaire Resort & Casino,
Entertainment City, Paraaque City. The
doors open 6 p.m. while showtime is at 8

p.m. The game card

features Pitpitunge
vs Lausa (Flyweight
Championship),
and Aguon vs Kwak
(Bantamweight
Championship). For
details, visit www.
ticketworld.com.ph,
or call 891-9999.

Edgar Allan Guzman will have a concert

called #alwaysEA on Jan. 16, 8 p.m., at the
Music Museum, Greenhills Shopping Center,
San Juan. Tickets range in price from P500
to P2,500. He will be joined by special guest
Michael Pangilinan and guests.
American singer, songwriter and musician
Nathaniel Joseph Nate Ruess will have
a concert on Jan. 19 at the Kia Theater,
Araneta Center, Quezon City, featuring the
hits Nothing Without Love, Just Give Me
a Reason, We are Young, Some Nights,
Carry On and more. For tickets visit ticketnet.com.ph or call 911-5555.
American rock band Chicago performs in
Manila on Jan. 20 at the Araneta Coliseum,
Cubao, Quezon City. Tickets, which range in
price from P1,575 to P6,300, are available on
ticketnet.com.ph or call 911-5555.
The Philippine Philharmonic Orchestra
presents The PPO Concert Series V on Jan.
22, 8 p.m., at the Cultural Center of the
Philippines, Roxas Blvd., Pasay City. The
orchestra, under the baton of Tetsuji Honna,
will perform Haydns Symphony No. 94
and Strausss Rosenkavalier Suite. Tickets
range in price from P300 to P1,500. Visit
www.ticketworld.com.ph, or call 891-9999.
Filipina pianist Cecile Licad will have a
one-night only concert on behalf of the Phil-

teaches a dance class while

dealing with the drama cooking up in the studio. Stepping
Out was awarded Best Comedy
at the London Evening Standard Theatre Awards.
The companys childrens
theater arm will be staging
Hansel and Gretel, the Brothers Grimm classic about siblings that eat a witchs candy
house, from Aug. 20 to Dec. 15.
Meanwhile, another childrens play, A Little Princess,
based on the novel by Frances
Hodgson Burnett, will be staged
from Nov. 18 to Dec. 18. The play
tells the story of Princess Sarah,
who suffers at the hands of Miss
Minchin at a boarding school
in London. Things turn for the
worse when her father dies and
she becomes a pauper.
For more details, inquiries
on ticket or show buying, call
Repertory Philippines at 8433570 or visit www.repertoryphilippines.ph/.

ippine Italian Association (PIA) Endowment

Fund and Philippine Philharmonic Orchestras tour of the US in June 2016, a historic
first ever tour by a Filipino orchestra to the
US. The concert will be on Jan. 27, 8 p.m.,
at the Main Theater of the Cultural Center
of the Philippines. For details, visit www.
ticketworld.com.ph, or call 891-9999.
RETROWORLD: REtroSPECT Reunion
Concert Tour 2016 will be held on Jan. 29, 8
p.m., at the Music Museum, Greenhills Shopping Center, San Juan City. Tickets range in
price from P300 to P1,500. For details, visit
www.ticketworld.com.ph, or call 891-9999.
Livin La Vida Imelda, Carlos Celdrans oneman performance about the 1970s, Martial
Law, and the life of the flamboyant former
first lady will have performances at the Pineapple Lab, 6071 R. Palma Street, Poblacion,
Makati, on Jan. 29, 30, and 31, 8:30 p.m. To
reserve tickets, which cost P1,000, 0920909-2021 or e-mail celdrantours@hotmail.
com (subject: Imelda) to reserve.
PETAs upcoming production, 3 Stars and a
Sun, presents a dystopian future set to the
music of the late Francis Magalona. After
one particular deadly storm, the government
decides to construct the Stormdome, a shelter that blocks out the sky and has millions
of security cameras. With The Stormdome,
peace and security is assured, but should we
celebrate the loss of freedom? The musical
will feature 20 songs by Mr. Magalona, from
his hits and some unfamiliar ones, including surprises like a song with a kundiman
structure infused with rock. The cast includes
Paolo Valenciano, Nicco Manalo, Carla
Guevara-Laforteza, and Bodjie Pascua. The
musical will run from Feb. 4 to March 6 at the
PETA Theater Center, No. 5 Eymard Drive,
New Manila, QC. For details, call 725-6244,
petatheater.com or ticketworld.com.ph.

Hockenhull,
from S3/ 8

of their hearts, they explained

they could discount this to
eight thousand pesos!
Now let me state unequivocally that the unit had never
been dropped. Indeed, an inspection of the case showed it
to be pristine, without so much
as a scratch. Perhaps foolishly,
wanting to get the unit back to
my wife as soon as possible, I
agreed to pay the eight grand,
and the unit was returned to
me a couple of weeks later.
Move forward six months,
and we are in Europe enjoying a well-earned vacation.
Suddenly, the unit blacked
out again. I returned it to
the service center for repair
under the one-year warranty.

To cut a long story short, they

firstly claimed that it had been
dropped (which it hadnt).
Then, they said the warranty
was invalidated because it had
already been repaired once!
Following this, they told me
that the motherboard needed
to be replaced, which would
cost P12,000 however, once
again out of the apparent kindness of their hearts, offered to
do the job for P9,000.
I finally got in touch with the
manufacturer head office staff,
who were polite, verbally helpful, but practically useless. Four
months passed by, with a call
from me each week asking for
the status of the unit. I finally
insisted that they collect the

unit from the service center to

conduct an inspection. I even
went as far as to say that if they
insisted it had been dropped,
I would walk away from this
whole sorry experience.
They finally collected the
unit and then sat on it for over
three weeks. I then, out of the
blue, received a call telling me
that the unit was being returned
to the service center, would be
repaired under warranty, and
that they were really sorry for
all of the inconvenience. Well,
actually, no! Yes, the unit was
repaired under warranty, but
there has not been so much as a
word of apology.
A good friend of mine had
an all too similar experience

with the same company. Like

me, he was not willing to give
up his rights as a customer and
fought equally hard to get his
unit fixed under the warranty.
Now, I am an arrogant foreigner (not really), and I will
fight hard for what is rightfully mine. Let me suggest
that in Europe or the USA, this
experience would never have
happened. Firstly, the rights
of consumers are sacrosanct;
no company would be willing
to take the risk of failing to
meet its commitments. Secondly, no customer would allow themselves to be given the
run around for six months on
a unit that cost in excess of
US$500.

Ive suggested that my

friend and I are arrogant
foreigners, and we are prepared to shout loudly. I say
this with the greatest respect,
but Filipinos are often wary
of confrontation and would
walk away from a situation
like this rather than fight it
out. This is even truer when
someones social or economic
background puts them a tier
below those they would deal
with on an issue such as this.
No; its shoddy behavior,
and unless customers are
willing to shout, Filipino
merchants can get away with
treatment like this.
Lastly, I will share this with
you: the service center that ef-

fected the repair is an independent company authorized by

the manufacturer to conduct
warranty and non-warranty
repairs. I could be wrong, but
it is my guess that they earn
very little from a warranty
repair and a great deal for selling an expensive replacement
component. Perhaps they are
to be forgiven for this shrewd
business practice!
But why on earth would
the manufacturer allow this
proactivity go on without
showing any concern for
their customers? Itll certainly make me think twice
about buying any other appliance manufactured by
them!