BusinessMirror March 8, 2016

of capital equipment and income-tax holidays (ITH) ranging from four to six years, depending on the status of the projects.

City, Bacolod and Pampanga, while we ramp up our office and mall developments across our existing townships. We are bullish on the office and retail sectors because we see a remarkable growth in these businesses,” Jericho P. Go, the com-pany’s senior vice president, said.

The property developer and its three other units were to launch 14 residential projects in Metro Ma-nila, Pampanga, Iloilo, Tagaytay, Cavite, Davao, Baguio and Batangas this year.

The group is also launching 14 office towers, malls and commercial centers in McKinley West, Uptown

EO 226 [the Omnibus

Investments Code], signed into law in 1987, is already becoming unresponsive to the way the world has changed.” —C

C | T, M , [email protected]@businessmirror.com.phEditor: Jun Lomibao

[email protected]@businessmirror.com.phEditor: Jun LomibaoSportsBusinessMirror

PEYTON MANNING leaves the league he helped popularize to supersize status as its all-time leading passer and winningest starting quarterback, the only one in National Football League history to win Super Bowls with two franchises.

B A S� e Associated Press

ENGLEWOOD, Colorado—Peyton Manning surveyed the landscape of his brilliant career and called one last audible.

He’s retiring a champion.A month after Denver’s triumph in Super Bowl

50, Manning informed John Elway he is following his lead and riding off into that orange sunset, just like the Broncos’ boss did 17 years ago, after winning his second Super Bowl.

Just shy of 40, Manning will forgo $19 million and a 19th season in the National Football League (NFL), where he served as both a throwback and a transformer, during a glittering career, bookmarked by an unprecedented five Most Valuable Player (MVP) awards and dozens of passing records.

“Peyton was a player that guys wanted to play with,” Elway said. “That made us better as a team, and I’m thrilled that we were able to win a championship in his final year.”

The Broncos scheduled a news conference for 11 a.m. on Monday. Manning leaves the league he helped popularize to supersize status as its all-time leading passer and winningest starting quarterback, the only one in NFL history to win Super Bowls with two franchises.

His first came in 2007 with the Indianapolis Colts, who drafted him No. 1 overall in 1998. The Colts gave up on him, after a series of neck surgeries forced Manning to miss all of the 2011 season, and left him without feeling in the fingertips of his right hand.

A rare superstar quarterback on the open market in 2012, Manning resettled in Denver, where, despite a right arm weakened by nerve damage, he went 50-15 with his fifth MVP award and two trips to the Super Bowl in four seasons.

So, defensive coordinators, you can breathe a little easier today: Manning will no longer be on the docket to wreck your game plans and ruin your designs on a title. There will be no more showdowns matching skills with Tom Brady or wits with Bill Belichick—against whom he was just 6-11 but 3-2 in Asian Football Confederation championships.

With no more defenses to dissect, the face of the league since the turn of this century no longer has to be buried in an iPad all day, nor will he have to submerge his battered body for hours in a cold tub in a labor of love.

“I get asked a lot about my legacy,” Manning said before the Super Bowl. “For me, it’s being a good teammate, having the respect of my teammates, having the respect of the coaches and players. That’s

important to me. I am not taking this for granted. I just love football.” The 18th season for No. 18 was, by far, his most trying on the field. He had to adjust to new Coach Gary Kubiak’s run-based offense, to unrelenting health issues and to questions about his character on his way to winning his second Super Bowl. Manning, whose dry wit and star power has made him a staple of commercials and late-night television for nearly two decades, saw his squeaky-clean image take a beating, as the final pages were flipped on his storied career.

The NFL is investigating allegations that human growth hormone was shipped to his home in his wife’s name following an Al Jazeera report that Manning dismissed as “garbage.” And in a new lawsuit filed last month. Manning was cited as an example of a hostile environment for women at the University of Tennessee for his alleged harassment of a female trainer in 1996.

A torn ligament in his left foot hampered Manning all the way back to August. It led to his worst statistical season and sidelined him for six weeks before that fairy-tale finish in Santa Clara, California, when his defense carried him across the finish line. Constantly harassed, never quite comfortable—sort of the way the whole season played out—Manning walked away with his second NFL title after Denver’s defense, with seven sacks and four takeaways, all but handed him the Lombardi Trophy in a 24-10 victory over the Carolina Panthers.

“He had to do several things different this year,” said his dad, Archie, a former star quarterback himself. “Had to take off during the season, which he’d never done before. He ran the scout team, which I don’t think he’d ever done, and he dressed out as a backup, which he’d never done.”

Manning also had to play the role of game manager for the first time during Denver’s defense-fueled run to the title. “I’m just glad I was on the same team as our defense,” he said. Although his teammates said his speech on the eve of the game felt very much like a good-bye, Manning didn’t call it his “last rodeo” right away, saying he needed time to reflect.

Denver gained only 194 yards against the Panthers, the fewest for a victorious team in a Super Bowl, and Manning had but 13 completions for 141 yards. Thanks to a defense led by game MVP Von Miller, however, Manning became the oldest quarterback to win a championship, a year older than Elway was when he won his second Super Bowl in 1999 before walking away.

Manning, who revealed at the Super Bowl that he faces a hip replacement in retirement, finished in a tie with Brett Favre for most regular-season wins

with 186. His victory in Super Bowl 50 was his 14th in the postseason, one more than Favre, making him the NFL’s only 200-win quarterback.

“There’s no question that his work ethic is what made him into one of the great quarterbacks of all time,” Elway said. “All the film study Peyton did and the process that he went through with game planning and understanding what the other teams did was second to none.”

Almost from his pro debut in 1998, Manning was a pioneer in the way he deciphered defenses and directed play at the line of scrimmage. Envision him pacing from tackle to tackle, pointing and hollering, as he became a model for every quarterback who’s come along since. Manning not only was at the vanguard of the aerial fireworks shows that light up today’s scoreboards and big-screen TVs, he was the mastermind of it.

“I think from the sense of quarterbacks, he’s been fast-paced, no huddle, dynamic offense, score a lot of points and score quickly,” said his brother, Eli Manning, a two-time Super Bowl winner himself, for the Giants. “Now you see that more. More teams are doing it. The Colts kind of started that trend and did it well for a long time.”

So did the Broncos, for whom Manning threw 140 of his NFL-high 539 TD passes, including a record 55 in 2013. Manning was never the best athlete, but his off-the-charts preparation and other-worldly memory recall made him rise above the rest, teammate DeMarcus Ware suggested.

“He beat you mentally,” said Ware, who came to Denver two years ago for the chance to play with Manning. “That was his guide: Physically, you might be faster than me, you might be more athletic than me, but I’m going to outsmart you every time.”

Manning’s retirement allows the Broncos to focus on resigning his longtime backup, Brock Osweiler, who went 5-2 in his place.

“There’s not a day that’s gone by since I’ve been in the league,” Osweiler said, “that I haven’t learned something from Peyton.”

Manning relinquishes the game he loves, secure in having left an indelible imprint on America’s most popular sport.

“He was on the forefront of basically a revolution in the way offenses are run in the National Football League,” Joe Theismann said recently. “His footprint was bigger than just the cities he played in. He transformed the position. The style of offense that he ran in Indianapolis was revolutionary and nobody ever figured out how to stop it there—or in Denver.

“The only thing that’s basically slowed Peyton Manning down was father time.”

MANNING RETIRESJUST SHY OF 40, PEYTON MANNING WILL FORGO$19 MILLION AND A 19TH SEASON IN THE NATIONAL FOOTBALL LEAGUE, WHERE HE SERVED AS BOTH A THROWBACK AND A TRANSFORMER, DURING A GLITTERING CAREER, BOOKMARKED BY AN UNPRECEDENTED FIVE MOST VALUABLE PLAYER AWARDS AND DOZENS OF PASSING RECORDS.

C A

C A S “M,” A

PESO EXCHANGE RATES n US 46.9560 n JAPAN 0.4122 n UK 66.7996 n HK 6.0484 n CHINA 7.2167 n SINGAPORE 34.1449 n AUSTRALIA 34.7474 n EU 51.6187 n SAUDI ARABIA 12.5226 Source: BSP (7 March 2016 )

A broader look at today’s businessBusinessMirrorBusinessMirror

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‘Aquino successor needsto upgrade BOI incentives’

Megaworld sets launchof 28 projects this year

S&P HELPS CALM FEARSOF U.S. INVESTORS OVERHALT IN GOVT REFORMS

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BMReports

B R C | Researcher

Second of three parts

SOCIAL-MEDIA sites, l ike Facebook, Twitter, Instagram and YouTube, are just some

that people often go to when they access the Internet.

Most millennials, especially in this day and age, access these sites through applications that can be found in, where else, but their

smartphones. The social-media sites not only serve as a source of entertainment but it has also evolved into letting the user send messages and make video calls just like a mobile phone would.

The entrance of the third-gen-eration (3G) and fourth-genera-tion (4G) networks made mobile-data usage more appealing for peo-ple to access the Internet through their phones. Smartphones, being

a device that is handier than a laptop, have evolved into becom-ing the go-to gadget of a majority of the population for things that involves the Internet. “Of course, everything is better when it is updated, so when the Internet is fast I enjoy using my smartphone more,” Alleana Chua, a working millennial, told the Busi-nessMirror. “It lets me access my

NONI

E REY

ES

NEW YORK CITY—Standard & Poor’s (S&P) and business group US-Philippines Society are optimistic that key eco-nomic reforms implemented over the past six years in the

Philippines will be kept by whoever will be the country’s next set of leaders. “Our assumption is that change in leadership is unlikely to reverse the economic reforms in the Philippines,” John Cham-bers, S&P Sovereign Debt Committee chairman, said during the Philippines Business and Investment Forum (PBIF) held in this city over the weekend.

The US-Philippines Society, an organization of business and civic leaders from the US and the Philippines, echoed this view with its president, retired Ambassador John F. Maisto, saying in the same forum: “Any incoming administration is expected to keep the good economic policies.” These statements calmed investors’ worries over the ability of the Philippines to maintain the economic reforms implemented under the outgoing Aquino administration. Legislative and administrative reforms over the past six years are credited for helping the Philippines achieve economic milestones, including investment-grade sovereign credit ratings and the leap in the country’s rankings in various global surveys on competitiveness. Among the major legislative reforms are the sin-tax reform law, the Foreign Banking Liberalization Act, amendments to the Cabotage law, the Tax Incentives Management and Transpar-ency Act, amendments to the charter of the Philippine Deposit Insurance Corp. GOCC Governance Act of 2011 and the Philip-pine Competition Act.

Our assumption is that change in leadership is

unlikely to reverse the economic reforms in the Philippines.”

—S&P’s C

B C N. P

EVEN the country’s top investment official is no longer convinced that the Philippines

has the right incentives on the menu to attract more global investors. 

So for the next administration, Trade Secretary Adrian S. Cristob-al Jr. said a serious upgrade in the country’s incentives regime—es-pecially the perks being offered by the Board of Investments (BOI)—is a must. “I think in the next six years we have to change our incentives re-gime. There is a need to change it; Executive Order [EO] 226 [the Om-nibus Investments Code], signed into law in 1987, is already becom-ing unresponsive to the way the

world has changed,” Cristobal told the BusinessMirror. 

Cristobal noted that the Phil-ippine Economic Zone Author-ity (Peza)—which administers the perks being given to locators in eco-nomic zones—still has a competi-tive incentive package for exporter-oriented enterprises.  For the BOI, however, Cristobal said the incentives should be “se-riously reviewed.” The BOI offers to its registered enterprises incen-tives, such as duty-free importation

PROPERTY developer  Mega-world  Corp., known for its development of mixed-use

townships, has set aside less im-pressive capital expenditures this year of only P55 billion, lower by P10 billion from a year earlier.

It said the budget it will share with such other units as Global-Estate Resorts Inc., Empire East Holdings Inc. and Suntrust Prop-erties Inc. will be used to expand its portfolio of rental businesses composed mainly of office build-ings and shopping malls.

Megaworld said three-quarters of the capital spending for the year will be used for development projects, particularly in the con-struction of new malls, commer-cial centers, office buildings and residential projects in townships, while the remaining 25 percent will be used for land acquisition and investment properties.

“This year we will start devel-oping our new townships in Pasig

₧55BCapex allocated by the Megaworld group for 2016

BusinessMirror www.businessmirror.com.ph Tuesday, March 8, 2016A2

BMReportsDevice cuts across Filipino class division with a swipe… C

social-media apps instantly [and] as much as possible, I don’t want my phone to lag.”

GenerationsTHE 3G network has trumped its pre-decessor as the technology already enables users to stream music, vid-eos and open web site pages on their handheld device. While still slow, 3G has given a new experience to 2G users. Then came 4G and, shortly after, its appendage LTE, offering average download speed of 5 Mega-bytes per second (Mbps) to 12 Mbps.

OpenSignal Inc. places the down-load speed of 4G LTE at 12 Mbps, 3G at 3.2 Mbps, 2G at 0.1 Mbps and Wireless-Fidelity (Wi-Fi) at 5 Mbps.

“Smartphone users are on aver-age connecting to LTE networks at much faster speeds than Wi-Fi,” OpenSignal said on its web site. “That’s not to suggest that LTE is a superior technology to Wi-Fi.”

The San Francisco, California-headquartered online database op-erator said their “data just reflects the tremendous variance in Wi-Fi connection quality our users en-counter on a daily basis.”

“In North America or East Asia, a consumer might see 50 Mbps or better connections on their home or office networks, but then find their Internet connection timing out at a local coffee shop. There’s also a lot

of variance in Wi-Fi speeds between countries.”

OpenSignal counts 140 coun-tries, including the Philippines, with LTE and only eight planning to be established.

Smart, GlobeACCORDING to The Oxford Busi-ness Group (OBG), Globe Telecom Inc. launched in November 2011 a $790-million program to mod-ernize its services, including the rollout of a 4G LTE network in Makati, Manila, Pasig, Muntin-lupa, Mandaluyong, Cebu City, Boracay and Quezon City. “In 2014 capital investment in excess of $200 million has been earmarked to further expand the data network and build additional capacity, which is becoming more important given high-end custom-ers’ growing mobile-data needs,” the OBG said. The OBG said Smart Communi-cations Inc., a subsidiary of publicly listed Philippine Long Distance Telephone (PLDT) Co., launched in 2012 its LTE service “at bands of 850 megahertz [MHz] and 2600 MHz, adding additional capacity at 1800 MHz the following month.” “4G/LTE is currently the most ad-vanced mobile broadband technolo-gy commercially deployed,” Ramon R. Isberto, head of public affairs at

Smart, told the BusinessMirror via electronic mail. “It offers the fastest data rates, the largest capaci-ties and the best efficiencies in the use of network resources.”

In terms of LTE coverage, Isberto notes that Smart has tapped a num-ber of areas for its LTE service to try to reach as many users as possible. He notes that the coverage of spe-cific areas will still depend on how high the usage of Internet or data per area is.

“Smart initially deployed LTE in the major metropolitan centers in different parts of the country such as Metro Manila, Metro Cebu and Metro Davao,” Isberto said. According to him, the compay has since extended coverage to other

urban centers. “Deployment is driven by our estimates as to where there is a market for high-speed broadband as indicated by the growing num-ber of subscribers using 4G/LTE handsets,” Isberto said. “Without the presence of LTE devices, the network would be of little use.”

AdoptionTHE prices of smartphones will also be a factor when it comes to the adoption of LTE for most consumers besides the use of the Internet, according to Isberto. He explained that a lot of consumers are slow to adopt or try LTE ser-vices offered by telcos because the prices of smartphones that are compatible with the use of LTE can be a bit pricey.

“The market for LTE services is still in its early phase of develop-ment, largely because 4G/LTE hand-sets are relatively more expensive compared to older, more mature 3G devices,” Isberto said.

As of this writing, Globe has not responded to the BusinessMir-ror’s request for information. According to the Mobile Trends web site for smartphones in the year 2014, the Philippines has become an attractive market for smartphone vendors because of its large popu-lation of 97 million and its rapid

increase in the utilization of the mobile Internet. Although smart-phone penetration in the country is at 15 percent for the year 2014, it is still expected to grow at 50 per-cent or more in the coming years as variety and choices of smartphones come into play.

Mobile penetration in the coun-try exceeded the 100-percent mark in 2012 and subscribership is also expected to grow at an annual rate of 9.6 percent until this year, ac-cording to a report by the PwC. An estimated 94 percent of the Filipino population uses Facebook when on the Internet, they allot an estimated four hours a day using the Internet, which includes checking on all of their social-media accounts.

“The deployment of 4G/LTE supports our efforts to enable Filipinos to enjoy the SmartLife via a growing portfolio of digital services in the areas of entertain-ment, financial services, produc-tivity, home security, among oth-ers,” Isberto said.

Coverage, speedOPENSIGNAL’S data showed the Philippines lagging behind some Asian countries in terms of LTE coverage.

Based on the company’s aggre-gated data, South Korea tops most countries with 97 percent LTE

coverage. The Philippines has the same percentage of LTE coverage with Ecuador at 39 percent, third to the last, which is Sri Lanka, which has a 38-percent coverage. OpenSignal cites Globe’s coverage at 41 percent as higher than Smart’s 36 percent. Globe is ranked 161 glob-ally while Smart is at 173, just above 3, the United Kingdom telco.

In terms of speed, LTE down-load in the Philippines at 8 Mbps is the same with Ecuador, Qatar, South Africa and Thailand. Sri Lanka’s LTE speed is faster at 12 Mbps. To note, LTE speed in Sin-gapore is at 33 Mbps, according to OpenSignal.

The company said data from their report came from 325,221 global OpenSignal LTE users, who have contributed data during the inclusive period June 2015 to Au-gust 2015. For its report on LTE in the third quarter of last year, OpenSignal said it shifted “our data collection period one month forward so the numbers listed for Q2 [the second quarter] will dif-fer from the numbers in our Q2 State-of-LTE report.” OpenSignal said all of its data “come from users of the OpenSig-nal Android app. iOS data is not currently included.” To be concluded With additional research by Dennis D. Estopace

8MbpsThe download speed at megabytes per second of the Philippines via Long-term Evolution technology in the third quarter of 2015, according to OpenSignal Inc. The speed is the same with Ecuador, Qatar, South Africa and Thailand

BusinessMirrorwww.businessmirror.com.ph Tuesday, March 8, 2016 A3

BMReports

In a report, the International Air Transport Association said it projects passengers flying to and from the Asia-Pacific region to in-crease by 1.8 billion by 2034 from its current 5.5-billion passenger level. This translates to an overall market size of 2.9 billion, at 4.9

percent growth annually. Hence, the region will contribute

some 42 percent of total global pas-senger volume. 

“The Philippine government has been implementing various initiatives and infrastructure proj-ects to absorb and further promote

growth in the civil aviation in-dustry and its related industries,” Transportation Secretary Joseph Emilio A. Abaya said during the Routes Asia Strategy Summit in Manila on Sunday. 

For one, the Ninoy Aquino Inter-national Airport’s (Naia) first and third terminals have been recently rehabilitated. 

“If you had passed through these same terminals just two years ago, you may remember them to be very different. While there remains room for improvement, there have already been noticeable changes in the aes-thetics and operations of these ter-minals,” he said. 

The transport chief noted that with the completion of the sys-tem works at the Naia Terminal 3, congestion at the oldest terminal has been partially addressed, with the structural integrity of the 30-year old structure reinforced at the same time. 

“We are also hard at work to ad-dress air-traffic congestion at the Naia, a consequence of the increased flying public. We have tapped the renowned British firm NATS to help us optimize runway use. One of our main goals with this initiative is to safely increase air-traffic move-ment and thereby allow for more aircraft and passenger throughput,” Abaya said. 

Developments, however, are not focused mainly on Manila. 

“Airports outside of Metro Manila are also being developed. More than just for tourism, this is especially necessary for economic growth in an archipelagic country such as ours. It will also undoubtedly destress our Naia, something we all wouldn’t mind,” Abaya said. 

The government has tapped the Public-Private Partnership Pro-gram to develop several airports in the region. 

One of the recent projects being undertaken by the private sector is the development of the Mactan-Cebu International Airport. It was turned over to the group of Mega-wide Construction Corp. in late 2014. 

“In just over a year, we have seen soft improvements, including the fresh resort theme design, enhanced terminal layout, and better facilities for added passenger comfort. These improvements have been recognized by passengers and international award agencies alike. The capacity of

Mactan Airport is further expected to increase with the completion of a new passenger terminal building, which broke ground last June,” Abaya said.  The government is also bidding out contracts for the development, and operations and maintenance of regional airports in Iloilo, Bacolod, Davao, Laguindingan and Bohol. 

“Indeed, having a private-sector concessionaire operating these air-ports ensures that the latest industry best practices are employed to better the experience of the flying public,” the transport chief said. 

The government is, likewise, building new international airports in Panglao, Bohol, and Daraga, Le-gazpi, to replace the existing Tagbi-laran and Legazpi airports.

“This will give direct access to prime Philippine tourist destina-tions for foreign tourists. In further support of ecotourism, we are also improving the Puerto Princesa Air-port in Palawan,” he said. 

PHL moves to absorb rapid growth in air trafficB L S. M

WITH air traffic in Asia and the Pacific seen ballooning to 7.3 billion over the next

two decades, the Philippines is even now boosting its capacity to service a big chunk of the market, as it looks to expand the economy with tourism as one of its major drivers. 

Estimated air-transport passengers in the Asia Pacific by 2034

7.3B

BusinessMirror [email protected], March 8, 2016 • Editor: Max V. de Leon A4

AseanTuesday

INDONESIAN President Joko Widodo (First row, right) joins other participants (�rst row, from left) Yemen’s President Abdo Rabbo Mansour Hadi, Sudan’s President Omar al-Bashir, Palestinian President Mahmoud Abbas, (Second row, from left) Bangladesh’s Foreign Minister Abul Hassan Mahmood Ali, Iran’s Foreign Minister Mohammad Javad Zarif, Afghanistan’s Foreign Minister Salahuddin Rabbani and Indonesian Foreign Minister Retno Marsudi for a group photo session at the ex-traordinary Organisation of Islamic Cooperation summit on Palestinian issues in Jakarta on Monday. AP

$2.7BNajib vows ‘we will continue’ as Malaysian critics team up

MALAYSIAN Prime Minister Najib Razak said his govern-ment has the mandate and

the majority to rule, brushing aside increased efforts by his critics to remove him from office.

The government’s focus is on eco-nomic development,  and the level of confidence people have in the admin-istration will become clear at the next polls, Najib told reporters in Johor state on Sunday. An election is due by 2018 after the ruling coalition won in 2013 with its slimmest margin yet.

“As far as we are concerned, the litmus test will be, when it comes to election time,” Najib said. “At the mo-ment, the government will continue as we have the mandate, we have the numbers in parliament and the party is also behind the government. We will continue.”

Malaysia’s economic growth and in-vestments are slowing, while business-es and consumers face price pressures as the government removes subsidies and after the implementation of a goods and services tax last year. Najib is giving bigger cash handouts to lower-income households to help them cope with ris-ing costs, a move that may also shore up his support within the United Malays National Organisation’s (UMNO) main voting base—rural, ethnic Malays.

As far as we are concerned,

the litmus test will be, when it comes to election time.”

—Najib

Foreign funds pumped into rupiah sovereign bonds and

stocks this year

the coalition led by Najib’s party risks losing office if he stays on. Mahathir led opposition and civil society groups on Friday in calling for the removal of Najib through nonviolent and permis-sible ways, a move the government said showed the depth of “political oppor-tunism and desperation.”

‘Too long’POLITICKING for the benefit of narrow self-interests is hurting the Malaysian government and its people, King Abdul Halim told parliament on Monday at the opening session for the year. He’s also the sultan of Kedah state.

“It has been going on for too long,” the king said, speaking in Malay. “In a parliamentary democracy, dif-ferences in opinion are valued, but refrain from fostering enmity and slander that can lead to the down-fall of the nation.” Integrity and governance must be strengthened to address negative perceptions on corruption, malpractice and misuse of power, the king said.

Najib has repeatedly denied any wrongdoing over the funding scan-dals, saying last year he and Mahathir disagreed over economic policies and that no “individual, however eminent” should try to interfere with his leader-ship. He retains the backing of the bulk of UMNO’s powerful divisional chiefs and the opposition remains weak, its coalition having imploded after then-leader Anwar Ibrahim was sent to jail again last year on a sodomy conviction, a charge he denies.

VIETNAM Meat Industries Ltd., a leading player in the country’s fresh meat and

processed-food industry, raised 906.8 billion dong ($40.7 million) on Monday in its initial public offering (IPO) after receiving bids that were almost six times higher than the offering volume.

The company, known as Vissan, sold about 11.33-million shares, or a 14-percent stake, at an average price of 80,053 dong each in the auction,

the Ho Chi Minh City Stock Exchange said in a statement on its web site. It received bids for 63.59 million shares in the IPO. The highest bid was 102,000 dong a share, and the lowest was 67,000 dong, compared with the initial price of 17,000 dong set for the IPO.

“We are very happy with the result today,” Van Duc Muoi, CEO, said by phone from Ho Chi Minh City. “Af-ter the IPO, we will have changes in management which will help our

development in the future.”The IPO attracted interests from

overseas. Seven foreign institutional investors registered to buy 22.63- million shares, more than double the shares the company had offered. Overseas investors ended up buying 3.3-million shares in the IPO, accord-ing to the exchange.

On March 24 Vissan will hold an auction to sell another 14-percent stake to strategic investors, Muoi said. The company will sell the shares

at no less than 67,000 dong each, the CEO said.

Fresh pork and sterilized sau-sage are key drivers of sales for Vissan, one of the largest pork sup-pliers in Ho Chi Minh City, Saigon Securities JSC, or SSI, wrote in a note to investors on February 29. According to SSI, Vissan is “suit-able” for investors with long in-vestment horizon who want to gain exposure in the sector. 

According to Business Monitor

International, solid economic growth coupled with rapid population ex-pansion will be the main drivers for Vietnam’s retail market. The per-centage of households earning more than $10,000 a year is set to rise from 9.6 percent to 10 percent between 2016 and 2020. Vietnam’s bench-mark VN Index rose 0.6 percent as of 11:53 a.m. local time, paring this year’s declines to 0.3 percent.

Vissan has built a wide distribu-tion with 120 distributors, 89 agents

and 223 supermarket chains, more than 700 convenient stores and 59 outlets, according to Marc Djandji, head of institutional sales at Rong Viet Securities Corp.

“Overall, we believe Vissan has a very appealing growth potential,” Djandji wrote in a note. Vissan will discuss its share-listing plan at the shareholder meeting next month, Muoi said. “We haven’t decided the date yet, but it won’t take long,” he said. Bloomberg News

Vissan raises $40.7 million in IPO after offering oversubscribed

Najib is facing his biggest po-litical crisis since coming to power seven years ago, as questions linger over $681 million, which appeared in his personal accounts before the 2013 polls, funds he said were a donation from the Saudi royal family. Attorney General Mohamed Apandi Ali in Janu-ary closed the door on a graft probe, clearing Najib of wrongdoing over the “personal contribution” and saying the premier later returned $620 mil-lion that was not utilized.

Former leader Mahathir Mohamad is waging a public campaign to get the premier out, with Mahathir warning

FORMER Malaysian Prime Minister Mahathir Mohamad (second from left) attends a special news conference in Kuala Lumpur, Malaysia, on Friday. Mohamad joined with political foes in issuing a declaration signed by 58 public �gures urging Prime Minister Najib Razak to resign over corruption allegations. AP

Anwar backingANWAR, a one-time deputy to Maha-thir, who was fired after a dispute over economic policies in 1998, is backing his former mentor in efforts to topple Najib. Najib’s predecessor Abdullah Ahmad Badawi stepped down in 2009, as his popularity within UMNO faded, fueled in part by resignation calls from Mahathir, although Mahathir’s influ-ence has faded in recent years.

To limit the risk to his support level among ethnic Malays from Mahathir’s attacks, Najib is bringing UMNO closer to the main opposition Islamic party. In courting PAS, as the opposition party is known, Najib said last December to be-ware the possibility of the country being governed by a party that is not Islamic.

PAS has advocated Shariah law— which allows for stoning or amputation for certain crimes—in a state it governs, a policy that sat uneasily with its former coalition partners in the opposition camp. The king said on Monday that, while he supports initiatives to uphold Islam as the official religion, other faiths can be practiced freely and people should avoid stoking racial tensions.

“We hope all efforts taken will soon be implemented to strengthen religious institutions and enhance administration of Islamic laws by em-powering the Shariah courts,” he said. “Religious issues should be referred to the relevant authorities and not sub-jected to interpretation by any indi-viduals or groups as this could cause unnecessary confusion and friction within society.” Bloomberg News

INDONESIA’S rupiah rose for a 13th day in its longest rally in six years,

even after a senior minister expressed concern at the pace of gains.

The currency advanced 0.6 percent to 13,052 a dollar as of 10:39 a.m. in Jakarta, ac-cording to prices from local banks. It touched 12,978 ear-lier, the strongest since April 30, 2015. The rupiah’s 5.6 percent advance this year is the best among 24 emerging markets tracked by Bloom-berg after Brazil’s real.

The government doesn’t want the rupiah to strength-en above its fundamentals, Coordinating Minister of the Economy Darmin Nasu-tion said on Friday, amid a slump in exports that’s persisted for 16 months through January.

Foreign funds have pumped $2.7 billion into rupiah sovereign bonds and stocks this year as inflation slowed, economic growth picked up and the govern-ment opened up more areas of the economy for overseas investment. Indonesia has run its smallest current-ac-count deficit in the first quar-ter over the past two years.

“The combination of strong inflows and still sea-sonal low demand for the US dollar, creates this sus-tained appreciation of the rupiah,” said Leo Rinaldy, an economist at PT Mandiri Sekuritas in Jakarta. “The strengthening will be an opportunity for the central bank to build up its foreign-exchange reserves.”

Bank Indonesia is due to report reserves data for Feb-ruary later on Monday. The stockpile has shrunk in 10 of the last 11 months, declining by 3.6 percent to $102.1 bil-lion in January.

Sovereign bonds rallied for a fourth day, pushing the 10-year yield down 13 basis points to a 10-month low of 7.79 percent, Inter Dealer Market Association

prices show. The two-year yield fell 16 basis points to 7.53 percent.

Indonesia’s president, meanwhile, urged a summit of Muslim nations to be part of the solution to the Israeli-Pal-estinian conflict rather than part of the problem.

President Joko Widodo, who heads the most populous Muslim nation, said the entire world is concerned by the de-terioration of the situation in Palestine and criticized what he called Israel’s “unilateral and illegal policies.”

Officials from 57 countries are meeting in the Indonesian capital Jakarta for a special summit of the Organisation of Islamic Cooperation (OIC) that is focused on Palestine and Jerusalem. The Middle East quartet and permanent members of the UN Security Council are also represented.

“The OIC should be part of the solution, and not part of the problem,” Widodo said in an opening remarks to the summit. “If the OIC cannot be part of the solution to Pales-tine, then the OIC becomes irrelevant.”

Israel says a recent surge in violence is a result of a Pal-estinian campaign of lies and incitement. Palestinians say it stems from frustration at nearly five decades of Israeli military rule.

Among the leaders at the Jakarta meeting is Sudanese President Omar al-Bashir, who is wanted by the Interna-tional Criminal Court on war crimes allegations linked to the conflict in Sudan’s Darfur region. Bloomberg News, AP

Rupiah’s longest winning run since 2010 worries economy minister

A5Tuesday, March 8, 2016

51st A BusinessMirror Special Feature

51st 51st 51st 51st 51st 51st AnvilAnvilAnvilAnvilAwardswww.businessmirror.com.ph

CONTINUING THE TRADITION OF EXCELLENCE IN PUBLIC RELATIONS

On its 51st this year, PRSP re-ceived 326 entries in the PR Programs (192) and PR Tools (134) categories.

�e Anvil Awards is the most prestigious awards-giving body in public relations in the Philippines, where excellent PR programs and tools are benchmarked against “the best of the best” submitted by top lo-cal and international �rms, founda-tions and non-governmental organi-zations.

�e Anvil is awarded by a distin-guished multisector jury to outstand-ing PR programs and tools designed

and implemented during the previous year (2015). An Anvil Award is much coveted and is given only if and when the high standards set by the jury members are met.

PRSP President Ramon “Bong” Osorio, APR, observed that “this year’s Anvil entries and winners in both programs and tools categories are impressive. �e programs are tre-mendously laudable, while the tools are creatively friendly and realistic. �ey demonstrate and live the princi-ple of public relations that is all about great performance with great results.”

B J T. C APR A A A

THE much-coveted Anvil Awards of the Public Relations

Society of the Philippines (PRSP) continues the

tradition of awarding exemplary public relations programs and tools a year after it celebrated a huge milestone—its 50th anniversary.

S “P R” A

Based on this year’s submission in the PR Programs Category submit-ted, those Directed at Speci�c Stake-holders have 93 entries, or 49 percent of all Programs entries; the programs on a Sustained Basis, 68 percent or 39 percent ; and Specialized PR Pro-grams, 31 or 12 percent.

Education/literacy PR programs that were sustained were on top with 13 entries, while environment/sci-ence and technology came with 12. Meanwhile, Good Governance/Social Responsibility/Responsible Citizen-

ship have nine entries each. �e other programs on Sustained Basis were Community Development, (6); Arts and Culture/Heritage/Tourism, (5); Consumer Welfare and Entrepreneur-ship/Job Generation/SME, (1 each).

�ere were 93 entries to PR Pro-grams Directed at Speci�c Stakeholders—those which targeted external con-sumers, communities, special interest and advocacy groups with 49 entries; those which engaged Internal em-ployees, shareholders and suppliers have 23 entries. Indigenous peoples

and host communities have eight en-tries; while PR programs that focused on OFWs, retirees and senior citizens have one entry each.

In the Specialized PR Programs, there were 15 Advocacy campaigns, six crisis/risk communications en-tries and corporate identity pro-grams and issues management with three and two entries, respectively.

Shunning the usual but much maligned “shotgun approach,” PR prac-titioners and companies have strategi-cally engaged and implemented their PR

programs e�ciently and e�ectively. In the PR Tools Category, Publi-

cations recorded 32 entries; Exhibits and Special Events 19; Multimedia/Digital; 10 and Audio-Visual 6.

The most number of entries in the Tools Category were Exter-nal Annual Reports, Sustainability Reports, Brochures, Trade Maga-zines, Calendars and Posters (48 percent). While Exhibits and Spe-cial Events came next (28 percent); Multi-media/Digital, entries (15

CHSIP BAGS GRAND ANVIL AWARD Center for Health Solutions Innovation Philippine (CHSIP) sweeps the Grand Anvil Award for successfully engaging target youth nationwide through a comprehensive, multiplatform advocacy campaign, exceeding metrics and gaining acceptance and endorsements from stakeholders of interest.

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51st A BusinessMirror Special Feature

51st 51st 51st 51st AnvilAnvilAnvilAnvilAwards

MY warmest greetings to the organizers and awardees of the 51st

Anvil Awards, spearheaded by the Public Relations Society of the Philippines.

Our nations most creative minds gather on this day to uphold integrity and excellence. Bound by a shared passion for your discipline, you undertake an overview of the most e�ective campaigns in the country and commend the people that labored behind them. By presenting their bodies of work, you assert your potential in building meaningful linkages and in-spire collaboration between your clients and their part-ner communities.

I hope that the ideas your coalition launched over the past year will be sustained by more projects characterized by strategy, imaginatio and a �rm groundedness on the experience of our people. May the Anvil Awards winners inspire you all to continue nurturing the growth of the Philippine market and our feUow Filipinos through your diverse undertakings. Our citizens gained the boldness to pursue the Daang Matuwid upon seeing that they have allies in government and in like minded individuals. May the same imperative that united us along this course-the true service to and empowerment of our people-guide us as we accelerate our journey towards a dy-namicinclusive, and prosperous future.

MY warmest congratu-lations to the PRSP for another year of suc-

cessfully mounting the industry’s biggest PR awards show. This year is another testament that the or-ganization has been setting the

bar higher and higher every year. I would like to thank the PRSP for giving me the

privilege of chairing this year's ANVIL AWARDS. I am honored to have worked with a team of experts from their respective �elds, who provided a lot of rigor and points-of-view on the judging process. I have been judging the ANVIL AWARDS for many years, and this year proved to be very challenging for us and the com-mittee in screening and looking for what would qualify an ANVIL. I speak in behalf of the board of judges, on how overwhelmed we were with the volume of en-tries, and the excellent quality of the submissions which made our task doubly harder in �nding the best. Tonight, we are proud to present to the industry this year’s crop of winners, as they truly embody the best of the best our country’s PR minds can o�er. A big toast to all the winners. May you continue to uphold the highest standards of PR, and continue to be a beacon of light in inspiring our industry in creat-ing world class PR work. Congratulations to PRSP, the organizing committee, and all the winners tonight.

I n the era of instant grati�cation amidst a cacophony of applause from award-giving bodies that seemed to have sprouted all over in recent years, one is com-pelled to ask if getting an Anvil trophy - Silver and/or Gold - remains important

and relevant. Now that the Anvil Awards is on its 51st year of recognizing outstanding PR programs and tools, we dared ask if this type of accolade has already been reduced to a perfunc-

tory or a chore. If one views Anvil Awards as just an award for the o�ce display cabinet which will later be a subject of a press release that hopefully will be read by the company’s target markets, then maybe an Anvil award is nothing more than a trophy - a good to have so people can see. If one views Anvil Awards as only a recognition of our own expertise which can be a ticket for one’s ascent to the corporate ladder or a brag tool in industry gathering which will later be a subject of a Facebook, Instagram and Twitter posts, then maybe an Anvil award is nothing more than an emblem and badge of bravado - a scarlet letter for everyone to ogle about. There is nothing wrong with all of these. At one point in our lives we have done and continues to do so. I am sure, though, that there is more to an Anvil award than all these. More than anything else, we need to see the Anvil Awards as a recognition and a celebration of good- that getting an Anvil award remains important and relevant in the minutiae of everyday life where time is no longer measured in hours but moments. Getting an Anvil trophy is a recognition of excellence in creativity; of the beauty of messages; of intel-ligent choices in choosing what channels to deliver our messages to our stakeholders and consumers; and of the logic of measurement and evaluation. Getting a Silver or a Gold is the triumph over lethargy; or just getting by and doing the same thing all over again; and of “okay-na-yan.” Getting an Anvil is a victory of the goodness of shared values between us and the stakeholders we engage and serve. An Anvil stands for the common good. So for those who win and will win in future Anvil Awards, stand proud as you carry your trophies. You just don't carry a piece of wood and metal but a responsibility to always do good-for the good of not just small and specialised interests but for the goodness of all. Congratulations and Mabuhay kayong lahat!

T HE ANVIL AWARDS as an industry recognition has stood the test of time.

This year the Anvil is in its 51st run and counting. It has never been overlooked or forgotten, and in fact

it has been made even more special given the �erce climate of competition for generating new publics and retaining the loyalty and support of existing ones.

The Anvil Awards continues to contribute to successful public recognition for many companies—big or small—in numerous ways. It provides visibil-ity for communication programs and tools, validates organizational performance, bears witness to work ethic, dedication and unique specialties, protects and enhances reputation, provides a distinct point of di�erentiation, and makes a company stand out for excellence. This year, we have an impressive number of en-tries, and an equally impressive number of winners. They are entries and winners that demonstrate, that public relations is all about great PERFORMANCE that brings great RESULTS. Thank you to the members of the 51st Anvil Awards Committee for their hard work, to sponsors and partners for their support and generosity and to this year’s screeners and jurors for their time and critical look at the entries. Congratulations to all the winners!

Messages

BENIGNO S. AQUINO IIIPresident

Republic of the Philippines

RAMON R. OSORIO APRPRSP President, 2015-2016

RON F. JABAL, APRChairman, 51st Anvil Awards Committee

DR. DONALD PATRICK LIMChairman, Board of Jurors

51st Anvil Awards

DR. DONALD PATRICK LIMChairman, Board of Jurors

RON F. JABAL, APR

Congratulations to all the winners!

RAMON R. OSORIO APRPRSP President, 2015-2016

Tuesday, March 8, 2016 | www.businessmirror.com.ph

percent) have increased in num-ber, followed by Audio-visual Pre-sentations (9 percent).

It is worth noting that Social Media had gained popularity as a PR tool. �e use of Facebook (FB), You Tube, Twitter and Instagram were widely accepted not only among PR practitioners but top management, as well.

Out of the 134 PR tools entered, 67 made it to the jurors’ �nal judging; while in the PR Programs Category, 91 out of 192 made it to the �nals.

Based on this year’s rules, all Finalists (Program and Tools cat-egory) which were subjected to care-ful scrutiny and evaluation by top PR practitioners, are automatically Silver Anvil awardees. �e second round of judging, participated in by multi-sector and high-ranking of-�cials from private companies, ad-vertising and PR agencies, academic institutions, government, and busi-ness associations, determined the Gold Anvil winners during their respective en banc meetings. �ey eventually chose the Grand Anvil winner from among the PR Pro-gram Category Gold winners and the Platinum Anvil winners from the PR Tools Category Gold win-ners.

Led by �is year’s Chairman of the Board of Jurors Dr. Donald Lim

of ABS-CBN recently recognized as one of Philippines’s “�e Outstand-ing Young Men” the multi-sector jury awarded the Grand Anvil to “You For You: Educating the Youth About the Risk of Teenage Pregnan-cy.” Implemented by an non-gov-ernmental organization, assisted by a media agency, the PR Program addresses a growing concern that the youth have become more “per-missive” and increasingly more “ag-gressive” given popular culture, but unfortunately unprepared for its consequences.

Lim said, “�e jurors were over-whelmed with the volume of entries. �e excellent quality of the submis-sions made our task doubly harder in �nding the best. We are proud to present to the PR industry this year’s crop of winners, as they truly embody the best our country’s best traditional and digital minds can of-fer that can even benchmark against global standards.”

In the PR Tools category, three outstanding entries were declared Platinum Awardees—Metrobank Foundation’s 2014 Annual Report en-titled “Empowering Filipinos, Building the Nation,” ABS-CBN’s “Pope TYSM (�ank You sa Malasakit)”—a compila-tion of social-media feedback on Pope Francis’s Philippine visit in 2015, and Warner TV (Turner Broadcasting Sys-tem Asia-Paci�c Inc.)/Grupo Agatep’s “Warner TV: Bringing Shows to Life” omnibus multi-media presentation.

�ere are two Hall of Fame

awardees this year; “Metrobank Foundation Art and Design Excel-lence (MADE)” (PR program) - for its multi-platform initiative en-compassing various aspects of art; and Petron’s “Vision Petron: Folio Magazine” (PR Tool) – for bringing Philippine art and culture to the attention of the Filipino youth in the development of its content and design treatment.

“We are very elated about the turnout in this year’s Anvil Awards. We are especially pleased by the number of excellent PR programs and tools, which clearly show that companies are giving more attention and resources to the work of its PR departments, and, more than any-thing else, a very strong indication of the outstanding creativity of PR practitioners,” Ron F. Jabal, APR, 51st Anvil Awards chairman, said.

To further spice up the 51st An-vil Awards, two new awards came about.�e “PR Agency of the Year Award” and the “Grand Prix Award.” �e PR Agency of the Year Award is given to a PR agency that garners the most number of trophies (e.g. Plati-num, gold, silver); while the Grand Prix Award is given to the company/organization that garners the most number of Gold Awards. �e “PR Agency of the Year” is Stratworks, Inc. with seven awards, while the “Grand Prix Award” went to Metro-bank Foundation, Inc. and Smart Communications, with seven Gold Awards each.

Public Relations...C A

PETRON CORPORATION FOLIO: 15 YEARS OF FUELLING CREATIVITY Petron Corp. sweeps the Hall of Fame Anvil Award for Excellence for its sheer determination to bring Philippine art and culture to the attention of the Filipino youth and thereby cause a rediscovery and appreciation of what is good and noble in the Filipino, while passionately adhering to excellence in the development of its content and design treatment.

VISION Petron Anvil Hall of Fame award for Folio magazine and the Gold and Silver awards for corporate calendar and video-making contest, respectively.

METROBANK FOUNDATION INC. IS ANVIL HALL OF FAMER FOR FOSTERING ARTS APPRECIATION Three decades of fostering Filipino artistry and creativity and the Metrobank Art and Design Excellence (MADE) has been the career launch pad of the country’s most admired contemporary artists and designers, and has set the benchmark among the country’s art competitions; for its deep regard for the Filipino spirit as the pioneer for CSR in the arts and serving as a venue to develop holistic and well-rounded artists and designers who represent skills, craftsmanship and sustainable design solutions; for fueling the art community to serve a greater purpose through pay-it-forward projects initiated by its alumni association—MADE Network of Winners (NOW) ,and, more important, in contributing to general public’s appreciation of the arts through art exhibits and lectures.

the true service to and empowerment of our people-guide us as we accelerate our journey towards a dynamicinclusive, and prosperous future.

BENIGNO S. AQUINO IIIPresident

Republic of the Philippines

From its signature brand of hos-pitality and entertainment to its CSR campaigns, what RWM is about and what all its accolades say about it is in-extricably hinged to its commitment to nation-building. �at is especially true when RWM recently earned a Gold Anvil at the Public Relations Society of the Philippines’ (PRSP) 51st Anvil Awards, the public relations indus-try’s most prestigious award-giving body, for its brainchild League of Vol-unteer Employees (LOVE). Acknowledging the industry’s role as a fundamental part of business-es and organizations and its function in promoting social responsibility, the Anvil Awards lauded RWM’s e�orts in promoting a culture of volunteerism by engaging its employees to come up and participate in wholesale commu-nity development. “�e LOVE Program represents the driving force behind the company mantra to make communities win,” says Owen Cammayo, RWM director for corporate communications. “We developed this program to create an avenue for RWM employees to share their valuable time, expertise, and re-sources for a good cause. �rough it, we take small steps towards building individual character as well as develop a sense of belonging with our commu-nity, things that are crucial in our pur-suit of corporate citizenship.” Under the program, 20 percent of the entire RWM employees and executives went every which way to participate in various outreach activi-ties including regular recycling days in cooperation with Tzu Chi Foundation Philippines, blood donation drives in partnership with the Philippine Red Cross, and CSR Day activities together with di�erent charitable institutions such as Tuloy Foundation, Inc., Lola Grande Foundation for Women and Children, Hospicio de San Jose and the Philippine Christian Foundation, among others. For Travellers International Ho-tel Group Inc., owner and operator of RWM, the sweeping of the Social Empowerment Award at the Asia Re-sponsible Entrepreneurship Awards (AREA) 2014 is another clear-cut testament to this commitment, what with its winning Livelihood and Em-ployment Assistance Program (LEAP), which facilitates on-the-job training for less-privileged members of the Pa-say City community since 2011. �e program provides an integrated learn-ing curriculum that combines values enrichment and hands-on experience to prepare trainees for employment. “It has been RWM’s mission from the start to initiate projects that make individuals and communities win. We stand by our commitment to ‘cham-pion the Filipino’ by promoting Phil-ippine tourism, culture and the arts, social development and environmen-tal sustainability, and by linking our business with relevant social issues,” says RWM Chief Operating O�cer Stephen Reilly. With the help of the local govern-ment of Pasay City, LEAP has certi�ed

A BusinessMirror Special Feature

AwardsRESORTS WORLD MANILA: REAPING THE AWARDSW ITH a maverick

approach to setting industry

standards, Resorts World Manila (RWM) has been named after numerous accolades, if only because, at the core of it all, what it does is unmistakably Filipino.

128 trainees and hired 57 individu-als, 34 of which are still employed by RWM to date.

�e PUJ Awards, on the other hand, uses the restoration of iconic

Philippine jeepneys to also promote tourism, culture and the arts. �is annual design competition aims to revive Filipino jeepney art by tap-ping various local art groups with

help from the Department of Tour-ism (DOT) and the National Com-mission on Culture and the Arts (NCCA). �e project also aids driv-ers’ livelihood by o�ering sustain-

able learning programs provided by local government units like the Metro Manila Development Author-ity (MMDA) and di�erent charitable institutions like Caritas Manila.

At par with highest global stan-dards, RWM, through the same out-standing program, also won in the 13th International Association of Business Communicators’ Philippine Quill Awards, the country’s most prestigious awards program in the �eld of business communication.

RWM’s TV commercial “Winner,” a faithful reminder that advertising could also help promote positive val-ues, also attests to what RWM stands for, bagging the Silver Award for Best Editing at the 2011 Araw Values Ad-vertising Awards.

�e integrated resort’s bench-mark hospitality standards, mean-while, are a quantum leap from others in its category. RWM’s Rem-ington Hotel was awarded by several online travel agencies in 2014 in-cluding Bookings.com which award-ed the hotel for being the Most Booked Hotel in Manila; Expedia.com which handed the Top Produc-ing Hotel Award at the 2014 Busi-ness Update and Partners Award in October; and Agoda.com which included the hotel to the elite 2014 Gold Circle Awards which is accord-ed to “accommodations around the world that embody the best qualities of the online hospitality industry”. �e recognition from Agoda.com is enjoyed only by handpicked proper-ties across the globe via the Gold Cir-cle Awards, citing Remington Hotel’s nightlife, dining, and shopping op-tions, proximity to the airport, and top attractions as the reasons that paved the way for its inclusion.

RWM’s signature all-suite luxu-ry Maxims Hotel also earned a Cer-ti�cate of Excellence awarded from trusted online travel website Tri-pAdvisor.com for its consistent out-standing reviews posted by travelers from all over the world and made evi-dent by its four out of �ve rating in the website.

�e integrated resort’s home-grown roster of food and beverage chefs also earned recognition, par-ticularly with its hat-trick win in the 8th National Food Showdown in Sep-tember by bagging the Overall Presi-dential Award for the third straight year. In-house chefs also earned gold in the Filipino Cuisine Savory cat-egory during the 5th Culinary Cup while Executive Chef Cyrille Soenen of RWM’s French-themed restau-rant Impressions was recently rec-ognized and honored by the Maîtres Cuisiniers de France (Master Chefs of France) — the most envied and exclusive title that chefs around the world aspire for. Soenen is the �rst and only chef in the Philippines to be accorded with this honor.

RWM’s world-class local artists performing on the stage of the award-winning Newport Performing Arts �eater (NPAT), where major musicals and concerts are usually held, fosters Pinoy pride through entertainment. Actor Red Concepcion of RWM’s ma-jor production Priscilla, Queen of the Desert took home the Best Actor plums in both the Gawad Buhay and Aliw Awards, with his co-lead actor Jon Santos inducted in the Hall of Fame of the latter award-giving body.

Also part of this roster are Pi-noy talents Janice Javier and Mitoy Yonting of the resort’s entertainment hub Bar 360, who went home as Best Female and Male Performer in Hotels, Lounges and Bars.

If at all to reconcile business with social development is what RWM is here for, the excellence in everything that it does and the at-tendant recognitions mean the coun-try’s �rst-ever one-stop, nonstop entertainment and tourism destina-tion is on the right track in making its communities win. As Reilly put it, “It’s a great honor to receive awards, especially for our e�orts in helping the community.”

RESORTS WORLD MANILA’S (RWM) Director for Corporate Communications Owen Cammayo (3rd from left) and Assistant Director for Public Relations Archie Nicasio (4th from left) receive a Gold Anvil during the ceremony at the Makati Shangri-la Hotel. Also present were members of the RWM corporate communications team, including (from left) Joy Andrade, Elaine Castillo, Kristine Mae Bernardo, and Bryan Garcia.

A7www.businessmirror.com.ph | Tuesday, March 8, 2016

RWM President and CEO Kingson Sian with the kids of PCF School in Smokey Mountain, Tondo.

RWM Celebrates Earth Day with Green Activity.

Arts Month CSR Day at Tuloy Foundation.

RWM spends CSR Day at Hospicio de San Jose.

PUJ Driver - Rodel Guinucud.

RESORTS WORLD MANILA sets the benchmark for excellence in the integrated resort industry earning multiple awards in the fields of entertainment, hospitality, corpo-rate social responsibility, and marketing and communications.

B V V

The WorldBusinessMirrorA8 Editor: Lyn Resurreccion • [email protected], March 8, 2016

BusinessMirror

It was a marked change in tone for the two Democrats, signaling Sanders’s increasingly di� cult ef-fort to slow the party’s front-run-ner. Both candidates frequently interrupted one another and ac-cused each other of misrepresent-ing their records.

“Let’s have some facts instead of some rhetoric, for a change,” Clin-ton snapped at Sanders at one point.

“Let me tell my story, you tell yours,” Sanders shot back at anoth-er. “Your story is voting for every disastrous trade amendment and voting for corporate America.”

More than once, Sanders chafed at Clinton’s interruptions, saying, “Excuse me, I’m talking” or “Let me � nish, please.”

� eir disagreements were clear, but still, the debate’s tone was nothing like that of the Republican debate in Detroit just three days earlier, a four-way faceo� that was marked by a steady stream of personal attacks, insults and even sexual innuendo. � e Democrats’ face-o� , in comparison, was more civil than a heated a� air.

Clinton said that, while she and Sanders have their di� erences on policy, “compare the substance of this debate with what you saw on the Republican stage last week.”

Sanders chimed in, “We are, if elected president, going to invest a lot of money into mental health and when you watch these Repub-lican debates, you know why.”

Both had a good laugh at that.Each made a case for being the

best candidate to defeat Republican front-runner Donald Trump in a November matchup.

Clinton said she’s gotten more votes than Trump in the primaries, and predicted that his “bigotry, his

bullying, his bluster are not go-ing to wear well on the American people.”

Sanders declared: “I would love to run against Donald Trump,” adding that polls show “Sanders versus Trump does a lot better than Clinton versus Trump.”

Sanders also took direct aim at the former secretary of state’s paid speeches to Wall Street banks and other � nancial companies. She promised to release transcripts of her private remarks only if all her opponents—Democratic and Re-publican—did the same.

“I’m your Democratic oppo-nent, I release it,” Sanders said, throwing imaginary speech tran-scripts into the air. “Here it is. � ere ain’t nothin’. I don’t give speeches to Wall Street for hun-dreds of thousands of dollars.”

In the race for the Democratic nomination, Clinton has at least 1,130 delegates to Sanders’s 499, including superdelegates—mem-bers of Congress, governors and party o� cials who can support the candidate of their choice. It takes 2,383 delegates to win the nomination. AP

New rancor, tough talk in Democratic debate

DEMOCRATIC presidential candidates Hillary Clinton and Sen. Bernie Sanders stand on stage during the National Anthem before a Democratic presidential primary debate at the University of Michigan-Flint on March 6, in Flint, Michigan. AP

WASHINGTON—Republican leaders on Sunday grappled with the prospect that the

best hope for stopping Donald Trump’s march to the nomination may be Ted Cruz—the only candidate who causes as much heartburn among party elites as the billionaire businessman, if not sometimes more.

The Texas senator split contests with Trump in Saturday’s voting, bolstering his argument that only he can defeat the real-estate mogul. Trump and Cruz are now signi� cantly outpacing Marco Rubio in the delegate count, further shrinking the Florida senator’s already narrow path to the nomination.

If Rubio’s slide continues, he would be the latest establishment candidate to fall victim to an angry, frustrated electorate that cares little about en-dorsements from party leaders or newspaper editorial boards. Rubio has rolled out both at warp speed in recent weeks, but his appeal with Republican voters is not keeping pace.

Rubio did pick up a victory on Sunday in Puerto Rico’s primary, his second win of the 2016 cycle. Democrats, meanwhile, held caucuses on Sunday in Maine. Sand-ers won that contest, beating rival Hillary Clinton for his eighth win of the 19 contests already held in the nomination process.

Also, Democrats were debating debate on Sunday night in Flint, Michigan, high-lighting di� erences on economic policy.

The Democratic candidates were facing o� just two days before Michi-gan’s primary in a city that was already in tough shape long before residents learned their drinking water was tainted with lead.

Clinton, a former secretary of state and senator, claims that only she has a “credible strategy” for raising wages. In recent days, she has laid out a plan for a “clawback” of tax bene� ts for com-panies that ship jobs overseas, using the money to encourage investment in the US.

Sanders wrote in Sunday’s Detroit Free Press that his rival had supported “di-sastrous trade deals,” such as the North American Free Trade Agreement, and normalized trade relations with China that have resulted in thousands of job losses that devastated cities, such as Detroit and Flint.

Sanders won Democratic contests on Saturday in Kansas and Nebraska, but Clinton’s overwhelming victory in Louisiana enabled her to add to her com-manding lead in delegates to the party’s national nominating convention.

With 25 Maine delegates at stake, Sanders is assured of winning at least 14,

while Clinton stands to gain at least six. But his victory won’t have much impact on Clinton’s substantial edge overall, thanks to her support among superdel-egates—members of Congress, gover-nors and party o� cials who can support the candidate of their choice.

When including those party leaders, Clinton has at least 1,129, while Sanders has at least 498. It takes 2,383 delegates to win.

In the Republican race, the wary in-terest in Cruz from more mainstream Re-publicans is the latest unexpected twist in a nominating contest, where talk of a contested convention or third-party can-didate is becoming commonplace.

“If Ted’s the alternative to Trump, he’s at least a Republican and conservative,” South Carolina Sen. Lindsey Graham said. While Graham made sure to note that it’s “not like I prefer Ted Cruz,” he encouraged Rubio and Ohio Gov. John Kasich to “decide among themselves” whether they can be a realistic alterna-tive to Trump.

Mitt Romney, the 2012 Republi-can presidential nominee, said Cruz is indeed “emerging” as the chief anti-Trump candidate.

“I think a lot of people were surprised by how well Ted Cruz did,” said Romney, who has thrust himself back into the

political discussion with a searing take-down of Trump in a speech last week.

Romney has stepped back into the spotlight at a moment of crisis and cha-os for the Republican Party. Leaders in Washington who assumed hardliners, such as Cruz, represented a minor-ity view have been left wondering if they’re the ones out of step with their party’s base.

For months, Republican elites have lumped Trump and Cruz together, argu-ing that neither could win in November’s general election. Cruz is an uncompro-mising conservative who has publicly criticized party leaders, including Senate Majority Leader Mitch McConnell, for what he sees as a pattern of giving in too easily to President Barack Obama.

Cruz particularly angered Senate lead-ers when he helped orchestrate the 2013 government shutdown, which failed in achieving the senator’s stated goal of de-funding Obama’s health-care reform law.

But Cruz has built a loyal following among conservatives and evangelical Chris-tians. After winning the leado� Iowa cau-cuses, he’s also beaten Trump in � ve more states, more than any other candidate.

Trump still leads the � eld with at least 378 delegates, while Cruz has at least 295. Rubio and Kasich lag far behind in the race to reach the 1,237 delegates needed

to clinch the Republican nomination.Rubio and Kasich desperately need

to win in their home states of Florida and Ohio on March 15 to have any credible case for staying in the race.

Trump’s lead has sparked a � urry of discussions among Republicans about complicated long-shot options to stop him. Rival campaigns are exploring ways to prevent Trump from getting the del-egates he needs to win the nomination outright, then defeat him at the conven-tion in July. A small, but in� uential, group

of Republicans has raised the idea of backing a yet-to-be-determined third-party candidate.

Trump has warned Republicans that they’ll lose his voters if they try to take the nomination away from him.

“We have a tremendous number of people coming in and a tremendous number of people showing up to vote,” he said on Sunday.

Graham and Romney spoke on NBC’s Meet The Press. Trump appeared on CBS’ Face The Nation. AP

Some Republicans see Cruz as best alternative to Trump

REPUBLICAN presidential candidate Sen. Ted Cruz, Republican-Texas, listens to a supporter at a caucus site on Saturday in Wichita, Kansas. AP

SYDNEY—One person was killed and two others wounded in a shooting at a

business in western Sydney, police said on Monday.

New South Wales police said they found three people su� ering gunshot wounds, after responding to reports of a shooting at the sign-making business on Monday morning. One 43-year-old man died at the scene, and two other men were taken to a hospital for treatment.

Heavily armed police surround-ed the business in an industrial area of Ingleburn, a suburb 40 kilome-ters (25 miles) southwest of Sydney. Sta� ers at nearby businesses were

told to stay inside and roads were blocked o� in the area.

“� ere’s tactical operations unit negotiators on the scene and the operation is continuing,” New South Wales Police Detective In-spector Mark Brett said. “It’s a deli-cate stage, and I really can’t give you much more information than that.”

One of the shooting victims was undergoing surgery, while the other had super� cial wounds to the lower part of his body, Brett said.

Brett would not answer any questions, including whether po-lice believe the shooter was hold-ing anyone hostage inside the building. AP

1 DEAD, 2 WOUNDED IN SHOOTING AT BUSINESS IN WESTERN SYDNEY

WEST PALM BEACH, Flori-da—Republican presiden-tial front-runner Donald

Trump says that, as president, he would push to change laws that pro-hibit waterboarding and other en-hanced interrogation methods, argu-ing that banning them puts the US at a strategic disadvantage against Islamic State (IS) militants.

During the past week, in a series of interviews and events, Trump has articulated a loose, but expansive set of principles that, if enacted, would mark a fundamental shift in US for-eign policy from the limits put in place by Democratic President Barack Obama and the Republican-led Con-gress. In addition to arguing in fa-vor of reinstating waterboarding, a technique that mimics the sensation of drowning, and “much more than that,” Trump has advocated the kill-ing of suspected terrorists’ wives and children, which appears in violation of international law.

“We have to play the game the way they’re playing the game,” Trump said in an interview on CBS’s Face the Nation on Sunday, one day after he told an audience in Florida that he would � ght to expand and broaden the laws that regulate in-terrogation.

“I would like to strengthen the laws,” he added on Sunday, “so that we can better compete.”

Trump’s comments come as the US continues its uphill battle against IS militants across the Middle East. Trump has repeatedly pointed to the tactics used by the group, including public beheadings and drownings in locked cages, as evidence that the US needs to dramatically esca-late the tactics it uses.

During a news conference on Sat-urday in West Palm Beach, Florida, to mark his latest election wins, Trump refused, however, to articu-late speci� cally which techniques he would like to see added, despite

repeated questions. Instead, he said: “It’s very hard to be successful in beating someone when your rules are very soft and their rules are un-limited, they have unlimited, they can do whatever they want to do.”

Pressed on Sunday on why he believed waterboarding had been banned, Trump said the US was be-ing “weak” by not employing the mili-tants’ tactics.

“Because I think we’re weak—I think we’ve become very weak and in-e� ective. I think that’s why we’re not beating ISIS [Islamic State of Iraq and the Syria]. It’s that mentality,” he said using an acronym for the mili-tant group.

“Isn’t that what separates us from the savages?” ‘Face the Nation host John Dickerson asked.

“No, I don’t think so,” Trump an-swered. “No, we have to beat the sav-ages.” “We have to play the game the way they’re playing the game. You’re not going to win if we’re soft and they’re—they have no rules,” he said.

In 2009 Obama issued an execu-tive order saying all US government personnel and contractors—not just those in the military—are prohibited from using any interrogation tech-niques that aren’t in the Army Field Manual. � at was rea� rmed last June, when many Republicans joined all 44 Senate Democrats in a 78-21 vote months after a Senate intelli-gence committee report denounced brutal interrogation methods, argu-ing they had proven ine� ective.

However, other former Central Intelligence Agency (CIA) o� cials, including former deputy CIA director Mike Morell, maintain that water-boarding and other harsh methods have yielded vital intelligence.

Trump appeared, at least brie� y, to soften his stance after nearly 100 foreign-policy experts signed an open letter denouncing him, saying his “embrace of the expansive use of tor-ture” was “inexcusable.” AP

Trump says anti-torture laws put US at disadvantage

FLINT, Michigan—Hillary Clinton and Bernie Sanders tangled aggressively in a

Democratic presidential debate on Sunday night over trade, Wall Street infl uence and more, with Clinton accusing him of turning his back on the auto industry and Sanders countering that Clinton’s friends on Wall Street had “destroyed this economy.”

The [email protected] Tuesday, March 8, 2016 A9

N. Korea again threatens nuke strikes on US, South Korea in reaction to drills

Such threats have been a sta-ple of young North Korean leader Kim Jong Un since he took power after his dictator father’s death in December 2011. But they spike especially when Washing-ton and Seoul stage what they call annual defensive springtime war games. Pyongyang says the drills, which started on Monday and run through the end of April, are invasion rehearsals.

The North’s powerful National Defense Commission threatened strikes against targets in the South, US bases in the Pacific and the US mainland, saying its ene-mies “are working with bloodshot eyes to infringe upon the dignity, sovereignty and vital rights” of North Korea.

“If we push the buttons to an-nihilate the enemies even right now, all bases of provocations will be reduced to seas in flames and ashes in a moment,” the North’s statement said.

Responding to the North ’s threat, South Korean Defense Ministry Spokesman Moon Sang-gyun said on Monday that North Korea must refrain from a “rash act that brings destruction upon itself.” This year’s war games will be the largest ever staged, involv-

ing 300,000 South Korean and 17,000 US troops. South Korea’s Yonhap news agency, citing mili-tary sources, reported that the allies will work on drills for pre-cision attacks on North Korean leadership and its nuclear and missile arsenal in the event of war.

A preemptive large-scale mili-tary strike that would end the authoritarian rule of the Kim dynasty is highly unlikely. There is also considerable outside de-bate about whether North Korea is even capable of the kind of “strikes” it threatens.

The North makes progress with each new nuclear test—it staged its fourth in Januar y—but many experts say its arse-nal may consist only of st i l l-crude nuclear bombs; there’s u n c e r t a i nt y a b o ut w he t he r they ’ve mastered the minia-

tur ization process needed to mount bombs on long-range missi les and widespread doubt about whether they have a rel i-able missi le that could del iver such a bomb to the US main-land. But North Korea’s bel l i-cose rhetor ic raises unease in Seoul and its US a l ly, not least because of the huge number of troops and weaponr y fac-ing off a long the world ’s most heavi ly armed border, which is

an hour’s drive from the South Korean capital of Seoul and its 10 mil l ion residents.

The rival Koreas’ usual animos-ity occasionally erupts in bloody skirmishes—50 South Koreans were killed in attacks in 2010 that Seoul blames on the North—and there is always a worry about an escalation of violence.

Always ragged relations be-tween North Korea and its r i-vals Seoul and Washington have

worsened fol lowing North Ko-rea’s nuclear test in January and a long-range rocket test last month that outsiders say was a test of banned bal l ist ic missi le technolog y. The United Nations recently slapped the North with harsh sanctions, and South Korea has taken a harder than usual line, with a new North Korean human-rights law and the president in Seoul warning of a col lapsed government in Pyongyang.

South Korea says it will an-nounce new unilateral sanctions Tuesday. Similar nuclear threats by the North were made in 2013, around the time of the springtime military drills, after the UN sanc-tioned the North over a nuclear test and long-range rocket launch.

Analysts say one part of North Korea’s traditional anger over the drills is that they force the impov-erished country to respond with its own costly war games. AP

N EW YORK—Unlike other presidential wives, Nancy Reagan didn’t testify be-

fore Congress about health care, celebrate controversial Supreme Court decisions or sit in on Cabi-net meetings. “She never emerged as a politi-cal player in her own right. Nor did she seek to,” says historian David Greenberg, the author of Republic of Spin: An Inside History of the Ameri-can Presidency.

“On the other hand, neither did she confine herself to the domes-tic sphere. And by taking an active role in her husband’s business, she helped to reconcile conservatism to the reality of women’s chang-ing roles. Her views may have been conservative, but her political in-volvement implied that it wasn’t improper for women to participate in what conservatives considered the man’s sphere.”

Reagan, who died on Sunday at 94, wasn’t out to break the rules of being first lady. But she knew well how to work within them. Ronald Reagan had promised to champion conservative values when elected in 1980, and Nancy Reagan was in some ways a throwback to a more old-fashioned approach. Her imme-diate predecessor, Rosalynn Carter, had attended Cabinet meetings. Betty Ford had spoken candidly about gun control, premarital sex and her surgery for breast cancer and praised the ruling of Roe v. Wade, when the Supreme Court declared a constitutional right to abortion, as “the best thing in the world.” In the 1990s Hillary Clin-ton would try (and fail) to overhaul

the country’s health-care system.Nancy Reagan’s most public is-

sue was more in line with expecta-tions for first ladies: her “Just Say No” to drugs campaign, which she launched after a schoolgirl asked what to do if someone offered her drugs. The effectiveness of “Just Say No” remains in dispute, but it became a catchphrase (and punch-line) for the 1980s and part of an effort that included drug-free zones and “zero tolerance” poli-cies in schools. Reagan herself gave speeches and even made a cameo appearance on the NBC sitcom Diff ’rent Strokes.

Reagan had other causes and in her post-Washington years openly broke with conservatives by advocating (and allying herself with the liberal Sen. Edward Ken-nedy) for embryonic stem-cell re-search for Alzheimer’s, the disease which afflicted her husband. But while first lady, she stated most of her opinions in private. Often in tandem with such White House moderates as Chief of Staff James Baker and longtime adviser Mi-chael Deaver, she favored better relations with the Soviet Union, opposed high military spending and urged the president to speak openly about AIDS.

Her prevailing ambition was to help her husband, and she did so in uncommonly forceful style.

“Ronald Reagan was a striver, but his striving was masked by his courteous, amiable manner and en-during fatalism,” biographer Lou Cannon wrote in President Reagan: The Role of a Lifetime. “Hers [Nan-cy’s] was out in the open, all cards

on the table, for anyone to see. With a directness unusual either in Hollywood or Washington, Nancy Reagan favored anyone who helped her husband or advanced his career and opposed anyone who was in his way. She put people off, while he put them at their ease.”

Nancy Reagan acknowledged the limits of her influence. In her memoir, My Turn, she wrote of her husband that “he often seems re-mote, and he doesn’t let anybody get too close. There’s a wall around him.” Sometimes, she added, “even I feel that barrier.” In his book, Cannon noted that the president ignored her advice on military spending and resisted her and many others before agreeing to fire Baker’s unpopular successor as chief of staff, Donald Regan.

Reagan biographer Edmund Morris, who spent three years around the Reagans while he was president, was dismissive of Nan-cy’s political influence. But he did cite her importance to him person-ally, as someone who managed his finances and other everyday de-tails, and as a “street fighter” who protected her husband from “preda-tors.” He likened her to Edith Roos-evelt, wife of Theodore Roosevelt.

“Both Reagan and TR tended to like everybody and were easily taken advantage of,” Morris says. “And both of these women, Nancy and Edith, were good at keeping away these conniving, predatory people, whether they were office seekers or lobbyists.”

Greenberg says Nancy Reagan wasn’t “ideologically driven,” like many of his aides. AP

A TLANTA—Jimmy Carter announced on Sunday that he no longer needs treat-

ment for cancer, less than seven months after revealing he had been diagnosed with melanoma that had spread to his brain.

Carter, 91, shared the news at one of his regular Sunday School classes at Maranatha Baptist Church in his hometown of Plains, Georgia. Carter always starts his lessons with a brief update on his recent activities. This week Carter told the class he received an MRI lasting more than two hours. “And then the doctors determined that I didn’t need any more treatment,” Carter said in a video posted by WXIA-TV. “So I’m not going to have any more treatment.”

He smiled as the audience ap-plauded. Carter’s spokesman, Deanna Congileo, said in an e-mail on Sundaythat his doctors will con-tinue to perform scans to ensure cancer cells have not returned, and Carter will “resume treatment if necessary.” A spokesman, for Em-ory University’s Winship Cancer Institute, where Carter has been treated, declined to comment on Sunday, citing patient privacy.

Carter’s treatment plan for the aggressive form of cancer included a round of targeted ra-diation at several tumors on his brain and doses of an immune-boosting drug every three weeks from August through February. The drug, Keytruda, was ap-proved not long before Carter’s announcement and helps his body seek out and destroy cancer cells. Medical experts have called Key-truda and similar immune ther-apy drugs “game-changing” for patients with melanoma. But the

drugs are relatively new, and doc-tors are still learning about how they should be used and for how long, said Dr. Len Lichtenfeld, deputy chief medical officer for the American Cancer Society. He is not involved in Carter’s treat-ment. “Some people believe they should be continued as long as a patient is doing well, some feel the drugs should continue for a peri-od of time and then be stopped,” Lichtenfeld said. “This is clearly a [decision] based on individual evidence specific to the president and made with his doctors.”

Dr. Douglas Johnson, a mela-noma specialist at Vanderbilt-Ingram Cancer Center who is not treating Carter, said the Food and Drug Administration did not provide a specific end-date for pa-tients who see improvement while taking the drugs. Patients who see results may want to stop but battle with fear that the cancer could re-turn, he said. “That has become a very difficult question,” Johnson said. “We can say that patients who have stopped treatment have continued to do very well, but the drug has been around less than 10 years. Whether all patients have the same results, we don’t know.”

Carter made another unexpect-ed announcement about his health at a December class, telling the audience that a recent scan of his brain detected no sign of cancer. At the time, Carter told the group that he planned to continue receiv-ing doses of Keytruda every three weeks. He has said the drug caused few side effects. Jill Stuckey, a Maranatha Baptist Church mem-ber, said in a phone interview that Carter’s updates have become “a pattern for our church.”AP

Jimmy Carter says he no longer needs cancer-drug treatment  Nancy Reagan remembered

for her forceful, private style  BRUSSELS—The North Atlantic Treaty

Organization (Nato) announced on Sunday that it was expanding its

mission to help choke off the smuggling of migrants into Europe by deploying warships in Greek and Turkish waters, reinforcing its flotilla and deepening cooperation with the European Union’s Frontex border agency.

E a r l y M o n d a y, B r i t a i n s a i d i t i s contributing an amphibious landing ship backed by a Wildcat helicopter, as well as two border force cutters to the Nato force.

“We’ve got to break the business model of the criminal smugglers and stop the desperate flow of people crammed into makeshift vessels from embarking on a fruitless and perilous journey,” British Prime Minister David Cameron said in a statement.

’’That’s why this Nato mission is so important. It’s an opportunity to stop the smugglers and send out a clear message to migrants contemplating journeys to Europe that they will be turned back.” The widened mission comes after defense ministers of the 28-nation alliance on February 11 ordered the immediate deployment of the three vessels in Nato’s Standing Maritime Group 2 to the Aegean Sea.

In a telephone inter view with the Associated Press, Nato Secretary-General Jens Stoltenberg said, “We will do reconnaissance, we will do surveillance, we will collect information, and share this information in real time with the Turkish coast guard, the Greek coast guard and with Frontex, helping them with managing the migrant and refugee crisis, and also to cut the lines of the illegal trafficking and smugglers,” The waters between Greece and Turkey, two Nato allies, are a key area where smugglers have been bringing tens of thousands of migrants into Europe, sparking what some have called the gravest crisis in the EU’s history. EU and Turkish leaders will meet on Monday in Brussels to discuss the emergency. AP

Nato expands migrant mission in Aegean Sea

SEOUL, South Korea—North Korea on Monday issued its latest belligerent threat, warning of an

indiscriminate “preemptive nuclear strike of justice” on Washington and Seoul, this time in reaction to the start of huge US-South Korean military drills.

300,000South Korean Marines and 17,000 US troops are involved in this year’s war games, which is the largest ever staged

SOUTH Korean Marines, wearing blue headbands on their helmets, and US Marines move together during the annual joint military exercise Key Resolve and Foal Eagle by South Korea and the United States in Pohang, South Korea, on March 7. North Korea on Monday issued its latest belligerent threat, warning of an indiscriminate “preemptive nuclear strike of justice” on Washington and Seoul, this time in reaction to the start of huge US-South Korean military drills. KIM JUN-BUM/YONHAP VIA AP

Tuesday, March 8, 2016 • Editor: Angel R. Calso

OpinionBusinessMirrorA10

Why can’t PHL be like Singapore?

editorial

BACK in the early 1990s, when the Philippines was still a “basket case” and Thailand was a “tiger cub,” Thailand was the country that the experts and pundits told us we should aspire to be like.

Then the Asian financial crisis hit, destroying the Thai economy. Since then, and particularly in the last few years, those same experts discovered that for all of our faults, the Philippines is a much more politically stable country. The average term of office for a Thai prime minister is less than two years. Then the Thai military has to step in, declare a coup and take over the government.

But what could be a better example of what the Philippines should become than Singapore. First world with a very strong economy, Singapore has to be the shining example of what a nation could be.

We have seen since Singapore’s founding father Lee Kuan Yew died, count-less quotes from the man as to what the Philippines did wrong and what we should have done to become more developed. If only we had listened to Lee and had also tried to raise an individual of his wisdom to lead our nation for 30 years as he did Singapore.

The only problem with Singapore is that it is a virtual dictatorship under continuing martial law.

Democracy and the rule of the people are not about voting for elected officials. Democracy is all about a free, viable, independent and vocal alter-native and opposition to the ruling party at any given time before, during and after elections.

The political process also must be supported by a free, viable, independent and vocal press and media. Otherwise, it is not a democracy.

Recently with the election campaign of Sen. Ferdinand “Bongbong” R. Marcos Jr. and the anniversary of the Edsa revolution, there has been much discussion about the martial law years. Yet, if you compare Singapore with those times, there is not much fundamental difference save for the brutal-ity of the Philippine experience.

Each Singaporean is required to carry at all times an identification card with normal vital statistics, including religion and ethnicity.

The Press Freedom Index published by Reporters Without Borders gives Singapore a lower score than the Philippines. The US-based non-governmental organization Freedom House Freedom gives the Philippines a higher score in both political rights and civil liberties. Human Rights Watch notes that Singapore refuses to offer any legal recognition and equality for sexual ori-entation and gender identity. The Internal Security Act and Criminal Law allow the government to arrest and detain persons for virtually unlimited periods without charge or judicial review.

American patriot Patrick Henry said, “Is life so dear, or peace so sweet, as to be purchased at the price of chains and slavery?” The same could be said for the “sweetness” of discipline and more economic prosperity.

No more bidding, please

IN December 2011 the government awarded the first road project under its f lagship Public-Private Partnership (PPP) Program. This was the Muntinlupa-Cavite Expressway

(MCX), a four-lane toll road, which was opened in July 24, 2015, or three-and-a-half years from the award of the contract. that have been awarded since 2011.

Of the 12 projects, only the MCX, Phase 1 of the PPP for School Infra-structure Project and Automatic Fare-Collection System have been completed to date.

Other projects are in various stages of implementation. For in-stance, the Mactan-Cebu Interna-tional Airport Passenger Terminal Building project was only 9.53-per-cent completed as of January 31.

The Modernization of the Phil-ippine Orthopedic Center has been stalled because the contractor with-drew from the project.

Sixteen projects are listed in the “under implementation” stage. It means prospective bidders are

conducting due diligence or pre-paring documents that will be sub-mitted during biddings. This stage also involves the government’s evaluation of bids submitted by the qualified bidders.

Based on the PPP Center’s data, the government’s hands are already full in terms of ongoing projects. Note that the government is already undertaking many projects outside the PPP Program.

My point is, the government should concentrate its efforts in finishing ongoing projects or ac-complish as much as possible before the new administration comes in.

Another point is, conducting bid-dings or awarding contracts in the remaining few months exposes the government to controversial issues like “midnight deals.”

It would be a wonderful ges-ture for the administration to an-nounce that it would not conduct new biddings and give the new administration the opportunity to do the bidding and awarding of the new projects.

For comments, e-mail [email protected] or visit www.mannyvillar.com.ph.

THE ENTREPRENEURManny B. Villar

ONE of the major differences between companies listed on the Philippine Stock Exchange and in other countries is the more honest accounting standards that Filipino

companies use. You would think that it should be a simple matter to examine corporate books. Revenues come in, expenses go out and the difference is the profit or loss.

Corporate earnings and presidential surveys

OUTSIDE THE BOXJohn Mangun

Certainly, it is not quite as simple as that, because financial consid-eration must be made for depre-ciation of hard assets, determin-ing the market value of those hard assets and the value of intangibles, such as goodwill.

The books can be “cooked,” for ex-ample, by incorrectly or falsely mak-ing a valuation of the assets, fudging on whether an account receivable or payable is overdue, and the way that revenues are posted. Certain proper-ty developers got into trouble some time ago by posting the total sales price as current revenue, rather than only the amount of money they had actually received. By booking the full sale today, it increased current

profits, even if the balance of money for the sale might never come in.

But, generally,  the  accounting practices of local listed companies are valid and adhere to the reason-ably high standards of the rules of Generally Accepted Accounting Prin-ciples (GAAP). That is one reason foreign investors have not had much problem with investing in Filipino companies because  the  financial numbers are accurate and fair. Not using GAAP (non-GAAP) accounting can inflate the profits. 

Many Wa l l Street compa-nies report earnings both ways, with an emphasis on  the  system that makes  the  books look bet-ter. Deutsche Bank’s evaluation

of the 2014 profits of the Standard & Poor’s top 500 companies found that GAAP earnings declined 1.3 percent from 2013, while profits measured by non-GAAP standards rose 6.6 percent. Similar to poli-tics, it is not the amount of mon-ey (or votes) that count, but who counts the money and votes.

Pundits are saying  the  top 4 presidential candidates are in a sta-tistical tie. However, they are not in a tie when it comes to probable votes. Vice President Jejomar C. Binay’s 33 percent of voter prefer-ence in the National Capital Region

(NCR) based on  the  6.25 million registered voters equals 2.06 million votes. Except the 2010 voter turnout in the NCR was 69.07 percent. There-fore,  the  probable actual votes for Binay will be 1.425 million.

The Visayas has 16 million regis-tered votes, with a 79-percent turn-out. Mindanao has 12.6 million vot-ers, with a 72-percent turnout. But Sen. Grace Poe leads in Luzon with 19.5 million voters, of which 76.4 percent voted in 2010.

If you run  the  numbers based on voter preference percent-age, the number of registered vot-ers, and the 2010 turnout for every region, Poe gains a total of 10.3 mil-lion votes; Binay is a close second with 10.2 million. Secretary Manuel A. Roxas II comes in third with 9.09 million votes, despite overwhelm-ingly winning the Visayas regions, and Mayor Rodrigo R. Duterte is fourth, with 8.99 million votes, despite his huge lead in Mindanao.

“There are three kinds of lies,” American author Mark Twain said. “Lies, damned lies and statistics.”

E-mail me at [email protected]. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis tools provided by the COL Financial Group Inc.

My point is, the government should concentrate its efforts in finishing ongoing projects or accomplish as much as possible before the new administration comes in. Conducting biddings or awarding contracts in the remaining few months exposes the government to controversial issues like “midnight deals.”

The books can be “cooked,” for example, by incorrectly making a valuation of the assets, fudging on whether an account receivable or payable is overdue, and the way that revenues are posted. Certain property developers got into trouble some time ago by posting the total sales price as current revenue, rather than only the amount of money they had actually received. By booking the full sale today, it increased current profits, even if the balance of money for the sale might never come in.

Last month I read newspaper re-ports about the government’s plan to conduct more biddings and award contracts before President Aquino steps down on June 30, or about three months away.

I have no argument about launch-ing new projects under the PPP Pro-gram, which has been hailed by in-ternational institutions as a model for infrastructure development.

However, I am not sold on the idea of conducting biddings a few months before a new president takes over the office in Malacañang. On the contrary, I think the government should avoid it.

It would be a respect for the next administration. For one, conducting biddings during the remaining few months of the incumbent adminis-tration is unfair, because the new president would also want to initi-ate his or her own projects.

This is human nature, even for the highest elected official of the land. No president would like to be known as the one who com-pleted the projects initiated by a predecessor.

Besides, so many PPP projects have already been awarded, but only a few have been completed. The PPP Center’s web site lists 12 projects

Tuesday, March 8, 2016

[email protected]

A NEW University of the Philippines (UP) campus opened at the Bonifacio Global City (BGC), nearly a decade after plans to build it were first hatched. A campus in Makati was

thought of by former UP President Emerlinda Roman on the occa-sion of the UP Centenary in 2008.

UP going global

 The first challenge UP faced was finding a suitable location for the new campus—a search that con-tinued up to the centenary of the UP College of Law in 2011. UP Law alumnus and Commission Member Senate President Franklin Drilon and I as chairman of the UP Law Centennial Commission requested Arnel Casanova, administrator of the Bases Conversion and Devel-opment Authority (BCDA), for a donation and he graciously agreed to give UP a 4,300-square-meter (sq m) grant in Bonifacio Global City. 

In 2012 the groundbreaking

ceremony took place, presided over by Vice President Jejomar Binay, UP President Alfredo Pascual, UP Law Dean Danilo Concepcion and other members of the UP Law Centennial Commission. Also present at the time were former BCDA Chairman Felicito Payumo and then-President and CEO Casanova, UP Diliman Chancellor Caesar Saloma, law alum-nus Henry Gozon, Taguig City Mayor Lani Cayetano and UP Regent Sen. Sonny Angara. 

The foundation work started and initial funds were appropriat-ed, mostly coming from the fund-

raising efforts of UP Law Centen-nial Commission—which counts among its members Justice Antonio Carpio, Chief Justice Hilario Davide, Chief Justice Reynato Puno, Justice Ameurfina Melencio-Herrera, Jus-tice Flerida Ruth Romero, former So-licitor General and current Supreme Court Justice Francis Jardeleza, Sen. Richard Gordon, Atty. Estelito Men-doza, Atty. Felipe Gozon, Atty. Mer-cedita Santiago-Nolledo, Atty. Rafael Morales, Atty. Maria Lourdes Rausa-Chan and Atty. Rodolfo Waga, Jr.

 Pledges of support were eventu-ally obtained and, in a wonderful stroke of good luck, Hans Sy came with a generous donation in 2014 from the family of philanthropist Henry Sy Sr.   

Today, UP Bonifacio boasts of a total floor area of 12,000 sq m, across nine floors. It has 29 class-rooms, three laboratories, a com-mon area for students, faculty lounges, an auditorium, a moot court, and many other amenities fit for a world-class university. 

Located at the heart of the coun-try’s financial and commercial dis-trict, the UP Bonifacio Campus is

intended to be UP’s gateway to the 21st century—the Digital Era.  Hence, the academic offerings are carefully chosen: law, business management, engineering, architecture and design, and statistics—all core disciplines of today’s Internet-driven world. 

More important, UP Bonifacio is envisioned to become the showcase of the Philippine national universi-ty internationalizing its curricula, student body and faculty.  Of the national universities in Asia, UP is seen as inward-looking and rela-tively closed, quite out of character in an institution that had pioneered higher education in Southeast Asia.  Returning to its roots and looking forward, the University hopefully will remain competitive in a fast-regionalizing Asean.

In the 2012 groundbreaking, I remarked that with the new campus UP could serve once again as a cen-ter of innovation and creativity in higher learning. Achieving that goal, of course, takes time and patient ef-forts of many—and above all, smart investment of the state.

 E-mail: [email protected].

Part 2

A deadly country for journalists

THE Philippines’s current ranking as 3rd (next only to Iraq and Syria), out of the 10 Deadliest Countries for Journalists, did not happen overnight. This shameless attack on press free-

dom and the painstakingly slow turn of the wheels of justice for slain journalists date way back to the Cory Aquino administration.

MODERN aviation may be the safest complex system ever devised.  Each day, 100,000

flights take off and land with prosaic regularity. Accidents are so rare that, al-most by definition, they mean something unprecedented has happened.

The unexplained disappearance of Malaysia Airlines Flight MH370—which occurred almost two years ago, presumably killing all 239 people aboard—is by any definition unprec-edented. And despite some tantalizing hints, its fate remains utterly mysteri-ous. As such, it makes a poor basis for dramatic changes in public policy. Modern planes are so safe that adding yet more rules and requirements in re-sponse to an incomprehensible tragedy could very well make things worse.

Consider proposals to mandate tam-per-proof transponders. That sounds prudent: Someone aboard Flight 370 evidently switched off its communica-tions systems, taking it off the grid. But pilots may have perfectly  valid reasons for turning a transponder off, such as recovering from a malfunction or preventing overheating. American regulators acknowledged as much last year when they argued  that the risks of tamper-proofing cockpit equipment outweigh the benefits.

Likewise, the United Nations wants to track aircraft more frequently and in greater detail. Again, this sounds like a no-brainer. Yet, planes are already thor-oughly tracked. And a group studying the idea for the UN found that the addi-tional requirements under consideration could in some cases create new risks, cause miscommunication and impose an “unrealistic operational burden.” Not to mention the expense. All this to address a surpassingly rare phenomenon. 

In the age of the drone, why not eliminate human pilots altogether?

Even overlooking the cost and com-plexity involved, the  alarming rate at which military drones—to say nothing of their civilian counterparts—crash in much less demanding environments should give pause. The reality is that, despite high-profile catastrophes, pilots solve many more problems in-flight than they’ve ever caused.

Some new technology may, in fact, be helpful in preventing future  disas-ters. Aerospace companies are working on gear that could wrest control from a pilot in times of distress. The US military is working on robot co-pilots. These are promising endeavors, worthy of more study and investment. Yet, they, too, risk unintended consequences, including ma-licious hacking, conflicting lines of au-thority and well-intentioned mistakes.

Following the September 11 at-tacks, a consensus emerged that cock-pit doors should be reinforced and fitted with elaborate locks. This was an eminently sensible idea. Then, last year, a pilot named Andreas Lubitz boarded Germanwings Flight 9525. When his captain left the cockpit, Lubitz locked the door, took the con-trols and guided the plane into the French Alps, killing himself and 149 others. In the background, his panicked colleagues  could be heard  smashing against the reinforced door, again and again, in a futile attempt to stop him.

It took decades of research, regula-tion and scientific advances to make airplanes as safe as they are now. Things can always be improved. But it’s impor-tant to accept that risk can never be completely eliminated from flight, and that more complexity often means more ways for things to go wrong. It may be that the safest thing to do in response to Malaysia Flight 370 is something that almost defies human intuition: nothing at all. Bloomberg View

ABOUT TOWNErnesto M. Hilario

Edgardo J. Angara

Untold stories of Aquino human-rights violation

Thirty-four journalists who had exposed graft and corruption and other venalities of the Aquino gov-ernment were murdered and many others were persecuted in the legiti-mate pursuit of their profession. In comparison, during President Ra-mos’s six-year term, 18 journalists were slain.

Of the 52 combined slain jour-nalists in the Aquino and Ramos administrations, six were killed in Metro Manila, including two who were caught in the crossfire in the 1987 coup attempt; 22 were slain in Mindanao—five in Cotabato City, three each in the cities of Zamboan-ga, Davao, and Iligan; two each in Su-rigao and General Santos cities, and one each in Dipolog, Ozamiz, Basilan and Davao del Norte); 13 in Luzon (outside Metro Manila—three in Laguna, two each in Cagayan, Pan-gasinan, Isabela, Cavite and Lucena City; and 11 in the Visayas—includ-ing three in Cebu City, two in Iloilo and one in Tacloban.

Only a few of these killings saw resolution and, ironically, none of the cause-oriented groups that accused Marcos, and later Presidents Ramos and Estrada, of stifling freedom of the press or of human-rights viola-tions had created even a whimper of protest during the time of Cory.

The respected columnist Ninez Cacho-Olivares commented years later, in July 1999:

“Chutzpah must truly be their mid-dle name given that their leader, Aquino, while invoking the holy name of press freedom and democracy, willfully and unilaterally closed down two opposi-

tion newspapers during her regime: the Philippine Daily Express and the Times Journal… Apparently, to them it was wrong for Marcos to close down newspapers but right for Aquino to do the same.”

Only the late journalist Renato Constantino, the late Louie Beltran of the Philippine Star, Melinda Liu of Newsweek, Catherine Manegold and Luisa Torregosa of the Philadelphia In-quirer, Bill Branigin of the Washington Post, Tom Breen of the Washington Times, Seth Mydan of the New York Times, Rigoberto Tiglao of the Far East Economic Review, Luis Teodoro of The Manila Times and this author had extensively written articles on human-rights violations during Cory Aquino’s watch.

The late Louie Beltran even faced a libel suit from Aquino, the first sitting President to file a libel case against a journalist, claiming her rights as a private citizen but, at the same time, invoking presidential im-munity in a countersuit.

It was also during Aquino’s time of “freedom and democracy” that virtually all the electronic media were placed under the control of government and her political allies. Yet, many journalists either turned a blind eye or deliberately obfuscated issues in favor of the Aquino regime.

The rampant human-rights viola-tion not only in the case of journal-ists, but more so in other neglected sectors of society, began to brew more social discontent, and so did the street protests started again to grow.

To be continued

Duterte’s federalism agenda

DAVAO City Mayor Rodrigo Duterte has gained stature and credence as a formidable presidential candidate largely on the strength of his tough talk—and what his avid supporters

insist is his track record in his home turf—against criminality and illegal drugs. In fact, he has said that if elected as president in May and fails to stop crime and illegal drugs within six months, then he would resign by January 2017.

DATABASECecilio T. Arillo

What China thinks of Trump

AROUND the time that polls were closing on Super Tuesday in the US, Communist Party news outlets in China be-gan syndicating a 15-image slideshow: “The Erratic Trump is

Actually a Winner in Life.”

An all-out war against crime and drugs is just one aspect of the platform of Duterte and his vice- presidential candidate, Sen. Alan Peter Cayetano. Another key com-ponent of their platform is a shift to federalism.

Sen. Aquilino “Koko” Pimentel III, president of PDP-Laban, in a recent appearance at our regular Saturday Forum@Annabel’s, said the party chose Duterte as their standard- bearer not just because the Davao mayor has long been a party member, but also because he shares its ardent advocacy of federalism. A federal system, as Senator Pimentel explained, will not discard the presidential form of government. The president and the vice president will still be elected by the people, and retain the same term of office of six years without reelection.

The federal republic contemplated by PDP-Laban will create 11 federal states out of the existing political

subdivision in the country and one federal administrative region. Luzon will have four federal states. These will be in Northern Luzon, Central Luzon, Southern Ta-galog and Bicol. Metro Manila will be converted into a Federal Administra-tive Region similar to Washington, D.C., or Kuala Lumpur.

The Visayas will also have four federal states: Minparom, Eastern Visayas, Western Visayas and Central Visayas. Mindanao will also have four: Northern Mindanao, Southern Mindanao, Bangsamoro and Sabah.

The creation of a federal state of Sabah is contingent on the revival of the Philippine claim to what is now part of Malaysia. Sabah is only 350 kilometers from our southern-most province of Tawi-Tawi, and has a Filipino population of 1.5 million.

The proposed federal state will also include Scarborough Shoal, which is 124 nautical miles from

Masinloc, Zambales, and Kalayaan, the group of islets, cays and reefs in the West Philippine Sea/South China Sea, which are within the 200-nauti-cal-mile exclusive economic zone of the Philippines.

Legislative powers will be shared by two houses of Congress: a Senate to be elected by the federal states, and a House of Representatives to be elected by districts similar to what we have today.

Every federal state will have a state governor and a vice governor elected by the people of the state. The federal states will still have provinces, cities, municipalities and barangays.

Every federal state will have its own legislature that will make laws for state purposes. State legislators will be elected by provincial and city sanggunian from among their members.

Every federal state will be repre-sented by at least six or possibly more senators elected by qualified voters in state-wide elections.

The judicial setup under a federal system will have a Supreme Court with the Sandiganbayan and Court of Appeals dispersed to the states, while retaining the regional trial courts, city courts and municipal courts as is. In terms of resource allocation, the federal government will get 20 percent, while the states will get 80 percent. Of the 80-percent share of the federal states, 30 percent of this will go to the state government while 70 percent will go to the

provinces, cities, municipalities and barangays. Under this formula, the shares of the provinces, cit-ies, municipalities and barangays will be bigger than what is cur-rently provided for under the Local Government Code. To address uneven development or the reality that not all of the fed-eral states have equal resources or opportunities, the federal govern-ment will establish an equalization fund to assist those states that need more funds for socioeconomic development. The federal system is not simply a political undertaking but also an eco-nomic one, as it will create 13 centers of power, finance and development throughout the country.

More than this, the federal sys-tem is envisioned to result in the ac-celerated development of the entire country by unleashing the economic potentials of the various regions and by dissipating the causes of rebel-lion in the country, particularly in Mindanao.

The outlines of the federal system now being espoused by the Duterte-Cayetano tandem were drawn up and advocated as early as 1982 by the current chairman emeritus of PDP-Laban, former Sen. Aquilino “Nene” Pimentel Jr. With many of the nation’s politi-cal, economic and social problems left unsolved by the presidential form of government, are Filipinos will-ing—or ready—to shift to a federal system? We will know soon enough.

E-mail: [email protected].

BLOOMBERG VIEWAdam Minter

It opens with an image of Donald Trump’s extended family, and a list of reasons why Trump “couldn’t be more inspirational,” including his best-selling books, real-estate empire, and beautiful wives and daughters. But it’s the first item on the list that packs punch out-side of China’s leadership class: fuerdai.

Roughly translated, the term means “rich second generation,” and refers to the luxury-loving children of the en-trepreneurs and politicians who grew wealthy as China’s economy opened up. Spoiled, entitled and ostentatious, the fuerdai “are to China what Paris Hilton was to the US a decade ago, only

less tasteful,” as Bloomberg Business-Week put it last year.

Their list of offenses is  endless: burning money (and  posting pics  to social media), buying opulent watches for their dogs (and posting pics to social media),  holding orgies. But above all, fuerdai seem to exemplify the social and economic canyon that’s opened between China’s privileged classes and everyone else. Unlike most Chinese, fuerdai can misbehave and then—thanks to fam-ily wealth and connections—quickly transition to positions of authority when they decide to grow up.

Trump, with his inherited wealth

and gaudy taste, seems to offer a per-fect American analog. Although The Ap-prentice has long been popular in China, Trump is rarely viewed in positive terms, either as a leader or even a businessman. In a country where real-estate fortunes are often built on corruption, and where property tycoons rank among the most hated public figures, nobody is likely to view Trump as an entrepreneurial Jack Ma type. Unflattering references to Trump and his family have been circu-lating online for years.

But the reaction got more serious as Trump’s presidential campaign geared up in 2015. In August Caijing, one of China’s most respected business maga-zines, published a story titled, “Repub-lican ‘Dark Horse’ Donald Trump: A Celebrity Fuerdai Will Not Make a Good President.” In case anyone was wonder-ing why that description was apt, the au-thor spelled it out: “He was born into a real-estate family, went to the Wharton School at the University of Pennsylvania, and took his father’s company into high-end real estate—truly, he is a fuerdai.”

The association only became stron-ger after Trump’s infamous Today show appearance in which he revealed

that he got his start in business via a “small” $1-million loan from his father. Some commentators compared him to Wang Sicong, the son of China’s rich-est man, best known for buying Apple Watches for his dog, offering crudely Trump-like  appreciations  of women and starting an online entertainment business (with dad’s money).

But  fuerdai isn’t even the worst characterization of Trump in the Chi-nese media. By turns, he’s been called a clown, a reminder of Hitler and anti-Chinese due to his threats to start a trade war. In some ways, he often seems like a more outgoing and humorous version of the kinds of connected in-dividuals who typically succeed in the Chinese autocracy.

It doesn’t help that US President Barack Obama has long been a popular and even inspirational figure in China (his policies, much less so) precisely be-cause he rose to the pinnacle of Ameri-can power despite a lack of money and connections. That kind of rise is impos-sible in China, where ethnic minorities are largely shut out of government and the top job is held by the son of one of the country’s modern founders.

The hard truth about Malaysia 370

The business groups, on its fifth Arangkada anniversary assess-ment, the Palace said through the executive secretary, should find out the economic effects of the laws passed by Congress.

“However, the executive secre-tary is not mandated [by law] to re-view bills passed by Congress. [But] an executive order could be issued directing concerned government agencies to assess laws for their impact on competitiveness and job creation,” the groups said.

“The assessment should be made public,”they added, say-ing  these government agencies

can recommend policy changes. Members of  PBG-JFC  include

Alyansa Agrikultura; Chamber of Mines of the Philippines; Employers Confederation of the Philippines; Federation of Filipino-Chinese Chambers of Commerce and Indus-try Inc.; Financial Executives Insti-tute of the Philippines; IT and Busi-ness Processing Association of the Philippines; Makati Business Club; Management Association of the Philippines; Philippine Chamber of Commerce and Industry; Philip-pine Exporters Confederation Inc.; American Chamber of Commerce; Australia-New Zealand Chamber of Commerce; Canadian Chamber of Commerce; European Chamber of Commerce; Japanese Chamber of Commerce; Korean Chamber of Commerce; and Philippine Associa-tion of Multinational Companies Regional Headquarters Inc. Meanwhile, the bills passed by the 16th Congress and signed into law include: 

n Republic Act (RA) 10667, Pro-viding for a National Competition

Policy prohibiting Anti-Competi-tive Agreements, Abuse of Domi-nant Position and Anti-Competi-tive Mergers and Acquisitions; n�RA 10668, Allowing Foreign Vessels to Transport and Co-load Foreign Cargoes for Domestic Transshipment; n�RA 10708, Instituting the Tax Incentives Management and Trans-parency Act;

n RA 10659, Promoting and Sup-porting the Competitiveness of the Sugarcane Industry; n� RA 10697, Preventing the Proliferation of Weapons of Mass Destruction by Managing the Trade of Strategic Goods, the Pro-vision of Related Services, and for other purposes; n�RA 10691, Defining the Role of the Department of Labor and Employment, the Local Govern-ment Units and Accredited Non-Government Organizations in the establishment and operation of the Public Employment Service Office and Job Placement Offices; n� R A 10665, Establ ishing

the Open High School System in the Philippines; n�RA 10679, Promoting Entre-preneurship and Financial Educa-tion among Filipino Youth;

n RA 10693, Strengthening Non-Government Organizations Engaged in Microfinance Opera-tions for the Poor;

n and RA 10953, Adjusting the 13th Month Pay and other Benefits Ceiling for purposes of Income Taxation.

Meanwhile, Speaker Feliciano Belmonte Jr., citing statistics from the House Committee on Rules, said the House of Representatives pro-cessed a total of 3,126 measures from July 2013 to February 2016.

An average of 16 measures were processed per session day during the First, Second and Third Regular Sessions of the 16th Congress, or a total of 191 session days. Of the 3,126 measures pro-cessed, a total of 1,097 bills/reso-lutions were approved.  Statistics show that a total of 117 bills were enacted into law—74 of national

significance, 38 of local scope and five joint resolutions.  The House also ratified bicam-eral reports on 10 national bills, adopted the Senate version of 14 national and one local bill, aside from concurring with the Senate amendments to  nine national and 44 local bills.

The lower chamber also noted that the Senate passed without amendments four national and 38 local measures, which originated from the lower chamber. The House was able to process and approve on final reading and transmit to the Senate for proper consideration some 543 measures (221 of national scope,  313 local and nine joint resolutions). Overall, members of the House have filed a total of 9,180 mea-sures (6,4 48 bi l ls and 2,732 resolutions). Of these measures, 3,126 were processed and 1,097 were approved.  Belmonte said the lower chamber may still approve more bills when sessions resume on May 23.

Megaworld. . . C A

S&P. . . C A

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2ndFront PageBusinessMirror

www.businessmirror.com.ph

2Tuesday, March 8, 2016

Assess business impact of new lawsB J M N. C 

THE Philippine Business Groups (PBG) and Joint Foreign Chambers of the Philippines (JFC)

on Monday urged the Palace to assess the effect of the various laws passed by the 16th Congress on competitiveness and job creation.

PCSO ready to complywith BIR order on DST

117 Bills passed by the 16th Congress that were signed into law

BUSINESS GROUPS URGE PALACE

A THOUSAND LANTERNS Supporters of women’s safety in the streets illuminate the Quezon City night sky on Monday, as the Safe Cities Program of the United Nations Entity for Gender Equality and the Empowerment of Women and the Quezon City Government kick off the campaign activities in celebration of the National Women’s Month. ALYSA SALEN

B L S. M

THE Phi l ippine Char ity Sweepstakes Office (PCSO) is willing to end its dispute

with the Bureau of Internal Revenue (BIR) over the unpaid documen-tary-stamp tax (DST), its general manger said on Monday. Jose Ferdinand M. Rojas II, the

general manager of the state-run agency, said the present board of the PCSO initiated and implement-ed the DST with the small-town lottery (STL) operators in 2015.

“The PCSO will coordinate and will clarify and comply with the BIR,” he said. “When the board came in 2010, there was no DST for STL. There were no BIR on that matter. Nevertheless because of the intention to enhance and im-prove all PCSO gaming activities, which include STL, the present board put in place the DST.”

During a recent congressional hearing, the BIR estimated that the unsettled DST of the PCSO was close to P3 billion.

BIR Commissioner Kim S. Jacin-to-Henares earlier said the PCSO is liable for nonpayment of DST on the sale of lottery tickets, which was declared final and executory by the Supreme Court.

Rojas said his office has not received any “adverse opinion” on the DST from the BIR nor the

Commission on Audit (COA). According to the computations made by the PCSO, the unpaid DST of the STL operation in 2013 and 2014 alone has reached P879.40 million, covering the 10-percent levy on betting tickets. Under the National Internal Revenue Code, a 10-centavo DST is charged on every P1 bet in jai alai, horse race, lotto or other authorized numbers games, like STL.

The PCSO said it plans to expand the operations of STL program to other cities and provinces to in-crease the revenue of the agency.

In 2014 the PCSO board passed a resolution to go into the direc-tion of expanding STL operations nationwide upon the recommenda-tions of the PCSO assistant general managers of the Gaming, Product Development and Marketing Sector and Branch Operations.

STL sales account for only about 12 percent of PCSO’s revenues from games, with lotto still the top source of revenues.    

₧3BPCSO’s unpaid documentary- stamp tax according to the BIR

The legislative reforms are meant to help institutionalize sound policies that promote business and economic progress. In addition to the legislative measures are key administrative reforms, including those that rationalize and make more transparent the budget process, strengthening of the Public-Private Part-nership (PPP) Program; enhancement and modernization of the procurement processes for better transparency; and initiatives that expands the taxpayer base for improved revenue collection. Chambers said S&P does not see the pending change in leadership dis-rupting the favorable credit standing of the Philippines. Whoever wins the presidential election in May is unlike-ly to initiate a reversal of the existing economic and business policy environ-ment, which has proven beneficial for the Philippines, Chambers added.

S&P currently assigns the Philip-pines a rating of “BBB,” which is a notch above the minimum investment grade, with a “stable” outlook.

Meantime, Maisto opined that all of the presidentiables seem to embrace the same overall economic agenda of the Aquino administration, except that their styles in pursuing the same goals could be different. Maisto said the at-tractiveness of the Philippines as an investment destination is not affected by the pending leadership transition. The Philippines is said to have one of the greatest economic stories recently, evolving from the “sick man of Asia” to “a bright spot in the region.” It posted an average GDP growth of 6.2 percent from 2010 to 2015 to become one of the world’s fastest-growing economies at a time of global economic challenges. Robust growth was achieved while main-taining a modest inflation environment. Also, with sound macroeconomic fundamentals, including strong exter-nal payments position, the Philippines has been invited by the International Monetary Fund (IMF) to participate in its lending facilities. The country is now a net creditor to the IMF, turning around from previously being a net borrower. The forum in New York was graced by business leaders and experts from the local and international financial community, as well as top economic officials of the government, including Finance Secretary Cesar V. Purisima, Philippines Competition Commission Chairman Arsenio M. Balisacan, Agrar-ian Reform Secretary Virgilio delos Reyes, former Trade and Industry Sec-retary Gregory L. Domingo, Bangko Sentral ng Pilipinas Deputy Governor Nestor Espenilla Jr., and Tourism Un-dersecretary Benito C. Bengzon Jr. PNA

A review of the set of perks is also key in the promotion of nascent sec-tors, such as e-commerce, Cristobal said.  “It’s been 30 years since [the EO] has been passed. It’s about time we review it because, for example, we want to promote innovation, entre-preneurship and digital start-ups, the ITH is not relevant to them, they need a different source of incentive,” Cristobal stressed.  The Department of Trade and Industry (DTI), with private sector stakeholders, launched the Philip-pine E-Commerce Roadmap to pro-mote wider e-commerce adoption in February. It seeks to encourage micro, small and medium enter-prises (MSMEs) to take advantage of the digital space in gaining a larger customer base.  Aside from catering to local MSME enterprises, the road map also seeks to attract global e-commerce players to do business in the Philippines. 

Crafting an incentive package

for digital start-ups is in the E-Commerce Roadmap to promote investments in the sector. “There is a need for the govern-ment to come up with policies and programs to nurture these digital start-ups, from the development stage up to the point when their ideas will become commercially viable and rolled out within the country. This may require a good amount of investments. However, our existing investment policies and procedures are not conducive for foreign investments in digital start-ups,” the road map read. 

The objective of the road map is for e-commerce to contribute 25 percent to the country’s GDP by 2020, from 10 percent of GDP in 2015, based on the data generated by i-Metrics Asia Pacific Corp. 

The need to update the 30-year-old incentives regime is also in line with the DTI’s push to reinvigorate the country’s manufacturing sector. 

“We can look at the profile of top BOI investments. The top sec-tors are energy and real estate...

manufacturing is third or fourth [top sector]. We’re seeing that these are the top utilizers of fiscal incentives and from there we have to analyze, why we aren’t getting more manufacturing investments, for example,” Cristobal explained.  The DTI is among the key agen-cies implementing the multiagency Manufacturing Resurgence Pro-gram, a government priority pro-gram that was initiated to push for a 30-percent increase in gross value added in the sector,  and a 15-percent increase in employment by 2025.  This is being done by the DTI through its Industry Road-mapping initiative, which focuses on improving competitiveness of specific manufacturing subsectors in the country.  The DTI chief did not expound on the possible changes that the incen-tive package should have.  But when asked if the current ITH offering of four years is too short to attract more manufacturing investments and, thus, needs to be upgraded, Cristobal replied: “It’s possible.”

‘Aquino successor needsto upgrade BOI incentives’

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Bonifacio, The Mactan Newtown, Iloilo Business Park, Arcovia City, SouthwoodsCity, The Mactan New-town and Alabang.

“We will certainly achieve the P11-billion rental revenue target by year-end,” Go said.

The anticipated multibillion peso-rental income was 20 percent higher than last year’s projected P9.16 billion income stream.

In 2015  Megaworld  Group completed 16 residential projects and six office towers for the busi-ness process-outsourcing industry with retail components across its integrated urban townships. Mega-world  has, thus far, developed 20 townships, 11 of which are in the provinces and nine in Metro Manila.

“Several townships are already

mature, which means, we have al-ready built in them the substan-tial components of a complete live-work-play community, such as Eastwood City and McKinley Hill. We are moving toward making our other townships mature, as well, especially those outside of Metro Manila,” Go said. Megaworld  owns 100 percent of Suntrust, 82 percent of Global-Estate Resorts Inc. and 82 percent of Empire East. The capex is part of the P285.8- billion budget that Andrew Tan, company chairman, said will spend over five years starting 2015. The capex will require the de-veloper to spend P57 billion a year through 2020.

“By 2020 we expect to increase our total population by 150 percent in all of our urban townships, which will reach at least 1 million,” Tan said earlier.