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Ju Wenjun is women’s champ

Khanty-Mansiysk is a city in the center of the Khanty-Mansi Okrug (an administrative unit providing autonomy to indigenous peoples of Northern Russia, in this case the Khanty and the Mansi people) located in Western Siberia. The city has around 100,000 inhabitants and its climate extreme — temperatures as low as -56 degrees and as high as 94 degrees Fahrenheit.
The region is also home to 70% of Russia’s developed oil fields, which explains why in recent years there has been a non-stop building frenzy. New hotels and shopping centers are springing up everywhere. It is very fortunate that the provincial and city administrators are chess supporters. They have become the no. 1 organizer in the world. To mention only the major events, there is the 2014 Candidates Tournament (won by Anand), numerous World Cups including in 2005 (winner — Levon Aronian), 2007 (Gata Kamsky won), 2009 (won by Boris Gelfand), 2011 (Peter Svidler was the victor) and this coming 2019.
The 2010 Chess Olympiad was held in Khanty-Mansiysk and the 2020 Olympiad has been awarded to them as well.
This year the Women’s World Championship Knockout (KO) also took place in Khanty-Mansiysk from Nov. 3-25. 64 women players from all over the world gathered there to compete for their share of the $450,000 prize fund. Winner gets $60,000, runner-up $30,000, semi-finalists $20,000, quarter-finals $12,000 and so on and so forth. Even losers in the first round go home with $3,750.
The rules were as follows:
Players are ranked according to their FIDE rating as of October 2018 from highest to lowest and then no. 1 plays no. 64, 2 plays 63, and so on. These are two-game matches (except for the finals, which is a four-game match) with a time control of 90 minutes for the first 40 moves, and then 30 minutes for the rest of the game; with 30 seconds added to their clocks after every move starting move 1 (commonly known as an increment).
In the event of a tie after the regular games, the following tie breaks were used, in order:
Two tie break games at a time limit of 25 minutes plus 10 second increment per move;
Two tie break games at a time limit of 10 minutes plus 10 seconds increment per move;
Two tie break games at a time limit of five minutes plus three second increment per move;
Armageddon game, at a time limit of five minutes for white, and four minutes for black, plus three seconds per move from move 61; with white having to win and black having to draw or win.
Starting from the Quarter-Finals, here are the results:

GM Alexandra Kosteniuk RUS 2543 vs. GM Anna Muzychuk UKR 2564, 2.5-1.5

GM Ju Wenjun CHN 2568 vs. WGM Gulnukhbegim Tokhirjonova UZB 2435, 1.5-0.5

GM Mariya Muzychuk UKR vs. IM Zhansaya Abdumalik KAZ 2473, 4.5-3.5

GM Kateryna Lagno RUS 2556 vs. GM Lei Tingjie CHN 2457, 2.0-0.0

SEMI-FINALS

GM Alexandra Kosteniuk RUS 2543 vs. GM Ju Wenjun CHN 2568, 0.5-1.5

GM Mariya Muzychuk UKR 2545 vs. GM Kateryna Lagno RUS 2556, 1.0-3.0

FINALS

GM Ju Wenjun CHN 2568 vs. GM Kateryna Lagno RUS 2556, 5.0-3.0

Defending Champion and top seed Ju Wenjun successfully retained the title of Women’s World Champion. The first five rounds went smoothly for her

round 1 she blanked Australia’s WFM Kathryn Hardegen 1832 with 2.0-0.0.

round 2 a quick 1.5-0.5 over a tough customer, USA’s many-time champion GM Irina Krush 2434

round 3 she put away tournament sensation WGM Zhai Mo CHN 2352, 1.5-0.5

round 4 won over Uzbek WGM Gulnukhbegim Tokhirjonova 2435, 1.5-0.5

round 5 defeated former world champion GM Alexandra Kosteniuk RUS 2543, 1.5-0.5

The Chinese GM finished off all her opponents in the first two games and never had to go to tiebreaks. The 6th round though was a different matter. She faced Kateryna Lagno in the 4-game finals and put the entire title defense in jeopardy by losing the 2nd game of the match.

Lagno, Kateryna (2556) — Ju, Wenjun (2568) [E04]
Women’s World Chess Championship 2018 Khanty-Mansiysk (6.2), 20.11.2018

1.Nf3 Nf6 2.g3
Kateryna Lagno, born 1989, was a child prodigy and won her first world championship (World Youth Under — 10) at the age of 10. She has been a lifelong 1.e4 player but suddenly unveiled the Catalan with 1.Nf3 and 2.g3 in her Finals match with Ju Wenjun. The only game she deviated, game 4 was a Sicilian Rossolimo and she lost. We will look at that later.
2…d5 3.Bg2 c5 4.0 — 0 Nc6 5.d4 e6 6.c4 dxc4 7.dxc5 Qxd1 8.Rxd1 Bxc5 9.Nfd2
White has given up a pawn but the Catalan bishop on g2 has strong influence on the queenside.
9…Na5 10.Na3 Bxa3 11.bxa3 0 — 0 12.Ne4 e5N 13.Bd2 Nxe4 14.Bxe4 Nc6 15.Bc3 Be6
Wenjun gives back the pawn to relieve the pressure.
16.Bxc6 bxc6 17.Bxe5 Rfd8 18.Bc3 f6 19.f3 Kf7 20.Kf2 Rxd1 21.Rxd1 Rb8 22.g4 c5 23.h4 h6 24.a4 Ke7 25.a5 Rb7 26.Rg1 Rd7 27.g5 hxg5 28.hxg5 Kf7 29.gxf6 gxf6 30.Rh1 Kg7 31.Rb1 Kf7 32.Rb5 Rc7 33.Rb8 Re7 34.Rh8 Kg6 35.Rf8 Rf7 36.Rg8+ Kh7?
Careless, leaving her f6 — pawn undefended. Black should continue her blocking with 36…Rg7 37.Rd8 Rd7 38.Re8 Bf5 39.Rf8 Rf7, they will soon be shaking hands.
37.Rd8 Kg6
Black cannot play 37…Rd7 because her pawns on c5 and f6 are vulnerable and one of them will be lost to 38.Re8 Bf7 39.Rc8
38.Rd6 Re7 39.Rc6 Kf7 40.Rxc5 Rd7 41.Rc6 f5 42.Ke3 Re7 43.Kf4 Rd7 44.Rc5 Rd8 45.Rb5 Rd7 46.a6!
Fixing the weak pawn on a7, take note that it is on the same square as white’s bishop. It also prepares Rb7 after which the a7 — pawn will fall.
46…Kg6 47.Ke5 Re7 48.Rb7 Re8 49.Rxa7 Bf7+ 50.Kd4 Rxe2 51.a4 Re6 52.Kc5 Be8 53.Rg7+ Kh6 54.a7 Ra6 55.Re7 Rc6+ 56.Kb4 Rc8 57.Rb7 Ra8 58.Rb8 Bc6 59.Rb6 1 — 0
An excellently played game by Lagno.
With her back against the wall Ju Wenjun came back though to win the final classical game 4 with a direct mating attack.

Lagno, Kateryna (2556) — Ju, Wenjun (2568) [B31]
Women’s World Chess Championship Khanty-Mansiysk (6.4), 22.11.2018

If Lagno holds the draw here she is the new world champion. She therefore goes to her tried and true 1.e4.
1.e4 c5 2.Nf3 Nc6
Wenjun is an expert on the Black side of the Najdorf and up to now has always played 2…d6 but her opponent’s sudden switch to 1.e4 for this crucial last game (if Ju loses or draws) might mean that there is a prepared line waiting for her, so she plays something she hasn’t done before.
3.Bb5 g6 4.0 — 0 Bg7 5.Re1 e5
Lagno seemed to be surprised by this move, for she thought for more than 10 minutes before replying.
6.a3 Nge7 7.Nc3 0 — 0 8.Bc4 d6
We have a closed maneuvering game — exactly what Ju Wenjun wanted. With all pawns and pieces remaining on the board she has the opportunity to plan an attack and build up her forces.
9.d3 h6 10.Nd5 Kh7 11.c3 f5 12.exf5 gxf5 13.b4 Ng6 14.b5 Na5 15.Ba2 Be6 16.Qa4 b6 17.Bd2 Rg8 18.Rad1 Qd7 19.Nh4?
White should have tucked away her king with 19.Kh1.
19…Bh8?!
Black does not give anything away but misses the killer move 19…c4! and White cannot capture on c4 because then her knight on h4 will be free. After 20.Nxg6 Bxd5 21.dxc4 Be6 (If Black wants to go for a brilliancy prize she may try 21…Bxg2 22.Kxg2 Qf7 recovering the knight, but the game is still far from over) 22.Nh4 Bf6 23.Nf3 Qb7 24.Re3 f4 Black’s attack is irresistible.
20.Nxg6 Rxg6 21.Qh4
Even on purely positional grounds Black’s 19…c4! would have been good as White’s queen would be cut off on a4. Now the queen gets back into the game and the fight continues.
21…Rag8 22.g3 Qf7 23.c4 Bf6 24.Nxf6+ Rxf6 25.f4 Rg4 26.Qh3 Rfg6 27.Rf1 Qg7 <D>
POSITION AFTER 27…QG7
28.Kh1?
Lagno played this move quickly and did not realize what she had done, putting her king on the long diagonal and vulnerable to a check there. The only move, admittedly difficult to find, is 28.Qh5! and Black’s breakthrough with 28…Rxg3+ will not work because 29.hxg3 Rxg3+ 30.Kh2 and Black might have nothing better than perpetual check here, as White is threatening Rf1 — g1 herself to negate the pressure on the g-file.
28…Bc8! 29.Qh5 Bb7+ 30.Kg1 Rxg3+ 31.hxg3 Rxg3+ 32.Kf2 Rg2+ 0 — 1
In the Rapid tie break the first two games were drawn before Ju Wenjun won the final two (10 minute games) to keep the title.
Beginning 2010, the Women’s World Chess Championship has been held annually in alternating format. In even years a 64-player KO system would be used. In the odd years a classical match featuring only two players would be held. The end result was that we had a new world champion almost every year.
The new FIDE president Arkady Dvorkovich announced during the event that he felt this discredited the championship title as a whole and that henceforth whoever is to become world champion has to win it in a match. Furthermore a Candidates’ tournament for the challenger will be created.
Well, 2019 will definitely be an interesting year for women’s chess.
We will look at the games of the other players in Khanty-Mansiysk on Thursday.
 
Bobby Ang is a founding member of the National Chess Federation of the Philippines (NCFP) and its first Executive Director. A Certified Public Accountant (CPA), he taught accounting in the University of Santo Tomas for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.
bobby@cpamd.net

Roller-coaster ride

Patterns aren’t easy to spot when it comes to the Los Angeles Lakers. For all their seeming success with LeBron James headlining their cause relative to their evidently rudderless campaign last season, they remain very much a work in progress. They’re capable of putting up points as quickly as of giving them up — buoyed by bursts of inspiration that enable them to forge ahead, and then deflated by boneheaded plays that have them backpedaling. They perform to potential, until, that is, their Hyde side takes over for all the wrong reasons.
Yesterday was one such roller-coaster ride for the Lakers, and it’s no coincidence that they managed to claim the short end of the stick under largely similar circumstances for the second time in eight days. Perhaps it’s a curse; as with the twin setbacks to the Orlando Magic, their other losses so far in their 2018-19 slate have likewise occurred on or near the weekend. More likely, it’s coincidence from a small sample size that masks intrinsic infirmities. Among other things, they’re turnover-prone because their boldness borne of equal parts resolve and inexperience continually exposes them to challenges that lead either to highlight reels or glaring mistakes.
To be sure, the Lakers have their drive going for them. Against the Magic yesterday, they rallied from a double-digit deficit to tie the match late in the payoff period. Unfortunately, flubbed opportunities on offense combined with missed assignments on defense compelled them to greet the final buzzer with a familiar result. As in their first encounter with the blue and white, the middle quarters proved problematic; they were outscored by 25 during the stretch on both occasions, negating a good start and necessitating a scrambling finish. And when competitiveness isn’t reliant on fundamentals first and foremost, outcomes can be a crapshoot.
The good news is that the Lakers are learning. Under the steady hand of head coach Luke Walton, they’re bent on running a system predicated on doing the same things under the same circumstances so that favorable results can be expected. Even as basketball is as much an art as a science, minimizing the variables is key. They weren’t able to yesterday, what with the Magic giving them varied looks that confounded their defense. They went small when their traditional slotmen got burned on the perimeter, only to then be hammered in the paint for lack of size.
So, yes, pundits are right to relegate the Lakers on the fringes in the crowded West. They have a chance every time out; after all, they have James. Unless and until he gets more help, however, they’ll tantalize and then disappoint. The glass is half full, but it’s also half empty.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Spending growth to slow — S&P

By Melissa Luz T. Lopez
Senior Reporter
ANY INCREASE in household consumption will likely be slower in the year ahead as elevated overall price hikes and higher interest rates dampen demand, while state spending could ease in a bid to narrow the current account deficit, a credit rater said in a report.
Analysts at S&P Global Ratings said that inflation appears to have peaked already but will still be elevated in early 2019, which could make gross domestic product (GDP) growth miss the state’s 7-8% target for that year.
“We maintain our strong outlook for domestically driven medium-term growth in the Philippines, despite key headwinds in the short term,” S&P said in the November issue of its Asia-Pacific Economic Snapshots report. “Consumption growth will stay low relative to recent history due to inflation, while the rollout of some non-crucial infrastructure projects will be slower as the government tries to rein in the current account deficit.”
S&P has downgraded its Philippine growth forecast to 6.5% this year from 6.7%, matching the low end of the government’s revised 6.5-6.9% projection. Growth averaged 6.3% so far, with the third quarter pace easing to a three-year low of 6.1%. This was due to softer private consumption growth, which settled at 5.2% from 5.9% the previous quarter.
For 2019, S&P sees growth at 6.6%, but below the 7-8% full-year goal.
The debt watcher acknowledged that recent month-on-month inflation rates show slowing momentum as global oil prices have dropped while food costs have eased.
“The liberalization of rice imports and the suspension of the January fuel tax will help ease inflation further. Nonetheless, it will take some time for headline numbers to fall back into the Bangko Sentral ng Pilipinas’ (BSP) target range,” the report read.
Inflation remained at 6.7% in October, matching September’s print which was at a nine-year high. However, authorities noted a sharp decline in the month-on-month pace to 0.3% from 0.9% previously, which they took as a sign that consumer price increases are finally moderating.
Prices have risen by 5.1% from January to October, short of the BSP’s 5.3% forecast but well beyond the original 2-4% target range for 2018. The central bank sees inflation scaling back to 3.5% in 2019 due to the two reforms from the Executive.
Five consecutive rate hikes from the BSP, totaling 175 basis points, may also help put a lid on inflation, but they could dampen demand as well. “To counter potential second-round impacts from supply-side inflation, BSP has been forced to tighten monetary policy this year, potentially dampening the domestic demand growth outlook next year,” S&P said. “Externally, global trade tensions continue to threaten export demand and onshore confidence, while the current account deficit continues to make the economy more vulnerable to EM market selloffs.”
The Philippines has held a “BBB” rating — a notch above minimum investment grade — with a “positive” outlook from S&P since April.

Firms’ 3rd quarter results bare scars of inflation impact

By Arra B. Francia
Reporter
ACCELERATING PRICES of goods crimped the growth of some of the country’s top conglomerates in the third quarter, as margins contracted due to higher input costs.
Regina Capital Development Corp. Investment Analyst Rens V. Cruz II said macroeconomic headwinds such as faster inflation and the weaker peso affected the growth of big companies.
“The more obvious effect is through the increasing cost of production, including raw materials, imported ingredients, higher transportation & overhead costs,” Mr. Cruz said in a mobile message.
“The other less discernible impact — but with greater implication — revolves around a softer domestic demand. With purchasing power of consumers reduced significantly by high inflation, volume sales for local firms — especially for consumer companies — are impaired.”
For Unicapital Securities, Inc. Certified Securities Representative Cristopher Adrian T. San Pedro, conglomerates with food segments were the most affected by inflation.
Mr. San Pedro noted that San Miguel Corp. (SMC), for example, saw its net income drop by seven percent last quarter following elevated costs of goods sold (COGS) in addition to higher interest expense. San Miguel’s net income stood at P14.32 billion in the three-month period, lower than the P15.35 billion it posted a year ago, according to a regulatory filing.
“COGS increased by 31% to P603.66 billion due to increase in crude prices, effect of excise tax of Petron, and increase in cost of major raw materials of the food group. SMC’s gross profit margin declined from 8.4% in 3Q17 to 7.8% 3Q18 because of inflation,” Mr. San Pedro said in an e-mailed reply to questions.
Regina Capital’s Mr. Cruz shared this observation, saying that San Miguel’s food and beverage unit saw profit slide due to higher prices of raw materials. “Basically, lower year-on-year earnings coupled by higher cost leaves these companies with contracting margins, and ultimately, smaller share in profit,” Mr. Cruz said.
Unicapital’s Mr. San Pedro said higher prices also eroded margins of DMCI Holdings, Inc.’s construction unit, DM Consunji, Inc., to 12.2% last quarter, versus 17.7% in 2017’s comparable three months. In addition to higher prices, DMCI Holdings’ coal miner, Semirara Mining and Power Corp., was the bigger snag to third-quarter performance. Semirara sales dropped 24% to P16.14 billion following plant shutdowns due to maintenance and repair as well as bad weather. Consequently, DMCI Holdings’ net income fell 54% to P2.61 billion.
Mr. San Pedro said Ayala Corp. felt the pinch of inflation through its water unit, Manila Water Company, Inc., which booked a 13.2% fall in gross profit to P2.5 billion in the third quarter. Gross profit margin slipped to 52% from 63.2% in the same quarter last year. “Inflation was felt on Manila Water… This is due to the higher direct costs resulting from higher repairs and maintenance costs, and lower average consumption and especially in… Boracay Island Water Co.…” he explained.
Ayala’s third-quarter earnings dipped five percent to P7.8 billion, weighed down as well by its banking and industrial units.
SM Investments Corp. continued to be buoyed by its property unit, even as retail operations saw net income margin trimmed to 4.1% in the nine months to September from 4.3% a year ago. In the third quarter alone, SM Retail’s net income slumped by 12%.
“Despite the growth slowdown in retail, there might be a boost in 4Q, especially with strong SSSG (same-store sales growth) seen for department and specialty stores. SMPH should also unfold upside potentials with the expansion of its leasing operations,” F. Yap Securities, Inc. said in a report, referring to SM Prime Holdings, Inc.
For GT Capital Holdings, Inc., increased prices of auto units due to higher excise tax rates that kicked in last January continued to erode car sales. “Decline in car sales for GTCAP is, again, due to the higher selling prices, causing a decline in demand… The automotive business segment’s rough performance was offset by the strong results from the banking sector,” Unicapital Securities Junior Analyst King de Mesa said in an e-mail.
Despite the slower auto sales, the company managed to increase its net income by six percent to P3.8 billion last quarter due to strong sales from its property unit, Federal Land, Inc.
“On the whole, all were affected but in varying degrees. How much they import will have a direct bearing on their bottom lines, given the weaker peso,” PNB Securities, Inc. President Manuel Antonio G. Lisbona said via text.
“Higher inflation rates will also prompt our monetary authorities to raise rates, which in turn raise interest costs and reduce profits.”

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US, China in make-or-break meeting in Buenos Aires

PARIS — The United States and China have this week what may be their last chance to broker a ceasefire in an increasingly dangerous trade war when their presidents meet in Buenos Aires.
With global growth increasingly suffering from frictions between the two biggest economies, tensions will come to a head when Donald Trump and Xi Jingping meet on the sidelines of a G20 summit in Argentina.
Washington is set to raise tariffs on $200 billion worth of Chinese imports to 25% from 10% in January if there is no agreement.
“We are optimistic about the summit as an opportunity to avoid further escalation, but not to pull back already announced tariffs,” UBS economists wrote in a research note.
They said that time was simply running out before the end of the year to come up with a different tariff schedule.
Washington accuses Beijing of not playing fairly on trade while China says the United States is being protectionist.
“If no deal is reached, investors should come to realize that tariffs are no longer a bargaining chip to bring China to the negotiation table,” Daiwa Capital Markets analyst Kevin Lai wrote in a research note.
“Rather, tariffs are becoming part of a longer-term strategy to unplug China from globalization, contain its economic power (and hence its soft and hard power altogether) and give the US greater strategic advantage.”
The Organization for Economic Cooperation and Development (OECD) warned last week that a full-blown trade war between China and the United States could knock global growth 0.8% lower by 2021, and even more for the two countries.
“Trade is the biggest threat to our economic outlook and the lack of dialogues is a very high concern to us,” OECD chief economist Laurence Boone said as she presented a downgraded global growth forecast on Wednesday.
Though the fallout from the China-US standoff is hitting other regions as well, in Europe Brexit will also occupy minds as British Prime Minister Theresa May struggles to win backing for Britain’s EU withdrawal treaty. Securing the backing of the 27 other European Union governments in Brussels on Sunday is only a first hurdle, as a bigger obstacle looms in early December when Ms. May will seek the UK parliament’s backing. “This conclusion — that the base case is that the (House of) Commons will vote against the deal — is rapidly becoming something approaching a consensus in London,” TS Lombard analyst Constantine Fraser wrote in a research note.
As geopolitical factors such as trade frictions and Brexit cloud the economic outlook, central bankers’ speeches this week will be scrutinized for any hint of a rethink about their monetary policy paths. Fed Chairman Jerome Powell is due to speak on Wednesday in New York and the president of the European Central Bank, Mario Draghi, takes his turn on Thursday in Frankfurt.
With little in the way of market-moving data during the week, news headlines are more likely to drive the risk appetite of investors, already on the defensive after recent bouts of market volatility. — Reuters

Meralco expects electricity demand to ease in 2019

MANILA Electric Co. (Meralco) expects demand for electricity to ease in 2019 as the year follows two straight years of higher base when relevant economic indicators are relatively tamer, the distribution utility’s top official said.
Oscar S. Reyes, Meralco president and chief executive officer, said aside from temperature, which results in a spike in the consumption of electricity, there was greater “liquidity” this year and in the previous year.
“There was a lot of liquidity, but now interest rates are higher, inflation is higher, exchange rates are higher. Those will impact [not only] on demand for electricity but they will [also] reflect on demand for products and services,” he told reporters last week.
Mr. Reyes said demand for electricity is expected to grow by 4.5% to 5% this year, which is the high base that 2019 will follow.
“We’ll probably end this year at about 4.5 to 5%. I think we have to see what the final November and December figures are, but call it 4.5% to 5% growth for this year,” he said.
Because of that growth, “we expect slightly better bottom line” at Meralco in 2018, he said, without disclosing numbers.
For full-year 2017, Meralco recorded a 3% rise in core net income to P20.2 billion, before exceptional items. Reported net income was up 6% to P20.38 billion.
In the nine months to September this year, Meralco reported a core net income of P16.69 billion, higher by 8.6% from P15.37 billion a year ago. Reported profit rose 14.3% to P18.21 billion from P15.93 billion previously.
Mr. Reyes said next year’s demand growth expectations would also be affected by developments in technology and in the industry.
“I think we have to recognize that there are a number of developments that are happening. Number one, energy efficiency continues to grow because of available devices, because of technology,” he said.
Energy efficiency is one of the reasons why the elasticity of demand growth of electricity compared to the growth of the country’s gross domestic product (GDP) has been declining, Mr. Reyes said.
“Now we are doing about 0.75% growth in electricity for every 1% growth in GDP,” the Meralco CEO said, comparing the figures with those in the late 1990s at 1.3% to 1%, respectively.
“That’s good because consumers are able to save, even thought that means less volume for us. I think for us whatever is good for the consumer will in the end be good for Meralco,” Mr. Reyes added.
Mr. Reyes said the adoption of more solar rooftops for residential, commercial and industrial customers “will mean that they will be getting less from the grid and effectively generating their own.”
“So these are headwinds that will potentially mean that the growth in electricity may decelerate plus further adoption of battery technology, energy storage,” he said. — Victor V. Saulon

DMWAI sees strong MidPark sales

D.M. Wenceslao & Associates, Inc. (DMWAI) looks to generate P9 billion from its second residential project in Aseana City called MidPark Towers, banking on the demand for more housing units in the Bay Area.
The listed property and construction firm unveiled last week the four-tower project with 15 storeys each, offering some 670 units toward the upscale market. Sizes range from 35 square meters (sq.m.) to 110 sq.m. for studio to three-bedroom units, translating to around 45,000 sq.m. in saleable area.
The project is being managed by DMWAI’s subsidiary, Aseana Residential Holdings Corp.
DMWAI Chief Executive Officer Delfin Angelo C. Wenceslao said they are selling units in the first two towers at P220,000 to P250,000 per sq.m., driven by its prime location.
“Because of the proximity to the Entertainment City and retail destinations like the Ayala (Mall), our own developments, the accessibility via public transport…and our proximity to the Manila Bay, that’s what’s driving the demand,” Mr. Wenceslao told reporters on the sidelines of the project’s launch on Nov. 20.
“We see (strong demand) not only in residential but also our office projects and retail developments. And we don’t think it’s going to stop anytime soon.”
The company noted that it has already sold P1.2 billion worth of units, or about 90% of the first building, during the project’s official launch.
Mr. Wenceslao said majority of the buyers are people with families and BPO and casino employees working in the area. He added that most of foreign buyers are mainland Chinese, but they have yet to reach the 40% cap for foreigners.
MidPark Towers is the company’s second residential project in Aseana City, following the launch of Pixel Residences in 2016. At an average selling price of P150,000 per sq.m., the company was able to sell out the project within seven months.
“We’re very happy with the attention and response from our buyers. That’s why we were able to ramp up pretty fast,” Mr. Wenceslao said.
Compared to Pixel Residences, MidPark Towers has more two-bedroom and three-bedroom units, based on the demands of the market.
DMWAI’s attributable profit dropped by 31% to P524.73 million in the third quarter of 2018, after a 41% decline in revenues to P583 million. This brought the company’s nine-month attributable profit to P1.49 billion, 4% higher year on year even as revenues fell by a third to P1.78 billion.
Asked for his outlook on the company’s performance for the fourth quarter, Mr. Wenceslao said DMWAI is on track to hit double-digit growth.
“We’re well on track. Pretty much we’re done for the year, almost 80% of our income is recurring. Next year we’re going back to our old strategy of selling land. We’ll probably sell one to two lots next year, in addition to our land leases, office leases,” he explained. — Arra B. Francia

DA, IPOPHL plan to protect distinctive produce

THE Department of Agriculture (DA) signed a memorandum of understanding (MoU) with the Intellectual Property Office of the Philippines (IPOPHL) to protect agricultural products from distinctive geographical regions.
Under the MoU, IPOPHL will identify the potential Geographical Indication (GI) products, capacity of building GI groups, and drafting a Code of Practice to ensure that rules related to identification are implemented among members.
GI is defined as the signs used to identify a product with a given quality, reputation or characteristics distinctively attributable to its geographical origin. A product with a GI registration prevents its unauthorized use, directs monetary gains to the area’s producers, and serves as a legal protection in countries that are part of the World Trade Organization (WTO).
Among the products identified for GI registration are Bicol pili, Davao pomelo and Guimaras mango.
Josephine R. Santiago, IPOPHL Director General, said that the Philippines should aim to be one of the countries with recognized GI products.
“I think we should aim to be part of the list because of the opportunities it entails,” Ms. Santiago said in a statement.
Agriculture Secretary Emmanuel F. Piñol said that having a GI would help farmers better sell their produce commercially.
“If we could provide farmers opportunities to patent their products, then we can help them sell it commercially,” Mr. Piñol said. — Reicelene Joy N. Ignacio

CLI eyes P3B from 1st phase of The Paragon Davao

By Arra B. Francia
Reporter
DAVAO CITY — Cebu Landmasters, Inc. (CLI) expects to generate P3 billion in revenues from the first phase of its mixed-use project called The Paragon Davao, where it will be selling residential condominium and condotel units.
Located in Matina, The Paragon Davao will consist of a residential condominium called One Paragon Place, a condotel operated by Citadines, a convention center, and a lifestyle mall.
One Paragon Place will offer a total of 554 residential units across 26 floors, ranging from studio units sized from 22.4 square meters (sq.m.) to three-bedroom types sized 90.3 sq.m.
“We positioned it in a way that is upscale, but not too expensive,” CLI Chairman and Chief Executive Officer Jose R. Soberano III said during the project’s launch here on Friday.
The company said prices of the units will start at below P100,000 per sq.m., but could rise as demand kicks in.
“We’re very confident on how the market is perceiving us as our sales people have been going to the usual target markets that they are aiming for. We have received so much positive impact, letters of intent are pouring in. So we’re very confident that the take-up will be very strong,” Mr. Soberano said.
Amenities at One Paragon Place include a pool, function room, gym, and meeting room.
One Paragon Place will be CLI’s second residential project in Davao City, following MesaTierra Garden Residences also in Matina district. The company reported that it has already sold 96% out of the 700 units in the project catered toward the middle-income market.
Meanwhile, Citadines Paragon Davao consists of 395 units, 123 of which will be for sale.
“Buyers will be able to enjoy the returns of owning a condominium and sharing the returns of a hotel business. Davaoeños will have the opportunity to own a unit which will be thrown into a rental pool and on a regular basis, get their shares of the returns,” Mr. Soberano said.
Citadines Paragon Davao will have studio-type units sized 24.6 sq.m., and one-bedroom layouts covering up to 47.43 sq.m.
Also included in The Paragon Davao’s first phase is a convention center spanning 4,842 sq.m. in terms of gross floor area. The convention center will have a capacity of 2,500 people, and will also house a grand ballroom sized 1,711 sq.m., event areas, meeting rooms, pre-function areas, a lobby and lounge.
CLI will also build a lifestyle mall with 4,564 sq.m. in gross leasable area, and will be connected to the convention center.
The company will pour in P2.6 billion for the development of the first phase of The Paragon Davao.
Mr. Soberano said they will announce the second phase for the 1.9-hectare property depending on how fast the take-up is. The second phase can include two more residential towers and more retail outlets.

New Malagos chocolate varieties bag awards in Florence event

DAVAO CITY — The Malagos chocolate brand of cacao grower and chocolatier Malagos Agri-Ventures Corp., is capping the year with another four awards in a global competition, the International Chocolate Awards–World Final held Oct. 26-Nov. 2 in Florence, Italy.
The Malagos 85% Dark Chocolate and the Malagos 72% Unflavored Dark Chocolate bagged a silver and bronze, respectively, while the new varieties of Malagos Rhum and Malagos Salted Caramel also had a silver and bronze each.
“After we won in the Asia-Pacific competition in September this year, we sent our winning chocolates to Florence, Italy where they competed with the other regional winners from all over the world,” Malagos Farmer and Chocolate-maker Rex Victor P. Puentespina said in an emailed statement last week after the winners were announced on Nov. 17.
“We’re truly grateful and honored to end 2018 with four more international wins, bringing our total to 28 international plus one national Gold awards to date,” he added.
More than half of the recognitions were won this year, including five from the Academy of Chocolate Awards, four in the Great Taste Awards, and five in the International Chocolate Awards-Asia Pacific.
Malagos, a part of the Puentespina group of agribusiness companies, started cacao planting in 2003 and later expanded into chocolate making. It won its first international award in 2015 at the Academy of Chocolate.
Mr. Puentespina said these medals are a testament to “hard work in the name of Philippine chocolate.” — Marifi S. Jara

PSE seeks to ensure broker-dealers comply with 20% ownership limit

THE Philippine Stock Exchange, Inc. (PSE) has proposed to prohibit trading participants from buying shares in the exchange to ensure that they comply with the 20% industry ownership limit.
In a memorandum circular posted on its Web site last Friday, the bourse operator suggested amendments to the PSE Rules Governing Trading Rights and Trading Participants, in compliance with the Securities and Exchange Commission Rules Governing the Trading of PSE Shares.
The SEC Rules state in part that broker-dealers are prohibited “from buying PSE shares for its own account or for the principal account of another broker-dealer until such time that the brokers and dealers, as a business industry, are in compliance with the 20% rule on industry ownership.”
The corporate regulator also said that the moratorium will be automatically placed whenever the limit is breached.
Accounts of related persons of a broker-dealer, including its subsidiaries, affiliates, directors, officers, principal stockholders, nominees to the PSE, spouses, and relatives up to the fourth civil degree by consanguinity shall also be prohibited from buying PSE shares.
With this, the PSE proposed to incorporate Section 6 under Article III of the PSE Rules Governing Trading Rights and Trading Participants, which states that: “Trading participants shall, at all times, abide by the SEC Rules Governing Trading of PSE Shares and any guidelines or directive issued by the Exchange in the implementation of said rule.”
The PSE will impose a P100,000-penalty for the first offense, P200,000 for the second offense, and P300,000 as well as suspension of trading operations for at least five straight sessions for the third and subsequent offense.
The 20% industry ownership limit is outlined under the Securities Regulation Code (SRC).
Item C of Section 33.2 of the SRC states that “no person may beneficially own or control, directly or indirectly, more than five percent (5%) of the voting rights of the Exchange and no industry or business group may beneficially own or control, directly or indirectly, more than twenty percent (20%) of the voting rights of the Exchange.”
Total broker shareholders at the PSE stood at 19.85% as of July 31, according to a regulatory filing by the PSE.
The PSE is accepting comments for the proposed amendments until Dec. 3. — Arra B. Francia

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