CBS weighs Moonves suspension over assault claims

July 31, 2018 | 12:02 am

SAN FRANCISCO — CBS directors are weighing whether chairman and chief executive Leslie Moonves should step aside as the US television network investigates claims he sexually harassed women, The Wall Street Journal reported Sunday. The CBS board is expected to choose a special committee that would oversee the probe, which will include an examination of the company’s workplace culture, people familiar with the matter told the Journal. Board members meet via conference call on Monday. The special committee is set to choose a law firm to lead the probe by mid-week, and determine whether Moonves should be suspended during the investigation, according to the Journal. “I think the board realizes as a whole that this is a very, very, very serious situation,” a person familiar with the matter told the newspaper. “While there is an important Les piece to this, really, more important to the company as a whole is that this raises serious issues with regard to culture and harassment throughout the company.” A New Yorker article published Friday recounted accounts by six women who had professional dealings with Moonves and said he sexually harassed them between the 1980s and late 2000s. Four described forcible touching or kissing during business meetings, and two said Moonves physically intimidated them or threatened to derail their careers, The New Yorker’s Ronan Farrow reported. Moonves expressed regret for any behavior that may have made women “uncomfortable,” but insisted he had not retaliated to “harm or hinder anyone’s career.” — AFP

Malampaya gas reserve disposal options mulled

July 31, 2018 | 12:01 am

THE Philippine National Oil Company (PNOC) has been urged to step up its efforts in disposing of its reserve of banked gas from Malampaya by 2024.
The banked gas held by the PNOC was equivalent to 108.6 petajoules (Pj) in 2009. Of this total, 4.61 Pj was sold to the Power Sector Assets and Liabilities Management (PSALM) in 2013 and 6.33 Pj was awarded to Pilipinas Shell Petroleum Corp. (PSPC) in 2015.
Currently, the PNOC has 97.67 Pj, which it needs to monetize by the end of the Malampaya gas field contract in 2024.
“We can find a balance. We’re not telling you to sell it at a low price nor do we want you to wait for the perfect contract. Find a competitive price that will in the meantime benefit the government and allay the economic troubles that we have right now,” Rep. Mark Aeron H. Sambar (PBA Partylist) told PNOC in a hearing at the House Committee on Energy on Monday.
The committee was acting on House Resolution 1737, authored by Mr. Sambar, which calls on the PNOC and the Department of Energy (DoE) to disclose their plans for disposing of the banked gas.
The HR noted that the PNOC has only managed to sell a small portion of the banked gas since 2009 and that the PNOC and the DoE have not considered other alternatives except for a proposal to utilize the reserve for the Liquefied Natural Gas (LNG) terminal, which may be operational by 2020.
According to the PNOC, the reserve is “the volume of natural gas which was not utilized but required to be paid for under the Take-or-Pay Clause of the Ilijan Gas Sale Purchase Agreement.”
The PNOC said it has over the years tried to monetize the banked gas. “The PNOC Board has already approved a two-pronged strategy for the banked gas, namely, offer for public sale and bundled with the LNG project,” the PNOC said in comments submitted to the Committee. — Charmaine A. Tadalan

ALI opens co-living development in Makati

July 31, 2018 | 12:01 am

REAL ESTATE developer Ayala Land is redefining the co-living trend in Metro Manila with the opening of The Flats. The 15-storey building at Amorsolo St., Makati City features co-living spaces for lease designed to revolutionize the way young urban professionals rent in the city.
Being located in the center of the business district, The Flats Amorsolo eliminates the need to rush from home to office and is close to recreation, commercial and leisure areas in Makati and nearby areas. It is within a five-minute walk to Ayala Ave. and near the Dela Rosa Walkway.
The co-living units are available for a six-month minimum lease term. Up to a maximum of four occupants can share each co-living space. Units for three occupants and two occupants per room are also offered. Occupants can choose from two design choices — rooms with lofts and rooms with bunk beds. Both are designed for optimal space usage. Each unit is outfitted with built-in beds, built-in cabinets, individual desk spaces, air-conditioning, a shower, and a toilet and bath. The units are also Internet and cable ready.
Each occupant gets key card access. A lobby and reception area feature basic service shops. Parking may be leased separately.
“Ayala Land has always been responsive to the needs of young urban professionals who aspire for a perfectly balanced life. Co-living is an urban lifestyle concept that offers an affordable alternative to lengthy commutes and paying expensive transportation fares,” said Shiella Aguilar, Makati Project Development Head for Ayala Land.
More co-living spaces carrying the Ayala Land brand will be launched soon in Makati and Bonifacio Global City.

DBP to offer free advisory services to MSME clients

July 31, 2018 | 12:01 am

THE DEVELOPMENT Bank of the Philippines (DBP) will provide micro, small, and medium enterprises (MSMEs) greater access to financing, including free financial advisory services, the Department of Finance (DoF) said.
Finance Secretary Carlos G. Dominguez III said that the DBP provided P13 billion worth of loans to small enterprises in the first semester, and is hoping to expand the segment’s access to credit.
“The Development Bank of the Philippines, for its part, has also provided funding support for MSMEs. As of June this year, the DBP has extended P13 billion in loans to small enterprises,” Mr. Dominguez was quoted in a statement as saying.
“In addition, the DBP will capacitate all its account officers so they may extend financial advisory services to MSMEs for free,” Mr. Dominguez said.
“The DBP will likewise open additional Lending Centers to be closer to its clients, partnering with microfinance institutions and cooperatives to support small businesses.”
Mr. Dominguez also said that Land Bank of the Philippines has provided P89.8 billion to MSMEs as of 2017.
Mr. Dominguez also noted government initiatives that will make doing business easier for such firms, following the enactment of the Ease of Doing Business in May, which shortened the processing time of documents required by businesses from the government.
He also noted the Trade Net national single window system that was piloted in December, with 18 initial trade-related government agencies, with the Bureau of Customs being “the first to go live this month.”
Mr. Dominguez also said that the government is ready to implement its digital payment gateway as well as the single repository of business registration information.
“We are ready to run PHPAY. This is a digital payment gateway that will enable taxpayers and other state clients to remit fees and other charges electronically. This will dramatically cut transactions costs across the board. It will also drastically cut corruption associated with primitive payments systems,” he said.
“We are well on our way to start testing the Philippine Business Data Bank (PBDB). This will be the single repository of business registration information in the country. This too will enhance information sharing and hasten business transactions,” he added.
“The government is fully committed to fostering the growth of our small businesses. We are eager to listen to feedback from groups like this one to further improve on the policy reforms already done,” he said. — Elijah Joseph C. Tubayan

Entertainment (07/31/18)

July 31, 2018 | 12:01 am

Music, food and art at the Shangri-La Plaza mall

AMERICAN SINGER John Ford Coley and Pinoy rock band IV of Spades headline August’s festivities at the Shangri-La Plaza mall. This along with art exhibits and gourmet strips await mallgoers this month. John Ford Coley, one-half of the duo behind iconic soft rock ballads like “I’d Really Love to See You Tonight,” “It’s Sad to Belong,” “We’ll Never Have to Say Goodbye Again,” will perform on Aug. 12, 7 p.m., at the mall’s Grand Atrium. Indie band IV of Spades will rock the Shang on Aug. 25, 7 p.m., at the Grand Atrium. Mall guests can discover unique local finds in Urban Pod Fair from Aug. 3 to 5 at the East Atrium. Then, from Aug. 24 to 26, come and enjoy good food from local farmers, organic food producers, and chefs in Garden Gourmet at the Food Forum, which will return on Aug. 31 to Sept. 2. Three luxury car labels — Mercedes Benz, Jeep, Land Rover, and Jaguar — will have car shows at the mall’s Luxury Lane. The Mercedes Benz Exhibit will be from Aug. 3 to 15, the Jeep Exhibit from Aug. 17 to 29, and Jaguar and Land Rover Exhibit from Aug. 31 to Sept. 12. On Aug. 4, Sakura: Coloring the Future by National Bookstore will be held at the Grand Atrium. Coming up from Aug. 10 to 12 and Aug. 17 to 19, is the Artisan Fair at the Food Forum. Unique local novelties will be available in the Urban Pod Fair on Aug. 30 to Sept. 2. Walk through Shang’s Home Exhibit from Aug. 15 to 23 at the Grand Atrium, then explore unique urban finds in Articraft de Charite from Aug. 24 to 26 at the East Atrium. The Astrologist Gallery Exhibit will be from Aug. 11 to 21 at the East Atrium. The mall is now pet friendly, with furry friends allowed to roam around the mall with visitors as long as the owners present proof of anti-rabies vaccination and keep their pets leashed at all times. Also, the Shang mall now offers unlimited Wi-Fi access all day for guests.

Shonda dramas in August on Sony Channel

SHONDA RHIMES’ drama series return on Sony Channel with new seasons of Grey’s Anatomy and Scandal this August. Grey’s Anatomy Season 11 places many of the doctors’ personal relationships in serious jeopardy. Meredith Grey (Ellen Pompeo) struggles to regain a sense of normalcy both at home and in the hospital after best friend Cristina Yang (Sandra Oh) moves to another country. Grey’s Anatomy Season 11 premieres on Aug. 10, and will air back-to-back episodes every Friday at 10:40 p.m. Meanwhile, in Scandal Season 4, Olivia Pope (Kerry Washington) returns to Washington, D.C. It premieres on Aug. 9, and will air back-to-back episodes every Thursday at 10:40 p.m. Sony Channel is available on Cablelink Channel 39, Cignal Channel 120, Destiny Cable Channel 35, G Sat Channel 48, and SKYCable Channel 35.

New seasons of MasterChef and more this August

STARTING on Aug. 7, 9:05 p.m., Married at First Sight Australia Season 5 follows the three expert relationship matchmakers as they put together 11 couples based on neuroscience and psychology. In the first episode, the first two couples prepare for their wedding day. Brand new series Women on Patrol starts on Aug. 7 and airs every Tuesday and Wednesday at 10:30 p.m. The show offers an unfiltered look into the lives of female officers fronting some of the busiest police forces in the US, as well as the toughest streets in their communities. Witness girl power every Monday starting Aug. 6 at 9:30 p.m., as Singaporean beauty influencer Mong Chin Yeoh attempts to finish six runs across six countries in Asia in eight weeks, in Who Runs the World. MasterChef Australia Season 10 is back with new episodes from Monday to Friday starting Aug. 1 at 8 p.m. New episodes of UP! Pretty air every Monday at 10 p.m. starting Aug. 6. On Aug. 25, 9 p.m., catch Griselda: The Godmother, a one-hour special on Griselda Blanco, a.k.a.”The Godmother.” Trafficking cocaine from her native Colombia to New York, Miami, and Southern California, she was also tagged for multiple murders via drive-by shootings. This feature is followed by Lifetime Original Movie Cocaine Godmother at 10 p.m., which stars Catherine Zeta-Jones as the notorious Griselda Blanco who contributed to the Cocaine Cowboy Wars that plagued Miami in the late 1970s. Lifetime is available on SKYCable Ch. 65 and Lifetime HD Ch. 199; Cable Link Ch. 223; Dream Satellite Ch. 28; Destiny Ch. 44.

History of Speed, Alone, Ancient Aliens on HISTORY

THIS AUGUST, HISTORY takes a behind-the-scenes look into the heroic stories of military veterans in the Middle East, unsolved extraterrestrial cases, war stories from around the world, and more. Car Week — which celebrates America’s love affair with cars and revisits the most perilous speed milestones through the years — premieres on Aug. 27, 9:55 p.m. Ancient Aliens Season 11 kicks off on Aug. 8 at 9:55 p.m. The show’s host Giorgio A. Tsoukalos will take part in HISTORYCON 2018 from Aug. 10–12. Another new series to hit the screen is Hunting ISIS, a documentary that follows a group of veteran soldiers and civilian volunteers who travel to Syria and Iraq to fight ISIS and local militias. The first episode airs on Aug. 12, 9 p.m. On Aug. 9, 9:55 p.m., 10 participants return on Alone Season 5 to redeem their pride in Mongolia, a frigid and remote region at the edge of Siberia. The newest season of the history-themed series Days that Shaped America tackles the Space Shuttle Challenger explosion. It starts airing on Aug. 17, 9 p.m. Airing every Thursday at 9 p.m. starting Aug. 2 is Forged in Fire Season 5. To commemorate the late Senator Ninoy Aquino’s legacy and contribution to Philippine democracy, HISTORY airs the special The Assassination of Benigno Aquino, Jr. on Aug. 21 at 4:20 p.m.

New judges on X Factor UK

THE X Factor UK has announced that Robbie Williams, Ayda Williams, and Louis Tomlinson will join Simon Cowell on the new judging panel for the hit singing talent show. Robbie Williams is a global superstar who has sold more than 75 million albums over his career and won 18 BRIT Awards — more than any other artist in history. Ayda Williams — actress, presenter, and Robbie’s wife for eight years — will join her husband on this year’s show. Louis Tomlinson is the first judge to have also been a contestant on the show. As a member of One Direction he has sold more than 150 million records worldwide and achieved more than 100 global No. 1s. As a solo artist, his single “Back to You” hit No. 1 in 37 countries and has been streamed more than 220 million times. Acts from The X Factor UK have sold more than 250 million records globally to date. Cowell told gathered media at a press conference: “This new panel is all about optimism, everyone has a real passion for finding a new star. The three new judges bring a whole new energy and I’m excited.” Sharon Osbourne will also return as a judge for The X Factor UK’s live shows while Dermot O’Leary is back as presenter. The X Factor UK S15 will air same day as the UK on Blue Ant Entertainment this September. Blue Ant Entertainment is available on SKYcable channels 53 (SD) and 196 (HD), SKYdirect channel 35, Destiny Cable channel 53, and Cablelink channels 37 (SD) and 313 (HD).

How PSEi member stocks performed — July 30, 2018

July 31, 2018 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Monday, July 30, 2018.

Expenditure shares vary across regions (but which stood out?)

July 31, 2018 | 12:00 am

PNR to reopen Caloocan-Dela Rosa line on Aug. 1

July 30, 2018 | 9:26 pm

By Denise A. Valdez
THE Philippine National Railways (PNR) will be sending trains to ply the Caloocan-Dela Rosa route once again, decades after it was closed in the late 1990s due to the Northrail project.
The Department of Transportation (DoTr), in a statement on Monday, said the train line will start running on Aug. 1, Wednesday.
“After 20 years of closure, the Department of Transportation-Philippine National Railways (DOTr-PNR) will be re-opening the PNR Caloocan-Dela Rosa line to public. Minimum fare will still be at PhP 15.00,” it said.
PNR General Manager Junn B. Magno told BusinessWorld in a text message on Monday, “The Caloocan line was shut down in the late ’90s-early 2000 because of the Northrail project. It was supposed to be utilized by that project.”
“However, the project was defunct, it was not resurrected, until we were able to scrounge extra track material and parts. We resurrected the line in June 2018,” he added.
Mr. Magno said the Caloocan line will be used to cater to passengers from Makati and Caloocan while waiting for the new Tutuban-Malolos railway project, also called the North-South Commuter Railway (NSCR) or PNR North 1.
“We will use the line to offload the Caloocan-Makati traffic corridor…. We are keeping our fingers crossed that the new line will add value to the passengers in the corridor,” he said.
The $2.88-billion NSCR project has opened bidding to Japanese and local investors in Mid-may. It is offering two contracts for the 37.9-kilometer railway: the first one covering seven stations, elevated structures and a depot; and the second covering three stations and elevated structures.
Mr. Magno told BusinessWorld in June there are seven to eight Japanese companies that have expressed interest in the project.

FEF flags retention of foreign equity provisions

July 30, 2018 | 9:24 pm

By Camille A. Aguinaldo, Reporter
THE Foundation for Economic Freedom (FEF) on Monday raised concerns over the provisions of the draft Federal Constitution on foreign ownership restrictions, saying that it still retained the “out of step and out of sync” limitations under the current Charter.
The draft Federal Constitution proposed by the Consultative Committee (ConCom) has retained the 60%-40% ownership of corporations, public utilities, educational institutions, and land as well as the 100% Filipino ownership of mass media. It also allowed Filipinos or corporations at least 70% Filipino-owned to engage in the advertising industry.
The federal and regional governments may also undertake a joint venture in the exploration, development, and utilization of natural resources with Filipino citizens or entities at least 60% Filipino-owned.
It also provided provisions allowing Congress to change the ownership percentage of these corporations through legislation.
The draft Federal Constitution also gave preference to Filipinos “in the grant of rights, privileges, and concessions covering the national economy and patrimony.”
In a statement, the organization called for the lifting of the foreign equity restrictions in the draft Federal Constitution as a “decisive economic liberalization (move) to promote domestic and foreign investments and to create jobs.”
“The restrictive and protectionist constitutional provisions which the draft proposes to perpetuate should be lifted immediately, even as the other impacts of the federal form of government are subjected to deeper and full study,” the group said.
The organization pointed out that the same restrictions in the 1987 Constitution have been responsible for the country’s “inferior growth relative to the economic aspirations” of the country compared to its neighbors.
“These have sent strong signals to foreign investors that they are not welcome to invest in the Philippines to create jobs, transfer technology, provide healthy competition, and improve the lives of Filipinos,” it stated.
It also said the provisions did not label the Philippines as a “modernizing country embracing the future” but as a “backward-looking, anti-modernist, and protectionist” country.
Even if the draft Federal Constitution has given Congress the authority to decide on the capital requirements, the FEF noted that the provisions still retained the restrictions in the current Charter and only relied on the change to happen “if and when Congress sees fit.”
FEF then proposed instead for Congress to regulate the entry of foreign investments. It also mentioned that this has been the practice of other countries.
“We propose that the default provisions not be restrictions but allow Congress to regulate the entry of foreign investments as conditions, including public welfare and national interest, warrant,” it said.
“Moreover, by removing these restrictions in the fundamental law of the land, we are signaling that change has happened and we are open to investment, foreign or local,” it added.
It also questioned the provisions mandating preference to Filipinos in the “grant of rights, privileges and concessions covering the national economy and patrimony.” It argued that phrase may be interpreted as keeping out foreigners to promote protectionism and monopoly.

Senate to review ERC’s delay on PSALM petitions

July 30, 2018 | 9:24 pm

THE SENATE will scrutinize the operations of the Energy Regulatory Commission (ERC) in its upcoming budget hearings in Congress due to the delays in its approval of petitions filed since 2015 by the Power Sector Assets and Liabilities Management (PSALM) Corp.
The PSALM said during Monday’s hearing by the Senate committee on energy that delays in ERC approval of its petitions have led to an additional P34.78 billion shouldered by consumers, equivalent to a power rate increase of P0.193 per kWh.
Under Republic Act No. 9136 or the Electric Power Industry Reform Act of 2001 (EPIRA), PSALM is allowed to collect the charges from electricity consumers. It seeks approval from the ERC for the monthly amount to be charged.
Asked to explain, ERC Energy Regulation chief Alvin Jones Ortega said the agency has been following due process on the applications filed in their office. ERC’s lawyer Krisha Buela also pointed out that the regulatory agency was already reviewing its procedures to fast-track the pending applications.
“(The ERC) should improve its process. This coming budget season, of course we will see what happens in their operations. Every delay has costs. And those costs are being passed to consumers,” Senator Sherwin T. Gatchalian, who heads the committee, told reporters after the Senate hearing.
On another matter, the senator also sees the bill allocating the P204-billion Malampaya funds to cover universal charge as the fastest and simplest measure of reducing the cost of electricity rates in the country.
“Over the last two years, this committee has been looking for ways in reducing our electricity bills. We’ve been tackling different measures to effectively reduce the amount that our consumers pay on their electricity bill,” said Mr. Gatchalian.
“After a thorough study on the various bills being proposed in the Senate, the chair (sees) that this bill is one of the fastest, one of the simplest and one of the clearest ways of reducing our electricity bill,” he added.
Senate Bill No. 924 or the proposed Cheaper Electricity Bill Act, filed by Senate President Pro Tempore Ralph G. Recto in 2016, seeks to allocate the net national government share from the Malampaya natural gas project for the payment of the stranded contract costs (SCC) and stranded debts (SD) of the National Power Corp. (Napocor).
The bill also directs the Malampaya funds to be remitted to a “Special Trust Fund” to be administered by PSALM.
Based on the computations by PSALM, applying the P204-billion Malampaya fund would avoid an increase of P0.874 per kilowatt hour (kWh) in retail power rates. This would result in annual savings of P2,033.76 for an average household consuming 200 kWh monthly.
Mr. Gatchalian said the committee is now studying the proposed measure on precisely how much of the remaining Malampaya funds should applied for the purpose.
The Malampaya project is a joint undertaking of the national government and Shell Philippines Exploration B.V. on behalf of joint venture partners Chevron Malampaya LLC and PNOC Exploration Corp. The gas find is expected to run out around 2022 to 2024. — Camille A. Aguinaldo

Other markets eyed in World Coconut Congress

July 30, 2018 | 9:23 pm

THE United Coconut Association of the Philippines (UCAP) will take part in the upcoming World Coconut Congress, as it seeks to tackle both supply and demand issues in the coconut industry.
UCAP President Dean A. Lao, Jr. in a press conference in Quezon City said the congress will provide a venue for stakeholders to develop their marketing and innovation strategies and for farmers to improve their practices.
Through the congress, Mr. Lao also said they “will try to find as much value-added market as [they] can.”
“Because a lot of the branding is done overseas, we want to bring it here. We want to encourage the people to be aware of [other local companies] who are doing a good job…” he told BusinessWorld.
UCAP Managing Director Marco C. Reyes said the industry should focus on improving raw materials and developing a marketing strategy to increase the earning capacity of the farmers.
“[Filipino coconut farmers] have the lowest yield [compared to other countries] at 46 nuts per tree a year. To increase the yield is to increase the income of our farmers,” he added.
“There is [also] demand from other countries [for what] we call emerging and non-traditional products. It offers very wide opportunities [so] we want to develop these products,” Mr. Reyes said.
UCAP Executive Director Yvonne T. V. Agustin said they expect coconut oil exports to reach almost 1 million metric tons (MT) this year.
Data from the US Department of Agriculture’s Foreign Agricultural Service projected that the country’s coconut oil exports are set to grow 3% by 2019, brought about by better copra supply and substitution.
In the first half of the year, Ms. Agustin said exports so far have reached around 414,000 MT. She said this is because of the new demand in emerging markets.
“Our main market is still the US and Europe. They account for 80% of our markets. But other markets are growing like Japan, Malaysia and Indonesia,” Ms. Agustin said.
“These [exporting countries] could be facing their own shortage so they have to buy from us. Maybe they re-export it or process it for themselves.”
Philippines Coconut Authority Division Chief III Rose B. Villaruel said the local coconut industry should not be too dependent on the export market. — A.G.A. Mogato

DTI makes fresh pitch on Japanese investments

July 30, 2018 | 9:20 pm

THE Department of Trade and Investments is encouraging more investments from Japan, one of the country’s biggest sources of foreign direct investments until last year when fund flows started to plunge.
“The Philippines is on an economic breakout. It is the perfect time to invest and do business in our country, which has a 6.8% GDP growth and an 8% growth in manufacturing industry. We are the best country to invest in,” Trade Secretary Ramon M. Lopez was quoted in a statement on Monday.
The official was speaking at an event attended by over 400 Japanese manufacturing companies during a series of Investment Seminars on July 25-28.
Manufacturing is one of the priority industries under DTI’s Inclusive, Innovation-led, Industrial Strategy which covers and eyes other sectors for growth, including electronics, automotive, shipbuilding, aerospace, and furniture.
“We are very keen in engaging with Japan, especially on the aspect of manufacturing and innovation, and how we can work together to strengthen not only manufacturing but the MSMEs in their value chain as well,” Mr. Lopez added.
According to the official, Japan is the top source of foreign investments in the country and has been providing technical assistance that can facilitate more trade and investments through the Japan International Cooperation Agency and Japan External Trade Organization (JETRO).
However, preliminary data from JETRO also show that total January to March investments to the Philippines slumped $104 million, well below the $1 billion logged in the comparable period last year.
In 2017, Japan’s investments brought into the Philippines plunged 56.28% to $1.014 billion from $2.31 billion.
The Japan Chamber of Commerce and Industry had attributed this drop to uncertainty from ongoing legislative discussions over the second package of the Duterte administration’s tax-reform program. — J.C. Lim