Construction of controversial P1.3B Cebu Capitol Resource Center set to start

February 12, 2019 | 8:37 pm

CEBU GOVERNOR Hilario P. Davide III has confirmed that the controversial 20-story Capitol Resource Center, which would cost the provincial government nearly P1.3 billion, will break ground on Feb. 18. The center is touted as the “flagship” project of Mr. Davide’s administration. The project, to be built inside the provincial complex, faced criticisms from heritage advocates and interruptions during the proposal stage. However, Jone Siegfred Sepe, provincial general services officer, said the provincial government is pushing on with the building construction, starting with the ceremonial groundbreaking. He said the contractor already posted a P38 million performance bond last Feb. 8. Mr. Sepe also said that the authentication of the contract signed by Mr. Davide and WT Construction executives is being finalized, after which the provincial government will serve the Notice to Proceed within this week. All the documents will be endorsed to the engineering office, which will supervise the construction phase, including the demolition of the abandoned building at the site and the excavation works. The engineering department will hold a pre-construction conference to discuss the timeline and the specific works during the construction. Project completion is targeted in two years. — The Freeman

Nation at a Glance — (02/13/19)

February 12, 2019 | 8:35 pm

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

December external trade in goods weakest in three years as exports, imports contract

February 12, 2019 | 11:17 am

Trade activity in December marked its weakest in three years, as exports and imports both declined.
Preliminary results from the Philippine Statistics Authority showed merchandise exports declining 12.3% to $4.720 billion in December, slower than the 0.3% dip in November and a reversal of the 8.4% growth in December 2017.
The export decline in December was the biggest in 11 quarters when it registered a 13% decline in March 2016.
Likewise, imports contracted by 9.4% year on year to $8.473 billion during the month, a turnaround from the 6.8% growth in November and 25.9% growth in the same month in 2017.
The import decline was the first since July 2017’s 0.3% and was the largest in 3 years, or since December 2015’s -26%.
This brought the country’s trade deficit for December to $3.752 billion, narrowing from $3.972 billion a year ago.
Meanwhile, the country’s total external trade in goods – or the sum of export and import goods – shrank 10.5% to $13.194 billion. The December trade activity was the weakest in three years, or since the 15.15% plunge in December 2015.
To date, exports were down 1.8% to $67.488 billion, way off the two-percent target of the Development Budget Coordination Committee (DBCC) for full-year 2018.
On the other hand, imports grew 13.4% to $108.928 billion versus the DBCC’s nine percent projection for the year.
Cumulatively, the country’s trade balance posted a record-high $41.440 billion deficit in 2018 versus the $27.380 billion and $26.702 billion shortfalls in 2017 and 2016, respectively.
The United States is the Philippines’ top export market in December with a 16.4% share at $774.37 million followed by Japan’s 14.5% ($684.75 million) and Hong Kong’s 14% ($662.77 million).
Meanwhile, China was the country’s top source of imports with an 22.1% share ($1.87 billion) followed by Japan’s 9.7% ($826.05 million) and South Korea’s 9.2% ($775.56 million). — Marissa Mae M. Ramos

Nov. FDI net inflow down for 4th month

February 12, 2019 | 12:33 am

By Melissa Luz T. Lopez
Senior Reporter
FOREIGN DIRECT INVESTMENT (FDI) net inflow into the country slid for the fourth straight month in November, the central bank reported on Monday, bringing 2018’s running tally lower than a year ago.
Appetite among foreign investors waned that month, sending net inflow down 45.9% to $531 million from the $982-million net investments received in November 2017. The latest figure improved from the $491 million net inflow tallied in October, according to latest data from the Bangko Sentral ng Pilipinas (BSP).
In a statement, the central bank attributed the lower FDI net inflow to lower placements in equity and debt instruments, which posted double-digit declines year-on-year.
Net equity investments slid 31.9% to $137 million from $202 million the previous year. November saw lower gross placements at $149 million which were partly offset by $11-million withdrawals. That compared to $228 million capital received in November 2017 against $26 million plucked out of the country.
Bulk of the equity placements went to financial and insurance; electricity, gas, steam and air-conditioning supply; manufacturing; and real estate.
Most of the capital came from investors in Taiwan, the United States, Thailand, Luxembourg and the Netherlands, the BSP said.
Investments in debt instruments, involving infusions by offshore parents in their Philippine subsidiaries, were halved to just $333 million from $724 million.
Only reinvested earnings grew — by nearly a tenth to $61 million from $56 million the prior year — but that was not enough to lift the month’s FDI tally.
FDIs are a source of capital for the Philippine economy, funding business expansion, generating jobs and, in turn, spurring domestic activity that fuels overall economic growth.
November’s inflows brought 11-month FDI net inflows to $9.061 billion, 3.2% lower than the $9.358 billion investments received during the comparable period in 2017. This casts doubt on the central bank’s expectation of a fresh FDI banner year with a projected $10.4 billion.
Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines, Inc., attributed tempered foreign investment appetite to global jitters amid continuing Sino-US trade tensions.
“Overall, it may have been the lingering negative sentiment about the US-China trade issues,” Mr. Asuncion said when sought for comment.
“There has been a lot of uncertainty in the external environment that has dampened general investment appetite especially among emerging economies.”
Plans to revamp the fiscal incentives granted to companies investing in the Philippines may have also added to investor worries.
“Domestically, this decline, specifically, may have been brought by planned structural reforms such as the rationalization of investment incentives that current beneficiaries/firms view as a disincentive in general,” Mr. Asuncion said.
“Thus, future and potential investors are on wait-and-see mode before moving forward with their investment plans.”
He said 2018’s FDI net inflows were unlikely to top 2017’s $10.049 billion.
The BSP expects FDI net inflows to hit $10.2 billion this year, spurred by investor confidence on the back of easing inflation, as well as sustained state spending and domestic consumption.

BoI investment pledges nearly double in January

February 12, 2019 | 12:32 am

THE BOARD of Investments (BoI) — the government’s lead investment promotion agency — kick-started 2019 with nearly double January 2018’s approved committed investments in terms of value, as it targets these pledges to pierce the trillion-peso mark this year.
Committed investments the BoI approved in January totaled some P97.9 billion, about 91% more than the P51.3 billion recorded in the same month last year, the agency said in a press release on Monday.
The same comparative months saw foreign investments, which made up a tenth of the total, surge to P10.6 billion from just P33 million and domestic investments, which made up 89%, increase by 70% to P87.2 billion from P51 billion.
The biggest contributors were a P48.4-billion 603-megawatt renewable energy project of Rizal Wind Energy Corp.; Metroworks ICT Construction Inc.’s P33.1-billion broadband infrastructure; Solid Cement Corp.’s P12.5-billion project in Antipolo; and Allied Care Experts’ P849-million hospital in Dumaguete City.
Netherlands, with the Solid Cement project, was the top source of foreign investments last month, followed by Japan with P202.1 million and South Korea with P102.4 million.
“We are definitely off to a positive start in 2019 and it augurs well for the rest of the year as we aim to cross the uncharted trillion-peso mark in investment approval for the whole year,” the press release quoted Trade Secretary and BoI Chairman Ramon M. Lopez as saying.

BoI registered P915-billion committed investments last year, 48% more than 2017’s P616.8 billion and surpassing the 10% year-on-year growth target.
Trade Undersecretary Ceferino S. Rodolfo noted in the same statement that investments outside the National Capital Region accounted for nearly all of investments registered last month, “further boosting the dispersal of investments” as Metro Manila accounted for just P4 million.
Calabarzon (Cavite-Laguna-Batangas-Rizal-Quezon), the region immediately southeast of Metro Manila that hosts a number of industrial parks, topped all regions with P60.9 billion in new pledges that were three times the year-ago P19.4 billion, due mainly to a wind power project.
Davao Region, Mimaropa (Mindoro, Marinduque, Romblon and Palawan) and Cagayan Valley completed the top five regions, with approved investments surpassing P500 million each. — J. C. Lim

Philippines’ talent edge slips in index

February 12, 2019 | 12:31 am

By Christine J. S. Castañeda
Senior Researcher
THE PHILIPPINES led lower-middle-income economies in a 2019 talent competitiveness survey, in which the country nevertheless posted a lower score and rank compared to the previous year.
The 2019 edition of the Global Talent Competitiveness Index (GTCI) showed the Philippines with a score of 40.94 out of 100, lower than 44.17 in the 2018 edition. The score puts the Philippines at 58^th place among 125 economies in terms of talent competitiveness. This compares with its previous rank of 54^th out of 119 economies.
The Philippines was ninth among 15 economies in the “Eastern, Southeastern Asia and Oceania” group and fourth among nine Southeast Asian economies.
Nevertheless, the emerging economy leads the group of 27 lower-middle-income economies and is only among the two that is in the third quartile (those ranked 32^nd-63^rd), the other being Ukraine (63^rd).
“The leading position of the Philippines among lower-middle-income countries reflects improvements in literacy and overall educational standards that are catching with global standards… in view of productivity gains brought about by technological advancements,” said Michael L. Ricafort, economist at the Rizal Commercial Banking Corp. (RCBC).
Mr. Ricafort added that the ranking reflects the Philippines’ leading position as the second biggest process outsourcing destination in the world after India as well as the top site for call center operations that cater to the biggest global companies, especially those in the US.
The report defined talent competitiveness in terms of the “set of policies and practices that enable a country to develop, attract, and empower the human capital that contributes to productivity and prosperity.”
The annual index — published by Adecco Group, INSEAD business school and Tata Communications — measures economies’ ability to enable (e.g., regulatory and business landscapes), attract (i.e., how open an economy is to “outside” talent and the “underprivileged”), grow (how well an economy develops its people, e.g. education) and retain (sustainability e.g., quality of life) skilled workers. These four pillars make up the index’s “input” variables.
The index also takes into account two “output” variables — the economy’s availability of workers with mid-level “Vocational and Technical Skills” and high-level “Global Knowledge Skills” such as those in managerial and professional positions.
“The Philippines has a good pool of Global Knowledge Skills (34^th), scoring quite well in both High-Level Skills (37^th) and Talent Impact (30^th). It is also relatively adept in growing talent (41^st), where its strengths in Lifelong Learning (27^th) and Access to Growth Opportunities (42^nd) offset a sub-standard Formal Education (85^th),” said the report, which nevertheless noted that “[m]ore discouragingly, the country’s weak Sustainability (88^th) and Lifestyle (91^st) subpillars result in a low ability to Retain (92^nd) talent.”
Meanwhile, the Philippines placed in the middle for the other categories such as those in the enable (64^th), attract (62^nd), and vocational and technical skills (73^rd) pillars.
“The slight decline of the Philippines’ ranking in the GTCI Index may partly have to do with some local talent being exported to more developed countries due to higher pay and better employment opportunities,” RCBC’s Mr. Ricafort said.
“Some highly-skilled workforce are being attracted as immigrants in some developed countries, some of which have aging populations and facing some shortage of workers. This reflects the fact that the Philippines is the third biggest country in terms of inward remittances from overseas workers after India and China,” Mr. Ricafort said, noting that the Philippines already overtook Mexico and Nigeria in remittances.
Switzerland occupied the top spot in the 2019 ranking, followed by Singapore, the US, Norway and Denmark rounding the top five.
Finland, Sweden, the Netherlands, United Kingdom and Luxembourg took the sixth to 10^th spots, respectively.
Meanwhile, the Global Cities Talent Competitiveness Index had Manila at 98^th place out of 114 cities with a score of 26.4.
Compared to other Southeast Asian cities, it fell behind Singapore (17^th), Bangkok (65^th) and Kuala Lumpur (76^th).
On the other hand, the Philippine capital city placed ahead of Jakarta (100^th) and Hanoi (110^th).
The top 10 cities in the index were Washington DC, Copenhagen, Oslo, Vienna, Zurich, Boston, Helsinki, New York, Paris and Seoul.
In a press release, Adecco Group said the index was designed to provide decision-makers in business and government with tools “to drive talent competitiveness.”
“It suggests that in today’s knowledge economy, nurturing entrepreneurship is not only key to economic growth but also attracting and retaining talent,” it said.

How competitive is the Philippines in acquiring, growing and retaining talent?

February 12, 2019 | 12:31 am

THE PHILIPPINES led lower-middle-income economies in a 2019 talent competitiveness survey, in which the country nevertheless posted a lower score and rank compared to the previous year. Read the full story.

Malacañang tells agencies to ensure prompt infrastructure completion

February 12, 2019 | 12:30 am

MALACAÑANG has ordered all state agencies and offices “to ensure timely completion of government infrastructure projects,” with President Rodrigo R. Duterte’s spokesman citing his “frustration” with red tape and cumbersome processes that have caused “delays in the implementation of projects.”
Memorandum Circular No. 57 — signed on Feb. 7, distributed to reporters on Monday and which takes immediate effect — covers “all government offices, agencies and instrumentalities, including government-owned and -controlled corporations, government financial institutions, state universities and colleges, and local government units.”
Warning that causing undue delays in projects is covered by penalties under Republic Act No. 3019 or the Anti-Graft and Practices Act, RA 9184, or the Government Procurement Reform Act and Executive Order No. 292, or the Administrative Code of 1987, the circular reminded all officials involved to “strictly observe the laws, issuances and policies pertaining to the timely completion of government infrastructure projects,” warning of “the imposition of appropriate sanctions for infractions and violations” on this matter.
Asked in a press conference what prompted Malacañang to issue the circular, Presidential Spokesperson Salvador S. Panelo replied: “It should be that way because there have been delays in the implementation of projects.”
“And as we know, delays will hamper the services that are supposed to be provided by the government,” he added, recalling Mr. Duterte’s “frustrations over the requirements… legal restraints; kung minsan naman (at times) bureaucracy, bureaucratic red tape.”
For Budget Secretary Benjamin E. Diokno, “We’re doing good, much better than any administration in recent Philippine history” in terms of state infrastructure spending.
“We just have to go better if we want to deliver on our ambitious BBB (‘Build Build Build’ infrastructure development) programs and our goal to reduce poverty,” he added. “There is no room for complacency. I see the Memorandum as a reminder for all to work harder…”
Economic managers will ask the Commission on Elections to exempt work on major infrastructure projects from the 45-day ban on public works ahead of the May 13 midterm polls. — Arjay L. Balinbin

FDCP unveils plans for box-office tracking system, film archives

February 12, 2019 | 12:08 am

THE Film Development Council of the Philippines (FDCP) has unveiled plans to create an online box office tracking system in order to “take the guesswork out of box office grosses,” according to the council’s chief executive.
“One of the biggest challenges in the industry is we’re uncertain of how much a film earns,” Mary Liza Diño-Seguerra, chairman and CEO of the FDCP, said in vernacular during a press conference on Feb. 7 at Iago’s Restaurant in Quezon City.
The system, to be called Box Office Online System and Tracker (BOOST), will be done in partnership with the Korean Film Council (KOFIC) and is aimed to provide data-driven and evidence-based analytics for the Philippine film industry.
“It can give us box-office data [as often as] every 15 minutes,” she said before adding that a similar system is in place in South Korea and that it is one of the reasons why the country’s film industry is booming.
The 2017 report on the South Korean film industry published by KOFIC showed it earning more than $20 billion and reporting 219.87 million admissions.
“This is the heart and soul of [South] Korea’s [film industry] success, because they can analyze how many people watch comedy films, etc.,” Ms. Diño-Seguerra explained.
The system will also provide data to track trends in the industry, said Ms. Diño-Seguerra, and will show which films are popular in regions, the number of admissions, etc.
She also reported that the Department of Budget and Management has given them P3.6 million to put up the system and another P8 million for the system’s maintenance for the year which Ms. Dino said will cost upwards of P400,000 a month.
The budget for the online system is in addition to the P192 million budget the FDCP has been given for 2019, according to Ms. Diño-Seguerra.
Though no specific date has been announced for the system’s rollout, Ms. Diño-Seguerra said “it’s only a matter of time.”
Asked whether the data from the system will be available to the public, she said that the council will be releasing reports every quarter and the data will be accessible to “industry stakeholders: the distributors, producers, and FDCP.”
“It was difficult for the FDCP to call cinemas one-by-one just to get box-office data. We’re blind, we’re completely blind… that’s why we need the system,” she said before adding that they would want to implement the system’s pilot test during the Metro Manila Film Festival (MMFF), arguably the country’s most popular film festival, which is held annually from Dec. 5 to the first week of January.
Aside from the box-office tracking system, Ms. Diño-Seguerra also announced that they already have a site for the Philippine Film Archive Heritage building and that the groundbreaking is scheduled for September.
The 2,500-square meter facility will be located behind the Pamantasang ng Lungsod ng Maynila in Intramuros, Manila, and will house the film archive, a media library, and a film museum.
Ms. Diño-Seguerra said the structure for the archive will be done in partnership with the Tourism Infrastructure and Enterprise Zone Authority (TIEZA), the investment arm of the Department of Tourism (DoT).
“We’re bringing in consultants from [L’immagine Ritrovata], the film restoration lab from Bologna, Italy,” she said before explaining that the personnel from the restoration lab will help them construct the interiors of the building to make it perfect for film storage and archiving.
After the September groundbreaking, Ms. Diño-Seguerra said they hope to see the archive up and running a year later.
Currently, thousands of films are stored in the unofficial film archive inside the FDCP offices in Ermita, Manila. — Zsarlene B. Chua

SM Prime profit jumps 17% in 2018

February 12, 2019 | 12:08 am

By Arra B. Francia, Reporter
SM Prime Holdings, Inc. increased its net income by 17% in 2018, driven by the growth of its shopping mall and residential property units.
In a statement issued Monday, the Sy-led firm said consolidated net income stood at P32.2 billion in 2018, higher than the P27.6 billion it posted in the year before. This came on the back of a 14% uptick in consolidated revenues to P104.1 billion.
In the fourth quarter, SM Prime’s net income rose 16% to P8.7 billion. Consolidated revenues also firmed up 13% to P29.5 billion during the quarter.
“Driven by our goal to deliver more innovative and sustainable lifestyle cities, SM Prime is aiming to sustain this growth trajectory in the coming years,” SM Prime President Jeffrey C. Lim said in a statement.
The listed property giant’s shopping mall unit accounted for bulk of its revenues at P59.3 billion, 11% higher year-on-year. The firm said it benefited from the malls it opened in the provinces from 2017 to 2018, particularly SM CDO Downtown Premier, SM City Puerto Princesa, and SM Center Tuguegarao Downtown, among others.
Mall rental income also increased by 11% to P50.5 billion during the same period. Same-mall sales growth across all mature malls, meanwhile, stood at eight percent.
The company ended 2018 with a total of 72 malls in the Philippines covering 8.3 million square meters (sq.m.) of gross floor area, in addition to seven malls in China spanning 1.3 million sq.m. It plans to launch four new malls this year, namely SM Center Dagupan, SM City Olongapo Central, SM City Butuan and SM Mindpro Citimall in Zamboanga.
SM Prime’s residential unit, SM Development Corp. (SMDC) delivered P36.5 billion in revenues last year, 22% higher than in 2017, resulting to a 38% climb in operating income to P12.3 billion.
SMDC attributed its positive performance to the higher construction accomplishment of projects launched from 2015 to 2017, including Shore 2 Residences, Coast Residences, Shore 3 Residences and S Residences in Pasay City, Fame Residences in Mandaluyong City, and Spring Residences in Parañaque City.
Reservation sales for the period went up by 25% to P72.3 billion. This translates to 21,157 unit sales, 23% higher year on year.
The company also noted that the consolidated cost of real estate sales went up albeit at a slower rate of 17% to P17.8 billion, which translated to higher gross profit margins of 50% from 49%. Net income margin also improved by 25% from 24% in 2017.
This year, SM Prime is set to launch around 15,000 to 18,000 units, from a combination of high-rise buildings, mid-rise buildings, and single detached house-and-lot projects.
Meanwhile, SM Prime’s other business segments generated combined revenues of P8.4 billion, seven percent higher year-on-year. Combined operating income accordingly rose by 10% to P4 billion.
SM Prime’s other business segments include the commercial properties, hotels and convention centers group. The company currently has a GFA of 623,000 sq.m. across 11 office buildings, with about 238,000 sq.m of office portfolio in the pipeline.
The company also operates six hotels with more than 1,500 rooms, four convention centers, and three trade halls. It will be unveiling two new hotels this year, namely Park Inn by Radisson-Iloilo and Park Inn Radisson-North EDSA.
Shares in SM Prime jumped P0.65 or 1.68% to close at P39.30 each at the stock exchange on Monday.

The Favourite rules BAFTAs with most wins; Roma takes top prize

February 12, 2019 | 12:07 am

LONDON — Costume romp The Favourite was the biggest winner at the BAFTAs on Sunday, taking seven awards, but Netflix black and white film Roma picked up the Best Film prize, as well as Director, at Britain’s top movie honors.
Alfonso Cuaron’s semi-autobiographical film, about a domestic worker in 1970s Mexico, has won a string of prizes this awards season, further cementing its path to potential Oscar success.
On Sunday, the critically acclaimed movie had four wins, including Cinematography and Film Not In The English Language.
“To see a film about an indigenous domestic worker embraced this way in an age when fear and anger propose to divide us means the world to me,” Mr. Cuaron said as he accepted the Best Film prize.
“Reverting back to a world of separation and isolation is not a solution to anything,” Mr. Cuaron added, at a time when US President Donald Trump is demanding a wall be built on the US border with Mexico.
Mr. Cuaron thanked Netflix for getting behind the film, which is in Spanish and has garnered 10 Oscar nominations, including for Best Picture, a major recognition for the streaming service.
“If they do good movies, they should be recognized…I’m very happy that they’re embracing diversity… in a time in which the theatrical experience had become so gentrified,” Mr. Cuaron said on the red carpet about Netflix.
“I just hope that this opens up the game. And what is very needed is a balance between the two economic models — the theaters and the (streaming) platforms, because that’s only going to be good for cinema.”
Period drama The Favourite, in which Olivia Colman stars as Britain’s 18^th century Queen Anne, won seven BAFTAs, including Outstanding British film, Original Screenplay, Production Design, Costume Design, and Make Up and Hair.
Ms. Colman, who portrays the monarch as frail and tempestuous, won the Leading Actress category, a victory that had been expected by many. Her co-star Rachel Weisz scooped up the Supporting Actress prize, an award for which fellow The Favourite star Emma Stone was also nominated.
“We’re having an amazing night aren’t we. We’re going to get so (drunk) later,” Ms. Colman told her fellow The Favourite nominees as she picked up the award to loud cheers.
“As far as I’m concerned, all three of us are the same and should be the lead… This is for all three of us. It’s got my name on it, but we can scratch in some other names.”
Rami Malek took the Leading Actor prize for his portrayal of late Queen frontman Freddie Mercury in Bohemian Rhapsody, adding to his Golden Globe and Screen Actors Guild Award wins for the role. He paid tribute to Mercury in his acceptance speech.
Cooper picked up the Original Music prize for A Star Is Born, while Adapted Screenplay went to Spike Lee’s BlacKkKlansman.
Mahershala Ali took the Supporting Actor prize for his role in Green Book, set in the segregated US South in the early 1960s. — Reuters

Bloomberry units ink P40-B loan deal for Quezon City casino-resort

February 12, 2019 | 12:07 am

UNITS of Bloomberry Resorts Corp. have signed a P40-billion loan agreement with several banks to finance the company’s integrated resort and casino project in Quezon City.
In a disclosure to the stock exchange on Monday, the Razon-led firm said its units Sureste Properties, Inc. (SPI) and Bloomberry Resorts and Hotels, Inc. (BRHI) have signed an omnibus loan and security agreement for a 10-year combined loan facility.
The lenders include Philippine National Bank, BDO Unibank, Inc., Metropolitan Bank & Trust Company, Union Bank of the Philippines, Bank of Commerce, China Banking Corp., and Robinsons Bank Corp.
BDO Trust and Investments Group acted as the security trustee, facility agent, and paying agent for the loan, while BDO Capital & Investment Corp. was its lead arranger and sole bookrunner.
“The proceeds of the loan will be used by SPI and BRHI to partially finance the design, construction and development of an integrated hotel and gaming resort located at the Vertis North Complex in Quezon City, Metro Manila,” the company said.
Bloomberry earlier said it will start the construction of its integrated resort and casino project in Quezon City by the middle of 2019, with target completion by 2022.
The project will carry the Solaire Resorts and Casino brand, and will be the listed firm’s second in the country.
The first Solaire, located in Entertainment City, Parañaque City, opened in 2013. BRHI is the license holder and operates the casino, while Sureste operates the hotel and other non-gaming business.
For the January to September period last year, Bloomberry’s attributable profit went up by 8.45% to P6.47 billion, after revenues improved by 14% to P31.91 billion. — Arra B. Francia

1...11,33811,33911,340...14,211 Page 11,339 of 14,211