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Against the few for the many

The admonition that University of the Philippines students shouldn’t be protesting in the streets but should instead be in their classrooms, and that by doing the first they’re wasting the people’s money, UP being a state university supported by their taxes, has been made before by previous administrations.

It’s hardly surprising for a number of reasons. No Philippine regime has ever been appreciative of citizen protests despite their claims to the contrary. Protests can after all enlighten the open-minded, and expose the injustice, corruption, mendacity, and subservience to foreign interests so characteristic of dynastic rule. Most of the bureaucrats that comprise every regime that has ever been in power are also ignorant of both the history and traditions of UP and its contributions to Philippine society, and the civic and educative value of citizen involvement in public affairs.

Either that, or they’re merely pretending to be clueless and pandering to what they think is public sentiment in their effort to stop the criticism to which they’re specially sensitive.

Former president Benigno S. C. Aquino III’s deputy spokesperson, Abigail Valte, said the exact same thing President Rodrigo R. Duterte, his allies, minions, online trolls and paid hacks in print and broadcasting were saying last week.

In behalf of Mr. Aquino, Ms. Valte declared in 2012, when UP students held a demonstration at Manila’s Mendiola street protesting the cuts in the budgets of UP and other state universities and colleges such as the Polytechnic University of the Philippines and the Philippine Normal University, that the students should “prioritize” their studies instead of “walking out” of their classrooms.

The secretary of Justice of Mr. Aquino’s predecessor Gloria Macapagal-Arroyo had implied the same thing in 2006 when he condemned UP students for demonstrating against the regime he was serving, and for their supposedly thinking of themselves as citizens of “an independent republic.”

Raul Gonzalez also described UP as “too liberal” for allowing student protests. He quite seriously proposed a halt to state funding of UP, in effect arguing for its abolition. Gonzalez had earlier described UP as a hotbed of “destabilizers and naked runners,” the latter being in reference to the Alpha Phi Omega fraternity’s “Oblation Run,” during which some of its members run naked on campus to call attention to public issues.

Ignorance of UP history and traditions and the fact that like everyone else, its constituents including its students have the Constitutionally protected freedom to express themselves and to assemble peaceably, may have been a mere pretense on the part of past administrations in their attempts to stop criticism.

But President Rodrigo Duterte’s case may be entirely different.

He may actually be unaware of those realities. The same assumptions are at work across these three regimes, however, among them that only in the classroom is learning possible, and that taxpayer support is best earned by students’ being silent and uninvolved in public affairs.

As he has repeatedly demonstrated since 2016, it’s doubtful if Mr. Duterte respects or is even aware of the limits of presidential power, thus his threat to remove from UP those students protesting his regime’s march to despotism through constitutional amendments, the imposition of a “revolutionary government,” and/or the declaration of nationwide martial law, as well as its resistance to the adoption of the social, economic and political reforms needed for the country’s survival and Philippine society’s authentic development.

To get into UP, students have to pass the dreaded UP College Admissions Test (UPCAT), which consists of four parts (language proficiency, reading comprehension, science, and mathematics). It’s extremely doubtful if the very same self-righteous bureaucrats with obviously single-digit IQs can pass it. Out of some 88,000 who took the test last year, only about 14,000 were accepted as freshmen in the UP System’s six constituent universities. But the test of one’s commitment to one’s studies doesn’t end with passing the UPCAT.

To be retained in UP — the only Philippine university among the world’s 400 best universities — students have to maintain grades specific to the degree programs in which they are enrolled. Failure means being put on probation or expulsion.

Neither acceptance in UP nor expulsion from it are as arbitrary as Mr. Duterte’s threat suggests.

Meanwhile, his saying that he will replace with “bright Lumads” the students he will expel from UP can only be described as meaningless at best and at worst utterly cynical, since he has made the Lumad even more vulnerable to displacement and harassment by saying they’re New People’s Army (NPA) guerrillas or sympathizers, and by opening their ancestral lands to exploitation. He has even threatened to bomb their schools.

His spokesperson has “clarified” that he was not against protest but the students’ “walking out” of their classes, that being, he said, a waste of taxpayers’ money. That statement of course assumes that only during class hours do students protest — and that protesting students perform poorly academically.

Neither assumption is correct. Many activists are among UP’s best students and graduates, which means that they take their studies seriously. Those studies can in fact validate the protests themselves. A term paper in a political science class that establishes the reality of dynastic rule can lead students to rightfully demonstrate against the anti-democratic monopoly over political power of a handful of families. An investigative report written for a journalism class can reveal the need for citizens to demand the passage of a freedom of information act as a means of monitoring and minimizing government corruption.

As expected, however, the claim that protesting students don’t take their studies seriously was echoed by Mr. Duterte’s Senate allies, who urged protesting students to be “responsible.”

By protesting the country’s headlong rush down the precipice of another dictatorship, the students are in the first place being far more responsible than the self-serving know-nothings in both houses of Congress who are involved in a veritable conspiracy to complete the ruin of this country and what little remains of Philippine democracy after decades of incompetent and corrupt dynastic rule.

In the second place, the protesting students are giving back to taxpayers the money they support UP with by actually living and defending the principles and responsibilities of freedom, human rights, free inquiry, truth-telling, independence and patriotism they learned in the classrooms.

In contrast are the most notorious profligates in these isles of woe who have made a career out of squandering and appropriating for themselves taxpayer money — the so-called “lawmakers” and other bureaucrats who haven’t even read the Constitution they want to either amend or replace with one that will satisfy their lust for power and pelf and assure their near-perpetual hold on government; who pass bills into law without even reading them so long as they will benefit from them; and who don’t even attend sessions, much less introduce bills that will benefit this country and its people once they become law. Include among them their collaborators, their patrons, and their co-conspirators.

Everyone in his or her right mind in these times of national peril knows only too well who are really wasting the people’s money and putting it in secret bank accounts — and whom history will one day rightly condemn for their greed and treachery. It is against these few that students not only from UP but from other schools as well are protesting in behalf of the many.

 

Luis V. Teodoro is on Facebook and Twitter (@luisteodoro). The views expressed in Vantage Point are his own and do not represent the views of the Center for Media Freedom and Responsibility.

www.luisteodoro.com

New CBD office supply seen at 900,000 sq. m. /year — Colliers

DEVELOPERS will be bringing to market at least 900,000 square meters (sq. m.) of new office space annually over the next three years, with offshore gaming firms and business process outsourcing (BPO) companies continuing to drive the market amid easing regulatory concerns.

The estimate was given by real estate consulting services firm Colliers International, which said 2017 saw a record 852,000 sq. m in leasable space coming to market in Metro Manila, 57% higher than the average of 540,000 sq. m. from the preceding three years.

Metro Manila’s office inventory now stands at 9.7 million sq. m.

The rise in office supply is expected to push vacancies to 7% by the end of the year, from 5.3% at the end of 2017. By 2020, Colliers predicts vacancies will further rise to 10%.

“Such a scenario further intensifies competition among developers. With the increase in vacancy, Colliers believes this will ensure continuous upgrades in a more competitive market,” Colliers Senior Manager for Research Randwil Dinbo Macaranas said in the company’s fourth-quarter market report.

The rising vacancy rates will cause rental growth to flatten in the coming years to about 2-5% per year in central business districts (CBDs), according to the company. Rental rates in major CBDs are currently at P800-P1,300 per sq.

Meanwhile, rents in the Ortigas district, parts of Quezon City, and Alabang will be at a discount of at least 30% compared to Makati CBD and Fort Bonifacio.

Among the areas expected to have the largest additions in office space are Fort Bonifacio in Taguig City, the Manila Bay area, and Ortigas. Colliers said 44% of the total supply for 2020 will come from Ortigas alone, with the completion of SM Prime Holdings, Inc.’s SM Mega Tower, and DoubleDragon Properties Corp.’s Jollibee Plaza, among others.

Office developers are taking their lead from strong demand from gaming firms locating in the country, which Colliers attributed to the crackdown on such firms in other countries, prompting them to relocate elsewhere. This has led to a record 639,500 sq. m of leasable space occupied by Philippine offshore gaming operators (POGOs).

Demand from POGOs offset the slower expansion of BPO firms last year, as the government failed to approve Philippine Economic Zone Authority (PEZA) proclamations. Accreditation from the PEZA grant BPO firms tax perks, which encourage these companies to set up shop in the Philippines.

Colliers however said that PEZA proclamations have started picking up once again encouraging the expansion of BPO firms. Colliers projects BPO firms to take up at least 450,000 sq. m. of office space in 2018.

Also helping offset the slowdown in BPO firms were traditional companies, which include government agencies, logistics firms, construction firms, and online shopping firms.

“This segment has been largely forgotten in the past years as focus has shifted to BPOs… We see sustained demand from construction companies, logistics, and start-up companies, among others. We also expect growth in flexible workspaces with the potential entry of international co-working operators,” Mr. Macaranas said in the report. — Arra B. Francia

Etiquette 101

One of the most exasperating traits of the Pinoy is his cavalier attitude regarding a basic rule of etiquette. For some strange reason, some people seem to be allergic to intimidated by the simple request “RSVP.”

An invitation to a business or social function usually has the following words: “Repondez s’il vous plait” or “Please respond.” The invitee is requested to reply YES or No. To ignore or dismiss the RSVP note could mean any of the following:

• Busy schedule

• Ignorance

• Indifference

• Rudeness/Bad manners

• Self-importance

• All of the above

Planning an event is hazardous to the organizer/host’s mental and physical health. Worries about the guest list can cause ulcers and insomnia. Not to mention fits of anxiety an aggravation.

Very Important people and guests should refrain from doing any of the following:

1) Not responding to an invitation promptly.

2) Confirming attendance but not showing up.

3) Sending a proxy without prior notice particularly for a formal event.

4) Arriving very late for the affair.

In polite society, one is expected to show courtesy and good manners. There is no excuse for rudeness.

Dismissing a simple RSVP request reveals one’s lack of breeding. No matter how important or busy one is, he should take time to respond. It is good form.

To illustrate, let us observe the diplomatic scene.

At a gala dinner hosted by an Ambassador for a trade delegation, the RSVP situation was awkward. Several government officials (who had earlier confirmed their attendance) did not turn up. After a long wait of more than 30 minutes, the meal began. The head table was half-full. At the last minute, place cards were switched and seating arrangements had to scrambles. The VIP guests were shuffled to fill the gaps.

Throughout the ordeal, the affable host and hostess kept their cool and smiled. The guests at the head table could only empathize with the host because the situation happens frequently in the Philippines.

Sad to say, the culprits were public officials who, for various reasons, confirmed the attendance but did not show up. Granted there may have been emergencies, the least theory assistants or aides cold have done as to notify the host and make the necessary excuses.

Forewarned the host can make discreet switches in a seamless manner.

The disregard for protocol seems to afflict many people — regardless of position and status.

Despite meticulous planning by expert organizers, an event becomes a nightmare when the guest of honor cancels at the eleventh hour. Or when some participants fail to arrive.

At a regional conference, the foreign delegates were surprised by the last-minute cancellation of a much awaited guest speaker at a plenary session. Because he could not leave the head office due to a political problem, his counterpart guest speaker from another country also cancelled. (For reasons of protocol.)

The efficient organizers were fortunate to produce competent, well-admired speakers as substitutes. The event went smoothly.

At the closing dinner celebration, however, only 150 delegates confirmed attendance. Arrangements for the lavish affair held at a distant beach resort were made for 250 guests. However, 550 foreign and local delegates arrived at the buffet dinner. Additional dish were ordered. Guests were given plastic utensils and cardboard plates.

The wonderful ambiance and entertainment made up for the logistical shortcomings. The party became a roaring success.

On the case of weddings, the anxiety of the bridal couple and their parents is exacerbated by the uncertainty of the attendees. When guests do not respond, organizer can only guess the head count. If there is an abundant overflow of guests, the celebration would turn chaotic.

Cocktail receptions are comparatively easy to manage, Head count is not critical because banquet arrangements are easily adjusted to accommodate a sudden swell.

The point to remember?

Thoughtfulness and courtesy are virtues. They reflect one’s sense of propriety and good breeding.

 

Maria Victoria Rufino is an artist, writer and businesswoman. She is president and executive producer of Maverick Productions.

mavrufino@gmail.com

DoE to recommend nuclear power as a ‘long-term’ energy option

NUCLEAR ENERGY is a “long-term energy option” for the Philippines, Energy Secretary Alfonso G. Cusi said on Thursday ahead of his department’s formal recommendation to the President on the use of power from the energy source.

“Based on the technical assessment, the use of nuclear technologies, including nuclear energy, is seen as a long-term energy option for the country. The possible inclusion of nuclear power in the current energy mix is consistent with the national policy towards a technology-neutral energy sector,” Mr. Cusi said in a statement on Thursday.

The Department of Energy’s (DoE) position was outlined in a news release after Mr. Cusi and other officials of the agency met with International Atomic Energy Agency (IAEA) headed by Director General Yukiya Amano who visited the DoE head office in Taguig City.

Mr. Cusi said the bilateral meeting “comes at an opportune time as the DoE will submit its recommendations to President Rodrigo Duterte on the country’s position on the civilian use of nuclear technology following a series of technical cooperation agreements with IAEA.”

The DoE said its recommendation includes the results of the energy planning studies implemented under IAEA’s technical cooperation projects, namely: PHI 2011 Assessing the Development of a Nuclear Power  Program in the Philippines for 2016-2017 and PHI 2016 003 Development of Nuclear Infrastructure in the Philippines, Phase II for 2018-2019.

It said the meeting also discussed the scope of IAEA’s work and its role in assisting member-states in attaining the UN Sustainable Development Goals, as well as the use of nuclear science and technology for socioeconomic development.

Aside from the technical cooperation, the DoE said it had presented its activities on the drafting of a national position.

“The report touched on the possible cooperation in other areas, such as human resource development, nuclear safety, legal and regulatory framework, international standards, cooperation with the international community, stakeholders involvement and challenges which includes closure on the Bataan Nuclear Power Plant issue,” the DoE said.

“In addressing the queries on the other uses of nuclear technology, IAEA Director General Amano discussed the wide ranging applications of nuclear science in the areas of health and medicine, agriculture, water treatment and sanitation and the environment. He categorically stated that the commitments made in COP 21 may not be achieved without the use of nuclear technology,” it added.

The department said the IAEA has taken the opportunity to invite the Philippines in the upcoming Nuclear Science Applications Ministerial Conference, which will be held in the third quarter of the year.

Mr. Amano also announced that a Nuclear Energy and Climate Change Conference will be one of the side events in the next conference of the United Nations Framework Convention on Climate Change, the DoE said.

It added that Mr. Cusi requested the IAEA to assist the Philippines in providing courses and training for Philippine schools on nuclear science for energy, medicine, agriculture, environment and climate change. — Victor V. Saulon

DILG orders barangay leaders to start preparing financial reports, property inventory for turnover in June

CHAIRMEN OF barangays, the smallest government unit in the Philippines, have been directed by the Department of Interior and Local Government (DILG) to start preparing their financial records and property inventory with elections scheduled to push through in May. “This is also part of our efforts to sustain transparent and accountable local governance at the barangay level and to further ensure that all concerned barangay officials exercise due diligence in using barangay funds and properties,” DILG officer-in-charge Secretary Eduardo M. Año said in a statement issued yesterday, Feb. 8. Under the DILG directive, a Barangay Inventory Team (BIT) shall be created in each barangay, to be chaired by the punong barangay. The BIT members would include at least two kagawads, a barangay secretary, a barangay treasurer, a bookkeeper or city or municipal representative, and at least two civil society organization representatives, preferably from a faith-based organization or members of the Barangay Development Council. Mr. Año also asked all city and municipal mayors to create, through an executive order, a city or municipal audit and transition team that will oversee the BIT. The new set of barangay officials who will be elected in May will take office on June 30.

Staying on the sidelines

Not all those who analyze business and follow its ups and downs are necessarily movers and shakers, or even real players in the game. Some that intimately understand the workings of business, and able to offer good insights and predictive calls, are just staying on the sidelines. And they are not necessarily in the academe or media, both groups too far in the bleachers to see the plays, and often repeating stories that have been fed to them.

The active observers on the sidelines pick up morsels of information, rumors, overheard conversation in boardrooms, insider takes, business news, and public disclosures. With such bits and pieces, they are able to connect the dots.

Real players seldom give their take on the goings on in their field, especially when involving their companies. They don’t grant media interviews until the story is over. Only chefs and small entrepreneurs who are drumming up business get in front of the TV cameras and give their views of their sector — local ingredients are on the rise.

The sidelines are sometimes the preferred position for those playing the market. It’s where they choose to stay. In cycles of volatility, defined usually as a downturn, the smart money can stay on the sidelines and wait for better buying or selling opportunities to pounce on. (Cash is king.)

In mergers and acquisitions, the prize being sought can be sizeable enough to merit interest from the sidelines. This could involve a third player in a duopoly looking for a credible local partner, ratcheting up the prices of listed (and previously dormant) companies. The contenders are vaguely identified as second-tier players. Rumor mongering becomes a business strategy. Purchases of a particular stock by a massive number of investors, including identified whales, can lure on the sideline observers.

Commentators determine success not only in terms of getting the prize but also in how much (usually in terms of money and reputation) it took to beat the other contenders. This is like fighting off bullies for a bag and then finally getting it and being declared the winner. But what if the prize turns out to be a sack of horse droppings? Then all the body bruises and broken fingers seem too much to pay. Here the winner is left holding the worthless bag. This situation is known as the winner’s curse.

While not real players themselves, those on the sidelines cheer for their teams with the passion of rabid fans. They are tempted to place their bets. The distaste for risking money you can’t afford to lose is not as distasteful in business as it is in gambling. Big bets are accepted as a routine part of the game. They are considered gutsy plays.

What is an investment in a stock, after all, if not a bet on the management and its prospects of winning? The bets are reflected in the ups and downs of stock prices not only of the target company, but also those of the contenders. Thus, sell-offs of the losing (or winning) party happen even before the contest is decided, or publicly announced.

Are those on the sidelines privy to information not available to the public?

Business frowns on insider trading, especially for publicly listed companies. The principle of an even playing field presumes equal access to information. Hence, the rules on disclosure and trading halts are intended to provide transparency. (We are not aware of any developments affecting the unusual surge in volume and price of our company.) Any advantage in undisclosed information is akin to buying a referee or one player to intentionally tilt the outcome of a game. Maneuverings behind the scene play a significant role in business. It’s always too late to place a bet once the move is publicly disclosed — buy on rumor, sell on news.

Staying on the sideline does not always mean not moving out of it. The observer can simply watch the action, or decide to jump into the fray. When he becomes a player, he may find it hard to go back to being a simple observer. He is elbowed and bruised, eventually carried away… forced to go back to the sidelines.

 

A. R. Samson is chair and CEO of Touch DDB.

ar.samson@yahoo.com

Meralco signals over P1 per kWh rate rise in February

THE COST of electricity in February will increase by P1.08 per kilowatt-hour (kWh), Manila Electric Co. (Meralco) said on Thursday, pointing to higher pass-through generation charge.

Meralco said the increase “will not be implemented in full, in the interest of consumer welfare.” It made the statement in an online message ahead of its regular monthly issuance on power rates.

The increase follow two straight decreases in the overall electricity rates that amounted to a total P0.90 per kWh for a typical household.

Meralco told its consumers “to await the official announcement on the final rate adjustment for February, and how the remainder of the increase will be implemented.”

“Meralco’s distribution, supply, and metering charges, meanwhile, have remained unchanged for 31 months, after these registered reductions in July 2015,” it said.

It reiterated that it does not earn from the pass-through charges, such as the generation and transmission charges. Payment for the generation charge goes to the power suppliers, while payment for the transmission charge goes to the National Grid Corp. of the Philippines.

It added that taxes and other public policy charges such the feed-in-tariff allowance are remitted to the government.

In January, the country’s biggest distribution utility announced a decrease in power rates of P0.5260 per kWh.

The rate decrease for the month brought the overall rate to P8.7227 per kWh from P9.2487 per kWh previously. A typical residential customer with a 200-kWh consumption will their monthly bill reduced to around P105.

Those consuming 300 kWh, 400 kWh and 500 kWh will see a reduction of P157.8, P210.4 and P263, respectively.

The reduction is the second straight month of decrease in overall electricity rates, the company said, placing the total reduction at P0.9045 per kWh in the two-month period. — Victor V. Saulon

BoI approves Mulgrave stake increase in Cebu-based Rose Pharmacy chain

THE Board of Investments (BoI) said it approved Dutch retailer Mulgrave Corp. BV’s application to invest in Rose Pharmacy, Inc., amid plans to take up a majority stake in the Cebu-based chain.

In a statement Thursday, the BoI said Mulgrave hopes to take its stake in Rose Pharmacy to 51% from 49%.

Rose Pharmacy has 252 branches nationwide.

BoI Managing Head Ceferino S. Rodolfo said that Mulgrave also expressed its intention to invest more to expand its operations in the Philippines.

“The BoI is seeing increasing interest of foreign investors in the Philippines to access the expanding domestic market,” he added.

“This reflects the sustained confidence of foreign investors in the country’s economy.”

In a separate statement, Rose Pharmacy said Mulgrave’s stake remains at 49% and described the BoI approval a “pre-qualification certificate.” It added that no agreement for a stake increase is currently in place.

Citing Bangko Sentral ng Pilipinas data, the Philippines received $7.9 billion worth of foreign direct investment in the first 10 months of 2017, up 20.5% higher year on year.

Mulgrave, a unit of Hong Kong’s Dairy Farm International Holdings, Ltd., the retail arm of Bermuda-registered trading firm Jardine Matheson Group, has prequalified to enter the market as a foreign retailer under the Retail Trade Liberalization Act.

The company operates supermarkets and hypermarkets, restaurants, and other retail brands in Asia such as Wellcome, Cold Storage, 7-Eleven and Ikea.

In the Philippines, Mulgrave owns a part of Rustan’s Supermarkets, Shopwise, and General Nutrition Center.

The Retail Trade Liberalization Act is intended to heighten  market competition, driving down prices and at the same time ensuring better goods and services to consumers.

To qualify for BoI approval, a foreign retailer needs a five-year retail track record with at least five retail branches overseas, among others.

These companies are also required to have a minimum paid-up capital of $2.5 million. — Anna Gabriela A. Mogato

This item was updated to reflect the following statement issued by Rose Pharmacy in response to this story. The statement in full reads as follows:

“We are aware of recent reporting regarding an increase in Mulgrave Corporation B.V.’s shareholding in the Company to 51%. The Company can confirm that Mulgrave’s interest remains at 49% and understands that there is no agreement to increase its interest at this time. It is understood that Mulgrave holds a BOI pre-qualification certificate allowing it to increase its shareholding should such an opportunity arise. However, Mulgrave has no agreement to increase its shareholding in the Company at this time.”

Nation at a Glance — (02/09/18)

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

Peso weakens amid volatility in markets

THE PESO declined against the dollar on Thursday, February 8, amid continued volatility in global markets and as the Bangko Sentral ng Pilipinas (BSP) kept its policy rates steady.

The local currency ended Thursday’s session at P51.31 versus the greenback, 19 centavos weaker than the P51.12-per-dollar close on Wednesday.

The peso traded weaker the whole day as it opened at P51.23 against the US currency. Its intraday low stood at P51.40, while its best showing was at P51.18 versus the greenback.

Dollars traded declined to $896 million Thursday from the $1.03 billion that changed hands on Wednesday.

“The peso depreciated after the BSP kept its policy rates steady,” Guian Angelo S. Dumalagan, market economist of Land Bank of the Philippines, said in an e-mail on Thursday.

The central bank held fire at its policy review Thursday. Rates were kept at 3.5% for the overnight lending rate, 3% for the overnight reverse repurchase rate, and 2.5% for the overnight deposit rate.

Bets on BSP tweaking its benchmark interest rates by 25 basis points arose after the faster inflation print last month. These expectations drove the peso upwards for two days.

For a trader, meanwhile, the weaker peso against the dollar was on the back of the volatility in the bond and stock markets, as he saw “stronger dollar demand across the board” in the afternoon trading session.

“What we’ve been seeing is the move in interest rates as well as the volatility in the equity market, so [the dollar-peso has] been dictated by these huge moves,” the trader said over the phone.

“Now, the sentiment is that sometimes, there’s a risk-off mood and when that happens, we see flight to safety which is to buy dollars.”

Mr. Dumalagan added that the $300-billion spending deal in the US Senate, as well as the affirmation of San Francisco Fed President John C. Williams of gradually increasing its rates, “also weakened the peso against the greenback.”

For today, the trader said the peso may move between P51.30 and P51.50, while Mr. Dumalagan gave a wider range of P51.10 to P51.50.

“The dollar might strengthen amid generally hawkish signals from Fed Kaplan, Fed Harker, Fed Kashkari, and Fed George,” Mr. Dumalagan said.

Most Asian currencies weakened against the US dollar on Thursday as market participants adjusted positions as persistent volatility in regional equities lowered risk appetites.

Against a basket of six major currencies, the dollar was steady at 90.242, just shy of a two-week high of 90.40 touched on Wednesday.

MSCI’s broadest index of Asia-Pacific shares outside Japan  was little changed, staying near its six-week low touched on Tuesday. — K.A.N. Vidal with Reuters

ICTSI to complete expansion of Iraq terminal by Q3 2019

International Container Terminal Services, Inc. (ICTSI) is expects the expansion of its terminal in Iraq to be completed by the third quarter of 2019.

The Razon-led port operator said in a statement the Basra Gateway Terminal (BGT) Phase 2 expansion will cost around $250 million.

“On completion of the current second phase expansion scheme, ICTSI will have invested in excess of $250 million, the lion’s share of which is for a new berth, yard construction, and state-of-the-art handling equipment,” ICTSI said.

The Phase 2 expansion will deliver 400 meters of new quay with a draft of 14 meters, together with a new 30-hectare yard area and a 15-hectare secure parking area.

“Underlining BGT’s ongoing commitment to maintaining high service levels, the latest round of development also includes the acquisition of a cutter suction dredger with the dual objective of ensuring strict adherence to the construction schedule and maintaining draft alongside the terminal’s new and existing births,” the company added.

The second phase development was triggered by strong demand, ICTSI said.

Last year, BGT, an ICTSI subsidiary, completed the first phase of its terminal greenfield project, which includes the construction of a new 250-meter berth and a 15-hectare yard area.

The subsidiary also undertook the development of quay and yard areas configured for the safe and efficient handling of oil and gas project cargo.

“Our commitment to helping Iraq develop international standard port infrastructure continues to expand,” said Hans-Ole Madsen, ICTSI senior vice president and regional head of Europe, Middle East, and Africa.

“We invested for the long term in fixed infrastructure since day one. We continue to receive strong and most encouraging assistance from the General Company for Ports in Iraq and other government bodies in this respect. We are confident that we can continue to build on this productive partnership to the benefit of port users and the country as a whole,” added Mr. Madsen. — Patrizia Paola C. Marcelo

North Korea says no plans to meet US officials at Olympics

SEOUL — North Korea has no intention of meeting US officials during the Winter Olympics that start in South Korea on Friday, state media reported, dampening hopes the Games will help resolve a tense standoff over the North’s nuclear weapons program.

US Vice-President Mike Pence, who described North Korea as the world’s most tyrannical regime on Wednesday, flies in to South Korea on Thursday ahead of the opening ceremony in the mountain resort of PyeongChang, just 80 km (50 miles) from the heavily armed border with North Korea.

The ceremony will also be attended by a senior delegation of North Korean officials, including the younger sister of leader Kim Jong Un and the North’s nominal head of state, Kim Yong Nam.

The sister, Kim Yo Jong, and other members of her entourage will travel by private jet to Seoul’s Incheon International Airport on Friday afternoon, North Korea informed the South on Thursday.

However the prospect of talks, which Mr. Pence downplayed but left open, appeared slim.

“We have never begged for dialogue with the US nor in the future, too,” the North’s KCNA news agency reported on Thursday, citing Jo Yong Sam, director-general of the North American department of North Korea’s foreign ministry.

“Explicitly speaking, we have no intention to meet with the US side during the stay in South Korea … Our delegation’s visit to South Korea is only to take part in the Olympics and hail its successful holding,” Mr. Jo said.

South Korea wants to use the event to re-engage with North Korea and open the way for talks to resolve one of the world’s most dangerous crises, in which US President Donald J. Trump and Pyongyang have swapped nuclear threats.

Mr. Pence had said after meeting Japanese Prime Minister Shinzo Abe in Tokyo on Wednesday that Washington would soon unveil “the toughest and most aggressive round of economic sanctions on North Korea ever.”

He said before departing for Seoul the United States wanted to peacefully dismantle North Korea’s nuclear program but warned Pyongyang not to underestimate US military strength or resolve.

In Beijing, Chinese foreign minister Wang Yi told reporters that China saw the Olympics as a first step towards “everyday, uninterrupted” dialogue.

All sides, not just the two Koreas, needed to work hard and dialogue between the United States and North Korea should be expanded for this to happen, Mr. Wang said.

“You can’t have it that one person opens the door and another closes it,” he said.

MILITARY PARADE
North Korea marked the founding anniversary of its army with a large military parade in Pyongyang on Thursday, a government official told Reuters, having last month changed the date of the celebration to the eve of the Olympics. The official asked not to be identified because of the sensitivity of the issue.

Domestic media reports said the parade was smaller than those of previous years.

Mr. Pence will meet South Korean President Moon Jae-in in Seoul later on Thursday. On Friday, before he attends the Olympic opening ceremony, he will visit a memorial for 46 South Korean sailors killed in 2010 in the sinking of a warship that Seoul blamed on a North Korean torpedo attack.

Mr. Pence is taking the father of Otto Warmbier, an American student who died last year after being imprisoned in North Korea for 17 months.

Kim Yo Jong, the 28-year-old sister of the North Korean leader, will be sitting in the same stadium as VIP guests along with ceremonial head of state Kim Yong Nam.

She will be the first member of the Kim family to cross the border into the South. Kim Yo Jong is a propaganda official and was blacklisted last year by the US Treasury department over alleged human rights abuses and censorship.

Japan’s Mr. Abe, whose nation has been within range of North Korean missiles for decades, will also attend the ceremony, adding to seating complications for the hosts.

South Korea asked the United Nations (UN) on Wednesday for an exemption to allow a UN-sanctioned North Korean official, Choe Hwi, to attend the opening ceremony with Kim Yo Jong.

The Unification Ministry in Seoul said no decision had been made yet on Choe Hwi and Pyongyang had not mentioned any change in their plans to send him.

A group of 280 North Koreans arrived in South Korea on Wednesday to support athletes from the two sides at the Games. The group included a 229-member cheer squad, taekwondo performers, journalists and the sports minister.

Preliminary competition at the Games began on Thursday, with events including curling and ski jumping. — Reuters