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The privacy of ‘Public’ information

In this age when everything is “instant,” information on just about anything and anyone under the sun is not only readily available, but easy to come by. Especially with the proliferation of social media sites and other publicly-accessible platforms and the increasing transparency of government databases most of which are accessible on-line, a few clicks of a mouse will yield a treasure trove of information. But along with this bounty comes the inevitable question of boundaries: What information should be made publicly available? Can we use it? How should we use it?
These questions are particularly relevant today, with the implementation of the Data Privacy Act (“DPA”) in the past few years. On its surface, the DPA is fairly easy to grasp and apply. The DPA is teeming with rules, requirements and restrictions on the use and processing of Personal Information. Significantly, the DPA declares that the consent of the individual, or data subject, is paramount and indispensable, before any processing or handling of his or her personal information may be performed. This places a considerable constraint and control on all types of human relations since the processing of personal information is a necessary activity in all aspects of such relations — be they private or public. Ultimately, the DPA aims to empower data subjects to control when, how, and for what purpose their personal information may be processed.
However, the lines of when and how the DPA may be applied appears to be blurred when applied to “publicly-accessible” personal information. For when information has been disseminated to the public, how can it be considered private? How can public information be private? Verily, the definition of Personal Information under the DPA provides little (if not no) aid in determining such boundaries. The DPA defines Personal Information as “any information whether recorded in a material form or not, from which the identity of an individual is apparent or can be reasonably and directly ascertained by the entity holding the information, or when put together with other information would directly and certainly identify an individual” (Section 3 g). There is no mention in both the law and rules and regulations of the source of the information that constitutes Personal Information.
In addressing this seemingly grey area of the DPA’s applicability, the National Privacy Commission (“NPC”) has declared in several Advisory Opinions that the DPA has specified the information which is outside of its scope but only to the minimum extent necessary to achieve the specific purpose, function, or activity in Section 4 thereof and there is no express mention that personal data which is available publicly is outside of its scope. Thus, the provisions of the DPA are still applicable even for those personal data which are available in the public domain. The NPC echoes the sentiment of the Office of the Privacy Commissioner for Personal Data of Hong Kong in saying that even if the data subject has provided his or her personal data in a publicly accessible platform, this does not mean he or she has given blanket consent for the use of his/her personal data for whatever purposes (Guidance Note — Guidance on Use of Personal Data Obtained from the Public Domain, August 2013).
Another implication of the NPC’s declaration is that personal information obtained from public documents may not be processed by third parties for purposes other than which such personal information was provided. Thus, third parties may no longer process or use personal information obtained from documents submitted to government regulatory agencies unless with the consent of the data subject/s.
This nuance is also especially crucial in contracts with business partners and third party service providers involving the processing of personal information, including the outsourcing of the processing of personal information. In addition to the mandatory stipulations required to be incorporated in such outsourcing contracts under the Implementing Rules and Regulations of the DPA, personal information controllers must also be careful in indicating in such contracts how personal information obtained from other sources other than the data subject are to be treated. While it has become increasingly common in such contracts to provide for separate provisions specifically dealing with personal information, in most instances, personal information are lumped together in the greater group of information under “Confidential Information.” In such instances, Information that is in, or subsequently enters, the public domain are often considered excluded from the definition of Confidential Information. Applying the NPC’s position on personal information found in and made available via publicly-accessible platforms, in cases where personal information are included in what are considered Confidential Information, there arises a need to carve out personal information from the exclusion.
The NPC’s position also behooves individuals and legal entities from using and relying on information obtained from social media platforms, such as Facebook. While these information were shared on the platform with the intention of making them public, this fact alone does not automatically constitute consent for other uses of the information. Consequently, social media policies have become increasingly important in companies and organizations.
Thus, while personal information from publicly-accessible platform is not particularly provided for in the DPA, the NPC’s opinion has shed light on the issue and confirms that the protection attaches to the underlying right to privacy and not actually to the pieces of personal information. Certainly, this means that some things that have been made public are still private.
This article is for general informational and educational purposes only and is not offered as and does not constitute legal advice or legal opinion.
 
Maria Isabel M. Llave is a Senior Associate of the Intellectual Property Department of the Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW).
830-8000
mmllave@accralaw.com.

A Christmas wish for all electricity consumers

The greatest Christmas gift that all consumers could get is affordable electricity prices. As the Christmas shopping season reaches its peak, consumers would much rather spend their hard-earned bonuses on their loved ones rather than on increased electricity bills.
Last month, electricity rates increased due to higher charges in the Wholesale Electricity Spot Market (WESM) attributable to an uptick in power demand coupled with an increase in Malampaya gas prices. This December, it is still uncertain whether the gift of lower electricity prices will materialize or remain a wish.
To manage power rates, the increasing power demand must be complemented with substantial increases in available and dependable power supply.
The Department of Energy (DOE) forecasts a tight power supply in 2019 as the power demand is expected to peak at 11.2 gigawatts (GW) in Luzon, which is nearly 4 percent higher than the 10.8 GW for 2018.
Meanwhile, the biggest growth in power demand is expected in Mindanao, estimated at 2.2 GW, a significant increase at 10 percent from the expected 2 GW this year. In the Visayas, peak demand is estimated at 2.3 GW in 2019, which translates to an increase of 9.5 percent this year. The DOE said this tightness in supply stresses the need for a Luzon-Visayas interconnection.
lights
The importance of this link was similarly highlighted by the Asian Development Bank (ADB) in its report, “Energy Sector Assessment, Strategy, and Road Map of Philippines.” While the Luzon and the Visayas grids are presently interconnected, there is a need to address the insufficient transmission capacity caused by regional supply–demand mismatches.
“The overcapacity dynamic in Western Visayas has led to significant trapped capacity behind the Negros–Cebu interconnection, and the short-run cost of energy and managing grid stability would arguably be lower if sufficient interconnection capacity were in place to alleviate grid congestion. While there are plans for the Negros–Cebu interconnection to be expanded, the implementation time line is unclear and contingent on approval by the Energy Regulatory Commission (ERC).”
Notably, a more ambitious yet important project is the Php 52-billion Mindanao-Visayas Interconnection Project (MVIP), which would link the Mindanao grid to the Visayas grid. This interconnection will carry about 450 megawatts of power between the two grids and ultimately result in a single, unified national grid.
Another challenge in terms of lowering power rates is the timely approval of power supply agreements. Last month, the House of Representative passed Resolution No. 00155 entitled, “Urging the Energy Regulatory Commission (ERC) to Immediately Resolve the Seven (7) Power Supply Agreement Applications of the Manila Electric Company (Meralco),” which seeks to lessen the unexpected shutdowns and power interruptions.
Despite this legislative initiative, issues regarding the extension of the competitive selection process deadline for awarding new generation contracts are marred with regulatory and legal delays. While these issues are properly threshed out as it seeks to ensure that supply is bought and passed on to consumers at the least possible cost, it is important to note that this reflects the timing and certainty of a significant tranche of the new capacities that were expected to go online by 2021–2023.
Increased energy production and output could lead to the expansion of industries, increased investments and employment, which is why making sure that there is adequate supply of affordable and reliable energy continues to be a government priority. In fact, the Philippine Development Plan 2017-2022 stresses the importance of achieving a more affordable and adequate supply of electricity to improve the competitiveness of the country’s economy.
While there are many factors contributing to the increase of electricity prices such as the lack of competition in the industry, the absence of state subsidy and the potential manipulation of market prices, one of the largest drivers of cost is the disruptions in power supply in the form of power outages.
To address this seemingly perennial price problem, the government must not be overwhelmed by the simultaneous reforms that need to be done. Calculated steps are better than making insignificant leaps. Consequently, a step towards reforming the power sector can be made by addressing the thinning supply by increasing power capacities and providing efficient grid interconnectivity. So, will we get even just a little lowering of electricity rates this Christmas season? Well, maybe we should just keep on wishing.
 
Hannah Viola is Energy Fellow at Stratbase ADR Institute and Convenor of CitizenWatch Philippines.

Chinese Expansionism

Norberto Gonzales, national security adviser during the incumbency of President Gloria Macapagal-Arroyo, has rung alarm bells about a possible attack on the Philippines by China. This was his reaction to the co-exploration agreement signed by President Rodrigo Duterte and President Xi Jinping. Gonzales warned that the agreement is just another step in China’s covetous designs on the Philippines, characterized by its virtual occupation of Philippine territory in the South China Sea.
Gonzales also made the rather naïve comment that “China does not have a history of invading other countries, but it is not averse to using military might to settle territorial conflicts.”
Only half of Gonzales’s statement is accurate – that part about using military might. The fact is that China has a history of invading other countries, among them, Vietnam and Korea.
Ironically, the country that was once referred to as the Sleeping Giant has also been a victim of Western imperialism. And now that it has “awakened,” China is simply doing what comes naturally to superpowers, namely, domination of weaker countries, whether militarily, politically or economically.
Countries like the Philippines under Rodrigo “I will ride a jet ski” Duterte.
If naivete is to be attributed to anyone, Duterte would be it. That is, if he thinks he can outsmart the Chinese in his dealings with Xi, while clumsily playing the United States against its Asian rival. The harsh fact is that Duterte is a mere pawn in a contest for global dominance between the US and China. The duel is for economic dominance, at this stage. Hopefully, a fight for military dominance will not follow.
Duterte may not be familiar with the African proverb: “When elephants fight, the grass is trampled.” Or maybe he is. Maybe Duterte thinks he can reap substantial benefits from his dealings with the Chinese — and let the future generation of Pinoys bear the consequences.
It doesn’t take a fortune teller to foresee the consequences of Duterte’s eagerness to avail of infrastructure and development loans from China. What has happened to Sri Lanka is too recent for even an idiot to overlook.
To quote a New York Times report on the Sino-Sri Lanka case: “Every time Sri Lanka’s president, Mahinda Rajapaksa, turned to his Chinese allies for loans and assistance with an ambitious port project, the answer was yes….Mr. Rajapaksa was voted out of office in 2015, but Sri Lanka’s new government struggled to make payments on the debt he had taken on. Under heavy pressure and after months of negotiations with the Chinese, the government handed over the port and 15,000 acres of land around it for 99 years in December.”
The Times story concluded: “The case is one of the most vivid examples of China’s ambitious use of loans and aid to gain influence around the world — and of its willingness to play hardball to collect.
“The debt deal also intensified some of the harshest accusations about President Xi Jinping’s signature Belt and Road Initiative: that the global investment and lending program amounts to a debt trap for vulnerable countries around the world, fueling corruption and autocratic behavior in struggling democracies.”
An article in the British news magazine, The Week, by Ryan Cooper, entitled, “The Looming Threat of Chinese Imperialism,” warned, ”As China matures into a global superpower, matching and someday surpassing the United States in strength, it’s worth considering the future risk of Chinese imperialism.”
China is now the biggest single investor in Africa, and Chinese companies have been plunking billions into Latin America, as well as Europe and the US. According to the article by Cooper, China’s Belt and Road initiative, “a globe-spanning plan to smooth transport in and around Eurasia…is already one of the biggest infrastructure projects in world history well before completion. But many of the individual loans have been so improvident — the ones to Djibouti spiked its debt-to-GDP ratio by 85 percent — that future debt peonage or default for many states look likely.”
One could say that about the Philippines, too, under Duterte.
Of course, imperialist tendencies are not unique to China. Contemporary history tells us that the European powers and the United States have been among the most avaricious perpetrators of imperialism. And China has been among their victims. An editorial cartoon in Punch in 1899 depicts the US, Germany, the United Kingdom, Russia and Austria cutting up portions of China for themselves. One article described the partitioning of China as “slicing the country like a melon.”
It is ironic that China has been identified as the major source of drugs flooding the Philippines. In the early 1800s, British economic marauders launched the opium trade, flooding China with the drugs. When Chinese authorities tried to suppress the entry of the drugs, Britain went to war against China. That war was concluded with the treaty of Nanjing that resulted in Hong Kong being ceded to the UK.
Considering Duterte’s bloody war against drugs, does anyone expect him to warn the Chinese against flooding the Philippines with the illegal stuff, the way the Chinese tried to stop the British? Not unless Duterte wants the Chinese to declare war on the Philippines the way the Opium War was waged by the UK against China.
That will happen only when the crow turns white or when Duterte is converted to sainthood.
Meanwhile, Gonzales may be right about China’s designs on the Philippines. But China will not have to use military might, as Gonzales has warned. That could upset the United States and trigger a shooting war.
It will be a bloodless economic annexation.
 
Greg B. Macabenta is an advertising and communications man shuttling between San Francisco and Manila and providing unique insights on issues from both perspectives.
gregmacabenta@hotmail.com

8990 Holdings allocates P10 billion for 2019 capex

By Arra B. Francia
Reporter
MASS HOUSING developer 8990 Holdings, Inc. will be spending about P10 billion in capital expenditures next year as it builds up its hospitality portfolio.
8990 Holdings Chief Financial Office Roan Buenaventura-Torregoza said the capex for 2019 will be higher than the P8 billion the company committed to spend this year.
“We’ll probably spend around P10 billion next year… We’ll spend around P1 billion for the hotel if we go aggressive there,” Ms. Buenaventura-Torregoza told reporters during a round table interview in Makati on Monday.
The listed real estate firm recently disclosed its plan to launch three to four leisure properties every year in the next five years through newly-formed subsidiary 8990 Leisure and Resorts. It will be spending P5 billion to develop three hotel brands, namely Adama, Kura, and Argo.
Ms. Buenaventura-Torregoza said the first hotel project will be an Adama resort in Siquijor. The resort will have 22 family villas and is set to be completed by the first quarter of 2020.
8990 Holdings’ capex will support its plan to launch around P50 billion worth of projects next year, including housing projects in Davao, Cebu, Iloilo, Bulacan, and Bacolod.
The company will also start selling residential units from its project in Ortigas Extension, which consists of 22 buildings with 14 to 17 storeys each. It is spending P15 billion to construct the project, which has an expected sales value of about P38 billion from the sale of around 19,000 units.
“At this point we already have a pile of reservations… there are a lot of inquiries from Chinese and Koreans looking at the buildings,” 8990 Holdings President and Chief Executive Officer Willibaldo J. Uy said in the same interview.
Prices of units at the Ortigas Extension project will start at around P2 million, or P70,000 per square meter.
Asked for the company’s outlook in 2019, Mr. Uy said they are tightening their belts in order to keep prices within reach of their target market.
“Now that inflation rate is starting to go up, we’re doing a lot of belt tightening… because I don’t want it to affect the selling price as much as possible. Our market is the affordable housing market, and I feel that we should not anymore add to their problems,” Mr. Uy explained.
“But that being said, we’re still looking at, I’m going to recommend to the board a 10% increase on our prices.”
Meanwhile, Mr. Uy noted 2018 is expected to be another banner year for the company, as it is on track to hit the P11.5-billion target for revenues by year-end. Its net income is expected to reach about 39% of total revenues, or P4.49 billion.
8990 Holdings has already generated P8.63 billion in gross revenues during the first nine months of 2018, or 40% higher year-on-year. Net income attributable to the parent accordingly went up 38% to P3.41 billion.
Shares in 8990 were unchanged at P7.59 each at the stock exchange on Tuesday.

DoE: Colossal abandons bid to explore 2 areas in Palawan

COLOSSAL Petroleum Corp. appears to have abandoned its bid to explore oil and gas resources in two areas in Palawan, according to an official of the Department of Energy (DoE).
“[It’s] semi-withdrawal or abandonment,” said DoE Undersecretary Donato D. Marcos when asked about the status of the project that remains unresolved despite a previous meeting with Colossal.
Colossal, which Mr. Marcos described as a Filipino-led company, was among the winning bidders of the areas offered by the previous administration for exploration under Philippine Energy Contracting Round (PECR) 5 in 2014.
Israeli firm Ratio Petroleum Ltd. won a separate exploration area under the same contracting round.
In October, Ratio was formally awarded the petroleum service contract for Area 4 in the east Palawan basin covering 416,000 hectares for potential oil and gas resources.
Area 5, which is within Philippine territory, and Area 7, which is within the disputed area with China, were the ones won by Colossal.
“What was agreed upon during the meeting, hindi sila nag-reply (they did not reply),” Mr. Marcos said, adding that the discussion with Colossal took place about month ago.
“Nag-meet kami, hinihingi namin ang kanilang inputs, ang kanilang decision (We met, we asked their input, their decision),” he said.
Mr. Marcos said he would seek a collegial decision of the centralized review and evaluation committee (CREC) on the way forward for Colossal’s project.
“I’m the chairman of that (CREC). It’s a collegial decision. It’s not a one-man decision. It has to be submitted to a legal body, which is CREC,” he said.
The DoE wants Colossal to agree to the agency’s call for it to abide by the outcome of a legal case that could determine the viability of the service contract.
The pending legal case pertains to a ruling from the Commission on Audit (CoA) that the government cannot assume the income tax due from the consortium operating the Malampaya gas-to-power project. Consortium members questioned the ruling, the resolution of which is pending with the Supreme Court.
The awarding of the contracts had been pending as problems arose, including the CoA ruling. The PECR was established as a transparent and competitive system of awarding service or operating contracts for prospective petroleum or coal areas within the country.
In August 2017, the DoE issued policy changes on energy exploration by doing away with the PECR and replacing it with the Philippine Conventional Energy Contracting Program (PCECP). The revised and transparent petroleum service contract awarding mechanism would allow investors to bid for exploration projects through a competitive selection process or by nomination. — Victor V. Saulon

TV ratings war continues in November

THE two major broadcast networks ABS-CBN Corp. and GMA Network, Inc. kept its neck-and-neck battle for audience share as both claimed ratings lead in the month of November, citing different reports from third-party data providers.
In a statement, Lopez-led ABS-CBN said its average audience share reached 45% in November versus GMA’s 30%, citing Kantar Media data which covered 2,610 urban and rural homes.
On the other hand, GMA said its average total day people audience share is at 38.6% in November, beating ABS-CBN’s 37.5%, based on Nielsen TV Audience Measurement. Nielsen claims its report covers “900 more homes surveyed in Total Urban and Rural Philippines compared to Kantar.”
ABS-CBN said the Kantar report found it dominated households in Mega Manila with 37% audience share versus GMA’s 29%, and in Metro Manila with 43% share versus its rival’s 23%.
In terms of ratings based on time slots, ABS-CBN said it led the competition across all blocks, starting with a 49% audience share in the primetime block compared to 30% for GMA.
For other time slots, ABS-CBN said it had a 37% share in the morning block (6 a.m. to 12 noon) versus 26% for GMA; 43% in the noontime block (12 noon to 3 p.m.) against 31% for its rival; and 45% in the afternoon block (3 p.m. to 6 p.m.) as opposed to GMA’s 32%.
However, GMA, citing Nielsen, said it trumped ABS-CBN in Mega Manila with 45.3% audience share versus 28.5% using data from Nov. 1 to 24. For Urban Luzon, it had an average total day people audience share of 44.1% against ABS-CBN’s 30.8%.
Based on time slots, GMA said it beat ABS-CBN in the morning block with 36.1% audience share against 32.1%, and in the afternoon block with 40.2% versus 37.2% for its rival. — Denise A. Valdez

Gov’t fully awards T-bonds, reopens tap facility

THE GOVERNMENT made a full award of the 10-year Treasury bonds (T-bond) it auctioned off on Tuesday and opened its tap facility once more to take advantage of overwhelming investor demand.
The Bureau of the Treasury (BTr) raised P15 billion as planned via the reissued 10-year debt papers on Tuesday, which have a remaining life of nine years and three months.
It received huge offers at P49.389 billion, more than thrice the amount the government wanted to sell.
The 10-year bonds, which carry a 6.25% coupon, fetched an average rate of 6.975%, plunging by 106 basis points from the 8.035% fetched when they were last issued on Nov. 6.
Based on the PHP Bloomberg Valuation Service Reference Rates, the 10-year debt notes were quoted at 7.027% yesterday.
National Treasurer Rosalia V. De Leon said the BTr continues to see demand from investors at the long end of the curve on the back of lower inflation expectations.
She said the Treasury reopened a tap facility from 2 to 4 p.m. yesterday to maximize the huge demand.
“We will open the [tap facility]. Same rules apply, but we don’t have a cap anymore. Before, we’re only raising P15 billion… We can upsize it more than P15 billion. So it’s depending on the discretion of the Treasury how much we will accept,” Ms. De Leon told reporters following the auction.
The Treasury awarded another P23.136 billion worth of reissued 10-year bonds via the tap window, accepting all tenders. The additional papers carry the same average yield of 6.975%.
The tap facility was available to the 10 financial institutions who have been named as market makers by the Treasury, who are given privileges such as the facility in exchange for obligations like submitting rate bids within a prescribed range.
Raising more funds from the tap facility may allow the BTr to advance its fundraising activities and avoid higher interest rates in future note offerings.
The Treasury also opened a tap window last week, raising an additional P15 billion more worth of reissued seven-year debt notes. Tenders reached P53.9 billion.
“[Investors] are locking in on the rates already based on expectations that [inflation] rate will further trend downwards given lower inflation expectations already…for November,” Ms. De Leon added.
Inflation likely printed at 6.3% in November supported by lower oil prices and improved supply, according to a BusinessWorld poll among 14 economists.
The median inflation forecast is slower than the actual 6.7% print in September and October and falls within the 5.8-6.6% target band of the Bangko Sentral ng Pilipinas.
Sought for comment, a bond trader said the market saw strong demand again at the auction as expected given that slower inflation is anticipated.
“Given that the BTr is open to…boost the bond volume now, the demand might be as high as the previous issuance,” the trader said in a phone interview ahead of the closing of the tap facility.
The Treasury is raising P270 billion from the domestic market this quarter. — Karl Angelo N. Vidal

DMCI completes Pasig condo 8 months ahead of schedule

DMCI Project Developers, Inc. has completed the construction of its Mirea Residences project in Pasig City eight months ahead of schedule, allowing unit owners to move in earlier than expected.
The company operating under DMCI Homes said in a statement that it has started turning over the units in Aleia, the final tower of its medium-rise tower complex Mirea Residences. With this, all eight towers are now ready for occupancy, ahead of the committed completion date of August 2019.
Unveiled in 2014, Mirea Residences targeted young professionals looking to live near business centers like Eastwood City and Ortigas. The project stands on a 38,895-square meter property in Brgy. Santolan, Pasig, and is close to Light Rail Transit Line 2 Santolan Station.
Units at Mirea Residences consist of two-bedroom to three-bedroom layouts, spanning from 63 to 85 sq.m. in size. Prices range from P4.17 million to P6.8 million, according to the company’s website.
Amenities include pools, gazebo, a tree court, grill pits, clubhouse, picnic grove, game area, audio-visual room, and a function hall. It also features an indoor badminton court, basketball court, fitness gym, and jogging and biking paths.
Mirea Residences is one of DMCI Homes’ several projects in Pasig City. Other properties in the area include Brixton Place, Fairlane Residences, Sheridan Towers, Prisma Residences, and Riverfront Residences, among others.
DMCI Homes saw its attributable profit rise by 29% to P3.4 billion in the first nine months of 2018, primarily due to the sale of its undeveloped lot in Quezon City. Excluding this one-time gain, the company’s attributable profit climbed two percent to P2.7 billion. Revenues meanwhile stood at P14.7 billion, two percent higher year-on-year.
The company’s reservation sales also rose by seven percent to P33.48 billion in the same period. DMCI Homes President Alfredo R. Austria earlier said the company is on track to reach its P40-billion target in reservation sales this year.
Its projects in Pasig have been among the top contributors to sales this year, with Fairlane Residences and Prisma Residences posting P7.26 billion and P3.18 billion, respectively.
DMCI Homes is the property unit of diversified engineering and construction conglomerate DMCI Holdings, Inc., which also has core interests in general construction, coal and nickel mining, power generation, water concession, and manufacturing. — Arra B. Francia

Ateneo Blue Eagles go for another UAAP title

By Michael Angelo S. Murillo
Senior Reporter
NEEDING just one victory to notch another University Athletic Association of the Philippines men’s basketball title, the defending champions Ateneo Blue Eagles go for the closeout when they reengage the University of the Philippines Fighting Maroons in Game Two of their best-of-three finals series today at the Smart Araneta Coliseum.
Claimed Game One with a gutsy 88-79 victory over the Maroons, the Eagles look to build on it so as to bag their second straight UAAP championship and 10th overall. Doing so would allow Ateneo to break a tie with rivals De La Salle Green Archers for joint fourth place in the all-time championship haul with nine titles.
In claiming the series-opener, Ateneo relied on a solid attack down the stretch, led by veteran Matt Nieto and Thirdy Ravena, to outsteady finals-returning UP and claim the series lead.
Nieto finished with 27 points while Ravena had a near-triple double of 21 points, 10 rebounds and nine assists.
“We just made sure we were up there defensively. But we still have some lapses and things to improve on. We will look at them for us to come up with a good game plan for Wednesday. We will look at the tapes,” said Ateneo deputy coach Sandy Arespacochaga following their Game One victory as he spoke of what did it for them in Game One and what is in store for them heading into today’s game.
For Ravena, it will be the same mindset for them as they seek to close out the Maroons in today’s game.
“As Coach Tab [Baldwin] said, people think we do things differently for situations like this. Actually it’s the same preparation for us, working hard in practice and watching tapes. That is what got us here so we won’t change that,” said Ravena.
Both Mr. Arespacochaga and Ravena said they expect the atmosphere in Game Two to be as frenzied as the first game, which was witnessed live by 21,608 people.
They hope their supporters would come out anew and rally behind them as they go for the clincher.
NOT GIVING UP
On the side of UP, despite falling in the first game it is still believes that it would be able to bounce back and extend the series to a winner-take-all.
“For a first-timer in the finals I have to appreciate the kind of effort that my boys had shown. If there is one takeaway that we can get from this and think about, that is, it is possible to beat Ateneo,” said Mr. Perasol in the postgame press conference following Game One.
Guard Jun Manzo led the Maroons with 19 points while Juan Gomez De Liano had 17 in the first game.
Javi Gomez De Liano had 11 points while Bright Akhuetie, who momentarily left the game after hyperextending his left knee, finished with 10 points.
UP captain Paul Desiderio, meanwhile, struggled for five points on two-of-six from the field.
“We are still positive of our chances. We still need to do some preparation which we did not have in the last few days but I’m sure we’ll be better come Wednesday,” Mr. Perasol said.
Game Two of the finals is set for 3:30 p.m. and will be broadcast live over ABS-CBN S+A.

High and low art the same CCP’s Encyclopedia

THE Cultural Center of the Philippines’ 12-volume Encyclopedia of Philippine Art is encompassing, with the inclusion of discourses on popular culture, digital media, and LGBTQ-themed essays in broadcast art, among others.
The 12 sections are: Peoples of the Philippines (vol. 1-3); Architecture (vol. 4); Visual Arts (vol. 5); Film (vol.6); Music (vol.7); Dance (vol. 8); Theater (vol. 9); Broadcast Arts (vol. 10); and Literature (vols. 11-12).
Dr. Nicanor Tiongson, the encyclopedias’ editor-in-chief, said during the formal launch on Nov. 27 that the encyclopedia rejects the ideas of high and low art and fine and popular art; it is people-oriented, tackles LGBTQ issues, and shuns patriarchal values.
“It is imagining an ideal nation,” he told BusinessWorld at the sidelines of the event.
Mr. Tiongson received the Cultural Center of the Philippines (CCP) Centennial Honors for the Arts as one of the 100 important artists and cultural workers in the 20th century. A critic, writer, scholar, cultural administrator, and Professor Emeritus of the College of Mass Communications at UP Diliman, he has a pro-Filipino view of Philippine culture.
He said the encyclopedia “was very conscious of our art forms and their different aesthetics.” The country, he explained, has art from these groups: “ethnic, lowland, overlay of very Americanized population in the urban area, and the so-called academic elite.”
He noted that “The encyclopedia documents all of these forms. There’s no prejudice, in, for example, comics or telenovela. The point is that is has to be defined from the artists of all sectors and regions of the Philippines. It’s trying to imagine a national community with a culture that has people-oriented values,” he said.
For example, included in the encyclopedia are essays about the GMA-7 TV show My Husband’s Lover, which Mr. Tiongson called as an “important breakthrough and has a correct perspective on LGBTQ.” The show aired in 2013 and received positive reviews.
The comprehensive encyclopedia has more than 5,000 feature essays on art history, major works, types of art, artist biographies, organization profiles, and aspects of production. It includes more than 3,500 photographs and illustrations.
The 12-volume encyclopedia features the work of more than 500 scholars, experts, researchers, and writers, and was edited by 12 expert area-editors.
This second edition of the encyclopedia — which comes over two decades after the first edition was published in 1994 — was made with a budget of P45 million.
Mr. Tiongson said the country doesn’t have to wait for another 24 years for an edited, revised, and updated version as an online version will be released next year which will be constantly updated and revised and will have audio clips.
And while Mr. Tiongson mentioned that the encyclopedia is people-oriented, he said it’s his biggest regret that it was written in English.
“I’m hoping the third edition will be written in Filipino. But the problem is that we’ve all been raised in English, even my writers, included,” he said, adding that waiting for them to become well-versed in Filipino would take a very long time and the project wouldn’t be finished.
The set is now available for P50,000.
For reservations and inquiries, contact Leila Vibal of the CCP Cultural Research and Development Division or Gemma Marco of the CCP Marketing department at 832-1125. — Nickky Faustine P. de Guzman

Cusi says PXP Energy should apply for lifting of exploration moratorium

ENERGY Secretary Alfonso G. Cusi has advised PXP Energy Corp. to apply for an exploration and drilling program for its stalled project within the area in the West Philippine Sea or the South China Sea, a move that would prompt the agency’s next step in the disputed seas.
“We’ll see. I will await their application and then work from there,” he said when asked whether an drilling application would trigger the lifting of the exploration moratorium.
“They can apply,” he told reporters on the sidelines of the Energy Investment Forum 2018 at the Shangri-La at the Fort in Taguig City on Tuesday.
“That’s why even in our PCECP (Philippine Conventional Energy Contracting Program) we have 14 pre-determined areas. We offered these to the prospective investors. But we don’t limit them to those pre-determined areas. If they have any identified, if they have preference in the areas that are available then they can make theirs, they can apply,” he added.
PXP Energy directly and indirectly owns 77.5% of Forum Energy Ltd., a London-listed company whose main asset is a controlling interest in offshore exploration Service Contract (SC) 72 west of Palawan island in the disputed seas.
SC 72 is covered by the decision handed down by the Permanent Court of Arbitration in The Hague in the Netherlands on July 12, 2016. The court ruled that Reed Bank, where SC 72 lies, is within the Philippines’ exclusive economic zone as defined under United Nations Convention on the Law of the Sea.
On March 2, 2015, the DoE placed SC 72 under force majeure because the contract area falls within the disputed area, which was the subject of the arbitration process.
Under the terms of the force majeure, exploration work at SC 72 is suspended from Dec. 15, 2014 until the DoE notifies Forum Energy that it may continue drilling.
“I-express ninyo, kasi kung sabihin namin na mag-operate na kayo eh ayaw naman ninyo, anong magagawa ko (Express it, because if I say that you operate but you don’t want to, what can I do),” he told PXP Energy President Daniel P. Carlos on the sidelines of the same event.
“Pero if you tell me that you are ready then I will look at that paper,” he said. “Gawan n’yo ng sulat na (Write a letter) we are ready to resume our exploration and we’d like to ask clearance.”
Sought for comment, Mr. Carlos said that the company was waiting for the DoE to inform it of the lifting of the moratorium. “Kami pala ang magi-initiate (It turns out, we are the ones to initiate).”
Mr. Carlos said he would discuss with the PXP Energy board on the next step.
“Kung ganu’n ang sinabi n’ya na sa’min pala manggagaling, request kami to lift the force majeure. Kasi sila ang nag-impose no’n. So nag-aantay kami ng instruction from the DoE (if as what he said, it would come from us, that we should request to lift the force majeure, because they were the ones who imposed that. So we were waiting for instruction from the DoE),” he said. — Victor V. Saulon

Banks’ net interest margins seen to expand as rates rise

By Karl Angelo N. Vidal
Reporter
PHILIPPINE BANKS are expected to expand their net interest margins (NIM) in 2019 as market interest rates rise, Fitch Ratings said, noting that pressures on asset quality, fee income and operating expenses will be modest.
In a report sent on Tuesday, the global debt watcher assigned a “stable” outlook on the local banking sector as it expects lenders’ NIMs to grow further next year.
“We expect banks’ NIMs to continue to expand in 2019 as market interest rates rise, helping to maintain stable returns in the face of modest pressure on asset quality, fee income and operating expenses,” Fitch said in the report.
The local banks’ rating profiles, on the other hand, should remain steady on the back of “banks’ satisfactory risk controls, adequate loss-absorption buffers, and generally stable funding and liquidity profiles.”
The net interest margin measures the difference between the bank’s interest income and the amount of interest it pays to its clients. A higher NIM means the bank has efficiently invested its funds.
To better capture the NIM benefits from higher interest rates, Fitch said banks should strengthen their focus on asset and liability pricing amid tighter yet still sound liquidity.
However, the credit rater noted that downside risks to the industry’s growth and asset quality for next year are most likely to stem from “higher-than-expected interest rates and inflation.”
The Bangko Sentral ng Pilipinas has raised its interest rates by a cumulative 175 basis points since May — with the latest tightening done last month — to arrest inflation and price expectations.
Inflation stood at 6.7% in October and September, a nine-year high. The November print is expected to slow as oil prices went down and food supply stabilized.
SUPPORTIVE ECONOMIC GROWTH
Fitch noted that economic growth “should remain supportive” as it sees the country’s gross domestic product growth to remain among the highest in the Asia-Pacific region.
The country’s growth as well as credit demand will be supported by the government’s ongoing infrastructure push and steady remittance inflows, the debt watcher said.
“This will help support asset quality, and we expect credit costs to rise only modestly despite the challenge posed by higher interest rates,” Fitch added.
On the funding side, Fitch said Philippine banks will remain largely reliant with deposits. However, it noted that more banks will issue more peso-denominated term-debt issuance from the programs filed this year, which will supplement the dollar papers issued in recent years.
A number of banks have been tapping the capital markets in recent months as they raised funds ahead of tighter risk management measures that will take effect on Jan. 1, 2019 under the international Basel 3 framework.
The central bank recently allowed lenders to raise funds with greater ease through corporate debt papers as new regulations do away with having to secure approval from them.
The Philippines currently holds a “BBB” credit rating from Fitch with a “stable” outlook, a notch above minimum investment grade. This matches the rating given by major credit raters Moody’s Investors Service and S&P Global Ratings.
Fitch affirmed the credit rating of the Philippines in July amid strong growth prospects.

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