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Power suppliers to explain TRAIN impact

THE Department of Energy (DoE) has directed all distribution utilities to require their power suppliers to explain any additional charges that may arise from the tax reform program, in effect since the start of the year.

“This includes the explanation on the implementation of excise taxes vis-a-vis the minimum inventory requirement for both coal stocks and diesel stocks,” DoE Secretary Alfonso G. Cusi said in a statement on Thursday.

Under Republic Act 10963 or Tax Reform for Acceleration and Inclusion (TRAIN) Act, the excise tax on coal is to be increased from P10 per metric ton to P100 in the first year, P200 in the second and P300 in succeeding years.

The DoE said the secretary had called for a meeting with distribution utilities to discuss “the effective and appropriate” implementation of the power-related provisions of the TRAIN law.

It said the major items that were discussed were the price adjustments coming from the value-added tax (VAT) on the transmission sector; the VAT on cooperatives registered with the Cooperative Development Authority (CDA); and the excise tax on coal and diesel that are used to run power plants.

The DoE has also met with representatives from the Department of Finance, Energy Regulatory Commission, National Electrification Authority, National Power Corp., Philippine Electricity Market Corp., Philippine Rural Electric Cooperatives Association, Inc., Manila Electric Co. and Pangasinan Electric Cooperative I, which is a CDA-registered electric cooperative.

In its meetings with stakeholders, the DoE said it aims to clarify the salient provisions of the TRAIN implementation in the sector and to gather feedback on issues and concerns on the first package of the Duterte administration’s tax law.

The Energy and Finance departments agreed on the next steps to address the concerns of the energy stakeholders and the protection of energy consumers.

Mr. Cusi said the “ultimate objective” of the TRAIN law of “consumption-to-investment, better infrastructure and social services for the people will be achieved with this strong collaboration” between the two departments. — Victor V. Saulon

Key Azkals game to be played at Rizal Memorial Stadium

By Michael Angelo S. Murillo
Senior Reporter

MANILA residents will get to see after all the Philippine national men’s football team play in a key match in March as its scheduled AFC Asian Cup 2019 Qualifiers game against Tajikistan had been reset at the Rizal Memorial Football Stadium.

Initially set to be played at the Pana-ad Park and Football Stadium in Bacolod City, Negros Occidental, the Philippine Football Federation (PFF) confirmed early this week that it already received the confirmation for the change in venue from Asian Football Confederation (AFC).

Cited as reason for the change was “difficulties in securing fully equipped training venues.”

“We announce that the AFC has approved the PFF’s request to move the final match of the AFC Asian Cup Qualifiers back to Manila,” said PFF President Mariano V. Araneta, Jr. in a statement.

“This match will be a crucial match as it will decide the Philippine Men’s National Team’s chances of qualifying for the AFC Asian Cup,” he added.

The “Azkals,” as the Philippine men’s national team is collectively referred to, currently leads their grouping in the qualifiers with a record of two wins and three draws with nine points.

They just need, for good measure, to win in their final game against Tajikistan in March to formalize their entry into the Asian Cup.

Trailing the men’s team in the qualifiers are Tajikistan (2-1-2) and Yemen (1-4-0), which are tied at second spot with seven points apiece.

“We hope all football stakeholders and supporters rally behind the Men’s National Team,” said Mr. Araneta. Adding, “Qualifying for the AFC Asian Cup UAE 2019 will be a historic moment in Philippine football.”

The PFF said ticket details for the match will soon be announced.

US accuses Russia of helping North Korea evade sanctions

WASHINGTON — US President Donald Trump complained on Wednesday that Russia was helping North Korea to evade international sanctions, signaling frustration with a country he had hoped to forge friendly relations with after his 2016 election victory.

“Russia is not helping us at all with North Korea,” Mr. Trump said during an Oval Office interview with Reuters.

“What China is helping us with, Russia is denting. In other words, Russia is making up for some of what China is doing.”

China and Russia both signed onto the latest rounds of United Nations Security Council sanctions against North Korea imposed last year.

There was no immediate comment from the Russian embassy in Washington on Mr. Trump’s remarks.

During a 53-minute interview with a fresh Diet Coke near at hand on his desk, Mr. Trump also said he was considering a big “fine” as part of an investigation into China’s alleged theft of intellectual property; that he has lost all trust in the chief Democratic Party negotiator on immigration in the Senate; and declined to clear up conflicting reports about his use of the phrase “shithole countries” in a White House meeting, which caused an international outcry.

MAJOR GLOBAL CHALLENGE
With North Korea persisting as the major global challenge facing Mr. Trump this year, the president cast doubt on whether talks with North Korean leader Kim Jong Un would be useful.

In the past he has not ruled out direct talks with Mr. Kim.

“I’d sit down, but I’m not sure that sitting down will solve the problem,” Mr. Trump said, noting that past negotiations with the North Koreans by his predecessors had failed to rein in North Korea’s nuclear and missile programs.

He blamed his three immediate predecessors — Bill Clinton, George W. Bush and Barack Obama — for failing to resolve the crisis and, a day after his doctor gave him a perfect score on a cognitive test, suggested he had the mental acuity to solve it.

“I guess they all realized they’re going to have to leave it to a president that scored the highest on tests,” he joked.

He declined to comment when asked whether he had engaged in any communications at all with Mr. Kim, with whom he has exchanged public insults and threats, heightening tensions in the region.

Mr. Trump said he hoped the standoff with Pyongyang could be resolved “in a peaceful way, but it’s very possible that it can’t.”

Asked whether he thought the United States needs more missile defense systems, he said, “Yes, yes I do. We’re ordering more missile defense and we’re ordering more missile offense also.”

Mr. Trump praised China for its efforts to restrict oil and coal supplies to North Korea but said Beijing could do much more to help constrain Pyongyang.

The White House last week welcomed news that imports to China from North Korea, which counts on Beijing as its main economic partner, plunged in December to their lowest in dollar terms since at least the start of 2014.

‘CLOSER EVERY DAY’
Mr. Trump said Russia appears to be filling in the gaps left by the Chinese.

Western European security sources told Reuters in December that Russian tankers had supplied fuel to North Korea on at least three occasions in recent months by transferring cargoes at sea in violation of international sanctions. Russia has denied breaching North Korea sanctions.

North Korea relies on imported fuel to keep its struggling economy functioning. It also requires oil for its intercontinental ballistic missile and nuclear program.

Mr. Trump has repeatedly blamed a US investigation into whether Russia meddled in the 2016 presidential election for hindering an improvement in US-Russian relations.

“He can do a lot,” Mr. Trump said of Russian President Vladimir Putin.

“But unfortunately we don’t have much of a relationship with Russia, and in some cases it’s probable that what China takes back, Russia gives. So the net result is not as good as it could be.”

Andrew Weiss, vice-president for studies at the Carnegie Endowment for International Peace, said Moscow does not share the depth of US concerns over Pyongyang’s nuclear and missile programs. “It’s simply not the case, if Mr. Trump’s hands were not tied on Russia, that he and Putin could magically work together to solve the Korea crisis.”

Mr. Trump said Pyongyang is steadily advancing in its ability to deliver a missile to the United States.

“They’re not there yet, but they’re close. And they get closer every day,” he said.

North Korea said after its last intercontinental ballistic missile launch in November that the test had put the US mainland within range. Some experts agreed that based on the missile’s trajectory and distance it had the capability to fly as far as Washington DC.

They said, however, that North Korea had not yet offered any proof that it had mastered all technical hurdles, including development of a reentry vehicle needed to deliver a heavy nuclear warhead reliably atop an intercontinental ballistic missile.

Mr. Trump said he welcomed talks between North and South Korea over the Winter Olympics to be held in the South next month and said this could be an initial phase in helping defuse the crisis.

He would not say whether the United States has been considering a limited, preemptive attack to show the North that the United States means business.

“We’re playing a very, very hard game of poker and you don’t want to reveal your hand,” he said.

‘TOUGH-TALKING’
Mr. Trump also gave the clearest indication yet that his administration will take retaliatory trade action against China.

Mr. Trump and his economic adviser Gary Cohn, who was also in the Oval Office, said China had forced US companies to transfer their intellectual property to China as a cost of doing business there.

The United States has started a trade investigation into the issue, and Cohn said the United States Trade Representative would be making recommendations about it soon.

“We have a very big intellectual property potential fine going, which is going to come out soon,” Mr. Trump said.

Mr. Trump said the damages could be high, without elaborating on how the numbers were reached or how the costs would be imposed.

‘A MEAN PLACE’
Mr. Trump was also asked about a private gathering with a bipartisan group of senators last week at which he was reported to have used a vulgar term to describe Haiti and African nations. He would not confirm whether he had said “shithole countries,” but described it as a “tough-talking” meeting.

He said he had “lost all trust” in Democratic Senator Dick Durbin, one of the participants who later talked publicly about Mr. Trump’s comments during the meeting.

Mr. Trump criticized a proposed bipartisan deal on protecting children of illegal immigrants from deportation, calling it “horrible.” A deal was still possible by a March 5 deadline but that “time is running out,” he added.

Speaking a day after his doctor recommended diet and exercise to lose 10-15 pounds (4.5 to 6.8 kilograms), Mr. Trump said he would prefer dieting by eating smaller portions than exercise.

“I get exercise. I mean I walk, I this, I that,” Mr. Trump said.

“I run over to a building next door. I get more exercise than people think.”

As for the central lesson he has taken away from a year in the White House, Mr. Trump said: “I love Washington, but it’s a mean place, it’s a very deceptive place.” — Reuters

Comin’ around again

By Noel Vera

Video Review
A Ghost Story
Written and directed by David Lowery

I’M NOT a fan of David Lowery’s Pete’s Dragon — in retrospect the picture probably had too much Disney in it and not enough Lowery to suit me.

But I heard good things about his latest, A Ghost Story, though, so — thanks to the various recommendations, the pull of the intriguingly elemental title, the sparsely beautiful publicity stills (mostly involving a single slightly creepy figure in white sheet gazing at an empty room) — I decided to take a look.

This I liked. Casey Affleck plays the man “C,” Rooney Mara the woman “M”; they live in a house somewhere in suburban Texas and in the opening scene are briefly spooked: they’d heard a sound in the living room late at night, and venture out of their bedroom to investigate.

And then — without even a moment to say farewell — C is gone (car accident) and M has to pick up the pieces. Only C isn’t really gone; lying in the morgue under a sheet he suddenly sits up and (still covered) walks away.*

(Oh, and that sheet used to cover the corpse? Little secret: after the body has been sent to the funeral home or crematorium or a medical school [if it hasn’t stood up and walked away in the meantime], hospitals launder the sheet and hand it to the next patient, living or dead, that needs one.)

C ends up back at their house — and here we notice the eye holes. C’s still silent ghost is an unsettling figure, the way he stands often in the center of a room, the way he shifts (quietly quietly) to follow M as she patters about engaged in the business of living — but eye holes? He’s dead; he doesn’t need to see. The silly holes had the silly effect of throwing me out of a for-the-moment silly film.

It took a while to pull me back in (I’d paid for my ticket after all) and accept (with considerable difficulty) that Lowery, for whatever reason, needed a classic ghost figure — sheet and eyeholes and all — but eventually I managed to focus on the fact that M does move on, does start dating again, does bring her date home to the same bed husband and wife had slept in… and so forth (Lowery isn’t graphic but impolite questions — as they did with the eyehole issue — do pop up in your head). The rare instance when C looks away from M to peer at a neighboring house, he sees a fellow ghost looking out the window at him; subtitles helpfully give us the gist of their non-conversation (“I’m waiting for someone.” “Who?” “I don’t remember.”).

What does it all mean? Lowery doesn’t say a thing and I doubt if C has any clue. At a certain point C is lost in some unspecified city set in some unspecified future (I’m assuming still rooted in the same spot in Texas). The ghost leaps off a high roof, lands somewhere in the distant past; settlers roll forward in a wagon and set up camp. Again pop the questions: Why stop at a future city — because C jumped off a roof? Why did he jump then and not earlier, or later? Couldn’t he sit through the whole thing, from the heat-death of planet Earth to the eventual collapse of the universe back to the Big Bang, starting the cycle over again? And why when he does leap off that roof, does he end up in that specific period in the past? (Why doesn’t he go directly back to the aforementioned Big Bang?) Because this is when the plot of land was first inhabited? Too many questions left unanswered and the rare occasion when they are answered it’s rarely a satisfactory reply — Lowery is trying for an air of mystery but sometimes his kind of mystery is expressive, sometimes numbingly inert.

When the film’s timeline starts whizzing forward then back (H. G. Welles much?) is when the film really soars — in these passages Lowery seems to pull away from his monomaniacal focus on one man’s/spirit’s predicament to take in if not all of time and space, then huge swathes of it, on a scale that evokes Olaf Stapledon if he suffered from a mild case of ADHD. When C crosses his own timeline mysterious phenomena are finally explained and C’s rather kinkily passive voyeurism starts to take on the keen nostalgia and quiet desperation of Thornton Wilder’s Our Town (“Do any human beings realize life while they live it — every, every minute?”)

There’s power here and poetry, if you’re willing to let yourself see it. I see it — some of it anyway — though I can also see that this was material Tim Burton covered early in his career, with considerably more inventiveness (and if you don’t think his afterlife had any poetry, remember his vision of a vast bureaucracy, as if Dante had collaborated with Chuck Jones: dead-tired caseworkers explain arcane rules to uncomprehending clients, each distinguished by his or her cause of death (one has a chicken bone sticking out his throat; another has tire marks across his flattened body). Lowery’s notions aren’t quite in the same league — they aren’t anywhere near as funny — but they’ll do for now.

 

A Ghost Story is available on YouTube, Amazon Video, Vudu, Google Play, and iTunes.

PHL seeks clemency from Malaysia for Filipinos on death row

THE GOVERNMENT is currently requesting clemency for Filipinos on Malaysian death row, according to Presidential Spokesperson Herminio Harry L. Roque, Jr. “Lahat na po ay ginagawa natin para matulungan ang mga kababayan natin d’yan sa (We are doing everything we can to help our countrymen in) Sabah,” Mr. Roque told reporters at a televised press briefing in Legazpi City, Albay yesterday, Jan. 18. He added, however, that the decision ultimately rests on the Malaysian government. Last Monday, Jan. 15, it was reported that the highest court of Malaysia has upheld the death sentence for nine Filipino men involved in the 2013 standoff in Lahad Datu District in Sabah, Malaysia. — Arjay L. Balinbin

Going beyond the backstage drama

Movie Review
All the Money in the World
Directed by Ridley Scott

By Richard Roeper

YOU’RE A MEAN ONE, Mr. Grinch — I mean, Mr. Getty.

You’re a 20th-century American version of Ebenezer Scrooge, scowling and mumbling your days away in your palace-sized mansion, which looks to be ice-cold even when the fireplace is roaring.

You’re a flinty, hard-eyed, coldhearted, nearly joyless penny pincher. You’re not only the richest man in the world, you’re also the richest man who ever lived — and yet when your grandson is kidnapped and a ransom is demanded, you claim you have no money to spare and you refuse to pay a dime.

You’re a monster, Mr. Getty. And you’re the most entertaining and fascinating character in All the Money in the World.

In Ridley Scott’s well-paced, great-looking and nimble take on one of the most famous kidnapping cases of the 20th century, the legendary Christopher Plummer disappears into the role of the billionaire oil tycoon J. Paul Getty and delivers a powerful, magnetic, scene-stealing performance.

Plummer is playing someone we love to hate, and yet he infuses Getty with just enough humanity, just enough tragic (albeit self-inflicted) loneliness and unhappiness, we almost feel sorry for him even as we want to shake our fists at him for being such a miserable cuss.

This is no drop-in cameo. Plummer is in nearly two dozen scenes. He might not have as much screen time as Charlie Plummer (who is not related to Christopher Plummer) as the kidnapped teenager, John Paul Getty III; Michelle Williams as Abigail Harris, Paul’s mother; and Mark Wahlberg as Fletcher Chase, the security specialist tasked with bringing Paul home, but it is Christopher Plummer’s performance that resonates the strongest. Even when his character is off-screen, he casts a long shadow over everyone else’s actions.

And, yes, the performance is all the more remarkable because Mr. Plummer was in essence asked to save this movie, which had been completed with Kevin Spacey as Getty before the multiple allegations of criminal sexual abuse by Spacey.

To the credit of the studio, the filmmakers and many prominent cast members, everyone agreed to a hasty reshoot, which cost a reported $10 million and took place over a series of 18-hour days.

How surreal it must have been for Wahlberg and Williams to find themselves back in their 1970s period-piece wardrobes, gearing up for a number of intense, dialogue-heavy scenes they’d already played out with Spacey. How challenging it must have been for Plummer to engage in quick rehearsals and learn his lines and become a pivotal character in a major motion picture in just a matter of weeks.

And what a triumph for all concerned that if you didn’t know Spacey originally had been cast as Getty and you saw All the Money in the World as is, you wouldn’t notice the faintest ripple in the fabric of the film. It’s a good old-fashioned ripping yarn, based on an incredible true story, filled with fine acting and leaving us marveling at the enormous footprint J. Paul Getty left on the world — and shaking our heads at a man who seemed incapable of truly enjoying his staggering wealth and power, and unable to appreciate the true meaning of family.

All the Money in the World opens in Rome, 1973, with one of the most dazzling set pieces I’ve seen in many a year. The sweet-faced John Paul Getty III, aka just “Paul,” walks through the bustling streets, with everyone and everything bathed in gorgeous black-and-white. Gradually the colors of the night begin to bleed through, as Paul wanders into a dicey neighborhood, trades good-natured barbs with some ladies of the night, and is then abducted by the Red Brigade, a ragtag band of communist thugs.

Working from a script by David Scarpa, director Scott hops back and forth on the timeline — perhaps a little too frequently.

We get flashbacks to John Paul Getty’s business dealings with Arabian oil sheiks in the 1940s. We get domestic scenes set in the mid-1960s, when Getty’s estranged son, John Paul Getty II (Andrew Buchan), and his loving wife, Gail (Michelle Williams), are raising a brood of adorable kids and seem to be deeply in love, despite having no money and despite John’s alcohol (and eventually substance) abuse.

And we learn about Wahlberg’s Fletcher Chase, a former black-ops spook who now handles the old man’s security, and so much more. (Let’s put it this way: When Chase is asked if he carries a gun, he scoffs and says if you’re carrying a gun you’re a nobody who doesn’t know how to really get things done.)

When Paul is kidnapped, it makes international news, but things take a bizarre twist when Getty refuses to pay the $17-million ransom. As Fletcher finds himself becoming increasingly sympathetic to Abigail (even though he’s on the old man’s payroll) and the months drag on, poor Paul is actually sold to an even nastier bunch of bad hombres, who cut off Paul’s ear and send it in the mail, warning they’ll continue sending pieces of Paul if their demands aren’t met.

All the Money in the World is “inspired by real events,” and though most of the major developments indeed happened, there’s plenty of dramatic license, especially in the climactic final chapters. One dramatic (and totally fictional) flourish seems particularly unnecessary and cheapens the impact, but just a little.

For a time, this movie will probably be best known for the behind-the-scenes drama. But the work itself deserves to endure as one of the better films of 2017. — Chicago Sun-Times/Andrews McMeel Syndication

Rating: Three stars and a half
MTRCB Rating: R-13

The poverty of anti-poverty policy

Almost every Philippine regime since that of Diosdado Macapagal has at least paid lip service to ending the poverty that in varying degrees of intensity haunts this country and millions of its people.

Macapagal saw poverty as the legacy of the unfinished Revolution of 1896, which because of US conquest and intervention failed to deliver on its promise of independence and the social, political, and economic reforms that by the time he was President would have made the Philippines and its people among the most prosperous in Asia.

Macapagal’s successor Ferdinand Marcos made the need to reform Philippine society to improve the quality of life of “the poorest of the poor” one of his justifications for placing the country under martial law in 1972. He claimed during the final years of his regime, but never made good on it, that land reform and industrialization were among the means he would use to achieve that aim.

After Marcos was overthrown by the 1986 civilian and military mutiny, Roy Prosterman of the US Agency for International Development (US-AID) urged President Corazon Aquino to abolish the land tenancy system, or else risk continuing social unrest and even civil war. Mrs. Aquino responded by supporting the passage of a land reform law by Congress, which, however, was so ridden with loopholes it hardly made a dent on what Prosterman once described as “the worst land tenancy system on the planet.”

Mrs. Aquino’s son Benigno S. C. Aquino III saw corruption as the crucial element in the country’s continuing poverty, and in 2010 campaigned for the presidency on the promise to end poverty by ending corruption (“walang mahirap kung walang corrupt”).

For his part, then candidate Rodrigo Duterte also made poverty alleviation one of the planks of his platform when he ran for president in 2016.

The focus on poverty is understandable. The extent of the country’s problem with it can hardly be exaggerated. About 22 million Filipinos are in extreme want, says the National Anti-Poverty Commission (NAPC), while 50 to 60 million are “in varying conditions of deprivation and vulnerability.” The poor are everywhere in evidence in the streets of Philippine towns and cities. They have inadequate housing or no homes to speak of. They can hardly survive each day, much less send their children to school.

The existence of the NAPC is itself a statement on State recognition of the need to do something about mass poverty. But as the Commission itself points out in its trail-blazing 90-page book Reforming Philippine Anti-Poverty Policy (Quezon City: NAPC, 2017), not only does State policy on poverty need reforming.

So many other factors in governance and government policies are also at cross purposes with what should be the central government task of addressing poverty. The neoliberal policy of leaving development solely to market forces and its making poverty alleviation an incidental concern if at all is one example. What has become a policy of encouraging hundreds of thousands of Filipinos to work abroad because of limited employment opportunities at home is another.

The country’s anti-poverty policy is itself poor not only in implementation, but in concept and design as well.

NAPC Secretary Liza Masa correctly describes the alleviation of poverty as “the greatest challenge facing our country today” despite the much-touted growth of the economy over the last several years.

The NAPC book identifies three basic reasons for the persistence of poverty despite economic growth: the underdevelopment of agriculture and industry; the inequitable distribution of incomes, assets and opportunities; and the inadequacy of social services and social protection (the unemployed and retirees, for example, are mostly left to fend for themselves).

The Philippines has hardly any real industry to speak of — much of what passes for it are assembly line plants and call centers — while agricultural productivity and development are hampered by the archaic land tenancy system. The results are limited job opportunities and the concentration of wealth in the hands of a few while millions of Filipinos live a hand-to-mouth existence without medical care, education, and other social services.

The development of agriculture and industry if achieved should result in correcting the social inequity based on the inequitable distribution of the rewards of development and economic opportunities, and the deficit and even total absence of social services in many communities.

NAPC suggests that the path to authentic development lies in the structural transformation of the economy by building industry through national industrialization, and developing the agricultural sector through the implementation of genuine land reform and agrarian development.

Each of these areas have certain needs that have to be addressed, but the Commission argues that state policy on poverty must first of all be based on putting poverty alleviation at the heart of economic and social policy rather than looking at it as incidental to economic development. Such an approach demands that poverty alleviation be the purpose of every government policy, program and law.

Immediately doable, says the Commission, is the government’s declaration of its commitment to areas of priority concern in addressing poverty, among them the following: (my wording)

1. The crafting of national industrialization and poverty eradication policies;

2. The adoption of a policy of social and human development, which would include the ample provision of social services and protection as well as disaster response;

3. A commitment to long-term development which would include environmental protection and rehabilitation as well as sustainable production and consumption;

4. Assuring people’s participation in governance;

5. Promoting and protecting civil and political rights;

6. Ensuring justice for the poor; and

7. Asserting and defending national sovereignty.

Whether the reforms and policies needed will ever be adopted and implemented is problematic. The country’s sorry experience with past administrations is not encouraging.

The Commission argues that what is most needed to assure the adoption of the needed reforms is the building of “a constituency of change” — an informed and empowered citizenry that will demand the implementation of the necessary reforms, to develop which the reform of the party system, the electoral process, and the justice system are needed, as well as strengthening accountability and transparency in governance.

Addressing, reducing, alleviating, and even abolishing the man-made curse of poverty will in short require a multidimensional, multi-faceted, multi-institutional approach across the economic, social, and political structures of Philippine society premised on the principle that living productive and meaningful lives is a fundamental human right. It demands the commitment and engagement of the entire government, all of its officials, and the bureaucracy.

It can’t be done through cash dole-outs to the neediest families, hoping that the bounties of economic development will eventually trickle down to the poor, or relying on foreign investments and assistance and leaving economic and social development to market forces. These have quite simply not worked — and we have the impoverished state of most Filipinos to prove it.

Despite its many flaws and failings, the Duterte regime could have redeemed itself if, by adopting and implementing the reforms needed, it had managed, among all the administrations that have preceded it, to rescue the Philippines and its long-suffering people from the violence, indignity and hopelessness of the penury that for generations has defined their lives.

There is still time, but will there ever be, and has there ever been, the will to do it?

 

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

Fire and Fury to go on TV

LOS ANGELES — Fire and Fury: Inside the Trump White House — the tell-all President Donald Trump has said is “full of lies” — is to be adapted for television, US media reported Wednesday. Rights to Michael Wolff’s book, an explosive behind-the-scenes account that questions the president’s fitness for office, have been snapped up by Endeavor Content, according to The Hollywood Reporter and Variety. They said Wolff would be executive producer of the series. — AFP

SEC green-lights PSE’s stock rights offering

THE Philippine Stock Exchange, Inc. secured the go-signal from the Securities and Exchange Commission to proceed with its P3.16-billion stock rights offering (SRO) this February.

In an e-mail to reporters, the country’s corporate regulator said it has approved the PSE’s registration for the sale of up to 11.5 million shares priced at P275 apiece.

The PSE expects to raise P3.12 billion in net proceeds from the offer. Of the amount, the PSE said 51% or P1.58 billion will “(service) future corporate debt accessed through bridge financing” for its acquisition of Philippine Dealing System Holdings Corp. (PDSHC).

The PSE has already taken term loan facilities from BDO Unibank, Inc., Bank of Commerce, Metropolitan Bank and Trust Co. worth P1.15 billion, for the acquisition.

The SRO has been a necessary step in the PSE’s acquisition of PDSHC, as it will bring down broker ownership to less than 20%. Bringing down the ownership of trading participants in the local bourse is a key feature in securing the SEC’s approval for the merger.

SEC approval for the PSE-PDSHC merger is one of the final steps in closing the deal that began back in 2013, when the PSE proposed to merge the two markets for synergies in operations. To recall, the Philippine Competition Commission approved the merger last December 2017. 

At the same time, the PSE said 29% of the net proceeds or P900 million will be used for product development, as the PSE looks to introduce new products until 2020.

In the first quarter of 2018, the PSE will launch corporate bonds and name-on-central-depository facility, as well as allow short-selling.

By the fourth quarter, the market will see the launch of structured warrants and securities lending transactions.

In the next four years, the PSE is planning to introduce project bond financing, commodities trading, fixed income and foreign exchange derivatives, and equity derivatives.

The SEC, however, noted that commodities trading, fixed income and foreign exchange derivatives, and equity derivatives are still outside the current authority of the PSE.

The remaining proceeds from the SRO, or P636.9 million will be used for working capital requirements, as the PSE moves to its new headquarters in Bonifacio Global City, Taguig by the first quarter of 2018.

Shares in PSE shed a peso or 0.41% to close at P240 each on Thursday. — Arra B. Francia

GT Capital to subscribe in Metrobank’s SRO

GT CAPITAL Holdings, Inc. on Thursday told the stock exchange it plans to “fully subscribe” in the stock rights offering (SRO) of its banking arm Metropolitan Bank and Trust Co. (Metrobank).

At present, GT Capital owns 36.09% of Metrobank.

Metrobank on Wednesday said its board of directors approved to conduct an SRO to sell 819.83 million common shares, equivalent to the remaining unissued shares from the lender’s authorized capital stock.

Proceeds from the offer will be used to fund the Ty-led bank’s loans and fully acquire its credit card arm.

Metrobank said in October that it entered into an agreement with ANZ Funds Pty. Ltd. (ANZ) for the bank’s purchase of the latter’s 40% stake in credit card provider Metrobank Card Corp. (MCC).

MCC is a joint venture between Metrobank and ANZ formed in 2003, with the local lender holding the majority 60% stake.

“The capital raising exercise is expected to enable the bank to pursue these business prospects to sustain the loan growth momentum, leveraging on the bank’s sales and distribution network that has rapidly expanded in the preceding years,” Metrobank said. — K.A.N. Vidal

Top Central Visayas cop relieved

THE PHILIPPINE National Police (PNP) headquarters yesterday ordered the relief of Chief Superintendent Jose Mario M. Espino as head of the Police Regional Office (PRO)-7 (Central Visayas) police office, along with 12 other police officials, effective immediately. Mr. Espino was directed to report to PRO-10 (Northern Mindanao) “as soon as possible via shortest route by any means of transportation.” His relief comes three days before Cebu City marks its Sinulog on Sunday, one of the country’s biggest annual festivals. Chief Superintendent Robert G. Quenery from Cagayan Valley Region will succeed Mr. Espino. The head of the Directorate for Integrated Police Operations in the Visayas, Rolando B. Felix, said the reshuffling of officials is PNP routine. Mr. Felix also said that Mr. Quenery will not have a problem leading the Sinulog operations since he only has to oversee the plan implementation. Mr. Espino’s leadership of PRO-7 was marked by several issues such as allegations that he solicited “payola” from illegal gambling operators. — The Freeman

Personally knowing the workers is a motivational key

You’ve been talking about employee motivation for some time now. But exactly, what is the first step that we in management must do to make it happen. Is there a prerequisite? Does it have something to do with managers being generous all the way to earn their trust? I hope not. Please clarify. —  Yellow Submarine.

There’s one cute little story that I’m fond of using whenever I teach people managers about employee motivation. No doubt about it, everyone needs recognition for his or her accomplishment. One little boy was no exception to this general rule. One lazy Sunday morning, he said to his father: “Dad, let’s play darts. I’ll throw, and even if I don’t hit the target, you should say — “Wonderful! That’s great!”

Sometimes, even if people don’t deserve it with an average performance, they expect their managers to commend them. But you’re right to ask your question. And my answers have nothing to do with management being forced to give in to the request of their people.

A prerequisite, off the top of my head, is earning the trust of people. This is too basic to be ignored by managers. Even if you’re paying your people with above-average pay and perks in your industry, you can’t simply earn their trust with material things, assuming that your organization can afford it.

In fact, my more than 35 years in people management tell me that you can even motivate people using only non-cash rewards and recognition. Really, money is not everything. I’ve seen workers being hardworking and loyal to their bosses and organization — simply because they’re being treated well.

And so, how would you treat your workers well enough for them to appreciate it? First things first, you have to know your direct reports on a personal level. After all, how can you engage and motivate people if you know nothing about them, their career aspirations, their future plans, and other related concerns?

Sir William John Anthony Timpson, Chairman of the UK shoe repair chain that bears his name, has put forward the following test to challenge managers as to how much they know about their team. Timpson, who was knighted by Queen Elizabeth in June 2017, is quoted by Michael Rose in the latter’s 2011 book — A Guide to Non-Cash Reward.

Timpson challenges managers on how well they know about their workers by answering the following question: “Do you know the following (personal) details about your workers?” Try the following 13-item test for size and give yourself honest points representing your answer, with five, 10 and 20 as the maximum points for each item.

If you know the answer, then give yourself the full point of five, ten or 20 as the case maybe. On the other hand, if you don’t know the answer, give yourself zero points, with a little adjustment up to three or four points depending on how well you guessed. Don’t delay. No need to look at your cheat sheet or the workers’ personnel folders. There are no right or wrong answers, but an honest appreciation of how well you personally know your direct reports. Let’s start: Do you know your workers’ age and birthday? (0-5)

Do you know their exact home address? Do you know the name of their spouse or partner? (0-10)

How about their children’s names, ages, and schools? (0-20) When and where did your workers go on a vacation last year? (0-10) Where are they planning to go for their next vacation or holiday? (0-5) What is their main hobby? (0-10)

How about their spouses’ or partners’ hobbies? (0-5) How well do you know the career history of your workers? (0-10) How about your workers’ qualifications and diplomas? (0-5) How about the health and medical condition of your workers? (0-5) What model is their car or what mode of transport do they use? (0-5) What are your workers’ parents’ names? (0-5)

The maximum score you can get is 100 points. Done? If so, add up all of your points. Timpson suggests that if you score less than 70 points, you don’t know your people well enough. On the other hand, if you know your workers more than enough, it would be easy for you to motivate them by giving non-cash awards or gifts that will be surely appreciated.

For example, if your worker’s hobby is reading detective stories, then gift him with one bestseller that he will appreciate. Just be sure that you don’t duplicate his library with another set. Little things mean a lot to many people, and what’s important — management need not spend big money for it.

Join us in our Jan. 24, 2018 public seminar on “How and Why Management Lost its Labor Cases in 2017” at Makati Diamond Residences. Noted labor law experts — Attys. Francis V. Sobrevinas and E. (Leo) D. Battad of the UP College of Law will analyze the newly established jurisprudence for people managers. Send an e-mail to inquiry@kairos.com.ph or call (02) 846-8951 or mobile 0915-406-3039.

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