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Your Weekend Guide (November 16, 2018)

Weekends at the mall

SHANGRI-LA Plaza kicks off the holiday season with exclusive events, performances, and bazaars this month. During November weekends, fairs and bazaars will be held at the East Atrium and Food Forum at the Main Wing: The Grand Christmas Fair by The Weekend Showroom and food finds at A Taste of Christmas by Silk Events until Nov. 18; and Make Your Own Havaianas event at Grand Atrium from Nov. 17 to 20. The Havaianas Origine pairs will also be exclusively sold at Rustan’s at the Shang. For inquiries, call 370-2597/98 or visit www.facebook.com/shangrilaplazaofficial.

Waitress

ATLANTIS Theatrical Entertainment Group presents Waitress, a musical about a waitress at a diner who decides to join a pie baking contest which she hopes would give her a chance to live a new life. There are performances until Dec. 2, 8 p.m., at the Carlos P. Romulo Auditorium, RCBC Plaza, Makati City. Directed by Bobby Garcia, it stars Joanna Ampil, Bituin Escalante, and Maronne Cruz. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

Dance concert

JERUSALEM TO BGC — The Kolben Dance takes the High Street on Nov. 18, 3-5 p.m., at the Covered Canopy, West Block, Bonifacio High Street, BGC, Taguig.

Comedy nights

COMEDY MANILA presents Funny Fridays: Endless Laughter on Nov. 16, 8:30 p.m., at the Teatrino at Promenade, Greenhills Shopping Center, San Juan. For tickets (P500) visit TicketWorld (www.ticketworld.com.ph, 891-9999).

Rep’s Rapunzel

REPERTORY’s Theater for Young Audiences presents Rapunzel: A Very Hairy Fairy Tale until Jan. 27 at Onstage Theater in Greenbelt 1, Makati. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

Mula Sa Buwan restaged

MULA Sa Buwan, the original Filipino musical written by director Pat Valera (concept, book, and lyrics) and William Manzano (lyrics and music), returns for a limited 16-show run until Nov. 26 at the Hyundai Hall, Arete Bldg., in Ateneo de Manila University, Katipunan, Quezon City. The show will include a roster of returning and new cast. For more information visit www.mulasabuwan.ph.

Christmas tree lighting

CHRISTMAS at the Araneta Center gets brighter tonight when the giant Christmas tree is lit up the Times Square Food Park for the 37th year. A number of celebrities will headline the event including Sarah Geronimo, Vice Ganda, Darren Espanto, McCoy de Leon, the TNT Boys, Tawag ng Tanghalan Season 2 grand champion Janine Berdin, Vivoree Esclito and CK Kieron, The Kids’ Choice jurors Xia Vigor, Chunsa Jung, Onyok Pineda, Carlo Mendoza and Jayden Villegas, and OPM band Mojofly. Also gracing the event are beauty queens Catriona Gray, Jehza Huelar, Eva Patalinjug, and Michele Gumabao. The show, which will start at 4 p.m., will be hosted by volleyball player-turned-anchor Gretchen Ho, theater actor Benj Manalo and comedian MC. Admission is free. Aside from the giant Christmas tree, the Times Square Food Park will also feature Christmas on Display, which will have its own festive and ceremonial launch on Nov. 23.

Night market

CIRCUIT MAKATI will be holding a three-day sale called A Circuit Holiday Night Market from Nov. 16 to 18, 5 p.m. to midnight, at the Globe Circuit Event Grounds. The night market will be divided into six distinct districts: the Celebrity District which will see local celebrities selling their second-hand possessions and home cooked and baked goods, alongside charities like the Purple Centers Foundation, Hineleban Foundation, and Glenn’s Cookies; the Lifestyle District which will see brands like High Sierra, Cache Cache, Oka-B, Joe Fresh, Marks & Spencer’s, and the Gap, and where Mastercard holders can join a raffle when they use their cards there; the Student District which will have booths offering one-of-a-kind homemade items and crafts from young entrepreneurs led by The UP Organization of Business Economics Majors; the Artisan District organized by The Common Good Market; the Cuisine District of 50 booths organized by Mercato Centraale and Zomato; and the Green District which is a plants fair. During the event, Circuit Manakti will light the tallest Christmas Tree in the city. Entrance to the Night Market is P100, with a discounted rate of P50 for students, senior citizens, PWDs, and pregnant women. Mastercard users can enter for free.

How PSEi member stocks performed — November 15, 2018

Here’s a quick glance at how PSEi stocks fared on Thursday, November 15, 2018.

 
Philippine Stock Exchange’s most active stocks by value turnover — November 15, 2018

UP Maroons aim to go beyond the Final Four

By Michael Angelo S. Murillo
Senior Reporter
THRUST into a position to go deeper in the University Athletic Association of the Philippines men’s basketball tournament, semifinal-returning University of the Philippines Fighting Maroons intend to make full use of the opportunity given to them and go for it.
Defeated the De La Salle Green Archers, 97-81, in their all-important matchup on Wednesday, the Maroons are now girding for a semifinal clash with the second-seeded Adamson Soaring Falcons in the semifinals which will begin next week.
It will mark the first time in 21 years that the Diliman-based team is playing in the Final Four. The last time it was part of the top four was in 1997 when the Paolo Mendoza-bannered UP squad nearly upended top seeds Far Eastern University Tamaraws in the semifinals, bucking a twice-to-win handicap and forcing a rubber match.
Back among the top teams in the league, Maroons coach Bo Perasol said they are very happy as a community and proud of the significant progress that their basketball program has achieved in the last few years.
But he said they are not satisfied of just being where they are right now and are looking to go even further.
“While we will enjoy this there is still a game to be played in the Final Four and we will prepare for that,” a jubilant Perasol said after their victory over La Salle that booked for them a semifinal spot and the third seed in the Final Four.
“We’re in this to win this. It’s definite that who ends up at number two is one of the best in the league. But we’re here and we might as well enjoy it and fight for it,” he added.
Mr. Perasol, now on his third year of handling the Maroons, however, recognizes that they are going up against formidable opponents in the Falcons in the Final Four, more so since they have to beat them two times to advance, having to deal with a twice-to-win disadvantage.
In two games in the elimination round, Adamson had the number of UP, winning, 69-68, off a Sean Manganti game-winner in the first round, and, 80-72, in the second round.
But Mr. Perasol is undeterred by their lack of success so far against the Falcons this season, and vowed that his team would work hard and not make it easy for their opponents.
“What I am confident about is I know my team will fight for it. We still need to figure out things against Adamson. But this is basketball and we have a chance against them. And we’re not going to offer it to them on a silver platter. And knowing my players, they will know how to figure it out,” he said.
The elimination round of UAAP Season 81 has still one play date left on Nov. 18, which includes that between Adamson and FEU at 4 p.m. at the Mall of Asia Arena. A win by FEU forces a playoff with La Salle for the final spot in the Final Four.

Kings and Hotshots tussle in Game Four

By Michael Angelo S. Murillo
Senior Reporter
THE BEST-OF-FIVE Philippine Basketball Association Governors’ Cup semifinal series between the Barangay Ginebra San Miguel Kings and Magnolia Hotshots Pambansang Manok hits Game Four today with the protagonists, coming from different directions, looking to see their respective thrusts through.
The defending champions Kings are out to level the series at two games apiece in their 7 p.m. match at the Ynares Center in Antipolo City after breaking through the win column in the series with a 107-103 Game Three victory on Wednesday while the Hotshots try to go for the closeout anew to make their way to the finals of the season-ending PBA tournament.
With its back against the wall, Barangay Ginebra dug very deep in Game Three to survive and extend the series.
They did so by bucking a rough in quarter number two and stepping up in the second half before hanging tough in the end.
With the count knotted at 103-all, Kings guard LA Tenorio gave his team the lead, 105-103, with a basket with 14 seconds left in the match, enough of a hole in turned out to bury the Hotshots.
Barangay Ginebra was led by import Justin Brownlee in the win with 46 points, 19 rebounds and five assists.
Scottie Thompson had 15 points, seven rebounds and five assists while Mr. Tenorio finished with 14 points.
For Magnolia it was Mark Barroca who showed the way with 19 points followed by Paul Lee with 17 and Ian Sangalang 16.
Magnolia import Romeo Travis only had 12 points to go along with 10 boards.
Knowing they dodged a bullet last time around, Kings coach Tim Cone could not help but heave a sigh of relief while giving credit to his players for never giving up.
“It certainly looked bleak at halftime. We weren’t really playing well; too anxious to get it done individually. We certainly didn’t invent the NSD (never-say-die spirit). It had already been done a long time ago by Sonny Jaworski and those great group of guys but we are proud to represent the NSD,” said Mr. Cone in the postgame press conference following their win.
“It didn’t look like that [that we could come back] at halftime but somehow we did and gotta give the players an incredible amount of credit,” he added.
But the champion coach was quick to point out that they are not about done and looking to win it all.
“We’re happy to be alive and kicking but we’re not here to just win one game. We have to keep moving forward,” Mr. Cone said.
For the Hotshots, losing what potentially was the series closeout was unfortunate but they are not completely being down on themselves, believing they are still in a good position to succeed.
“We need to go through the eye of the needle, so to speak. We knew from the start that this is not an easy series with Ginebra. We had our chance earlier but I guess it’s for Ginebra and it deserved it because they played well,” said Magnolia coach Chito Victolero, who failed to finish Game Three after being thrown out of the court for making contact with a game official.
He said that there is no sense in dwelling much on what was already done and that they would try to move on and focus on the next game.
“It’s time to move on and focus our attention on Game Four. We are viewing it as another do-or-die match. Mentally we have to be ready. It is very important,” Mr. Victolero said.

Top boxing minds, stakeholders descend on Manila for confab

TOP BOXING minds and stakeholders are due in the country beginning today as the World Boxing Council (WBC) holds its Asian Summit here.
Facilitated by the Games and Amusements Board (GAB), the summit, happening from Nov. 16 to 20 at the Philippine International Convention Center, will gather participants from different parts of the world to discuss various concerns on the conduct and current state of the sport from the welfare of boxers to officiating.
Also part of the gathering, designed by GAB Chairman Abraham Mitra to be a “4-in-1 convention,” are confabs by WBC Muay Thai, Oriental and Pacific Boxing Federation and on women’s boxing by the WBC,.
An outreach activity, dubbed “WBC Cares,” is also lined up while an evening gala to honor champions from Asia is set to cap the gathering.
GAB said it is looking forward to a successful staging of the summit and is enjoining all local stakeholders to participate to further fine-tune the affairs of boxing. — Michael Angelo S. Murillo

Alaska beats Meralco to move a win away from finals

By Michael Angelo S. Murillo
Senior Reporter
THE Alaska Aces are just a win away from barging into the finals of the Philippine Basketball Association Governors’ Cup after escaping with a 104-102 victory in Game Three of their best-of-five semifinals with the Meralco Bolts on Thursday at the Cuneta Astrodome in Pasay City.
Following up on their 100-95 win in Game Two on Tuesday, the Aces have seized the series lead from the Bolts and will now have two tries to close things out and advance to the Big Dance of the season-ending PBA tournament.
Game Three was a nip-and-tuck affair throughout and was only decided in the closing seconds with Alaska import Mike Harris providing the key points to preserve the win for his team.
Mr. Harris had a monster double-double of 31 points and 24 rebounds to go along with seven assists.
Guards Simon Enciso and Chris Banchero each had 16 points while big man Noy Baclao added 11 for the Aces, who are hoping to make it to a PBA finals for the first time in seven conferences.
Import Allen Durham, meanwhile, led the Bolts with 37 points, 13 rebounds and eight assists.
Reynel Hugnatan had 19 while Chris Newsome finished with 18 points.
Meralco has now lost back-to-back after winning seven straight games previously.
Alaska has a chance to oust Meralco from the race with a win on Saturday, Nov. 17, in Game Four also at the Cuneta Astrodome.

DoF moving to tap insurance for public works

THE DEPARTMENT of Finance (DoF) said it is developing a system for assessing risks to public works in the event of calamities, with an allocation mechanism that will allow the participation of private insurers.
“We want to develop this strategy in which we can have a way to analyze our risks to decide how much we will take on and how much we will pass on to the insurance market, not only for our national government assets but also for assets at the local government level,” Finance Secretary Carlos G. Dominguez III said in a statement yesterday.
Mr. Dominguez said it is “irresponsible” to push for a $170-billion infrastructure program without a comprehensive disaster risk financing and insurance program other than what is allocated in the national budget.
This year, the government has set aside P25.5 billion for the National Risk Reduction Management Fund, a calamity fund.
A risk model developed by the World Bank for the Philippines estimates that the country risks losses of P177 billion a year to public and private-sector assets arising from typhoons and earthquakes.
Aside from the coverage of its public assets with the World Bank, the DoF also said that it wants to work with insurance group Lloyd’s, as well as Citigroup Inc. for reinsurance contracts and coverage for state assets.
The DoF in September met with executives of Lloyds in London to learn global best practices for fiscal resilience amid exposure to disaster risk.
The government said crop damage and the destruction of public infrastructure due to recent typhoons was partly responsible for slowing third quarter economic growth to 6.1% from 7.2% a year earlier.
The DoF is also pushing for a national risk evaluation system for the national and local governments, to pave the way for them to access risk protection resources.
Mr. Dominguez said that forming a national insurance system is an “enormous task,” as the Philippines is just starting to put together its national asset registry.
Insurance protection for public assets would shield the fiscal situation from disaster-related shocks. The government seeks to maintain a budget deficit of 3% of gross domestic product this year to finance its spending, and hit that level in the first nine months of the year.
The DoF said that while some state assets are insured, most are “either inadequate to indemnify the government or lack the budget for premium payments.”
Mr. Dominguez said that the creation of a Department of Disaster Management and Resilience (DDMR), legislation on which is pending in both chambers of Congress after being certified as urgent by the President, would complement efforts to improve the government’ insurance coverage, as well as the program to inventory the government’s assets and property through a national asset registry system.
The registry is currently being piloted by Department of Education (DepEd), Department of Public Works and Highways (DPWH), Department of Health (DoH), Department of Social Welfare and Development (DSWD), and National Irrigation Authority (NIA), in coordination with the Treasury bureau.
Last year, the government along with the World Bank and the UK’s Department for International Development launched the Parametric Insurance Policy, insuring $206 million worth of national and local government properties. The Government Service Insurance System provides the catastrophe risk-insurance coverage for the national government and selected local governments, while the World Bank acts as the intermediary to transfer risks to selected international reinsurers.
The DoF also wants the Philippines to be a sponsor for a catastrophe (Cat) bond float offered by the World Bank.
A sponsor pays premiums to the issuer in exchange for insurance coverage for disaster-related damage. The issuer then offers securities to investors.
The Cat bond allows the sponsor to share calamity risks with bond investors. The sponsor will receive the principal in the event of a catastrophe. — Elijah Joseph C. Tubayan

APEC executives see revenue growing despite US-China trade tensions

By Victor V. Saulon
Sub-Editor
APEC business leaders expect revenue to grow in the next 12 months despite rising trade tensions between the US and China, according to a survey prepared ahead of a conference of chief executives in the region.
PWC, in a survey of 1,189 business leaders across the 21 economies within Asia-Pacific Economic Cooperation (APEC) bloc, found that 35% of respondents were very confident of revenue growth, slightly lower than the 37% a year earlier.
Some 51% plan to increase investment over the next year, the firm said in its report, which had 61 responses from the Philippines or 5% of the total. The survey was carried out in the lead up to the APEC CEO Summit, which is taking place this week in the Papua New Guinea capital Port Moresby.
Business leaders in the US and Thailand were among the most confident, with 57% and 56% “very confident” of revenue growth. Those in China and Mexico, two of the largest trading partners of the US, showed below average confidence, PWC said.
“Following the imposition of further tariffs between the US and China in September, a second survey of 100 business leaders in the US showed a majority (69%) expect a positive impact on their revenues from tariffs and only 27% expect a negative impact from tariffs on company costs,” PWC said.
Aside from a positive outlook on revenue growth, business leaders at a net 51% are planning to raise levels of investment, up from 43% two years ago.
“The biggest winners across APEC for foreign investment will be Vietnam, China, the US, Australia and Thailand, with Australia entering the top five investment destinations as a new entry among respondents, and Indonesia dropping out of the top five this year,” the firm said.
Business leaders are also looking beyond the largest markets for future investment targets, it said.
When asked which APEC economy beyond the US and China has the right conditions to host the next “unicorn” start-up, Singapore and Japan were the top choices.
Raymund Chao, chairman of PWC Asia Pacific and Greater China, said that while business leaders do not like uncertainty in business and flows of trade, “they are learning to adapt to the new reality and finding ways to grow and thrive.”
“While around a fifth of the business leaders we spoke to had experienced new barriers to trade this year the number of CEOs who are seeing new opportunities coming out of the new trade arrangements has doubled over last year,” he said.
“While there are winners and losers in any trade war, our research clearly shows that businesses are uncovering new paths to growth,” he added.
PWC said the report also showed that the market for employment was looking positive with 56% of business leaders expecting to create more jobs and only 9% actively reducing headcount as a direct impact of technology on their work force.
But it said the right talent is not always readily available with 34% of business leaders struggling to find the people that they need with the right skills and experience.
It said the gap is felt acutely across science, technology, engineering and maths (STEM) skills with 65% of business leaders stating that their governments need to do more to train STEM professionals and only 14% feeling their government is doing enough in this area.
“This sentiment is also reflected when business leaders were asked what could be done to make growth more inclusive for more people across APEC. The number one factor that business leaders identified was expanded access to high-quality education at all levels followed by improved transport,” the firm said.
Mr. Chao said the issues of training and education are on the top of the agenda for business leaders in APEC, giving a clear message to heads of state as they meet in Port Moresby to discuss what more can be done for business to secure long term success.
PWC said APEC business leaders are also very well aware of the need to invest more in becoming digital.
With the Internet economy projected to surpass $200 billion in Southeast Asia by 2025, the top investment priority for business leaders is digital customer interactions closely followed by digital skills for the work force, it said.
PWC said business leaders also know they need to do more when it comes to being digital.
It said only 15% of business leaders describe their use of artificial intelligence (AI) as highly competitive while 33% are not making use of AI at all.
“Those companies that describe themselves as highly competitive at AI are clear what they need to do to build on their perceived lead: increase investments, build more capability in AI and invest in local start-ups,” PWC said.
However, it said that while technology can provide part of the answer to sustainable growth, it is also presenting challenges in the new trade environment with moving data across borders identified as the area where businesses have experienced the biggest increase in new barriers in the last year to 20% from 15% in 2017.
“As APEC’s businesses become more digital and embrace new technologies such as AI, data flows will increasingly become the fuel that will drive global trade. Dealing with concerns about increased barriers to data flow will remain a priority for business for some time,” Mr. Chao said.
APEC, the premier regional economic forum, aims to support sustainable economic growth and prosperity in the region.
PWC said it supports APEC’s goal by conducting research, sharing insights and facilitating public-private sector dialogues on topics including food security, infrastructure development, international trade and investment and digital work force of the future.

PNG lays on a lavish welcome for China’s Xi as he arrives for APEC

PORT MORESBY — Papua New Guinea (PNG) was keen to lay on an “excellent” welcome for Chinese President Xi Jinping when he arrived on Thursday for an Asia-Pacific summit and for talks with leaders of an impoverished region where China’s influence is growing.
Xi was the first world leader to arrive in Port Moresby for an Asia-Pacific Economic Cooperation (APEC) forum, China’s Xinhua news agency reported, as China steps up its presence in a region that had until recently been an almost exclusive sphere of influence of staunch U.S. ally Australia.
Xi’s motorcade, including two custom-made Hongqi limousines air-lifted from China, was due to travel from the airport on a Chinese-funded repaved highway, which police sealed off, and past a boulevard adorned with the flags of both countries, en route to the top Stanley Hotel in the capital, Port Moresby.
The hotel is decorated with red lanterns and an elaborate Chinese-style gate
“It will be a very excellent traditional welcome,” PNG Prime Minister Peter O’Neill told Reuters earlier, referring to Xi’s arrival, as he toured the APEC forum’s media centre.
The evidence of China’s growing relationship with resource-rich PNG contrasted with a more modest acknowledgment of the United States and Australia.
PNG was administered by Australia before gaining independence.
U.S. President Donald Trump is not attending this weekend’s APEC meeting. U.S. Vice-President Mike Pence, who is coming instead, is flying in and out of the forum from a base in northern Australia.
As well as official bilateral talks with PNG, Xi will hold a forum with the leaders of Fiji, Vanuatu, Samoa, Micronesia, the Cook Islands, Tonga and Niue on Friday, and is expected to announce a big Chinese aid and investment package for the region.
Competition for influence in the Pacific between China and Western allies Australia, New Zealand and the United States, is likely to provide a strong undercurrent at the APEC summit.
Xi’s visit has featured prominently in PNG media, with newspapers highlighting the luxury cars he has brought with him and the 10 chefs who will cook for his big delegation.
On Wednesday, two newspapers carried a commentary from Xi in which he hailed the “rapid growth” in bilateral ties as an “epitome of China’s overall relations with Pacific island countries”.
“Hydropower stations, hospitals and school dormitories financed by Chinese government concessional loans have become landmark buildings across the country,” Xi said. — Reuters

PCC seeks more power to offer immunity

A PHILIPPINE Competition Commission (PCC) official said offering immunity to more than two parties can give the regulator “game-changing” leverage in prosecuting cartels.
“If you’re going to ask me it should be more than two. It’s really a statutory review,” Stella Luz A. Quimbo, one of the antitrust body’s commissioners told reporters on the sidelines of a competition workshop for lawyers on Thursday in Manila.
The commission is considering rules that will grant immunity to two parties in a cartel, in exchange for giving evidence against the other members. The rules will expand the offer of immunity provided for in competition law.
The commissioner was responding to a question on why the agency limits the offer to two parties when, according to Ms. Quimbo, “most” jurisdictions allow unlimited beneficiaries.
She said the language of Republic Act 10667 or the Philippine Competition Act of 2015 implies only one to be guaranteed leniency and that the PCC adopted a more liberal reading of the law.
She added amendments might be needed to accommodate the view that more offers of immunity need to be made.
Ms. Quimbo added: “You don’t know exactly what the size of the cartel is… What if you have a cartel with six members. Maybe there will be more than two that are willing [to share information].
“Of course we should be open to going beyond two, not put a limit. It would give us some flexibility,” she added, noting that the PCC board has not discussed pushing for any kind of amendment.
Nevertheless, she said the current arrangement proposed in the draft rules for the immunity program is “workable.”
“Of course right now we see it as a weakness when we compare it with other jurisdictions. We see it as a plausible limitation but will it actually be a limitation? We don’t know. Because again it could be different in the Philippines. So it would be best to test the program before we talk about amendments,” Ms. Quimbo added.
The program grants individuals involved in a cartel immunity from suit and a reduction of fines. The measure is meant to encourage testimony against cartels.
At present, several cases involving the cement, power, garlic and rice industries have been lodged with the PCC and are in the preliminary or administrative phase of investigation.
Ms. Quimbo said the immunity program is a “potential game-changer” in speeding up investigations into cartels.
“In many jurisdictions the reason for why they have all of a sudden increased their cartel enforcement is because of the introduction of a leniency program,” Ms. Quimbo added.
The draft rules for the immunity offers will be up for public consultation on Nov. 26.
The PCC hopes to implement the system before the year ends. — Janina C. Lim

DA flags development of building materials market for coco waste

THE Department of Agriculture (DA) said it is seeking to develop the building materials market for coconut farmers by touting coconut by-product material as ecologically friendly and low-cost.
In a briefing, Secretary Emmanuel F. Piñol said he is in talks with the US Department of Agriculture (USDA) to develop technologies that will efficiently incorporate coconut by-product like shells and husks into bricks and roofing material.
“This is a major innovation for the housing industry and will help us utilize our waste materials,” Mr. Piñol said.
He said engineers from the US will design a facility in the Philippines to process the materials into bricks and roofing for the benefit of farmers. Mr. Piñol also said the project’s output will be suitable for low-cost housing.
“We have a growing housing industry. We have a robust housing industry. These are cheap because they are waste materials,” Mr. Piñol said, noting that the technology being contemplated can also use waste plastic, at which the Philippines is a world leader.
“The binder is plastic, but without the coco fiber, there is nothing to bind,” Mr. Piñol said.
The project was presented to the USDA by engineers James Wheeler and Kirk Johnson who own Buskirk Engineering based in Indiana. The engineers are currently working with scientists and researchers from the Philippine Coconut Authority (PCA) to develop building material technologies, Mr. Piñol said.
According to Mr. Piñol, houses made from coconut by-product will be earthquake-resistant.
Mr. Piñol noted that the coconut industry has not managed to diversify much from copra, which is processed into oil.
Mr. Piñol said that by 2019, he expects green coconuts from the Philippines to be available in Asian stores in the US.
The Philippines is the second-largest coconut producer in the world, next to Indonesia.
“The lucrative US market will soon be open to green coconut or ‘buko’ from the Philippines, US Department of Agriculture (USDA) Undersecretary for Trade and Foreign Agricultural Affairs Ted McKinney revealed during a call yesterday,” Mr. Piñol said in a social media post.
“Undersecretary McKinney said that there are just a few more quarantine protocols which need to be completed before Filipino coconut farmers can start shipping green coconut to the US,” Mr. Piñol added. — Reicelene Joy N. Ignacio

Duterte signs payment systems bill into law

PRESIDENT Rodrigo R. Duterte signed late last month Republic Act (RA) No. 11127, which regulates payment systems, the Palace said.
Mr. Duterte signed RA 11127 or “The National Payment Systems Act,” as part of the government’s goal to “promote, through the Bangko Sentral ng Pilipinas (BSP), the safe, secure, efficient and reliable operation of payment systems in order to control systemic risk and provide an environment conducive to the sustainable growth of the economy.”
Under the law, the BSP will “oversee the payment systems in the country and exercise supervisory and regulatory powers for the purpose of ensuring the stability and effectiveness of the monetary and financial system.”
Under the law the BSP has the power to require operators of designated payment systems to obtain the bank’s authorization, a process in which the BSP will evaluate an applicant’s financial resources, technical expertise, and reputation. The bank can also accredit a payment systems management body organized by the industry for the purpose of self-regulation.
Other powers granted to the BSP are issuing, through the Monetary Board, directives and orders to any participant in a payment system, requiring participants to submit reports on their operations, and assessing and collecting annual fees.
The new law recognizes the following threats to the integrity of the payments system: “violation of existing laws, rules, and regulations by the operator; failure of the operator to comply with any order of the Monetary Board; assets of the operator are not sufficient to give adequate protection to its participants or end-users; capital of the operator is eroding in a manner that may detrimentally affect its participants, users, or the public in general; or any other financial or business condition of the operator which may be considered by the Monetary Board to be prejudicial to the interests of its participants, users, or the general public.”
Violations face fines “of not less than P200,000 or more than P2 million or imprisonment of not less than two years nor more than 10 years, or both, at the discretion of the court.” — Arjay L. Balinbin

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