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Davao police chief assures no extremist group recruitment in region

CHIEF SUPT. Marcelo C. Morales, Davao Region police director, has given assurance that extremist group Dawlah Islamiyah (DI) has not been conducting recruitment activities in the region. The announcement came after two suspected members of the group were killed last week in a shootout with authorities in Hagonoy, Davao del Sur. Mr. Morales said the police, particularly those in Davao del Sur province have been ordered to increase monitoring operations as other members of the group may “conduct atrocities.” He said, “We should not be alarmed, but we must be vigilant as your law enforcement units have been doing their best in ensuring that the region will have continued peace,” he said. Sr. Supt. Ferlu J. Silvio Jr., provincial police chief, said they are currently tracking other DI members who are believed to be in hiding in the province. Mr. Silvio said the two who were killed were among the group’s bomb-making experts. — Carmelito Q. Francisco

Marawi rehab completion still expected by end-2021, groundbreaking set Oct. 31

THE CEREMONIAL groundbreaking for war-torn Marawi City’s rehabilitation will hold on Oct. 31, Secretary Eduardo D. del Rosario, Task Force Bangon Marawi (TFBM) chairperson, announced last Friday. In an interview over government station Radyo Pilipinas, Mr. del Rosario said the target completion date for the reconstruction of the city’s “most affected area” (MAA) is still December 2021, as indicated in the original timeline. The groundbreaking ceremony was originally set Oct. 17, considered as Marawi’s “liberation day,” but it had to be moved in consideration of President Rodrigo R. Duterte’s availability. He said actual rehabilitation work at the MAA has already started with debris clearing operations. “The developer is mobilizing now… They can conduct initial debris clearing so that when the groundbreaking is done, reconstruction can begin,” he said in mixed Filipino and English. Asked about the delays in reconstruction, Mr. Del Rosario explained that TFBM had to change the mode of procurement into a negotiated agreement, following legal advise that a joint venture agreement was not applicable to the rehabilitation efforts. A build-operate-transfer option was also dropped as it is seen to further delay rehabilitation work. He further said that a technical working group composed of representatives from national government agencies had been formed to provide direction to the developer.

Nation at a Glance — (10/22/18)

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

Balance of payments swings to $2.7B deficit in September

By Melissa Luz T. Lopez, Senior Reporter
DOLLAR outflows ballooned in September to post its widest level in nearly five years, the Bangko Sentral ng Pilipinas (BSP) said, on the back of foreign loan payments and at a time of a weaker peso.
The Philippines’ balance of payments (BoP) position swung to a $2.696 billion deficit last month, reversing the $1.272 billion surplus in August and the narrow $24 million surfeit in September 2017.
The BoP measures the country’s transactions with the rest of the world at a given time. A deficit means more funds fled the economy than what went in, while a surplus shows that more money entered the Philippines.
The September tally is the widest gap since a $4.48-billion deficit in January 2014, when foreign funds fled emerging markets during the “taper tantrum” as the United States Federal Reserve decided to trim its bond-buying program starting that year.
In a statement, the BSP attributed the continued outflows to payments made by the national government for maturing foreign debt, as well as the BSP’s regular foreign exchange operations.
The central bank uses its dollar reserves to temper sharp swings in the peso-dollar rate, as part of its “tactical intervention” to keep the currency competitive. The local unit traded at fresh 12-year lows in September at the P54 level against the greenback to average P53.9419, weaker than P51.0094 in the same month last year.
Outflows were partly offset by higher net foreign currency deposits held by the state, the BSP added.
The September print brought the nine-month BoP tally to a $5.136 billion deficit, more than triple the $1.367-billion gap in the same period in 2017.
This is substantially wider than the $1.5 billion deficit expected for the full year since the BSP’s review back in May.
“The higher deficit may be attributed partly to the widening merchandise trade deficit for the first eight months of the year. This, in turn, was brought about mainly by the sustained rise in imports of raw materials and intermediate goods as well as capital goods to support domestic economic expansion,” the central bank said.
Imports grew by 15% while exports slipped by 2% as of end-August, leaving the trade gap at $26.003 billion for the first eight months, according to preliminary data from the Philippine Statistics Authority.
Michael L. Ricafort, economist at the Rizal Commercial Banking Corp., said surging global oil prices as well as net foreign selling in the local financial markets also contributed to the wider trade gap.
“For 4Q 2018, BOP deficits could still continue especially if trade deficits are sustained in view of increased oil import bill of the country especially if there is any volatility in global crude oil prices (among four-year highs recently), as well as continued imports of electronics (for further processing/re-exports), steel/metals/other construction materials, vehicles,” Mr. Ricafort said via e-mail.
While the BoP tally could lead to a weaker peso-dollar rate, the economist noted that a “seasonal increase” in remittance inflows particularly for Christmas-related spending could lend some support.

Inflation may fall below 4% in 2019 — BSP

By Melissa Luz T. Lopez, Senior Reporter
INFLATION could “revert more quickly” to below four percent next year given non-monetary interventions to boost food supply coupled with sound policy actions from the Bangko Sentral ng Pilipinas (BSP), a senior official said.
BSP officer-in-charge Deputy Governor Maria Almasara Cyd N. Tuaño-Amador said on Friday that a mix of the central bank’s recent tightening moves as well as measures implemented by the Executive should help temper the pace of price increases next year.
“A sound monetary policy action continues to be directed towards safeguarding the medium-term inflation target,” Ms. Tuaño-Amador said during a press briefing on Friday.
“Our inflation forecast pointed to a possible breach of the target in 2019, but inflation could revert more quickly towards the target given the timely implementation of non-monetary measures including the reforms in the country’s rice importation policy and more importantly as policy rate hikes continue to work its way through the system.”
The central bank has tightened rates by a total of 150 basis points (bp) since May, including a back-to-back rate hike worth 50bp during their August and September meetings as a show of force to rein in inflation expectations.
These rate hikes came as inflation maintained its ascent since the start of the year as new taxes kicked in, worsened by surging oil prices and food supply issues exerted pressure on the cost of basic goods.
Inflation surged to a fresh nine-year high of 6.7% in September, which brought the nine-month average to five percent which is well above the original 2-4% target. Prices rose by an average of 6.2% during the third quarter alone.
Malacañang has issued several measures to boost food supply in order to bring down the cost of staple food items like rice, fish, meat and vegetables, as these saw the biggest price spikes in the last few weeks.
“Both the national government and the BSP have squarely addressed the problem of high inflation,” Presidential spokesperson Salvador S. Panelo also said in a separate statement on Friday.
The BSP expects full-year inflation to average 5.2%, with the latest string of interest rate adjustments meant to usher inflation back to the target band next year. Latest estimates show that 2019 inflation could clock in at 4.3%, still above target.
Ms. Tuaño-Amador said that higher interest rates would also help the peso, which has been taking a beating in recent weeks.
“While we believe that country’s fundamentals remain solid and healthy, a robust monetary response can help reduce exchange rate volatility amid increasing uncertainty in global economic front particularly in so far as escalation of trade tensions are playing in the market,” the BSP official said, noting that future policy responses will remain “data-dependent.”
Monetary Board Member Felipe M. Medalla said on Tuesday that the central bank “may take a pause” from further rate hikes should inflation momentum show signs of easing. He added that the passage of the rice tariffication law — which would remove import quotas and allow private firms to import the crop as needed — would ensure that inflation will return to target by 2019.
Economic managers have also recommended the suspension of the fresh P2 per liter excise tax on fuel as world crude prices hover at the $80 per barrel level during the past few weeks.
LOAN STANDARDS STEADY
A separate report from the BSP also showed that banks kept their credit criteria unchanged during the third quarter, although more lenders said they grew stricter for both retail and corporate borrowers.
This comes at a time of rising interest rates following the string of rate hikes from the BSP.
Loan officers of the country’s big and mid-sized banks said they did not change their standards in assessing loan applications, according to results of the Senior Loan Officers’ Survey conducted by the BSP.
The central bank uses the quarterly survey to understand the lending decisions made by banks and monitor bank credit. A total of 46 from 66 universal, commercial, thrift and foreign banks responded to the poll.
Some 76.7% of lenders said they used the same set of standards for granting loans to businesses. Under the diffusion index (DI) approach, however, more banks said they went stricter during the period as they expect tighter financial system regulations.
As a result, some banks said they became more demanding in terms of collateral requirements and loan covenants, and also used interest rate floors.
Around 75% also said they kept standards steady for consumer credit lines, but the DI approach showed a net tightening particularly for auto and salary-based loans due to reduced risk appetite, tighter liquidity conditions and a “less favorable economic outlook,” the BSP said.
This is reflected via reduced credit line sizes, stricter collateral requirements and loan covenants, shorter loan maturities and increased use of interest rate floors.
Banks also said that there was a net increase in loan demand across all types of credit, which they expect to continue until the fourth quarter. More lenders also said they expect to tighten their loan standards compared to those who expect to loosen their metrics.

PHL economy seen resilient amid global volatility

THE Philippine economy should remain resilient despite current volatilities bogging down global markets, although experts noted that a faster infrastructure rollout plus a kinder regime for foreign investments would add to the country’s luster.
Budget Secretary Benjamin E. Diokno said the Philippines is one of the “least vulnerable” economies to a weak external front, which has been reeling from a trade war between the United States and China, increasing protectionism, higher world oil prices, and monetary tightening in advanced economies. Higher domestic inflation is also a key concern.
“Amidst external developments like the strong dollar and higher oil prices, it’s important to note that the Philippines has the tools to combat such volatilities,” Mr. Diokno said during Euromoney Philippines Investment Forum held Friday at the Fairmont Makati.
The Budget chief cited structural dollar inflows from remittances, business process outsourcing revenues and tourism, coupled with hefty dollar reserves to cushion against external shocks.
Industry executives echoed Mr. Diokno’s view, but noted the need for major reforms in order to keep investments coming.
Jose Emmanuel U. Hilado, chief financial officer and treasurer of the Union Bank of the Philippines, said that the country remains attractive for long-term investors as they know how to look beyond noise and appreciate good fundamentals and a young and skilled population, but not so for those looking for short-term gains.
Mr. Hilado cited the need to relax existing limits on foreign ownership in order to attract more global firms to the Philippines, as current restrictions dampen the country’s attractiveness as an investment destination.
For Nattika Kanpawong, vice president and branch manager for Bangkok Bank in Manila, added that improved ease of doing business will particularly boost confidence towards the country.
“[B]ecause of connectivity and infrastructure (concerns), the Philippines is day by day losing its competitiveness,” Ms. Kanpawong said, adding that continued investments on these fronts will put the country “back into the right track.”
“Amid these economic headwinds, on the overall, we are still optimistic that the Philippine economy is poised to sustain its growth momentum,” Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier also said during her keynote address.
Ms. Fonacier also noted that the central bank is “doing all it can to bring inflation back to within target at the soonest time possible” as inflation has averaged five percent as of end-September, well above the 2-4% target for the entire year.
Emilio S. Neri, Jr., lead economist at the Bank of the Philippine Islands, said prospects could be brighter next year as big-ticket infrastructure projects under the government’s “Build, Build, Build” initiative are expected to break ground and world crude prices relent from current four-year highs.
The Executive branch should also look to speed up the rollout of projects “a little more” — with particular focus on the regions — to unlock faster expansion, said Donna Gonzales, senior investment officer at the International Finance Corp.
The Duterte administration projects that the Philippine economy will expand between 6.5-6.9% this year, with bets that growth will pick up this semester following a 6.3% pace recorded during the first six months of 2018. — Melissa Luz T. Lopez

Palace against PDEA’s proposal to test candidates for drugs

MALACAÑANG on Friday opposed the proposal of the Philippine Drug Enforcement Agency (PDEA) to conduct a surprise drug test for candidates of the 2019 midterm elections, saying that it is “violative of the Constitution.”
“Mandatory drug testing for Senate and House of Representatives candidates is violative of the Constitution as it adds another qualification outside of that enumerated by the Constitution,” Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said in a statement.
He added that “the same principle applies to local candidates as it also adds to the qualifications imposed by law.”
“Voluntary drug testing is a favorable process,” the President’s spokesman also said.
For its part, the Dangerous Drug Board (DDB) said in a statement last Wednesday that drug testing is mandatory for local officials once elected.
“In line with the filing of candidacy for the 2019 elections, the Dangerous Drugs Board (DDB) encourages the aspiring candidates to submit to the mandatory drug testing once they become elected as local public officials,” the agency said.
The DDB said this policy “is stated in the recently passed DDB Regulation No. 13, Series of 2018, which provides for the establishment and institutionalization of drug-free workplace policies in all government offices, including the conduct of authorized drug testing for local officials and appointive public officers.”
“As civil servants, we must lead by example of living a healthy and drug-free lifestyle. We cannot expect the Filipino people to be drug-free if we, ourselves, are involved in these substances,” DDB Chairman Secretary Catalino S. Cuy was quoted as saying.
This regulation, the agency also said, “covers all appointive public officers in all offices, including all constitutional bodies, departments, bureaus, and agencies of the national government, government-owned and controlled corporations, state and local universities and colleges, and elective local officials of local government units. Any personnel who will be found positive for use of dangerous drugs at first offense will be charged with the administrative offense of grave misconduct and may be dismissed from public service.” — Arjay L. Balinbin

De Lima seeks Senate probe into Michael Yang’s alleged appointment

SENATOR Leila M. de Lima wants a Senate committee to look into the appointment of foreign nationals in public office after Chinese national Michael Yang identified himself as the President’s economic adviser.
Ms. De Lima file Senate Resolution No. 922 which seeks to investigate Mr. Yang’s appointment as presidential economic adviser and determine the extent of his “official engagement” in the current administration.
“The independence of the State from foreign control necessitates that the questionable citizenship of a presidential adviser be authenticated, and the nature and scope of his influence over foreign policy be fully disclosed,” she said in a statement on Friday, Oct. 19.
Republic Act No. 9225 or the Philippine Citizenship Retention and Re-acquisition Act of 2003 says appointed public officials cannot be a citizen of another country.
Mr. Yang, also known as Yang Hong Ming, has been publicly issuing business cards which identify him as the President’s economic adviser, using the official seal of the Office of the President of the Philippines and the official logo of his firm, Full Win Company.
He has also been reported to have hosted Foreign Affairs Secretary Alan Peter S. Cayetano and Transportation Secretary Arthur P. Tugade in his office as presidential economic adviser.
On Oct. 4, President Rodrigo R. Duterte talked about Mr. Yang’s close relationship with Chinese Ambassador Zhao Jianhua during a speech before the Philippine Military Academy Alumni Association. He also disclosed that Yang was part of the Philippine delegation to China.
“In conformity with the requirement exacted from public officers to at all times maintain allegiance and loyalty to the Philippines, there is a need to inquire into the citizenship of presidential appointees as public office held by a foreign national is inimical to the public interest and welfare,” said Ms. De Lima.
She pointed out that there is a need to determine the authenticity of Mr. Yang’s appointment as presidential economic adviser, his relationship with Mr. Duterte, and the extent of his access to sensitive state information.
“More stringent penalties must be imposed upon any foreign national who willfully, knowingly and conspicuously usurps into public office,” she said. — Vince Angelo C. Ferreras

PHL, China hold ‘productive’ talks on South China Sea — DFA

THE Philippines and the People’s Republic of China on Thursday tackled steps to enhance maritime cooperation in the disputed South China Sea (SCS) waters, especially in the areas of “search and rescue, safety, environmental protection, scientific research, and fisheries.”
In a press release issued by the Department of Foreign Affairs (DFA) on Thursday evening, it said that both states “convened the Third Meeting of the Bilateral Consultation Mechanism (BCM) on 18 October 2018 in Beijing, People’s Republic of China.”
The DFA said the exchange of views between the two states was “productive,” and they both tackled “ways to enhance maritime cooperation in areas such as on recent developments in the SCS carrying political and security implications, maritime search and rescue, maritime safety, marine environmental protection/marine scientific research, and fisheries in relevant Working Group meetings under the framework of the BCM.”
The discussion, the DFA also said, was “without prejudice to their respective positions on sovereignty, sovereign rights, and jurisdiction, both sides also discussed possible cooperation on joint exploration and development of maritime oil and gas.”
The two countries also stressed their “commitment to the principles of freedom of navigation in and overflight above the South China Sea, freedom of international commerce and other peaceful uses of the sea, addressing territorial and jurisdictional disputes by peaceful means, without resorting to the threat or use of force, through friendly consultations and negotiations by sovereign states directly concerned and the exercise of self-restraint, in accordance with universally recognized principles of international law, including the Charter of the United Nations and the 1982 United Nations Convention on the Law of the Sea (UNCLOS),” the foreign affairs department said further.
Foreign Affairs Undersecretary for Policy Enrique A. Manalo led the Philippine delegation while China’s delegation was led by Vice-Foreign Minister Kong Xuanyou.
The next meeting of the BCM, according to the DFA, is going to be held in Manila “in the first half of 2019, with the exact date and place to be determined and mutually agreed upon through diplomatic channels.” — Arjay L. Balinbin

OCEANA goes to SC over DA-BFAR inadequacy of administrative order

AN international marine organization has filed a petition in the High Court against the Department of Agriculture — Bureau of Fisheries and Aquatic resources (DA-BFAR) for still not establishing rules on commercial vessels that give unfair competition to simple fisherfolk.
Oceana Philippines filed its petition on Friday at the Supreme Court (SC) to seek an issuance of a writ of continuing mandamus over DA-BFAR for not fulfilling its mandate under the Fisheries code to establish rules and regulations on vessel monitoring measures (VMM).
“Under the Fisheries code, as amended by RA 10654, and its Implementing Rules and Regulations (IRR), the DA-BFAR are specifically tasked to determine, within one year from the IRR’s effectivity, the appropriate vessel weighing 3.1 to 30 gross tons (GT) and promulgate the corresponding rules and regulations on VMM conditions, terms of reference, confidentiality, mechanics, cost, installation, approved types, and restrictions,” Oceana said in a statement on Friday.
On Oct. 5, DA-BFAR signed the Fisheries Administrative Order (FAO) 260 which states that commercial vessels must have VMM and electronic reporting systems (ERS). The vessels should also submit to government tracking.
Oceana said that the FAO does not “meet the requirement of law” and has only caused confusion over the type of vessels under the FAO.
“It only covers vessels targeting highly migratory and straddling fish stocks. It excludes from its coverage commercial fishing vessels that weight 3.1 to less than 30 gross tons and commonly found in municipal waters,” said Oceana.
Free Legal Assistance Group Chairperson and lawyer Jose Manuel “Chel” I. Diokno said DA-BFAR has still not made the VMM rules and regulations although three years have passed since the law was enacted. The livelihood of fisherfolk has been affected because there are no guidelines on delineating municipal waters which has given commercial vessels an unfair advantage over artisanal fisherfolk.
“Dahil sa dami ng commercial fishing vessels na pasok sa municipal waters nawawala na sila ng huli (Because of many commercial fishing vessels entering municipal waters, [fisherfolks] are losing their catch),” Mr. Diokno said.
For her part, Oceana Vice-President Gloria Estenzo Ramos said “Encroachment by commercial fishers in municipal waters had been going on since forever, despite being declared illegal under our laws.”
RA 10654, which amends the “The Philippine Fisheries Code of 1998,” was enacted into law back in 2015.
Mr. Diokno, who assisted some fisherfolk during the filing of the petition, said that the sector has been going to the DA-BFAR to tell their concerns for a long time.
“Hanggang ngayon parang ’di pinakikinggan (Until now, [the fisherfolk] are still not being listened to),” he said.
Oceana is also seeking a Temporary Environmental Protection order (TEPO) for DA-BFAR to halt the issuance of new licenses and renewals of commercial fishing vessels that weigh 3.1-30 GT during the pendency of the case. — Gillian M. Cortez

Platform launched to improve LGUs’ integrity

THE Local Government Integrity Circles (LoGIC) Network has formally launched a platform that is meant to promote a culture of integrity among local government units that includes the reduction of red tape.
At a press conference on Friday, representatives from the member local government units (LGUs), business sector, and civil society organizations launched the platform and signed an commitment “for ethical practices and good governance” that shall address the development needs of the LGUs.
“This project contributes to build a culture of integrity and good local governance that promotes the ease of doing business and improves the delivery of public service. Together with civil society and business sector, the project facilitates governance to become more participatory, economic growth become more inclusive, and the country become more competitive,” said Dr. Stefan Jost, country director of Konrad Adenauer Stiftung (KAS), in his speech.
Patrick S. Asinero, project manager of the LoGIC Network, told BusinessWorld that the platform aims “to improve transparency, accountability, and integrity in local governance around the Philippines” which can only be achieved through partnering with the local government units, the business sector, and civil society groups. Through this, ease of doing business and public service could be improved.
The LoGIC Network is based on the pilot project Integrity for Jobs Creation (I4J) that was implemented in the country from 2014 to 2017 and which focused on integrity building and job creation through stimulating local investments.
The three-year project is co-funded by the European Union and the KAS. It aims to increase its reach to 300 integrity circles, from the current 60, by 2020.
The project is also implemented by the European Chamber of Commerce of the Philippines (ECCP), Centrist Democracy Political Institute (CDPI) League of Cities of the Philippines (LCP), League of Municipalities of the Philippines (LMP), and Leagues of Provinces of the Philippines (LPP). These groups forms each circle that will implement the programs in the LGUs.
Each will play a vital role in the network — KAS mainly deals with the financial aspect; the ECCP conducts trainings and consulting activities for small and informal business representatives and investors and the supervision of LGUs; the CDPI establishes the integrity circles in the LGUs and implements training with the civil society groups; LPP, LCP, and LMP are the connections. They are the ones assigned in the further implementation of the activities.
Aside from being a part of the I4J project before, the LGUs selected were ranked and chosen based on categories.
They have a ranking system that looked at a number of criterial including the Department of the Interior and Local Government’s seal of good local governance “in terms of housekeeping and financial accountabilities of LGUs”, and the competitiveness index of the National Competitiveness Council, Mr. Asinero told BusinessWorld.
“We also looked at how open they are to open with civil societies and business groups, kasi kung hindi sila [because if they are not] willing, kung hindi sila [if they are not] open, made-defeat ’yung purpose ng program because the program is opening up government to partner with these organizations or sectors. We looked at also those with integrity building initiatives already because what we wanted is to highlight that and make the Philippines know that there are existing LGUs who are committed to integrity building, transparency, accountability,” he said. — Vincent Mariel P. Galang

NLEX Harbor Link mainline gains 100% right of way, set to open in December

By Denise A. Valdez, Reporter
THE North Luzon Expressway (NLEx) Harbor Link Segment 10 mainline is slated to open in December after the Department of Public Works and Highways (DPWH) successfully completed the delivery of right-of-way for the alignment of the toll road.
DPWH Secretary Mark A. Villar said during an inspection of the construction site on Friday that 100% right-of-way has been given to private concessionaire NLEX Corp. to finish the Harbor Link mainline from Karuhatan, Valenzuela City to C3 road in Caloocan City.
“Finally, ito na yung final update: 100% na na-deliver na right of way. Ano ang impact ng Harbor Link project? 30,000 cars a day minimum ang dadaan sa Harbor Link (Finally, here’s the final update: 100% has been delivered for the right-of-way. What is the impact of the Harbor Link project? A minimum of 30,000 cars a day are expected to traverse Harbor Link),” Mr. Villar said in the briefing.
“Lahat ng trucks na galing sa port, hindi na kailangan dumaan sa metro area. Didiretso na sa NLEx (All the trucks coming from the port area wouldn’t need to pass through the metro area anymore. They may head straight to NLEx),” he added.
Harbor Link Segment 10 is an 8.25-kilometer toll road from Karuhatan to Radial Road 10 (R-10), Navotas City. The mainline from Karuhatan to C3 is now 83% complete, while the spur road from C3 to R10 is 5% complete.
The alignment up to R-10 is scheduled to open by the fourth quarter of next year.
NLEX Corp. President Rodrigo E. Franco said the proposed toll fee for the whole P16.5-billion segment is an additional P6 to the toll open system, or the rates implemented for vehicles traveling within Quezon City, Valenzuela City, Meycauayan and Marilao.
“In the original project proposal, the toll will be an adjustment of the open system toll rate, which in the original proposal was at P6 incremental to toll on the open system. But this is still subject to final approval by the Toll Regulatory Board,” he said.
NLEX Corp. is part of Metro Pacific Tollways Corp., the tollways unit of Metro Pacific Investments Corp. (MPIC).
MPIC is one of three key Philippine units of Hong-Kong based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

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