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PBoC to inject 10 billion yuan to help private debt sales

CHINA’S central bank plans to give 10 billion yuan ($1.4 billion) to China Bond Insurance Co. to provide credit support for debt sales by private enterprises, according to people familiar with the situation.
The money is part of the plan the People’s Bank of China (PBoC) announced late on Monday to support private firms issuing debt.
The central bank didn’t provide any details on how the plan would work, its size, or when it would begin. Officials also hadn’t responded to multiple requests for comment.
China’s announcements on Monday of fresh measures to ease the funding strains of private companies came after top officials commented repeatedly in an attempt to restore confidence in the world’s second-largest economy. The central bank reiterated President Xi Jinping’s vows to offer “unwavering” support for the private sector, which has been most affected by the government’s campaign to curb debt and cut shadow banking.
The collapse of stock prices has also hit non-state-owned companies hard, as has the slowdown in economic growth.
It’s not clear how China Bond Insurance will provide credit support for issuers with the money, and the company declined to comment when contacted. It provides guarantees for notes sold by small- and medium-sized companies, and also provides insurance for bonds sold by such issuers, similar to credit default swaps.
Companies that guarantee bonds sold in China are able to provide assurances of up to 10 times their current net assets, or 15 times for guarantee companies that mainly serve small and rural borrowers, according to a 2017 rule from the State Council.
HELP AVOID DEFAULTS
The new bond support tool isn’t just a central bank policy, but an urgent, national-level policy, according to Iris Pang, Greater China economist with ING Groep NV in Hong Kong, commenting on the PBoC’s Monday announcement. “More and more companies are going to have payment difficulties on their existing bonds or existing loans,” and the new policy “should help avoid systemic default risk in China,” she said.
There should be some pilot cases within the next month or so, according to Ms. Pang.
The central bank will grant initial funding to financial institutions to offer credit-risk mitigation tools and other credit enhancements that help companies in the private sector sell bonds, according to the bank’s statement.
RELENDING EXPANSION
In a separate statement on Monday, the central bank also announced a 150 billion yuan ($22-billion) increase in its re-lending and re-discounting quota. These are tools that allow the central bank to supply financial institutions with money to lend. The quota was also raised by 150 billion yuan in June.
That should be a lifeline for small- and medium-sized enterprises, Ms. Pang said. “For the SMEs, they are more likely to be exporters, so they are hurt more directly by the trade war.”
These measures are a follow-up to the confidence-boosting comments from policy makers last week, and are trying to show they are making good on their promises of supporting the private sector, said Yao Wei, chief China economist at Societe Generale SA in Paris. “If the efforts are sustained, they will certainly be positive to everyone’s confidence in long-term reforms, even though they may not lead to a quick, short-term growth rebound.”
China’s central bank will initially provide funds to professional agencies for them to support bond issuance by private companies, the State Council said after a meeting led by Premier Li Keqiang on Monday. The PBoC will focus its support on companies “suffering temporary difficulties but which have market share, prospects and technological competitiveness,” it said in the statement on its website. — Bloomberg

Simple story, classic music in All Out of Love


By Nickky F. P. de Guzman, Reporter
Theater Review
All Out of Love
Presented by Full House
Theater Co.
Ongoing until Oct. 28
Newport Performing Arts Theater
Resorts World Manila
WHAT DO Lady Gaga and Bradley Cooper’s A Star is Born and Resorts World Manila’s All Out of Love have in common? Besides their good music, both show the perils of the entertainment industry.
The former illustrates the effects of substance abuse on one’s music career, while the latter, well, shows another kind of addicting drug: love — and how it can derail you or keep you on your musical trip.
But the bigger picture is that the music industry creates artists who are not allowed to live a life outside the limelight. As musical products, the musicians are used by their labels and managers in the pursuit of bigger profits while setting aside the artists’ personal lives and feelings.

In All Out of Love, this is well represented when superstar artist Jamie Crimson (a perfectly cast Mig Ayesa in full rockstar mode) breaks down in the middle of his big concert tour launch when he sees the love of his life, Rayne (Rachel Alejandro, as the jaded Southern singer, voice still glorious) among the crowd although she was just a figment of his fevered imagination. The concert has to stop after just one song he threatens to quit the tour. Naturally, record label honcho Tommy King (the full-throated Raymund Concepcion) is mad at his biggest profit-maker and his decision to throw away his career.
This is followed by recollections of Jamie and Rayne’s simple life back when they were creating music together. Rayne is also a singer, but she sings in the streets of 1980’s New York ghetto and doesn’t have the superstar status of her ex-lover.
The 1980s vibe of the simple set is aided by the use of street signs, bright lights, and graffiti. Robert Brunton did the set and was also the LED designer, while Trudy Dalgleish did the era-appropriate lighting design.
The rest of the show followed Jamie’s quest to win back Rayne with the help of Stacie King (ably played by Tanya Manalang, whose comedic talents match her bell-like voice).
Yes, King, as in record mogul Tommy King’s daughter. The young Harvard grad is an idealistic, always positive heroine who gives Jamie unsolicited life and love advice in her quest to get him back into the company’s fold and prove to her unbelieving dad that she belongs in the family business. While Stacie helps Jamie pursue Rayne because she believes in their love story, one can question if she’s only doing it because she’s a hopeless romantic or because she sees the opportunity that the Rayne-Jamie musical tandem will bring to the family business.
A sidebar to the romantic pursuit is the equally unrelenting pursuit of the Kings’ music rival Kurt Swinghammer (the appropriately slimey Jamie Wilson) of their record label.
Enveloping the entire narrative are the classic songs of Air Supply.
Act I included “All Out of Love,” “Every Woman in the World,“ “Lonely is the Night,” and “Here I Am,” while Act II has “Keeping the Love Alive,” “Now and Forever,” and “Even the Nights are Better.” There were little or no revisions at all in the songs, which, while mostly sung in their entirety, were seamlessly sewn into the scenes by Stephen Amos who did the musical supervising, arrangements, and orchestrations.
But it is the singers — Ayesa, Alejandro, Concepcion, and Manalang, along with a very enthusiastic ensemble — who bring the music to life. If there is one thing a Filipino singer can do is really wring the emotion out of a romantic song.
Unlike A Star is Born, all is well that ends well between the Rayne and Jamie, and, cheesy as it may seem, “now there’s two less lonely people in the world tonight.”
All Out of Love runs until Oct. 28 at Resorts World Manila.

Mazars bullish on PHL business

THE local unit of the Paris-based Mazars Group expects a triple-digit annual growth until 2020, as global businesses are keen on expanding their presence in Asia Pacific.
“We’ve been nearing double [digit] growth since we joined Mazars. In the next two years, it will be like a triple [digit] growth for us,” said Jacquie Yu-Villar, managing partner at both Mazars Philippines and its local partner Yu Villar Tadeja & Co., during a media briefing in Makati City on Tuesday.
Mazars is an international, integrated and independent organization that offers audit, accountancy and tax advisory services. By the end of the year, the company will be operating in 88 countries through nearly 1,000 partners.
Mazars Philippines said about half of its current revenue performance is driven by global and regional clients such as the Ingenico Group, FOSECO, Regus, Parexel, Delfingen Industry, Agoda and First Solar.
Majority of the clients are also in the services sector, Ms. Yu-Villar said. She noted that global companies put up support services here due to the cheap labor cost, and skills of employees.
She expects the revenues that Mazars Philippines generates from global firms to increase by half in the next few years.
“We’re opening doors to the global clients of Mazars so most of the businesses that we have here are tax advisory for these foreign clients to have a feel of our tax environment, the business environment before they enter,” Ms. Yu-Villar said.
At the same time, the company is also focusing on getting local clients.
“We’re improving our presence here as well. We also want to cater much on the local entities,” she added.
Rob Hurenkamp, board member of Mazars’ Asia & Pacific Regional Committee, said the Philippines, along with other countries in the region, are “seeing an increasing movement of companies that expand globally.”
With this trend, Mr. Hurenkamp forecasts the firm’s Asia and Pacific business to grow 15% year-on-year in revenues.
In 2017, Asia Pacific accounted for 13.5% of Mazars’ global revenues, while Europe contributed 65.5%.
Mazars is currently present in 16 countries in the region with the ability to service three others, namely New Zealand, Kazakhstan and New Celadonia, via correspondent-partners.
“In general, Asia is a very attractive market for many companies to have a kind of a presence,” Philippe Castagnac, chairman of Mazars, said.
“I think Mazars cannot achieve what it wants to achieve in its global network without key countries. And so, Philippines in Asia is one of the countries that is very significant. And that is why we absolutely needed not only presence but presence of substance in the Philippines,” Mr. Castagnac added. — Janina C. Lim

Drive to create Korean Goldman leads to first offshore bond

MIRAE ASSET Daewoo Co. is planning what would be the first-ever offshore bond by a South Korean brokerage amid a push by authorities to make local securities firms more competitive on the international stage.
Korea’s biggest brokerage by assets is meeting investors in Asia and Europe this week for the debt sale, according to a person familiar with the matter. It’s becoming more active overseas, taking part in a $150-million bridge loan to a Las Vegas resort recently and investing $300 million in April to fund a group’s purchase of a Hong Kong skyscraper owned by Li Ka-shing.
The Korean government started saying in the early 2010’s that it wants to create what it calls a “Goldman Sachs of Korea,” and it’s encouraging brokerages to expand their global clout, as a crowded securities industry at home weighs on profits. Those efforts have led to rapid growth among the largest brokerages, helping spark a 52.1% increase in the sector’s combined assets in the past five years to 411 trillion won ($362 billion), a faster pace of gains than the banking and insurance industries.
“Given the very high level of competition in the domestic market, Korean securities firms are interested in expanding overseas, which would lead to demand for offshore funding,” said Tae Jong Ok, a financial institutions analyst at Moody’s Investors Service. “Mirae Asset is the most advanced in overseas expansion among Korean securities firms.”
Mirae Asset Daewoo needs foreign-currency financing for investment as its overseas business grows, according to a company spokesman.
Its rising investments include the bridge loan it provided with Korea’s NH Investment & Securities Co. to the resort and casino called The Drew Las Vegas. Mirae also agreed to jointly buy a London office from Blackstone Group LP in March with NH Investment.
Expanding overseas increases Mirae’s operational risks as it does more business in unfamiliar markets with different regulations and compliance requirements, said Mr. Ok at Moody’s. But diversifying its assets and earnings across different markets and lowering its dependence on Korea is a positive factor, he said.
Another of the biggest brokerages from the country, Korea Investment & Securities Co., is moving to expand in Hong Kong. It said on Friday that it will inject $400 million into a Hong Kong unit to do so.
By expanding overseas, Korean brokerages may also be able to help domestic investors and companies invest abroad, Moody’s Mr. Ok said.
Korean companies in other industries have found strong demand for their offshore debt as investors look for high-grade bonds amid emerging-market jitters, and as military tensions with North Korea fade.
Kookmin Bank and Doosan Power Systems SA are among firms that sold dollar debt recently, helping push up offshore bond sales by Korean issuers including the government to $30 billion so far this year, the most for the period since 2012, according to Bloomberg-compiled data. — Bloomberg

Art & Culture (10/24/18)

Spanish pastel painter visits Manila

A PASTEL drawing by Vicente Romero Redondo

SPANISH figurative painter Vicente Romero Redondo will be in Manila to grace the Philippine Pastel Artists (PPA) Inc.’s Third National Pastel Convention which will be on Oct. 27, 8 a.m. to 6 p.m., at the GSIS Museo ng Sining in Pasay City. PPA members, students and art enthusiasts are invited to join the event where Mr. Romero Redondo and Filipino visual artist Remy Boquiren are the guests of honor. Mr. Romero Redondo’s works have been hailed for their incredible illumination and intimate charm. For inquiries about the Third National Pastel Convention, e-mail 3rdppaconvention@gmail.com.

Coching’s komiks at Ayala

THE exhibit Images of a Nation: F.V. Coching — Komiks at Kultura, an exhibit of works by National Artist for Visual Arts (2014) Francisco Coching, will open on Oct. 29 at the 3rd Floor Galleries of the Ayala Museum in Makati.

2 exhibits at Silverlens

SILVERLENS presents a show, Painting, Differently (curated by Isa Lorenzo), that brings together artists Mit Jai Inn, Nicole Coson, and Aditya Novali who are using paint and pigment as material laid onto a surface — not representative of anything particular but as statements of medium. The surfaces range from plexiglass to jute sack. Also on view is Equivalent/s (curated by Rachel Rillo), a photography group show which pursues the idea and methods of abstraction in the medium that is photography. On view are works by Frank Callaghan, Corinne de San Jose, Teo Esguerra, Issay Rodriguez, and MM Yu. The exhibits are on view until Nov. 17 at Silverlens, 2263 Don Chino Roces Ave. Ext., Makati City. For inquiries, contact info@silverlensgalleries.com or (02) 816-0044.

Multiple shows at West Gallery

DETAIL from a work by Oddin Sena

SEVERAL shows are on view at West Gallery until Nov. 24. At Gallery 1 is Jonathan Ching’s 7 seas in a puddle; at Gallery 2, Francis Valles-Bejar’s What Are The Ads; at Gallery 3, Froilan Calayag’s The First Intergalactic Date; and at Gallery 4, Kaloy Olavides’ It Is Exactly What You Think It Is. The gallery is located at 48 West Ave., Quezon City.

Sena, Leonor, and Aids at Kaida

ASWANGS and tikbalangs and other mythical creatures people in Leny Leonor’s paintings and Aids sculptures in the exhibit Among Men, while landscapes are the focus in Oddin Sena’s Pastures, both exhibits on view at Kaida Contemporary until Nov. 7. Kaida Contemporary is located at 45 Scout Madriñan St., South Triangle, Quezon City.

1st solo exhibit in SE Asia

1335MABINI presents the solo exhibition The Orgies Mysteries Theatre by Hermann Nitsch. The artist is showing his works for the very first time in Southeast Asia. Nitsch is one of the initiators of the confrontational Wiener Aktionismus (Viennese Actionism), shunning the confines of traditional painting and sculpture, reinventing an art that exists in real, corporeal terms through long-durational performances called actions, during which audiences are not mere spectators but actual participants. For his solo exhibition at 1335MABINI, Nitsch will show paintings and works on paper he created between 1987 and 2010. The exhibit is on view at the gallery’s branch at Karrivin Plaza, Makati and runs until Nov. 17.

Multi-media at Vargas

THE Vargas Museum of the University of the Philippines presents Lost Paradise, an installation by the Spanish artist Marta Moreno that deals with the regression of human beings to animal condition, embarking on it with a feeling of oneness with nature. The artwork, a multi-screen installation, was produced in 2013 in Mindanao under an artist residency at the Green Papaya Projects. To complete the project, Moreno bathed with water buffaloes for a month, documenting it with texts and videos. The video installation is on view until Nov. 16.

Ampalaya Monologues returns

A NEW set of Ampalaya Monologues will come to life for the show’s third anniversary dubbed as Bitt3rd. This set is said to be the deepest, funniest and most relatable to date. Ampalaya Monologues is an episodic play that has been staged in various venues around the country, and has been recreated into different versions and now has a collection of over 70 monologues, all written by Mark Ghosn. Pieces will be given to life by Monologista Inc., composed of Janine Lloce, Abe Herma, Jerome Dawis, Sonson O., Patty Arro, Justinne Punsalang, Ristichen, among others. Also performing are Spoken Word Artists Carlo Hornilla, Antonio Bathan Jr., Beverly Cumla, and Zuela Herrera. #Bitt3rd — The Ampalaya Monologues Anniversary show will be performed on Oct. 27, 7:30 p.m., at Green Sun, Don Chino Roces Ave. Ext., Makati City, with tickets at P300 each. To reserve tickets, message www.m.me/ampalayamonologues.

Halloween concert at CCP

TRICKS and Musical Treats: A PPO Family Concert will be held on Oct. 28, 3 p.m., at the Cultural Center of the Philippines’ Tanghalang Nicanor Abelardo. Now on its fourth year, Tricks and Musical Treats will take its audience to a “Journey to the Kingdom of Books,” featuring an afternoon concert with the Philippine Philharmonic Orchestra, under the baton of Herminigildo Ranera. The orchestra will perform a selection of popular classical masterpieces made for children’s ears including Mozart’s Eine Kleine Nachtmusik (Third Movement), Brahm’s Hungarian Dances 5 and 6, Chabrier’s Spanish Rhapsody and some surprise numbers. One of the highlights will be the Sergei Prokofiev’s Peter and the Wolf, where the narrator tells a children’s story, while the orchestra illustrates it with different instruments, representing characters in the story. Pre-concert activities will include the musical instruments petting zoo at the Little Theater lobby with a mini-tutorial from members of PPO, and storytelling sessions by Liesl Batucan, as well as Trick or Treats at the Main Theater lobby. Tickets are priced at P500, with 50% discount for students and children below 13 years old. For tickets and other inquiries, call the CCP Box Office at 832-3704 or visit www.culturalcenter.gov.ph.

Snapshot of Asia migration

Snapshot of Asia migration

How PSEi member stocks performed — October 23, 2018

Here’s a quick glance at how PSEi stocks fared on Tuesday, October 23, 2018.

 
Philippine Stock Exchange’s most active stocks by value turnover — October 23, 2018

The Politics of Electoral Contestation

Political contestation is one of the major components of a democratic setup. It involves challenging the position of incumbent and outgoing leaders of government at the national, congressional, and local levels. In particular, electoral contestation has been recognized as the regular form of political contest and has been recognized to represent electoral democracy.
In turn, electoral democracy represents a critical strand of people’s participation and underscores the values of good governance and social inclusion.
When people participate in elections to choose their candidates, a significant part of their political rights is actualized. More so, their participation signifies their stake in the future of the country and their communities. In this respect, the voter turnout in the Philippines has historically been higher than those in other Asian countries and Western countries alike.
It is in this vibrant political culture of electoral participation where Filipinos excel and demonstrate their political behavior with passion. The determinants vary and encompass a wide array of reasons political affiliation, class, gender (sex and gender orientation), political beliefs, ideology, religion, familial ties, business, personal conviction, etcetera.
Further, electoral contests also provide a particular venue to reproduce or challenge an existing status quo. In this sense, the spirit of citizenship is highly demonstrated. On the one hand, the dynamics of political struggles is revealed from a structural perspective. On the other hand, the element of agency is likewise revealed where individual, independent and organized voters vie for their respective choice of candidates.
However, the political and social benefits that elections bring into society have been translated into minimal achievements and the process has continuously been converted into a political charade. Three practices are suspect and they are reasons behind the lurking general animosity that the people have with regard to elections.
First, the rule of “guns, goons, and gold” has historically been identified whenever the election period comes. Political rivalry is represented by violence, which involves assassinations and harassment. Alongside, money is rampantly being used to buy votes during the campaign period and especially on eve of elections.
Second, the electoral contest has been very vulnerable to the manipulations of the elites, represented by the dominance of political dynasties in every province of the country. Inclusion, in this context, becomes tokenism and participation is translated into exclusion.
Third, corruption also mars the electoral practice. This encompasses violence and vote buying, and the misuse of public funds. In the latest study of the Transparency International (2018), the Philippines ranked 111th out of the 180 countries in the Corruption Perception Index. It is surprising that from a high of 85th place, our country has slid down by 16 ranks in just a matter of 4 years. After two and a half years under the new presidency, the much celebrated campaign promise and pronouncements against corruption have yet to materialize.
In light of the foregoing, Stratbase ADR Institute’s project, Democracy Watch, advocates for better governance and inclusiveness. In line with this, we call on the Filipinos to exercise their right to vote in May 2019. But beyond the physical act of voting, there is a need to educate oneself on the history and advocacies of candidates, to look beyond the feel-good statements and analyze their actions instead.
Democracy Watch also launched its Youth Alliance an alliance of student governments and leaders of universities and colleges in Metro Manila to create an avenue for voter education and debate among young leaders.
Increased popular participation makes it more difficult for political elites to manipulate democratic institutions. We must eradicate electoral corruption the mother of all corruption and endeavor to eliminate systemic corruption in the Philippines. We must advocate program-based and policy-intensive political discourse so that we will know the right candidates to vote for.
 
Prof. Victor Andres “Dindo” C. Manhit is the president of Stratbase ADR Institute

The Mental Health Act: A Boon to Filipinos

With the alarming increase of mental health illnesses today, with more than 300 million people suffering from depression alone according to the World Health Organization, the enactment of Republic Act No. 11032 or the Mental Health Act last 20 June 2018 is a boon to Filipinos. It is an affirmation of the basic right of all Filipinos to mental health as well as the fundamental rights of people who require mental health services.
The law which advocates for the integration of mental health care in the basic health services, calls for local government units (LGUs) to ensure that mental health services are provided in primary health care facilities and hospitals in their jurisdiction. In support thereof, the Department of Health (DoH) is mandated to coordinate with the Philippine Health Insurance Corporation to ensure that insurance packages are available to patients affected by mental health conditions. The DoH shall also provide assistance to LGUs with medical supplies and equipment needed by health workers in the barangay level to carry out their functions in the promotion of mental health.
More than easing access to mental health services, the law champions the humane treatment of people with mental health conditions, free from solitary confinement, torture, and other forms of cruel, inhumane, harmful or degrading treatment and invasive procedures not backed by scientific evidence. On this account, the Commission on Human Rights (CHR) is given an investigative role, to inquire into involuntary treatment, confinement, or care of service users for the purpose of ensuring strict compliance with domestic and international standards respecting the legality, quality, and appropriateness of each treatment, confinement, or care. Public and private health facilities are mandated to create their respective internal review boards, which shall include representatives from the DoH and the CHR, to review cases involving the treatment, restraint or confinement of service users within their facilities.
Service users are required to provide their informed consent in writing prior to the administration of a specific treatment, save for certain emergencies or situations. They could either give an advance directive stating their preference in relation to a treatment or appoint a legal representative who could act as substitute decision maker. The availment of mental health treatment, as well as all relevant information pertaining to a person’s psychiatric, neurologic, and psychosocial health, is accorded with confidentiality.
To promote better understanding of mental health, educational institutions are tasked to develop policies and programs for students, educators, and other employees designed to raise awareness on mental health issues, and identify and provide support and services for individuals at risk. Mental health education is to be integrated into the curriculum at all educational levels, and public and private educational institutions are now required to have a complement of mental health professionals to cater to their respective school communities.
As for the workplace, employers are enjoined to develop policies and programs on mental health in the workplace designed to raise awareness on mental health issues, correct the stigma and discrimination associated with mental health conditions, identify and provide support for individuals at risk, and facilitate access of individuals with mental health condition to treatment and psychological support.
Violation of the Mental Health Act, particularly the failure to secure informed consent of the service user, violation of confidentiality of information, discrimination against a person with a mental health condition, and administering inhumane, cruel, degrading or harmful treatment not based on medical or scientific evidence, is punished by imprisonment of not less than six (6) months, but not more than two (2) years, or a fine of not less than P10,000, but not more than to P200,000, or both.
It is hoped that with the present Mental Health Act, the Philippines would have a more effective vehicle in promoting the mental well-being of every Filipino. Indeed, it is high time that the issue of mental health in the Philippines be given the proper recognition rather than viewed with apathy and ridicule. After all, it is a concern which affects, in one way or another, all Filipino citizens, regardless of wealth and status.
The views and opinions expressed in this article are those of the author. This article is for general informational and educational purposes only and not offered as and does not constitute legal advice or legal opinion.
 
Genie Celini D. Nuevo is a senior associate of the Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW), Davao Branch.
(6382) 224-0996
gdnuevo@accralaw.com

The Battle of Manila, more accurately told

As a former screenwriter in Philippine cinema from the late Fifties to the early Eighties, the one film I wish I could have written is The Battle of Manila, presented a-la Rashomon, that classic Japanese motion picture about a killing, recounted from different perspectives.
The Battle of Manila Bay has mainly been told from the US perspective (which is understandable because history is usually told from the point of view of the victors). My dream film would attempt to correct that. It would cast three sets of characters — Americans, Spaniards and Filipinos — and would recount that battle-from their respective viewpoints, applying the Rashomon format.
The American version would tell how the US fleet, commanded by Commodore George Dewey, gallantly attacked the Spanish armada at Manila Bay and handily routed it. The Spanish version would have a different twist: How the Spaniards decided to readily raise the white flag in order to spare Manila from being destroyed and innocent civilians from being slaughtered.
The Pinoy version would recount how the Filipinos were double-crossed by the Americans and the Spaniards, thus sparking the Philippine-American War (which the US characterized as an insurrection).
It should be noted that Aguinaldo and his troops had been fighting the Spanish colonizers, in the thick of the Philippine Revolution that erupted in 1896. In December 1897, the Spanish government and Aguinaldo’s forces signed a truce, the Pact of Biak-na-Bato, by which the Filipino revolutionaries agreed to go into exile in Hong Kong. When the US declared war against Spain and attacked Cuba and the Philippines. Aguinaldo decided to side with the Americans. He was, in fact, transported from Hong Kong on board the USS McCulloch on May 19, 1898, following the Battle of Manila Bay.
A few weeks later, on June 12, 1898, Aguinaldo and the Katipuneros declared Philippine independence in Kawit, Cavite, believing that the Americans were on their side. But America refused to recognize Philippine independence and signed the Treaty of Paris with Spain, thus taking over colonization of the Philippines.
That sparked the Philippine-American War. And the rest is history.
None of these historical antecedents is mentioned in the plaque on the Dewey monument that has stood proudly, since 1901, at Union Square, the main plaza in the heart of San Francisco.
The marker reads: “On the night of April 30th 1898 Commodore Dewey’s squadron entered Manila Bay and undaunted by the danger of submerged explosives reached Manila at dawn May 1st, 1898, attacked and destroyed the Spanish fleet of ten warships — reduced the fort and held the city in subjection until the arrival of troops from America.”
There is no mention at all of the Filipinos, an oversight that bothered the Filipino-American community in San Francisco for years. Almost three decades ago, Fil-Am community leaders Rodel Rodis and Dennis Normandy made an issue of this in the media, but to no avail.
But the historical omission continued to fester. In 2005, another Fil-Am activist, Rudy Asercion, decided to pursue it. Asercion, a member of the War Memorial Veterans Commission and, subsequently, Northern California regional chair of the National Federation of Filipino American Associations (NaFFAA), had just set up an exhibit on the Philippine-American War at the War Memorial building in San Francisco. In this context, it occurred to him and his associates that something was not right with the Dewey monument.
Asercion decided to mount a campaign to install a supplementary plaque on the Dewey that would set the battle of Manila Bay in a more accurate historical context. It seemed like a Quixotic undertaking. In spite of a relatively large Fil-Am population in San Francisco, Pinoys had very little political clout.
But Asercion persevered, knocking on the doors of various commissions in the city, until he succeeded to get the issue on the agenda of the San Francisco Arts Commission. It took some string pulling with the help of Carmen Chiu of the City Assessor’s Office and Marian Philhour, a Pinay and senior adviser and interim chief of staff of new San Francisco Mayor London Breed. Asercion also had to secure the cooperation of Supervisor Aaron Peskin, who represents the district where Union Square is located.
At last, on Oct. 17, a large group of Fil-Am community activists, myself included, spoke at the meeting of the San Francisco Arts Commission. We all appealed for fairness and historical accuracy. I cited the Rashomon context and asked that the Philippine perspective of the Battle of Manila Bay should also be told.
The Fil-Am proposal was unanimously approved to the loud cheers and applause of our delegation. The text of the supplementary plaque reads:
“THE BATTLE OF MANILA BAY and the PHILIPPINE-AMERICAN WAR
“The people of the Philippines struggled against Spanish colonial rule for over 300 years. At the outbreak of the Spanish American War, Filipinos joined with American forces and rejoiced in Commodore George Dewey’s decisive defeat of the archipelago’s Spanish fleet in the May 1, 1898 Battle of Manila Bay.
“Within a month of that naval victory, the Philippines declared its freedom from Spain, marking June 12, 1898 as Philippine Independence Day. Filipinos took the historic occasion to declare their national sovereignty and to establish the first republic of record in Southeast Asia.
“The Spanish American War ended with the Treaty of Paris in December, 1898. However, the United States’ continued military presence in the Philippines led to the conflict later known as the Philippine-American War. In that dark period, 4,400 American soldiers died, together with 20,000 Filipino combatants. Civilian lives lost numbered in the hundreds of thousands. The Philippines remained a colony of the United States from 1899 to 1935, and granted commonwealth status thereafter.
“The crucible of World War II bonded together the United States and the Philippines as never before against a common enemy. The extraordinary sacrifice and heroism of Filipinos in that struggle for freedom led to the United States’ acknowledgement of Philippine Independence on July 4, 1946.”
Fil-Am activism has yielded some sweet results of late. In October last year, another Quixotic Fil-Am group, Filipino Veterans Recognition and Education Project (FilVetsREP), led by retired US Army Major General Antonio Taguba, saw the fruits of years of lobbying with the conferment of the Congressional Gold Medal on Filipino World War II soldiers, living and dead. The CGM is the highest civilian award given by the US and its first recipient was George Washington.
The job of Asercion and his fellow workers isn’t quite done. The final design and typography of the supplementary plaque still has to be worked on and funds need to be raised to cover the cost of the bronze marker, its installation and the ceremony that will be held for it.
The plan is to install the plaque on the Dewey monument on June 12, 2019. And the unveiling will be in October 2019 on the occasion of Filipino-American History Month.
For his efforts in the face of daunting odds, I believe that Rudy Asercion deserves a Presidential Award from the Commission on Filipinos Overseas.
 
Greg B. Macabenta is an advertising and communications man shuttling between San Francisco and Manila and providing unique insights on issues from both perspectives.
gregmacabenta@hotmail.com

No place for ‘dirty energy’ in ADB’s climate vision

By Yongping Zhai
ONLY WEEKS AGO, the world’s leading climate scientists warned that 2˚C of global warming would have even worse impacts than anticipated. The report of the Intergovernmental Panel on Climate Change called for a more rapid decarbonization of the global economy to limit warming to 1.5˚.
Greenhouse gas emissions will not drop quickly enough if global investment into clean energy is not doubled and all countries embrace renewable energy, especially in the Asia Pacific, a region which has fast-growing emissions as well as greatest number of people acutely exposed to the harshest consequences of a changing climate.
Helping to make this happen is a responsibility that the Asian Development Bank (ADB) takes seriously. Our developing member countries are already taking steps to protect their communities by mainstreaming climate-smart policies and technologies into development planning.
Our commitment to supporting these efforts is demonstrated in our recently approved long-term Strategy 2030. In it, we undertake that 75% of all ADB projects will support climate change mitigation and adaptation. Climate finance from ADB’s own resources will increase to $80 billion from 2019 through 2030.
Already, our focus on clean energy is having an impact. In line with our 2020 climate finance target of $3 billion in annual investments into clean energy, ADB approved just over $2 billion for 25 renewable energy and energy efficiency projects last year. This will deploy 1,557 megawatts of new renewable energy generation capacity, save 738 gigawatt-hours of electricity per year, and avoid 11.8 million metric tons of carbon dioxide (CO2)-equivalent per year of greenhouse gas emissions.
Innovative technologies are at the heart of our work on climate. We finance transmission and distribution projects incorporating smart grids and energy storage technologies that will give more people access to energy and help to integrate renewable energy into power systems. Advances including renewable energy-based microgrids with storage, waste-to-energy, geothermal, carbon capture and storage, and artificial intelligence are central to the region’s low-carbon growth prospects.

clean energy
There’s a lot of work to be done. About 439 million people in developing Asia go without electricity. To help, we are stepping up support for off-grid solutions such as a solar-based mini-grid with battery storage on Cobrador island in the Philippines. Such projects can provide 24-hour electricity supply for remote and rural areas and cut dependence on fossil fuels. What’s more, they can be widely replicated.

So too is the private sector, which can help pioneer these technologies. We help companies throughout Asia, including remote and vulnerable countries like Samoa, to develop solar and other clean energy sources they need to thrive.
ADB recently established a high-level technology fund to promote innovative projects. An electricity transmission infrastructure project in Pakistan will pilot battery storage near wind farms in Thatta district of Sindh province, helping the transmission company improve grid reliability and dispatch intermittent renewable energy. In Vietnam we are financing, through two funds focused on clean energy, the construction of solar power panels that will float on the reservoir of an existing hydropower plant.
Still, there’s a lot of work to be done. About 439 million people in developing Asia go without electricity. Most live in remote areas unreachable by power grids. To help, we are stepping up support for off-grid solutions such as a solar-based mini-grid with battery storage on Cobrador island in the Philippines, for which we provided technical and grant assistance. Such projects can provide 24-hour electricity supply for remote and rural areas and cut dependence on fossil fuels. What’s more, they can be widely replicated.
While we enable our developing member countries to transform their energy systems, we are supporting a transition in the interim by investing in new and efficient power plants based on natural gas, which emit 50%-60% less CO2 compared to new coal plants.
In the past, there were instances when coal-fired power plants were the only economically viable way of addressing chronic power blackouts that disproportionately affected the poorest people in our developing member countries. The last such instance was five years ago in Pakistan, where we supported the Jamshoro supercritical coal-fired power plant which prior to our investment was running on highly-polluting heavy fuel oil.
Clean energy will power Asia’s future. To promote this, ADB has integrated a shadow carbon price into its economic analysis of projects to reflect the negative externalities caused by greenhouse gas emissions.
By applying a shadow carbon price of $36.30 per ton of CO2 (to be increased by 2% annually in real terms) to all projects, we encourage innovative projects with lower emissions and discourage more polluting ones. Given the increasingly competitive cost of renewable energy technologies, the growing risk of stranded fossil fuel assets, and the rising shadow carbon price, coal-based power plants will no longer be a viable option to meet the electricity demand of developing countries.
ADB will continue to help its developing member countries achieve their targets under the Paris Agreement on climate change. We will ensure that, as we meet our own climate finance targets, ADB’s lending portfolio has no place for “dirty energy.”
 
Yongping Zhai is chief of ADB’s Energy Sector Group.

Gov’t sets inquiry on massacre of Sagay farmers

PRESIDENT RODRIGO R. Duterte on Tuesday visited the site where nine farmers were killed while occupying part of a sugar plantation, according to activists there.
But Malacañang on Tuesday night said Mr. Duterte’s visit “will not push through,” citing the “inclement weather.”
Also on Tuesday, the National Bureau of Investigation (NBI) has been instructed to conduct an investigation on the massacre, Justice Secretary Menardo I. Guevarra said.
Two minors were among those killed on Saturday night in Negro Occidental province’s Sagay City, according to the PNP, which said it was investigating reports that gunmen opened fire on the farmers.
The National Federation of Sugar Workers (NFSW) said the farmers had been staging “bungkalan,” or collective cultivation of idle farmland that they had occupied.
“Bungkalan reflects the failure of the government’s land reform program and the landlords’ refusal to distribute land to the tillers,” the NFSW said in a statement.
The land was earmarked for redistribution under the government’s agrarian reform program, but the plantation owner had used a private security force to intimidate the farmers, according to NFSW.
Presidential spokesman Salvador Panelo said in a statement that Mr. Duterte was “deeply perturbed” by the killings and had ordered “a thorough and impartial investigation.”
Mike Concepcion, a campaigner with the rights group Bayan Negros in Sagay City, said Mr. Duterte visited the spot where the farmers were murdered, and was scheduled to meet with their families in City Hall where the coffins have been placed.
While the President’s visit is “unprecedented,” it does not negate the fact that the government has failed to implement agrarian reform, and protect farmers and activists, said Christina Palabay of the rights group Karapatan.
“We have demanded a genuine agrarian reform program to ensure redistribution of agricultural land and adequate support for farmers,” she told the Thomson Reuters Foundation. “We are conducting our own fact-finding mission, but we are not confident that these perpetrators will be brought to justice.”
Also on Tuesday, the National Bureau of Investigation (NBI) has been instructed to conduct an investigation on the massacre, Justice Secretary Menardo I. Guevarra said.
For his part, Mr. Guevarra told reporters in a text message: “I have instructed NBI to come in.”
The NBI, an agency under the Department of Justice (DoJ), is tasked to investigate and file the necessary complaints before the department.
In an update to reporters on Tuesday afternoon, Mr. Guevarra said, “I have directed the NBI to do its own investigation of the Sagay massacre, to submit progress reports to the DoJ, and to file the appropriate complaint as the evidence may warrant against the perpetrators of the crime.”
For its part, New York-based advocacy group Human Rights Watch said in a statement, “Considerable international attention has rightly focused on the unending extrajudicial killings of drug suspects in President Rodrigo Duterte’s ‘war on drugs.’ But the Sagay Massacre highlights the fact that serious rights abuses in the Philippines are not limited to the ‘drug war.’”
In its statement, the Movement Against Tyranny said it “urges independent legislators in the House of Representatives and the Senate to probe the Sagay 9 Massacre.”
“We likewise urge the Commission on Human Rights to work closely with people’s organizations in tapping independent experts.” — Reuters, with Vann Marlo M. Villegas