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Met Museum to charge fixed admission for non-New Yorkers

NEW YORK — New York City’s Metropolitan Museum of Art, one of the world’s most popular museums, will start charging a fixed admission fee for out-of-state visitors rather than urge they pay a suggested donation, museum officials announced on Thursday.

The shift comes as a growing number of visitors have opted out of paying the full suggested donation, currently $25 for adults, $17 for seniors and $12 for students, Daniel Weiss, the museum’s president, told reporters.

From March 1, those suggested amounts will become mandatory for visitors who are not members and who do not live in New York State, getting them a three-day pass in return.

“In 2004, 63% of those who came paid the full recommended price,” Weiss said. “In 2017, that is 17%. Effectively the policy is failing.”

New Yorkers will continue to pay what they wish, so long as it is a penny or more, as will students from the neighboring states of Connecticut and New Jersey and any child under 12 years old.

The new policy will affect about 31% of the roughly 7 million people visiting the museum each year, Weiss said. The extra $5 million to $11 million the museum estimates this will generate will be a modest boost towards covering its annual operating budget of about $305 million.

The museum, spread across three sites in the city, is home to thousands of exhibits, from ancient Egyptian art to Renaissance paintings. The city leased the land on which the main building sits, a prime slice of Manhattan’s Central Park, in 1878 on condition that the museum be free to the public most days. The museum switched to suggested donations in the early 1970s but only updated its lease with the city to reflect this in 2013.

The lease amendment also allowed the possibility of the museum charging a compulsory entrance fee, with the city’s consent, though the museum said in 2013 it had no plans to do so.

Weiss said the museum was unique among institutions of its size around the world in that it receives neither substantial state funding, as do the museums grouped under the Smithsonian in Washington, nor relies on fixed admission prices, as venues such as the Museum of Modern Art in Manhattan do.

The city’s government, which approved the change, currently covers a little less than 10% of the museum’s expenses, Weiss said, but may reduce its contribution by up to $3 million in order to give more to other cultural institutions. Another 14% of revenue comes from donations at the door, a figure expected to rise to 16% or 17% under the new policy. — Reuters

Honda, Toyota release new vehicle pricing

By Kap Maceda Aguila

THE uncertainty is gone — even if not completely. Honda Cars Philippines, Inc. (HCPI) and Toyota Motor Philippines (TMP) recently released prices of their new vehicles to reflect changes brought about by the country’s new taxation scheme, also known as the TRAIN, for Tax Reform for Acceleration and Inclusion, which took effect at the onset of 2018. Supplanting the country’s 20-year-old tax system, TRAIN is envisioned to provide tax relief for lower-income workers and shift the burden onto more affluent taxpayers. The taxation scheme is expected to bankroll the government’s infrastructure push embodied in its “Build, Build, Build” mantra.

Alternative-fuel powered vehicles are provided a measure of relief: Electric vehicles will be exempt from taxation, while hybrid cars are to be taxed at half the indicated rates. Pickup trucks are also excluded from tax, as they are frequently conscripted for commercial and agricultural duty by businessmen and entrepreneurs.

Mitsubishi Motors Philippines Corporation has yet to release its own TRAIN-era pricing, pending “approval by management,” revealed a company source to BusinessWorld. He assured that the new prices will be “released soon.”

As seen in the new Honda stickers, TRAIN-era pricing seems to defy the common expectation that lower-priced vehicles will get commensurately small increases compared to their more expensive siblings. Honda’s most affordable vehicle, the Brio 1.3 M/T, used to cost P619,000. That figure now stands at P631,000 — an increase of P12,000. Compare this to the most expensive offering of HCPI here, the Odyssey EX-V NAVI CVT, which used to cost P2.449 million. It now costs P16,000 less. Meanwhile, the cheapest Civic variant, the 1.8E CVT, is now priced at P1.138 million — up by P23,000.

Like HCPI, TMP’s new pricing is already reflected on the company Web site. Its most inexpensive offering, the Wigo 1.0G A/T, now costs P611,000 — P12,000 higher than its pre-TRAIN sticker price. By contrast, the Land Cruiser 200 4.5 Premium is now priced at P4.650 million — with a huge P350,000 lopped off its old pricing. The Vios, the undisputed sales leader in the Philippines, receives a range-wide increase. The base model is slapped on with a P12,000 hike, while the top 1.5G A/T variant ups its sticker price to P953,000 (plus P28,000).

Federer eyes fresh ‘fairy tale’ as Slam rivals struggle

MELBOURNE — The prospects of an unprecedented 20th Grand Slam victory have strengthened for ageless wonder Roger Federer as his main rivals flounder ahead of the Australian Open.

The 36-year-old is coming off an extraordinary 2017, when he won a fifth Australian Open title and a record eighth at Wimbledon, and there could be yet more glory with a depleted field of top contenders in Melbourne.

Andy Murray and Japan’s Kei Nishikori are already out of the year’s opening Grand Slam with injuries, while 12-time major champion Novak Djokovic is troubled by an elbow complaint and hasn’t played for six months.

World number one Rafael Nadal withdrew from his first tour event of 2018, in Brisbane, with continuing knee problems, and is seeking match practice in a Melbourne exhibition event ahead of the Jan. 15 start.

The 2014 winner Stan Wawrinka, who hasn’t played since last year’s Wimbledon and subsequent knee surgery, has had little warm-up work and is no longer with his four-year coach Magnus Norman.

Yet amid it all Federer keeps going, winning all his matches at the mixed-teams Hopman Cup in Perth this month and seemingly injury-free.

“I just have to pace myself all the way up to the tournament in Melbourne, and I’ll be ready,” he said after his Hopman Cup final victory with Switzerland teammate Belinda Bencic.

“I’m just excited going back to Melbourne where I had my fairy tale run last year. It was crazy.

“It’s great to be the defending champion. I take it the right way. I won’t put extra pressure on myself, regardless of who’s going to play, or not play.

“For me it’s just important to be in a good mind-set, well prepared, and ready to go. And I feel like I am ready.”

KYRGIOS IN GOOD NICK
Nadal, who lost to Federer in five sets in a vintage Australian final last year, has opted to join Djokovic at the Kooyong Classic exhibition event for some match practice in the week before the Open.

The Spaniard, who hasn’t played since the World Tour Finals in London, had a stellar 2017, winning his 10th French Open, a third US Open crown and the year-ending world number one spot.

Six-time Australian Open champion Djokovic pulled out of events in Abu Dhabi and Doha with elbow soreness before heading to Melbourne, and hasn’t hit a ball in anger since the problem forced him to quit Wimbledon in the quarterfinals in July.

Big-serving Canadian Milos Raonic is another with a checkered preparation after wrist surgery last year, while American world number eight Jack Sock hurt his hip while playing in the Hopman Cup.

The Australian Open is the second straight Grand Slam to be badly hit by injury issues.

The US Open was missing Wawrinka, Djokovic, Nishikori, Raonic and Murray, and after the early eliminations of Alexander Zverev, Marin Cilic, Grigor Dimitrov and Jo-Wilfried Tsonga, it was one of the rare Grand Slams where big names didn’t dominate the quarterfinals. — AFP

Upcycle project gains headway

SO IT can actively participate in the efforts to reduce pollution and conserve the nation’s resources, the Department of Social Welfare and Development (DSWD), through its Field Office VII, has partnered with the Japan International Cooperation Agency (JICA) and the local government of Siquijor to implement the “Kwarta sa Basura” project which aims to upcycle solid waste and turn it to usable materials that can be a source of livelihood for poor families in Barangays Caticugan and Dumanjug in the island province. Family beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps) were able to construct their own Materials Recovery Facility (MRF) to collect garbage and other residual wastes in their community that can be used to upcycle reusable materials such as plastic bottles and cellophane. According to Cheryl Jumamil, a Pantawid Pamilya partner-beneficiary from Brgy. Caticugan, “Dili lang sa economic aspect kini makatabang sa among mga benepisyaryo, paagi usab kini sa pag-minos sa problema sa basura aron mapreserbar ang atong kalikopan (This project would not only help us beneficiaries economically but also helps address the reduction of trash leading to the preservation of our environment).” Ms. Jumamil revealed that she was able to initially earn P20,000 out from selling wallets made from upcycled materials. Other partner-beneficiaries were also able to sell flower lanterns made of 1.5-liter soft drink plastic bottles and other products such as bags, lanterns, and rugs from discarded materials.

Corporate tax take least efficient among ASEAN peers despite high rates, Finance department says

THE GOVERNMENT’S collection efficiency for corporate tax was by far the worst in comparison with three other emerging economies in the Association of Southeast Asian Nations (ASEAN), despite having the highest tax rates, the Department of Finance (DoF) said.

At a corporate income tax (CIT) rate of 30%, the DoF said that the government’s collection efficiency is only 12%, or equivalent to 3.7% of gross domestic product (GDP).

Collection efficiency is actual collections against GDP, divided by the corporate tax rate.

“We have the classic problem of a high rate but narrow base. That is why the efficiency is problematic,” Finance Undersecretary Karl Kendrick T. Chua was quoted in a statement as saying.

The DoF said that there are about 360 laws — 150 investment laws and 210 non-investment laws — that grant tax breaks to businesses.

This compares with Thailand’s 30.5% efficiency, with collections generating 6.1% of GDP, at a corporate tax rate of 20%.

Vietnam meanwhile recorded 29.2% efficiency, raising 7.3% of GDP, at a 25% corporate tax rate.

Malaysia’s 27.1% efficiency rate produces collections equivalent to 6.5% of GDP, off a 24% corporate tax rate.

“Despite a 30% rate, we are at the bottom in terms of revenue efficiency,” Mr. Chua said.

The DoF is preparing to submit to the House of Representatives the second package of the comprehensive tax reform program that seeks to reduce the corporate tax rate to 25% this month.

The package will also seek to rationalize incentives for companies, making them “performance-based, targeted, time-bound, and transparent,” Mr. Chua said.

“Through this proposal, the government will be able to ensure that incentives granted to businesses generate jobs, stimulate the economy in the countryside  and promote research and development; contain sunset provisions so that tax perks do not last forever; and are reported so the government can determine the magnitude of their costs and benefits to the economy,” the DoF said.

Under the Philippine tax code, all corporations, unless receiving fiscal incentives, have to pay a regular tax rate of 30% or a minimum of 2% of gross income beginning the fourth taxable year immediately following the year in which a corporation commenced its business operations, when the minimum income tax is greater than the regular tax.

The DoF said that the second package will be “revenue-neutral,” as the cut in corporate tax rates will be compensated by the withdrawal of some incentives granted by investment promotion agencies (IPAs).

Republic Act No. 10708, or the Tax Incentives Management and Transparency Act (TIMTA), has allowed the government to identify the companies receiving the biggest incentives and their impact on the economy.

The TIMTA study shows that among the country’s 13 IPAs, the Philippine Economic Zone Authority (PEZA) accounts for the bulk of the incentives, followed by the Board of Investments.

Among incentives that the PEZA grants include a 100% exemption from corporate income tax, tax and duty-free importation of raw materials, exemption from wharfage dues, and all local government imposts, on top of non-fiscal incentives. — Elijah Joseph C. Tubayan

Trump would welcome challenge from Oprah for US president

ABOARD AIR FORCE ONE — US President Donald J. Trump would gladly face Oprah Winfrey as an opponent in the 2020 presidential race, a White House spokesman said on Monday after social media buzz from her speech at an awards show thrust her name into the political arena.

“We welcome the challenge, whether it be Oprah Winfrey or anybody else,” Hogan Gidley told reporters on Air Force One during a flight to Nashville on Monday. “We welcome all comers.”

Ms. Winfrey, 63, stole the show at the Golden Globe awards on Sunday night with her speech upon receiving the Cecil B. DeMille award for achievement and lit up Twitter with a surge of tweets carrying “#Oprahforpresident” and “#Oprah2020.”

She is actively thinking about a run, CNN reported on Monday, citing two of her close friends. CNN did not name the friends, who it said had spoken on condition of anonymity. At least one emphasized that Ms. Winfrey had made no firm decision.

Ms. Winfrey has said in the past she is not interested in running for president, but the Los Angeles Times quoted Stedman Graham, Ms. Winfrey’s longtime partner in business and life, as saying on Sunday that, “It’s up to the people … She would absolutely do it.”

Wearing a black gown to show support for victims, she used her platform to promote the “Time’s Up” movement against sexual harassment and assault, throwing her support behind others who have exposed sexual misconduct in Hollywood and elsewhere in politics and the media.

“She had that room in her hands. It was like a campaign rally,” said Sherry Bebitch Jeffe, a senior fellow at the University of Southern California’s Price School of Public Policy.

The nine-minute speech generated two standing ovations from the Hollywood glitterati and prompted 220,000 posts on social media mentioning the words “Oprah” and “president” in just 24 hours, said Todd Grossman of social media analytics company Talkwalker.

After Mr. Trump won the White House in 2016 with help from his fame as a reality TV star, it no longer seems far-fetched to consider a similar campaign by Ms. Winfrey, an actress, movie and television producer, and chief executive of her OWN cable channel, political analysts said.

Ms. Winfrey, long associated with Democratic politics and fundraising, would likely face a crowded field in the Democratic primaries in the 2020 race.

But given her connections, Ms. Winfrey might have a fund-raising advantage over her rivals in liberal Hollywood, which is often called an automatic teller machine for Democratic candidates.

“She’s certainly a bigger celebrity than Trump ever was, especially in terms of connecting with her audience. Obviously this has given her an opportunity. What does she do next with it?” said Alan Schroeder, a journalism professor at Northeastern University in Boston who has written on the intersection of show business and politics.

Mr. Trump benefited from his star power to win more free media exposure than his rivals in the Republican primary and was able to run a relatively inexpensive campaign.

His committee spent $343 million in the primary and general election campaigns with the help of $47.5 million of the real estate developer’s own money, which he lent to the campaign and later forgave.

Hillary Clinton, his Democratic opponent, spent $585 million including $1.5 million of her own money.

Ms. Winfrey could supplement any campaign with her own wealth. Forbes estimates she is worth $3.0 billion compared to $3.5 billion for Mr. Trump. She was raised in poverty by a single mother and went on to host the top-rated talk show The Oprah Winfrey Show for 25 years before ending it in 2011.

Ms. Jeffe, the USC professor, cautioned against thinking of Hollywood as a monolith of liberal Democrats. Besides the liberal creative talent, Hollywood money also comes from the more conservative, unionized trade and craft work force as well as from the business interests.

“She has credibility with all of them,” Ms. Jeffe said. — Reuters

Abra holds international motocross competition

THE much-awaited Congressman JB Bernos International Freestyle Motocross will be held on Jan. 27-28 at the Namagpagan Motocross Track, Poblacion, La Paz, Abra.

In its seventh year, the competition promotes motocross tourism in the country with 12 race categories plus the freestyle exhibition.

“Every year, we invite big stars of freestyle motocross, such as international riders from America. This year, we will bring the top freestyle riders of the world,” said SELJ SPORTS President and Hari ng Motocross Jay Lacnit, the partner of Bernos in the event.

International freestyle riders who are coming to the Philippines include Tom Robinson, Harry Bink, Steve Mini, Scott Fitzgerald, Blake Bilko Williams, and Emma Mcferran. Legendary celebrity riders Jack McNeice, Corey Creed, and Denis Stapleton will also grace the competition.

“All our kababayan here in La Paz look forward to this grand tournament. We are proud to bring sports motocross tourism in the Philippines,” said Congressman JB Bernos.

Mayor Ching Bernos also expressed pride that Abra has been a big fan of motocross because of the event.

Relevance of Shakespeare to the state of the nation

WILLIAM SHAKESPEARE’S work is timeless in its themes and universal in its approach — such that one of his earliest and greatest works appears as if written especially for Filipinos.

Richard III (believed to have been written in 1592), is one of The Bard’s most famous tragic works, depicting the rise to power of Richard, duke of Gloucester, a ruthless man haunted by his hunched back and ugliness.

Shakespeare depicts Richard as a cunning, entitled, misogynist bully — a monster determined to steal the crown of England by hiring assassins to murder his brother, King Edward IV.

But Richard’s Machiavellian triumph did not happen overnight nor was it due to his effortless alone — he had the help of many enablers. In a modern setting, it can be likened to an election (a particularly bloody one).

“Shakespeare’s Richard III asks: what enables a tyrant to stay in power? We ask the same question in the context of contemporary Philippine politics, drawing from characters and scenes in Shakespeare’s play,” Ricardo Abad, a sociologist and professor emeritus at the Ateneo de Manila University (ADMU), told BusinessWorld in a text message.

Mr. Abad, together with playwright Anton Juan, brings Richard III from page to the stage in a production entitled RD3RD (an obvious allusion to President Rodrigo Roa Duterte’s moniker, Du30). Presented by ADMU’s Arete Production, in cooperation with Tanghalang Ateneo and Ateneo Fine Arts, the play will have performances starting Jan. 11 at the Fine Arts Black Box Theater at the ADMU campus in Quezon City.

Mr. Abad is also the artistic director of the university’s Arete Creativity and Innovation Hub.

The play, which encourages Filipino viewers not to remain collective silent watchers of sociopolitical events in the country, is a timely piece that also parallels the current political climate in the US.

In 2016, The New York Times ran an opinion piece, “Shakespeare Explains the 2016 Election” by Stephen Greenblatt who warned his readers not to stay silent or waste their votes and watch a personification of Richard III claim power. The story was published in October, which was a little too late because a month later, Donald Trump won the US presidency.

Judy Ick, the adaptation’s dramaturg, said in a Facebook post that RD3RD was the result of a collaboration between the two directors and her, and was created from the Shakespearean text and the aforementioned New York Times op-ed which she “revised and revised again and again.”

“I felt that this story had to be told, that this Shakespearean play had to be re-angled to reveal our contemporary truths. The time is ripe for an English history play in our own history because now is the winter of our discontent,” she explained.

Mr. Abad said: “the play comments on the present administration and focuses, particularly, on the war on drugs and the EJK issue. Some scenes also refer to Filipinos who voted for him, but it’s not the central issue of the play.”

He explained that the focus lies on the five “enablers who support, wittingly or unwittingly, a ruler’s rise to power” or the naïve, the forgetful, the terrorized, the opportunistic and a fifth that the audience will learn from watching the play.

“There may be other types [of enablers] but we limit ourselves to those revealed by Shakespeare’s text,” Mr. Abad, who also acts as the play’s narrator, said.

Mr. Abad is no stranger to adapting Shakespeare — his Sintang Dalisay, a Filipino adaptation of Romeo and Juliet, has won several awards here and abroad and is the most-staged and internationally toured Shakespearean play in our history.

“Much of my work in sociology and Shakespeare over the past 25 years or so has revolved around the theme of social inequality. RD3RD falls under the same umbrella. What makes RD3RD unique is the immediacy of its message, the common political conviction of cast and crew,” he said on the play’s Facebook page.

RD3RD’s ensemble includes Ron Capinding, Joseph de la Cruz, Katski Flores, Teroy Guzman, Judy Ick, Cholo Ledesma, Itos Ledesma, Missy Maramara, Gold Soon, Jay Valencia-Glorioso, and Jamie Wilson.

Asked what the audience should take away from the production, Mr. Abad said: “I suppose I would like [the] audiences to be more aware that there’s more to leadership than the mission-vision-practice of a single person. And if people refuse to take a stand against brutal policies, then that refusal allows a nefarious system to thrive.”

For co-director Mr. Juan, humanity lies at the core of a society’s rituals, which ought to be expressed in our words, performances, and beliefs.

“It is in these times [that] our rituals should speak out even more urgently to the world. To question the indifference of those who watch, to understand and put to light the terror, the disbelief of many who think these killings are necessary, to reflect on our own inhumanity in accepting ‘the necessary means to an end,’” the playwright and professor at the Department of Film, Television, and Theater Arts in University of Notre-Dame-du-lac, USA said on Facebook.

RD3RD is a nonprofit artists’ initiative which will be staged at the Ateneo De Manila and is the Philippine representative to the Festival of Shakespearean plays which is part of the Asian Shakespeare Association Conference in Manila in May.

Reserve tickets at https://tinyurl.com/RD3RDTicketsNickky Faustine P. de Guzman

The 2018 National Budget, Infrastructure, and Economic Growth

The government slogan “Build, build, build!” resonates for many, especially those who have some grounding on economic growth theories. In a serious attempt to address the country’s decrepit infrastructure, the administration decided to pour in funds for “hard infrastructure” and implement projects that are physically necessary to facilitate trade and improve the country’s business climate.

The primacy of infrastructure development is very evident in the national budget for 2018 given the lofty sum apportioned to the sector. In his budget message in July 2017, President Duterte himself said that there was P1.097 trillion ($22.03 billion) to be allocated for infrastructure development in 2018. This is nearly one-third of the total 2018 national budget. To illustrate, the Department of Public Works and Highways (DPWH) will receive the largest departmental allocation in the 2018 national budget. DPWH, given its infrastructure development programs, will get P637.86 billion ($12.8 billion) — even surpassing the P553.3 billion budget of the Department of Education (DepEd), which usually receives the highest allocation among all government agencies. This is equivalent to 16.9% of the country’s total 2018 budget and is higher by 40.3% from the previous year’s budget. This budget will primarily be available for the construction, rehabilitation, and improvement of transportation infrastructure and flood control systems.

In addition, the Department of Transportation (DoTr) has been provided with P66.3 billion ($1.33 billion). This is a 24.4% increase in its annual budget compared to its allocation in 2017. In line with its mandate, the DoTr budget should allow for the provision of a safe, affordable, and comfortable public transportation system, especially big-ticket railway projects.

Then there is the P10-billion ($201 million) budget — predominantly allotted for infrastructure projects — to support the rebuilding and rehabilitation of Marawi, which has been shattered by a catastrophic siege that has resulted in severe human and physical damage.

Several studies on the growth of national economies show how transport infrastructure improvements (including road networks, airports, railways, ports, and logistics) have led to increased trade flows. Infrastructure, particularly information and communications technology (ICT), also strengthens trade, as the density in numbers of telephone lines, mobile phones, broadband access, Internet users, and secure Internet servers have a positive impact on trade for both exporters and importers.

Relatedly, it has been shown that, in lower-income countries, domestic revenue collections have a positive effect on firm performance, which could be channeled into the financing of public infrastructures that are vital to firms. Indeed, it has also been revealed in studies that tax revenue resources had a positive effect on infrastructure development. These studies recommend that the government should provide the necessary human and material infrastructure that are needed to support seamless tax collection so increased revenues can really enhance development.

Note that the National Budget for 2018 is intimately tied to the Comprehensive Tax Reform Package (CTRP) being nurtured by the government. The recently signed Tax Reform for Acceleration and Inclusion Law, the first package of the CTRP, seeks to lower personal income tax rates, limits value-added tax exemptions, introduces tax administration measures and raises excise taxes on several commodities, while generating the requisite funds for infrastructure spending, education, health and other social safety nets. This is seen as crucial for sustaining long-term economic growth.

While the government’s goals sound very rational and sensible, serious governance-related concerns remain.

For one, there is a need for vigilance in ensuring that the government is more prudent in spending its budget, and more importantly, that the actual budget allocated is being used in the programs as designed. It would be helpful indeed if investing in infrastructure translates to improving the flow of the economy and thereby the mitigation of price increases and additional levies for everyone. Unfortunately, as it stands, key infrastructure agencies have yet to unlock the solution to addressing public spending bottlenecks. There is also a continuing need for additional measures by government in ensuring that taxpayers do not avoid and evade taxation so enough revenues can be tapped for the economy. Authorities responsible for taxation should be strengthened and made more accountable in enforcing compliance by taxpayers.

It is only in this end that the national budget may be more fully and concretely seen as a real tool for national development.

Otherwise, for many Filipinos, especially the regular Juan and Juana, whose immediate concerns are about the daily sustenance of their families, this “Build, build, build!” slogan would only be an empty promise.

 

Louie C. Montemar is a Fellow of Stratbase ADR Institute.

From Reagan to Trump, and maybe Oprah, American celebrity politicians abound

WASHINGTON — Talk show queen Oprah Winfrey’s impassioned Golden Globes speech triggered speculation about her political future.

A 2020 presidential race between Oprah and Donald J. Trump, himself a TV titan, would be the celebrity-political battle of the millennium, made for — and by — television.

But they are by no means the first American screen stars to throw their hats in the political ring. Here are some notable standouts.

THE GREAT COMMUNICATOR
Prior to Trump, there was Ronald Reagan, the celebrity who achieved the greatest success in politics. Mr. Reagan earned notoriety as an actor in films like Knute Rockne, All American, in which he starred as football player George “The Gipper” Gipp.

He identified first as a Democrat but switched parties in the 1950s.

Elected twice as president of the Screen Actors Guild, the charismatic Mr. Reagan became California’s Republican governor in 1967, and won a landslide presidential victory in 1980 against Jimmy Carter.

OTHER HOLLYWOOD STARS
Mr. Reagan paved the way for several other silver-screened politicians, most notably Arnold Schwarzenegger.

The former Mr. Universe bodybuilder and star of the Terminator movies followed Mr. Reagan’s path to political stardom by becoming governor of California in 2003. But Mr. Schwarzenegger was born in Austria, meaning he could never serve as president.

Fred Thompson, who had roles in Die Hard 2 and The Hunt for Red October, parlayed his celebrity into a political career, serving as a Republican in the US Senate from 1994 to 2003. He ran unsuccessfully for president in 2008, and returned to acting.

Actor-filmmaker Clint Eastwood, star of Hang ‘Em High and director of Million Dollar Baby, has been involved in political issues for decades. From 1986 to 1988, he served as mayor of Carmel-by-the-Sea, California.

THE WRESTLER
Perhaps the most colorful television personality to enter US politics is Jesse “The Body” Ventura, a former Navy SEAL who became a popular bad-boy wrestler in the World Wrestling Federation, watched by millions in the 1970s and 80s.

His joke candidacy for governor of Minnesota in 1998 gained traction as he pushed a populist platform.

Seen as a precursor to Mr. Trump’s wild win in 2016, Minnesota voters sent a message to business-as-usual politicians, narrowly electing the bombastic wrestler.

Today, professional wrestling has made it to the White House. Linda McMahon, the ex-chief executive of WWE and a former Senate candidate herself, now heads the Small Business Administration under Mr. Trump.

TALK AND REALITY SHOW STARS
Jerry Springer became host of a tabloid-themed talk show in the 1990s, after serving as mayor of Cincinnati for a year from 1977. Mr. Springer also mulled runs for US Senate in 2000 and 2004, but did not formally enter the race.

Reality TV star Sean Duffy, a cast-member on MTV’s The Real World: Boston, is currently a Republican congressman from Wisconsin.

Sonny Bono and his pop-star wife Cher scored a huge television hit with 1970s variety program The Sonny & Cher Show. Mr. Bono served three years in the House of Representatives in the 1990s.

TV COMEDIANS
Late-night comedy sketch show Saturday Night Live has skewered American politics for decades, but it also produced a political star. Comedy actor Al Franken narrowly won a US Senate seat in 2008, only to resign last week following multiple accusations of sexual misconduct.

Two other television comedies produced members of Congress: Ben Jones, who played Cooter in good ol’ boy 1980s show The Dukes of Hazzard, and Fred Grandy of The Love Boat fame. — AFP

Military denies NPA claim on gov’t casualties

ASIDE FROM intensified clashes on the ground, the military and the rebels here have been fighting over the number of soldiers killed by rebel attacks during the last week of 2017. The military, through Maj. Gen. Noel Clement, commander of the 10th Infantry Division, denied the rebels’ claim that 26 soldiers were killed during a series of encounters in the Davao Region just a week before new year. He said the military “does not hide its casualties and always states facts based on results of the encounters.” “That is purely a propaganda statement to project an imagined strength of this terrorist organization,” he added as his rebuttal to Rigoberto Sanchez, spokesperson of the New People’s Army (NPA) in Southern Mindanao. Mr. Sanchez claimed the soldiers were killed during the defensive tactical operations of the rebels while both were implementing their respective cease-fire. “The tactical offensives against the rabid reactionary armed forces serve to underscore the growing demand to overthrow Rodrigo Duterte from power” said Mr. Sanchez. He identified the encounter sites as those in the areas of Davao Oriental and Compostela Valley. — Carmelito Q. Francisco

PSE extends suspension on trading of PAL shares

THE Philippine Stock Exchange has approved PAL Holdings, Inc.’s request to extend its trading suspension until Jan. 11, to give the company more time to file the necessary disclosures in relation to its planned quasi-reorganization.

“The present request for extension of trading suspension is made in order to allow the company to make the necessary disclosures requested by the Exchange in relation to the number of the Corporation’s issued and outstanding shares resulting from the amendments of the par value of its shares and the issuance of new shares,” the company said.

The extended trading suspension will run from Jan. 10 to 11.

PAL Holdings, which operates flag-carrier Philippine Airlines, initially sought for a voluntary trading suspension from Jan. 3 to 9, in line with the Securities and Exchange Commission’s approval to decrease PAL Holdings’ authorized capital stock to P13.5 billion from P30 billion, resulting from the decrease in par value of each share to 45 centavos from P1. 

The SEC further approved the increase in par value of each share to P1 from 45 centavos, as a result of the decrease in the number of shares corresponding to the authorized and subscribed capital stock of the company.

The company also secured approval for the valuation of shares for a proposed share-swap transaction with Zuma Holdings and Management Corp. The transaction will allow PAL to issue 19 shares for each Zuma share surrendered.

With this, PAL Holdings will issue a total of 1.65 billion shares from its authorized but unissued capital stock to Cosmic Holdings Corp. and Horizon Global Investments Ltd., which own 60% and 40% of Zuma, respectively.

Zuma is the majority owner of Air Philippines Corp., which is an affiliate of PAL Holdings.

PAL Holdings’ capital restructuring looks to clean up the company’s balance sheet, as it seeks the entry of a new investor group. The company announced as early as 2014 that it is talking with potential investors to help manage its fleet.

The company swung to a net loss of P4.95 billion in the first three quarters of 2017, from a P2.55 billion net profit recorded in the same period in 2016. Revenues, meanwhile, climbed by 16% to P98.6 billion during the same period.

PAL Holdings’ last trading price was at P5.15 per share, recorded last Dec. 29, 2017. — Arra B. Francia