Dead whale in El Nido had ‘possible gunshots’

August 23, 2017 | 12:02 am

A DEAD bryde’s whale was towed to shore in the village of Sibaltan in El Nido, Palawan on Aug. 20, the Philippine Coast Guard (PCG) reported yesterday through its PCG El Nido station. The whale, estimated to be 13 meters long and weighing five tons, had deep wounds at the tail part from “possible gunshots,” according to the PCG. Members of the Palawan Council for Sustainable Development and the Municipal Environment and Natural Resources Office gathered tissue samples for examination.

Philab shelves follow-on offering worth P3.4 billion

August 23, 2017 | 12:02 am

PHILAB Holdings Corp. has withdrawn its application to conduct a follow-on offering of up to P3.4 billion.

In a disclosure to the stock exchange on Tuesday, Philab, which underwent a backdoor listing through Alterra Capital Partners, Inc., said it is deferring the listing of up to 500 million common shares at the Philippine Stock Exchange.

The company cited a request from China Bank Capital Corp., the offer’s underwriter, asking for sufficient time to conduct a due diligence review on the company as the reason for the withdrawal of the application.

“Further, after conferring with its advisors, the company has determined that the launching of such a follow-on offering at this time may not be the best course of action for the company. Instead, the company will benefit from this period by consolidating its business lines and prospects,” Philab said.

Alterra filed a registration statement for a follow-on offering at the Securities and Exchange Commission last January, with the intention of issuing a maximum of 500 million common shares with a price range of between P3.25 and P6.75.

Philab added that the listing would be deferred to a later time, “without prejudice to a possible re-filing by the company of such application in 2018.

The company widened its net loss attributable to the parent to P31.65 million for the second quarter of 2017, from the P270,948 recorded in the same period in 2016.

Shares in Philab closed at P5.10 each at the stock exchange on Tuesday, down by 10 centavos or 1.92%. — Arra B. Francia

Conflicting policies always hit consumers

August 23, 2017 | 12:02 am

The Department of Energy’s budget proposal for fiscal year 2018 is reflective of the administration’s aim of ensuring energy security, in line with President Duterte’s Ambisyon 2040.

On Aug. 17, the House of Representatives approved the Department of Energy’s proposed budget of P2.659 billion for 2018. The budget increased by P1.3 million or .05% from the P2.657 billion budget for 2017. By allotment class, Maintenance and Other Operating Expenses (MOOE) will receive the biggest share at P1.8 billion followed by Capital Outlay (CO) at P291.2 million.

The paramount goal of ensuring energy security by providing access to reliable and affordable energy, however, must translate into protecting the welfare of the consumers as the primordial concern of this administration.

In the same budget hearing, the department highlighted its pro-consumer distribution framework favoring affordability, choice and transparency, as provided in its Nine Point Energy Agenda. Consistent with this is DoE Secretary Alfonso G. Cusi’s announcement of the non-extension of the feed-in-tariff (FiT)subsidy for renewable energy projects so that electricity prices will be maintained at a minimum.

This syncs with the recommendation of Geoffrey Ducanes, Sarah Lynne Daway, Majah-Leah Ravago, and Raul Fabella in a study, “Carbon Footprint, Inclusive Growth and the Fuel Mix Debate in the Philippines.” The study authors suggested that the government shift additional charges (e.g. FiT, universal charge, stranded cost, missionary electrification charge) from Manufacturing/Industry to Services and the Treasury and to work towards a feed-in-tariff bill bankrolled by the Global Climate Fund.

In contrast to this pro-consumer direction, however, President Rodrigo R. Duterte’s steward of sound fiscal policy, the Department of Finance, through Undersecretary Karl Kendrick T. Chua, has announced plans for a 5% tax on coal, currently the Philippines’ largest source of power.

Department of Energy data covering the first half of 2017 show that in terms of power capacity, coal has the biggest portion at 35% followed by renewable energy at 32.5%. In terms of gross power generation, fossil-based generation such as oil, gas and coal account for approximately 72% while the remaining 28% is taken up by renewable energy, which is predominantly geothermal and hydropower.

By 2040, the primary energy mix, although subject to change, will most likely consist of 41.6% coal, 32.2% oil, 9% biomass, 7.1% geothermal, 4.1% natural gas, 3.1 % other technology, 1.9% hydro, 1.1% biofuels and 0% solar/wind.

Although the Department of Energy’s goal is to promote a low-carbon economy by increasing renewable energy capacity, conventional power sources such as coal, LNG and fossil fuels will still need to be maintained to support the DoE’s target of additional power capacity of 43,765 Megawatts by 2040.

By taxing one of the main sources of reliable and affordable power in the Philippines, the cost of electricity will increase, creating an additional burden on consumers at all levels.

Consumers are again left with conflicting policies.

Hannah Viola, Convenor, CitizenWatch Philippines

Lyceum Pirates for real

August 23, 2017 | 12:02 am

You do not go string up eight straight victories and say it is a fluke. One must be doing something right and effective to achieve such a feat especially amid tough competition, much like what is happening for the Lyceum Pirates in the ongoing Season 93 of the National Collegiate Athletic Association (NCAA).

To date, the Intramuros-based Pirates have won eight games in a row, the lone unbeaten team in the tournament, with a really great shot at fashioning out a sweep of their first-round assignments had games yesterday in the country’s longest-standing collegiate league not postponed due to inclement weather.

The situation Lyceum is currently in has it having its best start in men’s basketball since joining the NCAA in 2011.

What is doing it for the Pirates in Season 93? The answer is pretty simple. They are making things happen.

They are winning the games they are supposed to win while finding ways to hack out victories in matches deemed up for grabs, or even where they are considered at a disadvantage.

Case in point was their last game on Aug. 18 against erstwhile streaking Letran Knights where they fought their way back from some 17 points down to claim the win, 75-68.

To be honest, Lyceum teams of the past would have just folded when confronted with such a deficit but not this edition of the Pirates which has been fighting from start to finish.

Having a more “complete” and seasoned roster has definitely done wonders for Lyceum, enabling to be several notches higher more competitive.

The addition of NCAA-comebacking player CJ Perez has been a boon to the team with his do-it-all ways, allowing Lyceum to have flexibility in its roster and attack. It is also a big plus that he is clutch, providing the plays on both ends of the court when needed.

With the way he is playing, I would not be surprised if at the end of the tournament he is judged as most valuable player.

Veteran play has been steady as well for the Pirates so far.

Guys like Mike Nzeusseu, Jesper Ayaay, Reymar Caduyac and Wilson Baltazar, while not outright dominant, have been consistently delivering for the team and proven themselves ready to take over when their numbers are called.

Cameroonian Nzeusseu, for example, was big when they won over Letran, pouring in most of his 13 points, 15 rebounds and three blocks in the final canto to frustrate their opponents en route to the win.

Such stepping-up from its players has Lyceum really hard to predict and one must be on its toes against it.

Then there are the young guns led by the Marcelino twins – Jaycee and Jayvee — who have given added bounce to the team with their spirited play and ability to surprise as well.

Of course, credit should be given to the Lyceum coaching staff, led by head coach Topex Robinson.

Obviously the early birth pains that Robinson and the rest of the team had to endure in the previous years are now bearing fruits.

Robinson has done a solid job in keeping the team level-headed and focused on what they need to do despite the early success they are enjoying.

This is apart from the firm grasp he has of the personnel they have to steadily execute their Xs and Os, from their multipronged offensive attack all the way to their suffocating pressure defense.

From the looks of things, Lyceum could well sweep their first-round assignments with the second round still very much promising.

Whether that translates to a first-ever NCAA title, I think the verdict is still out. But make no mistake, the Pirates are for real. And the field should take notice in case it has not so.

Michael Angelo S. Murillo has been a columnist since 2003. He is a BusinessWorld reporter covering the Sports beat.

msmurillo@www.bworldonline.com

Dashboard (08/23/17)

August 23, 2017 | 12:02 am

Honda CR-V gets top safety rating

THE Honda CR-V, launched in the Philippines on Aug. 8, has received top marks for safety features from a regional group.

Honda Cars Philippines, Inc. (HCPI) said the ASEAN New Car Assessment Program (NCAP) has awarded the new CR-V a five-star safety rating, the first Honda model to score the grade under the group’s 2017-2020 assessment protocol, which urges car makers to follow the best safety practices in the region.

The CR-V scored 88.8 points out of a possible 100 in assessments that include a frontal offset impact test, side impact test, and evaluation of other safety features. HCPI said the model received “impressive scores” in occupant protection for both adults and children, as well as in the area of safety assist systems.

Its SX Diesel 9A/T AWD variant comes fitted with Honda’s advanced driving assist system called Honda SENSING, consisting of a millimeter-wave radar and monocular camera mounted on the windshield warns against a collision. Other CR-V variants are also equipped with Honda LaneWatch that displays an additional 80-degree view of the right side of the vehicle. HCPI said both devices received awards in the Safety Technology category in ASEAN NCAP.

Chevrolet Cebu opens new service center

CHEVROLET Cebu, a dealer of the year winner from 2013-2015, has recently opened its new service center.

Chevrolet Philippines said the new facility houses 12 service bays, and “provides the latest innovations in after-sales and customer service for Chevrolet owners” in the southern part of Cebu.

The Chevrolet Cebu Service Center is located at No. 2, 3^rd Avenue, Sergio Osmeña, Jr. Boulevard, North Reclamation Area, Cebu City.

Stocks flat in listless trading as ‘ghost month’ starts

August 23, 2017 | 12:01 am

LOCAL EQUITIES barely moved as the Aug. 22 to Sept. 19 Chinese “ghost month” began, with political noise and the peso’s continued weakness providing earthward pull yesterday.

The 30-member Philippine Stock Exchange index shed 0.8 of a point or 0.01% to close at 8,015.93, while the broader all-shares index edged up by 2.32 points or 0.04% to 4,737.16.

“(The) market (was) slightly down,” Regina Capital Development Corp. President Marita A. Limlingan said in a text message.

“Political noise as well as external factors ruled the day. There was lack of catalyst that would push market up,” she said, particularly citing the public outcry over a reinvigorated anti-drug war that has again claimed scores of lives, including that of a high- school student who was killed in suspicious circumstances as well as President Rodrigo R. Duterte’s decision to accept the resignation of embattled Customs Commissioner Nicanor E. Faeldon who has borne the brunt of blame for the smuggling in May of more than 600 kilograms of methamphetamine worth P6.4 billion.

Ms. Limlingan also attributed the market’s slump to the depreciation of the peso, which closed to a fresh 11-year low on Friday last week of P51.49 against the greenback. The local unit yesterday closed just 0.486% stronger at P51.24 to the dollar, but it was still 3.057% weaker from end-2016’s P49.72-per-dollar rate.

Other Asian markets were mostly up, with only Japan’s Nikkei 225 index shedding 0.05%. Japan’s TOPIX, Hong Kong’s Hang Seng, Shanghai-Shenzhen’s CSI 300, South Korea’s Kospi, the S&P/ASX 200 and MSCI AC Asia Pacific gained 0.06%, 0.91%, 0.30%, 0.44%, 0.42% and 0.03%, respectively.

The six Philippine sectoral indices were equally divided between those that gained and those that declined.

Those that increased consisted of mining and oil that advanced by 101.61 points or 0.79% to close 12,860.76, industrial firms that gained 55.98 points or 0.50% to 11,121.94 and holding firms that rose by 26.80 points or 0.34% to finish 7,858.22.

Those that declined consisted of the property sector that lost 28.17 points or 0.74% to end 3,761.21, services that dropped 2.55 points or 0.15% to 1,702.84 and financials which slipped by 2.01 points or 0.1% to 2,004.79.

A total of 921.44 million issues worth P6.12 billion changed hands, compared to last Friday’s turnover of 64.50 million shares worth P5.39 billion. Stocks that lost trumped those that gained 112 to 91, while 37 were unchanged.

Foreigners were net buyers for the 10^th straight trading day, though volume was the smallest in that period at P12 million.

Stocks that gained included Universal Robina Corp., Metropolitan Bank & Trust Co., Jollibee Foods Corp. and Philweb Corp. that rose 0.67% to close P151 apiece, 1.37% to P89, 2.04% to P240 and by 17.18% to P11.12 each. Those that fell included SM Prime Holdings, Inc.; BDO Unibank, Inc. and Ayala Land, Inc. that lost 1.02% to end P34.10, 1.23% to P128.60 and 0.81% to P42.60 each. — Arra B. Francia

Rare total solar eclipse spreads wonder across US

August 23, 2017 | 12:01 am

CHARLESTON, S.C./SHERIDAN, OREGON — As millions of awestruck Americans cast their gaze skyward on Monday at the extraordinary sight of a total solar eclipse, one Connecticut man had his eyes set firmly on a different prize.

Joseph Fleming, 43, went down on one knee in the darkness near the harbor in Charleston, South Carolina, and asked Nicole Durham to marry him.

“The sun, the moon and my love, all in a straight line,” Mr. Fleming said, laughing, after Ms. Durham, 40, said yes.

The first total eclipse in a century to sweep across the United States from coast to coast inspired Americans to make marriage proposals, hold family reunions and take time from work to witness with wonder one of the cosmos’ rarest phenomena.

After weeks of anticipation, onlookers from Oregon to South Carolina whooped and cheered as the moon blotted out the sun, transforming a narrow band of the United States from day to night for two minutes at a time.

Even President Donald J. Trump stepped out of the White House to see the eclipse, though he was spotted briefly looking up without protective glasses, which can cause eye damage, as an aide yelled “Don’t look!”

“It’s more powerful than I expected,” Robert Sarazin Blake, 40, a singer from Bellingham, Washington, said after the eclipse passed over Roshambo ArtFarm in Sheridan, Oregon. “All of a sudden you’re completely in another world. It’s like you’re walking on air or tunneling underground like a badger.”

No area in the continental United States had seen a total solar eclipse since 1979, while the last coast-to-coast total eclipse took place in 1918.

The event was expected to draw one of the largest audiences in human history, including those watching on television and online.

Some 12 million people live in the 70-mile-wide (113-km-wide), 2,500-mile-long (4,000-km-long) zone where the total eclipse appeared, while hordes of others traveled to spots along the route.

Many people trekked to remote national forests and parks of Oregon, Idaho and Wyoming. Those in cities along the path like Kansas City, Missouri, and Nashville, Tennessee, were able to simply walk outside.

The eclipse first reached “totality” — the shadow cast when the sun is completely blocked by the moon — in Oregon at 10:15 a.m. PDT (1715 GMT) and began spreading eastward.

“It just kind of tickled you all over — it was wonderful — and I wish I could do it again,” said Stormy Shreves, 57, a fish gutter who lives in Depoe Bay, Oregon. “But I won’t see something like that ever again, so I’m really glad I took the day off work so I could experience it.”

As the sun slipped behind the moon in Sawtooth National Forest in Idaho, stars became visible, coyotes howled and the temperature dropped precipitously.

The phenomenon took its final bow at 2:49 p.m. EDT (1849 GMT) near Charleston.

Monday’s excitement led music lovers to stream Bonnie Tyler’s “Total Eclipse of the Heart,” pushing it to the top of Apple’s iTunes chart 34 years after its release. Ms. Tyler herself performed the song aboard a Royal Caribbean cruise ship on Monday.

VIEWING PARTIES
A number of towns within the eclipse’s path set up public events. At the Southern Illinois University campus in Carbondale, Illinois, the 15,000-seat football stadium was sold out for Monday.

Other people in the eclipse zone hosted their own private viewing parties. At a mountain cabin in the woods in Murphy, North Carolina, the air grew cold as the moon slowly chipped away at the sun before blocking it completely, leaving only a surrounding halo of light.

“That was the most beautiful thing. I could die happy now,” said Samantha Gray, 20, an incoming graduate student at University of Chicago. “Anybody want to go on vacation with me in April 2024?”

Another total solar eclipse will cut across the southeastern and northeastern United States on April 8, 2024.

For millions of others outside the zone of totality, a partial eclipse appeared throughout North America, attracting its own crowds.

In Washington, DC, thousands of people lined the National Mall at 2:45 p.m., when four-fifths of the sun was blacked out.

“It’s amazing, super cool,” said Brittany Labrador, 30, a nurse practitioner from Memphis. “It’s kind of just cool to watch in the capital.”

In New York, people crowded sidewalks near Times Square, with the vast majority staring up without any protective lenses.

“I’m actually kind of scared to look up and go blind without using the glasses,” said Sarah Fowler, one of the few who wore the proper eyewear. — Reuters

Dominguez sees Customs reforms on track after Faeldon departure

August 23, 2017 | 12:01 am

REFORMS in the Bureau of Customs (BoC) will stay on track despite the change in leadership, Finance Secretary Carlos G. Dominguez III said.

Faeldon to adversaries: Don’t act like you own BoC — Former Customs Commissioner Nicanor E. Faeldon gestures during a press conference at his office in Manila. — *PHILIPPINE STAR_EDD GUMBAN*

“There is a [personnel] change, but there is no change in management thrust in the agency… I expect that the improvements will continue, and then we will move forward with the current thrust of the agency,” Mr. Dominguez told reporters yesterday.

President Rodrigo R. Duterte announced late Monday that he has accepted Nicanor E. Faeldon’s resignation as the Customs chief, with the agency under pressure due to an investigation into P6.4 billion worth of methamphetamine hydrochloride, known locally as ‘shabu,’ in a Valenzuela warehouse in May.

The illegal drugs are alleged to have been shipped from China, raising questions about how they got past Customs.

In separate House and Senate hearings, legislators questioned Mr. Faeldon’s capability in running the bureau, and has called for his resignation.

Mr. Dominguez stood by Mr. Faeldon, noting that the discovery of tax evasion by cigarette manufacturer Mighty Corp. eventually resulted in a record tax settlement.

“Our success in the collection of some P30 billion pesos from Mighty was initiated by the BoC…So I have no doubt about his honesty and sincerity.”

Still, Mr. Dominguez said that he is confident with the appointment of Philippine Drug Enforcement Agency Director-General Isidro S. Lapeña to replace Mr. Faeldon as the Customs Commissioner.

“I am very confident in the new appointee who is Sid Lapeña. He is a very honest, thorough, and very straight guy,” Mr. Dominguez said.

Asked whether the bureau will be on target to meet its goals, Mr. Dominguez said: “I think the agency is shaping up and I think they are fully aware that this big job is in front of them. Let me just point out that I think the Bureau of Customs is well on its way to showing that it can meet up with its responsibilities.”

Mr. Faeldon issued a statement on his resignation yesterday saying: “My relief from my post is the best for our country. I urge everyone to continue to support the reform agenda and the development programs of the President.”

“I thank everyone who has supported the Bureau of Customs during my stay and I appeal to the BoC employees and to the public to support the new commissioner. Thank you very much,” he said.

The BoC — an agency of the Department of Finance, and the second-largest revenue generating agency — is currently implementing Republic Act No. 10863 or the Customs Modernization and Tariff Act, to bring customs procedures up to international standards, utilize information and communications technology more extensively, and curb illicit activities in its ports.

The agency is tasked to collect P467.9 billion this year. As of the first half, it has collected P210.28 billion, up 10.35% from actual collections a year earlier. — Elijah Joseph C. Tubayan

Emerging market currencies vs dollar, euro

August 23, 2017 | 12:01 am

LONDON — Emerging economies’ debt in euros has shot to record highs thanks to European Central Bank (ECB) largesse, and yet an approaching end to this generosity won’t necessarily inflict the kind of pain that markets once suffered at the hands of the US Fed. Read the full story.

India wields name and shame strategy

August 23, 2017 | 12:01 am

INDIA’S regulator is putting a spotlight on dealings between banks and troubled borrowers by requiring listed companies to report within one working day missed interest or installment payments on loans.

Publicly traded companies in India from Oct. 1 will need to notify the stock exchange of a default on a bank loan, following an order from the Securities and Exchange Board of India this month. The move may help Indian authorities to stem mounting bad loans by putting pressure on borrowers to honor obligations and banks to improve credit vetting.

“Transparency has finally arrived — a little late, but never the less a welcome arrival for an information-hungry market,” Hemindra Hazari, a Mumbai-based independent banking analyst who publishes at Smartkarma. “While this may improve borrower discipline, there will be tremendous pressure on banks, financial institutions and credit rating agencies, and on their credibility.”

Mounting bad loans are hurting lender profits and sapping their ability to support growth, with the government and the Reserve Bank of India increasingly having to step in to prop up weaker state-owned lenders. Stressed or non-performing assets, restructured debt and advances to companies that can’t meet servicing requirements at local lenders was 17% by the end of December, the highest among major economies, according to finance ministry data released earlier this year.

The one-day reporting requirement will also apply to defaults on commercial paper, medium-term notes, foreign-currency convertible bonds, and other listed securities. Defaults on bonds and syndicated loans from companies are at record $1.9 billion so far in 2017, compared with a total of $494 million for full-year 2016, according to data compiled by Bloomberg.

“Many banks are presently under considerable stress on account of large loans to the corporate sector turning into stressed assets,” Sebi said in a statement on Aug. 4. Companies in India continue to be primarily reliant on loans for funding and the new order addresses a “critical gap in the availability of information to investors,” according to the statement.

“There will be less information asymmetry and all lenders will get to know signs of financial distress,” Ananda Bhoumik, chief analytical officer at India Ratings and Research, said in a phone interview. “It forces companies to evaluate strategy and do something to solve the problem. It will help in early sighting of signs of any potential distress in borrowers.” — Bloomberg

Davao-UP gym in P8-B sports complex nears completion

August 23, 2017 | 12:01 am

DAVAO CITY is eyeing to host several national and international sports events with the completion of the 20-hectare Davao City-University of the Philippines (UP) Sports Complex. “The Davao City Sports Complex Multi-purpose Gymnasium is now 90% complete while the open-air Stadium 1 is about 80% complete,” former District 3 Rep. Isidro T. Ungab told BusinessWorld. Mr. Ungab was chair of the committee on appropriations when the P450-million fund for the facility’s Phase 1 was approved and included in the 2015 national budget. Phase 1 covers the P100-million gym, oval track, lightings, and road leading to the sports complex. Mr. Ungab said there is no fund source yet for the next phase of the project, which is estimated to have a total cost of P8 billion. “So far the progress of the construction is within our timetable. We are optimistic that we can host the Palarong Pambansa 2019,” Mr. Ungab said. — Carmencita A. Carillo

Stop the killings, build the good institutions

August 23, 2017 | 12:01 am

We the women and men of Action for Economic Reforms express our indignation over the government-sanctioned killings of thousands of Filipinos, mostly the poor.

The persistent and even surging increase in the number of bodies strewn all over, underscored most especially by the execution of Kian Loyd delos Santos, has deservedly triggered widespread condemnation from almost all social spheres and political colors.

The mounting deaths, at the very least, should have sobered President Rodrigo R. Duterte, who used the drug problem as a political campaign only to realize later that the menace can easily outlive his political term. That Mr. Duterte himself has acknowledged that he could not fulfill his campaign promise of ending drugs within six months of his term and could not lick the problem over the his entire term already suggests a failure of his drug policy.

While we agree that the drug problem must be taken seriously, we strongly disagree with this government’s assertion that the drug problem is strictly a criminal issue, and thus also disagree to the government’s chosen policy of punishment and extrajudicial retribution. The most rigorous of research and the most successful of anti-drug campaigns in the world over put forth one declaration: drug addiction is a disease of the brain rather than a moral failing. As such, the government’s approach is myopic, reductionist, and destined to fail.

We state our position with no equivocation: We condemn the murders in the strongest possible terms. This culture of death and impunity has no place amongst a people dedicated to building a just and humane society, and in an elected government that is supposedly dedicated to a regime of truth and justice.

Mr. Duterte rails against a busted system, including a justice system that undermines justice itself. Indeed, we must change our weak and corrupt institutions, but Mr. Duterte’s directives and actions are supplanting bad institutions with the worst kind of institutions. Any “second best” way to address bad institutions should translate into the long-term development of good institutions, not the destruction of good institutions.

We welcome the call to investigate the killing of Kian, especially if it is to become a catalyst for the formulation of a better drug policy. The murder of Kian ought not be seen as an isolated case, but rather a piece of the fabric of our society that has been frayed and torn and bloodied. This probe therefore must be a first step in overturning the current violent drug policy, and ensuring that the perpetrators of extrajudicial killings, no matter what position in government they hold, are held accountable.

Any investigation must not lead to a whitewash, which will further destabilize our society. Remember, for example, how the whitewashing of the investigation of Ninoy Aquino’s murder, (his martyrdom which we commemorate on Aug. 21) further intensified resistance, a resistance that transformed into people power that overthrew the Marcos dictatorship.

To quote President Duterte himself in his tribute to Ninoy Aquino, “up until the very end of his life, he inspired a peaceful revolution.” Let us protect the gains from this peaceful revolution. Fight for peace, fight for justice.

Cristina Morales Alikpala, Jessica Reyes Cantos, Jenina Joy Chavez, Jo-Ann Latuja Diosana, Cielo Magno, Rafael Paredes, Victoria Viterbo Quimbo, Rene R. Raya, Filomeno S. Sta. Ana III are senior fellows of Action for Economic Reforms.