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PEZA’s Plaza claims P313.42-B in investments during term

THE Philippine Economic Zone Authority (PEZA) said its Director-General, Charito B. Plaza, has accounted for P313.42 billion worth of investment since taking office on Oct. 5, 2016.

Ms. Plaza, whose agency issued the statement on the occasion of her more than a year in office, said in a statement that the investment total covers the period Oct. 5, 2016 to Oct. 4, 2017.

The record for a calendar year’s worth of investment is P311.9 billion, set in 2012.

PEZA said it engaged in “aggressive marketing and promotion” during Ms. Plaza’s term.

She cited a boom in economic zone development “because of our aggressive invitations to private landowners. We are also undertaking partnerships with public lands managed by various government agencies,” she added.

Investment in the first nine months of 2017 rose 94.12% to P195.46 billion.

It said PEZA-registered entites also accounted for 80% of Philippine exports, with over 92% being foreign investors registered with PEZA.

The ecozone, manufacturing and information technology (IT) industries saw an increase in investments, the agency said.

“I just want to correct the understanding that we saw a drop in IT. There was a drop because there was not much investment compared to the previous years. The income is less than the previous year but there are no BPOs who stopped (operations) or exited (the country). No one went out so [we’re still at] status quo and a few new ones came in but it’s lower in the previous year,” she said.

In April PEZA remitted to the government P622 million or half of its net profit for 2016, as is required of government-owned and controlled corporations (GOCCs).

“We are also telling everybody to convert their land into economic zones because our goal is there should be no more idle lands. So in partnership with NCIP (National Commission on Indigenous People), we hope to dialogue with indigenous people to make their ancestral lands economic zones because we see a lot of potential fo food production.” — Anna Gabriela A. Mogato

New stars

The Tbilisi World Cup saw some failures. As early as the second round Vishy Anand, Sergey Karjakin and Michael Adams were out. The reigning world champion Magnus Carlsen fell in the third round to Chinese GM Bu Xiangzhi, as did Vladimir Kramnik, although one may add that the latter’s opponent was pretty strong himself — no other than Vassily Ivanchuk, temporarily out of his new passion draughts competitions and back to competitive chess.

But for every fallen hero a new star came out to make a name for himself. In Tbilisi 2017 without a doubt the names of Vladimir Fedoseev (born Feb. 16, 1995), Maxim Matlakov (born March 5, 1991) and Daniil Dubov, who saw the light of day in April 18, 1996.

We had already covered Fedoseev recently so today I will show you one game each of Matlakov and Dubov.

GM Matlakov is a native of Leningrad and is part of the great chess tradition of St. Petersburg, which includes Viktor Korchnoi, Peter Svidler, Alexander Khalifman, Evgeny Alekseev and Konstantin Sakaev. Before he made his sudden surge to the ranks of elite chess players his principal claim to fame was runner-up to Peter Svidler in the Candidates tournaments of 2013, 2014 and 2016. That was, of course, before coming into his own by winning the 2017 European chess championship.

Armenian no. 1 Levon Aronian won the World Cup by defeating Ding Liren in the finals 4-2. The classical portion of their match saw four draws and it was only in the Rapids (25-minute + 10 seconds for the entire game) that Aronian prevailed but actually it was not such a close fight — the Armenian GM was pushing hard in all of the games and Ding was mostly just trying to stave off defeat.

I believe Aronian’s most difficult opponent was back in the third round against GM Maxim Matlakov. They exchanged wins in the regular classical games and then drew twice in the 25-minute games. Another exchange of wins in the 10-minute games and it was only in the blitz that Aronian managed to prevail. Here is the most impressive game.

Matlakov, Maxim (2728) — Aronian, Levon (2799) [D35]
FIDE World Cup 2017 Tbilisi (3.2), 10.09.2017

1.d4 Nf6 2.c4 e6 3.Nc3 d5 4.cxd5 Nxd5!?

Transposing to the Semi-Tarrasch system. The Queen’s Gambit Exchange Variation with 4…exd5 5.Bg5 is known to give White a small but stable variation — definitely not the type of position a dynamic player like Aronian wants to get into.

5.e4 Nxc3 6.bxc3 c5 7.Rb1

The main battleground here is 7.Nf3 cxd4 8.cxd4 Bb4+ 9.Bd2 Bxd2+ 10.Qxd2 0–0 but, having lost the first game of his mini-match with Aronian, Matlakov was obliged to go all out for a win. The text move prevents Black from playing 7…cxd4 8.cxd4 Bb4+ to exchange one pair of bishops.

7…Be7 8.Nf3 0–0 9.Bc4 Qc7 10.Qe2 a6 11.a4 cxd4 12.cxd4 Bd7 13.0–0 Rc8 14.Bd3

Starting here Black has to watch out for White’s e4–e5 followed by the Greek Gift Sacrifice starting Bxh7+

14…Bxa4 15.d5!?

What is the point of this move? Well I already told you — White wants to play e4–e5 followed by Bxh7+

15…Nd7 16.e5! exd5?! 17.e6! Nf8 18.exf7+ Kxf7 19.Nd4?! Bf6? <D>

Black had to retreat with his king 19…Kg8! when anything can still happen.

POSITION AFTER 19…BF6

20.Bxh7!

Here we go!

20…Qe5

A quick rundown of the possibilities:

The knight on f8 can’t move because it is covering e6. If it takes the bishop then 20…Nxh7 21.Qe6+ Kf8 (21…Kg6 22.Qf5+ Kf7 23.Qxd5+ Kg6 24.Ne6 Qe5 25.Nf4+ and the black queen is lost next move to discovered check) 22.Ba3+ Be7 23.Rbc1 wins as the black queen is forced to leave the protection of the bishop on e7.

20…g6 21.Bxg6+! Kxg6 22.Qg4+ Kh7 (22…Kf7 23.Nf5 White has too many threats, not the least of which is Rxb7, Qxb7, Nd6+) 23.Qf5+ Kg7 24.Bh6+! Kxh6 25.Qxf6+ Kh7 26.Rb6 Bc6 27.Nf5 there is forced mate;

20…Bxd4 21.Qf3+ Ke7 (21…Bf6 22.Qxd5+ Ne6 23.Rxb7) 22.Re1+ Ne6 23.Qxd5 Qd6 24.Ba3!

21.Rxb7+ Bd7 22.Qg4! Qxd4

[22…Rd8 23.Nf3! Qe6 24.Qh5+ g6 (24…Ke7 25.Ba3+ Qd6 26.Re1+ Ne6 27.Qxd5) 25.Bxg6+! Nxg6 26.Qh7+ Kf8 27.Bh6+ a massacre]

23.Rxd7+ Nxd7 24.Qxd7+ Be7 25.Re1 Qe5 26.Bd2 Rd8 27.Qg4 1–0

It is really time to resign: 27.Qg4 Qf6 28.Bg5 Qxg5 29.Qe6+ Ke8 (29…Kf8 30.Qg8#) 30.Bg6+ Qxg6 31.Qxe7#.

Daniil Dubov achieved the grandmaster title in 2011 at the age of 14 years and 11 months. In the next year he already made a splash by tying for first in the Russian Higher League Championship and qualified for the Super-Finals, where he finished in the middle of the standings.

Since that time Dubov has maintained a high level of performance and his strong showing in this year’s World Cup is a portent of things to come — he did not have an easy schedule in Tbilisi. First round was a tough victory over tough GM Daniel Fridman 3.5-2.5. This was followed by a huge upset win over Sergey Karjakin (the defending World Cup champion) in the 2nd, 1.5-0.5. The third round was a another stern fight which ended in a 1.5-0.5 win vs Vladislav Artemiev before he was terminated by Aronian in the 4th round.

Dubov, Daniil (2666) — Artemiev, Vladislav (2692) [B98]
FIDE World Cup 2017 Tbilisi (3.2), 10.09.2017

1.e4 c5 2.Nf3 d6

The first surprise — throughout the tournament Artemiev had stuck with various Paulsen variations starting with 2…e6 and he plays 2…d6 and the Najdorf for the first time in the event.

3.d4 cxd4 4.Nxd4 Nf6 5.Nc3 a6 6.Bg5 e6 7.f4 h6 8.Bh4 Be7 9.Qf3 Nbd7 10.0–0–0 g5!?

A surprise, the idea of which for Black is to put his knight on e5. This is very similar to the Gothenburg Variation of the Sicilian and in fact Dubov recalled this line and decides to use the Gothenburg idea of sacrificing his light-squared bishop on b5 to get his knights into position.

11.fxg5 hxg5 12.Bg3

Dubov took 35 minutes over this move deciding between Bxg5 or Bg3. He finally settles on Bg3, targeting the d6 square and totally in line with his idea of sacrificing a bishop on b5. 12.Bxg5 is possible, but quite probably Dubov didn’t like going into 12…Ne5 13.Qe2 Nxe4 with its multiple piece exchanges.

12…Qc7 13.Bb5!?

Dubov assures us that he had not prepared this move and it was an over-the-board inspiration. In an interview after the game he explained that Artemiev is known for his excellent technique and Daniil felt that the only way he can win is to complicate the game.

13…g4

Played after 20 minutes’ thought. What happens if Artemiev takes the bishop? 13…axb5 14.Ndxb5 Qc5 15.Bxd6 Bxd6 16.Nxd6+ Ke7 17.Rhf1 looks very dangerous. White already has the threat of 18.Nxf7 Kxf7 19.Rxd7+!

14.Qe2 e5 15.Nf5 axb5 16.Nxb5 Qc6 17.Nbxd6+ Bxd6 18.Nxd6+ Kf8 19.a3 Ne8 20.Nf5 Ra4! 21.Be1

Dubov said after the game that at this point he realized that he was worse and offered a draw. The offer surprised Artemiev who was torn between wanting to agree to the draw as the position was too chaotic for his taste and also wanting to continue as he knew he was better. At the end he decided to continue but he could no longer get himself to play at full strength.

21…Ndf6 22.Ng3 Nxe4 23.Rd8 Be6?!

Much better was 23…f6

24.Bb4+! Rxb4 25.axb4 Nxg3

The point, winning the knight. But…

26.Qxe5

No it doesn’t!

26…Ke7 27.Rhd1 Rxh2 28.b5 Ne2+?

Better was 28…Qc4

29.Kb1 Qc4

Now this is too late. Black is threatening Qa2 checkmate, but he overlooked the reply…

30.Rxe8+! Kxe8 31.Qb8+ Bc8

[31…Ke7 32.Qd8#]

32.Qxh2

Dubov is already winning.

32…Nc3+ 33.bxc3 Qxb5+ 34.Kc1 Qg5+ 35.Rd2 Qa5 36.Rd4 Qg5+ 37.Kd1 Qf6 38.Qc7 Qf1+ 39.Kd2 Qxg2+ 40.Kc1 Qf1+ 41.Rd1 1–0

I believe in the coming team events like the Olympiad the Russian team will be seeing a lot of new blood.

 

Bobby Ang is a founding member of the National Chess Federation of the Philippines (NCFP) and its first Executive Director. A Certified Public Accountant (CPA), he taught accounting in the University of Santo Tomas (UST) for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.

bobby@cpamd.net

Kim Jong-Nam murder trial visits laboratory to view VX tainted clothes

PETALING JAYA, MALAYSIA — The trial of two women accused of murdering the North Korean leader’s half-brother moved Monday to a high-security Malaysian laboratory to view clothing worn by the defendants and contaminated by a nerve agent.

The visit to the government lab near Kuala Lumpur came after a chemist last week testified there were traces of VX on the women’s clothes.

Raja Subramaniam’s testimony was the first evidence directly linking the women to the poison used to kill Kim Jong-Nam as he waited at a crowded airport near the capital.

Indonesian Siti Aisyah and Vietnamese Doan Thi Huong, in their 20s, are accused of smearing VX on Mr. Kim’s face in February in a hit that stunned the world.

The women, who were arrested a few days after the killing and face death by hanging if convicted, have pleaded not guilty to murdering the estranged half-brother of Kim Jong-Un as he waited to board a flight to Macau.

The defendants say they were duped into believing they were taking part in a prank for a reality TV show, and their lawyers blame North Korean agents for the assassination.

On Monday the judge, prosecutors and defense lawyers headed to the laboratory along with Raja.

A member of Aisyah’s legal team put on a lab coat, mask and gloves and entered a room to examine clothes, nail clippings and blood samples, said Aisyah’s lawyer Gooi Soon Seng.

“The whole process was to identify the exhibits,” Gooi said.

But he added that a blazer said in court to have been worn by Kim Jong-Nam and to be contaminated with VX was not shown to them.

The trial was supposed to move back to Shah Alam High Court, near the capital, and resume in the afternoon. But it was postponed until Tuesday after Raja, who was due to be questioned by the defense, complained of feeling tired.

The murder sparked a fierce row between Malaysia and North Korea, which is suspected of ordering the hit. Pyongyang denies the allegation. — AFP

High-rise forests take root beyond Italy

MILAN — As balconies bristle with tree branches and sunshine dapples the leaves of thousands of plants, two apartment buildings in the heart of Milan have almost disappeared under lush forest.

The brainchild of Milanese architect Stefano Boeri, the Bosco Verticale (Vertical Forest) uses more than 20,000 trees and plants to adorn the high-rise buildings from top to bottom — a project now being exported all over the world, from China to the Netherlands.

The two original leafy towers dominate the skyline in the northern Italian city, giving residents — including celebrities like footballer Ivan Perisic — an enviable view over the new district of Porta Nuova and beyond.

Cherry, apple and olive trees spill over balconies alongside beeches and larches, selected and positioned according to their resistance to wind and preference for sunlight or humidity.

Mr. Boeri said the idea came from his obsession with trees and determination to make them “an essential component of architecture,” particularly as a weapon to combat climate change.

“I was in Dubai in 2007 and I watched this city growing in the middle of the desert, with more than 200 glass towers multiplying the effect of heat,” he recalls.

He wanted instead to create something that “as well as welcoming life, can contribute to reducing pollution, because trees absorb microparticles and CO2.”

“Cities now produce about 75% of the CO2 present in the atmosphere. Bringing more trees into the city means fighting the enemy on the spot,” he said.

‘BEST TALL BUILDING WORLDWIDE’
Opened in 2014, the Vertical Forest won the prestigious Frankfurt International Highrise Award, and the Chicago Council on Tall Buildings and Urban Habitat named it Best Tall Building Worldwide.

“It’s a unique thing to live here, we’re in direct contact with the plants while being in the city centre and in a super modern skyscraper,” says Simona Pizzi, who can see the mountains from her 14th floor apartment.

“The plants have developed a lot over the past three years, and we see them changing with the seasons,” adds the proud owner of an apple tree, where the white flowers contrast magnificently with the green foliage.

Mr. Boeri worked closely with botanists to create a nursery of a thousand trees that have been trained to grow under specific conditions.

The team faced numerous challenges, from how the balconies should be structured to take the weight of the plants, to how to secure the tree roots and what needed to go into the soil.

They even carried out resistance tests at a hurricane center in Miami.

“For every human being living in the building, there are about two trees, 10 shrubs and 40 plants,” Mr. Boeri said.

THE FUTURE OF HOUSING?
The vegetation soon transformed into a veritable wildlife park: 9,000 ladybirds brought over from Germany to eat parasites — to leave the plants pesticide free — multiplied over the space of a few weeks.

“The extraordinary thing that we did not expect was the incredible amount of birds that nested here. We have small hawks on the roofs, and swifts that had previously disappeared from Milan,” Mr. Boeri said.

The architect and his team are now working on a dozen or so Vertical Forest projects around the world, including Lausanne in Switzerland, Utrecht in the Netherlands, Sao Paolo in Brazil and Tirana in Albania.

The aim in Eindhoven in the Netherlands is to swap the sort of luxury pads seen in the Milan project — which go for some €11,000 ($12,900) per square meter — for social housing, a project Mr. Boeri says he’s particularly keen on.

And because the cost of the trees is low, it’s not an unreasonable ambition, he says.

He is also thinking big in China, where not only are two towers under construction in Nanjing and a hotel in the works in Shanghai, but there are plans for a “Forest City” of some 200 buildings in Liuzhou.

“China is now realising it faces the dramatic problem of air pollution, but also of uncontrolled urbanization, with cities growing out of suburbs, creating megacities,” he said.

“Every year fifteen million peasants abandon the countryside to come to the city, we have to come up with some answers, with new green cities,” says Mr. Boeri, who took part in the COP21 conference on climate change in Paris in 2015.

The architect has not patented the Vertical Forest and has even written a book revealing the secrets and techniques behind it, which he hopes will encourage a new, greener way of developing cities. — AFP

Smart to upgrade cell sites in Marikina, QC

SMART Communications, Inc. is upgrading its cell sites in Marikina and Quezon City beginning this month to improve mobile data service, particularly long-term evolution (LTE) and 3G.

In a statement, the subsidiary of PLDT, Inc. said the network upgrades will be carried out gradually in various areas in the two cities in order to minimize disruption of services.

“We are doubling the number of our LTE equipment in Marikina and Quezon City, and expanding support for 3G as well,” Mario G. Tamayo, PLDT and Smart senior vice-president for Network Planning and Engineering said in a statement.

“By the end of our upgrades, we expect to improve the coverage of our 700 megahertz (MHz) and 1800 MHz frequencies in the area, which will widen and improve indoor coverage, as well as increase each cell site’s capacity to handle more calls, texts and data traffic.”

Smart has completed its LTE rollout in Metro Cebu and Metro Davao, Boracay, and Rizal province. Rollout is currently underway in Metro Manila.

The upgrades are part of the comprehensive network modernization and expansion program at the center of PLDT group’s digital pivot.

Smart began deployment of LTE sites using the 700 MHz band last year, after PLDT and Globe teamed up to buy the telecommunications assets of San Miguel Corp. for P69.1 billion.

PLDT in July last year submitted to the National Telecommunications Commission the three-year network rollout plan of Smart, saying that it will make LTE available to 95% of the country’s cities and municipalities by the end of 2018.

Smart previously said that it aims to provide LTE service to 50% of the country’s cities and municipalities by the end of the year. — Patrizia Paola C. Marcelo

Puerto Ricans find a lifeline in recovery jobs

ALIANA ACEVEDO isn’t collecting a paycheck, because the Ritz-Carlton hotel in San Juan, Puerto Rico, is shut indefinitely. She’s trying to get a job with the Federal Emergency Management Agency (FEMA), a lifeline for the battered island’s tourism industry in more ways than one.

More than 13,000 federal government workers who were dispatched to Puerto Rico for hurricanes Irma and Maria are filling the open hotels — sometimes three to a single room. For those that remain shuttered, the agency is giving idled employees hope until tourists return to the US territory’s beaches, rain forests and colonial Spanish beauty.

“I just need a job,” said Ms. Acevedo, 25, a waitress at the hotel’s Mares restaurant, explaining that she had only $800 in cash. “It’s making me anxious. I’ll do whatever. ”

The recovery after this year’s devastating hurricane season, which is already a slow period for hotels, is providing a welcome, if temporary, boost for a tourism industry worried about its future. The federal government’s hotel reimbursement rate of $167 a night in San Juan, which rises to $195 during high season, can last only so long. FEMA deployments are typically for 30 days, though they can be extended.

Hurricane Harvey’s aftermath gave Houston’s hotels a similar boost. They went from being the worst performers through July this year to leading the nation in occupancy and revenue growth since the cyclone made landfall Aug. 26.

In Puerto Rico, federal personnel are staying not only in hotels, but on cots at the convention center, in sheds and on ships. The work force is still swelling.

On Sunday, Rosario de Liriano spent her day stopping people on the streets of Fajardo who looked like they might work for FEMA in hope of landing a job. Before the storm, she owned a small business on the island of Vieques. She came to Puerto Rico’s northeast corner because she thought she’d have a better chance of tracking down information.

Such job-seekers have shaped the agency’s work force for years. “Many FEMA employees started as local hires in their own states following a declared disaster,’’ Corey Coleman, a FEMA officer, wrote in an e-mail.

The jobs are needed more than ever. Tourism in Puerto Rico is almost “all gone, certainly, through the first quarter, if not the first half of 2018,’’ said Martin Rapp, a senior vice-president at Altour International, Inc., a New York travel agency.

Bookings to Puerto Rico are down about 20% since hurricanes Harvey, Irma and Maria began in late August, said Donna Cheek, an agent with Bentley Hedges Travel in Oklahoma City. “We do a lot of cruise business and people are concerned about whether or not Puerto Rico is going to be a port of call for them,” Ms. Cheek said.

The drop-off comes amid a broader economic crisis. Puerto Rico in May sought protection from creditors in the largest insolvency of any US municipality, $74 billion. The situation has been deteriorating since 1996, when the repeal of a corporate tax break caused manufacturing and investment to decline and younger people to leave the island. Average weekly wages in Puerto Rico are about half the US average, according to the Bureau of Labor Statistics.

Travel and tourism, much of it from the US mainland, contributes about 3% of Puerto Rico’s gross domestic product and employs about 21,000 workers, according to the World Travel & Tourism Council in London. Together with indirect benefits, such as investment spending and domestic purchases by businesses dealing with tourists, the impact is about 8% of GDP, the lowest among the Caribbean islands.

The island became a destination for Americans with the 1949 opening of the Caribe Hilton Hotel. It was the first Hilton property outside the continental US and — at least according to its Web site — the birthplace of the piña colada.

Hilton Worldwide Holdings, Inc. is continuing to pay workers at its Puerto Rican properties until business insurance kicks in, spokesman Nigel Glennie said. McLean, Virginia-based Hilton employs about half the roughly 3,400 people who work at its nine properties; the rest work for third-party management companies.

“Although our Puerto Rico properties are not currently accepting new reservations, there remains plenty of work for our team members to do,’’ including gathering donations, packing food and water being delivered by barge, and tending to emergency personnel, Mr. Glennie said.

STORM SURVIVORS
About 600 people from FEMA, the FBI, the Red Cross and other organizations have been staying at the Wyndham Grand Rio Mar Beach Resort & Spa in Rio Grande, an hour’s drive from San Juan along the coast. Having escaped serious structural damage, the most pressing problem has been cleaning up water seepage, said general manager Nils Stolzlechner.

Because of the arrival of relief workers, the resort, which is running on generator power, has remained at 100% staffing.

“Generally speaking, we’ve been very lucky,” Mr. Stolzlechner said. Nine holes of the golf course should be open by Saturday, with the other nine back in business about three weeks later.

On Tuesday afternoon, it was possible to linger in the resort’s Margaritaville vacation club and encounter few signs of distress. A small cadre of off-duty workers sat at the fully stocked tiki bar and watched about a dozen people swim in the pools on either side, most of them guests who endured the storm and hadn’t secured an exit from the island.

“I’m extremely hopeful we’ll have a strong winter,’’ though rebuilding the power grid and other long-term economic challenges remain, said Mr. Stolzlechner. “Tourism will be okay. It’s just all the other stuff.” — Bloomberg

Business leaders offer condolences to friends, family of Washington Sycip

SEVERAL companies, organizations, and business leaders have expressed condolences to the friends, family members, and colleagues of Washington Sycip.

Here are some of them, as of Monday afternoon, October 9, 2017.

ASIAN INSTITUTE OF MANAGEMENT OFFICIAL STATEMENT

The Asian Institute of Management (AIM) mourns the loss of its Founding Chairman and Chairman Emeritus, Mr. Washington SyCip who joined His Creator on October 7, 2017.

A staunch believer in education and its critical role in uplifting lives and eradicating poverty, Mr SyCip was one of the key proponents behind AIM’s full-time MBA program that was attuned to a developing Asian region. His passion for excellence and commitment to mold business leaders, combined with his unfaltering generosity, led to the foundation of the Washington SyCip Graduate School of Business at AIM, which will celebrate its 50th year in 2018.

Mr. SyCip was deeply involved in AIM’s ongoing transformation to revitalize its role in an emerging ASEAN, and strongly supported its efforts to rebrand and expand program offerings for the next wave of business leaders.

His passing is a great loss to the institution and the country’s business community, but his legacy will live on in the AIM alumni who strive to be ethical and responsible business leaders, and live up to Mr. SyCip’s call to LEAD, INSPIRE and TRANSFORM.

Farewell Mr. SyCip, you will be forever missed.

Dr. Jikyeong Kang, President and Dean, Asian Institute of Management:

“The passing of Mr. SyCip is a loss that will be felt deeply by those he left behind – particularly the Institute he helped to build. If there was ever a true advocate of education, it was Mr. SyCip. More than being a luminary in the business community, he embodied the image of the socially responsible leader who sought to make a positive impact in his community. Fifty years ago, Mr. SyCip rallied the country’s leaders in academe and business to establish a management school that was relevant to the Asian region and internationally recognized. Mr. SyCip was one of the forward-thinking individuals who called for a more Asia-focused management education – and he is one of the reasons why there is an Asian Institute of Management today.”

Mr. Peter Garrucho, OBE, Chairman of the AIM Board of Trustees:

“Mr. SyCip has changed the Philippine business landscape with his efforts to champion the Filipino talent. As the Chairman Emeritus of the Asian Institute of Management (AIM), Wash was a source of inspiration, pushing us to pursue greater heights for the institution and innovate to respond quickly to the emerging trends sweeping the region. Wash mobilized his vast network and brought together business leaders from around the world to sit on the AIM Board of Governors, bringing their business expertise and passion for education. Not only has he given a significant amount of his resources to AIM, he has also been selfless with his time to provide guidance, and ensure that graduates learned not just sound business acumen, but also professional and personal integrity.”

Metro Pacific Investments Corp.

It is with deep sadness that we are informing the Exchange, the investing public and the trading participants of the passing of Mr. Washington Z. SyCip, an independent director of Metro Pacific Investments Corporation (“MPI”). Mr. Sycip served as independent director of MPI since August 2011. We are deeply grateful for his valuable contributions and inputs to the company, and the Metro Pacific Group wishes to extend its deepest sympathies to Mr. SyCip’s family.

The Board of Directors will commence the search for the new independent director to serve for the unexpired term of Mr. SyCip.

Philippine National Bank

We are deeply saddened to report the passing of Mr. Washington Z. Sycip, an esteemed director of the Philippine National Bank (the “Bank”), on October 7, 2017. Mr. Sycip has been a director of the Bank since December 8, 1999. The Bank expresses its deepest gratitude and appreciation for his valuable contributions to the Bank.

Cityland Development Corp.

Our Company is mourning the untimely demise of our Chairman of the Board / Independent Director, Mr. Washington SyCip, who passed away last Saturday, October 07, 2017.

MacroAsia Corp.

MacroAsia Corporation announces that Mr. Washington Sycip, Director and Co-chairman of the Company has passed away on October 7, 2017 (Pacific Time Zone). Mr. Sycip was Chairman of the Corporation from 1997-2014 and Co-chairman since December 2015.

Belle Corp.

The Corporation announces that MR. WASHINGTON Z. SYCIP, one of BELLE CORPORATION’s Independent Directors, has passed away. The election of Mr. Washington Z. Sycip’s replacement will be made by the Board of Directors during its next regular meeting.

Landbank’s acquisition of Postal Bank gets green light

PHILIPPINE POSTAL Savings Bank (PPSB) has been directed to transfer all its assets, liabilities, records, systems and other appurtenant items to the Land Bank of the Philippines (LBP), the first step in the government’s aim to set up a lender for overseas Filipinos.

Executive Order (EO) 44, signed by Acting Executive Secretary Menardo I. Guevarra on Sept. 28 in behalf of President Rodrigo R. Duterte, approved Landbank’s acquisition of PPSB.

“Subject to the necessary approval and/or clearance of the Bangko Sentral ng Pilipinas, Securities and Exchange Commission, Philippine Deposit Insurance Corporation, and the Philippine Competition Commission, the acquisition of PPSB by LBP through transfer of shares and its subsequent conversion into an Overseas Filipino Bank (OFB) is hereby approved, in accordance with existing laws, rules and regulations,” the EO read.

“The PPC (Philippine Postal Corporation) and the Bureau of [the] Treasury are hereby directed to transfer all their respective shares in PPSB to LBP at zero value,” it added.

Following the acquisition, PPSB will be converted into an Overseas Filipino Bank (OFB), according to the issuance.

EO 44 said OFB will address “the need to establish a policy bank dedicated to provide financial products and services tailored to the requirements of overseas Filipinos, and focused on delivering quality and efficient foreign remittance services.”

The issuance also directed Landbank to infuse the necessary funds to OFB to strengthen its capital base “to attain its primary agenda of servicing the various financial and banking needs of overseas Filipinos.”

The OFB will be directed by a Board of Directors consisting of nine members including the LBP President as chairperson, the LBP-designated OFB President as vice chairperson, and four LBP-designated directors as members.

There should also be a representative of the Department of Labor and Employment, the Overseas Workers Welfare Administration, and the private sector.

OFB is a campaign promise of Mr. Duterte. Earlier, Landbank President and Chief Executive Officer Alex V. Buenaventura said the establishment of the lender will be pushed back to January next year instead of the September target due to processing delays.

The bank will have two pilot headquarters — the first one in Dubai, which will start operating by January next year, and the second one in Bahrain, targeted to be established by April. It will also be using existing Landbank branches overseas to service overseas Filipinos’ banking requirements.

After the pilot testing phase, which may take about a year, the OFW bank will also be rolled out in countries that are home to many overseas Filipinos such as the United States, Japan, Middle East, and Hong Kong. — R.A. Zamora

Rocker Tom Petty returns near top of the music chart after death

NEW YORK – Rocker Tom Petty returned Sunday near the top of the US album sales chart after his sudden death at age 66.

Petty’s 1993 Greatest Hits compilation was in second place on the Billboard chart for the week through Thursday, with sales jumping 2,231% from a week earlier, tracking service Nielsen Music said.

But he still came below Canadian country star Shania Twain whose first album in 15 years, Now, debuted at number one.

Twain, who was the one of the most successful artists of the 1990s, wrote an album with themes of personal restoration after a rough spell that included a high-profile divorce and struggles with her voice.

She far outpaced one of the other prominent releases of the week – Younger Now by Miley Cyrus, a return to country roots by the singer who has become better known for her provocative stage persona.

Petty – an often dark, Southern-influenced rocker whose hits included “I Won’t Back Down,” “American Girl” and “Free Fallin’” – died of a cardiac arrest on Oct. 2, a week after he completed a tour for the 40th anniversary of his band The Heartbreakers. – AFP

Sisyphean endeavor

With reason, Yankees fans continued to smart from a loss their favorites suffered in Game Two of the American League Division Series (ALDS). And they made their sentiments known emphatically, too; as introductions for those in pinstripes were made yesterday, they made sure to cheer for everybody — except, that is, for manager Joe Girardi, whose weekend gaffe figures to join the ranks of the most ignominious decisions in franchise history. In his case, jeers and catcalls from the capacity crowd of 47,422 could not come fast enough.

Indeed, the defeat stung, and not simply because the Yankees had what looked to be a comfortable lead built off Indians ace Corey Kluber. Even Girardi rued the outcome; after initially coming up with a bevy of excuses to explain away his failure to challenge a call that would, based on replays, have led to the end of the pivotal sixth inning, he owned up to his mistake. And because of the damage, The House That The Boss Built opened Game Three with the hosts on the brink of elimination.

That said, the Yankees strove to put the faux pas behind them. Girardi pledged to do so himself, noting that “the only thing I can do is give my best to this team moving forward.” At the very least, he did nothing yesterday that made work on the field more difficult for his charges, who creditably competed with confidence despite the daunting task ahead. After having won a grinder, they remain at risk of an early exit; they need to claim Games Four and Five over the next three days to complete a comeback against the vaunted Indians.

It’s a Sisyphean endeavor, to be sure; not for nothing have the Indians emerged victorious in 35 of their last 40 outings. Then again, what do the Yankees have to lose? And, interestingly, they have the 2001 ALDS to hark back to for inspiration; back then, they were winless after two contests, prevailed in Game Three 1-0, and then triumphed in Games Four and Five to advance to the AL Championship Series. Needless to say, Girardi’s hoping history will repeat itself, and with it retention of a job fans no longer believe he deserves.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is the Senior Vice-President and General Manager of Basic Energy Corp.

WB holds PHL up as possible model for migrant worker policy

THE PHILIPPINE approach to migrant labor is viewed as a benchmark for other Association of Southeast Asian Nations (ASEAN)-member states, the World Bank said.

“The Philippines has a highly developed support system for migrant workers that is a model for other sending countries,” the multilateral lender said in its Migrating to Opportunity report released yesterday.

The World Bank noted that the government has set up a clearly-defined institutional framework in the Department of Labor and Employment, which reduces bureaucratic procedures.

This is because it houses all the migrant-focused offices such as the Philippine Overseas Employment Agency (POEA), which is responsible for deployment, and the Overseas Workers Welfare Administration (OWWA), for migrants’ protection.

In 2015, the Philippines ranked 9th worldwide in the overall number of migrants sent out, or about 5 million of the 247 million total migrants according to an earlier report by McKinsey Global Institute. In the same year, 9.8% of the country’s economy was accounted for by worker remittances.

Moreover, the World Bank also noted the Philippines’ oversight of potential migrants and regulation of recruiting agencies.

“Finally, sending countries may consider making licensed agencies responsible for claims made by migrants against employers, as occurs in the Philippines,” the report read.

The Philippines’ listing of job opportunities available abroad through job advertising sites as well as POEA’s mandatory Pre-Employment Orientation Seminar, are said to “reduce information asymmetries, improve matches between employers and workers while also diminishing the need for recruitment agencies.”

Such seminars tackle job search, illegal recruitment, allowable fees and the essential

provisions of the employment contract, and country-specific information.

“The Philippines is generally lauded for its commitment to increasing the knowledge of migrant workers. Some good practices identified with Philippine orientation programs are involving local government partners and nongovernmental organizations to incorporate a rights perspective, creating a post- arrival orientation seminar to ensure that learning does not stop at departure, developing orientation programs for recruiters, and providing migration information at the local level,” the World Bank said.

However, the World bank said that it should sustain its migrant facilitation system, with the focus on improving the reintegration of returning migrants

“To build on this status, the country should continue to evaluate and improve its migration management system, including oversight of recruitment agencies, programs for returned migrants, and data sharing and interoperability,” it said.

The bank said that countries need more research in reintegrating returned workers into their labor markets.

“Source countries can offer reintegration benefits to returning migrants, including active labor market policies to help them to find jobs or start businesses on their return,” it said.

“This type of intervention may be necessary to reintegrate migrants into a labor force in which they have lost the networks to find jobs. However, little research has been conducted on the effectiveness of reintegration programs. Audits of programs offered in the Philippines have found significant challenges,” the World Bank added. — Elijah Joseph C. Tubayan

France says independence of Catalan won’t be recognized

PARIS — Catalan independence would not enjoy international recognition, France’s minister for European affairs said Monday as the Spanish region’s leader threatens to announce a split.

Pressure has mounted on Catalan President Carles Puigdemont to back down after hundreds of thousands of protesters last week rallied to defend national unity.

“If there were a declaration of independence it would be unilateral and it wouldn’t be recognized,” Nathalie Loiseau said on CNews digital news channel.

“This crisis needs to be resolved through dialogue at all levels of Spanish politics,” she urged.

The minister also reiterated Brussels’ warning that an independent Catalonia would “automatically” be out of the European Union and have to reapply to join.

“We are allies and partners with Spain, and Spain is a major democracy, so we are not going to meddle in the internal affairs of Spain.”

She said Catalonia, which borders France, already has “considerable autonomy.”

In Berlin, German Chancellor Angela Merkel has stressed her backing for the “unity of Spain” in a phone call with Prime Minister Mariano Rajoy amid a threat by Catalan separatists to declare independence, her spokesman said Monday.

In the weekend phone call, Ms. Merkel “affirmed her backing for the unity of Spain, and both sides exchanged views on ways in which internal Spanish dialogue can be boosted within the framework of the constitution,” said spokesman Steffen Seibert.

Mr. Seibert last week declined comment on the police violence that left hundreds of people injured, saying it was “not my task to assess police operations in Spain.”

He also said then that Ms. Merkel was not seeking to mediate between parties in the Spanish dispute.

Mr. Rajoy has issued a stern warning to Catalan leaders who have said they could declare independence this week. — AFP