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Vegetable project to help Marawi recovery

ENTREPRENEURSHIP advocacy group Go Negosyo has set up a pilot vegetable growing project in the province of Lanao del Sur to provide sustainable livelihood to residents affected by the Marawi siege last year.

The signing ceremony was attended by representatives of the province, hybrid rice firm SL Agritech and Go Negosyo on Tuesday.

SL Agritech Chairman Henry Lim Bon Liong said the company currently maintains a 50-hectare area solely for planting two hybrid rice varieties to increase the yield of 50 farmers in the municipality of Bubong, near Marawi City, adding that areas can also be identified for vegetable farming.

The rice demonstration farm is expected to boost yields to between 7 metric tons (MT) and 14 MT per hectare (ha) from the current yield of 3 MT to 3.5 MT.

“Lanao [del Sur] can serve as the major rice granary in Mindanao, and since it’s the summer capital of Mindanao, it’s very conducive also for planting vegetables also,” Mr. Lim added.

The hybrid rice project could be expanded to 1,000 ha by the next planting season, with local officials saying that with suitable irrigation some of the area could be set aside for vegetables.

Provincial agriculturist Mohamadali D. Macaraya said the model is the highland regions around Baguio City, which grows vegetables for much of Luzon.

“If Baguio supplies vegetables to Metro Manila, why not have Marawi or Lanao del Sur supply major vegetables to the cities in Mindanao and nearby provinces like Cebu?,” he said.

Mr. Macaraya said a harvest festival is scheduled for Feb. 22, adding that some components need to be firmed up before the plan can go forward, including livelihood programs, irrigation and the resolution of the housing crisis among those displaced by the Marawi conflict. — Anna Gabriela A. Mogato

Serendipity in dragon boating

With the strong urging of my strategic management professor, Dina Bernardo, I decided to try dragon boating one Sunday morning and brought my wife along with me. Quite frankly, I was just expecting a good workout, something I have not consistently had ever since I joined the corporate world 13 years ago. I got in touch with Manila Dragons, my professor’s club. I figured that if this club had helped produce a SEA games gold-medalist, then I should be in good hands.

On the day of the activity itself, we were immediately thrown into land training, which lasted for a good hour. This was followed by the much anticipated water training. As newbies, we did far less paddling than our boat mates. Instead, our coach patiently taught us basic commands such as “oars up,” “light row,” “longs,” “power longs,” and “easy.” We were also taught the correct form and technique of paddling. The coach initially asked us to sit back and observe how our 16 boat mates paddled as instructions were shouted out. The synchronized strokes of my boat mates were something to marvel at.

When my wife and I were finally allowed to join in, I realized how difficult paddling can be; after about 20 strokes, I found myself running out of gas. Having played a lot of sports, I had been confident that dragon boating would be a walk in the park. Well, was I wrong.

Throughout the whole activity, I struggled to catch my breath after every 10 strokes. The intensity of the training caught me off guard. Looking back, I realized I should have asked for more information about what to expect so that I could have prepared myself physically and mentally.

Upon reflecting on my experience, I realized that dragon boating and strategic management in an organization have a lot in common. The success of a dragon boat team or an organization depends on the same factors.

First, you have to have a good leader.

The leader in our dragon boating was the coach. He strategized how to achieve the goal, which was to win a race. The coach gave the final nod on who made up the roster that would compete as well as where each member was to be seated on the boat. He also taught and reminded the members of the proper form and technique when paddling so that they would not veer from the goal.

During the race itself, the drummer served as the leader as he issued commands to the crew through hand signals and voice calls while encouraging them to perform at their peak.

Similarly, the CEO of a company sets the vision, mission, and strategy, and then assigns responsibilities that he or she thinks are needed to achieve the organization’s objectives. He or she constantly motivates and monitors each department to ensure progress is being made and everyone is on track to reach milestones and ultimately achieve the vision.

Second, practice makes perfect.

I cannot count the number of times I moved that paddle incorrectly through the water during my first few tries. After much practice, I got the hang of it, but I still have a long way to go before perfecting the art. Similarly, the only way for an organization to develop core competencies is for employees to perform their respective functions well. However, employees will commit mistakes until they gain enough experience to become better at their craft. Through experience and constant practice, team members will truly understand their capabilities and develop competence.

Finally, people need to work well in teams.

Having each member of the dragon boat team paddle flawlessly on his or her own will not win a race. The members have to understand that to win the race, they should act as a team. They cannot compete with each other. Instructions coming from the coach or drummer should be well received and then well-executed together. A half-second lag by an uncoordinated member can cost the team the race.

In most organizations, departments have a silo mentality.

Departments usually refuse to share critical information, and focus on their own set of key result areas and key performance indicators, almost entirely forgetting that they all have the same objectives because they belong to the same company. Departmental rivalry is probably why most organizations fail to meet their objectives. Thus, the CEO needs to constantly remind each department that ultimately, everyone shares the same vision and only by working together can the organization achieve it.

Sometimes, strategic management is learned in the most unexpected venues, not just in the classroom and boardroom. I certainly got more than a good and long overdue workout that Sunday morning.

 

Dione Derrick G. Kocencio is an MBA student at De La Salle University. He is Head of Internal Audit at Metro Retail Stores Group, Inc.

dione_kocencio@dlsu.edu.ph

Indonesia needs some $150B for infra plan

JAKARTA — Indonesian President Joko Widodo is still chasing some $150 billion to fund his ambitious nation-building agenda, almost half-way into a five-year infrastructure plan.

The government has so far received pledges for just over half the funds needed to help develop the road, airport and railway projects planned in a $327 billion pipeline, latest government figures show. Just $15 billion has come from the state budget, with the bulk committed by private investors, including from China.

Mr. Widodo, known as Jokowi, needs outside money for his nation-building program after government revenues were battered by the end of the commodities boom and as tax compliance remains poor. With China making a massive push to build infrastructure and new trade routes across Asia through its Belt and Road Initiative, the world’s second-largest economy looms large as an obvious backer for Jokowi’s plans.

“In reality, there is only handful of countries with a surplus of money,” Rainier Haryanto, the program director of the Indonesian government’s Committee to Accelerate Priority Infrastructure, said in an interview in Jakarta. “The US, they are in debt. The Japanese, they are also in debt,” he said, but the Chinese have the money to lend. “At the end of the day, cash is king.”

As Southeast Asia’s biggest economy continues to struggle for revenue, the Widodo government is leaning even more on the private sector. It’s estimated the state budget will only be able to fund about $25 billion of the projects that are yet to start, while Indonesia’s legions of state-owned companies — numbering in the hundreds — will account for some $48 billion. About $83.5 billion will have to be stumped up by the private sector.

Some urgency may be required. The World Bank says Indonesia has a $1.5-trillion infrastructure gap compared to other emerging economies. A lack of good roads and transport corridors across the archipelago — a string of more than 17,000 islands that would stretch from New York to London — are adding to logistical barriers and driving up costs for business.

Of Jokowi’s pipeline of 265 projects, 26 have been completed since the program started in 2016 at a cost of $3.4 billion, including $976 million on six projects finished last year, according to Mr. Haryanto. There are a further 145 under construction, documents show.

“They are making good progress and momentum is building, considering that they had a relatively slow start,” said Euben Paracuelles, senior economist for Southeast Asia at Nomura Holdings, Inc. in Singapore. “The fact that there is a lower contribution from the government budget reflects the criteria that they used to identify these projects, including the viability for the private sector to participate.”

Even with the financing secured, projects have to overcome red tape and regulatory burdens. The $6-billion Jakarta to Bandung high-speed rail, billed as a showpiece of Jokowi’s plans, starkly illustrates the challenge. The project has all but ground to a halt after becoming tangled in Indonesia’s infamous red tape. While construction was meant to begin in August 2016, only around half of the land needed for the 142-kilometer railway had been cleared as of September last year.

Indonesia’s regulatory framework, including a tricky permit process and day-to-day issues for investors that are “more to do with local governments” can often be a roadblock in the country’s development and growth, World Bank chief economist for Indonesia Frederico Gil Sander said in an interview.

“Improving the business environment has to be something that operates at all levels in order to ensure that there is more investment and there are more jobs created,” he said. — Bloomberg

Japan beef imports may hit 17-year high

JAPAN’S beef purchases are set to climb this year as growing demand for affordable meat counters the first rise in import duties in 14 years.

Japan’s beef imports are likely to increase to the highest level since 2001 after growing more than 10% last year, Shiro Ohashi, executive director of the Japan Meat Traders Association, said in an interview in Tokyo on Thursday. Foreign beef is sought as a cheaper alternative to Japanese meat and fish, he said.

Beef consumption rose 6.8% in the seven months to Oct. 31, heading for the fastest annual expansion in at least 12 years, according to the latest data from the Agriculture Ministry. Japanese producers are unable to keep up with demand as elderly farmers are retiring without successors and as the domestic herd shrinks.

Premium Wagyu beef is becoming too expensive to buy for many Japanese as demand from overseas buyers is expanding, buoying prices, Ohashi said. Less fatty beef from Australia and the US is becoming popular, especially among senior consumers, Ohashi said.

US beef imports are expanding at a faster pace than Australian shipments, even as Japan increased tariffs on US frozen beef in August, because US prices remain competitive, Ohashi said. In the 11 months through November, imports of US beef climbed 26.6% from a year earlier and purchases from Australia rose 5.5%, according to the Agriculture Ministry. The US accounts for 42% of total imports. 

Noodle-shop operator Kourakuen Holdings Corp. decided last year to turn some of its restaurants to steak houses through a franchise agreement with Pepper Food Service Co. Ltd., the operator of popular “Ikinari Steak” shops. Bronco Billy Co. Ltd. expects a 20% increase in operating profits this year as the company expands its steak restaurants.

“Regardless of the tariff increase, yen-based prices of US beef have stayed low thanks to a weakening dollar,” he said. Low feed-grain prices in Chicago and an expanding American herd have also kept US beef affordable, he said.

Imports are likely to expand in the medium term after Japan’s trade agreements with 10 Pacific nations and the European Union.

“Ireland is eager to boost beef shipments to Japan, taking advantage of the trade agreement, as the nation expects to lose sales in the UK because of Britain’s withdrawal from the EU,” Ohashi said. Shipments from Canada and Mexico will probably increase after the Trans-Pacific Partnership agreement is implemented. — Bloomberg

Reducing the use of drinking straws will be a tough sell

By Stephen L. Carter

THERE’S a bill pending in the California legislature that would subject waiters to fines and imprisonment for giving diners plastic drinking straws without being asked. This legislation has no chance to pass — I think — but critics are having a lot of fun with it anyway. Held up to particular ridicule has been the claim that the US consumes 500 million plastic straws a day, a figure that the news media have often cited. This data point, which would mean that Americans use something on the order of 182 billion straws a year, comes from a science project created by a 9-year-old boy in 2011. Thus the ridicule.

Okay, fair enough. Still, we do use a lot of them. And one cannot help but wonder how the straw became so ubiquitous. As it turns out, that took a lot of marketing. No one seems to have written a social history of the drinking straw. That’s too bad, because the social history turns out to be interesting.

Although archaeologists tell us that the use of straws has ancient roots, the “modern” paper drinking straw (predecessor to today’s plastic straws) seems to have been first produced in 1888.

The invention quickly became popular, in part through the corner store. In the early 1900s, druggists who ran soda fountains were being advised to provide straws to their customers, who might otherwise wind up with a mouthful of foam from their confections. Some pharmacists warned, however, that it was unsanitary to leave straws (or “sticks” as they were often called) in a container that customers could reach. Far better to hand them out individually.

Although early on some purists considered the use of this new technology slovenly, the straw’s rapid adoption was assisted by the explosive growth in the popularity of Coca-Cola following the introduction of a bottled version of the soft drink at the turn of the century.

In 1921, the humorist Ring Lardner suggested drinking straws as a second-anniversary gift for married couples: “The husband will appreciate an individual drinking straw that can be carried in a case as it often happens that 2 men goes out to the ball games and orders pop, the salesman is libel [sic] to give them 2 bottles and 1 straw with the remark that this is the last straw.”

By that time the drinking straw was a hit.

According to a widely reprinted 1924 story, the US produced about 4 billion straws that year — up from 165 million in 1901. They were manufactured mostly by small local businesses, but some people began to clamor that the industry was big enough to be regulated.

Sure enough, during the Depression, the National Recovery Administration imposed upon the drinking straw industry a “code of fair competition” that ran to 26 pages.

Included were such gems as the recommendation that the industry establish “plans to equalize production with demand.” Most of the rules were mandatory. The NRA created a mechanism for fixing prices, and set minimum wages for workers in the industry. (Compared to men who did the same work, the federal government decreed, women were to earn 87.5 cents on the dollar.)

By the 1940s, straws were so common that swigging directly from the bottle had come to be considered bad manners — at least when the swigger was female. Advice columnists urged readers to remind their daughters that Lana Turner had been discovered while sipping through a straw.

One anonymous writer counseled young women that using a straw was an excellent way to “look appealing.” Newspapers trumpeted claims that US soldiers and sailors overseas considered young women who drank through straws more attractive than those who didn’t. In short, the hard-sell was on, and its target was women.

Then there was hygiene.

Doctors, evidently prompted by the manufacturers, suggested using straws to avoid cold and flu germs. Typical was a 1945 article in the San Bernardino County Sun: “A drinking straw prevents the mouth and lips from touching the rim of the glass where most of these germs colonize.”

By the 1950s, the drinking straw was everywhere.

Popular books told schoolchildren how straws could be key components in experiments like building a barometer or an electrophorus. Periodicals for teachers carried tips on how to turn drinking straws into Christmas decorations for their classrooms. The nation’s housewives were advised to find applications around the kitchen. Petunia, a widely published cartoon character who presented homemaking ideas, suggesting inserting pieces of a straw into pies before baking, to “keep the juice from oozing out.” Dear Polly, an advice columnist, recommended drinking straws to keep ketchup flowing from the bottle.

The heavy effort to associate straws with women and children would have unintended consequences.

For some, straws became associated with a lack of manliness.

In the 1980s, “Mortified in Minneapolis” complained to Dear Abby that her “otherwise masculine” husband sipped through a straw in public. Abby told Mortified that her husband’s masculinity was not at stake, and readers wrote in to agree.

And speaking of the 1980s, we mustn’t leave that decade without a mention of drinking straws and politics.

In 1984, the General Cinema Corp. allowed customers who bought soft drinks at its theaters to choose between straws marked with the names of the presidential contenders. Ronald Reagan won the “straw poll” by a landslide, defeating Walter Mondale by 61.5% to 38.5%. This wasn’t far off the actual election result, where Reagan beat Mondale by 58.8 to 40.6. So if we get rid of drinking straws, we’ll be forced to rely on the same “expert” surveys that whiffed so badly last time around.

So, please, California, just this once‚ lay off.

BLOOMBERG

RTC affirms stay order on sale of GGAM’s Bloomberry shares

THE former management partner of Solaire Resorts and Casino in Parañaque City remains unable to sell its shares in the casino’s operator, after a regional trial court in Makati affirmed the validity of a stay order issued in 2014 that prohibited the sale of shares held by Global Gaming Philippines LLC (GGAM) until arbitration proceedings in Singapore are completed. 

In a memorandum posted on the Philippine Stock Exchange (PSE) Web site yesterday, the bourse said it has received a copy of a Nov. 23, 2017 order by Branch 66 of the Makati Regional Trial Court (RTC) in the case involving GGAM and Bloomberry Resorts Corp., along with its subsidiaries Bloomberry Resorts and Hotels, Inc. (BRHI) and Sureste Properties, Inc. (SPI).

The order affirms the continuing validity of the court’s decision restraining GGAM, the PSE, and other entities from “disposing of, or facilitating, allowing, implementing and completing the sale or transfer of any of the 921,184,056 shares in (Bloomberry) owned by respondent (GGAM) during the pendency of the arbitration proceedings in Singapore.”

GGAM is Bloomberry’s former partner in managing Solaire, the first integrated hotel and casino estate in the state-run Entertainment City. The shares indicated in the decision pertain to GGAM’s 8.4% stake in Bloomberry after it was tapped to manage the estate.

Months after Solaire’s opening in March 2013, however, Bloomberry decided to terminate the deal, citing GGAM’s supposed material breach of contract, for not spending “any material time” in managing Solaire, and for failing to perform its obligations and deliverables. Both parties have since sought arbitration in Singapore.

Further to the Razon-led firm’s termination of its contract with GGAM, Bloomberry also fired GGAM’s local representative Michael French from his chief operating officer post at Solaire. Mr. French was then replaced by Thomas Arasi, the former chief executive officer of Singapore’s Marina Bay Sands.

In September 2016, the Arbitral Tribunal decided in favor of GGAM, saying that Bloomberry was not justified in terminating its management services agreement with the former. The disputed shares were then partially awarded to GGAM, saying the company can “exercise its rights in relation to those shares, including the right to sell them.”

GGAM had earlier tried to dispose of the shares to institutional investors through a cross transaction at the PSE last January 2014. Branch 66 of the Makati RTC, however, halted the company from pursuing the sale, after Bloomberry won its petition for a stay order.

With the Makati RTC’s stay order, the partial award of the disputed shares by the arbitral tribunal cannot be enforced, until a local court with the proper jurisdiction issues an order, taking into account applicable Philippine laws and public policy, according to Bloomberry.

The Arbitral Tribunal has yet to release an order on the following: a resolution to GGAM’s request to make the award public; to provide a copy of the award to Philippine courts, government agencies and persons involved in the sale of the shares, and to require BRHI/SPI and Bloomberry to inform Deutsche Bank AG that they have no objection to the immediate release of all dividends paid by Bloomberry to GGAM, according to the company.

Shares in Bloomberry added two centavos or 0.16% to close at P12.28 each on Wednesday. — Arra B. Francia

TEPCO to set up smart power grid in Batangas

TOKYO ELECTRIC Power Co. (TEPCO) will set up a smart power grid for Batangas on a pilot-project basis, following through on initial proposals from the Japan International Cooperation Agency (JICA).

JICA Senior Representative Tetsuya Yamada, in a statement, said the smart grid was pitched to the National Electrification Administration (NEA), and is intended to help stabilize power supply in the province, helping it attract more investment.

TEPCO and its unit Takaoka Toko Co., Ltd. will partner with NEA to implement the smart grid within the service area of Batangas II Electric Cooperative, Inc.

“We recognize the importance of stable energy supply to attract more investments in the Philippines,” Mr. Yamada said.

“By sharing Japanese technology and expertise, we hope that we can help boost the global competitiveness of the Philippines particularly in energy infrastructure.”

After the pilot testing phase, NEA personnel will step in and build the project out.

The Philippines currently ranks 92nd out of 137 countries in terms of  energy infrastructure in the recent the Global Competitiveness Index, lagging its Southeast Asian counterparts. — Anna Gabriela A. Mogato

PHL shares extend decline as correction continues

SHARES continued their decline on Wednesday, ending a strong month that saw nine fresh peaks with what analysts welcomed as a healthy correction.

The bellwether Philippine Stock Exchange index (PSEi) dropped back to the 8,700 level yesterday, giving up 1.64% or 146.47 points to finish at 8,764.01.

The all-shares index likewise declined 1.34% or 69.81 points to close at 5,124.83.

Timson Securities, Inc. Marketing Head Mark Levinson R. Koa noted that the weakness in global markets continued to affect the local bourse, citing a 300-point decrease in the Dow Jones Industrial Average (DJIA) on Tuesday.

The DJIA lost 1.37% to finish at 26,076.89, with the Nasdaq Composite Index and S&P 500 also declining by 0.86% to 7,402.48 and 1.09% to 2,822.43, respectively. Investors were focused on rising bond yields, as well as on news of competition in the health care sector after Amazon, Berkshire Hathaway, and JPMorgan Chase disclosed plans to form an independent health care company for their employees in the US.

“This pullback is not really surprising given that the PSEi gained more than 500 points since the start of the year,” Mr. Koa said in a text message.

The main index kicked off 2018 with a new record close, jumping to 8,724.13 on the first trading day and thereafter posting eight other all-time high finishes, the latest being its move past the 9,000 mark at 9,058.62, recorded last Jan. 29.

Intraday, the market reached as high as 9,078.37 this month.

In a separate text message, Eagle Equities, Inc. President Joseph Y. Roxas said the market’s decline was a “healthy correction.”

Services was the lone sub-index that was up yesterday, climbing 0.23% or 4.05 points to end at 1,710.73.

Holding firms posted the day’s biggest decline, going down 2.52% or 231.96 points to 8,957.81, followed by property that lost 2.2% or 88.82 points to 3,939.56. Financials dropped 0.89% or 20.05 points to 2,223.98; mining and oil shed 0.61% or 73.57 points to 11,937.95; while industrials dipped 0.49% or 58.47 points to 11,790.56.

Decliners outpaced advancers, 142 to 61, while 52 issues were unchanged.

Total transactions for the day were valued at P11.53 billion after some 2.99 billion issues switched hands. This is higher than the P10.05-billion value turnover recorded last Tuesday.

Foreign investors were net sellers for the fourth consecutive day, with net sales of P2.33 billion, up from Tuesday’s P2.02 billion.

A market note by COL Financial Group, Inc. said the market’s support level was within the range or 8,711 to 8,565. If broken, the brokerage firm said the index may look for the next support between 8,443 and 8,275.

Most Southeast Asian stock markets also fell on Wednesday as the recent spike in global bond yields weighed on equities. — Arra B. Francia with Reuters

BoJ dispels stimulus exit speculations

OITA/TOKYO, JAPAN — The Bank of Japan (BoJ) ramped up efforts to dispel market speculation of an early withdrawal of its massive stimulus, boosting its bond buying plan on Wednesday and reassuring markets that monetary policy will remain ultra-loose given meager inflation.

BoJ Deputy Governor Kikuo Iwata said on Wednesday the central bank must maintain its “powerful” monetary easing with inflation still distant from its 2% target.

“The economy is expanding moderately but prices remain weak. There’s some distance to 2% inflation,” Iwata said in a speech to business leaders in Oita, southern Japan.

A summary of BoJ policy makers’ opinions, released on Wednesday, quoted one of them as saying at January’s rate review that a rise in market expectations for an imminent departure from monetary easing would be “undesirable.”

This cautious view of the inflation outlook came despite signs of economic strength, with data out on Wednesday showing factory output grew in December at the fastest pace in eight months on robust global demand for Japanese goods.

“As the global economy is gathering momentum, exports are rising, helping output stay in an uptrend,” said Takeshi Minami, chief economist at Norinchukin Research Institute.

Subdued inflation and the strengthening economy pose a dilemma for the BoJ, which is forced to maintain its radical stimulus program despite side-effects such as the drag on bank profits from ultra-low borrowing rates.

Signaling its resolve to keep rising global bond yields from pushing up Japanese yields, the BoJ on Wednesday increased the amount of Japanese government bonds (JGB) with three to five years to maturity it will buy in regular market operations.

The BoJ’s announcement pushed the dollar up to an intraday high of 109.095 yen, though it later pulled back below 109 yen. The 10-year JGB futures price ticked up to 150.26 from around 150.20 following the announcement.

IWATA’S TERM COMING TO AN END
Governor Haruhiko Kuroda has struggled to tame market speculation that the BoJ may follow in the footsteps of US and European peers in heading for an exit from crisis-mode policy, fueled in part by Japan’s brightening recovery prospects.

Complicating Kuroda’s task is a growing chorus of policy makers on the BoJ’s nine-member board looking at an exit from ultra-accommodative policy, the summary of debate at January’s rate review showed.

“If the economy and prices continue to improve, the BoJ may need to consider adjusting its yield targets to make its policy framework more sustainable,” one board member said, foreshadowing an anticipated rise in rates.

Even Iwata, a vocal advocate of aggressive easing, said BoJ efforts alone won’t be enough to hit 2% inflation and urged the government to remove barriers that hamper competition.

“Government steps, as well as appropriate monetary policy, are necessary to achieve price stability with sustained economic growth,” said Iwata, whose five-year term ends in March.

These remarks run counter to Iwata’s earlier view that central banks are primarily responsible for accelerating inflation and can do so as long as they print money fast enough.

Iwata is seen as an architect of the BoJ’s huge asset-buying program, dubbed “quantitative and qualitative easing” that aimed to shock the public out of a deflationary mind-set.

The departure of Iwata, who said he was “quite sure” he wouldn’t be reappointed, would symbolize an end to the BoJ’s radical monetary experiment.

Iwata’s exit could also raise the odds of BoJ dropping its loose pledge to buy bonds at a pace that increases its holdings by 80 trillion yen ($735 billion) per year, an assurance made obsolete by the pace already slowing to almost half that level, some analysts say. — Reuters

1,149 housing units for Marawi residents to be turned over until March

THE NATIONAL Housing Authority (NHA) has committed to turn over 1,149 housing units by March to some of Marawi City residents who were left homeless by the five-month battle between government troops and local terrorist groups. “The government will turn over 10 to 20 housing units every two weeks until we completely deliver the 1,149 units in March,” NHA General Manager Marcelino P. Escalada, Jr. is quoted in a statement issued yesterday by the Autonomous Region in Muslim Mindanao (ARMM) information office. The transitional shelters are located in Barangay Sagonsongan, about 4.4 kilometers from the city center. The 11-hectare township will have schoolbuildings, madrasah, wet and dry market, mosque, water supply and a multipurpose hall. The construction of the temporary shelters is part of Task Force Bangon Marawi’s recovery, reconstruction, and rehabilitation program.

Facebook bans cryptocurrency ads to fight scams

WASHINGTON — Facebook says it is banning all ads related to cryptocurrencies in an effort to fight scams.

The social media giant said it is barring ads for “financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”

Initial coin offerings or ICOs are a way for companies to raise funds by selling investors cryptographic assets.

Fraud is common in the world of red-hot digital currencies such as Bitcoin.

This week, for instance, the US Securities and Exchange Commission shut down an ICO by a Texas company called AriseBank.

AriseBank was accused of relying on celebrity endorsers such as boxer Evander Holyfield and social media to cheat investors out of $600 million of its goal of $1 billion for a currency it called “AriseCoin.”

In a blog post announcing the news, Facebook product management director Rob Leathern hinted that Facebook may modify the new policy at some point to allow bona fide crypto-related businesses to advertise again.

“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” Mr. Leathern wrote. “That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”

“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve,” he added. — AFP

Rejig Pistons hopeful

What a difference a day makes. During the lull in the home-and-home affair with the Cavaliers, the Pistons managed to shake up their roster with the acquisition of five-time All-Star Blake Griffin. To argue that the development livened the atmosphere for the franchise would be an understatement. They had won just two of 11 matches since the turn of the year, and there was little in their play or disposition to suggest that they had an answer — any answer — to their lack of competitiveness. So, if nothing else, the change gave them hope.

To be sure, the Pistons weren’t expecting immediate results. Even as they stood to bank on the support of a partisan crowd at the Little Caesars Arena, they knew better than to mark their outing yesterday as a sure win. For one thing, they were up against the Cavaliers, who blitzed them in their last match and who appeared to finally regain a modicum of competitiveness following lineup changes. For another, they could not yet bank on the services of new recruit Griffin, who was still undergoing the requisite physical exams. In other words, they were handicapped.

As things turned out, the renewed optimism was all the Pistons needed to end their swoon. As in the previous game, they played the Cavaliers close through the first three quarters. Unlike in the previous set-to, however, they burned rubber with equal parts energy and enthusiasm. For once, they enjoyed playing off each other, with the departure of erstwhile cogs Tobias Harris and Avery Bradley allowing head coach Stan Van Gundy to fully commit to an inside-out style that matched the personnel at his disposal. The result: a monster game from anchor Andre Drummond, a career effort from reserve-turned-starter Stanley Johnson, and productive next-man-up turns from the rest en route to an emphatic victory.

Certainly, All-Star Kevin Love’s early exit due to a freak injury was a factor in the outcome. In his absence the Cavaliers were forced to go small, enabling the Pistons — and especially Drummond — to own the paint and, in the process, free up the likes of Reggie Bullock and Anthony Tolliver beyond the arc. Nonetheless, there can be no discounting the triumph, which showed that Van Gundy’s template, dating back to a successful run with the Magic, can work. Whether it will, and with consistency, only time knows. For now, though, there is promise.

 

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.