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PSE finds 60 securities compliant with Shariah

THE Philippine Stock Exchange (PSE) found 60 securities to be compliant with the principles of Islamic finance as of the end December 2017, it said in a quarterly review posted on Tuesday.

The review period ending December saw three firms enter the list against the quarter prior, where the PSE tallied a total of 61 Shariah-compliant firms. This includes Ionics, Inc., Keppel Philippines Properties, Inc., and Philab Holdings Corp.

Four firms, meanwhile, were dropped from the list, namely Apex Mining Company, Inc., Asian Terminals, Inc., Philippine Estates Corp., and Philippine Realty and Holdings Corp.

The PSE tapped IdealRatings, Inc. to conduct the screening of the listed firms, as per the Accounting and Auditing Organization for Islamic Finance Institutions standards for Shariah compliance.

Under Islamic finance principles, firms must not enter into businesses engaged in conventional interest-based lending, financial institutions, insurance, mortgage and lease, derivatives, pork, alcohol, tobacco, arms and weapons, embryonic stem-cell research, hotels, gambling, casinos, music, cinema, and adult entertainment, among others. A 5% cap in investments is set should firms engage in such businesses. — Arra B. Francia

Diño now DILG undersecretary

MARTIN B. DIÑO, a leading ally of President Rodrigo R. Duterte whom Mr. Duterte nevertheless replaced last year a head of the Subic Bay authority, is now an undersecretary of the Interior department, according to his appointment papers dated Jan. 8.

Sison accuses Roque, pro-Duterte group of spreading fake news on citizenship

EXILED Communist Party of the Philippines founding chairman Jose Ma. Sison accused presidential spokesman Harry Roque and a pro-Duterte group of “spreading the fake news that I have become a Dutch citizen.” — interaksyon.com

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Cop in Korean’s slay allowed to turn state witness

A POLICEMAN accused of involvement in the kidnapping and murder of South Korean businessman Jee Ick Joo in October 2016 has been allowed to turn state witness by the Angeles City court trying the case. Angeles City Regional Trial Court Branch 58 Judge Irineo Pangilinan, Jr., in granting the Department of Justice’s request, said Senior Police Officer 4 Roy Villegas satisfied all the requirements for tuning state witness such as the absolute necessity of his testimony, lack of direct evidence for the proper prosecution of the case against him, and his not appearing to be the most guilty.

Maynilad offers desludging service this January

WEST ZONE concessionaire Maynilad Water Services, Inc. (Maynilad) is offering septic tank cleaning services this month to residential and semi-business customers in select parts of Caloocan, Manila, Muntinlupa, Parañaque, Quezon City, Valenzuela, and Cavite at no extra cost. Maynilad customers residing at Barangays 160 to 167, 170, 172, 174, 176, and 178 in Caloocan; Brgys. 587 to 636 in Sampaloc, Manila; Baesa, Bahay Toro, Payatas, Sauyo, and Talipapa in Quezon City; and Gen. T. De Leon and Ugong in Valenzuela may avail themselves of this free cleaning service, which normally costs around ₱4,000 per truck. Customers in the south may also avail themselves of this service, particularly those from: Alabang, Bayanan, Cupang, Poblacion, Putatan, and Tunasan in Muntinlupa; San Antonio, San Dionisio, and San Isidro in Parañaque; Habay I and II, Ligas I to III, and San Nicolas I to III in Bacoor, Cavite; and Bayan Luma I to IX, Bucandala I to V, and Carsadang Bago I and II in Imus, Cavite. Interested customers may call the Maynilad Hot line 1626 to determine the requirements and procedures. Additional information are also available in the company’s Web site, www.mayniladwater.com.ph, and social media accounts (Twitter: @maynilad, Facebook: MayniladWater).

Meralco and Magnolia go for rebound wins

By Michael Angelo S. Murillo
Senior Reporter

DROPPED their respective PBA Philippine Cup games previously, the Meralco Bolts and Magnolia Hotshots shoot for bounce back wins to get back in the black against separate opponents in the scheduled double-header today at the Smart Araneta Coliseum.

The Bolts (1-1) take on the still-winless Alaska Aces (0-2) in the main game at 7 p.m. while the Hotshots (1-1) engage the also-struggling Kia Picanto (0-2) in the opener at 4:30 p.m.

Won in its season debut, Meralco put up a solid fight against the defending champions San Miguel Beermen in its last game on Dec. 27 but just could not complete the task and bowed, 103-97.

Despite being down by as much 22 points at one point, the Bolts still made a game out of it in the end to give the Beermen a scare.

Sophomore Mike Tolomia led the Bolts with 21 points with veterans Niño Canaleta and Reynel Hugnatan adding 17 and 16 points, respectively, in the loss.

Seldom-used big man Ken Bono also came off the bench to provide quality minutes for Meralco, which played sans injured players Jared Dillinger (hamstring), Ranidel De Ocampo (calf) and Cliff Hodge (bone spurs in ankles).

But the Bolts are hoping to get back Messrs. Dillinger and Hodge in time for today’s game to give them added boost.

“We hope to have Jared and Cliff back in our game against Alaska on Jan. 10,” a hopeful Meralco coach Norman Black said after their last game.

Out to stop Meralco, meanwhile, is Alaska, which has yet to break through in the season-opening Philippine Basketball Association (PBA) tournament.

Rookie Jeron Teng leads the Aces in scoring with 22 points a game to go along with six rebounds and 2.5 assists.

Calvin Abueva has been all around with 18 points, 12 rebounds, four assists and 1.5 blocks per game while guard JVee Casio has been good for 13.5 points and 4.5 assists.

HOTSHOTS
As is the case of Meralco, Magnolia guns for a victory after absorbing an 89-78 loss at the hands of the Barangay Ginebra San Miguel Kings in their Christmas Day “Manila Clasico” last time around.

Ian Sangalang had a huge double-double game of 25 points and 11 rebounds with guards Paul Lee and Peter June Simon adding 16 and 15 points, respectively, in said game.

The Hotshots though had a hard time controlling the Kings’ big men, particularly Greg Slaughter, who lit them up for 24 points, 12 rebounds and four blocks, making it all the more difficult for them to book what would have been their second win.

In today’s game, Magnolia is up against Kia, which is out to prove that its “unconventional” way of doing things has something in it.

The Picanto will now be handled by erstwhile deputy Ricky Dandan after coach Chris Gavina tendered his resignation right before the year 2017 ended.

Eric Camson is pacing the Picanto with 18.5 points per ball game on top of six rebounds with Rashawn McCarthy adding 18 points, seven rebounds and 5.5 assists and Jackson Corpuz 12.5 points and 6.5 rebounds.

Congressman not questioning ‘unfair’ suspension by Sandigan

ILOILO CITY Representative Jerry P. Treñas will not appeal the decision of the Sandiganbayan ordering his 90-day preventive suspension for the release of P500,000 to a media group not accredited by the local government when he was still mayor in 2003. He said he would just accept the “unfair” decision, noting that the city government was only the conduit for the fund donated by Senator Loren Legarda and stressing that all the legal processes were followed when the money was released to the Iloilo Press Club, Inc. — PNA/interaksyon.com

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FC Meralco makes surprise PFL exit

By Michael Angelo S. Murillo
Senior Reporter

ONE of the founding teams in the Philippines Football League (PFL) would cease to exist when the next season unfurls as FC Meralco Manila decided to fold up.

In an announcement posted on its official Facebook account on Monday night that caught many football stakeholders by surprise, “The Sparks” said that due to “circumstances beyond our control,” including difficulty in finding new investors, the management of the team was left with no choice but to stop operations immediately and nix participation in the country’s first-ever national football league, which opened its debut season last year.

“It is with a heavy heart that we announce that the club will be ceasing operations immediately and will no longer participate in the second season of the Philippines Football League,” opened the FC Meralco statement.

“Circumstances beyond our control have made it difficult for FC Meralco Manila to continue. The board and management of the Sparks have tried to arrange for new investors that would keep the organization running, but those efforts have sadly fallen short,” it continued.

FC Meralco was one of the pioneering teams of the PFL along with seven other teams.

It performed well in the inaugural season, leading the standings for much of the time before being edged out by Global Cebu FC in the semifinals and settling for third place.

Ceres-Negros FC was crowned the first-ever PFL champion.

The Sparks, which also paraded their wares in the United Football League that the PFL supplanted, thanked their fans and sponsors, particularly Jollibee and Mizuno, as well as the City of Manila which was their home in the PFL.

They went on to say that they are trying their best to find their players new clubs to play for even as they encouraged fans to continue to support the league and football in general.

“The management of the team is currently in the process of searching for new teams for our players. These amazing athletes and people deserve to continue plying their trade, and we will do all in our power to find them new clubs,” the statement read.

Adding, “The club also encourages all Sparks fans to keep on supporting the league and Philippine football as a whole.”

As of this writing, the PFL and Philippine Football Federation, one of the proponents of the league, have yet to issue a statement or reaction to FC Meralco’s decision to exit.

CONCERNED REACTION
As expected, a lot of concerned reaction from fans and observers greeted FC Meralco’s decision, touching on how it was a sad day for Philippine football and how it could be a blow to the just-starting PFL.

“It’s definitely a big blow to the PFL. Meralco is probably the biggest corporation which put up a team in the league. Them pulling out might discourage other companies to put up a franchise or current teams to pull out as well,” shared local football writer and observer Lorenzo Del Carmen when asked by BusinessWorld for his thoughts on the unexpected turn of events.

But Mr. Del Carmen, who writes for local site Tiebreaker Times, is still hopefully that the PFL could use this episode to better the league across the board as well as current teams and future ones to learn from it to really come in prepared.

“Well there are still seven teams in the PFL so I still feel the league will still thrive for next season. I think that the PFL must step up its game in terms of media coverage to show corporations that having a franchise will be worth the money. Better coverage such as TV and online livestream will help the league reach out to more fans,” Mr. Del Carmen said.

“It should also open eyes about the costs of running a PFL team. Not only the salaries of the players and coaches should be looked at but also the costs of logistics since PFL clubs travel nationwide,” he added.

Minnesota routs Cavaliers; Thomas ejected

LOS ANGELES — The Minnesota Timberwolves humbled LeBron James and the Cleveland Cavaliers on Monday, leading by as many as 41 points en route to a 127-99 triumph in Minneapolis.

Andrew Wiggins scored 25 points to pace a Timberwolves team that led from start to finish against a Cavs team that went to the last three NBA Finals, winning the title two seasons ago.

Karl-Anthony Towns — the only Timberwolves starter to play in the fourth quarter — added 19 points with 12 rebounds and Wolves forward Taj Gibson added another double-double of 16 points and 13 rebounds.

Jimmy Butler flirted with a triple-double, amassing 21 points with nine assists and eight rebounds while playing a key role in limiting four-time NBA Most Valuable Player James to 10 points, eight rebounds and five assists.

James and the rest of the Cavs starters also sat out the fourth quarter — although for Isaiah Thomas that absence came courtesy of his third-quarter ejection.

Thomas was tossed when he reached out toward a driving Wiggins and caught the Minnesota forward under the chin. Assessed a flagrant-2 foul, Thomas was immediately ejected, although he said he was merely reaching in for a steal.

“I’ve gotten numerous steals like that, so it just happened that I hit him in the throat,” Thomas said. “I apologized right away because I knew I didn’t mean to do that. I’m just glad he’s all right. I went for the ball, but I know anything around the head — especially if it looks bad — you’re going to probably be thrown out.”

Thomas was playing his third game for the Cavs after a hip injury had sidelined him since he joined the team in a pre-season trade.

In his first two games back, the Cavs averaged 129 points a game, but they never fired on Monday.

“As a team, we just had no rhythm on both ends,” Thomas said. “There’s going to be nights like this. We’ve just got to have better energy. It’s tough when you’re getting the shots that you want and they’re just not falling — it kind of rubs off on the defensive end.”

BRUISING BATTLE
The Cavaliers fell to 26-14. They’re third in the Eastern Conference behind Thomas’s former team, the Boston Celtics, and the Toronto Raptors — who edged the Nets, 114-113, in overtime in a bruising encounter in Brooklyn.

DeMar DeRozan’s 35 points included a three-point play with 26.1 seconds remaining in over-time that put the Raptors up, 114-113.

Spencer Dinwiddie, who led the Nets with a career-high 31 points, had a last chance for the hosts but missed a driving layup with less than a second remaining.

Dinwiddie’s spinning layup had given the Nets a 113-111 lead with 42.8 seconds left in overtime but thanks to DeRozan the Raptors — who led by 10 with 4:40 left in regulation — held on.

The Raptors lost Kyle Lowry in overtime as the guard went down hard on a frightening fall in which he was sandwiched between two Nets players and landed on a hip.

He got to his feet, but quickly crumpled to the court again clutching his lower back and was finally carried off by two teammates.

By then, Brooklyn had already seen guard Allen Crabbe depart with an apparent left ankle injury suffered when he came down awkwardly after putting in the layup that knotted the score at 107-107 with 9.3 seconds left in the fourth.

In New Orleans, the Pelicans held on for a 112-109 victory over the Detroit Pistons despite losing star forward Anthony Davis to a sprained right ankle in the third quarter. Davis departed having already scored his game-high 30 points.

Pelicans center DeMarcus Cousins’s layup with 1:37 broke a 105-105 tie, giving New Orleans a lead they wouldn’t relinquish. Detroit’s Avery Bradley missed a potential game-tying three-pointer as time expired. — AFP

Flood control upgrade project to break ground this month

THE Department of Finance (DoF) said the government expects to break ground on the Metro Manila flood control project this month.

“The government is looking to start the $500-million Metro Manila Flood Control Management Project this January following the approval by the boards of the World Bank and the Asian Infrastructure Investment Bank (AIIB) of the co-financing for the project,” the DoF said in a statement.

Of the total project cost, $207.603 million will be sourced from the World Bank following the approval of its board on Sept. 28, 2017.

The AIIB on the other hand will provide another $207.603 million — its first loan to the Philippines — which was approved by its board on Sept. 27.

The Philippine government meanwhile will provide the remaining $84.794 million.

The DoF said that it signed the loan agreements with both the World Bank and the AIIB on Dec. 19.

The project aims to improve flood management in selected areas of Metro Manila by constructing new and modernizing existing pumping stations and their supporting infrastructure, and improving solid waste management practices within the vicinity of drainage systems.

The first phase of the project includes the rehabilitation of 36 pumping stations in Metro Manila and the construction of 20 new ones in Manila, Pasay, Pasig, Mandaluyong, San Juan, Caloocan, Valenzuela and Quezon City.

Many of Metro Manila’s existing pumping stations were built in the 1970s and have become inefficient and underperforming.

The Department of Public Works and Highways (DPWH) and the Metro Manila Development Authority (MMDA) are the implementing agencies for the project, with completion expected by 2024.

The project forms part of the flood control Master Plan that was approved by the government in 2012, following the extensive flooding caused by typhoon Ondoy in 2009.

The master plan proposed a set of measures to effectively manage major flood events, which include reducing flooding from river systems that run through the metropolis, by building a dam on the upper Marikina River catchment area in order to reduce peak river flows entering Metro Manila during typhoons and other periods of extreme rainfall.

It includes the elimination of long-term flooding on the flood plain of Laguna de Bay; improvement of urban drainage; and improvement of flood forecasting, early warning systems, and community-based flood risk management.

In 2015, the World Bank obtained a $7-million grant from the Australia-World Bank Philippines Development Trust Fund and Policy and Human Resources Development Trust Fund of Japan, to finance studies and designs of other interventions for the next phase of implementation of the master plan. — Elijah Joseph C. Tubayan

LTFRB to weigh effects of excise tax on fare hike petitions

THE LAND Transportation Franchising and Regulatory Board (LTFRB) said it will have to “find a balance” in deciding on petitions for fare increases which were filed with the impending increase in excise taxes on petroleum products due to the new tax reform package. Board Member Aileen Lourdes A. Lizada said the agency will conduct a technical study and consult the National Economic and Development Authority (NEDA) regarding the effect of the tax reform package on the prices of fuel as well as take-home pay to come up with a decision that is agreeable to both transport operators and passengers. It will also hear the sentiments of commuter groups. “We have to find a balance…We will have a hearing, and always the side of the commuters’ group. On the part of LTFRB, we would like to seek the assistance of NEDA. In all of these, what are the effects of the tax on the fuel, with corresponding increase in net take home pay, what is the fine balance, the one that LTFRB can substantiate, defend, and justify to the riding public, as well as acceptable to the riding public with services leveling up on the part of the TNVS,” Ms. Lizada told reporters on Tuesday. The earliest time the LTFRB will be able to come up with decisions on fare increases is March. Grab Philippines last week filed a petition for a 5% fare increase. The Philippine National Taxi Operators Association (PNTOA) filed a petition to hike its flag down rate to P50 from the current P40. Under the new tax reform package, excise taxes are estimated to increase by P2.50 per liter for diesel, and P7 per liter for gasoline. — Patrizia Paola C. Marcelo

No mere makeover for Mercedes-Benz ‘Gelandewagen’

AT the Frankfurt motor show in September 2017 Mercedes-Benz displayed a pickup truck, with the model opened up to customer orders during the event. Called the X-Class, the pickup marked the brand’s first serious foray into the leisure/light-duty truck segment, as opposed to some variants of its commercial-use vehicles that Mercedes-Benz has been selling for decades (and, no, the privately done Grosser “Benzomino” conversions do not count either).

At the Jan. 13 opening of the Detroit auto show Mercedes-Benz will make another bold move as it sets to unveil a new model that’s neither car nor cushy SUV. Scheduled to debut at the year’s first international motor show is the new G-Class. Unlike the Nissan Navara platform-propped X-Class though, the upcoming “Gelandewagen” — or G-wagen, meaning “cross-country vehicle” — is a totally fresh rendition of a model that has soldiered on in basically the same form for nearly four decades.

All right, the G-wagen that came out in 1979 was a bare-bones machine originally pitched for military use. But in the years since the model had transformed into a luxurious, gadget- and tech-laden fashion and lifestyle statement that somehow managed to retain its basic structure and capacity to go places where roads have yet to exist. Still, four decades — and more than 300,000 examples along the way — is a long time, and the original G-wagen apparently cannot be evolved any further.

As such, Mercedes-Benz, in official news releases, is hyping the new G-Glass’s improved cabin — one spot the outgoing G-wagen has reached its limit. Besides the passenger grab handle on the dashboard and switches for the differential lock that mimic those on the original models, the latest G-Class’s features have gone utterly modern (even when compared against items fitted on the top-spec or special variants of the most recent G-wagens). As an example, Mercedes-Benz said the upcoming G-Glass will allow its driver to control the infotainment system via a touch screen, similar to a smart phone’s, on the steering wheel. Haptic impulses and additional feedback from speakers will further help the driver in using this touchpad.

Like in the new Mercedes-Benz E-Class and S-Class, the new G-Glass also has a large display screen showing virtual instruments in the driver’s direct view, as well as on another screen above the center console. The display graphics can even be set to Classic, Sport or Progressive themes. And, as the standard has been for the G-wagen during the last decade or so, the G-Class’s interior is lined with wood trim, leather-covered furniture and plenty of metal or carbon fiber pieces. Only now the upcoming car’s cabin promises to be roomier.

While promising a host of significant improvements, Mercedes-Benz at the same time is careful not to alter too much the traits for which the G-wagen has been adored through the years. And so going by most indications (as well as unofficial photos), lying beneath the upcoming G-Class’s vinyl sticker camouflage are classic G-wagen styling cues, chief among which are the pronounced and protruding door handles, protective hard-plastic strip running the length of the vehicle, spare wheel mounted on the rear door and large indicator lights. The G-Class appears to retain these industrial-design items along with its squared-off silhouette and upright, virtually flat greenhouse. Even the sound emitted by its doors being shut — likened by Mercedes-Benz to that made by the door of a bank vault — is the same, according to the car maker.

To appease enthusiasts who fear the G-wagen may have gone soft in its new G-Class form, Mercedes-Benz ahead of the Detroit reveal issued photos of the vehicle tackling off-road trails. It also confirmed the model will retain its ladder frame, three 100% differential locks and a low-range ratio — marks of a genuine off-road SUV. The G-Class still has a solid rear axle, too, but this time around the vehicle is fitted with an independent, double-wishbone suspension in front. The rear suspension also sprouts a Panhard rod. Combined, these suspension changes should significantly improve the G-Class’s behavior on pavement.

Addressing concerns that double wishbones will reduce ground clearance, Mercedes-Benz said it mounted these wishbones directly to the ladder frame, dispensing with a sub-frame altogether to ensure adequate distance off the ground. A host of electronic systems, like the new G-Mode (which adjusts damping, steering, throttle and gearing), as well as permanent all-wheel drive, are purported to make the G-Class as capable off-road as its ancestors have always been. — Brian M. Afuang