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Bank of Japan keeps policy steady

TOKYO – The Bank of Japan kept monetary policy steady and roughly maintained its ambitious price forecasts on Tuesday, pointing to signs of growing strength in the economy that policy makers hope will accelerate inflation toward its elusive 2% target.

Board newcomer Goushi Kataoka made no proposal on additional easing, defying market expectations he might do so after dissenting to last month’s BoJ decision to keep policy steady.

But he said the central bank should make clear its readiness to expand stimulus again and commit, via its bond purchases, to keeping the yield on longer-term bonds low.

“If there were a delay in the timing of achieving the price target due to domestic factors, the BoJ should take additional easing measures,” Kataoka said, according to a statement issued by the central bank.

As widely expected, the BoJ kept intact a pledge to guide short-term interest rates at minus 0.1% and the 10-year bond yield around zero% by a 8-1 vote. Kataoka dissented to the decision to stand pat.

While not an official proposal for easing, Kataoka said the BoJ should buy government bonds so 15-year yields “remain at less than 0.2%”. The 15-year government bond yield stood around 0.307% on Tuesday.

“I don’t think Kataoka’s argument will sway the majority view of the board,” said Ryutaro Kono, chief economist at BNP Paribas Securities, noting the board felt no need for further easing as long as the economy kept recovering.

“That said, inflation is unlikely to accelerate beyond 1% in the near future. Therefore the BoJ is unlikely to head for an exit or ease policy further.”

BoJ Governor Haruhiko Kuroda reiterated the central bank’s pledge to maintain its “powerful” monetary easing until inflation is stably above 2%.

“The economy is sustaining its momentum to achieve 2% inflation, but the momentum remains weak,” he told a news conference.

BOJ TRIMS INFLATION OUTLOOK, MAINTAINS TIME FRAME
In a quarterly review of its projections, the BoJ slightly cut its inflation forecasts for the current fiscal year ending in March 2018 but roughly maintained its optimistic projections for the following years.

It also maintained its view that inflation will hit the 2% target by March 2020.

“Japan’s economy is expected to continue expanding moderately,” the BoJ said in the report released after the rate review, signalling its confidence in a strengthening recovery.

The dissent by Kataoka, a former private economist, could complicate the BoJ’s efforts to follow the footsteps of its US and European counterparts in dialing back stimulus, albeit gradually, analysts say.

“Other central banks are unwinding easy policy, so distortions will emerge if the BoJ continues with its current framework,” said Hiroaki Muto, an economist at Tokai Tokyo Research Center.

“If Kataoka proposes more easing, it just complicates things further. There are no hawks on the board, so the BoJ could lose its chance to normalize policy.”

Japan’s economy expanded at an annualized 2.5% in the second quarter as consumer and corporate spending picked up, with steady growth likely to be sustained in coming quarters.

But core consumer prices rose just 0.7% in September from a year earlier, well below the BoJ’s target, keeping the bank under pressure to maintain its ultra-easy policy. – Reuters

QEV aims to put up 200 charging stations by 2022

QEV PHILIPPINES is looking to install 100 fast chargers in SM malls and another 100 in Shell branches, in line with its target of putting up 200 charging stations by 2022, its president said.

“At this point we are already working on the readying the first few sites, as we want the first 10 chargers installed [as soon as possible],” said Audrey D. Peñaranda, general manager of QEV Philippines Electromobility Solutions and Consulting Group, Inc.

She said the company is aiming to complete the first 50 charging stations within the first half of 2018.

In a previous interview, Ms. Peñaranda said QEV Philippines is technology company that is focused on building an ecosystem of electric chargers and electric vehicles, and bringing both together to develop a market.

At present, separate companies put up the charging stations and the electric vehicles, but not an ecosystem where both can thrive, she said. QEV Philippines’ parent, QEV Capital Pte. Ltd., is doing the same initiative globally.

On Monday, QEV Philippines said the SM mall chain had agreed to install around the country the ABB electric vehicle (EV) fast chargers that allow two separate charging protocols.

The agreement follows a similar deal it signed earlier this month with Pilipinas Shell Petroleum Corp., which agreed to install 100 pilot sites for the EV charging posts.

QEV Philippines said the ABB EV chargers will be able to charge EVs that are either on the CCS and Chademo protocol. While most European cars like BMW already have vehicles that charge with CCS, most Japanese branded-EVs such as Nissan and Mitsubishi make use of Chademo, added.

QEV Philippines is the joint venture between Filipino businessman Enrique M. Aboitiz and his Spanish business partner Enrique Bañuelos. – Victor V. Saulon

Asian currencies climb vs dollar

MOST ASIAN currencies advanced on Tuesday with the dollar coming under pressure after investigators probing Russian meddling in the US election had charged President Donald J. Trump’s former campaign manager.

Federal investigators probing Russian interference in the 2016 US election charged Paul Manafort, Trump’s former campaign manager, and aide Rick Gates with money laundering on Monday.

“The scope of the investigation will likely widen. But at this stage, we have no idea if there’s a smoking gun or its all a tempest in a teapot,” Stephen Innes, senior trader at foreign exchange broker OANDA, said in a note.

Sentiment appears subdued as Trump contemplates his choice for the next Fed chair, which will influence the future pace of its rate hikes.

Thus far, Jerome Powell, seen as less hawkish than fellow candidate John Taylor, remains in favor.

The dollar fell to a one-week low against the yen, while the dollar index, which measures the greenback against six rivals, was marginally higher.

The South Korean won led gains in the region, hitting its highest in two months.

The Indonesian rupiah was up slightly, on-track to post its third straight month of gains.

Sentiment may also have been boosted by data out later on Monday showing that Indonesia saw foreign direct investment increase at a slightly faster pace in July-September than in the previous quarter.

The Taiwan dollar was 0.2% higher against the greenback ahead of preliminary third-quarter economic growth data scheduled to come out later in the day.

A Reuters poll showed that Taiwan’s economy was expected to show growth for a sixth straight quarter in July-September and at a faster pace, boosted by tech exports thanks to a global economic upswing and recovering consumption.

The Thai baht also rose 0.12% against the greenback ahead of September factory output data likewise due later in the day and October inflation data due in the next session.

Thailand’s headline inflation is expected to be little changed in October and still below the central bank’s target range, while September factory output growth was expected to slow, a Reuters poll found, giving policy makers room to keep monetary policy loose.

The baht was seen set to post its biggest monthly gain since July.

YUAN AND WON
The South Korean won was up 0.4%, and looked set to break two straight monthly losses, while China’s yuan rose as much as 0.3%, its best one-day gain in three weeks.

Political sentiment was boosted when China’s Foreign Ministry said on Tuesday that China and South Korea had agreed at high-level talks to get their relations back on track.

The Philippine peso was not open for trade yesterday because of a local holiday. Markets will also be closed today. – Reuters

Worthy high on LA’s young guns

By Michael Angelo S. Murillo
Senior Reporter

YOU CAN TAKE the player away from the game but you cannot take the game away from the player. Such seems to be the case for Los Angeles Lakers legend James Worthy, who three decades since hanging up his sneakers is still engaged in the sport that has brought him a lot.

Part of the “Showtime” Laker crew that dominated in the National Basketball Association in the 1980s, Mr. Worthy, 56, shared that he is keeping tabs on the goings-on in the Association and still doing basketball-related stuff now in retirement.

In a recent global media conference, Mr. Worthy shared that he is excited over the young players the Lakers now have, in particular Lonzo Ball, Kyle Kuzma and Brandon Ingram, and how said players should only improve under the current think tank of the purple and gold headed by president for basketball operations Earvin “Magic” Johnson and coach Luke Walton.

“The Lakers are currently in the stage of developing a leader. You have good young players there in Lonzo Ball, Kyle Kuzma and Brandon Ingram who can take the leadership role,” said Mr. Worthy in the media conference the transcript of which was shared to BusinessWorld.

“Lonzo is a rookie. He’ll have the ball in his hands. He’ll be a leader on the floor. But I think Brandon has shown, through his work ethic and through practicing his abilities, that he could be [a leader]. Kuzma, for his part, is an outstanding rookie, probably the most exciting rookie in the NBA this year. He’ll add a dimension, but I think the leadership qualities will come as the team develops,” he added.

Last year, the Lakers, the lone team that Hall-of Famer Worthy played for in 12 stellar years in the NBA, had it rough, finishing with the third-worst record in the NBA at 26-56.

But the Laker legend said things should about to change for the team beginning this season.

“After what happened last year, there’s only one way to go, and that’s up. They can only improve. Things must change. I just think they just need to win. I think they need to really get their fans engaged,” he said.

Retired in 1993 after winning three titles with the Lakers and being named a seven-time NBA All-Star, Mr. Worthy shared much has changed since he last played.

“Well, during my time in the ’80s, it was somewhat of a different game. We had different rules. Only two referees. It was a little bit more physical. The three-point shot was not that dominant in the game. I think the difference today is it’s a smaller game. It’s a guard-oriented type of game. They control the game pretty much now. You don’t find centers in the game that dominate like (Kareem Abdul-Jabbar). It’s more of a perimeter game now, and it’s a faster pace,” he said.

While with the Lakers, Mr. Worthy joined forces with Messrs. Johnson and Abdul-Jabbar to form the “Big Three” of the Showtime Era that won three titles from 1985 to 1988. He was named Finals most valuable player in 1988.

The Lakers currently holds a 2-4 record. They play today against the Detroit Pistons.

Celtics win five in a row, snap losing skid to Spurs

LOS ANGELES — Al Horford delivered 14 points and 13 rebounds as the Boston Celtics won their fifth straight and snapped an 11-game losing skid to the San Antonio Spurs with a 108-94 win on Monday.

Kyrie Irving played his best game for the Celtics who beat the injury-depleted Spurs for the first time in Boston since January 2011.

The Celtics have rallied from an 0-2 season start that saw them lose new signee Gordon Hayward to an injury in the opening game in Cleveland.

“We’re just really buying into what the coach wants us to do and our young guys, they’re all ears,” said Horford. “They’re all listening, trying to be better.”

Irving led his new team by scoring 24 points, while Jaylen Brown scored 18 for the Celtics who improved to 5-2 on the 2017-2018 NBA season. Former first overall draft pick Irving was dealt to the Celtics in the offseason after demanding a trade out of Cleveland.

Terry Rozier scored eight of his 12 points in 52 seconds to put the game away in the fourth quarter and rookie Jayson Tatum grabbed 11 rebounds and blocked three shots.

Marcus Smart added nine points and seven rebounds in the win.

The Spurs are still without injured Kawhi Leonard and Tony Parker. Manu Ginobili also skipped the game to get some needed rest.

San Antonio got a career-high 18 points as well as five rebounds from Brandon Paul.

Pau Gasol had 11 points and eight rebounds for the Spurs who suffered their third straight loss on a 1-3 road trip. They won in Miami to start the trip.

In New York, Kristaps Porzingis scored a career-high 38 points as the New York Knicks held on for a 116-110 victory over the Denver Nuggets.

Porzingis, of Latvia, produced his fifth 30-point game of the season and eighth of his career. He made 14 of 26 shots, including four three-pointers, and surpassed his previous career best set on Nov. 16 against the Detroit Pistons.

“Some of the stuff that he does, we look at each other on the bench and go ‘man he really just did that,’” Knicks center Enes Kanter said.

Kyle O’Quinn finished with 15 points and 12 rebounds for his first double-double of the season.

Tim Hardaway, Jr. scored all 13 of his points in the fourth, while Kanter and Courtney Lee contributed 12 apiece.

Serbia’s Nikola Jokic led the Nuggets with 28 points. Jamal Murray added 20 for Denver, which used a 22-2 run in the third and outscored the Knicks 38-19 in the period.

After withstanding the difficult third, the Knicks took an 84-81 lead into the fourth and expanded it to 100-93 on a three-pointer by Hardaway with about seven minutes left before Porzingis finished it off.

Elsewhere, Rudy Gobert had 17 points, 12 rebounds, six blocks and a career-high six assists to lead the Utah Jazz to a 104-89 victory over the Dallas Mavericks.

The Jazz improved to 4-0 at home this season. — AFP

Farm dep’t signals shift in focus to meeting domestic demand

THE Department of Agriculture (DA) said the farm industry’s export focus is overdone, resulting in an underserved domestic market.

“Right now we are too focused on export markets, forgetting that we have a country of 105 million people. This is a big market that is not served by local producers,” Agriculture Secretary Emmanuel F. Piñol told reporters last week.

“How much are we producing sa milk? We’re only producing 1.8% of national requirements. Garlic, how much are we producing? Seven percent of national requirements. Onions, 30%. Why are we even contemplating coffee exports. We are importing coffee, meat. Why dream of being an exporter when we cannot even supply the needs of our people,” he said.

As such, the agency will be reordering its priorities by reducing marketing engagements abroad.

“In fact, for 2018, we will be selective with foreign marketing expos. We will participate in countries where we actually sell produce. All the others will be scrapped,” he added.

Economist Rolando T. Dy, executive director of the Center for Food and AgriBusiness of the University of Asia & the Pacific, said that foreign trade does not necessarily threaten domestic food supply, noting that the export market “is a major force in rural poverty reduction.”

“Exports are where the large markets are. If we competitively expand cacao, coffee, palm oil, etc., the domestic market won’t absorb them,” Mr. Dy said.

“Do you think Thailand, Indonesia, Vietnam and Malaysia could have massively reduced rural poverty without agri export development? Under productive and diversified agri fishery?” Mr. Dy added.

“How will this strategy reduce rural poverty from 30% in 2015 to 14% in 2022?”

Mr. Dy in an e-mail interview noted that the country regularly imports rice, coffee, cacao powder, palm oil, dairy products, garlic, onions, and peanuts, among other commodities, to make up for domestic production shortfalls.

Importing these commodities does not always point to low productivity but also due to many other factors including land suitability and climate, among others.

“The Philippines under the present trade regime cannot be competitive in dairy as it is a temperate enterprise. Today we are at 1.8% self-sufficiency. Doubtful if we ever reach 5% by 2022,” Mr. Dy added.

According to the Philippine Statistics Authority (PSA), agricultural exports expanded by 23.9% to $1.338 billion in the second quarter of 2017.

The share of agricultural exports to total export likewise rose to 8.5% from 7.7% a year earlier.

“The main cash crops – cavendish banana, pineapple, coffee, cacao, oil palm, tobacco, etc., account for only 5% of total farm land in the Philippines. Total physical farmland [is] 10 million hectares [while] rice, corn and unproductive coconuts occupy some 80% of all farm land in the Philippines,” Mr. Dy added.

Mr. Piñol has expressed a preference for self-sufficiency in the major staples such as rice, a view which has led him to lobby for outsized budgets to promote the wider planting of high-yielding hybrid varieties.

The country’s chief economic planner Ernesto M. Pernia had suggested that the DA abandon its 2020 rice-self sufficiency target along with the spending associated with it.

To attain rice self-sufficiency, rice production needs to hit 21.67 million metric tons.

For 2018, the DA has said it needs some P21 billion to hit 20.34 million metric tons for rice production.

The PSA reported last week that the Philippines in 2016 achieved 95.01% self-sufficiency in rice, up from 88.93% in 2016. – Janina C. Lim

Nadal gears up to quietly seal number one status

PARIS — Rafael Nadal said on Monday that he is ready to consolidate his yearend number one ATP ranking by winning his opening match at the Paris Masters.

But the 31-year-old Spaniard — who is also trying to balance the delicate political situation in his native country with his status as an international sportsman — refused to hype up his potential coronation.

“I need to win a match. I’m here to try my best — as in every tournament,” he said before starting as top seed in the event which is missing Roger Federer due to fatigue.

“Hopefully if this (number one) happens, it will be something important for me.

“But the season is not over and it’s not the moment to think much about that.

“I’ll just try to think about trying to have the right preparation for the tournament and then try to be ready for the first match.”

Nadal, who reclaimed the top ranking in August for the first time in three years, is due to start at Bercy against South Korea’s Hyeon Chung, who opened on Monday with a 6-0, 6-2 first-round defeat of German Mischa Zverev.

Federer is skipping Paris after winning back-to-back titles in Shanghai and Basel and is resting to be prepared for the ATP Finals starting in less than a fortnight in London.

Nadal, who withdrew from Basel with a knee problem, does not fault his main rival for looking after personal interests.

“Everyone makes the calendar which he thinks will be the best for him,” Nadal said. “For him, everything was working well that way. He had a little bit better chance, of course, if he came here. But you never know.

“You would think that he would have more points if he had played on clay. But you never know [that] if he played on clay if he would win Wimbledon or he would be able to play as well as he did.

“He took his decisions and he did it well. Probably after winning Shanghai and winning Basel he believes that will be better for his body and for his preparation for London to not be here, to rest.”

CATALONIA CRISIS ‘SENSITIVE’
Ten-time Roland Garros champion Nadal said that he is hoping to do well in “the most important city for my career.”

Questioned about the political situation in his native Spain between Madrid and Catalonia, Mallorcan islander Nadal, also a Catalan speaker, was notably circumspect.

“In my situation it’s very difficult to answer these kind of things because things are, let’s say, sensitive in my country.

“Anything that I can say will not go the right way. The real thing for me [is that] it’s a sad situation and at the same time a difficult situation; it’s difficult [for me] to talk 100% freely.

“I want the things to get better. I don’t want the fracture between people in Catalonia. I feel close to Catalonia. I love the people in Catalonia, and most of the Spanish people feel the same.

“Love from the rest of the Spanish country, it feels love for Catalonia and that’s it. And that’s the reason that’s why we are sad about that situation.” — AFP

Alleged frat leader moves to junk charges

THE ALLEGED leader of the Aegis Juris fraternity (AJF) has filed his counter-affidavit before the Department of Justice (DoJ) urging the dismissal of the charges against him, in connection with the death by hazing of AJF recruit Horacio T. Castillo III on Sept. 17.

Arvin R. Balag, who has declined to comment in a Senate inquiry on whether he is the fraternity president, filed his 12-page counter-affidavit on Monday, Oct. 30, accompanied by his lawyers Robespierre S. Cu and Stanley L. Gotohio. Currently detained at the Senate for contempt, Mr. Balag is a respondent in the charges of murder, obstruction of justice, perjury, and violation of the Anti-Hazing Law (Republic Act No. 8049), filed by the parents of the slain Mr. Castillo, Horacio M. Castillo, Jr. and Carmina T. Castillo.

Mr. Balag said in his counter-affidavit, referring to the complaints filed by the Castillo parents: “Complaint-Affidavit dated Sept. 25 and the subsequently filed Supplemental Complaint-Affidavit dated Oct. 9 would reveal that I cannot be held liable for the said crimes being imputed against me because my alleged active and direct participation in the supposed incident which led into the death of Horacio Tomas “Atio” T. Castillo III was never clearly alleged with particularity and established by the complainants.”

“Complainants likewise presented no witnesses stating my actual direct participation to the supposed illegal hazing done to Mr. Castillo as a neophyte of Aegis Juris Fraternity,” he added.

Thus, “the aforesaid charges against me have no basis in fact and in law and should be dismissed outright for utter lack of merit,” Mr. Balag said.

FACEBOOK CHAT
The Castillo parents’ Supplemental Complaint-Affidavit cited an online conversation thread from a Facebook chat group that police had presented before the Senate.

But Mr. Balag said of the conversation thread, now posted in various Web sites, “I hereby categorically and specifically deny that I have any knowledge or that I am a party in the conversation mentioned in the “screenshots of conversation” derived from Facebook.”

“The ‘screenshots of conversation’ which complainants allegedly saw posted on Facebook clearly are in the nature of electronic evidence,” he said.

Section 2, Rule 5 of the Rules on Electronic Evidence states that: “Before any private electronic document offered as authentic is received in evidence, its authenticity must be proved by any of the following means : (a) by evidence that it had been digitally signed by the person purported to have signed the same; (b) by evidence that other appropriate security procedures or devices as may be authorized by the Supreme Court or by law for authentication of electronic documents were applied to the document; or (c) by other evidence showing its integrity and reliability to the satisfaction of the judge.”

On that basis, Mr. Balag said: “Since the aforesaid ‘screenshots of conversation’ which complainants saw posted on Facebook were not properly authenticated pursuant to the above-stated Rule 5 of the Rules on Electronic Evidence, the same are inadmissible as evidence against me for the instant complaint.”

“Likewise, the said ‘screenshots of conversation’ which complainants saw posted on Facebook are also not admissible as evidence in the case at bar because they violate the constitutionally guaranteed right to privacy of communication and correspondence,” the respondent added.

CCTV
Regarding another piece of evidence, “(t)he unmarked compact disc (CD) attached with the Supplemental Complaint-Affidavit dated Oct. 9 containing Closed-Circuit Television (CCTV) video footages also cannot be considered as evidence against me because it does not in any way depict my participation in the crimes being imputed against me,” Mr. Balag said.

He noted further: “As a matter of fact, I never appeared in person in the said CCTV video footages. Likewise, the said CCTV video footages also were not authenticated based on the Rules of Electronic Evidence.”

“I could not in any way be held liable for violation of Republic Act No. 2049 (Anti-Hazing Law) since there is no evidence whatsoever that Atio was placed in some embarrassing or humiliating situation or subjected to physical or psychological suffering or injury as a prerequisite for admission or entry to an organization and that I have any direct participation therein,” Mr. Balag also pointed out.

Of the charge of murder, he said: “I cannot be held liable for murder as charged therein for the death of Atio for the simple reason that neither my presence nor my participation was proven by the complainants.”

“The principal and essential element of attempted or frustrated murder is the intent on the part of the assailant to take the life of the person attacked. Such intent must be proved in a clear and evident manner to exclude every possible doubt as to the homicidal intent of the aggressor. In the present case, intent to kill the victim could not be inferred from the surrounding circumstances,” Mr. Balag also said in his counter-affidavit.

MEDICO-LEGAL REPORT
The respondent also questioned the medico-legal report on Mr. Castillo, saying: “Atio’s Medico Legal Report did not make any finding that Atio died of Cardiac Arrest due to hazing. There is absolutely no finding in the said Medico Legal Report regarding the cause of death of Atio.”

“Without any finding on the cause of death of Atio, it shall not and will not be legally tenable to hold me criminally liable for violation of Section 4 or R.A. 8049 and/or for the felony of Murder, much less to hold that there exists probable cause to hold me for trial for the offenses charged against me.”

Mr. Balag further pointed out: “If indeed it is true that Atio is a victim of hazing where he suffered from severe physical trauma, Atio’s kidneys should have acquired some degree of kidney injury due to accumulation of myoglobin and the same could be a cause of acute kidney injury/ failure resulting to multiple organ failure.”

“Simply put, there is no finding in any manner whatsoever that Atio suffered multiple organ failure which is the reported common cause of death from hazing.”

“Thus, the most likely proximate cause of the death of Atio is Cardiac Arrest because of Hypertrophic Cardiomyopathy (HCM), and not due to hazing,” Mr. Balag said.

The said report had also been questioned earlier in the counter-affidavit filed last Oct. 24 by suspect John Paul Solano, who transported Mr. Castillo’s body from the Aegis Juris Fraternity Library to the Chinese General Hospital where the fraternity recruit was declared dead on arrival.

In a brief statement on Tuesday, Senator Juan Miguel F. Zubiri said, “I have only one word to describe Arvin Balag and his counter-affidavit . . . . Pathetic.”

WITNESS PROTECTION QUESTIONED
Also on Monday, a heated exchange took place between lawyers of two alleged fraternity members during a preliminary hearing at the DoJ on the Castillo case.

The dispute arose as Marc Ventura, who was admitted into the Justice department’s witness protection program (WPP), testified against his fraternity brothers. He had admitted being part of Mr. Castillo’s Sept. 16 initiation.

Respondent Alex Bose, through lawyer Paris Real, contested Mr. Ventura’s enrolment in the WPP, saying he was disqualified and was not the least guilty, having admitted taking part firsthand in the hazing.

Mr. Real pointed out that Mr. Ventura had admitted having actively dealt Mr. Castillo some blows.

But according to assistant state prosecutor Susan Villanueva, Mr. Ventura remains until now a respondent. The DoJ panel also has not gotten a copy of Mr. Ventura’s affidavit. — Andrea Louise E. San Juan with a report by interaksyon.com

Key infra projects part of Japanese assistance

KEY INFRASTRUCTURE projects are expected to be given a boost by Japan’s financial assistance pledged in the course of President Rodrigo R. Duterte’s ongoing visit there.

One such project is the Arterial Road Bypass Project in Bulacan province, which is expected to improve transportation capacity and efficiency in the vicinity of the town of Plaridel.

This project forms part of the ¥1 trillion (about $9 billion) pledged by the Japanese government for the Philippines early this year.

The 24.61-kilometer (km) Plaridel Bypass Project will link the North Luzon Expressway in Balagtas, Bulacan, with the Philippine Japan Friendship Highway or Maharlika Highway in San Rafael, Bulacan. The project will have 11 bridges traversing the Bulacan municipalities of Balagtas, Guiguinto, Plaridel, Bustos, and San Rafael.

Mr. Duterte and Japanese Prime Minister Shinzo Abe on Monday, Oct. 30, also witnessed the exchange of note between Philippine Foreign Affairs Secretary Alan Peter S. Cayetano and Japan’s Minister of Foreign Affairs Taro Kono on a loan provision of up to ¥15.9 billion (around $141 million) for the Cavite Industrial Area Flood Risk Management Project.

The Japanese Ministry of Foreign Affairs in a statement following Mr. Abe’s meeting with Mr. Duterte also affirmed Japanese assistance in the Metro Manila Subway Project.

Also on Monday, the Philippine delegation, including representatives of the private sector signed at least 18 letters of intent (LOIs) amounting to some $6 billion with 20 Japanese companies representing a diversity of industries — with the Department of Trade and Industry signing LOIs with Marubeni Corp., Itochu Corp., Sumitomo Metal Mining Co., Ltd., Taiheiyo Cement Corp., Tsuneishi Shipbuilding Co., Ltd, Ministop Co., Ltd., and Lawson, Inc.

Tsuneishi and Ichijo have expressed interest to invest about P25 billion early this year.

Also signing LOIs with partner Japanese companies on Monday were Finance Secretary Carlos G. Dominguez III, with Japan Tobacco, Inc.; Energy Secretary Alfonso G. Cusi, with Tokyo Gas Co., Ltd.; Bases Conversion and Development Authority President and CEO Vivencio B. Dizon, with Hitachi Asia; and Subic Bay Metropolitan Authority Administrator and CEO Wilma T. Eisma, with List Co., Ltd.

Private companies in the Philippine delegation had also inked agreements with their Japanese counterparts. — Rosemarie A. Zamora and Anna Gabriela A. Mogato

Airlines back development of key airports, infra

By Patrizia Paola C. Marcelo

AIRLINES said they support the development of key airports in order to grow the aviation sector.

Philippine Airlines (PAL) said it would like to see improvements at Kalibo International Airport given the increasing demand for chartered flights between Kalibo to destinations, particularly secondary cities, in China and South Korea.

“The improvement of Kalibo is also important because Kalibo is becoming one of our important hubs… that’s one of our wishlist for the government, to make Kalibo a very efficient airport,” PAL President Jaime L. Bautista told reporters on the sidelines of the Philippine Aviation Day.

Cebu Pacific, a unit of Cebu Air, Inc., on the other hand is looking for additional airports to be built in Sangley in Cavite and in Bulacan, aside from the current efforts of government to make Clark International Airport (an alternative to the Ninoy Aquino International Airport) in Metro Manila.

“We’d like to see all the other things that can expand capacity like increasing access to Clark, the subway, rapid rail… We’d like to see additional airports being built in Sangley, [and] Bulacan,” Cebu Pacific CEO Lance Y. Gokongwei told reporters on the sidelines of a Cebu Pacific launch event.

Philippines AirAsia, Inc. is betting on future operations in Clark, as it is set to return in January 2018 and make the Pampanga airport its primary hub.

Philippines AirAsia has also said that it will propose to the government the creation of a low-cost carrier terminal (LCCT) similar to the old LCCT at Kuala Lumpur International Airport.

The construction of more airports and more infrastructure for tourism is part of the massive infrastructure push of the government under President Rodrigo R. Duterte.

The construction phase of the Clark International Airport’s (CIA) new terminal project is currently at the bidding process, and the Department of Transportation (DoTr) has forwarded to the National Economic and Development Authority Board for approval the proposal of San Miguel Corp. (SMC) to build an airport complex in Bulacan.

The government also plans to spend P600 million to P700 million for the development of Sangley Airport in Cavite.

International Air Transport Association (IATA) Director-General and CEO Alexandre de Juniac on Philippine Aviation Day acknowledged the efforts of the government to develop Clark but said that the government needs a new gateway nearer to Manila, as Clark is “too far” from the metropolis.

An ideal distance would be 45 to 50 kilometers from Manila, Mr. de Juniac said.

IATA also warned the Philippine government about privatization of airports because of higher fees charged by private operators which can lead to fare increase by airlines.

“Our experience [with the privatization of airports] is not good,” Mr. de Juniac told reporters in a press briefing, saying that privatization has “not delivered” on both quality of service and affordability. He added that the top five airports in the world in terms of service are all publicly administered.

The CEO of Philippines AirAsia has expressed concern over the growing privatization of airports in the country.

“It’s starting to become a problem worldwide. Many are privatizing their airports. Fees are increasing, so fares will increase,” Philippines AirAsia CEO Dexter M. Comendador told reporters on the sidelines of an AirAsia launch event.

Private corporations are still tapped for many airport development projects due to the massive funding needed to build and run airport facilities.

Aside from construction, operations and maintenance of CIA Terminal will be bid out to private companies.

SMC, through Trans Aire Development Holdings Corp., is leading the expansion of the airport in Caticlan under a build-rehabilitate-operate-transfer concession granted by DoTr.

Moraes not underestimating Filipino Kingad

DESPITE coming in as the favorite in his title defense here in Manila next week, ONE Championship world flyweight champion Adriano “Mikinho” Moraes of Brazil is not leaving anything to chance and coming prepared. More so that he set to face a talented and dangerous Filipino challenger.

Featured in the co-main event for “ONE: Legends of the World” on Nov. 10 at the Mall of Asia Arena, Mr. Moraes (16-2) is to stake his title against hometown bet Danny “The King” Kingad.

Recognizing that he is up against one of the upcoming fighters in the division in Kingad (5-0), and backed by a partisan crowd come fight night, Mr. Moraes said he has to be ready to take on the challenge.

“Danny Kingad is a great competitor and he has earned the highest level of my respect. If anything, there is no chance of me underestimating him. That would be unwise,” said the Brazilian champion, who reclaimed the ONE flyweight gold by beating erstwhile champion Kairat Akhmetov in Macau last August.

“He is a young martial artist, undefeated, and a Wushu champion with good takedowns and good hands. I am preparing for the best Danny Kingad possible, and that is the only way I can prepare to be at my best. I believe this match is going to be a battle between two top-notch martial artists. It is going to be a battle from start to finish,” he added.

While he is cautious of what Baguio native Kingad can do, Mr. Moraes nonetheless believes that he can rise up to the challenge and maintain his hold of the ONE flyweight title.

“It will be my first time in Manila. Deep in my heart, I know that I am the best out there. I am here to prove it. I feel great to defend my belt in Manila, expecting to hear the words, ‘And still,’ once again,” Mr. Moraes said.

ONE: Legends of the World will be headlined by the crossover fight between lightweight champion Eduard “Landslide” Folayang of the Philippines and featherweight champion Martin “The Situ-Asian” Nguyen of Australia where the former will stake his belt. — Michael Angelo S. Murillo

New DA bureau to enforce agricultural equipment standards

THE Department of Agriculture (DA) has formed a new bureau which will monitor compliance with agricultural machinery standards and collect inspection fees.

The Bureau of Agricultural and Fisheries Engineering (BAFE) was created through Republic Act 10601 or the Agriculture and Fisheries Mechanization Law of 2013 to monitor and enforce engineering standards in agricultural and fishery equipment.

The bureau was formerly a division of the DA, and currently has a staff of 13.

BAFE is now compiling a list of all equipment acquired by and donated to the DA.

“We’re starting to look at the [equipment] being distributed in the market now, if they are compliant with the standards,” BAFE Director Cristy Cecilia T. Polido told reporters in Quezon City last week.

The registry will list all equipment that have passed the Philippine Agricultural Engineering Standards and other standards pursuant to the Mechanization Law.

“For instance, we have some equipment from China and Japan but some of them are not compliant with the standards. This will negatively affect the farmers,” she added.

She added: “We need to update our mechanization masterplan,” a blueprint to be drafted upon the completion of the inventory of agri-fishery machinery adopted by all government agencies down to the regional level.

“It’s a work in progress. Hopefully by next year we will complete the inventory,” Ms. Polido said.

The bureau is hoping for the approval of a new staffing level of 64 by the end of the year. – Janina C. Lim

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