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Compton welcomes pattern of winning for Alaska Aces

By Michael Angelo S. Murillo
Senior Reporter

HAVING had his share of losing slumps in the Philippine Basketball Association (PBA) especially last season, Alaska Aces coach Alex Compton knows how difficult it can be, which is why now that they are establishing some winning pattern in the ongoing Philippine Cup he is welcoming it and something he hopes to build on.

Beating the Kia Picanto, 102-65, last Sunday, Alaska has now won back-to-back after starting the season-opening PBA tournament with two straight losses to improve to 2-2 and good for joint sixth place.

The Aces relied on their tremendous energy on defense, limiting the Picanto to a franchise-low five points in the third quarter to pull away and complete the rout.

It was a continuation of what seemingly is a turnaround for Alaska from their first two games in the tournament where they struggled to find their defensive footing which led to the losses they absorbed.

“It was defense that did it for us. I think we got our teeth back on defense [in this game]. I really appreciate the effort that the guys gave and hopefully we get to sustain that when we face the tough teams ahead,” said Mr. Compton in the postgame press conference following their win over the Picanto.

But winning the way they did over Kia (0-4), Mr. Compton could not help but feel some commiseration for the entire Picanto squad, having gone through tough losses themselves recently.

“I’ve been on the other side where Kia is right now where they are still figuring things and it is frustrating,” Mr. Compton said.

“What happens is when the other team keeps bringing the defensive energy and you miss shot after shot you get frustrated and I think it was one of those days for them tonight,” said the Alaska coach, whose team had to deal with a franchise-worst 14 straight losses that spanned two conferences last season.

Now that they are regaining their footing, Mr. Compton said they are appreciating more the progress they have made while trying to build on it and keep their high level of play.

Next for the Aces are the Barangay Ginebra San Miguel Kings who they will play on Jan. 21.

Duterte to attend India-ASEAN Summit

MALACAÑANG on Monday, Jan. 15, confirmed that President Rodrigo R. Duterte will attend the India-ASEAN Summit on Jan. 24-26. President Duterte’s participation is an outcome of his bilateral meeting with the Prime Minister of India at the sidelines of the 31st ASEAN Summit,” Presidential Spokesperson Herminio Harry L. Roque, Jr. said at a press briefing. “The fact that the President decided to attend is also because of a personal appeal by the Indian Ambassador that in 2012, the Commemorative Summit held in 2012 in India, the Philippines was the only country that was not represented by a Head of State, and that is why he has confirmed his attendance,” Mr. Roque said.

Celine Dion is coming to Manila

CANADIAN songstress Celine Dion will finally hold a concert in the Philippine capital, four years after she was originally scheduled to perform in the Philippines.

Her show on July 19 at the SM Mall of Asia Arena is part of the Celine Dion Live 2018 tour which will take her to seven cities across the region including Singapore, Jakarta, Taipei, and Bangkok.

Ms. Dion was originally supposed to perform in Manila in 2014 but had to cancel due to the deteriorating health of her husband and manager, Rene Angelil.

The Asian leg of Ms. Dion’s tour will kick on June 26 in Tokyo and will bring her to cities “she hasn’t performed in for 10 years” including Tokyo and Macau, said a press release.

Ms. Dion first made a name for herself in 1981 — at the age of 13 — after releasing her first studio album, La Voix du bon Dieu. Her manager, Mr. Angelil, mortgaged his home to produce the record as he was determined to make the young Canadian singer a star. (They married in 1994.)

The following year, Ms. Dion joined the Yamaha World Popular Song Festival in Tokyo, taking home the awards for Top Performer and the gold medal for Best Song with “Tellement j’ai d’amour pour toi.”

Her international breakthrough came in 1991 when she sang with Peabo Bryson on the title track of Disney’s animated hit movie Beauty and the Beast. The song became her first Top Ten hit in the UK and her second Top Ten hit in the US after “Where Does My Heart Beat Now” released in the same year.

“Beauty and the Beast” also gave her her first Grammy Award for Best Pop Performance by a Duo or Group with Vocal. The song became the lead single of her self-titled album released in the same year.

In 1993, Ms. Dion released her The Colour of My Love album which included one of her most familiar hits: “The Power of Love” (a remake of Jennifer Rush’s 1985 song). It became her first album to reach the top of the US, Canadian, and Australian album charts.

The succeeding years saw her release hit after hit including a remake of Eric Carmen’s “All By Myself” and “It’s All Coming Back to Me Now,” both of which are songs from her 1996 Falling Into You album. Another one of her signature hits, “My Heart Will Go On,” which was the love theme of James Cameron’s blockbuster film Titanic (1997) was included in her album Let’s Talk About Love.

“My Heart Will Go On” won her Academy and Golden Globe awards for Best Original Song, and two Grammy Awards: Best Female Pop Vocal Performance and Record of the Year.

After releasing 13 albums in the 1990s, Ms. Dion decided to step back, and came back after a three-year hiatus in 2002 with A New Day Has Come which featured songs telling about how she had matured as a woman and a mother. The album includes the titular single and “Goodbye’s (The Saddest Word).”

The following decades saw Ms. Dion doing what she does best, touring and singing. In 2010 she announced a three-year residency at Caesar’s Palace in Las Vegas, entitled Celine.

In 2014, everything was either put on hold or canceled (as in the case of her Asia Tour) following the worsening of her husband’s health after the removal of a cancerous tumor.

Mr. Angelil died in 2016 and Ms. Dion resumed her Las Vegas residency a few months later.

The same year saw her presented with the Lifetime Achievement Icon Award by the Billboard Music Awards.

Beauty and the Beast came back into her life 26 years later — one of her most recent hits is “How Does a Moment Last Forever” from the live action version’s soundtrack released in 2017.

Ms. Dion has sold almost 250 million albums during over a three-decade career, earning five Grammy Awards, two Academy Awards, and seven American Music Awards in the process. She also received the Diamond Award at the World Music Awards in 2004 in recognition of her status as the best-selling female artist of all time.

Ms. Dion will be performing on July 19 at the SM Mall of Asia Arena. Tickets go on sale to the public beginning Jan. 18, 10 a.m., at www.smtickets.com, though members of TeamCeline (a Celine Dion fan club in Manila) will be able to purchase tickets in advance starting Jan. 16. Tickets range in price from P2,640 to P35,380. — Zsarlene B. Chua

Pressure mounting for monetary policy response to credit growth, imports — ANZ

By Melissa Luz T. Lopez,
Senior Reporter

IMBALANCES in the Philippine economy could intensify further amid an expected rise in commodity prices and accelerated credit and imports growth, analysts at ANZ Research said, in the absence of policy rate hikes from the central bank.

An “elevated” trade deficit coupled with inflation pressures will continue to weigh on the peso, amid declining dollar reserves held by the Bangko Sentral ng Pilipinas (BSP) which have been serving as buffer against external shocks.

The global lender flagged last year the Philippines’ deteriorating current account balance and rapid credit growth as sources of concern for the economy, at a time of rapid economic expansion.

“We will retain our cautious view until we get a decisive and sufficient monetary policy response. In its absence, imbalances can only intensify. Neither credit nor imports can auto-correct to manageable levels, in our view,” ANZ economist Sanjay Mathur said in a report published yesterday.

“Other problems could become more prominent — risks to inflation are to the upside and foreign exchange reserves could continue to drop.”

ANZ expects inflation to average 4.1% in 2018, which would overshoot the central bank’s 2-4% target band and would surge from 3.2% in 2017. The Tax Reform for Acceleration and Inclusion law which took effect this month is expected to add 0.4-0.7% to headline inflation, excluding secondary effects resulting from increased domestic demand.

ANZ also expects the country’s trade balance to remain in deficit despite swinging back to a surplus during the third quarter of 2017, and after an 18.5% surge in imports reported in November. The bank expects this trend to continue, with buoyant expansion plans among local businesses pointing to signs that imports will further strengthen over the coming quarters.

On the other hand, credit growth was “unabated” as it picked up by 19.2% in November, maintaining the double-digit pace of the past few years.

“While the credit impulse does track the business cycle, a sustained increase can signal a less-productive use of capital. That the strengthening credit impulse has corresponded with moderating corporate profitability is worrying,” Mr. Mathur added. “Residential construction activity has also been robust and excesses may be building up.”

On the other hand, additional revenue expected from the implementation of the TRAIN law — which will fund additional infrastructure projects in the pipeline — is expected to be “positive” for fiscal policy over the long term, ANZ said.

A short-term impact of increased public spending would however “intensify” current imbalances, Mr. Mathur also said.

“Our view has been that these imbalances will take a toll on the currency. These views did not fully play out in 2017 — the trade deficit narrowed for a few months and the PHP, though still a regional underperformer, held up better than we had anticipated,” the bank added.

ANZ said two rate hikes worth 25 basis points each within the first semester are the needed policy response from the BSP: “In its absence, the above discussed imbalances can only intensify and exert depreciation pressure on the PHP.”

The peso has weakened again past P50 to the dollar this month.

BSP Governor Nestor A. Espenilla, Jr. has said that the monetary authority has no compelling reason to raise rates just yet, given “limited evidence” of overheating in the local economy with output, liquidity, price and credit conditions still favorable.

Strong growth in the manufacturing sector also showed robust economic activity, coupled with robust private household spending and increased investment in public infrastructure, Mr. Espenilla added. These provide leeway for the central bank to keep rates steady despite tightening moves in the United States.

Vikings dump Saints on last-play shocker; Jacksonville advances

WASHINGTON — Case Keenum connected with Stefon Diggs on a desperation game-winning 61-yard touchdown pass on Sunday’s final play, giving the Minnesota Vikings a dramatic 29-24 NFL playoff victory over New Orleans.

Minnesota advanced in astonishing fashion to play the Eagles in Philadelphia in next Sunday’s National Conference final. If they win, the Vikings will become the first team to play the Super Bowl in its home stadium.

Jacksonville stunned host Pittsburgh, 45-42, in Sunday’s other NFL playoff game, sending the Jaguars to defending champion New England in next Sunday’s American Conference final, but that upset was overshadowed by one of the most shocking finishes in NFL history.

With New Orleans leading 24-23 and only 10 seconds to play, Keenum hurled a pass to the right sideline and Diggs leaped high to grab it.

When Saints defender Marcus Williams missed the tackle, diving past Diggs, the receiver turned and raced unchallenged into the end zone as the final seconds ticked away.

“They count us out all the time. Nobody thinks we could do it,” Diggs said. “Everybody thought it was over. I don’t stop playing until there are all zeroes on the clock.”

Moments after the astounding touchdown play, Keenum could only marvel at the miracle.

“I can’t even explain it,” Keenum said. “We were definitely in a desperation moment. (Diggs) made a heck of a play. That was one of the most special moments of my life.

“I don’t even know what just happened. It’s crazy. I have no words.”

Minnesota jumped ahead 17-0 on Jerick McKinnon’s 14-yard touchdown run, Kai Forbath’s 20-yard field goal and a 1-yard Latavius Murray touchdown run.

Drew Brees answered with a 14-yard touchdown pass to Michael Thomas and a 3-yard touchdown toss to Thomas to pull the Saints within 17-14.

Forbath added a 49-yard field goal to give the Vikings a 20-14 edge with 10:17 to play but the Saints’ George Johnson blocked a later Minnesota punt and four plays later, Brees threw a 14-yard touchdown pass to Alvin Kamara, Wil Lutz’s conversion kick giving New Orleans a 21-20 lead with 3:01 remaining.

Forbath connected on a 53-yard field goal to put the Vikings back in front but a 43-yard Lutz field goal with 25 seconds remaining put the Saints back in front until the final heartbreaking play.

The Vikings, who boast the NFL’s top-rated defensive unit, reached the conference final for the first time since the 2009 season, when they lost to New Orleans. They haven’t played in a Super Bowl since 1977, when the Vikings lost to Oakland.

JAGS FACE ‘ANOTHER FIGHT’
At Pittsburgh, Jacksonville rookie Leonard Fournette ran for 109 yards and three touchdowns to put the Jaguars in defending champion New England’s path.

“It’s going to be another fight. It’s crazy,” Fournette said. “As a unit we came together. We kept pushing each and every play.”

Pittsburgh’s Ben Roethlisberger, who threw a career-high five interceptions in an October loss to the Jaguars, completed 37-of-58 passes for a Steelers post-season record 469 yards and five touchdowns but it was not enough.

“The guys played with confidence all day long,” Jaguars quarterback Blake Bortles said. “We knew we had to hold onto the ball, make some plays and hold them off at the end and we did it. It was incredible.”

It’s the third time the Jaguars have come so close to the NFL championship spectacle, having lost to Tennessee in 2000 and at New England in 1997 in prior conference finals.

“We get to keep playing for another week,” Bortles said. “We’re just honored to be able to do this.” — AFP

Judge inhibits from De Lima case

MUNTINLUPA REGIONAL Trial Court (RTC) Branch 204 Executive Judge Juanita T. Guerrero has voluntarily inhibited from hearing the illegal drugs case against Senator Leila M. de Lima, according to a court order signed by the judge on Jan. 4. Ms. De Lima previously sought Ms. Guerrero’s inhibition, citing “evident partiality and bad faith in ensuring the detention and deprivation of liberty” of the embattled senator. Ms. Guerrero was among the three judges who issued warrants of arrest against Ms. De Lima in connection with her alleged involvement in the illegal drug trade in the New Bilibid Prison (NBP). Due to the inhibition, Ms De Lima’s Jan. 24 arraignment was canceled as the case was re-raffled to other regional trial court branches. — Camille A. Aguinaldo

‘Feminist’ Deneuve apologizes to sex assault victims

PARIS — French film star Catherine Deneuve who touched off a worldwide feminist backlash over an open letter she had signed bashing the #MeToo movement apologized to victims of sexual assault, and said there was “nothing good” about harassment.

“I warmly greet all the victims of these hideous acts who might have felt offended by that letter which appeared in Le Monde (Tuesday). It is to them and them alone that I offer my apologies,” the actress said in a letter published Sunday on the Web site of French daily Liberation.

Deneuve also said that there was “nothing in the letter” to Le Monde that said “anything good about harassment, otherwise I wouldn’t have signed it.”

France’s most revered actress was among 100 prominent women to sign the open letter defending a man’s right to “bother” women, complaining that the campaign against harassment had become “puritanical.”

They deplored the wave of “denunciations” which has followed claims that Hollywood producer Harvey Weinstein sexually assaulted and harassed women over decades.

They branded it a “witch-hunt” that they claim threatens sexual freedom.

“I love freedom,” Deneuve wrote in the letter to Liberation. “I don’t like this characteristic of our era where everyone feels they have the right… to condemn. An era where simple denunciations on social networks cause punishment, resignation, and… often media lynching,” she wrote.

She also protested not being considered a feminist. She recalled that she had been among the women who had signed a manifesto “I had an abortion” in defense of abortion rights written by French feminist icon Simone de Beauvoir.

As an actress since she was 17, Deneuve admitted that during her career she had been “a witness to indelicate situations” between men and women.

Other signatories of the Le Monde letter including author Catherine Millet and actress Catherine Robbe-Grillet welcomed Deneuve’s response, saying the episode had “reaffirmed the need to preserve sexual freedom and fight media lynching.”

The letter they signed “does not claim harassment is good,” they said.

‘A FREE WOMAN’
But that Le Monde letter triggered a wave of protest from feminists and victims of harassment and assault worldwide, including one of the women who has accused Weinstein of rape.

Italian actress Asia Argento, who was among the first to denounce Weinstein, said in a tweet: “Deneuve and other French women tell the world how their interiorized misogyny has lobotomized them to the point of no return.”

A group of leading French feminists also excoriated Deneuve in a counterblast letter to French radio, branding her and the other signatories as “apologists for rape.”

“Their letter is like a tired old uncle who doesn’t understand what is happening,” the feminists said.

The letter’s assertions that being “fondled on a metro… was a non-event” to some women, and a man’s right to hit on a woman was fundamental to sexual freedom, sparked particular fury.

“Catherine Deneuve might have very different opinions about harassment if she weren’t an extraordinarily beautiful, very rich white woman living in a bubble of heightened privilege. And had some empathy,” tweeted New York Times cartoonist Colleen Doran.

Against this chorus of opposition, Deneuve wrote the letter to the leftist newspaper Liberation which had invited her to write to clarify her position.

“I am a free woman and I will remain so,” she wrote.

The solution to sexual harassment “will come with the upbringing of our boys and girls,” she said, adding that businesses must also set guidelines so that “if there is harassment, legal action will be immediately taken.”

“I believe in justice,” she said.

BERLUSCONI HAILS DENEUVE
Meanwhile, in Rome, former Italian prime minister Silvio Berlusconi hailed Deneuve last Thursday for defending men accused of sexual harassment.

“Catherine Deneuve spoke blessed words,” said the 81-year-old Berlusconi, who resigned in 2011 mired in scandal over his wild “Bunga Bunga” parties with young women and under investigation over having sex with an underage prostitute.

“It’s natural that women are happy if a man tries to seduce them,” he said in a television interview. “I don’t have much experience with this because it’s always women who try to seduce me.”

Berlusconi still leads his conservative Forza Italia (Go Italy!) party and is mounting a political comeback ahead of elections on March 4, even though he is personally barred from office because of a 2013 conviction for tax fraud.

The billionaire media tycoon was eventually cleared in his sex trial in 2014 because the judge ruled it could not be proved he knew the age of the teenage nightclub dancer, Karima El Mahroug, better known by her stage name “Ruby the Heartstealer.”

However he is now on trial accused of bribing witnesses in the case. — AFP/Reuters

DTI survey shows goods at or below SRP levels

THE Department of Trade and Industry (DTI) said consumer goods were at or below suggested retail prices (SRP) as of last week amid concerns over increasing prices due to the higher excise taxes on fuel.

Trade Secretary Ramon M. Lopez during the department’s year-end and outlook briefing said that as of Jan. 10, 24% or 25 of 106 commodities in the monitored stores, groceries and supermarkets sold below the SRP, while the remaining 75% or 81 were selling at the SRP. 

“In other words, they are within SRP and there are no changes in SRP. No one (retailers and manufacturers) also requested for an increase in SRP as a result of the excise tax on fuel,” he added.

“Based on numbers, based on actual surveys, a lot are selling below SRP and these are basic necessities like bottled water, candles, canned sardines, processed milk, evaporated milk, powdered milk, battery, corned beef, and even soy sauce and soap.”

Mr. Lopez reiterated that the higher excise tax on fuel has had little effect on the overall cost of goods and the cost of operations. Likewise, he noted that the prices for raw materials have not been affected by the new tax law so far.

“In fact, the news from the industries themselves is that many of the commodity prices are going down. We are talking of [products such as] powdered milk, which is good. The raw material prices are going down so that should lead to better or more competitive pricing,” he added.

Undersecretary for Consumer Protection Group Ruth B. Castelo said that aside from the ongoing price monitoring, the DTI has also set meetings with manufacturers and suppliers of basic commodities.

“Should there be any concern or real need to increase or come up with a new SRP, we have also increase the number of our enforcement teams, not only in Metro Manila but in the regions who have requested the assistance of (Regional Office Group) Undersecretary [Zenaida C.] Maglaya,” she added. — Anna Gabriela A. Mogato

Palace backs DFA on Benham Rise

MALACAÑANG on Monday, Jan. 15, defended the Department of Foreign Affairs’ (DFA) allowing a Chinese entity to conduct a study in Benham Rise. “The President implements the law. When the law talks of sovereign rights, that includes the sovereign decision to share the sovereign rights with others. And this has been decided already by the Supreme Court in La Bugal,” Presidential Spokesperson Herminio Harry L. Roque said at a press briefing. — A.L. Balinbin

Mark Wahlberg donates $1.5 million after movie pay gap controversy

NEW YORK — American actor Mark Wahlberg announced Saturday that he would donate $1.5 million to a legal fund for victims of sexual harassment following a controversy over the massive pay gap between him and a female co-star.

Ridley Scott partially reshot his latest movie, All the Money in the World, after Kevin Spacey was fired due to sexual misconduct allegations, with both Wahlberg and Michelle Williams called back to act opposite Spacey’s replacement, Christopher Plummer.

Williams was reportedly paid less than $1,000 while Wahlberg made $1.5 million for reshoots on the film.

“Over the last few days my reshoot fee for All the Money in the World has become an important topic of conversation,” Wahlberg said in a statement.

“I 100% support the fight for fair pay and I’m donating the $1.5M to the Time’s Up Legal Defense Fund in Michelle Williams’ name,” he said.

The Time’s Up initiative was unveiled by more than 300 major actresses and female writers, directors, agents and other entertainment executives earlier this month.

It aims to tackle pervasive sexual harassment in workplaces, calling special attention to abuse in less-than-glamorous blue-collar jobs.

“We fervently urge the media covering the disclosures by people in Hollywood to spend equal time on the myriad experiences of individuals working in less glamorized and valorized trades,” the group said in a full-page ad in The New York Times.

The initiative caps a year in which the Harvey Weinstein sexual misconduct scandal touched off a deluge of allegations that brought down powerful men in entertainment, politics and the media, prompting companies, government agencies and even the US federal court system to re-examine harassment policies. — AFP

Davis powers Pelicans; Wolves roll over Blazers

LOS ANGELES — Anthony Davis scored a season-high 48 points as the New Orleans Pelicans rallied from a 19-point third quarter deficit to defeat the New York Knicks, 123-118, in overtime on Sunday.

Davis also had 17 rebounds for the Pelicans, who were down 16 after one quarter and behind by nine with four minutes remaining in the contest.

“I just kind of felt like tonight was definitely my night,” Davis said.

Jrue Holiday added 31 points, and DeMarcus Cousins had 15 points, 16 rebounds, seven steals and five assists and for the Pelicans.

Holiday also had three baskets and a couple of free throws in overtime to help seal the win in front of a crowd of 19,800 at Madison Square Garden.

“We did a great job in the overtime,” Pelicans coach Alvin Gentry said. “AD was just huge for us, and when you get into those zones like that he’s really good.”

Kristaps Porzingis and Tim Hardaway each scored 25 points for the Knicks, who lost their third straight and 10th in their last 12 games.

Jarrett Jack had a season-high 22 points, and Enes Kanter finished with 18 points and 10 rebounds in the defeat.

Sunday’s loss was not a good sign for the Knicks, who start a seven-game, two-week, cross-country road trip on Monday against Brooklyn.

“I think we’ve just got to do a better job of when we’re up 12, 15 points, we’ve got to take it to another level, another notch,” Hardaway said. “We haven’t been doing that these last couple of games.”

Elsewhere, Jimmy Butler scored 24 points as the Minnesota Timberwolves extended their win streak to five games with a 120-103 rout of the Portland Trail Blazers.

Karl-Anthony Towns had 20 points and 11 rebounds for his NBA-leading 37th double-double of the season for the Wolves who recorded all five of their wins at home. It is just the third time in club history they have won five contests on a homestand.

Jamal Crawford came off the bench to score 10 points as Minnesota’s new veterans and young stars start to come together and learn how to close out games.

Damian Lillard scored 21 points, and C.J. McCollum and Pat Connaughton each had 18 for Portland, who were down by as much as 26 points.

Portland suffered their third loss in a row as injuries have taken their toll on the team this season.

Also, Goran Dragic’s 25 points propelled Miami to a 97-79 victory over the Milwaukee Bucks that pushed the Heat within one game of the Cleveland Cavaliers for third place in the Eastern Conference.

The Heat, a tad sluggish to start, used a 14-0 second-half scoring run to notch their seventh straight victory, tying the Eastern Conference-leading Boston Celtics for the longest active winning streak in the league.

WINNING FORMULA
“I thought the guys really stepped it up in the second half,” Miami coach Erik Spoelstra said. “It was great to see those inspiring efforts. Even at the end, the loose balls, (James Johnson) diving on the floor. You don’t need to do that at that point, but that’s becoming the DNA of this group.”

Dragic connected on nine-of-17 shots from the floor en route to his 25 points.

Guard Josh Richardson added 16 points and Tyler Johnson chipped in 14.

“They’ve won seven in a row now and they’re playing hard on both ends,” Bucks coach Jason Kidd said.

Milwaukee regained the advantage, but the Heat responded with a scoring explosion that started with a three-pointer by Tyler Johnson and ended with a jump shot by Dragic.

They enjoyed a double-digit cushion until they were called on to fend off a Bucks charge in the final frame.

Dragic’s second-half surge included a burst of 11 straight points, including three three-pointers. — AFP

Two Megaworld office towers secure PEZA accreditation

TWO OFFICE towers by Megaworld Corp. in Laguna have been declared special economic zones for information technology by the government, making businesses operating in the area eligible for special tax incentives.

In a statement issued Monday, Megaworld said President Rodrigo R. Duterte has signed Presidential Proclamation No. 383, designating Southwoods City Office Towers 1 and 2 as special economic zones accredited by the Philippine Economic Zone Authority (PEZA).

“Income tax holiday, tax and duty-free importation of raw materials, capital equipment, machineries and spare parts are examples of fiscal incentives while simplified import — export procedures, non-resident foreign nationals may be employed by PEZA-registered enterprises are examples of non-fiscal incentives that we can give to our office tenants in Southwoods office towers,” Megaworld Senior Vice-President Jericho P. Go was quoted as saying.

The Andrew L. Tan-led company noted that no local and national taxes will be charged on businesses operating in an ecozone, except for real property tax which will be paid for by the developer.

Foreigners with investments in an ecozone may also avail of permanent resident status along with their spouse and children below 21 years old. Benefits likewise include the issuance of working visas renewable every two years for foreigners doing business inside the ecozone.

Southwoods City Office Towers 1 and 2 each have 12 storeys covering a total of around 46,000 square meters of leasable space, which can fit up to 8,000 workers. The towers also have their own basement parking facility.

“The two office towers aim to help multinational companies boost and expand their businesses in Southwoods City. There are a lot of business opportunities in this growing township,” Mr. Go said.

Megaworld will start turning over the office spaces this year.

The office development is located within Megaworld’s 561-hectare Southwoods City township in Biñan, Laguna. This gives employees of the facility access to Southwoods Mall, a hospital, a church, and other recreational hubs, including the Manila Southwoods Golf and Country Club.

Property developers have earlier expressed concern over the slowdown in presidential proclamations of PEZA-accredited buildings under Mr. Duterte’s term. Real estate consulting services Pronove Tai International noted that it took the current administration six months to sign a PEZA proclamation, whereas previous administrations took a maximum of two months.

With this, Pronove Tai said P42 billion worth of office investments in the country have been delayed, resulting to delays in take-up from the information technology-business process management sector, as well as increased vacancy in the office sector.

Megaworld’s attributable profit grew 11% to P9.9 billion in the first nine months of 2017, as office developments pushed revenues 5% higher to P35.4 billion during the same period.

Shares in Megaworld lost 22 centavos or 4.31% to close at P4.88 each at the stock exchange on Monday. — Arra B. Francia