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Manila Water bags Leyte project

MANILA WATER Company, Inc. on Thursday said it has bagged a project to build and manage the water supply and sanitation facilities in Leyte.

In a disclosure to the stock exchange, Manila Water said it received the notice of award from Leyte Metropolitan Water District (LMWD) for the joint venture project for construction, rehabilitation, maintenance, operation and management of water supply and sanitation facilities in the latter’s service area.

“Manila Water’s proposal includes the following: development of interim and long term sources, expansion of distribution network, reduction of nonrevenue water and development of sanitation services,” the Ayala-led company said.

Manila Water said the notice included a condition for the creation of a special purpose vehicle (SPV) to implement the project under a joint venture with LMWD.

“Upon completion of the conditions precedent specified in the Notice, the SPV and the LMWD shall enter into a joint venture agreement that will grant the SPV, as contractor to perform certain functions and as agent for the exercise of, the sole and exclusive right to manage, operate, maintain, repair, refurbish and improve, expand and as appropriate, decommission, the facilities of LMWD in its Service Area,” it said.

LMWD’s service area includes Tacloban City and seven municipalities namely, Palo, Tanauan, Dagami, Tolosa, Pastrana, Tabontabon, and Santa Fe, with an estimated population of 483,000.

LMWD said in 2016 it had over 31,000 water service connections with a billed volume of 27 million liters a day.

In October, Manila Water said its joint venture with Obando Water District signed a 25-year concession agreement to develop the water supply system of Obando, Bulacan.

Manila Water previously said the Obando project is line with its aim of bringing its expertise in water and used water services outside of its Manila concession.

For the first nine months of 2017, Manila Water’s net income attributable to the parent was flat at P4.89 billion.

Operating revenues went up 3% to P13.78 billion during the January to September period, driven by the billed volume growth of the Manila concession and the expansion of its local subsidiaries. However, operating costs and expenses grew 11% to P4.9 billion due to the increase in both volume and price of water.

Manila Water provides water and wastewater services to Metro Manila’s east zone concession area covering the cities of Makati, Mandaluyong, Pasig, Pateros, San Juan, Taguig and Marikina. It is also in charge for the southeastern parts of Quezon City and Sta. Ana and San Andres in Manila.

Shares in Manila Water rose 0.53% or 15 centavos to close at P28.65 each.

China’s banks need more capital after credit boom

CHINA’S banks should increase their capital buffers to protect against any sudden economic downturn following a credit boom, the International Monetary Fund (IMF) said.

In its first comprehensive assessment of China’s financial system since 2011, the IMF recommended “a gradual and targeted increase in bank capital.” In a worst-case scenario, IMF stress tests suggested the country’s lenders would face a capital shortfall equivalent to 2.5% of China’s gross domestic product (GDP) — about $280 billion in 2016 — together with ballooning soured loans.

Overall, 27 of 33 banks stress-tested by the fund, covering about three quarters of China’s banking-system assets, were under-capitalized by at least one measure. A larger financial cushion would better reflect potentially underestimated risks stemming from the banks’ exposure to opaque investments, and absorb losses as implicit government guarantees are removed, the fund said.

China’s top four banks, led by the world’s largest lender by assets Industrial & Commercial Bank of China Ltd., have enough capital, the fund said. But it said the nation’s smaller lenders, including those focused on individual cities “appear vulnerable.”

DISPUTED RESULTS
The findings reflect the burden on a financial system that’s doubled in size in 10 years while China evolves from an export-oriented economy to one based on services and consumption. The call for capital highlights the risks during that transition caused by government policies aimed at protecting jobs or propping up failing state entities.

“Stress test results reveal widespread under-capitalization of banks other than the Big Four banks under a severely adverse scenario,” the fund said in its report. “Increasing capital would enhance the resilience and credibility of the financial system, as well as reassure markets.” The fund didn’t name the specific banks that need more capital.

Responding to the report, the People’s Bank of China said the assessment was generally fair but disputed the IMF’s interpretation of the stress test results.

“Comments about the stress test in the report do not fully reflect the results of the tests,” the central bank said in a statement on its website Thursday. “China’s financial system has shown relatively strong capability to cope with risks.”

FINANCIAL STABILITY
President Xi Jinping has highlighted financial stability as a top priority. People’s Bank of China (PBoC) Governor Zhou Xiaochuan warned in October about the risk of a ‘Minsky moment,’ or a sudden collapse of asset values. Financial watchdogs last month promised to overhaul regulation of asset-management products, which hold about $15 trillion and are seen as a key threat to stability.

Speaking to media on Thursday on a video call, the IMF’s deputy director of monetary and capital markets,  Ratna Sahay, said China’s financial system held three main risks. She pointed to an increase in credit that in other countries has been linked to financial distress. An increasingly complex and opaque financial system makes it hard to identify risks, and implicit guarantees encourage excessive risk-taking, she said.

Credit growth needs to slow, guarantees should be gradually removed, and banks need more capital during that process, Sahay said. “Banks need to have some buffers in order to protect against any possible distress that might happen,’’ she said.

‘MANAGEABLE’ SHORTFALLS
While bank capital shortfalls “appear manageable,” the fallout from any deleveraging process could amplify the need for funds, the IMF said in its report. In a “severely adverse scenario,” the capital shortfall at 33 banks tested by the fund could amount to 2.5% of GDP, it said.

“We are talking about capital shortfalls in a stress-testing scenario,” Sahay told Bloomberg Television’s Kathleen Hays in an interview. “It’s in that scenario, it’s not the current situation. They are moving in the right direction, they understand that the risks are large and they are mitigating them.”

China’s credit growth has outpaced expansion in GDP, and the credit-to-GDP ratio is now about 25% above the long-term trend, the IMF said in its report. Such a level is “very high by international standards and consistent with a high probability of financial distress,” the fund said.

The official proportion of non-performing loans at banks — 1.7% in the second quarter of 2017 — may understate the reality, the IMF said. The true extent of soured loans at Chinese banks has been debated by analysts and investors for years. The People’s bank of China said Thursday the ratio has stayed low because banks have written off bad debts.

Under the IMF’s “severely adverse” scenario, the non-performing loan ratio at the 33 tested banks jumps to 9.1% from 1.5%, and their common equity Tier 1 capital ratio, a benchmark gauge of financial strength, plunges 4.2%age points. Banks would be unable or unwilling to maintain their pace of lending, and the fiscal impact might exceed the direct recapitalization needs of the banking system “by a wide margin,” the IMF said.

The dangers in removing implicit guarantees in China — the belief among investors that the government will compensate them for losses — and the risks posed by off-balance sheet items also justify higher levels of capital, two of the report’s authors, Sahay and James P. Walsh, said in a separate article accompanying the report’s release. Wealth management products (WMP), hugely popular investments that offer superior yields to traditional bank deposits, make up a large proportion of China’s shadow banking sector.

WMP RISKS
“Off-balance sheet WMPs also represent a significant risk to capital,” the report said. “They are not guaranteed, but banks almost always compensate retail investors for principal losses. In a stress scenario, the costs to the banks of supporting WMPs could be substantial and could, in case of a run, place the liquidity position of some banks under strain.”

The IMF also ran stress tests to assess liquidity at China’s banks. While conditions at China’s four big banks were strong, the tests showed that four banks would suffer liquidity shortfalls within 30 days, the IMF said. Late Wednesday, China’s banking regulator unveiled new liquidity thresholds for small banks, saying it needed to fill a gap in its supervision.

Authorities need to put less focus on high GDP projections, and better supervise financial conglomerates and reforms to tackle implicit guarantees, the IMF said. But allowing firms to fail and investors to lose money will be challenging.

“Credit growth will not slow sustainably unless tolerance for job losses and slower economic growth rises, particularly at local level, and new sources of revenue are found for local governments,” Sahay and Walsh wrote in their article.

BORROWING SURGES
Total borrowing will climb to around 328% of gross domestic product by 2022 from around 260% in 2016, according to Bloomberg Economics. The economy likely grew at 6.8% in 2017, comfortably meeting the government’s target for growth of about 6.5%.

Improved coordination and communication between regulators is needed and the People’s Bank of China and other regulators need a substantial increase in staffing, the IMF said.

“The staff count at headquarters of the PBoC and the regulatory agencies has not risen in 10 years, while the financial sector has doubled in size,” the IMF said in its report. — Bloomberg

PHL plans to sue Sanofi over vaccine — DoH chief

THE PHILIPPINES intends to sue Sanofi after authorities suspended the pharmaceutical giant’s anti-dengue vaccine in response to the company warning the drug could lead to severe infections in some cases, the health secretary said Thursday, Dec. 7.

Regulators froze the Philippines’ world-first public dengue immunization program last week and suspended all sales of the vaccine on Monday after Sanofi said Dengvaxia could worsen symptoms for vaccinated people who contracted the disease for the first time.

“Eventually it’s the court of law that is going to decide in so far as the liability of Sanofi is concerned,” Health Secretary Francisco T. Duque III said on ABS-CBN television.

The previous administration of president Benigno S. C. Aquino III launched the vaccination program last year, making the Philippines the first nation to use Dengvaxia on a mass scale.

About 830,000 schoolchildren had received at least one dose of the vaccine, Mr. Duque said on Thursday. Previously the government said more than 733,000 people had been vaccinated.

Sanofi’s announcement last week caused great concern in the Philippines — where the mosquito-born disease is extremely prevalent.

The French company on Monday sought to allay concerns, saying Dengvaxia would not cause anyone who was immunized to die and would not cause a dengue infection.

However, Mr. Duque said Thursday Sanofi’s recent statements on Dengvaxia were “confusing.”

The health chief said he may ask Sanofi to refund P1.4 billion ($27.6 million) worth of unused Dengvaxia supplies.

He added the government might also demand Sanofi set up an “indemnity fund” to cover the hospitalization cost for children vaccinated under the public program who would fall ill.

Sanofi was not immediately available to comment on Mr. Duque’s remarks.

Asked if the government would sue Sanofi if allegations of a lack of transparency were proved, Mr. Duque said: “I’m sure it’s going to get there.”

He added: “If it’s found out that (Sanofi) withheld material information that would have changed the outcome of all of these problems and the decision makers of the Department of Health in the previous administration, then they are liable.”

Mr. Duque said congressional hearings into the issue would start next week, as confirmed by Senator Joseph Victor G. Ejercito in a forum on Thursday.

Mr. Ejercito, who heads the Senate committee on health and demography, said of Mr. Duque’s predecessor during the Aquino administration, Janette L. Garin: “I want her to air her side.”

“(B)ut I don’t want to conclude na siya lang (that she alone is responsible),” the senator added. “Bigyan natin ng (Let’s give her the) benefit of the doubt. (Perhaps) they (were) just excited that finally there is now a vaccine against dengue…. (There is) suspicion (that) it was done in haste. Midnight deal daw (it’s alleged)….”

Mr. Ejercito also suggested that Mr. Aquino “can just speak about (his) meetings with Sanofi.”

“Hindi naman sa pinagbibintangan natin siya. Pero siyempre, mainit ang issue, talagang hindi mo maiiwas na pag-iisipan na bakit before the procurement, bakit nagkaroon ng dalawang meeting. Baka naman coincidence, pero mas maganda siya na lang mag-explain kung bakit nagkaroon ng ganung meeting,” the senator also said.

(It’s not that we’re blaming him. But of course, this is a raging issue, you can’t avoid the speculation as to why, before the procurement, there were two meetings. Perhaps it’s coincidence, but it would be better if he explains those meetings). — main report by AFP

Indonesia’s Go-Jek to expand to Philippines

SINGAPORE — Indonesia motorbike-hailing start-up Go-Jek plans to set up operations in the Philippines in early 2018, with other Southeast Asian countries to follow later that year, the company’s chief technology officer said on Thursday.

Go-Jek, backed by private equity firms KKR & Co LP and Warburg Pincus LLC, competes with Uber Technologies and Singapore-based Grab to lure customers in the Southeast Asian market, home to 600 million people.

Ajey Gore said in an interview that “almost all Southeast Asian countries are on the radar over the next three, six to 12 months. The Philippines will be the first one just to figure out how things work.”

He declined to identify which other countries it would launch in next. Apart from Indonesia and the Philippines, Southeast Asia comprises Malaysia, Singapore, Laos, Vietnam, Cambodia, Brunei, East Timor and Myanmar.

Mr. Gore declined to comment on reports about funding and whether the company had any plans for an IPO. The company is also backed by venture capitalist Sequoia Capital and recently raised funds from Chinese giants JD.com and Tencent Holdings Ltd.

Mr. Gore said that his team would test some of Go-Jek’s core services such as transportation and then payments, “just to pilot it, learn from mistakes.” It would be the company’s first such operation overseas, he said.

Key concerns were to test whether the company’s data and systems applied elsewhere: in Indonesia, for example, motorcycles were more expensive than some cars because they could weave through traffic, making journeys faster, he said.

He said the company was also planning to roll out new services soon, including installing charging stations in retail outlets that users can access through their app. The company also plans to launch a laundry pickup and delivery service. — Reuters

AFP chief’s term extended to April 2018

PRESIDENT Rodrigo R. Duterte has extended to another four months the term of Armed Forces of the Philippines Chief of Staff General Rey Leonardo B. Guerrero.

“This is to announce that the Executive Secretary, by authority of the President, has signed yesterday, Dec. 6, the extension of the service of Armed Forces of the Philippines Chief of Staff General Rey Leonardo Guerrero,” Presidential Spokesperson Harry L. Roque, Jr., said in a statement on Thursday.

Mr. Guerrero is due to retire on Dec. 17, when he reaches the mandatory retirement age of 56.

Mr. Roque said the AFP Chief will stay in his post until April 24, 2018.

On Wednesday, eleven days before his scheduled retirement, the Commission on Appointments (CA) confirmed the appointment of Mr. Guerrero, succeeded General Eduardo M. Año on Oct. 26.

Mr. Guerrero is a member of the Philippine Military Academy (PMA) Maharlika Class of 1984. Prior to his current position as AFP chief, he headed the Eastern Mindanao Command, tasked to oversee Davao region, Caraga, and parts of Soccsksargen. — Rosemarie A. Zamora

Modernizing the financial infrastructure

LAST WEEK the country hosted the 5th Financial Infrastructure Development Network (FIDN) Conference at the Philippine International Convention Center with the theme of “Leveraging Movable Asset and Warehouse Receipt Finance to Support MSMEs and Agri-Businesses.”

FIDN is a collaborative effort among the 21 APEC member economies, the APEC Business Advisory Council (ABAC), the IFC World Bank Group, the SME Finance Forum, and the Organization for Economic Cooperation and Development. This initiative is an integral part of the APEC finance ministers’ Cebu Action Plan, formulated in 2015 when the Philippines was host of the APEC Summit.

Finance Undersecretary Gil Beltran led the opening session on how the credit infrastructure reforms promote MSMEs and agri-finance. Among the speakers and panelists were ABAC Chair and Presidential Adviser on Entrepreneurship Jose Concepcion III; Securities and Exchange Commission Chair Teresita Herbosa; Michael Turner of US-based Policy and Economic Research Council; Julius Caesar Parrenas of Japan’s Mizuho Bank; Zhijian Liu of China’s JD Finance; and Kheng Leong Lee of FCI Singapore.

Yuan Xu, IFC’s country manager for the Philippines, urged lawmakers to pass Senate Bill (SB) 1459, otherwise known as the Personal Property Security Act. “If the Philippines truly wants to increase MSMEs’ access to finance and increase its competitiveness in doing business, this bill needs to be prioritized so that a sound institutional framework will be in place to give financial institutions more confidence to lend to MSMEs,” she said, citing the example of China where the implementation of a comprehensive secured transactions reform mobilized $3 trillion to MSMEs initially.

MSMEs and agriculture are critical in the Philippines’ drive to maintain strong economic growth and uplift millions who live in poverty.  Both MSMEs and agriculture contribute substantially to job creation at 62.8% and 29% of the country’s employment, respectively. In 2014, MSMEs comprised 99.6% of all Philippine businesses and contributed to 35% of our gross domestic product.

Despite these compelling statistics, the enabling environment for MSMEs and agriculture to thrive remains weak. The challenge for MSMEs is to ensure that microenterprises grow into small businesses, which eventually develop into medium-sized enterprises. For agri-businesses, the challenge is to sustain at least a third of the Philippine population who rely on agriculture as a source of livelihood.We must provide both MSMEs and farmers with a stronger enabling environment so they survive, grow, and expand to create better lives for their families and increase job opportunities for other Filipinos. Crucial to the growth of MSMEs and agriculture is access to financing at reasonable rates.

As early as 1906, the Philippines already had in place a secured transactions legal environment under the Chattel Mortgage Law as well as a document-based movable collateral registry operated by the Register of Deeds. The current legal regime recognizes a diverse set of movable assets acceptable as the following collateral for loan purposes: standing crops like rice, sugarcane, and other agri-aqua commodities; warehouse receipts or quedans; inventories, accounts receivable, equipment, intellectual property.

However, these assets are not being fully utilized nor preferred by banks as loan collateral, except motor vehicles, which leaves the law ineffective to increase trade or facilitate access to finance for MSMEs and farmers. This underscores the need to modernize the laws governing movable asset lending in the Philippines.

SB 1459 can effectively facilitate the use of movable assets for MSMEs and promote their growth while increasing their contribution to job creation and economic growth. It seeks to strengthen the legal framework of personal property security in the Philippines and advocates the establishment of a centralized collateral registry as a key component of operationalizing secured transactions reform.

IFC senior financial sector specialist Gay Santos pointed out that the passage of this bill could help boost the Philippines’ ranking in ease of doing business. She said it aligns well with the Duterte administration’s 10-point socioeconomic agenda on rural finance and MSMEs under the Philippine Development Plan 2017-2022.

Only through dialogue and active communication between all relevant stakeholders can farmers and MSMEs gain much needed funds, which would then lead to financial inclusion. Several APEC member economies are making concrete progress in modernizing their financial infrastructure, and the Philippines has no reason to lag behind.

J. Albert Gamboa is Chief Financial Officer of the Asian Center for Legal Excellence and serves as Co-Chairman of the FINEX Media Affairs Committee.

DoF to step up lifestyle check

By Elijah Joseph C. Tubayan
Reporter

THE ANTI-CORRUPTION arm of the Department of Finance (DoF) is targeting lifestyle checks on at least 70 more employees in the main office and its attached agencies this year, after discharging high-ranking officials earlier this year.

“We are continuously adding persons of interest… but every month we make sure that we add at least 10 names into that list. So we started actively initiating investigations last January, so we are targeting around 70 plus by the end of the year,” said Revenue Integrity Protection Service (RIPS) Executive Director Ray Gilberto J. Espinosa.

RIPS investigates allegations of corruption in bureaus under the Department of Finance (DoF), such as the Bureau of Internal Revenue (BIR), Bureau of Customs (BoC), Bureau of Local Government Finance, and Bureau of Treasury, among others.

The investigation covers officials and employees not declaring accurate Statements of Assets, Liabilities and Net Worth (SALNs).

“For instance, there is one that we are investigating — in 1996 his annual salary was P80,000, he was able to buy a lot worth P40,000. Then in 1997, he (reported that his) annual salary was P126,000, he was able to buy a lot for P150,000. His annual salary is not even enough to pay for that lot,” said Finance Undersecretary Bayani H. Agabin, who handles RIPS.

Cases are then forwarded to the Office of the Ombudsman or the Civil Service Commission (CSC).

In October, the DoF ordered the dismissal from public service of three BoC officials and two from the BIR, and also ordered the suspension of nine Customs employees, two BIR taxmen, and one city treasurer, following orders from the Ombudsman.

Eight BoC collectors and a BIR revenue officer also face criminal charges over perjury and falsification, as well as SALN violations.

“May mga nadidismiss naman kami (We have dismissed some people), but I couldn’t say that we are getting all the dismissals that we want,” said Mr. Espinosa.

Last year, the DoF took similar punitive actions against 14 erring officials and employees.

Beyond Hallyu:How Korea plans to attract more tourists

Text and photos by  Cathy Rose A. Garcia,
Associate Editor

SEOUL — About a hundred girls, including some from China and Japan, crowded the arrival area at Incheon International Airport clutching smartphones and waiting to catch a glimpse of K-pop boy band Wanna One who were coming from Manila.

At the airport’s baggage area, a billboard of girl group BlackPink welcomes tourists, while advertisements for duty-free stores feature Korean superstars like Song Hye-kyo and Lee Min-ho.

That’s the power of Hallyu or Korean Wave for you.

There’s no denying that Korea’s cultural exports, particularly K-pop music, TV dramas, and movies, have helped elevate the country’s international profile and attract 17.2 million foreign tourists in 2016.

“The Korean Wave worked very well and helped enhance South Korea’s national brand,” Korea Tourism Organization (KTO) Director for Planning and Coordination Department Kim Syung-hoon told BusinessWorld. 

“I used to work in Frankfurt and before the Hallyu, people didn’t have any clear idea of what Korea is about… These days they can clearly understand what Korea is about and what Hallyu is. We are now, thanks to Hallyu, having a distinct brand image and national image. We would like to tap into that enhanced national image,” he added.

Tourism has received a boost from the Korean Wave, with foreign fans flying to Seoul to watch concerts of their favorite K-pop groups like BTS and GOT7 or attend fan meetings of heartthrobs like Gong Yoo and Song Joong-ki. 

It’s no surprise that KTO capitalized on the Hallyu craze, using Korean stars to promote tourism. The KTO’s K-Style Hub in downtown Seoul is not just a tourism information center, but a place where tourists can learn about Korean culture and traditions, as well as take photos at a hologram booth with BigBang or 2NE1.

But the KTO acknowledges there will be a time when Hallyu stars would not be enough to keep tourists coming back. 

“Our goal is to develop more content and infrastructure that can replace Hallyu if it ends sooner or later. With these new content and infrastructure, we can attract more travelers and make them want to visit Korea,” Mr. Kim said.

KTO is adopting different strategies for markets like Europe, North America, Japan, Southeast Asia, and China.

In 2016, South Korea attracted 17.2 million foreign tourists. China was its largest source of visitors with 8 million, followed by Japan with 2.3 million, and ASEAN (Association of Southeast Asian Nations) with 2.21 million.

Mr. Kim noted many tourists prefer to organize their own trips instead of joining group tours. The tourists also increasingly rely on their smartphones when they travel, using apps to make reservations and look up new places.

The KTO is also increasingly using social media as a marketing tool, tapping journalists, bloggers, and even “Instagrammers” to promote the country’s many charms.

“One specific example is we have many foreign students coming to Korea. So we selected some students as SNS (social networking service) reporters in their language, from Europe, North America, China, Southeast Asia. They travel around the country and post the information on their accounts,” Mr. Kim said.

In an effort to make it easier for foreign tourists to travel around the country, KTO is combining information communication technology (ICT) with tourism services. 

“The two biggest barriers that foreign visitors face when going to Korea are language and movement in travel, so we try to create smartphone-based services. One specific example is the expansion of the free Wifi zone… Another is an app where a menu or street signs can be translated into their own language with the help of VR (virtual reality) technology,” he said.

SEOUL STYLE
As the gateway to South Korea, Seoul has been continuously working to create new attractions to keep tourists coming back for more, according to Seoul Metropolitan Government director for Tourism Business Division Kim Tae-myoung.

“We want to diversify the tourism industry. Under the strategy, we try to improve the tourism environment. We also try to create barrier-free environment to attract tourists to the city. We also try to promote excellent tourism companies,” Mr. Kim told BusinessWorld.

“In particular, we are paying a lot of attention to medical tourism,” he added, noting that many tourists visit Korea for cosmetic surgery, medical checkups, and cancer treatment.

Mr. Kim said Seoul is trying to attract more tourists from Southeast Asia, especially Vietnam, Malaysia, Thailand, and the Philippines.

“[The] Philippines is our potential market. Next year, we have plans to go to the Philippines to attract more tourists by having more promotional activities,” he said.

Data showed the Philippines had the most number of visitors to South Korea with 556,745 in 2016, followed by Thailand with 470,107, and Malaysia with 311,254.

Shopping districts like Myeongdong and Dongdaemun are very popular among tourists, but there are always new places to visit in Seoul.

Seoul Sky, touted as the world’s third-highest observation deck, is located on the 117th to 123rd floors of Lotte World Tower. It also boasts of having the fastest double-deck elevator, bringing tourists to Seoul Sky in just a minute.

On the other hand, Seoullo 7017 and Oil Tank Culture Park are excellent examples of how Seoul transforms its old structures into something new.

Opened in May, Seoullo 7017 is a former elevated highway turned into a pedestrian walkway with trees and flowers, similar to New York City’s High Line park. 

“It’s a ‘sky park.’ You have to visit it at night for the amazing views,” Mr. Kim said.

On the other hand, the Oil Tank Culture Park, as the name suggests, was formerly an oil depot in Mapo. Unused for the past 41 years, it was opened last September as a cultural space with art exhibitions, cafés, dance performances, and a playground for children.

With these new attractions, as well as the upcoming PyeongChang Winter Olympic Games in February, Korean tourism officials hope there’s enough reasons for foreigners to keep visiting next year.  

Former Quezon City vice-mayor, freedom fighter Charito Planas, 87

FORMER QUEZON CITY vice-mayor Rosario “Charito” L. Planas, who survived persecution under the Marcos dictatorship and led a campaign opposing ratification of the 1973 Constitution, passed away Thursday morning at the age of 87, Quezon City Mayor Herbert M. Bautista said.

“It is with a heavy heart that on behalf of the people of Quezon City, I announce the passing of our dear former vice-mayor, Charito Planas,” Mr. Bautista said in a statement.

The mayor described Ms. Planas as “our loving mentor, tita (aunt), leader and friend (who) only had the best interest of the city and nation in mind in all her endeavors….”

Ms. Planas’s last public appearance was during Mr. Bautista’s 8th State of the City Address in October.

A necrological service will be held in her honor on Friday, Dec. 8, 9:00 a.m., at the Carlos Albert Hall, Quezon City Hall.

Ms. Planas was born April 28, 1931, in Tondo, Manila. Her sister, Carmen Planas, was the first woman city councilor of Manila.

Ms. Planas was a staunch opposition leader and led the campaign against the ratification of the 1973 Constitution or what was derisively called then the Marcos Constitution. She was among the opposition leaders arrested after the declaration of martial law in 1972, according to a brief provided by Quezon City Hall.

Ms. Planas was drafted in the Laban (Lakas ng Bayan) slate led by Senator Benigno S. Aquino, Jr., in the 1978 interim Batasan elections. She slipped out of the country after the elections to join the anti-Marcos forces in the US.

She returned to the country after the 1986 People Power Revolution and helped revive the Liberal Party. She ran for mayor in the 1988 elections but lost to then incumbent officer-in-charge, Brigido “Jun” Simon, Jr. In the 1992 elections, she became the running mate of then congressman Ismael Mathay, Jr. who won the mayoral race.

Ms. Planas served as Quezon City vice-mayor from 1992 to 1995. She later served as President Gloria Macapagal-Arroyo’s spokesperson with the rank of Undersecretary in the Office of the President. — News5-InterAksyon

Sereno rallies judiciary to just focus on work

CHIEF JUSTICE Maria Lourdes P.A. Sereno, in a forum yesterday, Dec. 7, encouraged the judiciary to just focus on work amid the impeachment charges filed against her and its related controversies.

“To the men and women of the judiciary, please continue to focus on your work. Nothing should distract us. There is much to be done for this country. Our country is crying for justice,” Ms. Sereno said during the 14th Metrobank Foundation Professional Chair Lecture.

Ms. Sereno did raise the ongoing impeachment hearings against her, reiterating her firm assertion that the charges being deliberated on against her should bear “no sufficient basis.”

“Allow me to just briefly touch on one action that is being played out in national television. I thought perhaps it is not, it will be a question in your mind why I am not addressing this when the topic is judicial accountability,” Ms. Sereno emphasized.

“I have submitted myself to this process according to the rights that are accorded in my position and I hope that you have taken it all in good faith that that is my intent, to defend dignity and independence of the judiciary. In various fora, I have already tried to encapsulate in very, very brief form why the charges against me, in fact, should bear no sufficient basis,” she added.

“What I just want you to do and I had actually asked the members of the judiciary these three things: 1) continue your work undistracted professionally and excellently as you have been doing in the past; 2) monitor and watch and be on the lookout for the hallmarks of independence, integrity and dignity of the judiciary to be preserved; and 3) continue to pray,” she said.

Ms. Sereno is currently facing charges of betrayal of public trust and culpable violation of the Constitution.

She is also accused of corruption and other high crimes.

Meanwhile, Speaker Pantaleon D. Alvarez again brushed aside accusations that the House committee on justice does not have strong evidence and has been on a “fishing expedition” in the hearings.

The camp of the chief magistrate has previously called the House probe a “fishing expedition.” Akbayan Representative Tomasito S. Villarin also called the hearing a “charade” that is “heading nowhere but to a monumental f*ck up.”

“Walang fishing expedition dito kasi (There is no fishing expedition here because) nag-submit ng mga certified true copies (of documents),” Mr. Alvarez said in a television interview.

He added that the committee is compelled to verify the information from the documents presented by inviting resource persons who have firsthand knowledge of the cited events that transpired in the high tribunal.

Institute for Political and Electoral Reform Executive Director Ramon C. Casiple said that the House committee, as prosecutors for the impeachment case, is just doing its job.

“’Yung (The) committee itself is charged with producing the case, ebidensya niya. Walang problema doon (their evidence. There is no problem with that). That means kung maghahanap sila ng ebidensya (if they will look for evidence), by whatever means, including hearing, nasa lugar sila (they are justified),” Mr. Casiple said in a phone interview.

However, Mr. Casiple explained that the hearings appear to the public as a fishing expedition because the complainant, lawyer Lorenzo G. Gadon, has no evidence but only a list of resource persons who can testify. — Andrea Louise E. San Juan and Minde Nyl R. dela Cruz

Development plan for ARMM launched

By Elijah Joseph C. Tubayan
Reporter

PEACE, SECURITY, transparency and the development of the Islamic finance and halal industry are at the forefront of the Autonomous Region of Muslim Mindanao’s (ARMM) medium term economic plan.

“Being the only region with a predominantly Muslim population, ARMM has a comparative advantage to become the halal hub of the Philippines, serving both the local and international market,” read ARMM’s Regional Development Plan (RDP) 2017-2022 which was launched on Thursday, Dec. 7.

As a member-country of the BIMP-EAGA (Brunei Darussalam, Indonesia, Malaysia, Philippines-East ASEAN Growth Area), the Philippines is moving toward increasing its connectivity to the bloc to maximize the potential of the halal industry.

“The ARMM promotes the establishment of Islamic microfinance by piloting the implementation of an Islamic microfinance program for cooperatives, and the creation of an enabling environment for Islamic finance for small, medium, and large-scale enterprises,” read the RDP.

However, it noted that implementing rules for Islamic financial literacy should be made available for both Muslims and non-muslims.

Unlike in conventional banking, Islamic banks comply with the Shariah law, which prohibits lenders from charging interest in its loans.

Still, political risks and armed conflict remain a standing issue for the development plans, according to National Economic and Development Authority (NEDA) Undersecretary Adoracion M. Navarro.

“Let’s confront political risk and the peace and order problem head on,” Ms. Navarro said at the launching yesterday.

“I’m hoping that this development will survive the political risk, and also hope that transparency and accountability systems will be put in place, and that these will serve the problems that the region is confronting,” she added.

Strategic initiatives in the RDP also focus on improving local government units’ revenue generation and fiscal management, enhancing delivery of services, reducing criminality, drugs and terrorism, and achieving safe and disaster-prepared communities.

By 2022, ARMM aims to raise gross regional domestic product growth to 5.25% from 0.3% last year. The region currently contributes 0.6% to the country’s overall output.

It also aims to reduce poverty incidence to 33.2% from 48.2% in 2016, and increase labor force participation rate to 65% from 53.1% in the same period.

Under NEDA’s Three-Year Rolling Infrastructure Plan for 2018-2020, ARMM will get 955 projects worth P50.71 billion.

Dec. 11 deadline set for claims in 3 closed rural banks

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THE PHILIPPINE Deposit Insurance Corp. (PDIC) has called on depositors of three closed rural banks in different parts of Luzon to file their claims on or before Dec. 11.

CABA
PDIC said the Rural Bank of Caba (La Union), Inc., which was closed by the Monetary Board on Dec. 10, 2015, still has deposit insurance claims for 445 accounts amounting to P1.1 million that have yet to be filed. As of Oct. 31 this year, P22.6 million has been paid out by PDIC, corresponding to 94.9% of the bank’s total insured deposits totaling P23.8 million.

CALABANGA
For the Peñafrancia Rural Bank of Calabanga (Camarines Sur), also closed on Dec. 10, 2015, there are still deposit insurance claims for 94 accounts with an aggregate amount of P4.5 million that have yet to be filed by depositors. The paid out amount is P41.4 million, covering 89.6% of the bank’s total creditors.

CABANATUAN CITY
The Cabanatuan City Rural Bank, Inc., on the other hand, was closed just last Sept. 28. PDIC said depositors with account balances of more than the maximum deposit insurance coverage (MDIC) of P500,000 who file claims for the insured portion of their deposits as of Dec. 11 “are deemed to have filed their claims for the uninsured portion or the amount in excess of the MDIC.”

PDIC stressed that claims filed after the Dec. 11 deadline shall be disallowed. Claims may be filed directly at the PDIC Public Assistance Center located at the 3/F, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00 a.m. to 5:00 p.m, except holidays. Creditors may also file their claims through mail addressed to the PDIC Public Assistance Department at the 6th floor of the same building.

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