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Peso extends climb

THE PESO continued its rally against the dollar on Wednesday amid market caution over developments in the US.

The local currency closed at P50.62 against the greenback yesterday, gaining 12 centavos from Tuesday’s P50.74-per-dollar finish.

This is the peso’s best finish in more than three months or since Aug. 9’s P50.575-per-dollar close.

The peso opened the session stronger at P50.61 and registered an intraday high of P50.575. Yesterday’s low, meanwhile, stood at P50.67 versus the greenback.

Dollars traded slid to $533 million from Tuesday’s $584.9 million.

Traders interviewed said the stronger peso is in line with the movement of Asian currencies as the fifth round of talks on the North American Free Trade Agreement (NAFTA) yielded little results.

“The market traded lower [yesterday], I think overnight there’s a news regarding NAFTA, triggering the dollar to weaken,” a trader said over the phone.

While NAFTA’s fifth set of talks saw some progress in some technical terms, the more controversial issues such as the intention of the US to terminate the trade deal easily was met with opposition from Mexico and Canada.

“The peso continued to appreciate [yesterday] amid inflation and policy uncertainties, which weighed on the US yields. There was also caution ahead of the FOMC minutes,” Guian Angelo S. Dumalagan, market economist at Land Bank of the Philippines, said in an e-mail.

“I don’t see any bad news that will make the peso weak,” another trader said. “Especially that Thursday and Friday are remittance days so we’re going to see a lot of selling.”

Traders said the peso will likely trade between P50.45 and P50.90 versus the dollar today, as Mr. Dumalagan noted that “[t]he dollar might recover due to likely hawkish FOMC minutes, which keep open the chances of another US rate hike this December.” — K.A.N. Vidal

San Miguel planning to merge packaging unit with SMFBI in the future

By Arra B. Francia, Reporter

SAN MIGUEL Corp. (SMC) is looking to consolidate its packaging business into newly formed San Miguel Food and Beverage Inc. (SMFBI) in the future.

SMC President and Chief Operating Officer Ramon S. Ang said SMFBI forms part of the first phase of the consolidation process of its investments. Aside from food and beverage, SMC also has investments in infrastructure, power, and fuel and oil sectors.

“Yung iba, in the future, may mga plano din,” Mr. Ang said, noting that its packaging business will also be merged with SMFBI in the following years.

SMC’s packaging unit San Miguel Yamamura Packaging Corp. has been ramping up expansion through the acquisition of bottling firms in Australia. Most recently, it bought Best Bottlers Pty. Ltd., a wine bottling and packaging facility in Victoria, Australia.

“Sana packaging isasama, kaya lang marami pang kailangang gawin to seek stockholder’s approval of so many small companies of packaging. Eventually we will and we can. The plan is to put it into (SMFBI) in the future,” he added.

Earlier this month, SMC said it is conducting a P336.5-billion share swap deal that would lead to the merger of its food and beverage businesses. SMC’s liquor and brewery businesses, through Ginebra San Miguel, Inc. and San Miguel Brewery, Inc., were transferred to San Miguel Pure Foods Company, Inc. Pure Foods later changed its name to SMFBI. 

Following this transaction, SMC plans to sell $3 billion worth of shares in SMFBI via a combination of private placement and follow-on offering. This comprises around 30% of shares of SMFBI’s shares, according to Mr. Ang.

“We received many offers to invest so we think we will sell the consolidated company. We’ll probably sell maybe 30% of the company, around $3 billion estimate,” he said.

The proceeds of the private placement will be used as equity for new businesses, according to Mr. Ang.

BREWERY BUSINESS
Mr. Ang said the company is scheduled to break ground for a brewery in Los Angeles, California in the next few months. The brewery, which will have a capacity of at least two million hectoliters per year, is valued at $150 million.

“Sa America, mabibili na ang lupa. Siguro in the next few months mag-ground break kami ng brewery dun na malaki (In America, we are buying the land. Maybe in the next few months, we can break ground for the big brewery),” he said.

As for its potential acquisition of a stake in Saigon Alcohol Beer and Beverages Corp., Mr. Ang said they are still assessing whether or not to go ahead with the plan, as the Vietnamese company is bidding out a stake of only 15% to 20%, as opposed to a controlling share.

“Minority shares, pero titignan pa rin natin. Baka naman mura, pero mahal ng valuation eh. (It’s for a minority share, but we will still look at it. Maybe it will be cheap, but the valuation is expensive),” he said. “I think they’re thinking of selling 15%, 20%.”

The diversified conglomerate generated a net income attributable to the parent of P20.89 billion in the first nine months of 2017, 19% lower than the P25.92 billion it booked in the same period in 2016. Revenues on the other hand increased by 19% to P596 billion during the period.

Shares in SMC added 40 centavos or 0.36% to close at P110 each at the stock exchange on Wednesday.

Sereno to House: Impeach me now

CHIEF JUSTICE Maria Lourdes P.A. Sereno in a statement on Wednesday, Nov. 22, urged the House committee on justice through her lawyers to expedite its proceedings and cause the immediate transmittal of the articles of impeachment to the Senate.

“It is our inclination to have the proceedings in the Committee expedited. If they (members) believe that the complainant has evidence then by all means prepare and file the articles of impeachment,” lawyer Alex Poblador told reporters in an interview on Wednesday, after the committee voted 30-4 to deny her motion seeking recognition of her right to counsel and cross-examination of complainant Lorenzo G. Gadon and other witnesses.

Mr. Poblador said this decision by the committee has rendered the presence of Ms. Sereno’s lawyers in the proceedings unnecessary.

“We have decided to leave because we can’t do anything,” he said.

“We look forward to have this case brought before the Senate and we are confident that we will be able to defend the Chief Justice there consistent with her constitutional rights,” he added.

Another lawyer and spokesman of Ms. Sereno also expressed her eagerness for her impeachment.

“The Chief Justice is eager to defend herself consistent with her rights and looks forward to her trial before the Senate, where she is hopeful her rights will be fully respected,” lawyer and spokesperson Josalee S. Deinla said.

Mr. Poblador, for his part, said Ms. Sereno will not resign and “fight this to the end.”

Ms. Sereno was upheld in the House vote by Representatives Jose Christopher Y. Belmonte of Quezon City, Ramon V.A. Rocamora of Siquijor, Kaka J. Bag-ao of Dinagat Island and Lawrence H. Fortun of Agusan del Norte.

The House panel also voted 30-3, denying the request of non-members of the committee to be allowed to participate in the discussions.

For his part, House Majority Leader Rodolfo C. Fariñas recalled the 2012 impeachment trial of Ms. Sereno’s predecessor, the late Renato C. Corona, saying that when Mr. Corona was impeached, he was not afforded a preliminary hearing at the House, because the complaint, signed by more than one-third of the House membership, was directly sent to the Senate for trial.

Mr. Fariñas, who served as one of the public prosecutors in the Corona impeachment, said he did not sign the complaint because “medyo masama ang pagkagawa [it was badly written].”

“In this present case, there were many who want to do it again (send the case directly to the Senate), but I dissuaded them. Let us go to investigation first. Ang nangyari, finile agad, nangangapa kami dun (What happened in the Corona case was that they filed it right away, so we ended up grappling with a weak case during trial),” he said.

“We whittled the allegations [against Corona] to two, and this is what will happen here if we are in a hurry. We want a polished articles of impeachment this time,” Mr. Fariñas said.

During the hearing, Mr. Gadon was made to present his allegations against Sereno. His complaint contained 27 alleged impeachable acts committed by the chief magistrate.

But several lawmakers grilled Mr. Gadon for not having personal knowledge on the issues he raised against the chief magistrate.

All told, Mr. Gadon himself came under fire after failing to provide a key document backing one allegation, and then citing a newspaper reporter as his “friend” and source to bolster his claim on the existence of such document — only to have the supposed source of the source, Associate Justice Teresita De Castro, denying she ever released any information or document.

Referring to Manila Times reporter Jomar Canlas, whom lawyer Lorenzo Gadon tagged as his source for validating information he received, Justice de Castro said in a statement to reporters, “I have never released to Jomar Canlas any information, report, or document regarding the work of the Court.”

Mr. Gadon had claimed that Ms. Sereno “committed a culpable violation of the Constitution when she falsified the temporary restraining order of the Supreme Court in G.R. No. 206844-45” (Coalition of Associations of Senior Citizens in the Philippines v. COMELEC). Ms. De Castro supposedly recommended the issuance of a TRO and sent a draft to Ms. Sereno’s office, but the final version that emerged from the CJ was vastly different.

Mr. Gadon said it was Mr. Canlas who gave him the “facts” about the incident, and that he also asked some employees of the Supreme Court about the internal matter.

Mr. Gadon acknowledged that the allegation was not based on personal knowledge, but rather, from a secondary source. But he said it was confirmed after he “investigated,” found “authentic records,” and learned that Ms. De Castro also confirmed the incident “to some other person.”

Asked by Mr. Fortun if he had authentic documents that could back his claim that falsification did occur, Mr. Gadon said it was not attached to his complaint, and that he did not have it in his possession.

He added, “The clerk of court failed to give it to me, saying it’s not available yet… She cannot yet find it.”

But, he said, “It can be confirmed by Justice De Castro.”

Mr. Canlas supposedly talked to Ms. De Castro, who told him that Ms. Sereno did change the TRO.

Mr. Gadon said he had another “friend” talking to Ms. De Castro in his behalf.

But the best person to shed light on the matter was Ms. De Castro herself, he said.

This was the first stumbling block to establishing the reliability of Mr. Gadon’s evidence, who had sworn that his is a verified impeachment complaint. This means he can raise authentic documents, or rely on personal knowledge, for each of his allegations against Ms. Sereno. — reports by interaksyon.com and Andrea Louise E. San Juan

BURI questions review of MRT contract in Singapore

By Janina S. Lim
Reporter

MRT-3 maintenance provider Busan Universal Railways, Inc. (BURI) said the government is suggesting to seek arbitration in a court in Singapore to review its contract which it recently terminated, a proposed tack the firm slammed as delaying negotiations toward a resolve.

Maricris B. Pahate, legal counsel of BURI, said the firm received the notice two days ago from the Office of the Solicitor-General (OSG) with the Department of Transportation (DoTr) citing “expertise” and “neutrality” as the main reasons why they opted for a court abroad.

“Hindi pa ba experts sa Philippine law ang arbitration natin? (Aren’t we experts enough on arbitration?) Our contract is governed by Philippine law. Why would you want Singapore to study Philippine law and Philippine contract law. Magaling naman arbitrators natin dito (Our arbitrators here are good),” Ms. Pahate told BusinessWorld on Wednesday in Quezon City.

She said the contract with the DoTr allows parties to seek arbitration from any court but has proposed that the case be elevated to the local arbitration office, the Philippine Dispute Resolution Center.

“Meron na tayong sariling rules of procedure. So di na tayo mahihirapan. Di madedelay yung process,” she added. (We already have our own rules of procedure. So we won’t have a hard time. The process will now be delayed.)

Ms. Pahate said BURI will reply to reject the government’s invitation, adding that having the proceedings in Singapore will be “mahal, malayo and illogical” (expensive, too far, and illogical).

“Either talagang pinapahirapan lang nila o dinedelay (Either they’re making it difficult or they’re delaying),” BURI Legal Counsel Perfecto A. Mercado said in an interview yesterday.

Sought for comment, DoTr Legal and Procurement Service Assistant Secretary Giovanni Z. Lopez said raising the concerns to the Singapore International Arbitration Centre (SIAC) will be “in the advantage of the parties…in view of the greater neutrality as the arbitration will be geographically removed from the Philippines and Korea, where the parties have substantial interests.”

“The technical expertise afforded by this option was also given weight by DoTr and OSG,” Mr. Lopez said in a mobile message yesterday.

Earlier this month, the DoTr terminated the maintenance contract held by BURI for MRT-3.

The Korean service provider has filed a motion for reconsideration and a protection order at a Quezon City Regional Trial Court ruling but said it has yet to receive a reply.

“We hope that we will be given relief immediately,” Ms. Pahate added.

BURI expressed hope that Transportation Secretary Arthur P. Tugade will take more time to mull over the consequences of terminating the contract with a backup transition team that may not be fit to temporarily takeover maintenance of the railway pending interested bidders to replace BURI.

“Tingin kasi namin wala sila din experience ng mga Koreans na na-train samin eh. Tanong niyo sila kung ano experience ng mga nagmemaintain,” Ms. Pahate said. (We think they don’t have the experience of the Koreans who trained us. Ask them what their experience is in maintenance.)

DoTr and BURI entered into a negotiated contract in January 2016, after a failed bid in the absence of interested parties.

Under the contract, BURI was to overhaul 43 light rail vehicles and replace the signaling system.

Duterte ends talks with Reds

By Rosemarie A. Zamora

THE GOVERNMENT of the Philippines on Wednesday, Nov. 22, announced the termination of talks with communist rebels.

The announcement came on the heels of President Rodrigo R. Duterte’s threats to classify the rebels as terrorists.

“We are hereby announcing today the cancellation of all planned meetings with the CPP/NPA/NDF in line with President Duterte’s directive that there will be no more peace talks with them,” Presidential Peace Adviser Jesus G. Dureza said on Wednesday, referring to the Communist Party of the Philippines, its armed wing the New People’s Army, and their umbrella organization the National Democratic Front.

“Recent tragic and violent incidents all over the country committed by the communist rebels left the President with no other choice but to arrive at this decision. We take guidance from the President’s recent announcements and declarations,” Mr. Dureza also said.

A fifth round of talks between the government and the rebels was cancelled last May following reported attacks on government troops by the NPA.

By September, Mr. Duterte said he was still willing to resume peace talks, urging the rebels to lay down their arms in exchange for jobs.

“President Duterte has taken unprecedented steps and has walked the so-called extra mile to bring peace. However, the Communist Party and its armed elements have not shown reciprocity,” Mr. Dureza said in a statement.

It was reported also recently that the NPA had ambushed a police car in Bukidnon province, killing a police officer and a four-month old infant in a vehicle that happened to be behind the patrol car.

Mr. Duterte, in an interview with reporters on Tuesday, said this incident prompted him to terminate the talks.

“Kung ganun kayo, tapos mag-giyera tayo, pati ’yung mga civilian idadamay natin, eh ’di ’wag na tayong mag-usap. It’s not an entity anymore worth talking to,” he said. (If you continue to do that and we engage in war, and the civilians are getting involved, it would be better if we don’t talk anymore.)

Asked about his planned proclamation on the rebels, Mr. Duterte said “it’s a legal thing that they have to craft,” referring to Executive Secretary Salvador C. Medialdea and Presidential Legal Counsel Salvador S. Panelo.

“There will be no peace negotiations anymore with the CPP/NPA/NDF until such time as the desired enabling environment conducive to a Change in the government’s position becomes evident,” Mr. Dureza said for his part.

Asked whether the government is set to release a formal notice of termination of talks, he said: “Let’s wait for events to unfold.”

But even with this announcement of the termination of talks, Mr. Dureza said they still “remain steadfast and undeterred in our (un)relenting journey for sustainable and just peace.”

Duterte appoints Roque adviser on human rights

PRESIDENT Rodrigo R. Duterte has appointed Presidential Spokesperson Harry L. Roque Jr., as presidential adviser on human rights.

Mr. Roque himself disclosed this on Wednesday, Nov. 22, through a statement, but Malacañang has yet to release a copy of his appointment letter.

“Being appointed recently as Presidential Adviser on Human Rights concurrent with my being the Presidential Spokesperson, I will take steps to ensure that the Philippines discharges its obligations in protecting and promoting human rights, especially the right to life,” Mr. Roque said.

He made the statement in the wake of criticisms by Spokesperson Rupert Colville of the United Nations High Commissioner for Human Rights against Mr. Duterte’s recent tirades at UN Special Rapporteur Agnes Callamard.

Mr. Duterte had threatened to slap Ms. Callamard if she continued with her probe on human rights violations in the Phililppines on Mr. Duterte’s watch.

“He made the same threat against her in June after she criticized his “war on drugs” campaign which has left thousands dead,” Mr. Colville said on Tuesday, Nov. 21.

“This campaign, coupled with the repeated personal attacks on Ms. Callamard by President Duterte, seems to be designed to intimidate her into not carrying out the mandate bestowed on her by the Human Rights Council. We condemn this treatment of Ms. Callamard, and the disrespect it shows to the Human Rights Council that appointed her, in the strongest terms,” he added.

For his part, Mr. Roque said “he (Mr. Colville) should do well not to judge the colorful language the President is known for, but by what he stands for and the values he holds dear.”

“We need to point that the President’s remarks on Callamard were addressed to a Filipino audience who are used to the Chief Executive’s unorthodox rhetoric,” he added.

He then reiterated that Ms. Callamard “is not a competent and impartial rapporteur on our anti-drug campaign,” by which she failed to notice the adverse effects of drugs to a person’s mind.

“The way she conducted herself does not befit her office. Lest we forget, she came unannounced to the country in May this year even while the terms of her official visit were still being finalized,” Mr. Roque added, referring to the Rapporteur’s visit in Manila where she was invited as resource speaker in a two-day drug policy forum at the University of the Philippines organized by the Free Legal Assistance Group.

“Her arrogance in going through the back door not only went against protocol, but is deeply insulting,” Mr. Roque said.

In September last year, the Philippine government invited Ms. Callamard to visit the country and meet with government officials to get their perspectives on the drug problem. But she rejected the invitation due to conditions set by Mr. Duterte.

Mr. Roque has reiterated that the administration has not committed any extrajudicial killings, going by Mr. Duterte’s offer to lead a Global Human Rights Summit.

“We believe there must be a venue for dialogue where human rights, given the wide array of rights it covers, can be discussed from a global perspective and not from the view of politicized individuals,” Mr. Roque stated.

Mr. Roque was appointed by Mr. Duterte as his spokesperson, replacing then Presidential Spokesperson Ernesto C. Abella on Oct. 28.

Before joining Mr. Duterte’s Cabinet, he served as representative of the Kabayan party-list group and was a leading human rights lawyer. — Rosemarie A. Zamora

DoJ dismisses raps vs Faeldon, 10 others in P6.4-billion drug case

By Andrea Louise E. San Juan

THE Department of Justice (DoJ) Panel yesterday, Nov. 22, has dismissed the charges against former Bureau of Customs (BoC) Commissioner Nicanor E. Faeldon and 10 other respondents in connection with the importation of 602.279 kilograms of shabu.

Justice Secretary Vitaliano N. Aguirre II said in a statement: “In so far as the complaint filed by PDEA against the Bureau of Customs (BOC) personnel, namely: Commissioner Nicanor Faeldon, Director Milo Maestrecampo, Director Neil Estrella, Intelligence Officer Joel Pinawin, Intelligence Officer Oliver Valiente, Atty. Jeleena Magsuci, Atty. Philip Maronilla, Alexandra Y. Ventura, Randolph O. Cabansag, Dennis J. Maniego, Dennis Cabildo and John Edillor, the Panel dismisses the charges against them for failure of the PDEA (Philippine Drug Enforcement Agency) to state with clarity the acts or omission supposedly committed by the above-named BoC respondents that would constitute violation of the offense charged.”

“Further, the evidence adduced by the PDEA in support of the charges were insufficient to establish probable case. Thus, the Panel is constrained to take into consideration the defense raised by the respondents,” he added.

“As to the complaint filed by PDEA for violation of the Dangerous Drugs Board regulation under Section 32 of Republic Act 9165 against the agents and investigators of the National Bureau of Investigation-Anti Organized Transnational Crime Division (NBI-AOTCD), namely: Atty. Dennis Siyhian, Atty. Marie Catherine Nolasco, Special Investigator (SI) Marfil B. Baso, SI Joselito C. Guilen, SI Darwin Francisco and SI Edgardo C. Kawada, the Panel likewise dismisses the same,” Mr. Aguirre stressed.

“The Panel finds that, under the circumstances attendant to the case, and pursuant to relevant Dangerous Drugs Board (DDB) Regulations and jurisprudence, the NBI-AOTCD is justified to retain custody of the 500 kilograms of shabu which they seized, examined and investigated,” he added.

Mr. Aguirre stated: “Regarding the complaint of PDEA against the corporate officers of Hong Fei Logistics, the same was also dismissed for failure of the PDEA to show that these corporate officers knowingly consented to or actively participated in the importation of the subject shipment.”

“Also, the case against Emily Anoche Dee for maintaining a drug den is likewise dismissed. The Panel finds lack of knowledge on the part of Emily that her property being rented will be used as a transshipment point of the subject drugs,” he pointed out.

“Regarding the case against Fidel Anoche Dee filed by the NBI-AOTCD, the same was also dismissed in view of the existence of an earlier case filed against him by the PDEA before the Regional Trial Court of Valenzuela City,” Mr. Aguirre said.

The Joint Resolution reads: “Pursuant to Department Order No. 004 Series of January 4, 2017, the dismissal of the cases against the BOC personnel, the NBI-AOTCD agents and investigators, the corporate officers of Hong Fei Logistics and against Emily Anoche Dee and Fidel Anoche Dee shall be subject to automatic review by the Secretary of Justice.”

On the other hand, The DoJ Panel of Prosecutors assigned to the case of importation of 602.279 kilograms of shabu filed today a case for importation of Dangerous Drugs penalized under Section 4, in relation to Section 26 (a) of Republic Act No. 9165, as amended, with the Regional Trial Court of Valenzuela City.

Previously, the DOJ Panel of Prosecutors issued a joint resolution on the complaints separately filed by the NBI Anti-Organized and Transnational Crime Division and the PDEA.

In their Joint Resolution, the Panel found probable cause for “importation of dangerous drugs” under Section 4 of Republic Act No. 9165 otherwise known as The Comprehensive Dangerous Drugs Act of 2002, as amended, against the following respondents:

1. Chen Ju Long a.k.a. “Richard Tan” or “Richard Chen”

2. Li Guang Feng a.k.a. “Manny Li”

3. Dong Yi Shen Xi a.k.a. “Kenneth Dong”

4. Mark Ruben G. Taguba II

5. Eirene Mae A. Tatad

6. Teejay A. Marcellana

7. Chen I. Min

8. Jhu Ming Jhun

9. Chen Rong Huan

10. other unidentified individuals known only as John Doe, Jane Doe and George Doe.

“In finding probable cause against the above-named respondents for the importation of 602 kilograms of shabu, the Panel determined that the combination of the individual participation of each of the respondents, either as shipper, consolidator, facilitator, broker, financier, consignee, or warehouse lessee — reveals a pattern of over acts indicative of conspiracy to import into the country the dangerous drugs,” a portion of the statement reads.

“In view thereof, the Panel recommended the filing of the corresponding criminal information for importation of dangerous drugs against the above named respondents with no bail recommended,” it noted.

Mr. Aguirre emphasized: “The eradication of the menace of illegal drugs is one of our pronounced mandates in your DOJ. And the filing of the information in this case is one way to eradicate this threat for the better future of our youth and loved ones.”

“We want to send a message that any involvement in drugs will be severely dealt with. You deal in drugs and you will suffer the full consequences! To those who are still involved in drugs, we are coming for you!” he added.

Duterte mulls lifting of moratorium on oil and gas exploration in disputed waters

PRESIDENT Rodrigo R. Duterte is considering lifting the moratorium on oil and gas exploration projects in the South China Sea.

Speaking to reporters on late Tuesday night, Mr. Duterte said: “It’s one of the possibilities that will happen or can happen or will happen sa (in) South China Sea.”

Mr. Duterte broached the possibility of lifting the moratorium after his bilateral meeting with Chinese Premier Li Keqiang, with their joint statement saying that “both sides may explore means to cooperate with each other in other possible maritime activities including maritime oil and gas exploration and exploitation.”

“There’s really — it’s an area too big. But I think the players there would really be the ASEAN members who are also claimants. Nag-o-overlap nga eh,” he added.

However, it was not clear when the moratorium will be lifted.

The Department of Energy (DOE) issued a moratorium on all exploration and drilling works in Service Contracts 72 and 75 in December 2014 and 2015, respectively, amid rising maritime tension with China.

Last March, Energy Secretary Alfonso Cusi said the lifting will be based on the guidance of the Department of Foreign Affairs.

“I will only lift it when I think the higher interest of the Philippines is served. I will only lift it when I think the higher interest of the Philippines is served,” Mr. Duterte said. — Rosemarie A. Zamora

AFP land to be offered for joint dev’t in 2018

THE GOVERNMENT will start offering next year leases on military land to raise funds for pensions of uniformed personnel.

“Next year. We’ve been discussing with the Bureau of the Treasury and the GSIS (Government Service Insurance System),” Budget Secretary Benjamin E. Diokno said during a press briefing yesterday when asked for a timetable of such leases.

Mr. Diokno said the government has identified over 100 properties in Metro Manila, Cavite, and Tarlac.

He said the government prefers joint-venture development agreements rather than outright sales to ensure a sustainable flow of funds.

The pension system for uniformed personnel is being considered for GSIS administration, which would require capital of at least P7 trillion.

However Mr. Diokno said the requirement may hit P8-9 trillion given the growing number of retirees.

Mr. Diokno said a draft bill reforming the pensions was submitted to Congress “two months ago.”

The reforms will shift the burden of funding pensions to member contributions.

Mr. Diokno said payments for military pensions currently total P90 billion, or about two-thirds of the Department of National Defense’s P134.29-billion budget this year.

This is expected to rise further following the doubling of the salaries of troops starting next year, as pensions entitlements rise along with the increase in active-duty salaries.

If unaddressed, the funding requirement for military pensions could double to P187.9 billion in 2018. — Elijah Joseph C. Tubayan

Ateneo survives FEU in OT to make finals return

By Michael Angelo S. Murillo
Senior Reporter

THE Ateneo Blue Eagles are making a return trip to finals of the University Athletic Association of the Philippines (UAAP) men’s basketball after defeating the Far Eastern University (FEU) Tamaraws, 88-84, in overtime in their do-or-die semifinal match yesterday at the Mall of Asia Arena.

Getting far more contributions from its roster and playing with the needed resolve to stave off the challenge by its opponent, top-seeded Ateneo avoided being upset by no. 4 team FEU and claimed the last remaining finals spot for Season 80 while setting up a championship rematch with rivals and defending champions De La Salle Green Archers.

The game got off to a competitive start with both teams making their respective runs to try to establish control of the contest.

Ateneo opened things with back-to-back triples care of Chibueze Ikeh and Vince Tolentino.

The Eagles continued to hit their mark from long range thereafter, establishing a 14-7 cushion midway into the opening frame.

FEU though would rally back behind Wendell Comboy and Hubert Cani, cutting its deficit to just a point, 16-15, in the windup to the quarter.

Ateneo, however, would regain its bearing and sprinted to a 21-15 lead at the end of the first.

The second quarter saw the two teams showing no letup in their respective assaults.

The Tamaraws narrowed the gap to two points, 23-21, in the opening minutes with Prince Orizu and Barkley Ebona at the forefront.

Not long after Ateneo responded with five quick points from Thirdy Ravena to create further separation.

Jasper Parker though would lead a charge back that saw the Tamaraws coming to within two, 28-26, with less than four minutes remaining.

But just like in the opening quarter, the Eagles would make a late run to end the half still in command, 40-33.

The third period saw FEU jumpstarting things with seven quick points to tie the count at 40-all with 7:30 remaining.

Ateneo, towed by Ravena and Matt Nieto, would answer back with a 10-7 run in the next three minutes to take a 50-47 lead with 3:55 to go.

It was a leverage the Eagles would build on to erect a 57-53 advantage at the end of the period.

The Tamaraws went on a 6-0 blast in the opening minute of the payoff quarter, to seize the lead, 59-57, for the first time in the game.

They would extend their advantage behind Orizu, 67-59, with 6:15 remaining on the clock.

The Eagles though would soar back as rookie Gian Mamuyac ignited a rally that helped his team tie the count at 69-all with a little over three minutes left.

Parker gave back the lead to FEU, 71-69, after with a floater.

A split by Mike Nieto on tbe free throw line reduced FEU’s cushion to one, 71-70, with 1:30 to go.

The Tamaraws tried to extend their lead in the succeeding plays but the Eagles’ defense held up which paved the way thereafter with a breakaway basket by Ravena to give Ateneo the lead, 72-71, with 33 ticks remaining.

Parker came back for the Tamaraws with a nifty drive to the basket to size the advantage anew, 73-62, with 24 seconds left.

Matt Nieto had a chance to give the Eagles the upper hand but his shot in the paint failed to connect.

Two free throws by Parker with 14 ticks to go extended the Tamaraws’ lead, 75-72.

Off an Ateneo timeout, big man Isaac Go came up for the Eagles to hit a three-pointer with eight seconds to go to tie the contest at 75-all.

Tolentino had a chance to win it for the Tamaraws but he lost handle of the ball as he went for the shot as time expired.

With life infused back in their game, the Eagles started the overtime with four quick points to build a 79-75 distance in the first minute and a half.

Five straight points from Ron Dennison and Tolentino after pushed the Tamaraws ahead anew, 80-79, with less than three minutes remaining.

The score was knotted at 80-all at the two-minute mark before Matt Nieto exploded for five straight points to hand Ateneo an 85-80 edge with 46 seconds to go.

Richard Escoto made it a three point game, 85-82, but that was the closest the Tamaraws could get as Matt Nieto and Go conspired to keep Ateneo ahead the rest of the way en route to securing the win.

Ravena paced Ateneo with 17 points on top of seven rebounds and four assists.

Matt Nieto and Ikeh had 16 points apiece while Go added 13.

FEU, meanwhile, was led by Parker with 19 points with Tolentino, Comboy and Orizu adding 13, 11 and 10 points, respectively.

“Entering the game we knew we were up against a tough team. They really played well but credit to our boys for showing composure and sticking to the game plan,” said Ateneo deputy Sandy Arespacochaga following their win.

The best-of-three championship series between Ateneo and La Salle begins on Saturday, Nov. 25, with Game One also at the Mall of Asia Arena.

The Eagles and Archers split their previous two games this season with the former taking game in the first round of the eliminations, 76-75, while the latter came back in the second round, 79-76, to thwart the Eagles’ sweep bid in the classification phase.

La Salle booked its spot in the finals last Saturday after making short work of the Adamson Soaring Falcons in their Final Four pairing.

Despite holding a twice-to-beat advantage like Ateneo, the Archers saw no need to use, beating the Falcons at the first instance, 82-75.

UFC to stage landmark event in mainland China

By Michael Angelo S. Murillo
Senior Reporter

THE mixed martial arts scene in Asia is to be given further nod when the Ultimate Fighting Championship (UFC), the world’s biggest promotion in the world, makes its debut in mainland China this weekend with “UFC Fight Night 122” that will feature the clash between former middleweight champion Michael “The Count” Bisping and Kelvin Gastelum.

Happening at the Mercedes Benz Arena in Shanghai, China, on Saturday, Fight Night 122 is being considered advancement in the UFC’s thrust in the region that has seen it play in a growing number of Asian countries, including the Philippines, in the last few years.

UFC officials said they are very excited of the opportunity to hold an event in the mainland, a market they always viewed as key to continue to grow not only their brand but also the sport of MMA in general.

The Shanghai event will have 12 fights on the card, headlined by the battle between Mr. Bisping (#2) of England and Mr. Gastelum (#9) of the United States. It will also have eight Chinese fighters competing in various divisions.

Featured as well is Filipino featherweight Rolando “Dy Incredible” Dy, who will face off with hometown bet Wuliji “Beast Master” Buren in one of the preliminary fights.

Originally to be bannered by UFC legend Anderson “The Spider” Silva and Mr. Gastelum, Fight Night 122 was tweaked after the former was ruled a no-go late last month because of failure to pass US Anti-Doping Agency testing.

In came Mr. Bisping, who expressed readiness to take over Mr. Silva’s place despite fighting just early this month where he lost the middleweight title to the comebacking UFC legend Georges St-Pierre.

Mr. Bisping (31-8) went down in his last fight by way of technical submission (rear-naked choke) in the third round.

The loss effectively stopped the reign of Mr. Bisping as champion after just a little over a year on top of the division and ended a five-fight winning streak in the UFC.

He hopes to bounce back by beating the number nine contender in the weight class in Mr. Gastelum.

Mr. Gastelum (14-3), for his part, is also looking to get back on the winning track after being tripped by former champion Chris Weidman in July by submission (arm-triangle choke) in the third round.

BENEFICIAL
Considering the kind of potential the Chinese market presents across varying levels, local combat sports writer and observer Mike Miguel believes the Shanghai event is huge for the UFC.

“The potential in the Chinese market is vast, not only financially but also in the martial arts aspect. China has the makings of becoming an MMA superpower in the region with its resources which has been recognized by the UFC in the past,” said Mr. Miguel, who writes for DojoDrifter.com and Tiebreaker Times, in an interview with BusinessWorld.

“Now staging its first event, this helps in cultivating the people’s interest in the sport even further which will be beneficial for both the UFC and China in the long run,” he added.

He went on to stay that Mr. Bisping stepping in after Mr. Silva was ruled out was an important development as it gave the event another big name to anchor on.

“When Anderson Silva was removed from the card, it cast doubts on the success of the event especially among fans outside China. Enter Bisping, who is out to make the most of his remaining time inside the Octagon. We can expect the former champion to come out and show everyone that he is still among the best fighters in his division against the ever-dangerous Gastelum,” he said.

As to Mr. Dy, who has lost his first two fights in the UFC, Mr. Miguel believes if the Filipino comes in with a well-thought-out game plan and capitalize on his strengths he could be poise for a breakthrough win.

“On paper, this is perhaps the easiest matchup for Dy. However, the cards aren’t in his favor as he is fighting in two weeks’ notice against the hometown fighter, Wuliji Buren. If he would be able to impose his will and capitalize on his striking against the Chinese, we can see him fight another day in the UFC,” he said.

UFC Fight Night 122: Bisping vs. Gastelum will be shown live on Saturday beginning at 8 p.m. over Hyper Ch. 91 in SD or 261 in HD on Cignal TV. Encore telecast is at 10 a.m. and 7 p.m. the following day.

In the Philippines, Cignal TV, the country’s foremost direct-to-home (DTH) company, is the home of the UFC after the two groups agreed to an extensive deal that will see the UFC beamed on various platforms.

Iloilo business community gears up for investment forum in Manila

ILOILO’s business community is gathering local government officials and multi-sector groups on Friday, Nov. 24, in preparation for a forum on March 15 next year in Manila to attract investors into the city and the province. The Iloilo Economic Development Foundation Inc. (ILED) is organizing tomorrow’s event, dubbed “Diin Ka Pakadto Iloilo?” (Where Are You Going, Iloilo?). “We hope that this event will pave the way for a successful investor conference while creating an empowered citizenry,” ILED Chairperson Narzalina Z. Lim said in a statement. Ilonggo Senator Franklin M. Drilon, and Iloilo City Mayor Jose S. Espinosa III are expected to join the gathering.

Invited speakers include Mikel C. Afzelius, corporate communications officer of Panay Electric Company (PECO), and Eriberto R. Calubaquib, vice-president for corporate strategy of Metro Pacific Water, who will discuss their respective plans to improve utility services in Iloilo City. Architect Paulo G. Alcazaren, who designed the Iloilo River Esplanade, will also discuss the multibillion redevelopment program of the Iloilo Provincial Capitol Grounds as well as the river esplanade extension. ILED also recently launched the “Proud to be Ilonggo” campaign to shore up the image of Iloilo. — Louine Hope U. Conserva

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