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MPIC sets P653-B capex for next 5 years

By Arra B. Francia, Reporter

SYDNEY, AUSTRALIA — Metro Pacific Investments Corp. (MPIC) will be setting aside P653 billion in capital expenditures for the next five years, as it continues to grow its toll roads business both in the Philippines and across the Southeast Asian region, as well as undertake projects under its power, water, hospital, and rail businesses.

The Philippine unit of the First Pacific group said the capex allocation from 2018 to 2022 forms part of its commitment to deliver high quality infrastructure projects that will take advantage of the Duterte administration’s “Build, Build, Build” program.

“(We) are very, very much focused on fixing fundamental challenges in society and with society’s infrastructure,” MPIC Chief Finance Officer David J. Nicol told reporters in a briefing here on Thursday.

Mr. Nicol said the company continues to look for areas where they can potentially submit unsolicited proposals to the government.

“Our strategy is to continue to find areas where infrastructure is inadequate, and continue submitting those proposals to government. We are focusing primarily in the Philippines, although as you have heard from our toll roads guys and water guys, there is some ASEAN focus developing. But overall the weight of that business will be in the Philippines,” Mr. Nicol said.

The power segment, the largest contributor to MPIC earnings, will have a capex of P400 billion to support the expansion of Manila Electric Company’s (Meralco) power generation capacity through coal resources, Global Business Power Corp. (GBP)’s foray into renewable energy sources, as well as a solid waste management facility in Quezon City.

MPIC is now awaiting the results of the Quezon City government’s evaluation for the P16-billion integrated solid waste management facility, which can convert 3,000 tons per day of municipal solid waste into 42 megawatts (MW) of baseload renewable energy.

For the toll roads business under Metro Pacific Tollways Corp., MPIC is pouring in P125 billion until 2022, given that it is currently constructing six projects. Half of the projects are set to create extensions to the North Luzon Expressway, the Cavite-Laguna Expressway, the Cavite-C5 South Link, as well as the Cebu Cordova Link Expressway, MPTC’s first project in the Visayas region covering 8.25 km to be built by 2020. 

The company has also submitted three unsolicited proposals, one of which is the Cavite-Tagaytay-Batangas Expressway to extend the Cavite-Laguna Expressway leading to Tagaytay and Nasugbu, Batangas.

“We thought we could get original proponent status hopefully before the end of the year, complete the (Swiss) challenge process early next year, and move to the implementation stage later next year. We think the first section going to Tagaytay is already viable, it can be constructed already,” MPTC President and Chief Executive Officer Rodrigo E. Franco said during the same briefing.

Maynilad Water Services, Inc., meanwhile, will spend P45 billion in the next five years for the development of bulk water projects in the Philippines and pursue projects in the ASEAN region.

The rail business, under Light Rail Manila Corp., will have P70 billion to upgrade and maintain the Light Rail Transit Line-1. The amount also includes any funds it would need should it be allowed to take over the Metro Rail Transit Line-3.

Metro Pacific Hospital Holdings, Inc will be spending P13 billion over the five-year period as it expands its capacity to 10,000 beds through acquisitions, and for the establishment of more clinics and specialty treatment centers.

In addition to the five-year spending plan, MPIC also has unsolicited proposals worth a total of P167 billion. Should the government award these projects to the company, the conglomerate’s spending until 2022 could reach P820 billion.

SPENDING FOR 2018
Of the five-year capex, P100 billion will be used in 2018, almost twice the P56 billion that MPIC committed to spend this year.

Broken down, MPIC’s capex for 2018 would include P12 billion for water, P38 billion for toll roads, P21 billion for Meralco, P17 billion for rail, P6 billion for hospitals, and P6 billion for logistics.

Including other First Pacific units in the Philippines such as PLDT, Inc. and Philex Mining Corp., Mr. Nicol said the capex for next year would reach around P145 billion.

MPIC will fund the aggressive capex program though a combination of equity partners, P90 billion of which will come from the company itself, through value crystallization in its portfolio, banks, and a potential bond offering. 

By 2021, the company said the power business will continue to be the biggest contributor to earnings at 42%, albeit lower than the current 52%, as the toll roads segment will have grown to 34% from the present 23%. Water will contribute 15% of earnings, down from the current 20%, while hospitals and other segments will still have 5%.

MPIC is one of three Philippine units of Hong Kong-based First Pacific, along with PLDT and Philex Mining. Hastings Holdings, Inc. — a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc. — maintains interest in BusinessWorld through the Philippine Star Group, which it controls.

Shares in MPIC lost 18 centavos or 2.67% to P6.57 each at the stock exchange on Thursday.

Gov’t partially awards T-bills as yields ascend across the board

THE GOVERNMENT partially awarded Treasury bills (T-bills) offered in Thursday’s auction as yields rose across the board, with the market seeing higher possibility of a US Federal Reserve interest rate hike next month.

The Bureau of the Treasury awarded P18.5 billion out of the planned P20-billion borrowing yesterday from the three-month, six-month and one-year debt papers. The offer was oversubscribed, with bids reaching P29.9 billion.

Auctioned T-bills have reduced maturities given the adjusted settlement date in line with the country’s hosting of the Association of Southeast Asian Nations Summit earlier this week.

Broken down, the Treasury fully awarded the 89-day papers after total bids reached P12.92 billion, higher than the P8 billion offered. The papers fetched an average rate of 2.148%, up by 19.1 basis points (bps) from the 1.957% booked during the Oct. 23 auction.

The government also raised P6 billion worth of 180-day bills as planned at an average rate of 2.563%, 10.6 bps higher than the previous auction’s 2.457%. The debt papers were met with P10.87 billion worth of demand.

Meanwhile, the 362-day debt papers were partially awarded, with the government set to issue just P4.5 billion worth of the tenor against the P6.15 billion the banks sought to buy and the P6 billion up for grabs. The T-bills carried an average yield of 2.952%, higher by 9.9 bps than the 2.853% rate at the last auction.

Prior to yesterday’s auction, the three-month, six-month and one-year T-bills were quoted at yields of 2.6736%, 3.0107% and 2.9073%, respectively.

At the close of trading, the 91- and 182-day papers rallied, fetching rates of 2.151% and 2.5876%, respectively. Meanwhile, the yield on the 364-day T-bill dropped to 2.9237%.

National Treasurer Rosalia V. de Leon said yields inched up as market players see a likely Fed interest rate hike before the end of the year.

“We’ve already seen [this] even during previous [Treasury bonds auction], the market is already inputting the 97% possibility of a Fed rate hike…,” Ms. De Leon told reporters.

Traders meanwhile said the uptick in yields was within expectations.

“As expected, higher by around five to ten basis points [compared with the previous] auction. I think maybe as the rest of the curve increased ahead of the Treasury bill auction, so it aligned,” a trader said.

Another trader attributed the higher yields to the release of the country’s gross domestic product (GDP) growth data for the third quarter, which showed that the Philippine economy expanded by 6.9% in the period.

“The GDP was strong so that’s higher inflationary expectation,” the first trader said, adding that the “new supply in the short-end in the planned RTB (retail Treasury bonds)” was also at play.

Meanwhile, Ms. De Leon announced after the auction that they will be offering RTBs for the second time this year in time for the holidays.

“This is why we’re offering the comeback of the RTB [because we’ve seen that there’s a lot of liquidity],” Ms. De Leon said, noting that the strong appetite in the retail sector also compelled them to issue another batch of the retail bonds the year.

“During the April issuance, we saw a very strong yet unmet demand [because we saw a demand] around the P500 billion, [yet] we just accepted P180 billion.”

Ms. De Leon said the Development Bank of the Philippines and the Land Bank of the Philippines will lead the offering, while China Banking Corp., BDO Unibank, Inc., Bank of the Philippine Islands, and Security Bank Corp. will act as selling agents.

Asked about the bonds’ indicative rate, Ms. De Leon said they will have to “align with the market.”

The offer period will be from Nov. 20 to 29, while the issue date will be on Dec. 4. — Karl Angelo N. Vidal

DoubleDragon profits surge amid continued CityMalls expansion

DOUBLEDRAGON Properties Corp.’s earnings surged 66% in the third quarter of 2017, primarily from the expansion of its community malls around the country.

In a statement issued Thursday, the property developer said its consolidated net income for the July to September period stood at P1.02 billion, versus P616.8 million it realized in the same period in 2016. Third quarter revenues nearly doubled to P2.45 billion from P1.28 billion a year ago.

DoubleDragon attributed the company’s robust growth to the rising number of CityMalls in provincial areas, citing the shift from traditional to modern retail in third-tier cities while e-commerce gains steam in urban areas.

“We expect the inflection point of these transitions to be felt within the next three years, just in time for the completion of our goal of having a strong network of 100 CityMalls in the provincial areas of the Philippines. We are glad that CityMall has already started to gain significant traction in the countryside, which we aim to dominate as we grow organically,” DoubleDragon Chairman Edgar J. Sia II was quoted as saying in a statement.

Mr. Sia said the company is now helping modernize the provincial retail environment with the expansion of CityMalls across the country.

“The business model of CityMall is positioned to remain relevant beyond the age of digitalization because we focus on delivering only basic necessities, and generally, the supermarket, cinema, services and food tenants combined occupy more than 70% of a typical CityMall. CityMalls are also conveniently located in provincial city centers within close reach of its market,” Mr. Sia said. 

For the first nine months of 2017, DoubleDragon’s earnings soared 83.7% to P1.4 billion, after doubling revenues to P4.08 billion. 

Rental income from CityMalls’ operations rose 194% to P448 million during the January to September period, from P152.2 million posted in the same period last year. The company continues to add to its mall leasing portfolio with the opening of its 25th CityMall located in Koronadal City, South Cotabato, last Nov. 8. 

Operations from CityMall contributed to the company’s recurring revenues of P764 million for the first three quarters of 2017, now accounting for 18.7% of the company’s total revenues from just 7.7% in the same period a year ago. 

Its industrial segment through newly incorporated unit Central Hub Industrial Centers, Inc. will also allow DoubleDragon to service the consumer market’s needs for warehouse, commissary, cold storage, light manufacturing facility, or logistics distribution center.

DoubleDragon, co-chaired by Jollibee Foods Corp. founder Tony Tan Caktiong, is further expanding its leasable portfolio through the hotel segment with brands Hotel 101 and JinJiang Inn.

Meanwhile, construction for its office projects in Metro Manila — the first phase of DD Meridian Park in Pasay City and Jollibee Tower in Ortigas Center — is set to be completed by year-end and 2018, respectively.

“Coming from zero leasable space in 2013, DoubleDragon expects over 300,000 square meters of leasable space to be onstream by end of this year 2017. All geared towards its 2020 goal of 1.2 million square meters of prime and appreciating leasable space portfolio,” Mr. Sia said. 

Shares in DoubleDragon were up 55 centavos or 1.46% to P38.30 each at the Philippine Stock Exchange on Thursday. — Arra B. Francia

BSP, MAS sign agreement on fintech collaboration

THE CENTRAL BANKS of the Philippines and Singapore have signed an agreement to collaborate on financial technology (fintech), amid an industry-wide push towards digital payments.

In a joint statement, the Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS) announced the signing of a FinTech Cooperation Agreement (CA) yesterday in the city-state, in time for the 2nd Singapore FinTech Festival.

“The CA provides avenues for greater collaboration through a more defined structure and referral system for FinTech players between the innovation functions of each authority,” BSP Governor Nestor A. Espenilla, Jr. was quoted as saying.

Both regulators have been increasingly embracing digital financial services, as they update banking regulations to allow so-called “disruptors” and non-banks under its watch. The agreement fosters the commitment of these central banks to “elevate financial innovation” in both economies.

The two central banks have employed the regulatory sandbox approach, which allows emerging fintech players room to experiment with new products and services before they are covered by banking regulations.

“The authorities will be able to refer promising FinTech firms to each other, share emerging FinTech trends and developments, and facilitate work on FinTech projects together,” the regulators said in a statement issued on Thursday afternoon.

The deal would likewise allow the two players to tap digital solutions such as distributed ledgers in order to facilitate “faster cross-border payments” and streamline know-your-client procedures. Innovation which have allowed one central bank to address industry problems could also be shared to its counterpart.

The BSP and the MAS have yet to start bilateral deals under the banking integration framework of the Association of Southeast Asian Nations, which would allow qualified banks in one country to operate in the other jurisdiction once in place.

Instead, the central banks chose the fintech arena as their starting point for engagements.

Mr. Espenilla said he is counting on insights from Singapore’s experience to unlock a more progressive and inclusive financial system by embracing new digital platforms.

“MAS and the BSP are like-minded in their focus on harnessing financial technology to reduce inefficiency and benefit individuals and businesses” MAS Managing Director Ravi Menon said.

The BSP has adopted a National Retail Payment System framework which allows more fintech players to offer electronic platforms, with the goal of broadening access to financial services among Filipinos. The central bank wants to raise the share of digital payments to 20% of all transactions by 2020 coming from a mere 1% share in 2013, with the view that online solutions will bring down costs and spur increased economic activity. — Melissa Luz T. Lopez

Peso returns to P50:$1 on strong Q3 GDP data

THE PESO returned to the P50-per-dollar level on Thursday on the back of the country’s stronger-than-expected third quarter gross domestic product (GDP) growth print.

The local currency closed at P50.90 against the greenback yesterday, gaining 14 centavos from its P51.04 finish on Wednesday.

This was the best close of the peso in more than a month or since Sept. 29’s P50.815.

The peso opened stronger at P51, which was its intraday low as well. Meanwhile, yesterday’s best showing was at P50.85 against the greenback.

Dollars traded surged to $885.1 million from Wednesday’s $566.8 million.

Traders interviewed said the peso strengthened on the back of the upbeat Philippine GDP growth print for the third quarter.

“The dollar traded lower due to the higher-than-expected GDP. That’s the reason why the peso appreciated today,” a trader said over the phone on Thursday, noting that the low trading volume the previous session was driven by the anticipation of the economic data.

The economy, as measured by GDP, grew by 6.9% in the third quarter, according to a report released by the Philippine Statistics Authority yesterday.

“When [the GDP growth rate] came out, it traded as [high] as P50.855 before some profit taking and some importers buying at these level below the P51 figure,” the trader added.

Another trader added that the stronger peso was driven by the poor greenback as the markets are still reacting to the weak US economic data on consumer price and retail sales which was released earlier this week.

Traders are expecting the peso to trade between P50.80 and P51 against the dollar today, while another trader gave a wider range of P50.80 to P51.20, noting that the greenback might rise on strong US data on industrial production and initial jobless claims.

Meanwhile, Most Asian currencies weakened on Thursday as the US dollar firmed, boosted by solid US data though its gains were capped by doubts over the prospects for US tax reform.

Data out on Wednesday showed that US underlying consumer prices rose in October, supporting the idea that a recent disinflationary trend that had worried the Federal Reserve had ended. There was also an unexpected rise in retail sales last month.

But dollar strength was limited by uncertainty over a Senate Republican tax plan that drew fire from two Republican lawmakers on Wednesday in what could be a sign of trouble for the sweeping measure. — K.A.N. Vidal with Reuters

Lopez Holdings income declines in 3rd quarter

LOPEZ HOLDINGS Corp. suffered a 52% drop in third-quarter net income attributable to the parent firm’s equity holders to P1.41 billion from P2.92 billion in the same quarter last year, its financial report to the stock exchange shows.

This came despite a 23.2% rise in revenues during the quarter to P26.46 billion, which was outpaced by a 34.9% increase in costs and expenses to P21.16 billion. The holding firm also posted one-off losses, reversing the other income it recorded in the same quarter last year.

In a statement on Thursday, Lopez Holdings said its nine-month net income attributable to the parent firm’s equity holders slipped by 43% to P3.17 billion from P5.59 billion “on account of one-off losses and the absence of one-off gains at its associates.”

Unaudited consolidated revenues as of end-September rose by 19% to P77.94 billion from P65.63 billion in the same nine-month period last year.

Lopez Holdings said associate First Philippine Holdings Corp. (FPH) recorded a 49% drop in net income to P4.58 billion in the first nine months, as it booked one-off losses related to debt pre-payments of consolidated units First Gas Power Corp. and Energy Development Corp. 

FPH registered one-time gains from liquidated damages and arbitration settlement proceeds during the period, it added.

“The one-off losses, absence of one-off gains and unfavorable forex movement led to the lower income,” Lopez Holdings said. “Excluding nonrecurring items, consolidated net income increased by 5% due to higher operating profits from its real estate and manufacturing units.”

The holding firm said investee ABS-CBN Corp. recorded a 20% fall in net income to P2.27 billion as advertising revenues fell 3% after discounting the impact of last year’s election-related spending.

Lopez Holdings said as of Sept. 30, it owned 46% of FPH and 56% economic interest in ABS-CBN. The firm, formerly Benpres Holdings Corp., is the Lopez family’s holding company. Its major investees are publicly listed FPH and ABS-CBN.

On Thursday, shares in Lopez Holdings added 9 centavos or 1.6% to close at P5.73 each. — Victor V. Saulon

How sweep it is!

By Michael Angelo S. Murillo
Senior Reporter

FOR the 10th time in 12 years the San Beda Red Lions are kings of the National Collegiate Athletic Association (NCAA) men’s basketball after they completed a sweep of the Lyceum Pirates in their best-of-three finals series with a 92-82 victory in Game Two yesterday at the Smart Araneta Coliseum.

Showing tremendous resolve to stay the course despite their struggles early and parading their championship experience down the stretch, the Lions closed out the Pirates and made sure no more rubber match was to be played.

The game was delayed for several minutes as the scoreboard at the Smart Araneta Coliseum was not functioning properly.

When the match finally began, Lyceum did not waste much time jump-starting things to eventually race to a 22-17 advantage at the end of the opening frame.

In the second quarter, San Beda started finding its groove, slicing its deficit to just two points, 27-25, early on led by Javee Mocon and Donald Tankoua.

Instead of folding amid the pressure though, Lyceum fought back, towed by CJ Perez and Mike Nzeusseu.

The Pirates would maintain a lead, 47-41, at the halftime break.

Lyceum continued to hum to start the third canto with Perez at the forefront.

The Pirates established a 55-47 lead in the opening minutes of the frame.

But San Beda would charge back, levelling the count at 55-all with 4:20 remaining in the quarter.

Lyceum created more breathing space, 63-57, but the Lions kept coming back, seizing the lead, 65-63, behind a triple from Robert Bolick as the quarter wound up.

The Pirates though would respond as skipper Jasper Ayaay countered with a triple to give the lead anew to Lyceum, 66-65, at the end of the third period.

The two jostled hard to start the fourth canto, fighting to a 73-all affair with six and a half minutes left in the contest.

San Beda then waxed hot, outscoring Lyceum, 7-3, in the next three minutes to build an 80-76 lead.

Lyceum managed to cut down the Lions’ lead to just one point, 83-82, with 1:40 to go off an and-one from Nzeusseu but back-to-back triples by AC Soberano and Bolick after pushed the Pirates to a very tough bind, 89-82, with less than a minute to play.

The Pirates tried to rally back but no comeback was to be consummated as San Beda surged on to the championship.

Bolick led the Lions with 18 points, five rebounds and six assists while Tankoua, named finals MVP, had a double-double of 17 points and 17 rebounds.

Graduating player Davon Potts finished with 15 points, Mocon 14 and Soberano 11.

NCAA most valuable player Perez paced Lyceum with 22 points, four rebounds and five assists before fouling out.

Nzeusseu had 15 points and 15 rebounds while Jaycee Marcelino had 12.

“We played tense in the first half as the boys wanted to finish it outright. But at halftime we told them to settle down and step up their defense. Good thing they responded and we were able to control the Pirates in the second half. That was the key for us in winning the championship,” said San Beda coach Boyet Fernandez after their title-clinching win.

Its latest conquest is the 21st in school history for San Beda.

The loss, meanwhile, was a difficult ending for Lyceum which swept its way to the finals by going 18-0 in the elimination round.

Boston Celtics finding ways to thrive in face of adversity

LOS ANGELES — The Boston Celtics’ hopes of making a run at an NBA title were considered to be over when one of their top players went down in the season opener, but the resilient group have not let adversity change their intentions.

Instead, the Celtics are riding an impressive 13-game win streak heading into today’s clash with the reigning champion Golden State Warriors, one of the more highly anticipated matchups of the first month of a season.

Even Warriors coach Steve Kerr, whose team have two NBA titles to show from three consecutive Finals matchups with the Eastern Conference’s Cleveland Cavaliers, knows the Celtics are the real deal.

“It sure looks like Boston is the team of the future in the East, with the assets that they still have and their young talent and their coaching, and Kyrie (Irving) is amazing,” said Kerr.

“That looks like a team that is going to be at the top of the East for a long time to come. Whether their time is now or the future, that’s to be determined, but they sure look like they want it to be right now.”

Gordon Hayward, acquired in July, was expected to lead the Celtics along with Irving to contend for a title but was promptly lost for the campaign after he gruesomely dislocated his left ankle five minutes into his Boston debut.

The injury was one that many pundits felt would change the trajectory of the Celtics, who last season reached the Eastern Conference final, and assure the LeBron James-led Cavs a fourth consecutive trip to the NBA Finals.

But the Celtics, who boast the NBA’s best record at 13-2, had other ideas and have shown no signs of slowing down.

Irving, who requested a trade from the Cavaliers during the offseason, is playing some of the best basketball of his career and the Celtics have used both a stifling defense and impressive rebounding to overpower opponents.

In doing so, Boston have proven themselves as legitimate contenders for the championship in June. Should they get that far they may get an early look at their potential opponent when they host Golden State on Thursday for their first true test of the season.

“They’re really sound, and they’re motivated,” said Kerr. “It’s a team that’s been on the rise the last couple of years. They lost in the conference finals. They want to win a championship, and it looks like it.

“Even without Gordon Hayward and that awful injury, Boston is just crushing people. So, it’s going to be really fun to go against them on Thursday. We know how tough it’s going to be.” — Reuters

DoTr eyes ‘sabotage’ in latest MRT mishap

AN OFFICIAL of the Department of Transportation (DoTr) has raised the possibility of sabotage behind the latest mishap affecting the Metro Rail Transit or MRT-3 on Thursday, Nov. 16.

A third car of a northbound train that had left Ayala Station was detached at around 9:00 a.m., prompting the unloading of an estimated 200 passengers who walked along the tracks toward Buendia Station.

Another unloading incident was also reported on Quezon Avenue Station around that time, in what was the first regular working day this week following a three-day holiday declared to give way to the ASEAN Summit.

The detached car incident was the second MRT mishap this week, after a woman collapsed and fell between two cars of a running train at Ayala Station on Tuesday. It was reported since that her severed arm has been surgically restored.

‘HUMAN INTERVENTION’
As for Thursday morning’s incident, DoTr Undersecretary for Railways Cesar B. Chavez in a text message to reporters that afternoon suggested that a missing component in the detached Light Rail Vehicle (LRV) #68 could be “part of an effort to sabotage the entire operation.”

Earlier that afternoon, MRT-3 officials held a news conference as aired on ANC to disclose their initial findings that the detached car was caused by “human intervention” and not a “mechanical fault” or “electrical fault.”

Ric Inotorio, transport chief of MRT-3, explained that a detached car would have stopped the entire train and sent a “communication error” between the cars to the driver’s diagnostic panel.

For his part, Manuel Mendoza, head of the MRT-3’s light maintenance section, explained that each car had two couplers, one at the front and one behind. “So ito ay parang kutsara-tinidor, o tinatawag natin male and female, na kinakailangan siya ay mag-couple. Pag siya ay nag couple na, automatically, hindi mo ito basta-basta mapaghiwalay. At sa ngayon, yun pa rin ang aming iniisip, kung bakit ito humiwalay.”

(These couplers are like a spoon and fork, or what we call male and female, who have to couple. Once they are coupled, automatically, they cannot just be separated. And that’s what we’re wondering about now, why they were decoupled.)

Rolling stock specialist Ruel Jose, affirming his colleagues, said they were looking into the possibility of “human intervention.”

“So yun lang ang tinitingnan namin na ano ngayon, yung side ng human intervention, kung paano nangyari yun. Kasi nga baffled talaga kami,” Mr. Jose said. (So this is what we’re looking at now, the human intervention side, how it happened. Because we’re really baffled.)

He added: “Hindi yan maghihiwalay ng sarili niya yun eh.” (These cars can’t detach on their own.)

‘WHO HAS THE MOTIVE?’
Mr. Chavez, for his part, said in his text message later that afternoon:

“The Messma Card (Black Box) of the decoupled Light Rail Vehicle (LRV) #68 is missing. This was the report to the MRT management by the technical team lead by Safety Chief Technician Ruel Jose who conducted the initial investigation of this morning’s incident near Ayala station.”

“The Messma Card functions like a black box recording all applied interventions.”

“LRV #68 was the 3rd car in the Index (train) no. 5 which also included LRVs #62 & 60.”

“Who has the motive? Who has the opportunity? Who has the capability of removing the Black Box?” Mr. Chavez also asked.

He added: “Is the motive to simply cover up the mistake of the train operation of Index no. 5 or part of an effort to sabotage the entire operation? These are some questions that the team is looking into.”

TEMPORARY SHUTDOWN
Mr. Chavez also responded to Senator Grace Poe’s suggestion of the MRT’s temporary shutdown in line with commuters’ safety.

“Since the first quarter of this year, Transportation Secretary Art Tugade has already considered stopping the operation of MRT because of its poor condition,” Mr. Chavez said in his message.

“This option is still being seriously considered by the Secretary even up to this date.” Mr. Chavez also said. “He is however aware of the 500,000 daily commuters that rely on the MRT System.”

“Basta sa pagsisikap at kasiguruhan ng technical team na ligtas pa rin ang pagsakay sa MRT, tuloy pa rin ang byahe habang nandyan pa rin ang option na itigil pansamantala ang operation kung ito na talaga ang nararapat na gawin,” Mr. Chavez quoted Mr. Tugade as saying. (So long as we have the diligence and assurance of the technical team that it is still safe to ride the MRT, the trips will continue as well as the option to stop the operation for the time being if this is really needed.)

Meanwhile, Mike Capati, MRT-3’s director for operations, announced on Thursday’s news conferences that changes in the train system’s operations will begin today, Friday.

He said, for one thing, there will be a maximum of 15 trains in operation at any given time. A “rail marshal” will also be posted at every train, he added.

And to give more time to maintenance, 30 minutes will be cut each from the MRT’s 5:00 a.m. opening time and the 11:00 p.m. closing time, leaving the “revenue line” — the period when the MRT has passengers on board its trains — 5:30 a.m. to 10:30 p.m.

From the perspective of the work force, Mr. Capati said the MRT employees are now “highly motivated,…considering na derecho na ang MRT-3 managing them and kung nakaraan nagkakaproblema sila sa kanilang pa sweldo (considering that the MRT-3 now directly manages them and if in the past there were problems about salary), I would like to mention to you na their initial salaries will be released this Friday.”

“Ganun lang po kabilis ang kanilang ano, so that way ang mga tao po natin ay concentrated sa kanilang pagtatrabaho,” Mr. Capati also said. (That’s how fast [they are now], so that way, our people are concentrated on their work.) — with Patrizia Paola C. Marcelo

PHL reallows contraceptives after certifying them safe

THE ROMAN CATHOLIC-majority Philippines will reallow the use of contraceptive implants after certifying 51 drugs and devices safe and not the cause of abortions, the Health department announced on Thursday, Nov. 16.

Congress passed a law allowing contraceptive devices in 2012 but the Supreme Court imposed a restraining order in 2015 after bishops said some drugs and devices caused abortions.

Abortion, divorce and same-sex union are not allowed in the Philippines and some lawmakers oppose artificial methods of family planning. Pills and condoms are sold freely.

“With the Food and Drug Administration’s issuance of an advisory declaring all of the 51 contraceptive products … cannot cause abortion, it is now all systems go for the Department of Health to fully implement the law,” Health Secretary Francisco Duque told reporters. — Reuters

UAAP Season 80 Final Four takes flight this weekend

COMPETITION in Season 80 of the University Athletic Association of the Philippines (UAAP) men’s basketball further heats up with the start this weekend of the Final Four.

From a full complement of eight competing teams, the field is now narrowed to half with the surviving teams jockeying for position to get a clearer shot at the UAAP crown.

Left standing after two competitive rounds of elimination play are the Ateneo Blue Eagles (13-1), defending champions De La Salle Green Archers (12-2), Adamson Soaring Falcons (9-5) and Far Eastern University (FEU) Tamaraws (7-7).

Top seed Ateneo battles fourth-seeded FEU in one semifinal bracket while number two team La Salle takes on third-seed Adamson in the other.

The Eagles and Archers carry twice-to-beat advantages over their opponents as incentive for finishing as the top two teams.

While it narrowly missed sweeping the eliminations and booking a direct seat to the finals, Ateneo is now focusing on regrouping and getting back to the finals the conventional way.

Lost to rival La Salle, 79-76, on the final day of elimination play last Sunday which effectively derailed its sweep bid, Ateneo, while rued the lost opportunity, remains undeterred, looking “at the bigger picture” with the end game of emerging as champion.

Out to stop the Eagles are the Tamarraws, who booked the last semifinal spot among the Final Four cast.

Needing to win its final elimination assignment to avoid any complications in entering the playoffs, FEU delivered accordingly, defeating Adamson, 71-54.

Able to book a spot in the semifinals, the Tamaraws know much work still lies ahead for them.

“The semifinals will be a tough one for us. We really have to take care of our own business and just do what we can to achieve our goals,” said FEU coach Olsen Racela after his team barged into the Final Four.

In their two elimination games, Ateneo dominated FEU each time with an average winning margin of 11.5 points.

ARCHERS VS. FALCONS
Meanwhile, La Salle begins its assault on another UAAP title against much-improved Adamson.

The hottest team entering the semifinals, having won seven straight, the Archers try to sustain the momentum and book a spot in the Big Dance.

To do so, La Salle said it needs to keep its defense steady and take it from there.

“Defense will be key for us. Coach [Aldin Ayo] always reminds us to play our best on defense and every thing else will follow,” said La Salle big man Ben Mbala, who was recently announced to get his second straight UAAP most valuable player award.

Out to stop La Salle are the Falcons, who have been playing solid of late despite losing in their last game.

Foreign player Papi Sarr as well as guards Jerrick Ahanmisi and Jerie Pingoy have been steady for Adamson, making it hardly a pushover especially in a high-stakes game.

The Archers have had the number of the Falcons this season, beating them twice already, 85-73, and 80-74.

The Final Four of UAAP Season 80 starts tomorrow with La Salle versus Adamson at 4 p.m. at the Smart Araneta Coliseum.

Ateneo against FEU, meanwhile, is on Sunday at 4 p.m. also at the Big Dome. — Michael Angelo S. Murillo

Jo Koy specializes in relatable comedy

By Zsarlene B. Chua, Reporter

AFTER the announcement that Filipino-American stand-up comic, Jo Koy (real name: Joseph Glenn Herbert), would be coming to the Philippines to do a series of shows in the capital and in Cebu, tickets were snapped up so quickly that promoter MMI Live was prompted to announce an additional show — a 5 p.m. matinee before the 9 p.m. Nov. 30 performance at Solaire Resort and Casino in Parañaque City.

Mr. Herbert said he is excited to be coming “home to the Motherland” in a Facebook video posted when the original dates were announced.

Those who first knew of Mr. Herbert through viral videos of his act on YouTube and Facebook and, most recently, his Netflix special, should know that they won’t be hearing the same jokes as he has created entirely new material for the Philippine shows.

“The people in the Philippines will get to see a new [show]. They’ll be able to see it before we actually shoot it,” Mr. Herbert told BusinessWorld during a phone interview in late October. (He is scheduled to shoot another Netflix special after the success of his first, Jo Koy: Live in Seattle.)

“Making a whole new hour doesn’t take me long. A whole new hour [of material] I can do in less than a year. It’s all about working them out,” he said of his process, noting that much of his material comes from personal experiences and family situations — and since his son is older now (“an older teenager now”), there will be quite a few jokes about that as he “recreates some of the situations that’s happening in my life right now.”

Mr. Herbert said he lived in the Philippines for “about five years until I was 10,” noting some of his “favorite moments were when I was growing up in the Philippines.”

Known for his jokes about having a Filipino mother (who thinks everything is curable with Vicks Vaporub), he said the stories about his mother is something “everyone gets,” not just the Filipinos.

“It’s making it relatable. I want everyone to get it, not just the Filipinos. That’s what I like about comedy. The stories about my mom is something everyone can get,” he explained.

And because his material is known for being relatable, he thinks the predominantly Filipino audiences he’ll have in Cebu (Dec. 1) and Manila (Nov. 30 and Dec. 3) will find the shows funny.

“Judging by the popularity of the jokes online and the videos they saw on Netflix, I think Filipinos get humor, they understand exactly what I was getting at… that’s what I love the most,” he said.

Jo Koy will have performances in Manila on Nov. 30, 9 p.m., and Dec. 3 at 5 and 9 p.m. at the Solaire Resort and Casino. Note that the Nov. 30, 5 p.m. show is the only one left with seats still available according to an MMI Live’s Facebook post. He will also be performing at the Atlantic Hall of the Waterfront Cebu Hotel and Casino on Dec. 1 for a sold-out 9 p.m. performance.

Tickets are available at jokoy.com and at TicketWorld (www.ticketworld.com.ph, 891-9999).

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