North Korea slams upcoming joint US-South military exercises

August 21, 2017 | 12:02 am

SEOUL — North Korea warned Sunday that the United States will be “pouring gasoline on fire” by conducting an annual war game in the South next week amid heightened tensions between Pyongyang and Washington.

Combative rhetoric between the nations spiked after Pyongyang tested two intercontinental ballistic missiles (ICBM) last month that appeared to bring much of the US within range, sparking an intense warning by President Donald J. Trump that Washington could rain “fire and fury” on the North.

Pyongyang then threatened to fire a salvo of missiles towards the US territory of Guam — a plan that leader Kim Jong-Un last week delayed, but warned could go ahead depending on Washington’s next move.

Amid the fiery volley of threats, Seoul and Washington will begin Monday the “Ulchi Freedom Guardian” (UFG) joint military exercises involving tens of thousands of troops that Pyongyang views as a highly provocative rehearsal for invasion.

“The joint exercise is the most explicit expression of hostility against us, and no one can guarantee that the exercise won’t evolve into actual fighting,” said an editorial carried by the North’s official Rodong Sinmun newspaper.

“The Ulchi Freedom Guardian joint military exercises will be like pouring gasoline on fire and worsen the state of the peninsula,” the paper said.

Warning of an “uncontrollable phase of a nuclear war” on the peninsula, it added: “If the United States is lost in a fantasy that war on the peninsula is at somebody else’s doorstep far away from them across the Pacific, it is far more mistaken than ever.”

Seoul and Washington have said the largely computer-simulated UFG exercise, which dates back to 1976, will go ahead as planned, but did not comment on whether the drills would be scaled back in an effort to ease tensions.

Around 17,500 US troops will participate in this year’s drills — a cutback from last year — according to numbers provided by Seoul’s defense ministry.

But South Korea’s Yonhap news agency reported the allies were mulling scrapping an initial plan to bring in two aircraft carriers to the peninsula to take part in the drill.

South Korea’s top military officer said Sunday that the current security situation on the peninsula was “more serious than at any other time” amid the North’s growing nuclear and missile threats, and warned Pyongyang of merciless retaliation against any attack.

“If the enemy provokes, (our military) will retaliate resolutely and strongly to make it regret bitterly,” said General Jeong Kyeong-Doo, chairman of the Joint Chiefs of Staff, in his inauguration speech. — AFP

Filinvest readies second phase of Alabang lots

August 21, 2017 | 12:02 am

FILINVEST Land, Inc. (FLI) will be launching the second phase of its master planned residential community in Alabang before the year ends, alongside the ongoing turnover of the first phase of the project.

The Enclave Alabang, a 20-hectare exclusive residential development along Daang Hari Road, will offer around 30 to 40 lots for the second phase of the project. Priced at P60,000 per square meter (sq.m.), each property spanning 350 sq.m. could be sold at P21 million.

The first phase of The Enclave has about 170 lots, 90% of which have been sold. Each property can be sold only as a lot or a house and lot. The company noted that most customers chose to buy lots, with plans for the house construction to be submitted for FLI’s review to ensure they follow the design standards of the brand.

“We already have lot owners who have submitted plans for review. They’re the type who really want to live here… We built model houses to showcase the kind of architecture, theme that we want for the village [as] benchmark,” said Catherine A. Ilagan, Filinvest Alabang, Inc. executive vice-president, told eporters during the launch of the company’s luxury brand in Alabang last week.

“Limited edition designer residences are also made available for clients to choose from — liberal in space with smart floor plans, and distinctive and airy tropical modern architectural designs,” the company said in a statement.

The amenities of the community include a one-hectare central park with a mini man-made lagoon, as well as a tropical clubhouse that spans 1,500 sq.m.

The Enclave is one of four properties under FLI’s Filigree brand, a luxury real-estate brand that pools together top consultants in architecture, interior design, urban planning and landscape architecture for the development of the company’s properties.

“We have an expansive landbank, and we have properties that are in very high-value locations which are fitting for luxury and high-end developments. We’ve been inspired by local trends in luxury developments,” said Josephine Gotianun-Yap, FLI president and chief executive officer, during the brand’s launch in Alabang last week.

Other projects include Bristol at Parkway Place, a 40-storey residential condominium in Alabang that stands along the so-called millionaire’s row. The tower has a total of 345 units, ranging from 53 to 168 sq.m. in size, depending on the number of rooms the unit offers. The project will start turning over the units by the first quarter of 2018, with project completion slated for 2019.

Botanika Nature Residences, which FLI considers as the most premium among Filigree projects, will have its first tower ready for turnover by the fourth quarter of 2017. Located inside Filinvest City in Alabang, Botanika will offer 101 units that start at 122 sqm to as much as 218 sq.m. The entire project is targeted to be completed by December 2020.

Outside Alabang, FLI has developed The Beaufort, which consists of two towers inside Bonifacio Global City in Taguig City. Units in the condominium span from 50-57 sq.m. for one-bedroom units; 70-103 sq.m. for two-bedroom; and 148-155 sq.m. for three-bedroom units. To ensure exclusivity, each floor contains only four units. The Beaufort is currently ready for occupancy.

FLI reported a net income attributable to the parent of P1.21 billion in the April to June period, 8% higher year on year following a surge in rental income amid a decline in real estate sales during the period.

Shares in FLI shed two centavos or 1.06% to close at P1.86 each at the stock exchange last Friday. — Arra B. Francia

Unbranded personality

August 21, 2017 | 12:02 am

People are sometimes identified as brands just like products. This reference is not necessarily what their calling cards say. Such identification can be self-promoted attributes (the brightest in the room) or simply attributed to a person from her social inclinations (social climber).

Self-identification (how you are known by others) is actively promoted in the motivational lecture circuit — you are a rock star! Evangelical speakers insist on promoting “Brand Me” as a way to success. This can mean having the right attitude or even dressing the part — you are what you wear.

Is it possible to afford a nice house even if you are unassertive, stay out of the limelight, and move with the urgency of a snail to the buffet table? Is there a counter-trend in corporate behavior rooting for invisibility and aiming to be unbranded and merely generic?

Modesty is seldom considered a corporate virtue. Aggressive behavior, including shoving others aside to get into a picture with the celebrity boss, seems the hallmark of a winner. Yes, he is obnoxious but he gets things done, or at least gets credit for it.

In an acquisition, management takeover, merger, or reorganization, does the one who can keep his head down get to keep it joined to the shoulders for a longer time?

When voices are raised all around, the quiet one provides a calming presence with a smile and a reluctance to join in personal attacks. When asked to comment, he speaks in a soft voice — we need to check the impact of this on our supply chain. He rolls the apple of discord back to its source by bringing up a cliché — Instead of cutting costs, shouldn’t we be raising revenues?

A lack of interest in jockeying for a higher position than the one already occupied requires alertness too. Paying attention when a meeting is called allows the patient one to hear the sound of bones breaking (not his) or the loud thuds of falling bodies (his superiors’). Calmness through political storms all around is enhanced by the mantra — I need an umbrella.

Routine administrative work keeps Mr. Generic busy signing checks, initialing reports, sipping coffee, and approving leaves. He avoids taking any radical stand on issues, bouncing up approvals on everything to higher-ups, not starting a discussion with an opinion but a question — is this really a choice between bankruptcy and loss? He provides background information like industry trends as well as harmless observations — yes, the club sandwich has too much mayonnaise.

It may no longer be necessary to employ old-fashioned back-stabbing, rumor mongering, and bad-mouthing. It takes too much scheming and conniving work. Antiquated weapons of political intrigue leave fingerprints and eventually get traced back to their sources. Even deleted e-mails can be retrieved. It is enough to allow others to juggle hot potatoes, deal with individuals who have connections to the powerful, or push policies with foreseen disadvantages to entrenched interests.

Being generic and unbranded offers its own rewards. Pretty soon, those raising their brands by making difficult decisions and fighting battles that can’t be won become casualties of power plays. Rivals are eliminated by attrition and when the dust settles, the unbranded person who is merely doing his job is the only one left standing.

It’s a matter of time for the generic executive (cures headaches in 30 hours) to be groomed for a top position vacated by corpses. This patient strategy however is by no means foolproof. The meek ones can just as easily be bypassed as not tough or decisive enough for the road ahead.

Blending with the furniture may result in being sat on and vacuumed. An outside hire may then be considered for the vacancy which requires a hard-hitting body banger, rather than a mild-mannered insider who seems to have no opinions of his own.

Patience may run out and the previously mild one switches to a new strategy — changing into a werewolf. And many will say of him when he is finally unmasked as the one responsible for all the mayhem that he used to be so quiet and seemed incapable of hurting a fly.

One day, the meek one just grows facial hair and longer fangs and becomes too threatening. Then, it may be time for the silver bullet to the heart.

A. R. Samson is chair and CEO of Touch DDB.

ar.samson@yahoo.com

Competition agency seeks additional staff

August 21, 2017 | 12:02 am

THE Philippine Competition Commission (PCC) is preparing to request additional staff from the national government to aid in its investigations, as cases start piling up after its two-year transitory period lapsed earlier this month.

As the PCC starts imposing sanctions on those engaging in anti-competitive agreements, its chairman, Arsenio M. Balisacan, said that the agency will seek staff support from the Office of the President, as it expects its caseload to increase.

“Given the resources that we have, obviously we don’t have enough. We are expecting more cases especially after today. We are preparing a submission for the Office of the President for supplemental staff support,” Mr. Balisacan told BusinessWorld in a chance interview earlier this month.

“We need more resources, more manpower as we move into the full enforcement stage,” he said.

The PCC chair said that he is looking into requesting about 100 additional support staff for its key offices.

“We are still finalizing with the submission but I expect a hundred more people to lift up our investigation team, economics team, and the M&A (mergers and acquisitions) team,” Mr. Balisacan said.

Despite its lack of personnel, Mr. Balisacan said that the agency will observe the review period as prescribed by the law.

“We’ll comply. I think we can live with that.”

According to Mr. Balisacan, the PCC selects cases up for review in terms of the potential impact on consumers and the economy.

“The prioritization is a basic issue for us, because we can’t obviously tackle everything. We have to choose one that’s very strategic,” he said.

In an earlier statement, the agency said that it will stick to its P1-billion threshold mandatory M&A notification for firms. However, Mr. Balisacan said: “In any case, we will be reviewing the threshold again, in due time, and will raise it if new data and our experience with M&A support such move.”

The PCC, an independent quasi-judicial entity, is tasked to conduct a preliminary inquiry of up to 90 days after a verified complaint or referral. The body will then decide whether to approve the case or to move to a full-scale investigation.

Currently, the two year-old anti-trust body has initiated three full administrative investigations, in power, cement, and another industry that the PCC has declined to identify. It has also commenced a preliminary investigation into an alleged cartel in the garlic industry.

For M&A deals — where the PCC requires firms to notify the body for transactions worth P1 billion and up — the agency has received 114 merger notifications with a total value of P1.95 trillion, with the majority from the manufacturing, financial, electricity, and transportation sectors.

Of the 114 notifications, 32 have been reviewed. — Elijah Joseph C. Tubayan

Yields on gov’t debt mixed as markets eye US, Europe

August 21, 2017 | 12:02 am

By Jochebed B. Gonzales,
Researcher

YIELDS on government securities (GS) ended mixed last week as market players remained watchful of the geopolitical tensions between the US and North Korea while digesting better-than-expected Philippine economic data.

Local debt yields, which move opposite to prices, dipped by 1.79 basis points (bps) on average week on week, data from the Philippine Dealing & Exchange Corp. as of Aug. 18 showed.

“Yields traded within an average range of five basis points across the board this week with initial lifting of offers at Monday open, but [saw] an eventual reversal on increased geopolitical risk,” said Carlyn Therese X. Dulay, head of institutional sales at Security Bank Corp.

Helen G. Oleta, trust trading head at Rizal Commercial Banking Corp. (RCBC), agreed, saying: “We’ve seen a number of geopolitical issues, another scare like the Barcelona attack [in Spain], but our movement is just five bps. It’s more of a ‘risk off mode’ on part of the market as well.”

Tensions heightened between the US and North Korea early this month with the latter threatening to launch missiles in the Pacific island of Guam, a US territory. US President Donald J. Trump, in response, said North Korea “will be met with fire and fury” should threats from Pyongyang continue.

Ms. Oleta said that while domestic bonds normally track US Treasuries, their yields were not much correlated last week.

“The 10-basis-point movement of US treasuries (UST) is just five bps in local GS yields,” she pointed out.

The 10-year UST jumped by 5.43 bps to close at 2.2728% on Tuesday after US Census Bureau reported that retail sales growth in the US accelerated to a seven-month high, up by 0.6% month-on-month in July, beating market expectations of 0.4%. However, at Friday’s closing, the yield on the 10-year benchmark bond retreated back to the 2.19% it had in the previous week.

On the domestic front, growth of the economy slightly beat market expectations, with gross domestic product (GDP) rising by 6.5% year-on-year on the back of strong private consumption and increased government spending during the second quarter.

“Philippine GDP printed at 6.5% on Thursday, slightly better than the 6.4% market consensus. Buying interest ensued but was halted as profit takers began to hit the better bids in the afternoon session,” said Security Bank’s Ms. Dulay.

RCBC’s Ms. Oleta said that selling on the part of the bond holders reflect cautious sentiment in the market despite ‘good’ GDP number and overseas Filipino worker (OFW) remittances, which grew by 5.7% year-on-year to $2.467 billion.

At the secondary market on Friday, demand was seen on the short-end led by the 182-day Treasury bill (T-bill) whose yield fell 43.66 bps to 2.5666%.

Yields on the 91-day and 364-day T-bills decreased 1.71 bps and 9.53 bps, respectively, to finish with 2.1782% and 2.9768%.

Other securities that saw their yields drop were the four-, five- and 20-year Treasury bonds (T-bond), which respectively shed 1.84 bps, 14.79 bps and 0.79 bp, to close at 4.1995%, 4.57% and 5.435%.

Offsetting the declines were the rise in the yields on the two- and 10-year bonds by 15.71 bps and 35.66 bps, respectively, to with 3.7982% and 4.9918%.

The rates of the three- and seven-year bonds rose by a marginal 0.25 bp and 2.84 bps, respectively, to 3.8363% and 4.4883%.

Sought for her outlook this week, RCBC’s Ms. Oleta said: “I think we’ll see a three to five basis point move, up and down, for the local GS. But for the US Treasuries, we might see rates go back again to 2.23% from the current 2.19%.”

For Security Bank’s Ms. Dulay: “Expect yields to continue to track UST movement [this] week and for the market to trade range-bound as traders wait for results of the 10-year reissuance of FXTN (fixed rate Treasury note) 10-61, which is expected to print between 4.65% and 4.75%.”

The Bureau of the Treasury plans to raise as much as P15 billion in tomorrow’s auction of the reissued 10-year T-bonds with a remaining life of nine years and eight months.

Having had close encounters with the disease, fashion designers join breast cancer gala

August 21, 2017 | 12:02 am

THE FASHION world shows again that it can make the world a better place not just on the outside but through a richer inner life as well, with the Fashion Can Serve benefit, slated to be held at the Raffles Makati Hotel on Oct. 8, at the start of Breast Cancer Awareness Month.

Having had close encounters with the disease, fashion designers join breast cancer gala — Jasmine Maierhofer wearing Cary Santiago

Fashion Can Serve is a yearly gala of the ICanServe Foundation, which this year tapped designers JC Buendia, Ito Curata, Cary Santiago, Vania Romoff, Mia Arcenas, and Rosenthal Tee, who will show off their Holiday 2017 collections for the event. Fashion Can Serve returns with a powerful new message for 2017: “WhyWeFight.”

“Last year’s show had the theme ‘We Don’t Walk Alone,’ and the muses walked with a family member or friend who accompanied them on their journey battling the cancer,” said ICanServe Foundation Chairwoman Libet Virata. She adds, “Our theme this year is ‘WhyWeFight’ and our muses will include a mother and her young child, or grandmothers and grandchild. That’s how the show differs from last year’s. We also have some supporters who walk in honor of a family member or friend who passed away.”

“Our theme emphasizes the reason why persons diagnosed with breast cancer choose to fight: They do this for their spouses, children, and grandchildren,” says ICanServe Foundation President Tang Singson.

Maureen Wroblewitz, the first Filipina to win Asia’s Next Top Model, is the face of Fashion Can Serve 2017. Her mother, a former ICanServe volunteer, succumbed to breast cancer, and it’s in her memory that Ms. Wroblewitz is supporting the foundation.

Designer Cary Santiago also has a personal reason for his participation. “I am joining this show since cancer survivors are so close to my heart. I have a sister who is a cancer survivor. It gives me great joy lending my time and dresses to this worthy cause,” he said.

Rosenthal Tee has also had a close brush with the disease. “The reason I joined Fashion Can Serve this year is, my main assistant is actually a survivor of breast cancer. We only found out she had breast cancer late last year; it was already Stage 3,” she explained. “Luckily we were able to find her the help to do chemotherapy and have the breast removed, and now she’s recuperating well so far. It hits so close to home because she’s someone I encounter every day and she’s like family.”

Among the survivors and supporters who will lend their time to grace this year’s runway are Margie Moran Floirendo, Gloria Diaz, Solenn Heusaff, Jasmine Curtis-Smith, Katarina Rodriguez, Tootsy Angara, WynnWynn Ong, Techie Velasquez, Mila Camus, Sandy Moran, and Sabrina Panlilio, among others.

“Our show highlights that breast cancer does not equate to a death sentence — it is curable, most especially if caught at an early stage,” said Ms. Virata.

In support of this, the foundation’s flagship program, “Ating Dibdibin,” aims to make partnerships with local government units to teach their constituents how to administer breast self-examinations. — Joseph L. Garcia

More preparation for Gilas

August 21, 2017 | 12:02 am

For the first time in years, the FIBA Asia Cup was a non-qualifier of any major international world event.

In the past, it is considered as a qualifying event for either the World Cup or the Olympics, but with the new four-year cycle in the International Basketball Federation (FIBA), a six-window home and away format was arranged by organizers leading to the 2019 World Cup.

Which is why the FIBA Asia Cup, formerly known as the Asian Basketball Confederation and later on changed to FIBA Asia Championship, has become nothing more than just a bragging rights for teams in the region.

The Philippines sent a formidable team yet the players were having difficulty establishing chemistry, particularly on the defensive end as they didn’t have much time to train together due to their commitments from their respective mother teams in the PBA. Gilas Pilipinas, which finished runner-up the last two stagings of the event, lost to Korea and host Lebanon, knocking our national team out of the medal race.

Gilas Pilipinas is sending a different set of players to play in the Southeast Asian Games and as early as Saturday, Fil-German Christian Standhardinger left the team playing in the FIBA Asia Cup to join the young national team headed by second generation players Kiefer Ravena, Ray Parks and Kobe Paras.

Looking at the bigger picture, Gilas Pilipinas had already identified a pool of players going to participate in the FIBA Asia Cup, Jones Cup and the Southeast Asian Games. These players can train together and can be pulled out of the tournament based on the Memorandum of Agreement (MoA) signed by the board of governors upon conferring with their respective principals and the officials of the Samahang Basketbol ng Pilipinas, the country’s governing body in basketball.

But a new MoA is needed in order for Gilas Pilipinas to prepare for the six-window event leading to the World Cup beginning this November. That’s about three months from now and what the national team needs is to have a clear cut agreement which will allow players from Gilas Pilipinas to train whole year round.

Can they do it?

Prior to the start of the FIBA Asia Cup, a MoA was signed both by the PBA and the SBP, which would allow Gilas players to train — 30 days for the Cadets and 15 days for the veteran players.

That initial agreement never pushed through because of the fact that the FIBA Asia Cup is no longer a qualifying event for any of the major tournaments we’re targeting.

Now that the home and away tournament is fast approaching, it would only be ideal for players from Gilas Pilipinas to train longer to establish better cohesion, particularly on the defensive end. It was noticeable during the Korea loss that the Philippines didn’t have much problem offensively, but had a difficult time figuring out a way to stop their long-time rivals from torching them from beyond the arc and slowing down their pick and roll game.

We have three months to prepare, but when will the players become available and be allowed by their mother teams to train together remains to be seen. We cannot wait for the PBA season to end, which would be until October before our national team players train together.

The first home and away tournament in November is just the first of the six stops.

After November, the next tournament will be in July next year all the way to the 2019 World Cup.

FIBA’s new calendar will definitely affect all the leagues around the world that even China and the USA were forced to adjust as well as powerhouse teams from Europe.

But the new calendar could also allow Gilas Pilipinas to train for a longer period once the PBA adjusts its calendar. It is likely the league will open in December, right after the first leg of the home and away.

Can Gilas Pilipinas train whole year round? How about letting all the members of the Gilas pool to train whole year round once a week and in between break, workout daily?

If that’s what it takes for the Philippines to go back to the world stage, I believe this ultimate sacrifice is worth doing.

Rey Joble has been a sportswriter for years, and has been covering the PBA games for more than a decade. He is a member of the PBA Press Corps and Philippine Sportswriters Association, the oldest journalism group in the country.

reyjoble09@gmail.com

SWS launches knowledge center

August 21, 2017 | 12:01 am

THE SOCIAL Weather Stations (SWS) has opened a knowledge center intended to serve as a research and public engagement venue. “The knowledge center is basically going to house all our data. We called it the knowledge center because we want this to be a venue not just [for] housing history as seen on surveys, but also [to] make it a venue for us to engage the public,” said Leo Rando S. Laroza, SWS director for Survey Data Archives and Library Survey Research and Communication specialist. — Rosemarie A. Zamora

PSEi notches gains on GDP data, easing tensions

August 21, 2017 | 12:01 am

THE Philippine Stock Exchange index (PSEi) posted gains last week, even as it edged lower on Friday as investors resorted to profit taking after moving closer to its two-year high the day prior.

The local barometer dropped 56.02 points or 0.69% on Friday to 8,016.73.

Week on week, however, the 30-member index booked a 1.11% or 88.3-point increase from its 7,928.43 close last Aug. 11.

The all-shares index likewise declined 0.54% or 26.05 points to 4,734.84 on Friday, but rose week on week by 53.03 points or 1.13%.

“Abatement of political tensions between North Korea (NoKor) & the US was highlighted during the week, pushing gauges 88 points up at 8,016. NoKor opted to defer the release of its military plan, pending statements from the US,” online brokerage 2TradeAsia.com said in a weekly market note.

Analysts attributed the market’s gain last week to easing tensions between North Korea and the release of Philippine gross domestic product (GDP) data last Thursday. According to the Philippine Statistics Authority, the economy expanded by 6.5% in the April to June period, faster than the first-quarter’s 6.4% but slower than the 7.1% recorded in the comparable period a year ago.

Recent developments in the US government, however, prompted by US President Donald J. Trump’s right-wing sentiments, pulled down Wall Street at the close of trading last week.

US stocks lost ground late to end lower on Friday following a White House-focused week that raised more questions about the Trump administration’s ability to implement its pro-growth agenda.

The week’s losses further dented the post-election rally, which was built on Mr. Trump’s promises of tax cuts and higher infrastructure spending.

The Dow Jones Industrial Average fell by 76.22 points or 0.35% to 21,674.51; the Nasdaq Composite Index dipped 0.09% or 5.39 points to 6,216.53, while the S&P 500 index also shed 4.46 points or 0.18% to 2,425.55.

Back home, value turnover averaged at P5.47 billion last week. Analysts noted this was below the usual volume ahead of the start of the “ghost month” on Aug. 22. The ghost month is a period in the Lunar calendar when some Asian investors refrain from doing big investments or decisions that coincides with the vacation of fund managers in the West, thereby resulting in lower trading volumes.

The market saw an average of P183 million in net foreign buying.

“Suffice it to say that the foreign investors continue to accumulate local shares, which is a clear positive direction on our part, on the Philippine side. Mainly because of the results of the GDP, very attractive to further invest, results show that with the 6.5%, companies may sustain a double-digit,” Diversified Securities, Inc. equities analyst Aniceto K. Pangan said in a phone interview last week.

Local financial markets are closed today in commemoration of the assassination of then senator Benigno Aquino, Jr. — Arra B. Francia with Reuters

Oops! Malaysia upsets Indonesia with flag blunder

August 21, 2017 | 12:01 am

KUALA LUMPUR — Indonesia’s president expressed concern on Sunday after Malaysia’s Southeast Asian Games (SEA Games) organizers mistakenly published the Indonesian flag upside-down in a commemorative magazine, prompting anger amongst fans.

Malaysia’s foreign ministry and the Games organizers apologized profusely for the gaffe but it was not enough to quell a wave of complaints online, with #ShameOnYouMalaysia becoming Indonesia’s top trending topic on Twitter.

The blunder came to light at Saturday’s opening ceremony in Kuala Lumpur, where the souvenir magazine was handed out to dignitaries — including Indonesia’s Sports Minister Imam Nahrawi, who tweeted a picture of the offending page.

Indonesia’s flag has a red stripe above a white stripe, but it was printed with the white stripe on top, making it look like the flag of Poland.

Malaysian organizers were quick to apologize and the country’s Sports Minister Khairy Jamaluddin visited Mr. Nahrawi at his hotel to explain in person.

But it was not the only incident, as a SEA Games booklet also mixed up Indonesia and Thailand’s flags in a reprint of the medals table from 2011.

SEA Games organizers told Indonesia they “very much regret the mistake” and the foreign ministry also said sorry for the “inadvertent error.” “We would like to extend our apology to the government and the people of the Republic of Indonesia,” the foreign ministry statement said.

The incident grabbed attention on the first full day of action at the biennial SEA Games, which mix Olympic sports with Asian favorites like pencak silat and wushu.

Indonesia’s President Joko Widodo said it was a matter of “national pride” for the country, which is the biggest in Southeast Asia with about 260 million people.

“We deeply regret the incident but do not exaggerate it,” he said. “We are waiting for the apology from the Malaysian government because this concerns the national pride of our country.” — AFP

How to address the real handicap in your golf game — your clothes

August 21, 2017 | 12:01 am

By Troy Patterson

FORE! Look out, golfers. The opportunity to transcend awful sporting apparel is available, now more than ever.

Even if you make it out to a public course only once in a while, you know what I’m talking about, having seen how very, very awful things can be: polyester polos, ancient cleats, drab Dockers. And the scene can be worse yet at private clubs, with members competing not only on the links but also to see who can throw the most money away on an overpriced pro-shop kit offering false promises of technical properties. The caddies do a good job of keeping a straight face.

But now mass-market retailers are teaming with top professionals to supply great gear that is both stylish and comfortable. And specialty shops are teeing up stuff that is very special indeed.

Take, for instance, the recent Uniqlo X Adam Scott collaboration, which brings together the Japanese chain and an Australian athlete formerly ranked No. 1. They’re offering svelte polos and trousers attractive enough to wear to the office, despite being made from a quick-drying technical fabric.

Then there’s Linksoul, founded by golf-apparel icon John Ashworth. In his first incarnation, as founder of an eponymous brand that was huge in the 1990s, he charted a path away from the bad plaids of the Caddyshack era. Now, he is designing golf clothes that crossover into streetwear, as in the case of denim slacks and T-shirts emblazoned with the Linksoul slogan: “Make Par, Not War.”

Resort brand Devereux is earning good reviews for its polos. Athletic experts appreciate the technical properties of the company’s performance pique (92% polyester, 8% spandex), while fashionable duffers love the attention to detail manifest in sharp colors, shapely collars, and interesting prints

Speaking of Caddyshack, I should point out that Linksoul proudly counts Bill Murray among its customers. Speaking of Bill Murray, please note that the Lost in Translation actor’s own line of sporting apparel, William Murray Golf Collection, just got a great write-up on the PGA Tour’s Web site: The top seller in the collection has been the Old Fashioned Polo (above), which pulls inspiration from the fictitious Suntory ad campaign in the movie.

To round out your elevated golf outfit, consider a pair of shoes from J.M. Weston. Their ready-to-wear models cost $970 without spikes, and $1,340 with them, though not too many people are buying spikes these days, according to David Berrios, the company’s US director. Too many courses are worried about tearing up the greens. For autumn,try Weston’s traditional Golf model in a box/suede combo.

But what to wear it with?

“Some of our guys wear Argyle sweaters and chinos,” Berrios says: “and some guys are wearing denim slacks and polos.”

BLOOMBERG

BoP deficit widens further in July

August 21, 2017 | 12:01 am

THE country’s external payments position remained in deficit in July to incur the widest gap in eight months, driven by huge import volumes and foreign debt payments, the central bank reported over the weekend.

The Philippines’ balance of payments (BoP) position posted a $678-million deficit last month, larger than the $569-million gap posted in June and reversing the $215-million surplus in July 2016, the Bangko Sentral ng Pilipinas (BSP) said.

The BoP measures the country’s transactions with the rest of the world at a given time. A deficit means more funds fled the economy compared to what went in, while a surplus shows that more money entered the Philippines.

July’s outflow is the largest since the record $1.671-billion deficit posted in November 2016, and marks the third straight month the country’s balance of payments ended in the negative territory. The latest figure brought the seven-month tally to a deficit of $1.384 billion, against an $848-million surplus tallied during the comparable year-ago period.

In a statement, the BSP the wider gap came amid greater demand for dollars, reflecting increased importations and the settlement of external debt.

“The higher deficit was attributed to foreign exchange (FX) operations of the BSP and to payments made by the national government for its maturing FX obligations during the review month,” the statement read, which was released late Friday.

“BSP’s FX operations remained driven by increasing market demand for FX largely to finance capital goods imports.”

On the other hand, the BSP said the outflows posted in July were partially offset by net foreign currency deposits by the government, alongside a steady stream of income from the central bank’s offshore investments.

Despite the wider deficit, the central bank sees a bigger volume of funds entering the country later this year which would temper the sizeable outflows incurred so far.

“The BSP expects that the recovery in merchandise exports and higher-than-expected overseas remittances and BPO (business process outsourcing) revenues would mitigate the current account and the overall balance of payments for the whole year of 2017,” the central bank added.

The central bank foresees a $500-million BoP deficit this year, equivalent to 0.2% of gross domestic product (GDP). If realized, this will be slightly wider than the $420-million shortfall logged in 2016 at 0.1% of GDP.

OFW remittances totalled $13.813 billion as of end-June, up 4.7% from $13.192 billion and beating the central bank’s 4% growth estimate. BPO receipts also rose by 9.9% to $5.5 billion during the first quarter, according to BSP data. — Melissa Luz T. Lopez

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