PATRICIA PAZ Cruz-Bautista, who has accused her husband, Commission on Elections (Comelec) Chair Juan Andres B. Bautista, of having ill-gotten wealth, has been given provisional government protection.
Patricia Cruz-Bautista, wife of Commission on Elections Chairman Juan Andres Bautista, joins Justice Sec. Vitaliano N. Aguirre II during a press conference at the Department of Justice on Aug. 18, 2017. — Photo by Kristine Patag via Twitter
“The provisional admission of Ms. Cruz-Bautista into the Witness Protection Program (WPP) was made in consideration of her safety and security as a potential witness,” Justice Secretary Vitaliano N. Aguirre II, in a press conference late afternoon on Friday, said, Mr. Aguirre said.
The WPP is a program under the Department of Justice (DoJ), which was made “to encourage a person who has witnessed or has knowledge of the commission of a crime to testify before a court or quasi-judicial body, or before an investigating authority, by protecting him from reprisals and from economic dislocation.”
The justice chief said that Ms. Bautista sought the DoJ for protection due to threats to her life. “She came to the DoJ freely and [to] voluntarily seek admission to the WPP,” Mr. Aguirre said.
Both Mr. Aguirre and Ms. Bautista, however, declined to elaborate on the details of the threats.
Mr. Aguirre said that Ms. Bautista has yet to officially execute an affidavit to the WPP, a requirement before the DoJ can provide full protection.
“She executed an affidavit dated Aug. 1, but di pa ‘yon napapasa (but that has not been submitted yet) so we could not comment on it, although I have read it. Kailangan natin i-assess ang (We need to assess the) statement,” Mr. Aguirre stressed.
Ms. Bautista, in an affidavit submitted to the National Bureau of Investigation (NBI), alleged that her husband has amassed about “P1 billion” in unexplained wealth, while Mr. Bautista only declared a total of P176.3 million in his Statement of Assets, Liabilities and Net Worth (SALN) for 2016.
The NBI is conducting an investigation on Mr. Bautista. The justice chief said the probe will include the Comelec chair’s previous stint at the Presidential Commission on Good Government (PCGG) and the Anti-Money Laundering Council (AMLC).
Mr. Aguirre said that the NBI probe “can be used as basis in filing an impeachment complaint” against the embattled Comelec head.
Mr. Bautista, who has denied the allegations, has filed robbery and extortion raps against his wife at a local court. — Kristine Joy V. Patag
SMUGGLED GOODS worth as much as P900 billion entered the Philippines in a span of five years, a study by the University of Asia and the Pacific (UA&P) revealed.
A worker stands on a container at a port in Manila in this file photo on February 24, 2015. — AFP
The Multi-Industry Trade Barometer Research Study conducted by the UA&P revealed that from 2011 to 2015, a total of P904.6 billion worth of goods were smuggled in across eight sectors – petroleum, steel bars, cigarettes, resins, wood, sugar, palm oil, and automative batteries.
The illicit trade during the period translated to P495.5 billion lost in the country’s total gross domestic product (GDP.)
“Illicit trade reduces government revenues needed for inclusive growth and poverty reduction, damages legitimate businesses and entrepreneurship and causes loss of legitimate employment,” said Rolando T. Dy, the Head of the Project Study.
According to the study, P680 billion worth of petroleum – which includes diesel oil, motor gasoline, jet fuel, kerosene, fuel oil, and liquefied petroleum gas – was smuggled in 2011 to 2015.
“The estimated revenue losses to the government caused by the non-payment of the 12% VAT (value-added tax) reached P81.6 billion from estimated smuggled value of P680 billion from 2011 to 2015,” the study read.
Smuggled petroleum during the period accounted for a 0.48% reduction in total economic growth or P276 billion.
Meanwhile, steel bars – most of which came from China – was the next most smuggled category of goods, with P106.1 billon worth having been snuck in during the five-year period, translating to a 0.11% or P65.8 billion of total GDP lost during the period. Revenue losses amounted to P12.7 billion.
Next, P42.9 billion worth of resins were smuggled in from 2011 to 2015,, which translated to a loss of P46 billion in economic growth.
“The main sources of illicit trade are mostly Asian countries like Japan, Singapore, South Korea, Thailand, Malaysia, China, and Taiwan,” the report read.
A total of P30.9 billion of palm oil, mostly from Malaysia and Indonesia, was smuggled in during that period, resulting in estimated VAT losses to the government of P3.7 billion. This translated to a 0.08% or P45.8 billion cut in GDP during those five years.
This was followed by P24.8 billion worth of smuggled wood products – including plywood, veneer panel and similar laminated wood – which translated to a GDP cut of around P34.4 billion, and P3 billon in VAT revenues loss.
Smuggled refined white sugar, meanwhile, came to P9.3 billion during that period, which trimmed GDP by about P15.4 billion.
Automotive batteries worth P753.8 million were smuggled in during the five-year period, with total VAT losses estimated at P90.5 million or P18.1 million annually. This slashed the GDP by around P1.2 billion.
Lastly, P9.8 billion worth of cigarettes were smuggled in from 2013 to 2015 which cut GDP by P10 billion during the three-year period.
“There is a huge opportunity to plug leakages from illicit trade which can complement the tax reform efforts of the Duterte administration in its “Build, Build, Build’ agenda,” Federation of Philippine Industries, Inc. Chairman Jesus Arranza said. – Janine Marie D. Soliman
GOLDEN Haven Memorial Park, Inc. grew earnings by nearly a fourth in the first six months of the year, sustaining a double-digit expansion since joining the local bourse a year ago.
The listed death-care business of the Villar family, in a disclosure, said it reported a 24% uptick in net income to P104 million in the January to June period.
Revenues increased 13% year-on-year to P473 million in the first semester from P419 million, driven by higher memorial lot and columbarium sales, which improved by 12% to P441 million.
Golden Haven Chairman Manuel B. Villar, Jr. said expansion to new areas will be its top priority.
“As the company continues to solidify its foothold as one of the country’s biggest memorial park developers, with six recent acquisitions for new locations and expansion, we aim to ensure that we also remain the most progressive in the industry, by providing top notch services as evidenced by the successful operations of the company’s first memorial chapel and crematorium,” Mr. Villar said.
The completion of the memorial chapel and crematorium in the San Ezekiel complex in Las Piñas last June opens up a wide array of opportunities for the company.
The two-storey building, which features 12 fully furnished memorial chapels and two state-of-the-art cremation units, contributed P4.4 million to the company in its first three months of operation.
“Not only does it provide a steady, continuous, and replicable revenue model for the company, it also allows us to increase our sales numbers from related merchandise, including caskets, urns, and keepsakes,” Golden Haven Chief Operating Officer Maribeth C. Tolentino said.
The company has officially launched eight memorial park developments, covering a total area of over 66 hectares all over the country.
Shares in Golden Haven slipped six centavos or 0.38% to close at P15.90 each on Friday. – Krista Angela M. Montealegre
THE Philippines missed out on a chance to bag a gold medal in the compound event in archery at the 29th Southeast Asian Games in Kuala Lumpur, Malaysia, after the tandem of Paul Marton dela Cruz and Amaya Paz-Cojuangco fell in the semifinals of the mixed team compound competition held yesterday at Merdeka Square.
Paul Marton dela Cruz and Amaya Paz-Cojuangco of the Philippines battle Chau Kieu Kanh and Tien Cuong Nguyen of Vietnam in the bronze medal match of the mixed compound event of the 29th Southeast Asian Games Friday at the Merdeka Square in Kuala Lumpur. The Filipinos lost, 156-159. Photo credit: PSC-POC Media Group
The lone Filipinos left who had a shot at a gold in the compound event of the biennial regional meet, Mr. Dela Cruz and Cojuangco saw their hopes of finishing at the top of their division crushed when they lost to the duo of Aung Ngaan and Ye Min Swe of Myanmar in a shoot-off.
Making matters worse for the Filipino mixed team duo was that they eventually wound up outside of a podium finish as they lost to the Vietnam team, 156-159, in the bronze-medal match.
The Philippines was leading Myanmar in their semifinal encounter only to see the latter make its way from behind to tie the match at 154-all to force the shoot-off.
In the shoot-off, Messrs. Dela Cruz and Ye Min Swe both shot 10s, but the Myanmar archer’s arrow was closer to the bullseye, lifting his team to the finals against eventual gold medalist and host Malaysia.
Recognizing that they saw a medal opportunity slip away, Ms. Cojuangco was sad and apologetic afterwards, saying “There is no story here because we lost. We’re very sorry,” Ms. Cojuangco was quoted as saying in the vernacular after their event.
With the result, the Philippine compound archery team wound up with two bronze medals care of Mr. Dela Cruz in the men’s compound and the trio of Earl Yap, Joseph Benjamin Vicencio and Mr. Dela Cruz in the men’s team compound.
It was lower than the one silver and the two bronzes that the team took home in the Singapore SEA Games in 2015.
“We were surprised by the strength of the field here,” said coach Clint Sayo in assessing what transpired in the compound event.
“All of these squads trained hard. But since archery is also a mental game, you have to maintain your calm under pressure. The other archers were more consistent in doing that. It’s all a matter of here and here” said Mr. Sayo, a gold medalist in the 1995 Thailand SEA Games, pointing to his heart and head.
Local archery focus now shifts to the Philippine recurve team as the men’s and women’s team recurve contests take place at the National Sports School Synthetic Turf Field on Monday.
Meanwhile, Filipino synchronized swimmers Alyssa Marey Salvador and Ruth Desiree Abiera made it to the finals of the women’s duets technical routine synchronized swimming competition but it was not enough to overcome eventually winners Miya Yong Hsing and Debbie Soh Li Fei of Singapore.
The Filipinos scored 53.39 while the Singaporeans tallied 75.17. – Michael Angelo S. Murillo
By Krista Angela M. Montealegre, National Correspondent
LOCAL stocks ended a four-session winning streak, but stayed above the 8,000 level at the close of the week, after a terror attack in Spain and concerns over the unraveling of US President Donald J. Trump’s administration triggered profit-taking ahead of the start of the ghost month.
The benchmark Philippine Stock Exchange index (PSEi) tumbled 56.02 points or 0.69% to 8,016.73 on Friday, ending a rally that sent the bellwether index within 54 points of its record-high finish of 8,127.48 recorded on April 10, 2015.
The all-shares index dropped 26.05 points or 0.54% to settle at 4,734.84.
“The stock market got affected by what happened in Wall Street last night. Resistance was met at 8,100 so some people took some money off the table,” Miko A. Sayo, trader at AP Securities, said in a phone interview on Friday.
“Jitters are now coming from receding expectations that (Mr.) Trump will push through with his agenda of tax cuts and infrastructure spending, and heightened fears in Barcelona,” Edgar V. Lay, junior equity analyst at AB Capital Securities, Inc., said in a separate interview.
US stocks fell the most in three months on Thursday on growing concerns about Mr. Trump’s deteriorating administration, the latest blow caused by reports that National Economic Council Director Gary Cohn had resigned, which the White House had denied.
Terror fears are adding to investors’ concerns after at least 13 people were killed when a van swerved into pedestrians in Barcelona.
Most of the subindices finished in negative territory, with property declining 37.42 points or 0.97% to 3,789.38.
Holdings firms shed 75.95 points or 0.96% to 7,831.42; mining and oil slid 105.80 points or 0.82% to 12,759.15; services dropped 6.25 points or 0.36% to 1,705.39; and financials lost 5.67 points or 0.28% to 2,006.80.
Industrial was the lone counter in the green, squeezing out a gain of 6.26 points or 0.05% to 11,065.96.
Value turnover eased to P5.39 billion after 1.36 billion shares changed hands, from P6.31 billion on Thursday.
Decliners dominated advancers, 107 to 74, while 58 issues were unchanged.
Foreign investors remained in buying territory for the ninth straight trading day with net purchases of P64.5 billion, albeit lower than the P352.81 million in the previous session.
“The ghost month will start when investors return on Tuesday. We can expect less trading volume than normal since there are no more catalyst the market,” AB Capital’s Mr. Lay said.
The local market will be closed on Monday for a national holiday that commemorates the assassination of former Senator Benigno “Ninoy” Aquino, Jr.
THE PESO finished the week at a new low against the dollar on the back of strong corporate demand, with zero signs of intervention from the central bank and amid heightened geopolitical concerns offshore.
The peso closed at P51.49 versus the greenback on Friday, slumping 13.5 centavos from Thursday’s finish of P51.355 per dollar.
Friday’s close was the local unit’s weakest in nearly 11 years or since it ended at P51.60 a dollar on Aug. 24, 2006.
The peso traded weaker the entire session after it opened at P51.45 against the dollar. Its best showing was at P51.39, while its intraday trough was at P51.63 versus the greenback.
Trading volume was at $1.006 billion, soaring from the $688 million that changed hands in the previous session.
One trader attributed the dollar’s strength against the peso to strong demand from corporates.
“There were a lot of corporates buying the dollar. For one, oil companies are still buying, so it’s very significant and that’s the reason why dollar peso is still supported,” the trader said by phone.
“We have always seen corporates buying on the peso’s dip,” the trader noted.
The trader added that the Bangko Sentral ng Pilipinas (BSP) has not been present in the market for the past few days.
“We don’t see the BSP usually offering at a certain level. The BSP was not there,” the trader noted.
As regulator of the Philippine financial system, the BSP sometimes steps in currency trading to temper any sharp swings in the peso.
For his part, BSP Governor Nestor A. Espenilla, Jr. told reporters on Friday that the exchange rate will not “free-fall,” as domestic fundamentals remain strong.
“[The] peso market [is] determined. It will move up then down. It will not free-fall, it will take care of itself because the economic fundamentals are strong,” he said.
An analyst from a local bank, meanwhile, attributed the peso’s weakness to tensions offshore.
“The Barcelona terrorist attack and the US policy paralysis under Donald Trump has largely contributed to the peso’s weakness today,” Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines said in an e-mail on Friday.
Reuters reported over 100 people were injured while 13 were killed after a suspected Islamic State militant drove a van into crowds in Barcelona, Spain on Thursday afternoon.
Meanwhile, US President Donald J. Trump had decided to disband the American Manufacturing Council and the Strategic and Policy Forum, raising questions on the US leader’s ability to organize the business community.
“Overall, market players were responding to the chaos brought about by the external environment,” Mr. Asuncion said. – Janine Marie D. Soliman
YESTERDAY’S SCHEDULED arraignment of detained Senator Leila M. De Lima, who is facing illegal drug trading charges, was moved to Sept. 15 following a request from government prosecutors.
Senator Leila M. De Lima, a top critic of President Rodrigo R. Duterte, holds back tears during a press conference in the Senate in Manila on February 23, 2017, as she awaits the warrant of arrest to be served. — AFP
“[T]he Motion to Reset is Granted, and the arraignment of the accused on Aug. 18, 2017 is hereby cancelled and reset to Sept. 15, 2017,” reads the one-page order of Judge Amelia Fabros-Corpuz of the Muntinlupa Regional Trial Court (RTC) Branch 205.
The prosecutors also asked for more time to submit a rejoinder and present evidence, which was granted by the Court.
“The Prosecution is given a final fifteen (15) days, or until Aug. 25, 2017 to file its rejoindor, as prayed for,” Ms. Fabros-Corpuz said in the court order.
Ms. De Lima, currently jailed at a detention center within the police headquarters in Quezon City, was present in yesterday’s hearing with her counsel, former senator Rene A. V. Saguisag.
The senator’s camp asked to withdraw their Motion to Quash filed earlier, which sought to dismiss the information or charge sheet filed by the Department of Justice (DoJ) indicting her on violation of the Comprehensive Dangerous Drugs Act of 2002.
Mr. Saguisag said they will instead file another motion, which will include statements by President Rodrigo R. Duterte and his Cabinet members that already identified Ms. De Lima as guilty.
“No way she could get a fair trial kung hindi titigilan ng kakadaldal nitong napaka makwentong Pangulo natin, (No way she could get a fair trial if our blabbermouth President won’t stop talking),” Mr. Saguisag said.
The case lodged before the Muntinlupa RTC includes Ms. De Lima’s alleged nephew, Jose Adrian Dera, as her co-accused.
Ms. De Lima is facing two other drug-related cases filed before the Muntinlupa RTC Branch 204 and 206.
The cases emanated from the complaints filed by the National Bureau Investigation (NBI), Volunteers against Crime and Corruption (VACC), two former NBI directors, and inmate Jaybee Niño Sebastian.
Ms. De Lima is accused of violation of Section 5, in relation to Section 3 (jj), Section 26 (b) and Section 28, of Republic Act No. 9165 or the “Sale, trading, administration, dispensation, delivery, distribution and transportation of Dangerous Drugs and/or controlled precursors and essential chemicals.” – Kristine Joy V. Patag
THE PHILIPPINES’ eligibility to receive grants from the United States through the Millennium Challenge Corp. (MCC) has been upheld, a move welcomed by Finance Secretary Carlos Dominguez III, who, nevertheless, said the government will study the offer first.
As stated on its Web site, the MCC has included Philippines as one of the 45 qualified states to recieve grants from the foreign aid agency in 2018.
The MCC was crafted by the US Congress to provide large-scale grants as part of its thrust to reduce global poverty via sustainable economic development.
A country can only be eligible for a grant when the state demonstrates “a commitment to just and democratic governance, economic freedom, and investing in their people, as well as on the opportunity to reduce poverty and generate economic growth in the country.”
The Philippines’ first compact – “large, five-year grants for countries that pass MCC’s eligibility criteria” – was for $433.08 million that finished in May 2016. The MCC declared the Philippines qualified for a second compact in December 2014, and reaffirmed this view in December 2015.
As stated in its Web site, the foreign aid package was: “aimed to reduce transportation costs through road rehabilitation, expand the fiscal space through improved tax collection efforts, and empower communities by investing in small-scale, community-driven development projects.”
Meanwhile, the Finance Department welcomes MCC’s move to provide the Philippines with foreign aid.
“We welcome the decision of the Millennium Challenge Corp. (MCC) to approve a new compact for the Philippine government and thank them for this fresh grant offer. The government under the Duterte administration continues to vigorously implement initiatives that reinforce the Philippines’ commitment to good governance, peace and order and the rule of law,” Mr. Dominguez was quoted saying in a statement.
He said that the MCC’s decision is a “testament to the fact that despite the political noise emanating from certain quarters, our development partners recognize our government’s commitment to reduce poverty and make growth inclusive while maintaining peace and order and upholding the rule of law.”
Mr. Dominguez, however, noted they will still look into the conditions set by the MCC for the compact and “determine if they are aligned with our priorities.” – Janine Marie D. Soliman
Summer is a great time to visit Paris. After all, the days are filled with sunshine, and the city is alive with outdoor festivals and concerts, not to mention the sale season that typically starts in late June.
At 1,063 feet, the Eiffel Tower is the tallest structure in Paris.
The weather during June to August can be nice and warm, but there are a few heatwaves that will have you longing for Manila’s relatively cooler, rainy weather.
I arrived in Paris in the middle of one hot spell, with temperatures soaring to 37 degrees. Walking around the city in the afternoon became a slow form of torture, only made bearable when you think of that ice cream you’ll be getting at the famed Berthillon by the end of the day.
I also came to the realization that not all establishments in Paris have working air-conditioning, not even an international hotel chain where we stayed. (Something to think about when you’re booking an Airbnb during the summer).
The sweltering weather may have prompted a few changes to our itinerary, but it didn’t stop us from falling in love with the City of Lights all over again.
LOUVRE WITH A GUIDE
When it’s too hot to walk outside, it’s time to take refuge at a museum. What better place than the world’s most popular art museum — the Louvre.
The Louvre receives millions of visitors a year, with an all-time high of 9.7 million in 2012. Visitors dropped to 7.4 million in 2016 amid fears of terrorism, but there are signs the tourists are coming back.
It’s tempting to rush through the galleries in search of Venus de Milo and Mona Lisa, but it’s worth it to get a personal tour guide who will give insights on many of the overlooked artworks.
We booked a three-hour walking tour of the Louvre, and our guide was a Serbian art student, Ivana Petrovich, who has lived in Paris for eight years.
“If you spend two minutes at each artwork at the Louvre, you’ll still need three months to see everything,” Ms. Petrovich pointed out as we navigated the stuffy halls filled with Chinese tour groups.
Our first stop was the lower level of the Sully Wing, where the ruins of the 13th century fortress built by King Philippe Augustus were excavated in the 1980s when the Louvre’s glass pyramid was being constructed.
The museum is huge, but the crowds are all gathered in front of the same artworks. Nowhere is it more crowded than the gallery where the Mona Lisa is located.
Be prepared to fight your way to the front to get the obligatory selfie with the woman Ms. Petrovich cheekily described as “the original Kardashian — famous for being famous.”
While most are busy taking snaps on the tiny Mona Lisa, spare a glance at the huge painting on the opposite side — Veronese’s The Wedding Feast at Cana.
Even though we checked off the “must-sees” like the Winged Victory of Samothrace, Gian Lorenzo Bernini’s Sleeping Hermaphroditus, Louis David’s Coronation of Napoleon I, and Eugene Delacroix’s Liberty Guiding the People, there’s still so much to see the next time we visit the Louvre.
FOOD TOUR
Food tours are becoming more popular in Paris — a city known for its gastronomic delights. KKDay, an e-commerce platform offering unique local tours around the world, has several food tours in Paris.
For an afternoon of wine and cheese-tasting, we headed to La Vache Dans Les Vignes (The Cow in the Vines), a small shop in front of the Canal St. Martin in the 10th arrondissement.
La Vache’s friendly owner gave a brief introduction of the four wines and the variety of cheeses on the menu. We tried four wines — a rosé from Provence, a dry white from Loire Valley, a chardonnay from central France, and a light red wine from Beaujolais.
There was a good selection of cheeses, served in ascending aggressiveness. The first cheese was a Rocamadour, a light goat cheese from the southwestern part of France. This was followed by Crottin, a dense, compact goat’s milk cheese from the Loire Valley, and Comté, made from unpasteurized cow’s milk in the eastern region. The Napoleon Commingeois, an ewe’s milk cheese, had a tangy and aggressive taste, while the Herve, a Belgian soft cow’s milk cheese, had a very strong flavor.
The servings of cheese, wine and bread were quite generous, and by the time the last bottle was poured, no one could squeeze in another bite.
Perhaps sensing we needed to walk off all the cheese we ate, the owner suggested checking out the various free mini-concerts being held around the city as part of the annual Fete de la Musique.
At Place Stavinsky, located between the Centre Pompidou and Church of Saint-Merri, a Filipino band played some pop-rock tunes, while a Latin American dance troupe showed their moves on the other side.
PARIS BY NIGHT
Paris is not called the City of Lights for nothing. Exploring this magical city at night is a totally different experience. During summer though, be prepared to wait for the sun to set at around 9:30 p.m.
KKDay also offers an hour-long cruise along the Seine, plus a night tour of the city with dinner at a French restaurant.
We boarded the Bateaux-Mouches on the Seine at around 7 p.m., too early for sunset but with just the perfect chilly weather to enjoy the sights. The boat can be extremely crowded, so it’s best to grab a seat when you can.
On board, we soaked up the views of the beloved Notre-Dame Cathedral, Eiffel Tower, Orsay Museum, and one of the city’s most romantic bridges — Pont Neuf.
After the short cruise, we hopped on a double-decker bus to see how the city transforms at night. We ended the evening with a meal at Brasserie Le Boeuf Sur Le Toit, a Parisian cabaret-bar near the Champs Elysee.
If you’re a first-timer in Paris, this tour would be a good introduction. However, the bus does not have any stops and only drives around the city for a little over an hour. There’s no tour guide, only a recorded audioguide pointing out the landmarks.
It’s best to set aside an evening to enjoy the Eiffel Tower’s illumination. The next night, we had dinner at Chez Francis, located near Place de l’Alma, with the best views of the tower.
After filling ourselves with wine, foie gras, and escargots, we walked to the bridge which offered an unobstructed view of the Eiffel Tower’s light show. The tower sparkles for five minutes every hour, from sunset to 1 or 2 a.m. (during summer).
Also nearby was the Flame of Liberty monument, which was given by the United States to France in gratitude for the restoration work on the Statue of Liberty. Now the Flame of Liberty serves as a makeshift memorial for the late Princess Diana, who was tragically killed in a car accident in the tunnel on Aug. 31, 1997.
MORE MUSEUMS
There are so many museums in Paris, it would take more than just one trip to visit them all.
The Orsay Museum, housed in a former train station, is slightly less crowded than the Louvre. It is certainly more manageable, as you can go through the floors featuring works by Cezanne, Monet, Van Gogh, Rodin, Renoir, and Degas in perhaps half a day. You can find an unbeatable view of Paris through the clock face located on the museum’s fifth floor.
The Musee National Picasso-Paris is housed in the iconic Hotel Salé in the Marais district. It has more than 5,000 works by Picasso, including drawings, photographs, postcards, and sketchbooks.
An exhibition centering on Olga Picasso, the artist’s wife and long-time muse, is ongoing until Sept. 3. Aside from the paintings and drawings by Picasso, there are also letters, photographs and Olga’s personal effects, including her Goyard trunk, on display.
If you want to enjoy more modern art, the Centre Pompidou is a 10- to 15-minute walk away from the Picasso Museum. You can’t miss the iconic building, with its exterior escalators and the brightly colored tubes. The center is known for its 20th and 21st century art collections, as well as the panoramic view of Paris from the top floor.
Currently on view at the Centre Pompidou is a retrospective on the work of British pop artist David Hockey, who celebrates his 80th birthday this year.
SHOPPING
A sprawling (and air conditioned!) department store can provide much-needed refuge from the oppressive summer heat. And if you time your trip properly, you can shop ’til you drop during France’s sale season. The government determines the dates of the nationwide sales, which are held twice a year — usually June/July for the summer sale and January/February for the winter sale. This year, the sale season officially started on June 28.
Shopaholics should drop by the Galeries Lafayette, located on Boulevard Haussmann in the 9th arrondissement. Here you’ll find a large number of brands from fast-fashion favorites Zara and Topshop to luxury labels like Chanel, Gucci, and Louis Vuitton. Don’t forget your purchases over €175 made at a single shop are entitled to a refund on value-added tax (VAT).
Even if you don’t intend to buy anything, the department store has a gorgeous Art Noveau stained-glass dome and a panoramic view of the rooftops of Paris.
The flagship Galeries Lafayette also has a branch of Angelina café, which is famous for its decadent hot chocolate and rich Mont Blanc dessert.
For book lovers, make it a point to drop by at Shakespeare and Company, just a stone’s throw away from the Notre Dame Cathedral. Browse through the packed shelves for hard-to-find books, which are stamped with the shop’s logo once you pay for them.
While the picturesque bookshop is perfect for your Instagram feed, photos are unfortunately not allowed inside. Instead get that perfect shot while having a cup of tea at the Shakespeare and Company café next door, which serves baked goods, and mostly organic and vegetarian fare.
And since you’re in the Ile Saint-Louis area, look for Berthillon. It’s hard to miss — just look for an ice cream shop with a long line of hot, hungry tourists.
ONCE every two years, Paris becomes the center of the world’s aerospace industry.
Airbus showed off its new A321neo at the Paris Air Show on June 21.
The International Paris Air Show, held at the Le Bourget airfield north of Paris, is a dream for anyone interested in aerospace. The latest passenger airplanes are seen side by side with fierce fighter planes, sleek private jets, and high-tech drones.
This year, the event ran from June 19 to 25, but only trade participants and the media are allowed during the first four days.
I, along with a group of journalists and bloggers, were invited by Philippines AirAsia to cover the air show. Our excitement was dampened a bit when we arrived to discover Paris, and most of Central Europe, was in the middle of a severe heatwave.
Imagine walking across an airfield under the scorching sun, with temperatures soaring to 37° Celsius and no shade in sight.
The air show can also be overwhelming, with over 2,300 exhibitors from 48 countries, and 140 aircraft occupying 192,000 square meters of exhibition space at Le Bourget.
Tickets for the public were also in high demand, with 180,000 sold to the public.
FLYING HIGH
For a newbie, the first instinct is to visit the big names — Airbus and Boeing.
Being on home turf, France’s Airbus had the biggest display, where it showed off its A321neo, A350-1000 and A380plus, as well as its “combat-proven” attack helicopter Tigre HAD.
We took a peek inside the A380plus, an enhanced version of the world’s largest passenger airliner, although it was still empty with lots of wires.
Rival US planemaker Boeing tried to steal Airbus’ thunder by unveiling the longer version of the Dreamliner — the 787-10 — and launching the 737 MAX 10 and its new single-aisle plan.
The Air and Space Museum in Le Bourget has a collection of over 400 aircraft.
But the real highlights of any air show are the aerial demonstrations. This year, there were 45 flying displays spread throughout the week.
When Lockheed Martin’s F-35 took to the skies, everyone stopped and jaws dropped as the fighter jet did vertical climbs, loops, and turns.
At an estimated cost $100 million, the F-35 is described by Lockheed Martin as the “next-generation fighter, combining advanced stealth with fighter speed and agility, advanced mission systems, fully fused sensor information, network-enabled operations and cutting-edge sustainment.”
PEEK INTO THE FUTURE
The air show is also a chance to get a glimpse of the future of the aviation industry.
The Workhorse Group came out with a drone-like SureFly helicopter concept. The SureFly has four propeller arms, and two fixed contra-rotating propellers on each arm, as well as a backup battery for the electric motors in case of engine failure.
Another US firm, Boom, is developing a supersonic passenger airliner, similar to the Concorde. Boom claims its jet, using its top speed of Mach 2.2, will be able to fly from Paris to New York in just three and a half hours compared to the current seven hour-flight of a regular plane.
A day is not enough to take in everything at the Paris Air Show, especially if you’re rushing from one end to the other to cover a press conference or attend an awards ceremony.
If you’re an aerospace nerd, it’s definitely an experience not to be missed. Paris alternates with England’s Farnborough in hosting the event, so the next air show in France will be held on June 17-23, 2019.
But if you’re in Paris before then, you can still check out Le Bourget’s Museum of Air and Space, considered one of the best aviation museums in the world. — CRAG
Getting The Edge In Professional Selling
Terence A. Hockenhull
THE TELEPHONE can be effectively used to support a sale; but its effectiveness in conducting a “full sale” is debatable. If the product is a well-known brand, sold at a very low price, or the customer is simply ordering or reordering a consumable, it can save an enormous amount of time and energy, negating the need for a face-to-face sales meeting. In all other cases, the salesperson will have to discuss the product (or service) in detail and this will almost certainly entail a sales presentation or meeting.
Where the phone really comes into its own is in setting appointments and perhaps providing the briefest of introductions to self, company, and products. However, clients have the opportunity of rejecting a telephone call. With today’s cellular phones and networks, unsolicited calls will show up as “caller unknown”; when the caller is known, the customer can always decline the call. But, providing you have the right number, it has the advantage of contacting the customer directly without passing through a secretary or underling.
As I say, the phone is an ineffective tool when it comes to conducting the sale. But it does allow useful information to be gathered prior to a sales meeting. It allows for better preparation, the right sales collaterals to be brought to the meeting, and, perhaps most importantly, allows the sales executive to find out what his customer is interested in discussing.
To sell effectively, a salesperson relies on both verbal and nonverbal skills. When the telephone is used, expressions, gestures, diagrams, samples, and demonstrations cannot be used. The salesperson is also denied many of his client’s nonverbal cues which are normally used to determine selling strategy. In a face-to-face meeting, expressions and gestures will tell the salesman a great deal about the customer’s intentions, likes, and dislikes and appropriate behavior can be determined accordingly. On the telephone, the salesman has little more than responses to question and his customer’s tone of voice.
To put this in perspective, the results of research conducted in the US showed that salespeople who were proficient when meeting with customers often performed poorly when selling over the phone. Initially, the researchers believed that the verbal skills required in face-to-face selling were different from those used over the telephone. Subsequently, they established that the verbal skills (asking questions and determining needs) were exactly the same. They found that whereas a proficient salesperson would ask plenty of questions in a face-to-face meeting, he would tend to make statements and push his products over the phone.
Whether the sale is conducted at a sales meeting or over the phone, the salesperson should strive to uncover problems and needs. It is worth considering that an unsolicited call from a faceless salesperson will spark little, if any, interest or enthusiasm. However, customers are less likely to become bored and disinterested if they are actively involved in the conversation. A conversation, by definition, means that both parties converse. Hardly the case if the salesperson is enthusiastically gushing about his product!
One of the most common mistakes made on the phone is sounding pushy. Allowing his enthusiasm to get the better him, the salesperson ends up raving about his product without considering the application or use to which his client will put it. Rarely will the sale result in anything other than the client making polite platitudes and making every effort to curtail the call as soon as possible.
Just to put this in perspective, I am constantly being badgered by hotels and banks offering “membership clubs,” credit cards, and loans. I feel no obligation to be polite and, frankly, see no use for the proffered services or products. So I either curtail the call with “not interested” or just hang up the phone.
The phone is an important business tool and, provided it is used well, can save both you and your customers a lot of time. However, there is no substitute for getting out and meeting your clients. Use the telephone to set appointments, maintain contact, clear up minor issues, arrange the logistics of delivery and payment, and research your client. But remember, if you are going to use it to sell, don’t drop the important behaviors of asking questions and listening carefully to what the client says they want.
Terence A. Hockenhull is a long term resident of the Philippines. He is an accomplished sales consultant and currently holds an executive sales position with an Italian geotechnical company.
By Jochebed B. Gonzales Researcher and Melissa Luz T. Lopez Senior Reporter
THE PHILIPPINE economy grew by 6.5% last quarter on the back of increased household and government spending, putting the lower end of the government’s full-year target within reach, the Philippine Statistics Authority reported yesterday.
The latest growth reading for gross domestic product (GDP) — the value of all finished goods and services produced in the country — marked the eighth consecutive quarter that the pace exceeded 6.0%.
The 6.5% turnout was up a notch from the first quarter’s 6.4%, but was slower than the year-ago 7.1% that benefited from an additional lift from expenditures related to the May 2016 general elections.
Second-quarter growth matched the 6.5% median estimate of economists in BusinessWorld’s poll last week, while the first half’s 6.45% average compared to the government’s 6.5-7.5% full-year target range for 2017 and eased from 7.0% logged in 2016’s comparative six months.
“With our country growing by 6.5% in the second quarter of 2017, I am pleased to inform you that we remain one of the best-performing economies in Asia,” Socioeconomic Planning Secretary Ernesto M. Pernia said in a briefing yesterday.
Mr. Pernia, who is director-general of the National Economic and Development Authority (NEDA), said the Philippines is “either the second or third fastest-growing major Asian economy” next to China (6.9%), overtaking Vietnam (6.2%) and Indonesia (5.0%).
On the demand side, household consumption, which accounted for two-thirds of total expenditures in the economy, remained a key driver of growth, picking up to 5.9% from 5.8% in the preceding quarter, though slower than the year-ago 7.5%.
Government spending accelerated to 7.1% from a near-flat 0.1% in the first quarter. This was, however, slower than the 13.5% notched a year earlier.
Private investment in the form of capital formation eased to 8.7% last quarter from January-March’s 10.6% and from the past year’s 30.3%. The second-quarter pace was the slowest since the 5.1% recorded in 2014’s fourth quarter.
Total exports — both goods and services — grew 19.7%, slower than the first quarter’s 20.3% albeit faster than the year-ago 10.6%. Total imports, meanwhile, grew by 18.7%, slightly faster than the previous quarter’s 18.6% but lower than the past year’s 25.4%.
On the supply side, the industry sector grew the fastest among the three major sectors last quarter, gaining 7.3% that was nevertheless a deceleration from 7.6% in the past year. In this category, mining and quarrying lead the way with 13.7%, a reversal from the 18% and 4.0% declines posted in the first quarter and second quarter of 2016, respectively. Manufacturing followed suit as it picked up to 7.9%, faster than the readings in the first quarter (7.6%) and the same period last year (6.2%). Construction slowed down to 6.3% from last year’s 13.5%. Electricity, Gas and Water Supply’s 2.4% was also slower than the 10.3% the past year.
The services sector, which make up nearly 60% of the economy’s total output, grew by 6.1%, slower than the 8.2% in the 2016’s second quarter. Subsectors that grew above or matched the sector’s average were real estate, renting & business activities (7.9% from last year’s 8.8%); public administration & defense; compulsory social security (7.6% from 6.4%); trade and repair of motor vehicles, motorcycles, personal and household Goods (6.3% from 8.9%) as well as financial intermediation (6.1% from 6.9%).
Agriculture, hunting, forestry and fishing continued to help lift overall economic growth, expanding by 6.3% as the sector continued to recover from damage from a prolonged El Niño-induced dry spell that lasted until 2016’s second quarter, picking up from the first quarter’s 4.9% and the year-ago 2.0% contraction.
Economists look to sustained growth in household spending, which has been the backbone of the Philippine economy for years.
“Strong private consumption has been boosted by continued expansion in overseas worker remittances, which rose by 6.8% year-on-year in June, as well as rapid growth in household credit,” said Rajiv Biswas, Asia Pacific chief economist at IHS Markit.
For Security Bank economist Angelo B. Taningco, growth was partly driven by higher outlays for infrastructure. “The surge in government spending was propelled by an upswing in government’s disbursements for infrastructure and capital outlays,” he said.
Some economists also took note of the slowdown in investments last quarter after the last two years’ double-digit pace.
Gundy Cahyadi, economist at DBS Group Research, said that while private consumption had beaten forecasts, “investment growth actually did slightly worse than our expectations.”
“Inventory drawdown has continued, and this indicates that normalization in investment numbers is likely to remain a dominant theme ahead,” he said, citing “upward risks” ahead.
Mr. Cahyadi cited the “strong showing” of agriculture and manufacturing, noting that “[t]he manufacturing sector has continued to receive a boost from export demand, and this has proven to be a constant positive in recent years.”
For Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines, investment growth could have been better if the government had been more aggressive in its outlays. “Government spending has been the missing link in… GDP growth… slower capital formation growth might have come from the softer government expenditure in [the first quarter],” Mr. Asuncion said.
Finance Secretary Carlos G. Dominguez III described in a separate statement yesterday the GDP turnout as “solid proof” of the current administration’s pursuit of “high and inclusive growth.” “With the upturn in state spending beginning in the year’s second quarter, President [Rodrigo R.]Duterte’s unparalleled investment strategy anchored on the ‘Build, Build, Build’ program has started to pick up steam,” Mr. Dominguez said.
The government’s “Build, Build, Build” program will see about P8.44 trillion spent on infrastructure projects until 2022, when this segment’s contribution to GDP should have risen to 7.45% (P1.899 trillion) from this year’s planned 5.32% of GDP (P847.22 billion).
THE ROAD AHEAD
Increased government spending, Mr. Asuncion said, “only spells well for economic expansion in the next coming quarters”, adding that “more robust investment growth” is expected this quarter. “If government spending continues to grow and with government’s absorptive capacity improving, our GDP growth [forecast] for 2017 of 6.5% should be revised higher,” he said.
In remarks sent to reporters via mobile phone message, Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla, Jr. said that growth momentum can be sustained. “The 2Q GDP growth of 6.5% confirms our view that the Philippine economic expansion remains robust… The firm economic momentum during the first half of the year alongside favorable business and consumer sentiment should augur well for the expansion of the economy over the near to medium term,” Mr. Espenilla said.
The Monetary Board kept policy rates unchanged at its rate-setting meeting last week, citing manageable inflation and firm economic activity that did not need fresh stimulus.
Mr. Espenilla said the central bank will remain watchful of economic and financial developments and “stands ready to adopt policies” that will ensure price and financial stability in the Philippines.
Economists said the rollout of public infrastructure projects would determine whether the full-year growth target can be achieved.
“More progress on infrastructure spending should also continue to crowd in private investment, while we expect household consumption to remain resilient,” Nomura analysts said in a market commentary released yesterday, as they held on to a 6.7% growth forecast.
IHS Markit’s Mr. Biswas said the growth story will be supported by “significant increases” in infrastructure spending, which will likewise rake in more foreign direct investments that would unlock more jobs and bring fresh capital for business expansions. “The ability of the Duterte administration to deliver such large increases in infrastructure spending has been helped by the tremendous progress made by successive Philippines governments since 2004 in the task of implementing fiscal consolidation, helped by the rapid pace of GDP growth and prudent fiscal management. Since 2004, the Philippines general government debt-to-GDP ratio has more than halved to a new record low of 34.6% in 2016,” he said.
On the other hand, ANZ Research said it was “increasingly cautious” on the growth story as it is fueled by real estate and construction, flagging that any excessive swings could warrant a BSP rate hike. ANZ sees a 25-basis-point increase in borrowing rates by yearend, while other observers say that the BSP has room to delay any policy tweaks until next year.
Mr. Espenilla has said that domestic inflation remains the biggest consideration for the monetary authority, reiterating that the BSP does not have to move in sync with policy tightening in the United States.
Mr. Dominguez is optimistic that accelerated state spending should “keep the Philippines in the club of Asia’s fastest-growing economies.”
“‘Build, Build, Build’ is seen to induce the multiplier effects on the domestic economy of more jobs, greater investments and improved connectivity across the regions.”
