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Singapore investors told Marawi crisis contained, expected to end soon

FINANCE Secretary Carlos G. Dominguez III assured potential investors in Singapore that the Marawi City occupation will end soon, after fighting in the southern city broke out nearly three months ago.

Speaking at the Singapore Regional Business Forum, an investment roadshow, on Tuesday, Mr. Dominguez said: “The situation in Marawi City on the island of Mindanao represents the threat posed by extremism everywhere. That situation has been contained and will soon be resolved.”

The roadshow represents the first leg of the government’s series of international briefings in the region.

“Our government escalated the process of arriving at a political settlement with the Islamic separatist groups in the Philippine south. Measures are being introduced to dramatically reduce the threats posed by radical armed groups. Mindanao is safe for business. The island, after all, is leading our own domestic growth,” Mr. Dominguez added.

On May 23, the Islamic State-backed Maute group attacked Marawi, leading to the destruction of private and public buildings and businesses.

This prompted President Rodrigo R. Duterte to impose martial law on Mindanao, eventually extending it until the end of this year.

The Armed Forces of the Philippines said that the occupiers numbered less than 40 as of Monday.

Philippine Statistics Authority data show that Autonomous Region of Muslim Mindanao, where Marawi City is located, accounted for 0.6% of gross domestic product in 2016.

Socioeconomic Planning Secretary Ernesto M. Pernia said that the region is in business-as-usual mode despite the extension on martial law, saying the government is only assuring that there will not be a repeat of the Marawi occupation.

Davao City Chamber of Commerce President Ronald C. Go said however that tourism may have been affected, as seen in by hotel occupancy rates falling to as low as 30-40%.

However, the damage estimates for Marawi have yet to be firmed up. Economic managers have said that they may have to await the conclusion of the siege before they start estimating the destruction of public and private property.

An Executive Order that the Malacañang announced earlier called “Bangon Marawi” — a proposed blueprint for the rehabilitation of the city submitted by the Defense department — is awaiting Mr. Duterte’s signature.

The Department of Budget and Management has said that it has allocated an initial P15 billion for the Marawi City rehabilitation over the next two years, which is about three-fourths of Mr. Duterte’s earlier order of P20 billion.

About P5 billion will be initially released for rehabilitation, which will be taken from the 2017 calamity fund and savings from 2016, and will be followed by a P10-billion allocation sourced from the 2018 calamity fund.

The Chinese government has also donated P15 million for Marawi’s revival, and multilateral lenders have expressed interest in providing aid.

Mr. Dominguez has also considered floating a P30-billion bond for the Marawi rehabilitation, but the plan has yet to go forward.

Mr. Dominguez, together with Mr. Pernia, Budget Secretary Benjamin E. Diokno, as well as Bangko Sentral ng Pilipinas Governor Nestor A. Espenilla, Jr. during the roadshow conducted macroeconomic briefings for potential Singapore investors. — Elijah Joseph C. Tubayan

Rice self-sufficiency seen doable by 2019, DA’s Piñol says

THE Department of Agriculture (DA) said its rice-self-sufficiency target may be achieved in 2019, a year earlier than its initial timetable.

“If we are able to achieve that, the country will have enough rice supply to fill the needs of the Filipino people and we will no longer be dependent on imported rice as early as 2019 or 2020 at the latest,” Agriculture Secretary Emmanuel F. Piñol said in a social media post on Wednesday.

To achieve rice self-sufficiency, the agency will have to meet full-year production of some 21.67 million metric tons of unhusked rice, or palay.

In a Tuesday report, the Philippine Statistics Authority forecast palay output for the third quarter to expand 14.14% year on year to 3.39 million tons and grow 6.76% to 10.65 million tons in the second half.

This projects palay production for the year at a record 19.22 million tons — up 9.06% and exceeding the DA’s target of 19 million tons for this year.

“Judging on the robust growth of rice in farms all over the country today, the Agriculture department is expecting increased harvest in the last quarter of this year,” Mr. Piñol added.

Efforts to achieve the goal will include planting hybrid rice over 1 million hectares, the installment of small irrigation systems and solar-power for irrigation systems nationwide, and added financing for farmers.

Economic managers have questioned whether rice self-sufficiency is an appropriate goal, as opposed to food self-sufficiency, as the DA calls for more budgetary resources to fund aggressive rice planting programs. — Janina C. Lim

Indonesia president pledges to tackle extremism

JAKARTA — Indonesia’s president said on Wednesday that the world’s most populous Muslim-majority country needed to pull together to meet the threat of extremism and safeguard a constitution that enshrines religious freedom and diversity.

In an address to parliament ahead of Thursday’s independence day, President Joko Widodo peppered his speeches with references to the need to address inequality in Southeast Asia’s biggest economy and tackle the threat of radicalism.

Indonesian police have tightened security ahead of the independence day holiday and on Tuesday arrested five suspected Islamist militants and seized chemicals they said were being used to make bombs for attacks on the presidential palace.

Religious tension in Indonesia has soared since late last year after Islamist-led rallies saw Jakarta’s then governor, a member of a so-called double minority who is ethnic Chinese and Christian, put on trial during city elections over claims he insulted the Koran.

“We want to work together not only in creating an equitable economy, but also in ideological, political, social and cultural development,” said Mr. Widodo.

“In the field of ideology, we have to strengthen our national consensus in safeguarding Pancasila, the 1945 Constitution, the unity of the Republic of Indonesia and “Bhinneka Tunggal Ika” (unity in diversity),” he said.

Pancasila is Indonesia’s state ideology, which includes belief in god, unity, social justice and democracy, and which enshrines religious diversity in an officially secular system.

But there are worries about growing intolerance undermining a tradition of moderate Islam in a country where Muslims form about 85% of the population, alongside substantial Buddhist, Christian, Hindu and other minorities.

In April, the then Jakarta Governor Basuki Tjahaja Purnama, an ally of Mr. Widodo, lost the bitterly fought city election to a Muslim rival and was later jailed for blasphemy, a sentence rights groups and international bodies condemned as unfair and politicized.

CORRUPTION FIGHT
Mr. Widodo said his administration’s focus this year was to ensure that the benefits from an average 5% economic growth in the last few years should be felt by everybody.

Despite its growing middle class, inequality in Indonesia remains high. Indonesia’s wealthiest 1% control 49.3% of its wealth, Credit Suisse said in a report issued last November, which placed Indonesia among countries with the most unequal distribution of wealth in the world.

The president touched on efforts to cut red tape and said that moves to certify land would be accelerated. Disputes over land ownership frequently hold up infrastructure projects.

“For 72 years we have been independent, but while other countries are looking at outer space, we in our beloved country have not finished land certification for our people,” he said.

On national security issues, the president said Indonesia needed to “resist the theft of our sea resources” and should not be afraid to keep sinking illegal fishing boats in its waters.

Indonesia has sunk hundreds of illegal fishing boats and its navy and coastguard have had skirmishes with China and countries such as Vietnam over fishing in parts of the South China Sea.

Mr. Widodo said graft continued to be a scourge for Indonesia’s competitiveness and pledged to strengthen the country’s corruption eradication commission (KPK).

Indonesia ranked 90th out of 176 in Transparency International’s Corruption Perceptions index in 2016 and in July KPK named parliament’s speaker a suspect over an investigation in the alleged theft of $170 million linked to a national identity card system. — Reuters

Oscillating on the pendulum of grief

In June, two of my immediate family members passed away in quick succession. The first death, caused by a long-term illness, was more or less expected, but nonetheless painful. The second death, caused by a motorcycle accident, shocked everyone and left me feeling numb. And so, I am doubly bereaved.

Margaret Stroebe and Henk Schut of the University of Groningen, The Netherlands, experts on bereavement research, have developed the Dual Process Model of Coping with Bereavement. As defined by them, “coping refers to processes, strategies, or styles of managing (reducing, mastering, tolerating) the situation in which bereavement places the individual).” The authors posit that people who have suffered loss oscillate (like a pendulum) between loss-oriented and restoration-oriented behavior. They oscillate between avoiding the loss and confronting the loss.

Loss-oriented behavior involves a “painful dwelling on, even searching for the lost person, a phenomenon that lies at the heart of grieving.” Such behavior includes isolating oneself from others at an emotional level, longing for the deceased person’s presence, and imagining what he or she would say or do about something.

In contrast, restoration-oriented behavior “reflects a struggle to reorient oneself in a changed world without the deceased person.” Examples of such behavior are doing new things (singing in the church choir); taking on new roles, identities, and relationships (becoming an MBA student); and distracting oneself from grief (watching a movie with friends).

Stroebe and Schut believe that oscillation allows a person to experience grief in manageable doses. This is because engaging in loss-oriented behavior all the time would be so draining for a griever. The goal is for the griever to demonstrate more restoration-oriented behavior. But doing so immediately and exclusively without taking time to grieve is equally unhealthy. Thus the need to oscillate to cope.

For example, I forgot my sorrow while watching Spider-Man: Homecoming. But I still sometimes keen (keen: to wail in lamentation for the dead) when I am alone.

Coping would be so much easier if family members could focus on mourning in the days immediately after a relative’s death. However, they are usually the ones who have to notify relatives and friends, choose between burial or cremation, select the coffin or the urn, and maybe scrounge around for money to pay hospital and funeral bills if the personal finances and abuloy are not enough to cover the expenses.

Recognizing the stress that these tasks can bring and the need for people to make time for them, some countries have statutory bereavement leave. Canada has three days, to be taken immediately following the day of death. Australia has two days, which can be taken at any time an employee needs it. The European Union has one day.

Sadly, in the Philippines, despite our much-touted close family ties and great respect for the dead, we have no such leave. Representative Alfred Vargas III has filed a bill that seeks to mandate a five-day bereavement leave with full pay to government and private employees. Two other bills seeking a 10-day bereavement leave have also been filed. All bills are pending with the Committee on Labor and Employment.

On their part, how can organizations ease the grief of an employee who has lost a family member? Well, the absence of a law need not stop private companies from granting bereavement leave (or the more general “compassionate leave”) on their own.

At De La Salle University, for example, faculty have a five-day compassionate leave. Managers can also actively listen to the griever, and encourage other workmates to do the same. Distributing the tasks of the griever during the leave would also help so that the griever is not overwhelmed when he or she eases back into the work routine. For example, I appreciate how my co-faculty willingly took over my classes during my leave. Otherwise, I would have had to hold many make-up classes.

For those of us who believe in salvation by confessing Jesus Christ as Lord and Savior, death is not the end.

The Bible teaches that we need not grieve like people without hope. Specifically, 1 Thessalonians 4:14 states, “For since we believe that Jesus died and was raised to life again, we also believe that when Jesus returns, God will bring back with him the believers who have died.”

But the Bible also declares in Ecclesiastes 3:1 and 4, “For everything there is a season, a time for every activity under heaven…A time to cry and a time to laugh. A time to grieve and a time to dance.”

We who grieve can take comfort in the fact that God, too, considers oscillating between avoiding the loss and confronting the loss as normal. And we can definitely benefit from caring, supportive workmates and workplace policies.

Marissa C. Marasigan is Vice-Chair of the Management and Organization Department of the Ramon V. Del Rosario College of Business of De La Salle University. She teaches Business Communication and Lasallian Business Leadership, Ethics, and Corporate Social Responsibility in the undergraduate and MBA programs.

marissa.marasigan@dlsu.edu.ph

Facebook samples China’s potential with sneaky app

SHANGHAI — Facebook’s sneaky launch of a photo-sharing app in China, where its social network is banned, gives it a small taste of the massive market’s potential, but it may have to settle for just that for now.

The US tech giant acknowledged last week that it was behind the Colorful Balloons application, which is similar to its Moments app but omits any mention of Facebook’s brand name.

Facebook has strived to breach the “Great Firewall” — which tightly controls China’s Internet content — ever since its flagship social media platform was banned by Beijing in 2009.

Facebook chief executive and cofounder Mark Zuckerberg has made high-profile visits to China and met with political leaders. He is even studying Mandarin.

“We have long said that we are interested in China, and are spending time understanding and learning more about the country in different ways,” a Facebook representative said last week after the app’s origin was revealed by The New York Times.

But analysts voiced doubts that Facebook will fully enter the Chinese market any time soon, and the app has had a humble beginning since it emerged in May.

According to San Francisco firm App Annie, Colorful Balloons ranked 46th in the photo and video category for iPhone apps in China and a lowly 758th among all apps.

Colorful Balloons was released in May by a company called Youge, according to Apple’s App Store and one of the Android app stores. A company named Youge Linking Internet Technology was registered in Beijing in March, with a capital of one million yuan ($150,000), according to the National Enterprise Credit Information Publicity System.

“Facebook threw a curve ball in getting inside the China market. It may not be effective, but it is certainly a nice try,” said Zhang Yi, head of mobile-Internet consultancy iiMedia Research Group.

“But it will be difficult for Facebook to enter the Chinese market as a whole because it is unlikely China will change its policies and laws any time soon.”

The app has icons and features similar to Facebook’s Moments application. Chinese users must register with a local mobile number and the app will sort through the images stored on their phones based on dates.

The app is not linked to Facebook accounts, so users can’t post pictures to their Facebook pages or view content from Facebook through the app.

“If the app can’t cross the Firewall and (can) only be used in China, what’s the use of it,” one person commented on China’s Twitter-like Weibo social media network.

Facebook is among the several global Internet giants that are blocked in China, whose security services closely monitor the Web for sensitive content within the Great Firewall.

TOO BIG TO PASS UP
“China is not banning Facebook the company. Only its social networking platform is not allowed,” said Fu Liang, an independent technology analyst based in Beijing. “As long as this app does not go where it shouldn’t and stays as an innocent photo sharing app, China’s regulators won’t give it a hard time,” said Fu.

Zhang Yi of iiMedia said Facebook could afford to try out an app that is limited to China’s huge market and not available elsewhere in the world.

“China is too big a market for Facebook to pass up,” Zhang said. “And I think it is worth it to put down some chips in the game now, as long as it does not affect the operation of the parent company itself.” — AFP

Pickup games

As far as pickup games go, the one that featured National Basketball Association (NBA) stars yesterday at the Life Time Athletic in Manhattan proved extremely competitive. Judging by raw footage that went up on Instagram, the likes of Kevin Durant, Carmelo Anthony, J.R. Smith, Enes Kanter, Marshall Plumlee, and Lance Thomas went all out in a scrimmage that had nothing but pride at stake. And for good measure, even LeBron James showed up, going full steam for close to two hours after flying in straight from Akron, Ohio.

To be sure, suiting up for offseason hoops is nothing new to marquee names. Throughout his career, living legend Michael Jordan had a “for love of the game” clause included in his contracts that allowed him to participate in street ball whenever he felt like it. And, to be fair, the setup at the Life Time Athletic was much more organized, with trainer Chris Brickley among those overseeing the endeavor. No doubt, the players were taped up properly and compelled to undergo the requisite stretching exercises prior to taking to the court. That said, there remains no small measure of risk in lacing it up outside of active competition.

Needless to say, nothing can stop the stars’ juices from flowing. Just last week, James tweeted his desire for the offseason to end. “I have basketball jones,” he declared, and he underscored the sentiment by taking a nearly two-hour trip, albeit by private jet, just to burn rubber alongside a handful of his peers. Meanwhile, Anthony has made the Life Time Athletic his unofficial headquarters, working out even in odd hours, and with or against notables in the college and pro scenes.

Wear and tear? Perhaps. The more significant takeaway is certainly the desire of the NBA’s bright lights to stay in shape. Between Jimmy Butler and Kyrie Irving putting on an impromptu show in Los Angeles and James Harden, DeMar DeRozan, and Nick Young investing effort in the Drew League last month, fans can’t help but purse their lips in anticipation of the 2017-2018 season. If nothing else, they know their favorites will hit the ground running.

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is the Senior Vice-President and General Manager of Basic Energy Corp.

Stocks climb further on earnings, easing tensions

LOCAL EQUITIES climbed on Wednesday amid easing geopolitical tensions and as investors reacted to corporate results at the close of the earnings season.

The 30-member Philippine Stock Exchange index continued its ascent as it gained 0.46% or 37.18 points to close at 8,046.59 yesterday.

The broader all-shares index likewise rose 0.45% or 21.36 points to 4,751.09.

“Amid the silence on geopolitical concerns, we finally saw [first-half] earnings results drive the market,” RCBC Securities analyst Jeffrey Lucero said in a text message yesterday.

The market’s most actively traded stock was Jollibee Foods Corp. (JFC), which gained P14 or 6.22% to close at P239 apiece. “Jollibee, which reported 14% earnings growth earlier this week, accounted for a significant part of the market’s gains,” Mr. Lucero added.

The company’s attributable profit was up by 18.1% during the second quarter to P1.96 billion, bringing its first-half net income attributable to the parent to P3.49 billion.

Ayala Land, Inc. (ALI) joined the roster of most actively traded stocks as it climbed 10 centavos or 0.24% to P42.50 each. ALI recorded an 18% growth in its net income attributable to the parent to P5.95 billion during the second quarter.

“Philippine stocks traded higher despite a dull market coupled with low volume and a lack of conviction,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said.

“US stocks struggled for gains on Tuesday as investors scaled back buying after two straight sessions of advances amid better-than-expected retail sales and abatement of tensions between the United States and North Korea,” Mr. Limlingan said.

The Dow Jones Industrial Average was up 5.28 points or 0.02% to 21,998.99, the S&P 500  lost 1.23 points or 0.05% to 2,464.61 and the Nasdaq Composite dropped 7.22 points or 0.11% to 6,333.01.

PSEi_081717

All local sectoral indices ended in positive territory, with the mining and oil counter ending 2.38% or 299.68 points higher to 12,877.56. The industrials sub-index followed with a gain of 1% or 109.81 points to 11,069.63; property added 0.48% or 18.45 points to 3,799.76; holding firms rose 0.41% or 32.9 points to 7,915.96; services went up 0.25% or 4.3 points to 1,701; and financials inched up by 0.09% or 1.85 points to 1,998.63.

The market saw a total of 1.54 billion issues change hands for a value turnover of P12.74 billion, more than double the P4.79 billion recorded on Tuesday.

Advancers beat decliners, 121 to 68, while 55 issues were unchanged.

Net foreign buying continued, albeit narrowing to P34.68 million on Wednesday from the P197.52 million recorded the previous trading day.

Other Southeast Asian stock markets were subdued in line with Asia as tensions in the Korean peninsula simmered down a little. In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1% — Arra B. Francia with Reuters

Gov’t still verifying reported Chinese ships spotted near Pag-asa Island

THE DEPARTMENT of Foreign Affairs (DFA), in coordination with national security agencies, is still verifying reports that Chinese ships were, indeed, seen near Pag-asa Island in the West Philippine Sea, according to Presidential Spokesperson Ernesto C. Abella on Wednesday. DFA Spokesperson Robespierre L. Bolivar said the department has yet to receive official reports from the security agencies. Magdalo Party-list Representative Gary C. Alejano said on Monday that according to his “sources” inside the military, Chinese vessels were spotted in the area, specifically two frigates, fishing vessels, and one Coast Guard vessel. China claims most of the South China Sea, parts of which are disputed by the Philippines, Vietnam, Brunei, Malaysia, and Taiwan. The Philippines won in an international tribunal ruling last year on its claims, which includes Pag-asa Island, considered as part of Palawan province. — Mario M. Banzon

How does the Philippines fare in attracting tourists?

infographic-081717

Cebgo to launch int’l flight from Zamboanga

CEBU PACIFIC is adding four new routes, including the Cebgo’s first international route from Zamboanga City to Sandakan, Malaysia.

In a statement, Cebu Pacific said it will start a thrice-a-week Kalibo-Clark flight on Oct. 30. The flight will depart from Clark on Mondays, Wednesdays and Fridays, while the return flight from Kalibo will leave on Tuesdays, Thursdays and Saturdays.

Its subsidiary Cebgo is expanding its inter-island connections from Cagayan de Oro (Laguindingan) Airport. Cebgo will launch flights from Cagayan de Oro to Boracay (Caticlan) and to Dumaguete three times a week, starting Oct. 20.

Cebgo is also launching its first international flight from Zamboanga with the four times weekly flight to Sandakan, Malaysia beginning Oct. 29. The flight departs from Zamboanga on Tuesdays, Thursdays, Saturdays and Sundays.

This would make Cebgo the only Philippine carrier with a direct service between the country and Sandakan.

“Sandakan has had centuries of trade and cultural linkage with the southern Philippines, and we are especially proud to put in place infrastructure to further enhance these ties. Now, the previous 14-hour travel by sea is cut down to just a 40-minute airplane ride,” Alexander Lao, Cebgo President and CEO, was quoted as saying in a statement.

RestaurantRow (08/17/17)

Mario’s caters

BE IT for an intimate gathering or for a big feast, Mario’s caters to one’s catering needs, handling not just the food, but service, a personalized menu, even expert advice on wine selection, floral arrangements, linens, china and silverware. The restaurant’s team of experts can put together any packages to suit any requirement and budget. For details, visit Mario’s at 191 Tomas Morato St., Quezon City, or call 415-3887, 372-0360 or e-mail marios.mariosqc@gmail.com. For Baguio, visit 16 Upper Session Road, Baguio City, call (074) 442-4241 or e-mail marios_baguio@yahoo.com.

National Lemonade Day

​CELEBRATE National Lemonade Day with Johnn Lemon by the Fruitas Group of Companies on Aug. 20 with a free upsize with every purchase of any of its best-selling flavors: pure lemonade, lemon + kalamansi and lemon + ginger. For the same price of P49, consumers will be able to have an option to get more value for their buck. Founded in Houston Texas in 2007, National Lemonade Day was established as an opportunity to instill the entrepreneurial spirit among children through encouraging them to get a hand into setting up their own community lemonade stands.

Mooncakes by Jasmine

THE NEW World Makati Hotel’s Jasmine restaurant celebrates the Mid-Autumn Festival with authentic handmade mooncakes. Prepared using traditional molds, the mooncakes come in four flavors – White Lotus, Red Lotus, Red Bean, and Five Seed – packaged in stylish boxes, perfect for gift-giving. Jasmine is offering an early-bird discount of 15% for paid orders until Aug. 31, a bulk order discount of 30% for 30 boxes or 100 mooncakes, and a buy-four-get-one-free offer. Pick-up and sale begins Sept. 1 and ends Oct. 15. Prices start at P488 per mooncake and P1,188 per box of four. For information and reservations, call 811-6888 ext. 3338.

Climate change will cut crop yields — study

CLIMATE CHANGE will have a negative effect on key crops such as wheat, rice, and maize, according to a major scientific report out Tuesday that reviewed 70 prior studies on global warming and agriculture.

Experts analyzed previous research that used a variety of methods, from simulating how crops will react to temperature changes at the global and local scale, to statistical models based on historical weather and yield data, to artificial field warming experiments.

All these methods “suggest that increasing temperatures are likely to have a negative effect on the global yields of wheat, rice and maize,” said the report in the Proceedings of the National Academy of Sciences, a peer-reviewed US journal.

“Each degree Celsius increase in global mean temperature is estimated to reduce average global yields of wheat by six percent,” said the report.

Rice yields would be cut by 3.2%, and maize by 7.4% for each degree of Celsius warming (almost two degrees Fahrenheit), it added.

“Estimates of soybean yields did not change significantly.”

These four crops are key to the survival of humanity, providing two-thirds of our caloric intake.

Changing temperatures would likely cause yields to rise in some locations, said the report.

But for the most part, the overall trend planet-wide is downward, signaling that steps are needed to adapt to the warming climate and feed an ever-expanding world population. — AFP

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