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Thank you Maynilad, Manila Water

After President Rodrigo Duterte lashed out at the two water companies that hold concession agreements (CA) with the government via the Metropolitan Waterworks and Sewerage System (MWSS) Regulatory Office (MWSS-RO) on Dec. 3, the stock prices of Manila Water (owned by Ayala) and companies that own Maynilad Water (MPIC, DMCI, a Japanese firm) suffered significant declines starting Dec. 4 (see Table 1).

Supporters and fanatics of the President echoed his tirade that both companies are abusive and engage in “economic sabotage.” Fake news, lousy and dishonest accusations. The public, the residents of Metro Manila and neighboring areas, have greatly benefitted from water privatization with higher, cleaner water connection direct to their houses. Let the numbers speak (see Table 2).

Two myths stand out in the heavily politicized water issue.

One, government interference in rate setting is “not allowed” in the CA. A flat out lie. In every step of rate setting, MWSS-RO and other agencies are involved: approval of tariff rates and schedules after public hearing, approval of auditing which expenditures are prudent and efficient, approval of cost of capital that the concessionaires will receive, and so on. Thanks Romy Bernardo for pointing these out in your article.

Two, the water rates are “onerous.” Say that again, purveyors of fake news and lies? In our latest water bill for November 2019 with 11 cubic meters consumption, the basic charge was P124.83, something like P11.35/cu.m. One cu.m. is 1,000 liters, or nearly five drums because one drum is 208 liters. My family take a bath daily, wash dishes, clothes, the floor, etc. and the water company charges us only P125 in one month — the price of one cup of coffee in Starbucks, etc. — and people call it “onerous,” “abusive”? Big lie.

This Christmas season, aside from celebrating the birth of Christ, we also express gratitude to friends, families and partners, and companies that make our life more modern, more comfortable. In this case, I say thank you, Maynilad Water and Manila Water. But no thanks to the President and his fanatics.

 

Bienvenido S. Oplas, Jr. is the president of Minimal Government Thinkers

minimalgovernment@gmail.com

Celebrities and products

By Tony Samson

CELEBRITIES OFFER a simple marketing appeal in their billboard appearances. They are idolized by many and represent the aspirations of a targeted segment of consumers — I can also use the bank of this famous beauty queen and get the same treatment (without her talent fees).

Celebrity marketing has often been used with little regard to its effectiveness, using the same celebrities to peddle different products. Okay, maybe a skin whitener being endorsed by an actress still in her prime can convince a dark unknown to buy her product. If the capsule whitened her skin, it should do the same for everybody else, presuming that she uses the product she is recommending.

The celebrity shares her popularity and instant recognition to an unknown product. The brand then is supposed to acquire the same appeal she offers. There are attributes of her personality like youth, vivacity, commercial appeal, and chic that are deemed properties of the endorsed product. In advertising, this is called “brand affinity.”

The popularity of celebrity endorsements is clear with how they dominate billboards in major thoroughfares and store fronts. There could be a billboard index to measure both the talent fee and the awareness levels of a featured celebrity. The boxer, in his heyday of knockout wins, could endorse shampoos, muscle pain relievers, and energy drinks. It was the association with a “winner” that kept advertising offers coming. Still, when the winning stopped (in a dramatic fashion when kissing the mat without meaning to) so also did the billboard offers.

Curiously, other sports figures had not attracted the same big bucks for product endorsements. (Would any of the gold medalists in the recent SEA Games now merit billboard space?)

Another kind of endorser is the expert, or someone acting in this role. Is the one checking tartar deposit in your teeth as you come out of the mall a real dentist or an actor playing one? The ad does not specify so the company cannot be accused of misrepresentation. It is enough to make him look professional and possessed of white teeth himself.

Real experts can be endorsers too, even if not well known. These professionals, whose name and affiliation appear in small print below, are employed for products not intended for mass marketing like artificial limbs or in-vitro procedures. Some real practitioners are loath to recommend products that can have possible harmful effects.

Professional endorsements are only attractive for the specialist who has a stake in the company promoting the product like surgical enhancements. Cosmetic surgery celebrity endorsers may waive their talent fees in exchange for the treatment, except in gender change. They usually agree to a “before” and “after” type of format.

What about political endorsements by celebrities? Will dancing with a famous singer in a campaign TV ad boost awareness levels? Instead, before the allowed campaign period, it is the candidates themselves who pose as endorsers for products (ketchup) and advocacies. Here, it is not the ketchup or safe sex that gains marketing advantage but the endorser himself. The product may not even be available. The goal is to raise the profile of the endorser and allow him to skirt the restriction on the campaign period.

Also, there is a risk in celebrity marketing. The brands/images of both celebrity endorser and product become Siamese twins that sink or swim together, at least for a year. A reputational risk for the brand arises with an embarrassing sex video of the celebrity or some fraud attached to the product a hot celebrity has endorsed. The reputational risk affects both the product and its endorser.

It is instructive to realize that when we look for endorsers (or referrals) to guide us in a crisis, it is we who seek them out. When we need guidance in a health predicament to find the best approach or identify a practitioner, we seek find endorsements and guidance valuable.

Still, for everyday products and services, do celebrities really nudge our purchasing decision? Whether it is candidates or products being sold (and these two categories seem to employ the same marketing techniques) the talent fees driving the process make the endorsement dubious. Anyway, it is in the world of fake news and the trumpeting of success for an exorbitantly costly event that celebrities and products blend in… and thrive.

 

Tony Samson is Chairman and CEO, TOUCH xda.

ar.samson@yahoo.com

Christmas Wars 2019: Protests, Lawsuits and a Cup of Cheer

By Stephen L. Carter

WITH THE holiday season in full swing, it’s time for my own annual tradition — dispatches from the Christmas wars:

Over the years, this roundup has often featured battles over Nativity scenes on public property, and those skirmishes are still being bitterly fought. But this season has seen many of the fights move out of the courts and into church congregations, which have found themselves divided over what many perceive as a political — some might even say left-leaning — tilt in the way the scenes are crafted. (Think Baby Jesus floating in plastic-clogged water while the Three Wise Men drown; or Mary, Joseph and Jesus separated and kept in wire cages.) Useful fodder for theological disputes, to be sure, but, fortunately, not the subject of litigation.

Christmas displays are also making unhappy international news. In Hong Kong, the shopping malls have decided to avoid expensive and ostentatious Christmas decorations this year, for fear that pro-Democracy protestors will tear them down or even burn them. Elsewhere, the mayor of Strand, a municipality in Norway, has asked a local Pentecostal church to remove the Star of David from its public Christmas display, and replace it with a “traditional Christmas star,” on the ground that the former is “a national symbol both for the Jews and for the State of Israel.”

Plainly, both these battles are really over other issues. The Hong Kong story is simply sad; the Norway story is deeply troubling.

That’s not to say that there’s no been litigation in the US this year about Christmas displays on public property. In an Indiana case, the court went so far as to scrutinize the distance between the figurines representing Santa and the baby Jesus, as well as their relative size and arrangement in the display. That a judge might go into such detail is the predictable fruit of the strange hybrid strains the Supreme Court, in a series of impenetrably complex decisions, has sought to engineer into a single constitutional plant. (Sorry: Still wishing the New Yorker would bring back its old “block that metaphor” inserts.)

While we’re on the subject of Nativity scenes, in Parker County, Texas, an unknown woman was caught on video, stealing the figurine of the baby Jesus from a pricey lawn display. The owners of the house were sanguine: “Maybe somebody needs Jesus more than we do.”

Let’s go now to the true spirit of Christmas — the secular variety, anyway — to wit, the holiday boon enjoyed by retailers. The National Retail Federation estimates that the average consumer will spend over $1,000 during this season. Total consumer spending in the US during the holidays is expected to exceed $1 trillion.

A tiny corner of this shopping spree caused a ruckus in St. Charles, Missouri, where local store owners sued after the city erected barriers that narrowed a downtown street and eliminated some 100 parking spaces. The mayor justified the barriers as a safety measure, noting that Christmas crowds were spilling from the sidewalk into the street. The merchants complained that if people couldn’t park, they wouldn’t shop, and pointed to a precipitous drop in sales when the barriers went up on Black Friday weekend.

Early this month, a local judge ruled in favor of the retailers. The barriers will stay down. Still, the mayor had the last word. “I hope the merchants prosper,” he said. “I hope they do well, but I don’t want anyone hurt.”

The holiday season is also the season of streaming, and for the third year in a row, the Hallmark Channel, home of crowd-pleasing holiday fare about finding romance while trapped in an unexpected blizzard, earns a place in the column — this time due to its own bizarre misjudgment. Within the space of three days, the good people at Hallmark decided to drop a commercial featuring a same-sex wedding after complaints from traditional-values groups, then decided to reinstate the commercial after an online uproar. Hallmark executives might feel whipsawed, but the only real question is how in the name of Peace on Earth they failed to predict that cancelling the ad would provoke a fury on social media. Even if they reasoned that Hallmark viewers trend conservative, anybody who’s been paying attention should have foreseen this particular tsunami.

On the lighter side of streaming, this year I perused a number of lists of the best Christmas movies of all time. Most — including, for instance, Esquire, Vulture, and Rotten Tomatoes — correctly ranked It’s a Wonderful Life as number one. (No, no, this is science, not opinion.) We should demand a recount, however, from the Today Show, which mysteriously placed the Frank Capra classic at number three, and also managed somehow to drop the original Miracle on 34th Street to … wait for it … ninth?! Still, I will admit that Today’s champion, Elf, is among my absolute favorites.

Meanwhile, in a case that ordinarily would never make the news, an appellate court in Missouri used the holiday crush at the post office to give a woman convicted of drug and child endangerment charges an unexpected Christmas present. Julie Mae Kirk had filed what is known as a motion for post-conviction relief, arguing that her conviction should be set aside. The lower court refused to consider Kirk’s petition, on the ground that it was filed too late. The court received the motion on Dec. 21, 2017, but as a matter of law it had to be filed within 180 days of her conviction, which would have meant Dec. 19.

This month the Missouri Court of Appeals ruled for Kirk, largely because of the time of year when the case arose: “Given the Postal Service’s own estimates of delivery times, and the fact that Kirk’s motion was mailed during the height of the Christmas season, the more likely scenario is that Kirk’s motion was mailed on or before Dec.19.”

All of which is to say that the difficulty of getting everything delivered on time during the holidays can sometimes work in a litigant’s favor.

Finally, WalletHub has just released its rankings of the best cities for Christmas celebrations. Let’s put aside any discussion of the methodology. (Okay, let’s not put it aside. Among the many metrics the site used were churches per capita, bakeries per capita, and bars per capita.) Atlanta and Orlando took the top two spots, but don’t worry, New Yorkers: your city finished first in the category of “Traditions & Fun.” And the west coast wasn’t forgotten: Seattle ranked first and San Francisco eighth in residents’ generosity.

And if the true spirit of Christmas is found in giving, that’s the list that matters most.

 

BLOOMBERG OPINION

Meralco, TNT in do-or-die match for last finals berth

By Michael Angelo S. Murillo
Senior Reporter

THE best-of-five Philippine Basketball Association Governors’ Cup semifinal series between the Meralco Bolts and TNT KaTropa is down one last game with Game Five today at the Ynares Center in Antipolo City.

Set for 7 p.m., the Bolts and KaTropa make one last go at a finals berth that would have them face off with early qualifiers Barangay Ginebra San Miguel Kings in the championship series.

Meralco forced the rubber match after taking Game Four, 95-83, on Saturday, boosted by the play of import Allen Durham and guard Baser Amer.

Mr. Durham was once again in his steady form with Mr. Amer raising his game in the fourth period to tow their team to the series-levelling win and keep their finals hope in the season-ending PBA tournament alive.

The Bolts import led the way for his team with 36 points, 13 rebounds and five assists while Mr. Amer had 12 points, 10 coming in the fourth quarter, to go along with seven assists in the victory.

TNT had a strong start to the contest, taking the opening quarter, 24-18.

But Meralco picked it up in the second frame, outscoring TNT, 33-21, to seize a 51-45 advantage at the break.

In the second half, the team continued to battle it out but the Bolts just had more to give in the end to outlast the KaTropa to set up the do-or-die clash.

Chris Newsome had 10 points and nine boards for Meralco with Raymond Almazan and Allein Maliksi adding eight points apiece.

For TNT it was import KJ McDaniels who showed the way with 26 points, followed by Troy Rosario with 15, and Jayson Castro, Ray Parks, Jr. and Roger Pogoy adding 14, 11 and 11 points, respectively.

“I’m proud of the way the players responded tonight under pressure. We were in a do-or-die situation where if we lost, we are going home,” said Meralco coach Norman Black after their Game Four victory, adding that their defense also made a difference in the contest.

The Bolts are trying to make it to a third Governors’ Cup finals appearance in the last four years while the KaTropa are seeking back-to-back trips to the PBA finals this season.

Esports Center opens in Eastwood Mall to aid gaming community

Esports Center logo

AFTER helping the country secure the overall championship in the 2019 Southeast Asian (SEA) Games for the first time in the last 14 years, esports gets another boost it truly deserves with the opening of the Esports Center (ESC) in Eastwood Mall in Quezon City.

Powered by Globe in partnership with Mineski, Megaworld, and Logitech, the new facility promises to bring the whole esports community to the next level by offering a wide array of experiential activities ranging from immersion programs, community leagues, mentorships and special appearances and engagements with influencers such as Team Liyab athletes who competed in the biggest sporting event in Southeast Asia.

“As the leader in the development of the Filipino digital lifestyle, we continue to invest in the future of esports in the country. By doing this, we continue to push the boundaries of digital entertainment for our customers, particularly the games and esports they are so passionate about. With the Esports Center we are giving the community, the esports athletes and the fans a physical home to enjoy, share, improve and elevate their experience. The ESC is for everyone with a passion for games and esports,” Nikko Acosta, Globe SVP and Head of Content Business Group, said in a press release.

The first ESC was put up at UP Town Center early March this year and was very successful in rallying together the country’s foremost gamers and esports enthusiasts. This gathering eventually formed the core of the esports community that went all out in supporting esports as part of the official events in the biennial games.

The ESC also aims to build on recent triumphs of Philippine esports as it continues to gain more supporters and acceptance following its inclusion in the 2019 SEA games, and the success of the Philippine national contingent in finishing on the top of the medal tally for esports.

Team Liyab’s Caviar “Enderr” Acampado took home the gold medal for the Philippines in StarCraft ll at the expense of his Singapore rival. The Mobile Legends and Dota 2 squads likewise contributed one gold medal each to complete the stellar performance of the national esports team in the 30th edition of the SEA Games.

“The ESC is one of our key initiatives in continuing our mission to help the local esports industry to grow further. Building from the successful inclusion of Team Liyab’s Arena of Valor and StarCraft II esports athletes, and how they proudly represented our country, we believe esports will be even bigger in the next few years. With the ESC, along with all of the programs we have in store, we aim to further fuel the development of Philippine esports,” Gerry Soler, Head of Globe Games and Esports, said.

The ESC will be open to all esports enthusiasts regardless of the level of their skills. Collegiate and corporate teams will likewise have the chance to test their abilities against other teams by simply participating in the different leagues scheduled to be held in the next three months. Newbies and newcomers are also welcome as clinics and programs mentored by known esports personalities and influencers will also be available.

Visit the ESC at Eastwood Mall in Libis for more information or details. The ESC will be open until March 18, 2020.

Leonard shines amid boos, Clippers rout Spurs

SAN ANTONIO — Kawhi Leonard was booed loudly every time he touched the ball but still poured in 26 points, leading six Los Angeles Clippers in double-figure scoring as the visitors routed the San Antonio Spurs 134-109 on Saturday.

A 7-0 run by the Clippers over the first 78 seconds of the third quarter expanded an 11-point halftime lead into a 78-61 advantage.

Los Angeles eventually outscored the Spurs 38-22 in the quarter, getting 28 points through 36 minutes off 14 San Antonio turnovers. The Clippers led 110-83 at that point, making the fourth period all but academic.

Leonard was traded from the Spurs to Toronto before last season, then signed with the Clippers in this past offseason. He was making his third appearance back in San Antonio as part of an opposing team and took advantage of his opportunities, especially in the first half, when Los Angeles set the tone for the game.

Leonard added nine assists and seven rebounds. Montrezl Harrell had 21 points for Los Angeles, with Lou Williams scoring 20, Maurice Harkless and Ivica Zubac hitting for 15 each, and Paul George pumping in 11 points for the Clippers.

DeMar DeRozan led San Antonio with 24 points, while Marco Belinelli added 17, LaMarcus Aldridge scored 12, and Dejounte Murray and Derrick White contributed 10 apiece.

The Clippers led 72-61 at the half behind 18 points from Leonard on 7-of-9 shooting, 16 off the bench from Williams and 10 from Harrell. DeRozan led all scorers in the first half with 20 points, 13 of them in the first quarter, with Aldridge pitching in 10 for San Antonio.

Both teams shot well over the first 24 minutes, with Los Angeles managing 56% to the Spurs’ 53.5% from the floor.

The Clippers have now taken two of the three games between the two teams this year.

ROCKETS SOAR PAST SUNS
James Harden drained nine 3-pointers while recording 47 points, six rebounds and seven assists to lead the Houston Rockets to a 139-125 victory over the host Phoenix Suns on Saturday night.

Russell Westbrook added 30 points and 10 assists as Houston defeated Phoenix for the 13th consecutive time. Clint Capela registered 14 points and 17 rebounds and Danuel House Jr. added 11 points for the Rockets.

Houston shot a blistering 58.6 percent from the field, including 19 of 41 from 3-point range. Harden hit 15 of 27 shots and was 9 of 19 from behind the arc.

Kelly Oubre Jr. scored 26 points for the Suns, who lost their sixth straight game and 14th in their past 18. Devin Booker added 19 points, nine assists and six rebounds, Elie Okobo tallied 17 points and Ty Jerome added 15 points. — Reuters

Lament follows decision to move ASEAN Para Games

By Michael Angelo S. Murillo
Senior Reporter

THE ASEAN Para Games 2020 which the country was set to host next month had been pushed to a later date after local organizers were forced to such a decision over what they related was caused by issues on funding and budget.

It was news that was greeted with lament by Para Games stakeholders in the region as they were not only looking forward to parade their wares in the Games, a twin event that immediately follows the staging of the Southeast Asian Games, but also they are now have to make adjustments that would entail additional burden on them, including in scheduling and funding, they said.

Originally set for Jan. 18 to 25, the ASEAN Para Games 2020 has been moved to March to give the organizers time to settle financial and logistical matters.

“While we have made every effort to prepare the Games in the past one and a half years, matters well beyond our control are compelling us to reschedule the event,” said Michael Barredo, Philippine Paralympic Committee president, in a statement.

The PPC official said they were informed of the development late last week by the Philippine Sports Commission (PSC), the agency tasked to fund the Para Games as directed by a memorandum from Malacañang.

The body initially committed P100 million for the staging of the event, but much of it was already spent for the preparation and training of the differently abled athletes, leaving it with less funds to hand to the Philippine ASEAN Para Games Organizing Committee (PHILAPGOC) to run a successful staging of the Games.

Compounding the funding woes is that the PSC’s coffers have been weighed down by the money put into the training, preparation and international exposures of the national athletes who competed in the SEA Games, which took place from Nov. 30 to Dec. 11.

It is hoped that by moving the competition to March, enough funding would be raised to get the Games going as seamlessly as possible.

The decision to move the competition had already been relayed to the ASEAN Para Sports Federation (APSF).

While saddened by the decision, the APSF said it understands the situation and asked for understanding from other participating countries in the region.

“Whilst expressing regret over the postponement and its impact, APSF acknowledges that the current situation, which involved the Games budget and disbursement of funding from the Philippines Sports Commission to the Philippines ASEAN Para Games Organizing Committee have left the Organizing Committee with no alternative but to postpone and seek new dates for the Games,” a release from the APSF read.

REPERCUSSIONS
For the Singapore Disability Sports Council, the postponement of the ASEAN Para Games (APG) carries a lot of repercussions.

Its president, Kevin Wong, shared in an interview with the The Straits Times, that the postponement not only puts a burden on countries as far as additional costs for flight rescheduling but also affects athletes vying for the Paralympics.

“Given there should have been proper planning in the long buildup to the APG, this postponement should not be happening,” said Mr. Wong.

“We are not the only country affected and this is very disruptive for every participating nation’s preparations. There are also athletes who may have planned to try and qualify for the Paralympics during the original dates, and have to miss that window now,” he added.

Team Singapore, however, expressed hope that the issue gets resolved soon just as it asked the ASPF to look into the contracts with ASEAN Para Games host countries to avoid such instances like the one at hand from happening.

For the ASEAN Para Games 2020, some 1,500 athletes from 11 countries are set to take part.

Garoppolo, 49ers oust LA Rams on late drive

LOS ANGELES — Jimmy Garoppolo converted a pair of third-and-16s in the final two minutes to set up Robbie Gould for a 33-yard, final-play field goal Saturday night, giving the host San Francisco 49ers a dramatic 34-31 victory that eliminated the Los Angeles Rams from postseason contention.

Gould’s kick capped a nine-play, 60-yard drive and pushed the 49ers (12-3) a half-game ahead of Seattle (11-3) for the NFC West lead and the inside track to top seeding in the NFC playoffs.

The win also capped a season-series sweep for the 49ers over the Rams, after they won 20-7 in Los Angeles in Week 6. The Rams (8-7), the defending NFC champions, needed to win out and have Minnesota lose out in order to reach the postseason.

Garoppolo threw for 248 yards, two interceptions and a fourth-quarter touchdown to George Kittle from 7 yards out that gave San Francisco a 31-28 lead, before Greg Zuerlein’s game-tying 52-yard field goal with 2:30 remaining. Jared Goff threw TD passes and Todd Gurley scored a pair of touchdowns.

PATRIOTS 24, BILLS 17
Rex Burkhead’s 1-yard run with 5:06 remaining gave New England a victory against visiting Buffalo, clinching another AFC East Division title.

The Patriots scored the game’s final 11 points to defeat the Bills for the second time this season and the seventh time in a row. It’s the 11th year in a row in which New England (12-3) has won its division, extending its post-merger (since 1970) NFL record. — Reuters

Lakers’ bench

If there’s anything the Lakers proved in their loss to the Bucks last week, it’s that they need more — make that much more — consistency from their bench if they plan to take the measure of the best of the best in the National Basketball Association. For all their vaunted depth, they have yet to show their supporting cast can step up exactly when needed. Against their fellow holders of the league’s best record, they were blitzed early, and the effort the First Five had to make in order to catch up told on them late. Tellingly, the six other players who weren’t part of the starting lineup managed to put up a mere four points in 75 combined minutes.

Make no mistake. The Lakers were handicapped, and not just because they competed on the road. Even with the excess-capacity crowd at the Fiserv Forum cheering against them, they showed resiliency in claiming the second half by 12 and ultimately surrendering the match by a respectable seven. The problem was in their inability to sustain their rally via ample substitutions. In contrast, the Bucks got a healthy 34 points off 89 total minutes from reserves, helping stem whatever strides were being made.

To be sure, improvements can and will be made on the execution of established offensive sets. In not a few cases, the Lakers moved the ball quickly, only for the open man to pass up the open trey. When the most efficient shot in pro hoops is refused in favor of a contested one, any and all problems become worse. It’s certainly why Most Valuable Player candidate LeBron James wound up with a game-worst minus-14 rating despite putting up his seventh triple-double of the season. He either played his part as a decoy and found a better opportunity that was then denied, or felt compelled to go for an ill-advised attempt under exigent circumstances.

The good news is that the Lakers will improve. They may be on pace to claim 70 wins for their 2019–20 campaign, but they still have more to give. Vital cog Kyle Kuzma, for instance, has been hampered by injury and remains hindered in his aim to establish rapport on the court with All-Star Anthony Davis. The bad news is that their ceiling appears limited. At this point, they would do well to assume the worst and work as if their roster will remain the same heading into the playoffs. They may be individually gifted, but their best hope of making a legitimate run at the hardware lies in their capacity to be better than the sum of their parts. Else, they’ll suffer the indignity of simply coming close.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

A reliable lifetime partner for OFWs

Former overseas workers testify on how Sun Life makes their earnings count…

Overseas Filipino Workers (OFWs) who are now nearly 2.3 million according to the Philippine Statistics Authority are one of the most hardworking people we know nowadays. To give their families a brighter future as well as to meet their daily needs, OFWs leave behind their loved ones, sacrificing the times they could have cherished with their children and spouse. They leave a world where they have grown up with and brace for an unknown world they have to live in.

This is what Jimuel and Jenny, husband and wife, experienced when they worked abroad for almost a decade.

https://www.facebook.com/sunlifeph/videos/523167128238231/

Jenny decided to practice her profession as a nurse outside the country since it is difficult to afford a secure standard of living with what she would earn working here in the Philippines.

While reaping greater gains in “greener pasture,” she has felt the lack of care she could have given to her child. “You’ll give birth just to leave the child behind while working overseas. That’s hard for a mother, who is supposed to nurture her child,” she said.

Likewise, Jimuel, who became an OFW at the age of 23 in Singapore, realized the hardships that comes along with making a living overseas. “It’s really hard to work abroad, especially that you are far from your family,” he said.

It was at this point in their lives that they came to realize how valuable it is to make sure that every earning they reap from their painstaking work counts, not just for their needs-at-hand but also for the future ahead.

“We started planning,” Jenny shared. “I told Jimuel we should start having our house built. Yet, upon planning that house, I came to think that we should not just spend our earnings on the house. We should invest the rest of it.”

Good thing for Jenny, she has an existing policy with Sun Life which she started with as small as P3,000. As she maintained her contributions, her policy’s cash value grew.

Upon the recommendation of her financial advisor, it dawned upon Jenny that she can use part of the earnings of her policy. To her surprise, she was able to borrow around ₱1.8 million. “I have not realized until I applied for benefits that I could really use it,” she said.

She learned as well that she should also insure herself aside from insuring a vehicle or house since she is the one making all these plans possible as a breadwinner.

The couple has come to learn that their hard work as partners should not only provide a secure living for their family at present but also in the future. With embarking on investment through Sun Life, they were able to activate a brightened future ahead of them.

For Jimuel, this has helped him become more thoughtful of how he handles his earnings. “How I handle my money before is way different from today. Before, I was really lavish in spending. I would buy whatever new item is out there, for instance,” he shared.

Jenny, on the other hand, is so inspired by her investing in Sun Life. “I really haven’t thought that investing will have that great impact on an OFW. While you’re earning at work, you wouldn’t think of that. You think you simply invest so that you could use whatever you saved there when you need it. But, I can’t believe that investment can really help in a big way once you get out of your job.”

After a decade of hard work away from home, Jimuel and Jenny were finally able to come home for good.

Just like it helped Jenny and Jimuel, Sun Life, the no.1 life insurance company by the Insurance Commission for eight years in a row, has shown itself to be a reliable partner for creating a brighter future. With easy and accessible investment options and a wide range of insurance products, Sun Life can help our hardworking OFWs make their earnings count.

For inquiries on Sun Life’s products, visit their website at www.sunlife.com.ph, or go to a Sun Life Client Service Center near you. Look for a Sun Life financial advisor through Sun Life’s Advisor Match at advisormatch.sunlife.com.ph.

Find out in this video how Sun Life has helped OFWs Jenny and Jimuel make their earnings count and create a brighter future.

BSP fine-tunes rules for pawnshops, FX dealers

THE central bank has revamped registration rules for pawnshops and foreign exchange dealers as part of efforts against money-laundering, according to a memo issued by Deputy Governor Chuchi G. Fonacier.

The Bangko Sentral ng Pilipinas also ordered these financial institutions to “ensure the soundness and adequacy of their risk management policies and practices in dealing with foreign exchange dealers and remittance and transfer companies.”

Entities that fail to do so will be sanctioned and fined, Ms Fonacier said in the memo.

Under the rules, financial institutions should transact only with registered foreign exchange dealers, money changers, remittance and transfer companies.

They should also assess risks from dirty money and terrorism-financing, the central bank said.

“Inability to comply with relevant customer due diligence measures is a ground for refusing to open the account, commence business relations or perform the transaction and/or terminating the business relationship,” according to the memo.

Australia’s Westpac Banking Corp. was saie to have breached money laundering laws more than 23 million times. The bank’s remittance arm, LitePay, had partnered with Bank of the Philippine Islands, which had been indefinitely suspended after the news.

So far, initial investigation by BPI found that 10 local banks had received money channeled through BPI, according to a report submitted to BSP.

The funds involved were of small value and below the minimum required to be flagged and looked into under the country’s regulations, Ms. Fonacier told reporters on Friday.

The central bank probe might continue up to January because of the holidays, she added.

Under the Anti-Money Laundering Act, covered cash transactions worth more than P500,000 must be flagged and scrutibnized. — Luz Wendy T. Noble

Peso weakens on potential Trump impeachment

THE peso weakened against the dollar on Friday as worries about the potential impeachment of US President Donald J. Trump haunted the market.

It closed at P50.815 against the greenback, 18 centavos weaker than on Thursday, according to data from the Bankers Association of the Philippines.

The peso also weakened by 17.5 centavos from a weak earlier.

The peso opened at P50.63 versus the dollar, weakened to as much as P50.86 and strengthened to as much as P50.625 a dollar.

Dollars traded slipped to $835.75 million from $998.7 million on Thursday.

Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion traced the peso’s decline to “global headwinds.”

“The market is cautious going into the holiday break with global headwinds like the impeachment of US President Donald Trump as potentially the main driver,” he said in a text message.

Reuters reported that after US Speaker Nancy Pelosi said she would not submit the impeachment case to the Senate until they have established how Republicans will manage the proceedings, Mr. Trump tweeted that he preferred an immediate trial.

“So after the Democrats gave me no due Process in the House, no lawyers, no witnesses, no nothing, they now want to tell the Senate how to run their trial,” he said on Twitter. “I want an immediate trial.”

Ms. Pelosi was not expected to move until lawmakers come back after their year-end recess in early January, according to aides.

The US House of Representatives on Wednesday approved two articles of impeachment against Mr. Trump. A trial next month to decide whether he will be convicted and removed from office is expected at the Senate, which is considered to be a “friendlier terrain” for the US president.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort traced the peso’s performance to US data.

“Stronger US initial jobless claims data also supported the latest gains in the dollar,” he said in a text message.

The number of Americans who filed for unemployment benefits slipped from more than a two-year high last week on labor market strength.

Data from the US Labor department released on Thursday showed that initial claims for state unemployment benefits went down by 18,000 to a seasonally adjusted 234,000 for the week.

Reuters said that although the drop did not unwind the jump by 49,000 seen last week, it likely does not indicate material shift in the labor market conditions as claims data tend to be volatile in the period after Thanksgiving. — Luz Wendy T. Noble