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CONTENTS VOL. XXVI, ISSUE 27 SECTION 1
2&8 THE ECONOMY 4-5 OPINION 6-7 CORPORATE NEWS 9-10 THE WORLD 11-12 THE NATION
TODAY’S ISSUE: 3SECTIONS 30PAGES
Manila, Philippines P25 MEtro
1, 3&4 BANKING & FINANCE 2 STOCK MARKET 5 WORLD MARKETS 6 WORLD BUSINESS 7 BULLETINS 8-9 WORLD SPORTS 10-11 ARTS & LEISURE
I do not expect a repeat of the 2007-2008 food crisis, but neither do I expect that things will be as ‘normal’ as they have been since 2009” – Angelito T. Banayo
S1/8 BANKING & FINANCE
Abaca export earnings fall
Slide in T-bill rates expected
Monday, September 3, 2012
1-6 WEALTH MANAGER
STOCK MARKET 30 days to August 31, 2012 INDEX
5400 5325 5400 5330 5280 5290
5180 5235 5260 5070 5190 5190 4960 5145 5120 4850 5100 5050
46.88 pts. 0.91%
COMPOSITE ASIAN MARKETS
OPEN: HIGH: LOW: CLOSE: VOL.: VAL(P):
5,149.34 5,196.19 5,125.54 5,196.19 2.060 B 7.360 B
% -1.6 -0.36 0.35 1.06 -0.07 0.45 -0.03
AUGUST 31, 2012
CLOSE NET Japan (Nikkei 225) 8,839.91 ▼ -143.87 Hong Kong (Hang Seng) 19,482.57 ▼ -70.34 Taiwan (Weighted) 7397.06 ▲ 25.62 Thailand (SET Index) 1,227.48 ▲ 12.93 S.Korea (Kse Composite) 1,905.12 ▼ -1.26 Singapore (Straits Times) 3,025.46 ▲ 13.64 Sydney (All Ordinaries) 4,339.02 ▼ -1.14 Malaysia (Klse Composite) HOLIDAY WORLD MARKETS CLOSE
Fed’s stimulus hint ‘important’ for BSP
By Kathleen A. Martin
Reporter The US Federal Reserve chief’s hint of fresh policy easing will be a key consideration when the Bangko Sentral ng Pilipinas (BSP) reviews interest rates next week, a senior official said. “This is an important factor to consider in the next meeting of the Monetary Board,” BSP Deputy Governor Diwa C. Guinigundo said on Saturday, reacting to Friday’s widely awaited speech by the Fed’s Ben Bernanke where he suggested that the US central bank was ready for a new stimulus. “Bernanke indicated that the US economy has not completely turned the corner. Mixed signals from the US economy would show that the economic traction remains weak [and] for this reason, a next round of quantitative easing might be necessary,” Mr. Guinigundo said. Important, S1/3
NEW YORK Heavy trading expected Marking the end of the summer doldrums, Wall Street is likely to kick off September with heavy trading while it hopes that the European Central Bank will hint at further stimulus measures to boost the global economy. On Friday, US Federal Reserve Chairman Ben Bernanke stopped short of giving an explicit signal of more monetary easing. S2/5 Oil tops $114 on volatile trading Oil rose above $114 per barrel in volatile trading on Friday, taking gains in August above 9%, after Fed chief Ben Bernanke stopped short of signaling extra monetary easing was imminent but kept the door open for action. S2/5
AUGUST 31, 2012 NET
Dow Jones NASDAQ S&P 500 FTSE 100 Euro Stoxx50
13090.84 3066.96 1406.58 5711.48 2508.83
▲ ▲ ▲ ▼ ▲
90.13 18.25 7.10 -7.97 5.11
AUGUST 31, 2012
$/UK pound $/Euro $/Aust dollar Canada dollar/US$ Swiss Franc/US$
1.5865 1.2578 1.0317 0.9864 0.9549
▲ 1.5832 ▲ 1.2553 ▼ 1.0330 ▼ 0.9911 ▼ 0.9561
PESO DOLLAR RATE 30 days to August 31, 2012
41.60 41.78 41.96 42.14 42.32 42.50
OPEN HIGH LOW CLOSE W. AVE. VOL. P42.280 P42.060 P42.280 P42.060 P42.178 680.72 M
Checking the damage
Residents stand next to the collapsed altar wall of a chapel in Basey, western Samar, in this photo taken yesterday. Families are now returning to their quake-devastated homes after a 7.6 magnitude earthquake struck on Aug. 31. (Story on S1/12)
AUGUST 31, 2012 PREVIOUS 78.62 7.7558 29.912 31.36 1133.1 1.2517 9540 3.123
Japan (yen) Hong Kong (HK dollar) Taiwan (NT dollar) Thailand (baht) S. Korea (won) Singapore (dollar) Indonesia (rupiah) Malaysia (ringgit)
Latest Bid 0900GMT 78.38 7.7554 29.872 31.32 1133.19 1.247 9530 3.123
▼ ▼ ▼ ▼ ▲ ▼ ▼ —
APEC agenda to be pushed by businessmen
Trade services, food security and the promotion of livable cities are among the issues that a Philippine delegation will raise during this week’s APEC Business Advisory Council (ABAC) meeting in Russia. “Philippine priorities until 2015 are trade services, infrastructure development, development of small and medium enterprises through innovation, food security, anti-corruption practices and the promotion of livable cities,” said Peter V. Perfecto, executive director of the Makati Business Club, which acts as the secretariat for the ABAC’s local arm. Doris Magsaysay- Ho, president of A. Magsaysay, Inc.; Tony Tan Caktiong, Jollibee Foods Corp. chairman; and Jaime Augusto Zobel de Ayala, Ayala Corp. chairman and chief executive, will be repreAPEC, S1/3
Tiny Singapore risks economic gloom without baby boom
SINGAPORE — History suggests Singapore will enjoy a welcome baby boom in this Year of the Dragon, the most auspicious for births in the Chinese zodiac. But after 25 years of statesponsored matchmaking and fertility-boosting campaigns, the government’s attempts to arrest a sliding birth rate are falling flat, with potentially profound consequences for the wealthy Asian city-state. The calls to conception are now urgent and constant to citizens whose fertility ranks last among 222 nations in the US Central Intelligence Agency’s World Factbook. Faced with dismal statistics like that, the government has begun a review of population and immigration policy and says it plans new measures to encourage births by the time it publishes the results of its consultation early next year. The message to have more babies is all the more pressing as resentment builds over an influx of foreigners who now make up more than a third of the population of 5.2 million, a factor that is eroding support for the long-ruling People’s Action Party. “We have a problem. The longterm trend is down but we cannot
Inflation likely up anew
Analysts expect inflation to have accelerated further last month due to food supply disruptions arising from heavy rains and floods. A BusinessWorld poll of eight economists and bankers led to a median forecast of 3.55% for August inflation, within the Bangko Sentral ng Pilipinas’ (BSP) 2.93.8% outlook. Official data for the month will be released by the National Statistics Office this Wednesday. “Inflation will tick to 3.5% YoY (year-on-year) in August and this will be the highest reading in seven months,” Eugene Leow, economist at DBS Bank, Ltd., said in an email. “Food price pressures arising from the recent flood will factor into the headline number, but this should prove transitory,” he continued. Inflation rose to a six-month high of 3.2% in July from 2.8% in June. Jeff Ng, economist at Standard Chartered Bank, said in separate e-mail that “recent supply disruptions from the storms that affected the Philippines, coupled with rising energy prices, is likely to have contributed to the increase of the headline inflation rate.” Monsoon rains battered Metro Manila and nearby provinces last month, triggering floods, killing at least 92 people and displacing more than two million. Inflation, S1/3
Clarification of mining policy sought
By Diane Claire J. Jiao
Senior Reporter An ongoing overhaul of the country’s mining industry framework – very much still in the preliminary stages – should not delay planned state asset auctions, the Privatization and Management Office (PMO) said. “The privatization of mining claims was subject to the mining EO (Executive Order). It was also involved in the drafting of the EO’s IRR (implementing rules and regulations),” PMO Chief Privatization Officer Karen G. Singson said last week. EO 79, issued in July, detailed the Aquino administration’s new mining policy for the Philippines. Its IRR still has to be issued and central changes such as a new revenue sharing arrangement will require Congress’ amending relevant laws. In the meantime, a nearly twoyear moratorium on the grant of new mining permits will continue to remain in effect. Among others, EO 79 states that the “grant of mining rights and mining tenements over areas with known and verified mineral resources and reserves, including those owned by the government and all expired tenements, shall be undertaken through competitive public bidding.” Abandoned ore and mine wastes, mill tailings and related structures and facilities in defunct Mining, S1/3
FEWER BIRTHS mean consequences for wealthy Singapore.
from S1/ 1
give up,” Prime Minister Lee Hsien Loong said in a speech last week about the nation’s future. Social and economic engineering is nothing new in Singapore, where a firm government hand helped to steer a small island with no natural resources into one of the world’s most affluent countries in a little over a generation. But the relentless drop in the birth rate reveals the limits of that influence in what has been described as a “nanny state”. For a global trade and financial center like Singapore, its extremely low fertility rate has implications for economic growth, tax revenues, healthcare costs and immigration policy as the number of elderly people looks set to triple by 2030. There are now 6.3 Singaporeans of working age for every senior citizen. By 2030, the ratio will be closer to 2:1. At current levels, the birth rate implies that the local population will fall by half within a generation, said Sanjeev Sanyal, a Singapore-based global strategist at Deutsche Bank. “Even to attract a pipeline of good quality foreign talent, you need sociopolitical continuity and stability that can only be provided by a robust anchor population,” he said. Not long ago, Singapore had the opposite problem. From the mid1960s, with post-war baby boomers hitting child-bearing age, the fears were that a population surge would threaten the development of the newly independent nation. With the slogan “Stop at two”, the government penalized big families, legalized abortion and rewarded sterilization. It was so effective that, by 1987, the policy was reversed and the slogan became “Have three or more if you can afford it”. Conspiring against more births are powerful contraceptives in the form of intense career pressure, long work hours, small apartments, waiting lists for nursery care and soaring prices. The 2010 census showed Singaporeans are marrying later than a decade earlier. In the age group 30-
Monday, September 3, 2012
Abaca export earnings fall
THE COUNTRY’S abaca export earnings in the first semester dropped by 10.5% year-on-year due to slower demand from major foreign markets, government statistics showed. Data from the Fiber Industry Development Authority (FIDA) sent to reporters over the weekend showed that outbound shipments of abaca from January to June were valued at $63.95 million versus the $71.49 million recorded in the same period in 2011. The Philippines exports abaca in the form of raw abaca fiber and various manufactures like pulp, cordage, fabric and fiber-craft to countries in North America, Europe and Asia. The FIDA report noted that sales of raw abaca fiber declined by 63.3% in the first six months to $2.48 million from $6.75 million during the same period a year ago. In volume terms, exports dropped by 58.5% to 16,793 bales for the first half of 2012 from the 40,444 bales shipped out in the first six months of 2011. Raw fiber exports to the Asian region, which comprised 44.2% of the shipments made in the semester, dropped by 73% to 7,420 bales during the first half of 2012 from 27,462 bales reported during the same period last year. The decline was led by an 82.7% decrease in exports to Japan, to which the Philippines was only able to ship out 3,370 bales from January to June 2012 versus the 19,452 bales it exported to the country during the first half of last year. Outbound shipments to China also dropped by 60.7% to 2,970 bales from 7,650 bales. Shipments to Europe, which accounted for 55.8% of the total raw fiber exports this year, likewise decreased by 27.8% to 9,370 bales from the first six months of 2012 from the 12,982 bales recorded in the first half of 2011. Earnings from cordage exports also declined by 6.6% from January to June this year to $7.77 million versus the $8.32 million recorded during the same six-month period last year. Volume-wise, outbound shipments of the product dropped by 13.8% to 3,221.2 metric tons (MT) in the period this year from 3,763.3 MT last year. Cordage exports to majority of the country’s markets declined significantly, led by shipments to countries in Asia, which collectively dropped by 18.9% to 692.3 MT from last year’s 853.6 MT. Exports to North America also decreased by 16.2% to 2,098.5 MT. Outbound shipments of pulp also declined by 5.9% in value terms as of June 2012 to $49.06 million against last year’s $52.12 million but still accounted for 76.7% of the industry’s earnings in the half. Pulp exports also slightly declined in volume to 14,195.4 MT, 1.8% lower than the 14,458.8 MT recorded a year ago as shipments to North America and European countries declined by 16% and 12.4%, respectively. Exports to Asian markets, however, saw a 39.7% rise to 4,242.4 MT in the first six months of 2012 versus last year’s 3,037.5 MT. Meanwhile, earnings from the country’s exports of abaca fabrics increased by 32.4% to $694,333 this year against the $524,603 recorded in the same period in 2011. Earnings from fiber-crafts shipments likewise rose by 4.7% to $3.95 million in the first six months of 2012 from last year’s $3.77 million. The FIDA had said in April that abaca export sales are expected to grow by 10% this year on better demand for various abaca manufactures from the country’s foreign markets. Officials of the agency were not immediately available for further comments. Last year, the country earned $140.3 million from the exports of abaca products, up 34.3% from the $104.5 million registered in 2010. — Bettina Faye V. Roc
Chemicals sector submits master plan
By Emilia Narni J. David
Senior Reporter THE CHEMICALS sector has submitted its master plan until 2030 to the Board of Investments (BoI), the Samahan sa Pilipinas ng Industriyang Kimika (SPIK) said in a statement over the weekend. The chemicals sector is one of the industry groups that submitted its policy recommendations to the government. The master plan was submitted last Thursday. “Our plans enable us to harness our abundant natural resources, sustainably deployed by Filipino talent to solve Philippines challenges and continuously improve our quality of life,” said SPIK President Roberto F. Batungbacal in the statement. Priority Issues The group identified six priority issues that its master plan will seek to achieve its vision for 2030. These are: to create a wide range of products with the best customer value; to satisfy domestic demand and be a leading contributor to exports; and to promote a high level of workforce productivity. Also part of the industry ’s priority issues are the following: to be innovative in products and processes; to engage in sustainable development and management to protect the natural assets needed by the industry, and; to enhance competitiveness. SPIK said the plan was prepared in participation with the Center for Business Research and Development of the De La Salle University and the chemical industry sub-sectors. The Trade department and BoI have asked industry groups to submit road maps for the plans to grow their industries. So far there are about 38 industry road maps submitted to the BoI. Such industry plans have come from agribusiness groups for coconuts, poultry, coffee, and rubber, to name a few, while plans from the manufacturing sector have come from makers of float glass, plastic, paints and coating, printer ink, petrochemicals, garments, and jewelry. SPIK said it has been working on its road map for three months and have hired the De La Salle University to facilitate the drafting of the road map. SPIK was formed in 1977 with 35 member companies. The group’s membership now totals 67 firms.
34, a key time for career, 43% of men and 31% of women were not married. For women in their 40s who were or had been married, those with only one child rose to 19% from 15%. The issue is acute for the ethnic Chinese who make up 74% of Singapore’s citizens and permanent residents, a majority that has ebbed from nearly 78% in 1990. Ehnic Chinese are having fewer babies than the Malay and Indian communities and are more likely to be single. Officials have sought to balance the call for more children with a message that the country must remain open to immigration to provide the labor and expertise needed for future growth. Not all are convinced. Simmering anger over immigration is widely believed to have contributed to the People’s Action Party’s unexpected loss of seats in last year’s parliamentary elections. To encourage parenthood, the government gives out baby bonuses of up to S$4,000 ($3,200) for each of the first two children, rising to S$6,000 for the third and fourth. It also matches deposits made into a Child Development Account. The Social Development Network offers free romantic advice by its “Dr. Love” and oversees the activities of private dating agencies. Some hope for a zodiac-linked baby boom that is borne out by government figures. Births rose in previous Dragon years in 1976, 1988 and 2000, but those were only minor spikes in a steady decline. The government is promising new measures to encourage births and help families but unless career and cost pressures change dramatically, there may be little effect. “Can Singaporeans be persuaded to have more children?” was the survey question during a recent television panel discussion on the birth rate. Channel News Asia’s telephone poll may not have been completely scientific, but the answer was clear – a resounding 74% of respondents said “no.” — Reuters
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respectively. from S1/ 1 senting the Philippines in the ABAC meeting.6%. “Food security is an ongoing issue which we need to continually prioritize in the long term. Another rate cut could reduce speculative demand on the currency. director and senior economist at ING Bank NV in Manila. Ms. particularly by consolidating the three existing types of mineral agreements into one and imposing a single royalty rate of 7%. noted that the “BSP appears keen on limiting excessive peso strength. Guinigundo said. but also because persistently high levels of unemployment will wreak structural damage on our economy that could last for many years. The PMO can go beyond these targets. “We wanted to discuss livable cities in light of the recent floods .. currently a record lows of 3. The BSP’s policy-making Monetary Board has cut key rates by a total of 75 basis points this year. — with a report from Reuters Inflation. as the government is still finalizing the IRR. — Kathleen A. Inc. early this month.” Ms. from S1/ 1 operations shall also belong to the government. capital flows may be sustained including in the Philippines. the Federal Reserve will provide additional policy accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability. but Mr.75%. Cuyegkeng. “If [domestic] interest rates will further go down. Several analysts expect at least one more rate cut before the year ends.” Mr. will have its own ratesetting meeting on Sept. noting the need to support economic growth and manageable inflation. Singson said. Two said rates could stay on hold while the rest declined to comment. She declined to give details. With growth in the second half likely to be lower than that of the first. from S1/ 1 Jose Mario I. the PMO wants to ensure that the IRR of EO 79 will clarify the issue. the latest implemented last July 26. should a privatization pipeline be set. September 3.” The Philippine economy expanded by 5. which officials last month said was nearly ready for release. Leow. Bernanke stopped short of providing a clear signal of imminent action.” Mr. with the Department of Finance already studying the plan. Cuyegkeng said on Friday.” Trinh Nguyen. meanwhile. though.” — ENJD .” “Taking due account of the uncertainties and limits of its policy tools. people will be encouraged to go into real estate. We have a strong economy and inflation rate is very modest. which is being staged as part of the 21-member Asia Pacific Economic Cooperation’s annual gathering. 13. respectively. we must not lose sight of the daunting economic challenges that confront our nation. For this year’s APEC and ABAC meetings. establishing reliable supply chains and enhancing cooperation to foster innovative growth. Perfecto said the Philippines chose to prioritize these issues due to their regional importance.” Mr. no new mining permits will be issued “until a legislation rationalizing existing revenue-sharing schemes and mechanisms shall have taken effect. copper and gold mines as well as its shares in Semirara Mining Corp. 13. Guinigundo said. Overnight borrowing and lending rates. Whatever decisions are reached will be made before a Fed announcement.. “We’ve had a series of price increases of petroleum products over the past few weeks and that would impact on inflation.” he added. Bernanke. The PMO aims to bid out the government’s stakes in four nickel.75%. APEC. 2012 S1/3 Important. However. economist at The Hong Kong and Shanghai Banking Corp. slower than the previous quarter’s 6.” he added.3% but an acceleration from last year’s 3. The government privatizes its assets in a bid to raise revenues and lower operating costs.” The Monetary Board has cut key policy rates by a total of 75 basis points so far this year. equities market. “We will continue to cooperate with APEC economies and stakeholders to achieve the APEC priorities set by the host economy. said: “As we assess the benefits and costs of alternative policy approaches . The July 26 adjustment pushed the central bank’s overnight borrowing and lending rates to record lows of 3.” That was a somewhat weaker hint of policy easing than the minutes of the Fed’s last policy meeting had delivered. Bernanke’s dour economic assessment left few doubts where his sympathy lay. though. saying: “the Philippines government has been firmly focused on achieving its growth target this year. With inflation expected to remain at the low end of the central bank’s 3-5% target for the year. He added that these will hopefully be the core issues that will be discussed in when the country hosts the APEC meeting in 2015. Mr. hosted this year by Russia. Ng favored another rate cut. it still has to be weighed against the possible asset price inflation in the Philippines even if there is currently no sign of stretch in market valuation. Mr. speaking at the Kansas City Fed’s annual Jackson Hole symposium in Florida.75% and 5. these initiatives will require amendments to the Philippine Mining Act of 1995 – a process that officials fear will be drawn out given industry opposition.331-billion sale of Food Terminal. to be developed and utilized through competitive public bidding. the Fed cut overnight interest rates to near zero and bought $2. a further rate cut is likely to preempt any loss of growth momentum. “While there may be reason to consider further easing [in key policy rates]. “The stagnation of the labor market in particular is a grave concern not only because of the enormous suffering and waste of human talent it entails. to underscore the importance of better planning as well as to help promote city centers. While there is no explicit conflict between the provisions. 12-13 and policymakers have been locked in debate over whether further bond purchases are warranted to spur a stronger recovery. Mr.” he said. from S1/ 1 “Risk appetite in favor of emerging markets’ assets could be stronger and as a result. will next be reviewed on Sept. “On one hand. He added there was a “need to ensure that economies facing difficulties and challenges do not resort to protectionism. Russia. Singson said. It aims to collect P2 billion from privatization this year and next – goals that have basically been met with the P24. The BSP’s policy-making Monetary Board. Mr.9% in the second quarter. which cut key rates anew last July 26.” ABAC delegates will appraise the performance of their respective governments with respect to the regional forum’s aims. “The Monetary Board will have to do some balancing act between providing extra cushion against ailments in Europe and the US and the possible asset price inflation. Cristobal said in a statement issued during the weekend. said higher pump prices also pushed up inflation.. four out of the eight analysts said the BSP may cut key policy rates anew before the year ends.Monday. “We are in the best of both worlds. Martin Mining. Officials have so far declined to identify the specific sites and their potential valuations but the auction is expected to take place in the near. “We proposed revisions to ensure that the mining IRR did not inadvertently delay government’s ability to recover on mining claims assigned to the PMO and are on the privatization pipeline.75% and 5.” Trade Undersecretary Adrian S.. At the same time. strengthening food security.3 trillion in government and mortgage securities in two separate rounds of what has been described as quantitative easing. etc..” he added. on the other hand expects rates to be kept steady as upside risks to inflation remain. In response to the financial crisis and recession of 2007-2009.” The government aims to increase its share of mining revenues. The Fed next meets on Sept. you can have the flexibility to reduce your policy rates even lower because inflation continues to be low but the economy may not need stimulus because of [its] strong growth.and medium-term.” he said. Mr.. the key issues to be discussed are trade and investment liberalization and regional economic integration.
Fax No. • water cycle. MM or NCR (National Capital Region) accounted for about 30% of the country’s total output in 1988. as in the case of informal settlers that need to be transferred in the issue of flooding. Eighty percent of people in Idlib live in the countryside. versus the repeating production costs and damage to the environment in cutting trees for paper. That has helped diversify the economy. Syria’s highly regulated economy — with its costly government subsidies. we will look at implementation of an undervaluation strategy. Since the GDP shares of both NCR and the notional mega-urban region were larger. The conflict is never far away. trucks. Lightweight. Looking ahead to his death. is no longer able to go to his job at a stateowned factory producing cement for construction in Aleppo because it lies in an area where army snipers fire at rebel hideouts. he cites work by Harvard’s Dani Rodrik. BW. An issue then must be intense and even polarizing to invite the ambit of political will. John Williamson. like bringing down their weights than mobilizing others for a cause. According to the ADB report. not in quarreling and jealousy. As self-appointed critics of politicians. Augustine of Hippo (354-430) St. the willingness to pay the right taxes. In a little over a decade. and specifically the relationship with inflation targeting and capital account liberalization. plastic bags take centuries to decompose. investing in drainage and flood barrier infrastructure. LOCSIN† Founder Monday.8 million are seriously at risk of coastal flooding. “We will lose much of the collective wisdom of the planet. he was consecrated Bishop of Hippo. S1/ 5 PHILIPPINE PRESS INSTITUTE The National Association of Philippine Newspapers BusinessWorld can be accessed online at www. as many are now fleeing violence in the cities and returning to villages. who had a full-page advertisement in major newspapers last week to denounce the plastic ban. as the experience with Ondoy in September 2009 and more recently with Habagat poignantly illustrates. Cloth rejects and old clothes. the bulk of remittances go to the richer regions while smaller shares get to the less developed ones. etc. there are people who are supplying food. and the considerable pressure from the US. And Mom would then be back at the kitchen table. To know more about IDEA. imagine the biosphere as equivalent to the human body with ecosystems serving as functions of organs and tissue systems. curtains. especially given the criticism of China’s exchange rate regime. burning rubber and plastic fumes. not every country can have an undervalued exchange rate. The oceans are being used as dumping grounds for industrial waste products. It is always a lack of political will that is invoked when an issue is unresolved. 535-9939. Rather than selling all his wheat to the state as he usually does. Prof. The current crisis is reversing a decade-long exodus of rural residents to cities like Damascus and Aleppo. with editorial offices at 95 Balete Drive Extension. “smart” electric grids. Surely the hair-raising sight on national television of plastic debris that surfaced from the high floods of recent tropical storms Gener. These were mostly part of the import-substitution industrialization strategy initiated in the 1960s. and regional growth centers. philosophy. Larger issues like the eradication of poverty or the privatization of infrastructure require both political will and competence. one can readily infer that people in these regions have been getting richer than those in the other regions. tariffs. The problem is generally larger on the side of deficit than of surplus countries. Samson Political willpower political will. fellow of the Institute for Development and Econometric Analysis. Sta. however. compared to only 40% of Syria’s total population of 20 million. Independent economists say inflation has not exceeded 30% despite the crisis. They are dying for sport. Packaging Institute of the Philippines.” Many have misread and imitated it. Mr. fascinated Augustine. Pernia S1/5 VERGEL O. Monica. industrial estates. this may simply mean improving access to basic infrastructure. or reduction of intra-country regional inequalities. • Dust. special economic zones. He was not a soldier. organic leaves of palm and other long-leafed plants so abundant in the Philippines. Federation of Philippine Industry and Philippine Exporters Confederation. and our MM will be one such. This can include preparing for a triathlon event. A bowl of marshmallows was left in the room and the children were told that if they waited for the researcher to return they could have two marshmallows instead of one. North Africa. while remittances do contribute to absolute poverty alleviation. It should also not be limited to public leaders but extend as well to ordinary citizens. That would be 0. Not all these matters are moved by willpower but that seems to be a minor point. It could be a whole. or genetically modified corn. once described as “Carthago Veneris” (Carthage of Venue). He argues that this strategy would support export-led growth and help prevent costly balance of payments crises resulting from bouts of over-valuation. The fishes and marine life are slowly dying. ahcylagan@yahoo. I appreciate Mr. Filomeno S. not only by the bureaucracy but by the citizens themselves? Are being law-abiding. The views expressed here are his own and do not necessarily reflect those of DNB. One day. We reserve the right to edit letters for clarity and space and to use them in all electronic and print editions.5 kg) little maid returns from the wet market. the US. if not moral courage. to begin with. HERRERA Associate Editor FRANCISCO P. Manila. Paderanga. without attachments. and a number of larger advanced and emerging economies. People perhaps would rather narrow their focus to what they can do. If NCR is merged with neighboring Central Luzon and Calabarzon. Yet. Quezon City) contaminate our water system.000 lowly workers of the plastic industry. Muntinlupa. seems to be the key to increasing investments in and improving the performance of regional economies. a prominent Syrian economist. In the Philippines. at least 14 business groups are vehemently opposing the ban on the use of plastic bags. he died in 430. residents and Damascus-based economists said. Editorial 535-9919.i of the Articles of Agreement) and to “promote exchange stability. and the US and some others on the other. from the sterile. where many houses have been pounded to rubble by tank fire. Northern Syria — For the past six months.org. which keep electricity prices artificially low. making it the most rural province in the country.” This changed his entire outlook. who coined the term “Washington Consensus. has pushed for a more flexible approach to inflation targeting — which could allow central banks to pursue an exchange rate goal alongside low inflation.com. in addition to clear and consistent policies and procedures. continues. Association of Petrochemical Manufacturers of the Philippines. Environmental stress that comes with rapid urbanization is a reality in other Asian countries as well. in every crisis. and the readiness to get a traffic ticket without resorting to a small bribe also part of political will? Why is this concept only seen to apply to government officials? Only a handful of issues seem to require political will. and Quezon City have likewise imposed a total ban on plastic bags. is the only one actually we should plan. Wetlands are the reproductive organs. Media take it upon themselves to define matters that require the application of political will. today printed in 274 volumes. Production emissions are said to be decimated in the case of plastic bags. these lifetime-guaranteed shopping bags were indeed 100% washable. “A subsistence economy in these rural areas has in many cases allowed people to produce their own food needs. But surprisingly. The experience of China and some others shows that undervaluation may be helpful for domestic growth and exchange rate stability — even during the crisis. Enterprising rural communities have during times of conflict taken advantage of an abundance of land to grow cereals. Helen and Igme should have settled any hesitancy about the banning of this most obvious reason for the calamity. All letters must include an address and daytime and evening phone numbers. Former Fed chairman Frederic Mishkin. given that reform of institutions and markets — the “first-best solution” — will take a long time to be effective. some 3. Employers Confederation of the Philippines. The upper middle class and the rich go. Quezon City. UK.” he emphasized. and those with small food businesses go to the wet markets. • The fearsome red tide is the karmic result of pollution: septic industrial and human wastes dumped into the rivers and sea. The material for the dearly departed and obsolete banig (native bed mat) can be re-styled into the more utilitarian bayong. the oldest corals are vanishing from the earth. for they unwittingly bared their ignorance of the Holy Scriptures on which the Manichaeans based their teaching. Alypius.002 of the population perhaps unwittingly collaborating to do damage to the 95 million (including themselves) Filipinos. human and agricultural “runoff. tricycles. She has purposely ignored a live chicken. The last point is very sensitive in practice. it was the consecutive years of consistently calamitous floods killing hundreds and rendering thousands homeless that begged for the banning of plastic bags.8% by 2010. as well as grains.com How to reach BusinessWorld We prefer to receive letters via e-mail.bworldonline. Other shoppers bring collapsible/foldable bags to hold grocery and mall purchases. i. Aware of his rare intelligence. In 387. Augustine walked the narrow path. if the Philippines has an undervalued exchange rate. killing flora and fauna by suffocation and toxification and killing the skies with noxious fumes. building houses in safe places. which exacerbated a wealth gap. sensitive to the environment. Alone. slippery. there are two sides to every coin. or send their maids to groceries. smelly wet markets. These examples are actually not new. Rather. we (Pernia. the relative impact (cost) for the global economy is likely much smaller and more broadly borne than the impact (benefit) for the Philippines. God’s love for him. Those batting for plastic bags argue that plastic is not that bad. despite a shortage of seasonal laborers who once flocked to work in the fields during the harvest period. For comments and inquiries. Water is vital to life on earth. Now only the poor and the lower middle class.. In practice. Further compounding such regional inequality is that most of the higher-earning overseas labor migrants originate in the mega-urban region plus Central Visayas. No one would have thought he would later become a great Christian thinker. • The tissues of fishes form Manila Bay. Policies like fiscal responsibility — through strengthened taxation and avoiding populist spending — and limiting foreign borrowing would be important. In the Philippines. The foliage and trees are turning gray and brown. Ana’s point that the government should adopt the “Humanity’s FUTURE is linked to a healthy biosphere. Arcilla. Healthy oceans and rivers are essential to a healthy biosphere. if this is seen as support for a development strategy. is not without costs in terms of increasing congestion and pollution. Augustine later wrote. explicit policies for balanced regional development were no match vis-à-vis macroeconomic and sectoral policies that effectively acted as implicit spatial concentration policies. such a mega-urban region would claim well over half to just under two-thirds of GDP. Mom would say. washable bayongs. policy instruments toward this objective included direct industrial location controls (e. but it was not confirmed on his recovery. Japan. We should begin now. education and health services… Reasonably adequate basic [physical and social] infrastructure. and Cagayan Valley. during the Vandal invasion of North Africa. the central bank of the Netherlands. The vicious cycle claims hundreds of lives — year after year. never mind which side of the debate you’re on. S. There could be an argument that developing countries should be the beneficiaries of undervaluation. as growth is a clear policy priority — also for the developed world. which are recyclable and reusable. can likewise be sewn into reusable. He gave up his teaching position. essentially echoing a policy implication in the above-mentioned book. They contradict the United Nations’ Food and Agriculture Organization and the World Food Programme (WFP) who estimated this month that about 1. he might already have been baptized. Ernesto M. S1/ 4 The business groups include the Philippine Chamber of Commerce and Industry. These would support the exchange rate policy and ensure the central bank and government are not pursuing incompatible goals.” This restlessness characterized his pre-Christian life lived to the full.” he wrote in the Confessions. not in sexual excess and lust. Yet it should be presented and discussed multilaterally. — Reuters FENCE SITTER A. After all. Everyone can make a difference. Which has been at the expense of the perennially lagging regions such as those in Mindanao. But whether fresh produce and meats would be bought from the muddy. He notes that this is a “second-best” means of promoting growth. The simplicity of the sermons of St.e. a result of the application of the political will of local governments and advocacy groups. carbon monoxide and lead emissions from factories and vehicles (buses. Litter and pollution are supposed to be controlled by segregation of waste (in plastic bags!) and the end-goal of proper garbage disposal (including composting).” Samir Seifan. Augustine of Hippo is one of the heroes of history.” Zeir said in the courtyard of his modest farm on the outskirts of the town of Al Dana in Idlib. Amelia H. Governments all over the world are alarmed.” — Sir Peter Blake. when compared to the experience of being loved by God. Ambrose. support groups are formed to buttress personal resolve in a setting where an individual’s success is helped by peer pressure. The IMF has recently done new work and created a methodology to assess exchange rate misalignments as part of the External Balance Assessment. however. Imagine the geometric growth of durable plastic littering the land and seas. expandable but always springing back to shape. a day after army shelling at his house in the town of Al-Sahara in Idlib.” Life forms are dying. But it is the job of the IMF to serve as “the machinery for consultation and Frost.7 million are vulnerable to inland flooding and 6. not in carousing and drunkenness. US grocery chains like Safeway and Kroger. It is the thin life-supporting stratum of the Earth’s surface that extends from a few kilometers up into the atmosphere and down into the deep sea vents of the ocean. he could never have done it. The report further says: “Asia must follow a green urbanization path by instituting policies that help improve efficiency and conservation of resources and promote the use of new technologies and renewable energy. green urbanization connotes the good old objective of regional development. this is precisely the sort of question that should be discussed multilaterally. “Adeodatus” (God-given). Long-term commerce and sustained economic prosperity depend on healthy human populations. Ana III of Action for Economic Reforms makes the case for an undervaluation strategy for the Philippines. which officially accounts for 20% of Syria’s gross domestic product. please visit www. We said: “In addition to policy reforms that emphasize the economy’s comparative advantages and endowments. Little is said about the complexity of an issue and the vested interests that need to be consulted if not bamboozled altogether.R. Writers should disclose any connection or relationship with the subject of their comments. These were earlier dubbed by Gerry Sicat (1972) as “innocent looking policies” biased toward industrial concentration that hampered the pace of regional growth. looking meek before an abusive boss. and population share from 37 to 40% of total. Greece. Bicol. That it has faded in recent years reflects perhaps a general sense of disappointment with the country’s regional development that has become more lopsided than balanced. they’ve been bandied about for some time but resolute and sustained action have almost always fallen short. The trade groups and plastic manufacturers say that there are some 200. he read of the hermits and monks whose ascetical life and total poverty fascinated him. It’s as if the responsible authority only lacks determination to resolve a problem. the plastic bag was copied by many bag manufacturers. cadmium.” said Omar al-Natour.introspective@ gmail. there is an important link with other policy areas like capital account openness. The rural poor have been big supporters of the 17-month uprising against President Bashar al-Assad’s rule and their towns and villages have borne the brunt of the army’s campaign to crush the rebellion. when brought into the public arena. and the alternative. and to avoid competitive exchange depreciation” (Article I. the four-foot-eight. baking traditional tanoor bread in a century-old clay oven in their home in Syria’s rich agricultural province of Idlib. A little bit of undervaluation in a developing country could probably be tolerated. In a book sponsored by the Philippine Institute for Development Studies titled Spatial and Urban Dimensions of Development in the Philippines (1983).g. you have nothing to lose but your baby fat. The protestors against the plastic bag ban might just be too shy to acknowledge that the big issue is really their business bottom line. All these systems should function properly to keep the body alive. 535-9937. say in prison escapees or the rise of fuel prices. killing helpless people with floods caused by clogged rivers and drains. and hence current account deficits. like him in search of true interior happiness. Samahan ng Pilipinas sa Industriang Kemiko. a haze of dust hovers like a smothering blanket. animal rights. GLORIA Online Editor BusinessWorld© is published Monday through Friday by BusinessWorld Publishing Corporation. quitting smoking. S1/ 5 In a chapter of Philippine Institutions: Growth and Prosperity for All (2010). his pagan father. but he had linked hands with his peers to do wrong.” his book begins. he means not a specific nominal value for the exchange rate (a fixed regime) but rather a policy — led by the government. Some bayongs belonged to Mom’s Mom! In no time. Big shoppers roll their own convenient wire pushcarts (like enclosed baggage trolleys) — feeling very chic. profit and manipulation of the planet. Polystyrene Packaging Council of the Philippines. he gave himself to prayer and self-examination. single-use plastic shopping bags. • E-mail: editor@bworld. or even the hardheadedness of the citizenry itself. “Gnosis. media often limit their role to declaring the lack of political will. a region of gently rolling hills and olive groves that supplies a large proportion of Syria’s fruit. it will own 21 of the world’s 37 megacities. Yet someone else would have to bear the burden of overvaluation. BEYOND BRUshsTROKES Marivic Rufino Saving the biosphere largest trees. “Our heart is made for you. To love and be loved would be sweeter if I could also relish the body of my beloved. The planet Earth is in grave danger. September 3. People’s ability to live off their land has helped in this crisis unlike urban dwellers.. some supportive. and in the present conflict. I have a couple of further thoughts on this line of argument. Swedish engineer Sten Gustaf Thulin and his company Celloplast was somehow overturned by US petrochemicals St. As the experience at both the global level and in Europe shows. The bay is littered with debris tossed by passing ships and boats. a municipal official. shunning of plastic bags for groceries. pollution is our plague. And why not revive the bayong? There has to be a use for the natural. a scandalous multiple of the petty amounts paid to 200. Rodrik’s point that focusing only on institutions is like “telling developing countries that the way to get rich is to get rich” is well-taken. farmer Hisham al-Zeir’s wife and daughters have been up before sunrise each day when it’s still cool. have led to huge imbalances within the euro area. and with it current account surpluses. Across the country. very active industry.idea. But discussions with its adherents disappointed Augustine. To some extent. There are to be sure certain issues that do not attract political will. but have no way of knowing for sure — and much of the country’s industrial production has been hit. One can rarely gaze at a clear cobalt blue sky. Although the Syrian economy has been hammered by the conflict — economists say it could contract by a fifth or more this year. as her trusted maid waited for instructions for what to buy from the wet market. Sick in early childhood.” also supports some undervaluation for developing countries. in which at least 18. Add to these the budgets for infrastructure and social services that favored established urban centers at the expense of provincial towns and rural areas. In this. over the same period. etc.” Regional development and urbanization In other words. tear and scratch resistant. Circulation 535-9940. 2012 Monday. But this applies only to imbalances in the big systemic economies. BELLEZA Executive Editor WILFREDO G. 2012 Opinion INTROSPECTIVE Ernesto M. saying this would actually be more harmful to the environment. political science. • all the biochemical cycles. But that was decades ago. some critical. Its natural resources are being depleted. a tickling of the heart. or from bulk suppliers — purchases would be in those ubiquitous plastic shopping bags — no more the bayong of yesteryears. Willpower is invoked for personal goals requiring the overcoming fear or the need to undergo hardships. Political will does not exist in a vacuum. there are those who profit. “There are lower quantities of food but no food shortages in Syria . and growing appreciably faster than their respective population shares. 535-9918. and • the ozone layer (that protects us from harmful UV radiation. SANTOS Publisher/ Editorial Board Chairman ARNOLD E. ALL RIGHTS RESERVED. “and we are restless until it rests in you. the determination to fall in line without calling on influence. requiring all to have some opinion on them. It’s not just political resolve that is responsible for an impasse. he supplements his meagre income by rearing cattle and other livestock. dislocated workers can be re-trained and businesses reengineered for the production of alternatives to plastic bags. The older these were. the biggest game.” It points to waste-to-energy conversion plants. they seem to help foster lopsided regional development besides exacerbating income inequality across households (as noted in my column. Eastern Visayas. VESTIGES FEATURE Syria’s rural economy adapts as conflict spreads AL DANA. the Archbishop of Milan. Telephone numbers: 535-9901 private exchange connecting all departments. Environmental activists estimate that between 500 billion and one trillion plastic bags are used each year worldwide. north of Milan. the Frost. Those who deferred gratification and waited for the double treat were tracked and seen to have turned into more successful and goal-oriented adults. Fax No. What goes around comes around. Made from interwoven palm leaves and shaped into oversized open pouches with braided palm-leaf handles. “I did not yet love. Natour. and with poisonous gases in the air causing fatal sicknesses. Institutions should promote sustainable energy. Here are some facts on hazards around us: • Decaying garbage in open dump sites emits toxic methane gas. Poetic retribution? Ylagan. making it precariously exposed to environmental disasters. This assumes that 95 million Filipinos are disciplined and zealously environment-conscious in spite of the necessary cost and effort for such noble determination. but it is really an inspiring review of all his life spent in looking for wisdom and found in love. He had loved a woman who bore him a son. The special chapter of ADB’s “Key Indicators for Asia and the Pacific 2012” comes as a timely reminder. Rizal and Payatas. • productivity. integrated area development. reconciling the arithmetic on the purchases brought back in the trusty bayongs. carrying on her right hand 10. In most public places (except sidewalks outside buildings) smoking is now banned. taxis and jeepneys) are sources of toxic carbon monoxide. soot. First. and by definition not all countries can pursue undervaluation. and also “intermediate exchange rate regimes” in between fixed and fully floating. 85-lb (38. in the fashion of American shoppers. including Darat Azah and Al Dana. as they have been spared the wider destruction of towns such as Taftanaz and Atareb. • About 85% of households and establishments located near Manila Bay used to flush untreated sewage and garbage into the bay.com YELLOW PAD Jon Frost Second-best solution for growth — 1 strategy first to ensure consistency with the central bank. Studies ON willpower show that determination is acquired early. Instead. Balanced regional development. olives and cotton. Bring the big bayong and two smaller ones.J. translate into ensuring the adherence to the straight and narrow path. but I loved to be loved. Pernia is with the UP School of Economics. These consist of the following: • oxygen content of the atmosphere from photosynthesis. “Looking at the way we live and asking a few smart changes will have a huge benefit for future generations… Wherever we look these days. euro area. Soil erosion and widespread deforestation cannot be stopped. copper. China (note!). when financial contagion and the impact on growth were relatively limited. Food production has been rising in Syria in recent years despite sharp fluctuations in harvests and bouts of drought. A handful of people may be passionate advocates of these issues but they do not really keep the rest of us awake at night. Philippine Association of Supermarkets and Philippine Amalgamated Supermarkets Association. This has secured adequate supply of vegetables such as tomatoes and cucumbers. a father of six. Exchange rate regimes have been one factor in the massive global imbalances between China and the oil producers on the one hand. snubbing retail wet markets. Philippines 1112. The icecaps are glaciers are melting. Yet aside from Rodrik. Many have banned the sale of lightweight bags. charged customers for these or heavily taxed the stores who sell them. mercilessly. After the 1965 world patent of the inventor.” How can we save the Earth? By being aware and involved. Cassiciacum. theology. which spends significant sums on development aid each year..8%. since the 1980s Asia has been the fastest urbanizing region in the world such that it now accounts for nearly half of the world’s total city dwellers. with the likely effect of reducing the NCR bias. Jon Frost is an economist at De Nederlandsche Bank (DNB). “under the light of Scripture. The most famous perhaps is his Book of Confessions. agricultural production. from his youthful adventure of stealing a pear from a neighbor’s orchard. It threatens the health and well-being of generations. and restrictions on imports — have helped control inflation and stem a further decline in living standards for poor farming communities. September 3. and department stores Sears Roebuck and JC Penney quickly entrenched the “T-shirt bag” (sando bag) as the most convenient take-home packaging for goods sold. S1/ 4 collaboration on international monetary problems” (Article I.. but only to be able to say he could do it. Zeir is one of many Syrian farmers who have adjusted production during the crisis in order to grow enough produce for their own consumption and for use in exchange for other goods. put on the Lord Jesus Christ and make no provision for the desires of the flesh. and import growth. followed him to Rome to try to keep him on the straight path. silver and hydrocarbon compounds — beyond safe levels. New Manila. C. GULANE Sub-Editor I FELIPE F. Still restless and interiorly disturbed. carrier bags or plastic grocery bags commonly made from high-density polyethylene (HDPE) plastic became extremely popular in the 1980s. But this is nothing. BALTAZAR Foreign News Editor JUDY T. . Las Piñas. Third. In the broader context. In the Philippines. PARASO City Editor ALICIA A. The hotels and the franchised food chains would have sophisticated integration of procurement. The corresponding population shares were 13%.” Years after Monica had sent Adeodatus’ mother away. staved off significant food shortages in the countryside so far. who authored about 150 essays on varied topics. Specifically the IMF would be the forum to bring this up. And here’s the chilling consequence: due to their durability. Advertising 535-9941. No material in this newspaper can be reproduced in part or in full without previous written permission from the BusinessWorld Publishing Corporation. Since then. the more seasoned and strengthened they were. The exchange rate is a relative price between two currencies. with his son Adeodatus and a constant companion.com. Cousteau. and export growth. had wanted him to be a “Rhetor” (public school teacher). Ylagan Back to the bayong group Mobil in 1977. In other words. Persistently higher inflation rates in Greece. The famous marshmallow test in the sixties was conducted on four-yearolds. which shows that real exchange rate undervaluation can have a positive and significant effect on growth for developing countries in general. history. Metro Manila. China. They tended to draw industries and firms to locate in or around Metro Manila (MM) to be close to agencies dispensing foreign exchange and fiscal incentives besides those issuing licenses and permits.” or “revelation” on the origin of the world and man’s final destiny. His saintly mother.” The late Secretary Jesse M. It is true that it is difficult for countries like the Philippines to get strong backing for a change in IMF policy (and policy advice) on their own. the 50-kilometer-radius ban against the location of industries in Metro Manila). Of course. and instantly. Ylagan. but he was an original thinker who could hold his own beside the great minds of classical José S. It was an attractive view which promised the intellectuals deep spirituality and total knowledge. production for all animals. Blake revealed that the estimated of the world’s ecological goods and service that make the world habitable was more than $33 trillion. “A mortar has hit and killed two of my sheep and destroyed our yard. where individual willpower and an honor system have not worked. investment incentives in favor of lagging regions. Does “political will” too fall under the category of personal determination? What exactly is it? Is it merely an extension of an individual’s willpower? Does the same determination to quit smoking. the heaviest fish.000 workers of the plastic industry who may lose their jobs with the plastic ban. both in the production and the use. and five graduate students at the UP School of Economics) showed that the regional policies had been largely ineffective in countering the more potent biases for urban agglomeration induced by macroeconomic and sectoral policies. skin and eye allergies. Pasay. • Leachates from dumping sites (San Mateo. Paul to the Romans: “Let us live honorably as in daylight. Let’s hope his successor carries on the good work he started. there are other well-known economists who have made arguments along these lines. More than half of the coral reefs are under high stress because of foul water and intolerable climate changes due to global warming. 45. This allows policy makers to better understand external imbalances. SALVOSA II Research Head MIRA CATHERINE B. each with three kilograms of fruits and vegetables. with a few pious friends. as measured by the real effective exchange rate. then one realizes why the government’s regional development objective remains elusive. Sta.ph • Fax: +632-535 9918 Mom would be writing a paper list on the kitchen table.” Ordained to the priesthood. as well as agriculture in general. Metro Plastics Recycling Industries.5 million people in Syria need immediate food aid and one in three rural residents would need help. 13%. Society’s head of Expeditions The biosphere is the global ecosystem composed of all life forms or organisms (biota) and abiotic (non-living) factors from which they derive energy and nutrients. To illustrate. like Plato or Aristotle. due to the so-called impossible trinity. “A laugh. including exchange rates. fall in this category. “I am putting it aside to eat from until Allah eases on his people and things become clearer.ph. Such an issue is eligible for some kind of “Regional development” used to be a buzzword in academic and policy circles from the late 1960s through the 1980s. Born in Carthage. Philippine Plastics Industry Association. combined with wage moderation in Germany. Finance 535-9933. Robredo worked tirelessly — unheralded — to energize and empower local governance in the regions — with promising results. His search led him to embrace the Manichaean dualism that taught good and evil were two elements eternally grappling to control the human heart. The great forests are the lungs. Second. paper bags. It is the cycle of nature and the law of karma. to maintain orderly exchange arrangements among members. REYES Managing Editor CRIS V. or losing forty pounds. The atmosphere and ozone layer protect the body like fur. Besides. please email us at idea. expanding to 35. who is cited several times in the paper for his 1997 paper with Bernanke. he chanced upon a passage of the Epistle of St. this also relates to China’s closed capital account. Laguna Lake and Cavite revealed traces of lead. Weight watchers of the world unite. I hark back to a simple recommendation in a paper on spatial development and urbanization for the NEDA (1994) I wrote with Rex David Israel (a graduate student). By this. Taiwan and Macedonia have a total ban on the bag. and was known to travel all over his diocese — once on a journey 1. The relative prosperity of the mega-urban region. the pained Augustine realized that physical and sexual relations are perfect when they flower from an unbroken human love. cackling its objections at being strapped to one of the bayongs. The phrase “political will” is often only cited for its absence. Fax No. There. Consequently. the very Filipino bayong will have also revived a very important but forgotten everyday icon of our cultural history. In the next column. and 12. Pasig. Major countries such as South Africa. Pollution Control Association of the Philippines.5 kilograms in the big bayong 14” x 20”. and former lead economist of the ADB. Surplus cloth from flour bags and other goods that cannot be packed in stifling plastic (which encourages more mold from trapped humidity) is already being recycled into reusable cloth grocery bags.” said a senior Syrian official who works at the state wheat procurement agency. there must be a deliberate effort to attend to the needs of the regions. he was baptized into the Catholic Church.iii). slowly killing humans with the leaching of dangerous chemicals into food and drink. The code words “choice” (accepting the right to prevent or curtail life) and “right to life” (condemning it). are just as harmful to the environment. and says nothing of spillover effects of the fixed exchange rate regime on other countries.000 kilometers long — just to meet his flock. even though the high cost of tractor fuel and a lack of fertilizer has reduced the amount of cultivable land. he called it the “last voyage known as ‘death’. has been a policy objective of many a developing country for several decades back. air-conditioned groceries. and tax/subsidy schemes for specific industries. And if this cannot be accomplished alone. Rivers and arteries are the fluids of the body. Animal and insect species are disappearing. Spain and Ireland. and on her left hand two small bayongs 8” x 12”. applying to reproductive health. Public smoking is an example of political will that has worked. Zeir decided this year to keep almost a third of it to ensure his wife and six children have enough food to survive on as the conflict in the country spreads.000 people have been killed. due to their lack of “salience” or significance. the populations of some rural towns in Idlib have surged. People continue to ignore the warnings about the perils of eating poisoned shellfish. As the fighting in Syria shows no sign of abating. the rural economy has been less affected by the turmoil. In the metropolis.4/S1 Opinion CORPORATE WATCH RAUL L. Here we may include such limited-appeal issues as bicycle lanes. On top of all of this. someone else must have an overvalued exchange rate. Examples include the eradication of jueteng in a province or the imposition of strict traffic rules in the metropolis with the buses staying inside the yellow lane. not because it was better tasting. • Incinerators release smoke that exacerbates air pollution causing respiratory ailments. It points out that of the Philippines’ total urban population. staples of the Syrian diet. with central bank support — aiming at real depreciation of the peso.7% in 2000 and 35. In our corner of the world. one ought to read to be considered “educated. 4/2/12). As you know. Personnel 535-9936. The other business groups are the Federation of Filipino-Chinese Chambers of Commerce and Industry. and retired to the silence and peace of a rustic villa.
“We have to haggle with suppliers to be prioritized in the trading. PECo vice-president for operations. — Cliff Harvey C. The proposed rules — which are pursuant to the Investment Company Act (ICA) of 1960 — classify ETFs as “open-ended investment companies. NGCP can recoup its acquisition and will continue to earn P400 million while it operates state transmission lines. 31 memorandum posted on the bourse’s Web site said Globalport has submitted its second-quarter report that was due on Aug. Aside from PECo.” the memorandum circular read. “Notice is hereby given that Delta Air Lines has filed with CAB a petition for renewal of the Foreign Air Carriers Permit (FACP) to operate international scheduled air transport services. “In view of [Globalport’s] compliance with the structured reportorial requirements under [PSE] rules. MRD and CFD will hold up to two meetings before submitting the rules to the SEC en banc. SEC CFD director. “Our MRD is collating the comments. the trading of the company’s shares will not be suspended. Inc. Civil Aeronautics Board (CAB) documents showed. so this is far easier than [applying] for a permit [the first time]. is seeking to renew its permit to continue operations in the Philippines for another five years. cellona of financial information. He noted that NGCP stands to earn at least P400 million a year in transmission fees from Iloilo City consumers. adding that carriers applying for permit renewal will be examined for their “legal. And we have no assurance that we can get cheap power when we need it during our peak demand periods. said in an interview last Wednesday. Callangan. Moro. 22. even as she declined to elaborate on the comments. Pastolero explained. we will lose that advantage. Venzon Monday. L. citing the same fear.” “Like. the business sector. Samodio. adding that remarks private sector representatives made in past consultations are now being consolidated. expired last July.6/S1 Corporate News “once a week for three consecutive weeks. Iloilo City government and Senator Franklin M. “If NGCP wants PECo to connect to the grid. Pastolero said. argued that the plan could end up raising electricity rates in the city.. has said airlines are allowed to file their petition for permit renewal up to a month after expiration date.” adding that “parties opposed to the granting” Delta Air Line’s application should submit their written opposition on or before the date of CAB’s hearing. as pricing in that facility moves according to prevailing market prices. September 3.859 in the first quarter from 94. head of CAB’s Hearing and Examiners Division. “The residents of Iloilo City fought for the construction of the plant inside the city for the sole purpose of avoiding transmission charges. Ma. Inc. one of the world’s biggest carriers. Section 17. SEC has directed its Market Regulation Department (MRD) and Corporate Finance Department (CFD) to evaluate and consolidate comments collected during public consultations held from July 16 to Aug. NGCP is asking the Energy Regulatory Commission to approve its plan to spend P695 million for the acquisition of PEDC’s transmission assets. a top official of the regulator said over the weekend.” SEC Chairman Teresita J. Angelo . “WESM is not like the switch which we can turn on or off depending on our needs.” Ms.” he said in an interview on Wednesday last week. Herbosa said.22% to 101.” he added. which operates daily flights between Manila and New York and Detroit. Pastolero. Iloilo City’s consumers are expected to pay an additional P1 per kilowatt-hour in transmission charges if the NGCP acquires PEDC’s transmission assets. which is obviously not a problem in the case of Delta Air Lines. CAB’s head of Legal Division. is shown in flight in this photo taken last Aug. thus allowing ETFs to skirt ICA provisions that state that mutual or trust-fund type products do not qualify as investment firms. Wyrlou E. An Aug. and technical fitness. “Our self-imposed deadline is end of September.” he said. — FJGDLF THE PHILIPPINE Stock Exchange wants to grow and diversify the country’s equities market. which then tracks and matches yields of a market index. said the filing for permit renewal is “far easier” than applying for one the first time. of the Philippines to acquire the transmission assets of Panay Energy Development Corp. The acquisition will cover the plant’s switchyard and transmission lines leading to NGCP’s substation in Sta. Randy S. La Paz to PEDC’s 138-kilovolt line which leads to NGCP’s substation in Sta. Drilon are opposing NGCP’s acquisition plan. ETFs will be subject to standards on regular public disclosure Suspension of Globalport trading averted THE PHILIPPINE Stock Exchange (PSE) will no longer proceed with suspension on trading of shares of port operator Globalport 900. — Francis Allan L. Delta Air passenger traffic in the Philippines grew 7. Also. It will be the MRD that will make the presentation…” Justina F. Samodio explained. and fund portfolios as well as pricing and fees. which also said a hearing has been set on Sept. those who will manage ETFs must have at least five years’ experience in fund management. which is issued local airlines to allow them to operate for five years. Last Wednesday. 28. Comments still have to be considered. 2012 Delta Air seeks permit to operate for another five years DELTA AIR Lines.” he added. “In less than two years. dated Aug. ETF requirements include a minimum paid-up capital of P250 million and an all-Filipino ETF board of directors. The Philippine Stock Exchange (PSE) has been pushing ETFs’ revival to grow and diversify the country’s equities market after their operation for a few months in 2003. are you designated by your country to operate here? Are you financially stable to mount operations here and do you have planes to be used for operations. Barbara. investment policies and objectives. as the firm has submitted its overdue financial report. Mr. (PECo).996 in the same period last year. “If NGCP succeeds in its bid. An ETF is similar to a mutual fund which will allow a market player to invest in a basket of stocks through a single security. he said PECo will not oppose the acquisition plan if this does not include the PEDC switchyard for the coal plant’s protection and to prevent NGCP from charging higher transmission fees to Iloilo City consumers. The regulator also ordered the airline to publish the notice REuters AN AIRCRAFT of Delta Air Lines. Herbosa said in a text message last Saturday. The application comes as the permit of the Delta Air Lines. FACP is the counterpart of the certificate of public convenience and necessity. 18 at CAB’s office in Pasay City. 22 and paid corresponding penalties for delayed submission. financial. documents showed. which in turn are defined as entities primarily engaged in the business of trading securities. COMPROMISE As a compromise.” Mr. sole distribution utility here.” that must be SEC-incorporated. “Basically. the draft said.” PEDC’s coal-fired plant supplies 60 megawatts to PECo.” read a notice. Pastolero said acquiring power from the Wholesale Electricity Spot Market (WESM) would expose PECo’s customers more to volatility. the PSE announced it would suspend trading of Globalport shares beginning today due to the company’s delayed quarterly report.” Mr. de la Fuente Panay Electric opposes NGCP’s acquisition plan ILOILO CITY — Panay Electric Co. — Franz Jonathan G. it can do so by tapping its own line from our substation in Baldoza.8 of PSE’s Revised Disclosure Rules says listed firms that fail to comply with reportorial requirements shall be automatically suspended for up to two months. has voiced its opposition to the plan of the National Grid Corp. Elben S. 6. (PEDC).” Mr. “We’re going to have one or two meetings first before the formal presentation to the en banc. Barbara town. Inc. jonathan l. CAB records show. we will just review and then check the updates on the documents they previously submitted. ETF rules seen issued by month’s end THE SECURITIES and Exchange Commission (SEC) hopes to release by the end of the month the long-anticipated rules on exchange-traded funds (ETFs). Iloilo.
In 2010.” Century had said in July that units in its Commonwealth project will sell for as low as P1. m. according to the Light Rail Transit Authority. which partly owns Philippine Long Disance Telephone Co. MPIC is the local unit of Hong Kong’s First Pacific Co. vicepresident for corporate communications. S. This portfolio is expected to grow upon the completion of four master-planned communities in Metro Manila and Cavite that will add a combined 1. Antonio said in the statement.4 billion in pre-sales. Chevron expected full implementation of the new system to cut by 80% the number of SDs. arguing that the newly hired SDs should hold regular posts since their tasks were “necessary and desirable to its business. Century Properties said that by the second quarter next year. Inc.). Mr.. In a 20-page decision penned by Associate Justice Angelita A. 46%.” DoTC Undersecretary for Legal Jose Perpetuo M. In the first proposal. who were in charge of scheduling. The government. or MRTC) and expand it…” he added. 2012 Corporate News ing equipment. among others.” It noted further that “the extension… had specific dates. H. The labor group. hinting the new proposal entailed a new concession agreement altogether. Lotilla said in a text message.” Mr. 26% more than the P5 billion earned last year. dispatching and confirming orders. Century Properties booked P5.” — A. with the luxury segment accounting for 19%. Century Properties managing director and cochief operating officer. (MPIC) has submitted a revised proposal to the government to expand the Metro Rail Transit 3 (MRT-3) line. Venzon S1/7 Metro Pacific revises MRT-3 proposal METRO PACIFIC Investments Corp. said in the statement without offering details.” MPIC Chief Executive Jose Mari K. C. The decision described the Philippine Labor Organization as “the sole and exclusive bargaining representative of all regular rank-andfile employees” at the oil terminal in Pandacan. which last month sided with the company. In a statement last Saturday. The two conglomerates in May signed a memorandum of agreement “to form an exclusive strategic partnership to jointly pursue and develop light rail projects in the greater Metro Manila area.66 billion last year. But since FOF implementation was still under way.. said in a text message last Saturday. at that point. “We recognize the demand for residential property outside Metro Manila and this is part of our expansion plans. MPIC last year submitted a $300-million bid to expand the operations of the 16.” The appellate court noted that “the position of the relief SDs being tentative subject to the completion of the FOF project” means the post “could only be a project employment. and the “affordable” line. end or cease to exist. Shares of MPIC rose four centavos or 0. “Under the new proposal. “The market is hungry for unique products with intrinsic value and attainable monthly amortizations stretched over a two-year to five-year period. saying the SDs were “performing activities related to the usual business or trade. 13. “It is not specifically emphasized in this one (new proposal). O. outgoing Transportation Secretary Manuel A. — F.” Century Properties claimed in the statement without elaborating. Core net income jumped 30. middleincome segment making up 40% middle-income. a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings. 41%. while the streamlining of the firm’s order fulfillment system was under way. m. so it has different legal framework. “It’s an unsolicited proposal.128 units in 20 condominium buildings with a total gross floor area of 548. or DoTC) yesterday. September 3. an official said over the weekend. an official said late last week.000.5 million to “over P5 million. Chevron then promoted its existing SDs to fleet coordinators. it is an assumption of the existing contract. and therefore the relief SDs are project employees. Antonio. according to its latest financial statement. (PLDT). G. contribution of “affordable” projects to the company’s pre-sales should have increased.” Jose Marco R. MPIC projects core net income to hit P6.4-hectare. through Land Bank of the Philippines and Development Bank of the Philippines. saying the “conclusion is inevitable that upon the full completion of the FOF. “[I] just received it. Hastings Holdings. [I’m] still going though it. MRT-3 currently transports an average of 500.” Mr. As of end-2011.com THE COMPANY announced in July that it is developing a 4.08% to P3. but the intention is to integrate it.000 passengers per day by acquiring 73 new trains and signal- Century Properties plans provincial expansion REAL ESTATE developer Century Properties Group. as “project” employees.” Chevron questioned this ruling in court. Manila. the court reversed a labor arbiter’s ruling which backed the argument of the Chevron chapter of the Philippine Labor Organization that the relief schedulers/dispatchers (SDs) involved should be treated as regular employees.262 square meters (sq. “We will aim for commonwealthbycentury.3 billion this year. Chevron hired four “relief SDs” who were made coterminous with the new system’s roll-out. reports published last February said. the Manila Technical Laboratory. Ltd.” MPIC had also offered to buy out the government’s stake in the venture for $350 million and run the MRT-3 for 30 years. which owns MRT-3. Hence.46 billion in the first half from P2. We will take over the company (Metro Rail Transit Corp. Inc.73 billion this year from P866 million in 2011. As part of this plan. Alegado .97% to P4.17 apiece when the stock market closed on Friday. Century Properties expects to double its net income to P1. is a high-end property developer with over 40 projects in its total portfolio as of last year. Inc. de la Fuente Court upholds Chevron action on ‘project’ staff THE COURT of Appeals has upheld treatment by Chevron Philippines. Lotilla yesterday confirmed that MPIC submitted a revised proposal for MRT-3. established in 1986. the developer had already completed 4. MPIC’s plan was aimed at doubling the railway’s capacity to 700. Asked if the new proposal includes linking the MRT-3 line to the Light Rail Transit Line 1. J. Lim replied.19 million sq. eight-tower. replacing dormant energy firm East Asia Power Resources Corp. reservation sales for the Century by Commonwealth’s two towers have been “well-received. according to its 2011 annual report. “We just gave it (amended proposal) to them (Department of Transportation and Communications.000 passengers per day. the [DoTC] will give us a new concession overlaying [sic] the existing contracts.47 apiece. In the second quarter. Inc. The company saw first-half net income surge 91% to P944 million from P496 million the previous year. Bauan Bulk Depo and Manila Aviation Service. the position of schedulers/dispatchers shall.” Mr. bulk of which may be bankrolled by borrowings. MPIC acquired the 29% stake of Fil-Estate Corp.” Since the launch. Roxas II said that the Office of the Solicitor General was still studying the ownership structure of MRT-3 as the department wanted to clarify this issue before entertaining any proposal for the railway’s upgrading or expansion. called: The Residences at Commonwealth by Century. the statement said. The labor arbiter in July 2009 ruled in favor of the union. Shares of the company ended trading last Friday at P1. owns 22.” formally questioned the extension of their contracts. Century Properties. — C. marking its move to the “affordable” residential market.. DoTC had said last year. Last June. mid-rise community in Quezon City. plans to introduce its lowest-priced line to more cities outside Metro Manila as it aims to increase contribution of these projects to total sales to 46% by the second quarter of 2013 from 41% currently. The company has programmed capital expenditure of approximately P7 billion this year. in the railway firm. Just the first “Our Commonwealth project is only the first of a series of masterplanned development that Century plans to roll out in key cities nationwide for this category. has a minority stake in BusinessWorld. of four workers it hired for temporary jobs. Lim told reporters on Thursday.. well beyond its capacity of 350.Monday.3% direct stake in MRTC. Gacutan and promulgated on Aug. the developer said it will be launching more “affordable” master-planned developments in major cities nationwide following its announcement last July of work on The Residences at Commonwealth by Century mid-rise residential complex in Quezon City. the contract did state a particular date of completion of the project. Streamlining The case stemmed from Chevron’s implementation in October 2008 of its “Fuel Order Fulfillment Initiative” (FOF) streamlining its system of receiving and fulfilling orders.” Terrie Fucanan-Yu.95-kilometer railway that runs along Epifanio de los Santos Avenue (EDSA) from North Avenue in Quezon City to Taft Avenue in Manila. Lim added that MPIC will be undertaking the project “with Ayala” Corp. It debuted on the Philippine Stock Exchange last September by way of backdoor listing.
said last week that the department is studying the possibility of allowing commercial exports of yellow corn within the year to allow farmers to take advantage of the rising prices of the commodity in the world market. the “good” agencies and bureaus can reward P5. The views and opinion expressed above are those of the author and do not necessarily represent the views of SGV & Co. the rising prices of corn. Abad said in a statement yesterday. somehow. together with the documentary requirements. There will be two more technical consultations for the JPEPA in Monday. Top government workers Criteria for RE developers eyed to get cash incentives By Diane Claire j. This will affect feed costs for hogs and poultry. LESS EFFECT Meanwhile. The Trade department said it will be receiving position papers from the industry sectors on the concerns raised during the meetings. At the end of the year. This will be done by the BIR Large Taxpayers (LT) office or Revenue District Office (RDO) where the principal office of the taxpayer is registered. Like MonarkCAT and other distributors. [As for exports. Monark-CAT. Secretaries of qualified departments will then rank their agencies and bureaus: the bottom 15% will be considered “poor. corn and bread are considered major staples. Should corn and wheat prices shoot up. They have to commit it. accomplishments in their contract of pre-development stage. Thus. If production does not meet DA (Department of Agriculture) targets. a statement from the Trade department over the weekend said. Banayo said. he said.” he explained. Asugas III. 11. chicken and beef.g. even fish.” the next 25% will be “better” and the top 10% will be “best. the company was represented during the Mindanao Cluster Conference of the League of Municipalities in the Philippines last week. I nve st m e n t s f r o m Ja p a n reached P70.53/kWh and solar at P9. with proper coordination with the concerned LT Office or RDO. It is supposed to be reviewed every five years. Additionally. Certainly.000 or P15. Marissa P. state firms and public universities and colleges submitted an annual list of performance targets — major final outputs and priority programs — to the department last week. and assessment of the impact of the agreement. countries whose populations eat corn. is. Banayo. We’re trying to come out with the eligibility criteria as soon as possible. — Nef T. had a different take on the matter.g. Cerezo said in an interview last week. Jr. I don’t expect any major price spike. P10. 2012 US drought to affect prices Local food sector to bear the brunt in the long run In 2011.] the Philippines may not ready to export corn. 20. The impact on the Philippines will be higher prices of imported pork. Luczon SUITs THE C-SUITE Karen Kaye M. We should also bear in mind that any claim for casualty losses is not granted as a matter of course. “For one an excavator. the Philippines must meet its rice production targets for the year to ensure that the price of the grain remains stable. feed wheat).” Ms.” she said.” said Vicente Co. Edilberto M.. The Philippine Association of Feed Millers. In July 27. the deductible loss is limited to the cost to restore the property back to its normal operating condition. and FIT Allowance (FIT-All). also a heavy equipment distributor. Mr. but neither do I expect that things will be as “normal” as they have been since 2009. Philippines.500 or P25.63/kWh. Mr. Maria Once again. 031-09. personnel can get P7. We need to have the eligibility criteria in place parallel to that [the implementation of FIT rates].46 million MT of palay this year against the 16. We’re trying to have it in place the soonest.” she added. Roc Reporter THE ONGOING drought in the United States — which has led to a rise in corn and wheat prices in the international market — could have a “demonstration effect” on rice and food prices in the Philippines.. with time being of the essence. there will be an impact on imported feeds ingredients (soybean. Agriculture assistant secretary and National Corn Program coordinator. Cerezo said. which rewards a performance bonus for teams in the bureaucracy who meet or even surpass their outcomes and commitments.4 million metric tons (MT) of feed wheat imports from Australia to meet its feed stock requirements for the rest of the year. THE ENERGY department will conduct a stakeholders’ meeting to come out with a stringent eligibility criteria for a level-playing field for renewable energy (RE) developers in availing of the feedin tariff (FIT). the Energy department is exploring the possibility of putting up an automatic disqualification for those developers that will not honor their word. Asugas said. We will explore that [automatic disqualification]. P7/kWh for biomass. the excess should be capitalized subject to depreciation over the remaining useful life of the property.33% higher than the 962. The Trade department said since the start of JPEPA’s implementation. The BIR had previously issued specific guidelines on how casualty losses may be claimed as a deduction from income.” added Mr. The RPS is also still being finalized by the Energy department. in instances where the damaged properties are located outside the territorial jurisdiction of the LT Office or RDO (for example. as the NFA chief had also pointed out.” the next 25% will be “better” and the top 10% will be “best. a Productivity Enhancement Incentive (PEI) of P5. They have their performance. We have to make clear criteria in determining which one is really ready. unexpected or unusual nature. Layug.” Similarly. The other RE mechanisms are: net metering. Cerezo said there are developers that are declaring their intention to go on-stream as they claim to be ready for commercial development. the Philippines has suffered a significant blow because of the vagaries of the weather. “Since rice is the main staple in Philippines.000 MT recorded in 2010. P10. hogs and chicken. buildings) from an identifiable event of a sudden. Sta. inventory.000 to their employees. bonuses will be given to employees of government offices that accomplish most of these targets. such as Revenue Memorandum Order (RMO) No. The JPEPA was signed on Sept. Careful verification is necessary in view of the well-settled rule in taxation that deductions. when a taxpayer’s principal office is in Makati. Dy in a separate e-mail. photographs of the properties before and after the casualty) and their valuation (e. “The impact on the Philippines can be contained. How tax laws can help pick up the pieces It must be emphasized that the casualty losses that may be claimed as a deduction from income must pertain to properties actually used in business.37/kWh for wind and P17. wind at P8. while its manufacturing facility is located in Laguna). Rolando T. said they need to finish the eligibility criteria within August to receive applications for declaration of commercial interest from prospective firms by September. “Currently.” the next 50% will be “good. The new scheme will be implemented beginning this year. Another limitation on the deductibility of casualty losses is that the amount of loss that may be claimed as a deduction is only to the extent of the net book value (acquisition cost less accumulated depreciation) of the property immediately preceding the casualty. They really have to commit once they say that they will go on-stream to discourage them from misrepresentation. Dy added that the high price of corn in the world market could also benefit local corn farmers. “Plastic manufacturers cited the need to explore other product tariff lines that the industry could still explore under JPEPA.” he explained. Cerezo explained. which is also where the Sworn Declaration of Loss and the supporting documents should be filed. The offices that get a “poor” rating or do not achieve at least 90% of their performance benchmarks will not get the additional bonuses.” he said. he said. the country is faced anew with the challenge of recovery and rebuilding.” wrote Mr. local feed millers imported 1. Energy Undersecretary Jose M. the BIR requires that the damaged properties must have been reported in the accounting records and financial statements as part of the taxpayer’s assets in the year preceding the occurrence of the loss. Gregorio B.95/kWh for solar. However.g. starting to expand its market by looking closely at the needs of local government units. plastics.Philippines Economic Partnership Agreement (JPEPA) with one group expressing that more export products could be explored. She noted that they are working on a strict set of standards for RE developers to determine who is all set for commercial development. the description and location of the damaged properties. With that. “We need to have a strong basis that they are prepared with their technical performance.” he said. a member of the Philippine Plastics Industry Association in the statement. the basis for the computation of the loss. Cerezo said. and rule out those who only claim they are ready.000 a year under the new incentive scheme unveiled by the Department of Budget and Management (DBM). serve as a cushion that may help businessmen and entrepreneurs get back on their feet and ensure that the gears of the Philippine economy do not come to a standstill. The Agriculture department is targeting to produce 18. there have been increased investments from Japan.000 depending on their performance. That’s very critical. while the “better” ones get P20. In the “better” offices.. “If wheat and maize become terribly expensive. Corn and wheat are main ingredients of livestock feeds. The FIT for run-ofriver hydro power has been pegged at P5. stringent [criteria]. Under the new scheme. Representatives from the chemicals. The Philippines is importing 500. “The prices varies for each unit. within 45 days after the date of the occurrence of the casualty. Banayo said this could lead consumers to move towards rice.000 MT of rice this year.8/S1 The Economy INDUSTRY GROUPS aired concerns over some provisions of the Japan. In the aftermath of the recent torrential rains brought about by an unusually strong monsoon in the first week of August.” Energy Department Assistant Director for Renewable Energy Management Bureau (REMB) Atty. however. Evidence of the properties damaged (e. bread and rice could start shifting more consumption towards rice. the Energy department will start accepting applications for declaration of commerciality from RE developers. the department failed to meet its September target to come out with the eligibility criteria. should be strictly construed against the taxpayer. the BIR recently clarified in RMO No. PAFMI officials were not immediately available for further comment. National Food Authority (NFA) Administrator Angelito T. is an election year.000. executive director of the University of Asia and the Pacific’s Center for Agribusiness. hydro and solar RE sources than the proposal of the NREB. Lastly.” wrote Mr. has transactions with the Platinum Group these past years involving 40 units of heavy equipment. The ERC has slated the public consultation for the proposed net metering rules in Sept. NEW Prospects Meanwhile.90 per kilowatt-hour (kWh). We don’t have the excess production. 21 and the FIT-All in Sept. compliance of parties.. we cannot tell. around P18 million each. Jiao Senior Reporter OUTSTANDING government workers could get a bonus of as much as P40. The review of the agreement is set for this year. but in no case shall the deductible amount be more than the net book value of the property immediately before the casualty.” Other industries pointed out that the government should look into additional export products to be placed under the agreement. “We need to put a strict.86% lower than the 860. investment opportunities. which would drive the prices of these food items up. if any. together with the Sworn Declaration of Loss. By how much. receipts and other documents showing their acquisition cost) must be submitted to the BIR. the world’s top exporters. Should the restoration cost be more than the net book value of the property immediately before the casualty. However. The least one would want is for rice to become a ‘political’ commodity. (PAFMI) had however said in June that it has already booked at least 1. Last month. “The procedure is still not in place. But principally hogs and poultry. quite worried.68/ kWh from NREB’s proposal of P6.. I do not expect a repeat of the 2007-2008 world food price crisis.000 and the “good. Failure to submit the Sworn Declaration of Loss. [The country] has also imported what it needs. Plastics manufacturers are not limited to supplying packaging products.071 million MT of feed wheat. and the amount of insurance or other compensation received or receivable. Feed costs will likely rise. “The prospects for business for the plastics manufacturers and packaging materials suppliers are looking up.” Ms. soybeans and wheat are likely to reflect on local food prices in the long run. is who will really be ready for commercial development. Some measure of relief is accorded to business because our Tax Code allows a tax deduction for casualty losses or losses from the destruction of business property (e. However. De Luna.684 million MT recorded in 2011. chicken and beef from outside the country. This may affect local prices and will benefit local producers. Industry groups air concerns over JPEPA October in the Visayas and Mindanao. within the 45-day period will result in the disallowance of the casualty losses claimed in the taxpayer’s income tax return. Next year. “A demonstration effect of high corn and wheat prices on rice is thus likely. 2006 but was only approved by the Philippine Congress in December 2008. “The ERC (Energy Regulatory Commission) issued its approved FIT rates in July. Maria is a Tax Associate Director of SGV & Co. which has a nickel project in Surigao del Norte. particularly in countries in which rice. Karen Kaye M Sta.000 will be given to all government employees across the board. equipment. If we are saved from harsh and untimely typhoons.000. sources from two major distributors of such products on the island told BusinessWorld on Thursday. the cost is at least P7 million and for (mining) trucks. “Entry of imported corn will be contained. Mr. in our opinion. the availability of permits they have secured. a penalty that would discourage developers not to make any misrepresentations there. the heads of these agencies and bureaus will rank their personnel: the bottom 65% will be categorized as “good. The Sworn Declaration of Loss must state the nature of the event that gave rise to such loss and the time of its occurrence. This week.” the department official said. we’re planning to have a stakeholders’ meeting. The only plastic products that enjoy preferential tariff under the JPEPA are plastic-based packaging products.7 billion in 2009 and P58 billion in 2010. Recovery from natural disasters is a long and painstaking process. While RMO No. Inc. and thus drive rice prices up. 06-2012 that verification of the casualty loss may be conducted by the LT Office or RDO having territorial jurisdiction over the place where the properties are located. — DOR Miners. we could muddle through. P13. Ms.” he said.. Banayo. “We’re working on a procedure of eligibility criteria for FIT rate availment (sic).000. plastic manufacturers said there are good prospects for new businesses from Japanese investors in the sector because firms are in need of raw materials from other countries like the Philippines. David By Bettina Faye V. and the total accomplishments. losses arising from the destruction of assets that are not used in the regular conduct of trade or business are not allowed as deductions. he explained. which was issued following the onslaught of Typhoons Ondoy and Pepeng in 2009. said the company’s top client in recent years in the island’s northern regions is Platinum Group Metals Corp. biomass at P6. Dy. September 3. Political commodity In view of this. in case of partial destruction of property. LGUs top list of buyers of machineries CAGAYAN DE ORO — Large-scale miners and local government units (LGUs) are the biggest market for heavy equipment and machineries in Mindanao. I am. Dy noted that this would be more directly reflected in the prices of pork. and their implementing rules and regulations. The impact assessment of the JPEPA will be reported in the meetings in October. “What this immediately means for the Philippines is an increase in the price of feeds-for cattle. Mr. Banayo said via e-mail last week that even as the country will not likely be directly affected by the US drought. especially since the leadership expects self-sufficiency next year. This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. account manager of Monark-CAT Philippines’ Northern Mindanao office. steel and automotive industries were present in the latest technical consultations of the JPEPA held by the Trade department last Friday. 031-09 encourages BIR officers to exert every effort to assist taxpayers who wish to file a claim for casualty losses. All government agencies. they are also mandated to verify all documents submitted to prove such losses.000. vouchers. biomass. incidentally.000 MT procured in 2010. a government official said. being in the nature of exemptions. renewable energy portfolio standards (RPS).15/kWh for hydro.” Ms. . with the perks sourced from the Miscellaneous Personnel Benefits Fund. Camec-JCB Corp. to say the least.” the Trade department said in the statement.” Budget Secretary Florencio B.” P10. However.” Mr. The eligibility criteria for RE developers is one of the remaining mechanisms needed for RE pricing to fully implement the Philippine Renewable Energy Act of 2008 or Republic Act 9513. Departments that achieve at least 90% of their major final outputs and priority program targets will qualify for the Performance-Based Incentive System on top of the PEI. “Are we prepared? That depends on the current domestic crop (starting late September until early December).” For those in the “best” agencies and bureaus. reduced by the amount of insurance proceeds or other compensation received. 9. “One such innovation we’re introducing next year is the Performance-Based Incentive System. the “best” performers will get P35. “What is critical. These provisions in our Tax Code. the ERC approved lower FIT rates for wind. There is ample supply of rice in Thailand and Vietnam. 41. The burden of proving and substantiating the claim for deduction of casualty losses is with the taxpayer. however. — Emilia Narni J. Once it finishes the criteria for eligibility. Some of the concerns raised “included safeguards needed for domestic industries. there are developers that are saying they want to avail FIT because they said they are ready to go on-stream.
You might as well have watched it on a black and white TV. In other lingering effects from the storm. On Monday. along with Florida and Pennsylvania. He noted that 23 million people are now out of work or have stopped looking for work or are underemployed in the United States. “I cannot accept the tribunal’s ruling. comparing his record to that of a failing sports coach. The pedophilia scandals oblige us to take a journey of transformation.” said UN High Commissioner for Refugees António Guterres. Nuland said the training involved programs outside Syria for those able to leave the country and “pretty extensive contacts” with those unable to leave. The Republican contender had trailed the president by two percentage points when the convention began. Romney reiterated “the same old policies that have been sticking it to the middle class for years. The pair were due to appear for a joint rally later in Jacksonville. human rights training. while the return of natural gas production was also proceeding solely. “In the Syria of the future. hundreds of miles east-northeast of the Caribbean’s Leeward Islands. if you have a coach that’s zero to 23 million. but they didn’t say much about you. said flooding was not expected to pose much of a problem. “They are asking for help in how to budget. Louisiana. Areas outside those flood protections fared worse. He will visit Virginia on Tuesday. AIR STRIKES However.” Petersen said. Leslie had top sustained winds of 70 mph (112 kph). “They talked a lot about me. a major coal producer.” she said. It’s going to create about 12 million new jobs in America and about 460. 2011. he will travel to Louisiana to tour damage in the wake of Hurricane Isaac. Isaac was the first hurricane to strike the United States this year and it hit New Orleans almost exactly seven years after Hurricane Katrina devastated the city. where US troops have been fighting the Taliban and their Al-Qaeda allies for nearly 11 years.” Romney said in Cincinnati. Paris and Ankara were working to identify individuals in these zones who could be part of a future Syrian authority.6 centimeters) were expected through the lower Ohio River Valley by Saturday night after Isaac lost much of its punch while passing over Missouri. US regulators said 93% of daily oil production and 65% of national gas output in the US-regulated part of the Gulf of Mexico remained shut on Saturday due to Isaac. Florida for promoting an outdated policy agenda from the “last century” heavy on conservative social policies. labor and energy reforms.” Romney said. — Reuters Obama. Producers returned only a small amount of crude oil production by Saturday. A Rasmussen Reports poll showed Romney gaining a slight bounce from his party’s convention. On the heels of Isaac. In the last decade the Church has been accused of failing to fully address a series of child abuse scandals which have undermined its status as a moral arbiter. Romney and his White House running mate Paul Ryan are seeking to maintain momentum as Obama and his Democratic Party ready for their convention starting Monday. But the focus of the political action has already shifted to the White House incumbent. providing a first. 2012 World S1/9 Isaac brings rain to drought-hit US Midwest Soggy mess left behind in Louisiana and Mississippi WASHINGTON — The remnants of Hurricane Isaac brought rain to drought-stricken parts of the lower US Midwest on Saturday after the storm killed at least 30 people on its trek across the Caribbean and Louisiana and Mississippi. — Reuters . They talked a lot about him.” Peña Nieto said in an address at the court following the ruling. which has declared the presidential election valid.” “And in the face of a record of failure. it’s Obama’s fault and Governor Romney is the only one who knows the secret to creating jobs and (making) the economy” grow. A second love succeeds. But Romney is not far behind and is fighting hard — he has visited the state and outlined his goal to help make America more energy independent by developing natural resources. before barreling into the US Gulf of Mexico. Flood warnings were still in effect for the Kansas City. and a bumpy economic recovery are widely seen as the biggest hurdles to Obama’s hopes of winning the national vote on Nov. Florida. Up to 300. famous for comments that the use of condoms could be acceptable in some cases. North Carolina. however. 46. leaving some homes under 12 feet (3. Ohio. the former governor of Massachusetts. since experts said its rains came too late for this season’s crop of corn and most soybeans. Republic and Haiti. you say it’s time to get a new coach. Maryland. for failing to offer any new ideas in his address to Republican activists. Western powers said military action to secure safe zones was still an option.000 jobs right here in Ohio. creating a chance for local communities to govern themselves without feeling they had to flee to neighboring countries. Western powers have also said they will not supply weapons to lightly-armed Syrian rebels. The worst drought in nearly half a century remains deeply entrenched across nearly two-thirds of the United States.6 meters) of water. Martini. Death toll Isaac killed 23 people in its passage over Hispaniola. Jordan or Iraq. But they have shown little appetite for sending warplanes to Syria to protect safe havens or mount the kind of NATO bombing that helped Libyan rebels topple Muammar Gaddafi last year. September 3.” Fabius said. Why don’t we rouse ourselves? Are we afraid?” — Reuters MEXICO CITY — Mexico’s electoral tribunal confirmed Enrique Peña Nieto as president-elect on Friday. Romney said Obama had failed to fulfill his promise to revamp the sagging US economy. sanitarily and in terms of equipment. once favored by Vatican progressives to succeed Pope John Paul II and a prominent voice in the church until his death at the age of 85 on Friday. “Let’s work together for the reforms that Mexico needs. Lopez Obrador. “Our culture has aged. who declared a disaster in Mississippi and Louisiana on Wednesday. He mocked this week’s Republican gathering in Tampa. He said France and Turkey had identified areas in the north and south that had escaped President Bashar al-Assad’s control. “The rain is going to be occurring in areas that are parched and have greater capacity for accepting rainfall. Romney spokesman Ryan Williams said the president’s policies “have taken us on a road to declining incomes.5 billion flood-control system assembled after Katrina. The United Nations says nearly 20. the National Weather Service said.” Obama joked to supporters in Urbandale. will be sworn in on Dec. “It’s time to start a new chapter of responsible work for Mexico and unity.000 people have been killed in Syria since the uprising against Assad began in March. is scheduled to visit the region on Monday. — Reuters Mexico’s Peña Nieto Cardinal says Church is ‘200 years out of date’ confirmed as president ROME — The former archbishop of Milan and papal candidate Cardinal Carlo Maria Martini said the Catholic Church was “200 years out of date” in his final interview before his death.” Martini said in the interview published in Italian daily Corriere della Sera. higher unemployment and more uncertainty for the middle class. authorities said. given opposition from veto-wielding members Russia and China. starting from the pope and the bishops. At least five deaths in Louisiana and two in neighboring Mississippi were blamed on Isaac and residents of the two states still suffered from power outages and widespread flooding on Saturday. — AFP France to help Syria’s rebel zones By John Irish Reuters NEW YORK — France plans to channel aid to rebel-held parts of Syria so that these “liberated zones” can administer themselves and staunch an outflow of refugees. Instead.” he told reporters. We are helping them directly as is Turkey. the president criticized Romney for having “nothing to say” about Afghanistan. which has topped 8% for 43 consecutive months. though it has paid many millions in compensation settlements worldwide.” the silver-haired 58-year-old said. Centrist Peña Nieto. 6. they are asking for help in how to keep utilities running. touting his energy policy. US programs State Department spokeswoman Victoria Nuland said earlier this week that the United States had started programs for administrators in territories outside Assad’s control. He lambasted Romney.000. In the meantime. “We need to help them financially. a Midwestern state that helped launch his successful 2008 White House campaign. A former mayor of Mexico City. Obama’s top adviser David Axelrod said Friday that the president would use the Democratic convention to deliver the specifics Romney’s convention speech — which he said was packed with personal anecdotes and patriotic platitudes — lacked. gave a scathing portrayal of a pompous and bureaucratic church failing to move with the times.” In this way “the Church loses the future generation”. which has called for buffer zones to be created. Martini’s final message was a call to begin a shake up of the Catholic church.” Speaking in Sioux City at a later rally. civilians in rebel-held parts of Syria have suffered frequent deadly air strikes from Assad’s forces. fresh from being crowned the Republican Party’s official presidential candidate. The president was on a four-day trip through swing states in the lead-up to his re-nomination at the Democrats’ meeting in North Carolina. Martini. Colorado — US President Barack Obama takes his campaign to the Rocky Mountain state of Colorado Sunday as he and Republican challenger Mitt Romney fight for votes in key battleground states that will determine the outcome of the November election. calling for a rally in Mexico City’s main square on Sept. At least one levee was overtopped southwest of New Orleans. Gearing up for next week’s Democratic National Convention in Charlotte. Rainfall totals of no more than three inches (7. “Bitter experience has shown that it is rarely possible to provide effective protection and security in such areas. Louisiana residents continue to cope with the aftermath of Hurricane Isaac with ongoing flooding. these people will play an important role because they have emerged out of the conflict and they have the trust of the population. But US forecasters said it posed no immediate threat to land and was not expected to become a hurricane before veering away from the Caribbean and heading farther out to sea in s north-northeast direction this coming Tuesday. who had accused Peña Nieto of laundering money and buying votes in the July election. “Those resisting who have taken control of certain zones and municipalities need to administer these areas. while many more are displaced inside. Foreign Minister Laurent Fabius said.000 Syrians have fled the country.“Then we will determine what happens next. Lebanon. “A woman is abandoned by her husband and finds a new companion to look after her and her children. “Let me recap it for you: Everything’s bad. Martini said in the interview. administratively. Recent polls have shown Obama leading in Ohio.” the foreign minister said. leaving them without air conditioning under sweltering temperatures. and we’re going to bring it to them. “We have been working with them on issues of civil administration. who have few answers to attacks by Assad’s combat planes and helicopter gunships. The United Nations questioned the idea of buffer zones. but his rival refused to accept defeat and held out the possibility of further protests that could hamper reform efforts. It was not clear how Fabius’s promise to allocate much of its future €5 million ($6.” Fabius said after a UN Security Council meeting in New York on Thursday. according to US regulators. Turkey. “What we can see is that the opposition has taken strong positions in liberated zones in the north and south. On the heels of the Republican nod. Isaac was expected to be a mixed blessing for the droughtparched Midwest farm belt. “It’s time for America to see a winning season again. but there is no chance of securing a UN Security Council mandate for such action. which forced the Republican convention to start a day late. New Orleans was struck by 20 inches (50 centimeters) of rain. with 47% of support from voters nationwide against 44% for Obama. successful test of the city’s $14.” she said. Tropical Storm Leslie churned over the open Atlantic Ocean on Saturday.” he said in the interview. the Caribbean island shared by the Dominican afp A partially submerged truck and gazebo are seen in Hurricane Isaac’s flood waters with a flooded chemical plant in the background in Braithwaite. The US Department of Agriculture is to release estimates on Tuesday of Isaac’s damage to cotton and rice crops in the Mississippi Delta and lower Mississippi Valley region. Isaac’s rains could help speed up pasture recovery.” He said he would announce his transition team in the coming days and would set out reforms aiming to improve governmental transparency and battle corruption in the weeks ahead. SAFE ZONES After the council meeting to discuss the humanitarian crisis ravaging Syria after 17 months of conflict. which Lopez Obrador is likely to resist. but Dan Petersen. humanitarian agencies say. now hosts more than 80. how to ensure that the institutions of the state that provide services to the population come back up and running. Missouri. a forecaster at the National Weather Services’ Hydro-meteorological Prediction Center in College Park. More than 500. our rituals and our cassocks are pompous.” Stubbornly high US unemployment. rejected the judges’ decision. made a fortnight before he died. local government officials said. 1 and has pledged a raft of fiscal. just misleading attacks. President Barack Obama.800 deaths. The tribunal threw out an attempt to overturn the election result by leftist leader Andres Manuel Lopez Obrador. Top sustained winds had dropped to 20 miles per hour (32 kilometers per hour) and flash flood threats were diminishing. Romney trade job barbs in swing states WESTMINSTER.” Fabius said. not just the mother will be cut off but also her children.000 Syrian refugees and the UN refugee agency says the eventual figure could reach 200. “The Church must admit its mistakes and begin a radical change.25 million) aid for Syria to these areas would protect civilians and deter them from fleeing.The Monday. area as well as south-central Illinois. Many producers said they continued restaffing offshore platforms and production was expected to ramp up quickly in the coming days. “Paul Ryan and I have a plan that’s going to get America working again. and get the US winter wheat crop off to a good start. whose supporters blocked many of Mexico City’s main thoroughfares for weeks after he narrowly lost the 2006 election.000 homes and businesses remained without electricity across Louisiana on Saturday. “Civil disobedience is an honorable duty when directed against the thieves of the hope and happiness of the people. told interviewers the Church should open up to new kinds of families or risk losing its flock.” Obama said.” Credible protection for “liberated” areas would require no-fly zones patrolled by foreign aircraft. Syrian opposition groups and humanitarian agencies put the death toll far higher. he offered no new solutions. campaigning in the crucial battleground state of Ohio. “Maybe in these liberated zones Syrians who want to flee the regime will find refuge which in turn makes it less necessary to cross the border whether in Turkey. Lopez Obrador accused Peña Nieto and his Institutional Revolutionary Party (PRI) of buying five million votes with illegal funding and plying voters with presents. authorities aid. published on Saturday. and many other locations in Louisiana and Mississippi logged more than 10 inches (25 centimeters) of rain. the kinds of things that they might need from the international community as they begin to rebuild their towns. We’ve seen it before. “It was a rerun.” Lopez Obrador did not specify the steps he was considering but his words recalled the disruptive protests of 2006.“The church is 200 years out of date. causing an estimated 1. our churches are big and empty and the church bureaucracy rises up.” Responding to Obama’s earlier jab. is considered crucial to the outcome of the presidential elections. destroyed property and many still without electricity. If this family is discriminated against. FLOOD PROTECTION Isaac lingered over New Orleans for the better part of two days. Fabius said more help must be given to rebel-held areas. 9. Obama on Saturday rallied supporters in Iowa. “Let me tell you.
the European Union and the United States were also expected. a retired Indian senior civil servant and China expert. is also buried at Holy Trinity Cathedral. Mr. said China’s recent warmth toward India reflected its concerns about military escalation in the South China Sea. But General Liang Guanglie’s trip — the first by a Chinese defense minister in eight years — also highlights growing competition between the two emerging powers as they jostle for influence and resources across Asia. “The PLA’s (People’s Liberation Army) efforts in conducting friendly exchanges and cooperation with its counterparts in the South Asian nations are intended for maintaining regional security and stability and not targeted at any third party. Mr. as well as senior military delegations and a cabinet-level hot line. Meles will be buried. President Mohammed Waheed of the Indian Ocean archipelago nation the Maldives left for Beijing on Friday to arrange $500 million in loans. which Beijing sees as containment. and Somalia’s Sheikh Sharif Sheikh Ahmed. India’s ambassador to China was allowed to tour Tibet. two years after India gave asylum to the Dalai Lama. — AFP . his family dressed in black following behind. Thousands of soldiers stood guard as the ceremony progressed. In turn. neither side is close to giving up any territory. before the casket was placed on a stage above the giant crowd. commander of the Tibet military district — on the vast and troubled Himalayan plateau bordering India. with 51 Tibetans setting fire to themselves in gruesome protests against Beijing’s heavy-handed rule in the region. He is a relatively unknown politician who hails from the south.” he promised. who will lead government until national elections in 2015.5 billion. remaining at the helm of Ethiopia — a relatively stable country in the volatile Horn of Africa region — until his death. known for his outspoken views. Liang’s India tour will demonstrate that Beijing is managing the often twitchy relations with its neighbor just ahead of its once-in-a-decade leadership transition. director of the National Maritime Foundation. K. Tokyo Governor Shintaro Ishihara. many in tears. Instability has increased in Tibet in the lead up to the Chinese leadership change. a New Delhi think-tank. but major flare-ups are avoided through meetings of low and mid-rank officers. Benin’s President and current Africa Union Chairman Thomas Boni Yayi. More recently. Ethiopia’s last emperor Haile Selassie.” Mr. Ranade said India was disappointed China’s next president had not yet visited. Analysts say Mr. spurring rumors about his health. “All his initiatives will keep going forward. Sudan’s Omar al-Bashir.” he said in speech to Sri Lankan soldiers. but the two sides are expected to discuss their mutual neighbors Afghanistan and Pakistan. 20 after a protracted illness. Despite 15 rounds of high level talks to resolve the dispute about where their Himalayan border lies. The last time a Chinese defense minister visited India was in 2004. Liang’s visit follows a number of high intensity unilateral military exercises by both countries in the border region in the past year. India courts close ties with Vietnam. dressed in flowing embroidered robes and carrying red and gold velvet umbrellas. rights groups criticized him for what they said was a crackdown on opposition groups and journalists.10/S1 The World Monday. and commits itself to forging harmonious coexistence and mutually beneficial and win-win cooperation with them. “It’s a tepid gesture — earlier they were expecting a higher level visit. Meanwhile. Mr. Its exploration of an oil block in the South China Sea has needled Beijing. Emphasizing China’s growing clout in the region. sat right behind the coffin. dispatched the team. Paul Kagame of Rwanda. — Reuters and AFP Ethiopians mourn at leader’s funeral ADDIS ABABA — Tens of thousands of Ethiopians mourned on Sunday the late strongman Meles Zenawi. TIBET Mr. Beijing has spent billions of dollars on train lines. partly for infrastructure. Trade is skewed in China’s favor. Hailemariam will be sworn in after Mr. who was murdered in 1975 by coup leaders. Mr. Both China and India say they are committed to attaining prosperity through peaceful means. Liang is not expected to broach the territorial issue on his trip. the island nation off the south coast of India that sits on vital ocean trade routes. “You do not want to have anything to do with India just now which is rocking the boat. unlike many of the country’s political elite who are from the north. Senior officials from China. Liang’s delegation includes Yang Jinshan. Meles’ flag-draped coffin slowly processed through the capital from the National Palace to the vast Meskel Square. Mr. and they may announce a new round of joint military exercises — following on from a recent joint naval practice in Shanghai. which the two sides dispute. in the first state funeral staged for a leader of the Horn of Africa nation in more than 80 years.” Mr. and the security challenges they face when North Atlantic Treaty Organization forces start leaving the region in 2014. But while he was credited with bringing about widespread economic growth. His successor Mr. Kenya’s Mwai Kibaki. Hailemariam said in a speech after prayers. He had not been seen in public for two months. Mr. a team of Japanese surveyors Sunday sailed to a group of disputed islands in the East China Sea which the nationalistic governor of Tokyo wants to buy amid a widening diplomatic row with China. During the four day trip to India. Mr. all the transformation plans will progress. Minor incidents of both nations’ troops crossing the border are common. No more details have been announced. Ethiopia’s Deputy Prime Minister Hailemariam Desalegn. China and India fought a brief border war in 1962. “China’s leadership has one primary objective: how do we continue without any convulsions. although no date has been fixed.” said Uday Bhaskar. Ranade said. including Djibouti’s Ismail Omar Guelleh. While Ethiopia has hosted a series of state funerals in recent decades — including that of popular musician Tilahun Gessesse in 2009 — the last leader to be so honoured was Empress Zawditu in 1930. Liang’s trip.” As neighbors and emerging superpowers. as it were. despite years of talks. Xi Jinping was expected to come. roads and military hardware in Tibet. known in China as Diaoyu and in Japan as Senkaku. a rare occurrence. South Sudan’s Salva Kiir. Religious leaders from Ethiopia’s Christian Orthodox Church. Meles is buried. where Mr. and perception that India is being drawn into the US “pivot” to Asia. Liang pledged $12 million in military aid. AID FOR ISLANDS In Sri Lanka. The funeral ceremony will later move to the capital’s Holy Trinity Cathedral. The coffin arrived on top of a horse-drawn carriage adorned with white flowers and pictures of Mr. India and China have a complex relationship. but also for the renaissance for all of Africa. “China attaches great importance to its relations with the South Asian nations. Liang will talk about border security with his counterpart Defence Minister A. 2012 Asian giants seek better ties China’s defense minister in rare visit to India NEW DELHI — A rare visit to India by China’s defense minister should help avoid flare-ups along the border between the nucleararmed Asian giants at a time when Beijing is grappling with a change of leadership and friction in the South China Sea. That would have been something. Mr. India has also spent heavily to strengthen its defences along the frontier. held prayers for the sea of mourners. which arrived at the island chain claimed by both countries. Jakaya Kikwete of Tanzania and Goodluck Jonathan of Nigeria are also present. Trade has grown at a dizzying rate but Beijing is wary of India’s close ties to Washington and memories of a border war with China half a century ago are still fresh in New Delhi. Presidents of all Ethiopia’s neighbors — with the exception of arch-foe Eritrea — are attending. “The late prime minister was working not only for the renaissance of Ethiopia. Jayadeva Ranade.” he said. Since then. There he sought to play down Indian fears that China is threading a “string of pearls” — or encircling it by financing infrastructure and military strength in neighbors stretching from Pakistan to the Maldives. September 3. Meles died in a Brussels hospital on Aug. Antony. and an Indian military delegation was taken to the region’s capital Lhasa. some of them crying. who Beijing considers a separatist. Meles — who died last month aged 57 — as a boy and young man. Business relations are booming and trade flows have reached an annual $75. adding to billions of dollars spent helping President Mahinda Rajapaksa win a 25-year-old civil war and rebuild his ruined nation’s ports and roads. and welcomed the many African leaders and foreign dignitaries who are attending. which claims the sovereignty over almost all of the sea and has stepped up its military presence there. Liang is due to arrive in Mumbai on Sunday afternoon after stopping in Sri Lanka. up from just $3 billion a decade ago. India said this week. Followed by giant crowds. While he welcomed Mr. The former rebel turned regional strongman took power in 1991 after toppling dictator Mengistu Hailemariam.
is covered by the mining claim of Philex Gold Philippines. head of the institutional development division of DSWD-10. has been cited for its success in coordinating with civil society.” he said in an interview. baptismal certificates. “We are following the universal standard on IDP (internally displaced persons) emergency housing. 2012 The Nation S1/11 Concerns cited in Negros mines BACOLOD CITY — Unregulated small-scale gold mining operations in two towns in Negros Occidental have raised concerns among agencies after miners involved refused to heed the cease and desist order (CDO) issued by the Mines and Geosciences Bureau (MGB)-Region 6. “The contract of lease shall be embodied in a public instrument and shall integrate all the covenants. Mr.700. was digging soil to build a drainage system. The new law will take effect 15 days after its publication in the Official Gazette or in at least two newspapers of general circulation. Monthly rental rates for the 65 firms were issued under a hospital memorandum. PARASO Monday. Rufin.EDITOR CRIS V. said the regional office has even exceeded its target through coordination with nongovernmental partners. They refused to receive the CDO. — NTL Hospital rental. September 3. Padla. known for small-scale gold miners. While Mr. “… [T]he rights and obligations of both parties were not clearly defined in the absence of lease contracts. Emano earlier said the transfer of families would be completed by the end of August. Cantilero rlae AN ALLEY in a temporary relocation site for victims of tropical storm Sendong. a flash flood survivor who explained the situation in the vernacular but declined to have his full name mentioned in this report. noted that the transfer was to other temporary shelters.” the report states. it has no legal documents to lean on. We are still unsure until when we are going to stay here.” said Juan. Ms.” he said in the local dialect. at least two documents showing the correct entries.000. They dump the hazardous waste into a creek that flows towards Bacuyangan River in Hinobaan. Mr. “… [T]he concerned accounting personnel disclosed that they did not have any document showing how the amount was arrived at. “The tents are not suitable for a longer stay so we need to transfer them to transitional shelters for them to be more comfortable and at least they could sleep well while still waiting for their permanent houses. officerin-charge of the estate management division of the City Planning and Development Office. Cagayan de Oro City Mayor Vicente Y.” the commission said. methods and processes in risk assessment and management planning.” the PHC management told the CoA. Juguan said. Primitivo T. This developed after 94 workers in various regions under the state’s cash subsidy scheme for the poor completed on Saturday a training on mainstreaming gender in disaster risk management. “The houses are already standing but some lack furnishings. The official number of families living in permanent houses as of Aug. Northern Mindanao’s progress on the subsidy program or Pantawid Pamilyang Pilipino Program.” she added. We’re trying to come up with an appropriate [solution]. In the event of defaults or other actions of lessees that are disadvantageous to PHC.” he added. While the actual number of families left homeless by floods from rains brought by the storm in December 2011 was much higher than 2. meanwhile. We are asking them for further advice. meanwhile. corrections in the register of birth and certificate of marriage require the proper petition in a judicial court. Charmaine P. DSWD information officer. requesting parties are now required to file an affidavit and submit a certified true machine copy of the certificate containing the entries sought to be corrected. Under Republic Act 9048. however. I think we just have to wait. Lessees include a fastfood and bakery chains while two are banks. Tadlas.125 permanent housing units have been awarded to the victims. officerin-charge of PEMO Regulatory Services Division.” the report stated. “We had some problems implementing the order. “The training is responsive to the policy and practical guidelines drafted by the international community on how to mainstream gender in disaster risk management for national governments. The Provincial Environment Management Office (PEMO) had raised concerns on the illegal gold mining activities as the miners use toxic chemicals for gold extraction. — Noemi M. Eriberto Madalag. he said. Mr. Juguan cited risks if safety rules are not followed. Aquino III. 10172 in particular expedites the correction process by authorizing the city or municipal civil registrar or the consul general to correct clerical and typographical errors in the first name or nickname. however. “Except for the rental of market stalls and spaces. I laid down the situation before them. Emano said families displaced by Sendong would be transferred to permanent houses by last month. Padla noted that even if many beneficiary families have not yet been transferred to permanent houses. Storm victims waiting to restore lives CAGAYAN DE ORO — More than eight months after the onslaught of tropical storm Sendong (international name: Washi). C. the water would seep into our house and that made us uncomfortable and even scared. The same report observed fraudulent claims of damage from some families just for them to receive shelter benefits. The CoA. are required for correction on entries concerning the date of birth or the sex of a person. But only a small fraction of the number needing permanent shelter have been transferred to newly constructed houses as of end of August. Inc. many decided to reestablish their lives on their own with minor help from the government and civil society groups. The updating aims to monitor compliance of beneficiaries to school attendance and regular health center visits for children aged 14 and below. where these small-scale mining operations take place. was only 828.” The PHC has also allowed several firms. is addressing the problem. can be carried out only if the requesting party presents a certification issued by a physician stating that the petitioner has not undergone gender reassignment.” she said in citing a reason on the inability of over a thousand families to move in immediately.” he added. we’re unsure until when we’ll stay here although some of us are now living in houses built by the government. Gonzales Gender issues integrated in disaster mitigation CAGAYAN DE ORO — Gender issues have been integrated in the disaster-mitigation programs of the Department of Social Welfare and Development (DSWD). and each gram can be sold at ₱1. “Going to another temporary shelter would mean another adjustment for us and for our children who are now in school. said the training raised the skills and capabilities of participants and ability to select and use gender analysis and participatory tools. understanding and agreements of the lessor and the lessee. An action review report of the United Nations Office for the Coordination of Humanitarian Affairs conducted in March has observed that while the city government has identified its partners in building houses like Gawad Kalinga and the Habitat for Humanity Foundation. or sex of a person in the civil register without need of judicial order. “I have asked the (MGB) central office. To draw up a list of the real victims whose houses were totally washed out by the flash floods. Guadalquiver Law eases changes to register of birth ADMINISTRATIVE CORRECTIONS in the register of birth has been eased under a new law signed by President Benigno S. This may result in future disputes and circumstances that may be unfavorable to PHC. Signed on Aug.” she noted in response to the complaints. said Anecia C.” referring to the landslides that killed scores in that province’s Pantukan town. meanwhile. there are delays and unrealistic expectations in the delivery of housing units. The process takes more than six months. among others.” said Anna. “They negotiated the best price for the Center considering everything such as the cost and construction and the prevailing market price within the vicinity. 15.” said Araceli F. Alberto R. which refer to a mistake committed in the performance of clerical work in writing. to lease spaces without contracts. however. “We do not even have enough water as supply comes only every Tuesday and Thursday. “When it rains. RA 10172 requires that a petition for correction of an erroneous entry or typographical error concerning the date of birth or sex requires publication at least once a week for two consecutive weeks in a newspaper of general circulation. said 2. The city government. which is conducting exploration activities in the area. DSWDRegion 10 director. but the computations on the rates were not clear. it was noted that the institution has entered into 15 rent contracts with private firms last year without public bidding and leased spaces to 65 others without the benefit of a contract. I asked what would be best. Republic Act (RA) No. or until the first week of September. Juguan said the area of more than 50 hectares between Hinobaan and Sipalay. MGB-6 Director Leo Van Juguan said the government is looking for a “win-win” solution to the illegal gold mining activities in Hinobaan town and Sipalay City. “We will ensure it will not become a Compostela Valley. city data showed. Earliest school documents such as medical records. many of which are pharmaceutical companies. The miners can process 10 to 20 grams of gold in a single operation. a social worker from the City Social Welfare and Development office who was assigned to supervise permanent relocation sites. “I have written them [Philex Gold] a letter telling them to give to me actions to be taken.. but ensured the audit body that it bargained for the best price. families living in tent communities and other temporary shelters still long for permanent homes to regain a normal life. Tongson. another temporary shelter resident. Some of the victims in the tent cities. Embodo FOR UPDATE . but the issue also involves the livelihood of hundreds of people. Solamillo. “Our hands are not really that tied. The CoA stated that the absence of the contracts may put the PHC on the losing end in case of conflict or default by a lessee. “It is only now that their attention was called that spaces for lease should be subjected to the public bidding. Emano was unavailable to immediately comment on this issue. “Some of the windows and doorknobs were stolen and need replacement. said that some lessees still do not have contracts and insisted that lease agreements be “covered by contracts to protect its (PHC) interest. The MGB-6 had issued a CDO to the more than 100 families involved in mining operations after an area assessment indicated the geologic hazards and environmental impact of mining in the area. Those still holed up in temporary shelters more than six months after Sendong are families left with almost nothing. Ms. Instead of the tedious court proceedings. Padla said.” The PHC said lease contracts have been issued this year to lessees.” — Monica Joy O. — Rochie Lou A. According to the 2011 report of the Commission on Audit (CoA) on the Philippine Heart Center (PHC).” he said. — Nanette L. Ms. and other relevant documents. transcribing or typing an entry in the civil register that is harmless and innocuous. no such contracts shall be awarded for the first time or renewed and entered into without the required public bidding. Nene A. The measure notes that corrections will be made only on typographical errors. Torres who lives in a bunkhouse in Calaanan. or the Clerical Law.” she said.” Mr. lease deals raised A STATE-RUN hospital has been questioned for entering into several rent contracts while leasing spaces that are not backed by agreements. “Right now. a temporary shelter community. they can be assured of ownership of the units which have been awarded in their name. The management said it did not know that leasing should undergo public bidding. copying. and proper maternal health. 29. Changes on the sex. dates of birth. not to permanent houses. the official said the local government has been coordinating with other agencies and nongovernmental organizations. He said the MGB-6 can take a “hard stance” and file a case against the miners for ignoring the CDO. Padla acknowledged the problem and said this causes delays in the transfer of families. Under the Government Accounting and Auditing Manual. In an interview in July. earlier said the inadequate skills of small-scale miners in utilizing toxic chemicals poses dangers to their health and to the environment.
Wednesday). The most active of these. Meniano and Reyan L. also the last Monday of August). National Disaster Risk Reduction and Management Council executive director. particularly on the Internet.221. but still. “We are lucky this time. P12M in damage from earthquake TACLOBAN CITY — One person died while ₱12 million worth of infrastructure was damaged from a strong earthquake off Eastern Visayas at the weekend. Ronald dela Rosa said. other special holidays include Nov. Saturday. Chinese New Year. San Pedro Bridge in Quinapondan. including the capital Manila. the Department of Foreign Affairs said yesterday. disaster management officials said. common structures in many coastal areas across the Philippines. Independence Day (June 12. Ramos said. thousands of residents fled to the city hall compound after the lights went out. it added. Tubabao and Victory were prepared and had anticipated a tsunami because of increased awareness.6-magnitude earthquake hit the province with local authorities declaring a tsunami alert earlier in the night in the coastal town of Guiuan. with a detour constructed by the Department of Public Works and Highways. 16 and effective immediately. Eastern Samar — Families returned to their quake-devastated homes in the Visayas yesterday. police said yesterday. Aftershocks may last for weeks but we advise the public not to panic. Power was cut off in Guiuan when a 69-kilovolt transmission line tripped shortly after the quake. Eid’l Fitr and Eidul Adha. the earthquake destroyed our home.950 voters who registered for the 2010 general polls. including schoolbuildings. Arinto EDITOR CRIS V. “A number of buildings in Tacloban City and Palo. Suluan.m. the Caglankay and Maroyondoyon bridges linking Calbayog City and Catarman sustained cracks on piles and girders. “It was so strong we were thrown off our bed and minutes later our floor and walls crumbled. In Tacloban City. and partner agencies. Foreign Affairs Secretary Albert F. the last time in the 17 th century. The following days. 24 (Tuesday) and Dec. “We thank the Lord that no big waves came. cuts through the eastern section of the island. said the NDRRMC. Photo taken on Sept. 1. 31. In General MacArthur. Minor wall cracks at the Tacloban City Hospital were also observed. Wednesday). “All of their houses have been destroyed. Despite the quake and aftershocks. ignoring government warnings to relocate away from danger zones. consulates. Proclamation 495.391 as of Aug. Aquino III.” Filipinos abroad are allowed to vote under Republic Act 9189 or the “Overseas Absentee Voting Act of 2003. Macarthur and Llorente) at 8:47 p. The new registrants bring the total number of OAVs to 839. Borongan City.” Mr. which experienced Intensity 3. bridges. schoolbuildings. Gozon said. was not included in the list as it falls on a Sunday. In addition. the Valley Fault System. according to a 6:00 a. Leyte. police said. and were also uploaded in their official Web sites and social networking sites. Defense Undersecretary Benito T.” said Rosel Aruera. State advertising and marketing efforts. Sulat. Oras. Kwan noted the continued arrival of pilgrims and tourists in Sulangan. Gen. Tuesday). The blast in Davao City was apparently meant to strike an army camp but the grenade bounced off netting and landed inside an adjacent basketball gym where a circus was being held late Saturday. he said. said Mayor Annaliza G. approaches and pier of Buyayawon Bridge in Mercedes.— Sarwell Q. These days precede special nonworking holidays. but communist and Muslim insurgents are known to operate in the area and have been blamed for similar incidents in the past. but the people chose to stay in evacuation centers until morning for fear of strong aftershocks.m. according to the Department of the Interior and Local Government (DILG). on Friday. 2 (Saturday). Bing and Yahoo show sites with… OAV ads on the first three pages. — AFP . a pilgrimage island south of Guiuan town. In a statement. It’s totally dark here due to brownout but we are doing our best to provide for the needs of evacuees. The same intensity was recorded in Tacloban City. Leyte. “We also understand that politically it is easier to say they will relocate communities. meanwhile.” The quake also sparked tsunami warnings as far away as Indonesia. The alert was lifted at 12:10 a. but it is more difficult to implement. But what happens when another earthquake or tsunami comes?” he said. National Heroes Day (Aug. San Isidro in Hernani. Dates proclaiming national holidays for the observance of Muslim events. 1. he said. 25. a 20-year-old mother of two.” OCD’s Mr. report of the National Disaster Risk Reduction and Management Council (NDRRMC). S. as she surveyed the remains of her home. 74 houses were damaged while 24 collapsed. Eastern Samar. Damage was listed for roads. houses and other structures as the epicenter was recorded at over 100 kilometers off the coast of Guiuan town in Eastern Samar. Eastern Samar.” Heavily populated urban areas in the main island of Luzon. which was declared a holiday this year. which tilted after the quake. 2012 1 dead. Narrow cracks in the San Isidro Ferry Terminal and damage to sea walls were also reported. “Top three search engines such as Google. indicating that… OAV ads are creating traffic over the Internet.” she added. Sulat Bridge and some road sections in Sulat. Maundy Thursday (March 28). or upon Islamic calculations. Nicart. said several mild aftershocks were recorded until Saturday afternoon. said the quake served as another reminder for many local governments to improve disaster preparedness and relocate entire villages away from danger zones. Homonhon. September 3. including across Manila and suburban areas to the south.m. “We have nowhere else to go. Gozon. Ninoy Aquino Day (Aug. 30.000 people from 30 villages in Guiuan had fled their homes and ran towards the area near Felipe Abrigo Memorial Hospital and in Barangay Cogon. Power was restored yesterday. Araw ng Kagitingan (April 9. that is why we are trying to rebuild here. afp More Pinoy registrants abroad in preparation for 2013 polls THERE ARE more Filipinos working and living abroad who have registered for next year’s midterm polls compared to the previous elections.2-magnitude quake. 1. 25 (Monday) as a special holiday. Jr. Ramos said a 2004 study jointly carried out with Japan said a movement of the Valley Fault System could trigger a 7. Around 20. Deputy Presidential Spokesman Abigail F. Valte said in an interview over state-run dzRB. active coordination by authorities and advanced technology. all schools will also enjoy the EDSA revolution anniversary on Feb. women and children picked through the debris in the quiet fishing town of General MacArthur looking for materials to salvage from their splintered wooden houses. declares the following as regular holidays: New Year’s Day (Jan. Village chief Amador Evallo said the local government had repeatedly warned people to relocate to safer areas inland. The Philippine Institute of Volcanology and Seismology (Phivolcs) had issued a Tsunami Alert Level 3 warning in the threatened coastal areas in the provinces of Eastern Samar. triggering a tsunami alert that forced over 130. Ramos. Christmas Day (Dec. It was not yet known who carried out the attack and why. the OCD reported that a waiting shed of Kapangian Central School fell while a fracture was noted on the firewall of Hotel Alejando. More than 7. O.000 people to flee. Electronic posters and banner ads were “widely” disseminated to embassies. “That would be a nightmare. “More than 150 aftershocks were recorded in the first few hours after the quake. Labor Day (May 1. 30. and now they are trying to rebuild on the same spot. Leyte. shall be determined in accordance with the Islamic calendar (Hijra) or the lunar calendar. Tuesday). Dec. “Residents of the islands of Sulangan.” — A. surpassing the 235. were attributed to the higher number of registrants. At least 37 people were hurt but none of the injuries were life-threatening. Good Friday (March 29). where a 7. “Friday ’s earthquake off the coast is reminding us that these faults could move any time.000 people from Borongan. All Saints’ Day (Nov. The Buyayawon and Layug bridges. “The evacuation had been spontaneous and properly executed since many earthquake drills had been made before in anticipation of exactly such an event. was felt the strongest at Intensity 6 in six towns in Eastern Visayas (Guiuan. Bonifacio Day (Nov. a city of 15 million. Cracks were also observed in the barangay hall of Brgy. — AFP Wooden fishing boats are placed on stilts due to fishermen temporarily stopping fishing after a 7. were closed on Saturday after preliminary inspections found evidence suggesting they might have been damaged. the capital of Eastern Samar. 21. The magnitude 7. In Northern Samar. Nicart said in a radio interview on Friday night.” the statement said. are special (non-working) days: Black Saturday (March 30). Mr. senior science research specialist at Phivolcs-Region 8 in Palo. Ms. sit on or are near at least four fault systems. the highest point in Guiuan.6-magnitude offshore quake struck Friday. The loan fatality was from a landslide in Cagayan de Oro City. Wednesday) and Rizal Day (Dec.” Mr. Cañete. Nemesio M. del Rosario was also said to have written to around 4.” local police chief Supt. Calicoan. But we can’t count on luck all the time. seismologists said. Among those damaged in Eastern Samar were the Layug Bridge in San Julian. Dinagat Islands and Surigao del Norte. flattening 40% of all buildings in Manila.” he said.6 tremor. signed on Aug. and deck slab of San Eduardo Bridge in Oras. Eastern Samar. said Eastern Samar Governor Conrado B. Kwan. Men. Jr. Office of Civil Defense (OCD) regional director. PARASO Monday. Eastern Samar. was still not passable as of Saturday. Alegado Palace lists holidays for 2013 THE SCHEDULE of holidays next year was released Saturday by Malacañang as approved by President Benigno S.000 leaders of Filipino associations and organizations around the world “to solicit support in registering their members in order to ensure outmost participation in the 2013 electoral process by Filipinos overseas. C. 31 (Tuesday). That fault moves once every 200 to 400 years. The area faces the Pacific Ocean on the country’s eastern seaboard. Southern Leyte. “I think that was the strongest quake that hit Eastern Samar. Wednesday).12/S1 The Nation said Rey M.” she said. Japan and Papua New Guinea. Monday). were declared passable by Saturday morning.” Families rebuild amid further tremor fears GENERAL MACARTHUR. Manicani. Saturday). the agency said new registrants in the ongoing listing of overseas absentee voters (OAV) totaled 249.” Hers was among 80 seaside homes built on stilts using cement and wood. In Tacloban City. and neighboring towns had also fled their homes and flocked to the provincial capitol shortly after the quake. Friday). The San Pedro Bridge. “It bounced when it hit a net barrier of the camp and exploded inside the gymnasium. in its report to the OCD. the Manila Economic and Cultural Offices (Taiwan). 26. meanwhile. Tens of thousands would also die. By tradition.” he said. 37 injured in southern attack DAVAO — A grenade attack at a packed circus show injured at least 37 people in the South.
50 bps and 11. S2/ 3 YIELD TRACKER Gov’t debts sustain rally By Daniel Anne N. In a separate phone interview. the six-month T-bills. And newspaper reports have even suggested that Mr. S2/ 3 .675%. The ECB initially launched its bond-buying blitz under the Securities Market Program (SMP) in 2010 to help debt-wracked euro zone countries that were finding it difficult to drum up financing in capital markets. 22 auction. The local economy expanded by 5. The benchmark 91-day Treasury-bill (Tbill) led the rally. it was higher than the market’s expectation of 5.50 bps lower than last month’s 1. As financial markets look to the ECB to come to the euro zone’s rescue yet again in the seemingly never-ending debt crisis.452%. 1.” he added.6750% and 2.1000%. (PDEx) showed. Mr.5593%. The German central bank chief has made no bones about his opposition to a bond-buying program aimed at helping the most debtwracked member states. Debt yields in the secondary market slid almost across the board from month-ago levels. Draghi revealing the details or resuming the bond buying this week.7%. The three-year and 20-year T-bonds respectively yielded 3.5 billion ECB.” said Commerzbank economist Michael Schubert. At the secondary market last Friday. retreating by 9.30 basis points (bps) on the average. At that auction.” Sterling Bank is majorityowned by the JTKC Group of Companies of the Tiu family and Star Equities.671%. “We do not want to dilute the stakes of existing stockholders at the moment. six-month papers. Inc. and the one-year securities.92 bps. “The P500 million to be raised from the Tier 1 capital-raising activity will be sourced from existing shareholders.375%. It has since accumulated €208. fetching 1. S2/ 3 High noon at ECB over bond buying plans FRANKFURT — Tempers may well fray at the European Central Bank’s (ECB) policy meeting this week as president Mario Draghi seeks to head off German-led resistance to the bank’s anti-crisis armory. as did his predecessor Axel Weber and the ECB’s former German chief economist Juergen Stark. slightly higher than the government’s 5-6% target for the year. “Despite the high expectations in the markets. albeit under strict conditions that are still in the process of being worked out. S2/ 4 Share sale to current stockholders mulled Sterling Bank of Asia is mulling the sale of additional shares to current shareholders as it prepares for a P500-million capitalraising exercise.3750% last Friday. But markets may be disappointed if they bet on Mr. Bond traders interviewed last Friday said the 91-day. as demonstrated by the country’s GDP (gross domestic product) growth for the second quarter and average growth for the first half. the meeting could see a face-off between Mr. Villena in a phone interview last Friday.3% expansion in the first quarter.5100% and 5. data from the Philippine Dealing and Exchange Corp.” she said. the 91-day papers got 1. 1. 2.” said Sterling Bank President and Chief Executive Officer Lamberto R.50 bps and 18.8400%. analysts warned. Jens Weidmann.125%. Capital Economics economist Jennifer McKeown agreed. 2012 • VOL XXVI ISSUE 27 ISSN0116-3930 EDITOR JUDY T. Draghi and the head of Germany’s Bundesbank. At last month’s meeting. Yields on other short-tenored debt papers also plunged.51 bps from last month’s 3. down respectively by 42.6744%.1%. GULANE Stock Market • WORLD MARKETS • WORLD BUSINESS • BULLETINS • WORLD SPORTS • ARTS & LEISURE Slide in T-bill rates expected Rates of Treasury bills are expected to fall at the auction today amid ample liquidity in the system and bullishness among investors after the government reported continued high economic growth in the second quarter. up by 21. the three-month papers fetched 1. Expectations are indeed running high for the ECB governing council’s regular monthly meeting on Thursday. President Draghi is likely to state that such purchases will be limited and that they will not begin until after the EFSF or ESM have bought bonds themselves. 2. “We expect the ECB to disappoint markets this week with its plans for peripheral government bond purchases. “Rates of the Treasury bills are expected to decline by five to 10 basis points across all tenors [today].1%. Although lower than the revised 6. “This is amid the high liquidity in the financial system and as investors remain confident in the country’s assets due to our strong macroeconomic fundamentals. with the 182-day and one-year T-bills fetching 1.S2/1-12 Monday. referring to the euro zone’s two rescue funds. Inc. Draghi had said the central bank “may” resume bond purchases. and the one-year papers. Bonds at the belly and tail-end of the curve also gave lower yields except for the three-year and 20-year papers. the ECB is likely only to present an interim report on the bond purchase program at the council meeting to be held on Thursday. Yield. September 3.7250% and 5. The second quarter growth brought the first half average to 6. T-bill. 46. Surewell Equities. Rodriguez Senior Researcher Government debt papers extended their rally last week amid ample liquidity in the financial system and market expectation of another interest rate cut. six-month and one-year T-bills may fetch rates lower by five to 10 basis points compared to the rates they fetched at the Aug.9% in the second quarter.” a trader said in a phone interview. Weidmann has repeatedly threatened to resign over the issue. The bank wants to raise fresh Sterling. holds a 30% stake.
43 1.000 3.569 Vista 5.15 69.9 26.600 8.360) 85 50 28.47 0.13 (2.902) MBT MetroBank and Trust Co.85 4.35 22.19% 2.000 1. 134.86 6.55 2.000. Inc.2 8.25 5.6 16.47 13 7. * 3.59% 1.2 1.58 2.65 2.000 9.014. N.12 414 13. Inc. 3.74 0.6 2.55 7.920 75. 1. * $1.63 0. 1.560) IP IPVG Corp.45% Sun Life Prosperity Dollar Abundance Fund.000 2. Inc.475 MJIC MJC Investments Corp.27% 2.98 3.046 0.2 9. The market may also be driven by the US presidential election season.406 Manila Jockey Club.a.017 IRC Properties.129 1.000. 101.6 0.99 7.753.85 1 7.32% Balanced Funds Primarily invested in Peso securities ALFM Growth Fund.46 0. * 3. 78.97 4 160.3 25.139.69 0.000 237. Inc. Inc.000 1.525) 0.01 Chemicals MJC 3.000 0.000. Inc.19% MJC Investments Corp.000.700 34 34.6 1. 5.449.506.05 7.1113 0.19 last Friday from 5.800) 1. * 568.55 20.85 4.25 8.7 2.02 4.145 1.83 3.000 1. “Week on week.642.196.8 14 2.750) 77.86 4. Inc. 3.62% 20.56 19.016 1.a.492) 5.6 (37.17 460 0 0.708.8 2. 5.14 9. 30.96% 22.8 2.634.8 . 799.69 0. Pasig City 1:00 p. 0. Megaworld Corp.500 20. Res. Power & Water 0.55 2.043 7. Inc. TBGI Transpacific Broadband 7.Warrants1 2. 20.87 MINING & OIL GRAND TOTAL 2.a.18 5. Hldgs.226.87% 6.44 1. 112. Inc.32% 17.1 1.5 20.33 .64 18.000 3..570 59. * $2.74 93.2 2.1155 11.7 0. 10.71% 16.522 HLCM Holcim Philippines. Inc.645 841.330 LPZ Lopez Hldgs.000 4.9 1. Inc. Inc. 16.77 0.99 0. 14.52 22.84 0.979 AGI Alliance Global Group. Phil.3 823.56 1.737.080) 28.85 52.05 (1. 630.59 0..138 1.143) 12.000 0. respectively.21 2.000 5.42 4.9 13.000.19 5.2 16.42% 3. 1.357.510.846 GTCAP GT Capital Hldgs.5 28.85 1.989.46 . n.560 2.760) ATN ATN Hldgs.8 2.000 0.9 1.85% Basic Energy Corp. 5.81 4.000 5.1 3.2 1.29% 8.2/S2 PHILIPPINE INDEX CHARTS Financial: 1.05 60.98 M A M J J A 4710 46. Inc.05 59.01 6.188.125 EDC Energy Dev’t.m.3 100 96. 0.05 ODD LOTS VOLUME : Holding Firms 4.52 93. Equity Fund. 22. 1. LIB Liberty Telecoms Hldgs.12% n.8 13. Davao City 10:00 a.28 1. in a telephone interview yesterday. Inc.820 Philex Petroleum Corp.21 2.201 0.000 0.17 0.18 2.13 INDUSTRIAL 7.13% n.75 4. Warrants.86% Euro-Med Laboratories Phil. Inc.494. Carmona.2 9. 5.33 4. Inc.4 8.09 6 56. n.330) Electricity.500 34.09 EVER Ever Gotesco Res.402.545) ZHI Zeus Hldgs.400 100 9.05 0.161.682 COL COL Fin’l. 11. 526.000 Boulevard Holdings.5 1.” said Joseph Y.65 34 33.16 -5.1 51 266.98 2.48 19. Moreover.000 0.a.15 .93% 2.680 2.395 MA Manila Mining Corp.005 0 0.35 the week before.8 2.27% 7.59 26.35 1.31 0.1 1.010) Other Industrials ALPHA Alphaland Corp.975 2.8 1.8 102.05 93.27 3.05 4.036.95% ATR KimEng Total Return Bond Fund. Term’l.82 INDUSTRIAL 201. Mining SPH Splash Corp.092. Corp.835 500 11 11 11 11 10.000 0.000 230. US economic indicators that may impact local trading are the Institute of Supply Management’s manufacturing index (Tuesday). Inc.55 (14.000 Manila Mining Corp. * 2.8 58.5 223. 4.01 1.017 0.19 5.66 ALL SHARES 3.85 -0.3 28.789.3 4.000 0.34 0.17 2. 839.2 28.72 4. Cavite NOTE: These schedules are subject to change without any further notice.05 13.752 785. Inc.91 1. Inc. $0.33 0.85 5.79 2.174 0.682 107.95% 8.88% 1..237 429.000 Close Prev Close Net Foreign Trade(peso) Buy(sell) Leaders Volume Close Net ±% Stocks 55. * 2.700 17 17.21 3. Inc. 549.704 34. 1.033 623 EG IP E-Game Vent. 11. & Dev’t.65 0.642.500 29.000 0.49 3. 820.25% IP E-Game Ventures. Inc.54 329.000 0.46 1.52% $0.811.784.884 CHIPS Cirtek Hldgs.86 4.8031 4.49 9.8 80.77% 7. 0.06 1.576 240.13% 8.73 1. regardless of the overall outcome of Bernanke’s speech.43 20.000 0.73% Highlands Prime.425.65 2.06% $2.49 (19.9 (3.37% 15.000 0.000 91.61 1.8 (1.945.03 3. Inc.13 .92% 5.95 23. 481 273.0048 0.5 1 1.174 BLFI BDO Leasing & Fin.65 .33 1.34 4.2071 2.74% 15.75 59.65 27.445. (PIFA) NOTE: * NAVPS as of the previous banking day. Corp..96 0.56 0.59 0.000 0.284) 63.87 0.177.246 7.95 2.35 4.4 1.67% 6.014 2. This is already a good time to start putting more weight in the local market. Inc.922 ABSP ABS-CBN Hldgs. Inc.64 18. Long Dis.290.41 0.157.000 5.23 -11. * Sun Life Prosperity Dollar Advantage Fund.4 1.95 8.000 1.35 242 878.209.76 5.28 3.8 112 110.033 0.Warrants2 823.69% 3.000 1.9 2.000 1. N.95 5.448.018 3.082 0. 0.85 69.833.693 CDC Cityland Dev’t.9 4.06 0. 32.17% 8.831. Inc.) Hotel Corp. n.0583 2.8 4. pushing US indices higher last Friday. * 3. 4.56 8.25 0.21 Industrial 7.2 7.a.352.42 120.896.88 18.78 11.05 P0.8 2.86 4.88 9. Inc. 900 9. Inc.800 38.448 EEI EEI Corp.98 4 3.754) 79 51. Inc. 0.920 UPM United Paragon Mng.13 11.06 1.57 SERVICE 1.050 PMPC Panasonic Mfg.73 7.044 4. managing director at First Grade Finance.196.033 0.77 (19.960.41 0.5 BEL Belle Corp.53 5 5.680 2.195 PFP San Miguel Purefoods Pref. Phil.5 0.130.18 2.6 29.25 0. Inc.000 1.000 1..2 1.36 .855. Inc.000 1.97 1.2 25..794 2GO 2Go Group.820 JTH JTH Davies Hldgs.370.800 0.78% 1.100 to 5.28% 1.17 0.736 1. the PSEi moved up 52.3 10. assistant vice-president and investment advisory group deputy head at First Metro Investment Corp.65 5.047 9.794 655.811 2.5 68.350. Phil.6 18.11 1. Inc.68 77..5 697 221.a. 1.300 18 18.83 ODD LOTS VALUE : 1. DFNN DFNN.010. AUGUST 31.35 33.42 1. Inc.700 6. 1.500) 155 77.200 26.6 74.3 7. 90. * $1.73 up 41. Conv.74 0.017 0.05 1.000 35.667. analyst at brokerage Angping & Associates Securities. AUGUST 31.4 41.8908 7% 7.65 1.000 0.000 0.7 0.67 533 Megaworld Corp..92 0. 7.274) 5.01 Property Services 1.73% 22. which usually provides a boost to share prices. AUGUST 31.. Mr.57% GSIS Mutual Fund.3 542 PRIM Prime Media Hldgs.700 RFM RFM Corp.2 1.28 1.8 478 (5. 2.24 7.87% 1. Inc.0338 9. Resources 577.4 8. 7.224 PIP Pepsi-Cola Products Phils.238 0.982.06% 14.21 - 1.81 94.67% 16.35 2.000 201.42 -0.93% ALFM Euro Bond Fund.619 FGEN First Gen Corp.150 17.037 Pacific Online Sys.841 HP Highlands Prime.0039 933 AR Abra Mng.2 0.43% PAMI Global Bond Fund.7086 17. Inc.315 BHI Boulevard Hldgs.000 5 5 6.210) 0.1 8.424 12.494 SLF Sun Life Financial. 77 45. The government reported last Thursday the Philippine economy grew by 5.24 8050 Property: 1. Corp. Inc.79 2.39% 22. Inc.28 0. Corp.09 969 MFC Manulife Financial Corp.06 ATNB ATN Hldgs.m.4 4.02 3.8 25 25.86 3.9 26.013 SM SM Investments Corp.34 0.3 36.020 CEI Crown Equities.09 4.46 0.54% 26.1% P1.24 748.-Warrants 5. Co. * N. Inc..731.05 26. 1. de la Fuente 1308 3470 5250 1266 3395 5115 1224 3320 4980 1182 3245 4845 1140 2.608 0.940 103.32 3.520 68.951.752 82.144 0.52 11.5 (7.000 2. Inc. * $0.734.056 0.46 101.134 PX Philex Mining Corp.74 ICTV Information Capital Tech.9 26.17 4. “A” 50.2 22.94% 13.15 4.3 68. Inc. Corp.62% 5.196.844 ISM ISM Comm. 53.9 32.06 1.24 1. Inc.636.74 0.900 1.79 1.059 0.835 2. Inc.000 0. 7.177 0..68 0.040.120.000 0. Phils.17% Sun Life Prosperity Balanced Fund. Mng.5 67. 3.98 (711. Inc.824.75% 6. * 3.455 0 24 24 24 24 24 AEV Aboitiz Equity Ventures 54.880. 793.31% n.904.000 393. Inc.035 23.28 1.73% 7. “B” 3. * First Metro Save & Learn Fixed Income Fund.48 19.238 0.35 27 250.013 1.4 2. 2.196.5 (4.200.970 1.24 up 70. will also be watched by investors.700 6.88 1. 580 535 6.860 3. Manila Bulletin Pub.439. Inc.4848 4.49 0.74 0. 3.6 29.5 18.12 5.36 540 3.561 PSE The Phil. 119.904.310) 6.99 1.761.34 1.115 235 SFI Swift Foods. 3.93 . “B” 9. 0 38 38 38 38 38 . Retail CAL Calata Corp.000 16.4 7.103.45% NCM Mutual Funds of the Phils.65 5.652 Megaworld Corp.21% Vivant Corp.7 0. 23.1 9.420. Information Technology ANI Agrinurture.92 18.76 0.631 LC Lepanto Cons.989. VLL Land & Lifescapes 4.194 0.56 1.000 3.com.05 37 132.27 1.* Primarily invested in foreign currency securities ATR KimEng Asia Plus Recovery Fund.113 POPI Prime Orion Phils.69 0.8 35.910 256 164 79.18 340. Inc. and Ind’l.930.86 Mining & Oil 20.92 3.727 BPI Bank of the Phil.47% 0.8 2.200 10.900 33.9 57 (6.09 5.249 831 151.1 1. 728. 1.35 34.612 BDO Banco de Oro Unibank.15% Swift Foods. 22. 230. Sectors that may be in play this week will include financial and property.6 5.525.8 1. Corp.99 2.105 687. Other Services APC APC Group.600 9.000 1.3 2.700.5 5.29 0.000 24 27 24 27 25 2.440 OPMB Oriental Pet.47 1.98 237.75 12 19.673. in a separate telephone interview. 2.000 1. which in turn is a primary lead for the Asian region.000 Abacus Cons. Philam Managed Income Fund.93% Grepalife Fixed Income Fund Corp.000 0. 247.44% n.62 19. Inc.7 15. “A” 19.8 18 18.24 4.67 1.77 3.62 787 217.77 11. 1.282 PCOR Petron Corp.43 0.69 0.170 149.458 TDY Tanduay Hldgs.85 0.64 .93 1. 592.740 2.a.5 18. Inc. Inc.361 EURO Euro-Med Lab.000 4.02 12.7 2.7 18.74 14 13.98 1. Inc.75 68. 1.8 478 476 476.000 1. 0 76 76 76 76 76 - 1.95 5.33% 29.89% First Metro Save & Learn Equity Fund.6 ION Ionics.000 1.550 VITA Vitarich Corp.9 6.98 31. 33.896) Media ABS ABS-CBN Corp.4879 8.35 4.7 0.6 SHNG Shang Properties.948 MRC MRC Allied Industries. Inc.056 NRCP National Reinsurance Corp. 1.820) 7.74 0.99 2.45 49.05 (10. Oriental Pet. San Miguel Pure Foods Co.2 5.” said Astro C.387.9684 -0.26 2. Corp.730.82 M A M J J A 3170 15.02 1.35 P20.830.95% 7.55 10.386 FPHP First Phil.7 8.846.000 2.418.9 61. Inc.4 0..5 65 3.492 109 101..77 1.94 16.7 5.05 33.09 3.482.8 27.600 18.1 (26.93% 8.78 0.75% Cocolife Fixed Income Fund.12 5.9 26.768) 23.657. 2.82 (5.26 0.65 7. * 1.0608 2.15 0.000 4.000 1. 1.42 0.25 (13. Ayala Corp.300.000 1.776.7 4.18 611 0.51 0.96 1.760 ABG Asiabest Group Int’l. Inc.68 7.. Inc.04 5.08 842 JOH Jolliville Hldgs.25 28.018 0.73% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund.662. Oil BSC Basic Energy Corp. 2012 Provided by: Technistock Top 10 in Volume Stocks Volume Abra Mining and Industrial Corp.000 0.61% 18.4 1.309 JFC Jollibee Foods Corp.908 T TKC Steel Corp.71% Paxys.27 0. Ayala Land.990 103.11 P0.8 1.9 5.5 92.8 41.100.201 0.99 2.91 0. Brgy.25 -0. September 3.000 Greenergy Holdings.760 706 710 702 709 706 (43. 230. Inc. 34.7 5.8 .6 70.6 (129.165 0.73 1.535 17.4 6.9 18. 15.4 21.18 2.165 0.448.88 18.000 0.231 SMPH SM Prime Hldgs. * 25.98 5.48 - OM Omico Corp.. “B” Omico Corp.3% n.19 0.295 APM Alcorn Gold Res.000 3.6 (5. Inc.74 0.68 0. Stock Exchange.100 880 549.8 (1.000 0.385. Ortigas Center.131. 6/F One Corporate Center.69 650 435 816.015 0 -6.01 2080 Mining & Oil: 20.286.83 0. 102. Inc.444 SMC San Miguel Corp.80 PROPERTY 1. Inc.400) 0. Inc.810 PPREF Petron Corp.52 9.8 370 (406.48 588 4.201 Other Financial Institutions FLI Filinvest Land.64 1.96 0.000 0.932.8 2.8 9.100.500 22. Inc.126.52 16.98% 3.68 78. Corp.19 5385 PSEi seen sustaining uptrend Stocks are expected to sustain their uptrend this week as the Ghost Month ends and the market readies for the fourth quarter.17 0.15 77.845 68.34 0.000 544 544 541 541 542 1.4518 16.3 0. * 292. Banco de Oro Unibank.72 4.58 3.16 1. Corp. 15.900 97. Pref. Telecommunications SPC SPC Power Corp.5 452 ACE Acesite (Phils.26 10. Preferred ACPA Ayala Corp.71 0.4 2. “For the next few days.39 .993 TEL Phil.96 1.24 7.000 2.03 MINING & OIL 20. 38.05 3 119.1384 2.3 5.14 19.500) PERC Petroenergy Res.96 3. Inc. Inc.720) AC Ayala Corp.98 3.000 1.960.66 2. Natividad pegged initial PSEi support and resistance levels this week at 5.071.6 0.143. (Annual) 17 Manila Jockey Club. Natividad.142.7 35.4 224 219 (4. And Hldgs.5 25. as well as positive investor sentiment after the Fed last week reiterated a plan to deliver another stimulus to the US economy.116 330.1081 13. * Source: Philippine Investment Funds Association.174 0.46 43.27 1.67 5.4 -0.29 10. Phils.035 0.250.059 0.034 0.111.03 2.3 6. and 5.12 2. and Hldgs.9 279.34 4.998.00 1.79 2. 339.5 3 2.1 1.8 0. Inc.000 0.815) PNB Philippine National Bank 1.600.16 1.29% 11. Inc.000 0.77 545 435.42833 6.38 0.5 9.7 128 110.010 15. “The local market may rally because generally.125.58 0.483.85 13.000 2. 2.25 34.062 TSI Touch Solutions. ** $0.5 19.85 4.8 35.075 45.46 0.68 15.000 2.3277 18.600 5.048 . Paradigm Global Growth Fund.398 BRN A Brown Co.000) LCB Lepanto Cons.100 23 23 22 22.75 9.5% 5. 1.395) 1.65 1. Corp.a.831.8 2.4 0. Casinos & Gaming PHN Phinma Corp. 2. 1.83 0. Abadillo.a. Hldgs.001) 9.017 0.3 57.4 41 45. “A” 3.03 1350 EDITOR JUDY T.66 0. 308.989.56 3.79 9. Inc.332. Inc. Alliance Global Group. Inc.3 23. in a market report last Friday.8 21.800 ANS A.81% Ekklesia Mutual Fund.774.7 20.242 (1.17 (46.21 1.927 4.06 1.027 0.88 62.23 1.0049 5.115 MAC Macroasia Corp.68 10.400) COAT Chemrez Technologies.29 7.7984 10.85 2.53% 4.85 1..7 5.55 - 1.7 3.a.2 45. Inc.18 0.61 .8 0.306. Inc.56% n.97 3.a. 0.75 1.879 259.55 5.4 22. unemployment benefits claims (Thursday). 50 74.000.S.05 26.990 CPM Century Peak Metals Hldgs. 60.27 1.6 3. 1.13 2.8 25. 2.14 1.953 318. * Philequity Fund.8 (290.000 2.350.66% 7.63 2.7642 10.37 0.800 11. Ms.99 3 OMW2 Omico Corp.07 0.470 219 224 217. Inc.24 4.03 1.6 BC Benguet Corp.39 1.300 17.57 2.100. N.52 2.1 2.3% 11.177. Inv.35 (13.8 0.3% Sun Life Prosperity Money Market Fund.22 192 357.95 (2.S.03% to 5.7 .23 -11.57 0.000 0.033 0 -5. 310.45 25.96 13.8 11.7 23. 1. Inc.77 1.07 6.36% 25.500 5.5 14.451.45 518.5 9. 1.830. Inc.02 2. Serv.015 0.159 0.26 15.31% Sun Life Prosperity Bond Fund.930.000) 0.000 2.900 LFM Liberty Flour Mills.66 1. San Miguel Corp.145 0.840 3.27 3545 PSEi: 5.9 9.015 3..64 7. 100.65 0. Inc.447 11.28 1. Inc.25 3. 2. 3.100.000 1. Co.016 (2.1 (109.7 (3.67 0.65 1.290. 1.7 1.155 1.75 2. Inc.400 5. “B” 1. 5. WPI Waterfront Philippines.98 Advances 88 Declines 71 Unchanged 39 PSEi 5.24% n. n.99 - 0. 580.5 4.88 TOTAL FOREIGN BUYING : 3.041 10.490 1. Mng. 18.226.74 6.04 1.95 5.000 The Philodrill Corp.77 1.14 10. 15.2 17.15 75 (2.56 8. n.870 2.000 0.58 2.002 625.7 36.13 1.82 1. 5.45% Philequity Peso Bond Fund.89% 6.a.72% Optima Balanced Fund.38 (345. Tel.6 5.100 8 8 7.000 0.05 33. Transportation Services 4.21 1.794 374. Corp.85 32.498. Inc.075. PAL 8. Inc.432.79 (27.482) WEB Philweb Corp.17 0. 50.13% 2.54 3.78% 8.74 2.38 1.5 9.05% 22.6 0.5 2. Inc.235 55.326) NIKL Nickel Asia Corp.29% Boulevard Holdings. 12. said brokerage AB Capital Securities. Security Bank Corp.06 6. 108.7 9. analyst at online brokerage 2TradeAsia.2 14. thanks to [the] late-week bargain hunting of oversold shares.04 1.035 10.0051 0.54% 19.398.100 17 17 17 17 17 1.33 - 1.76 PROPERTY SERVICE 454.14 1.079 MARC Marcventures Hldgs. * 207. 606.040 PA Pacifica. Inc.000 2.01% 21.046 0. Inc.761.6 265.017 MHC Mabuhay Hldgs.74 2. 41. Corp. Estates Corp.28% 12.01 (116.6 0.8 100 97.8 10 7.52 5.8 1. 2.500 7. Inc.290 60.98 20 18 18 18 3.2 6.821 CPV Cebu Prop.000 2. & Min.96 1.13% 4.508. 8.521.2 1.000 0. Inc.11 AAA Asia Amalgamated Hldgs.41 0.396.016 150. 3.000 1. Inc. Corp. Inc.15 1. Inc.48 11.09% 11. “A” 1. Inc.98 7.08 HOLDINGS 4. Inc.104 1.a.28 1.900 102 102 102 102 102 SINO Sinophil Corp.18% 6.62 12.266 GMAP GMA Hldgs.32 33.5% 4.79% 2.02 1. Inc.09 28.34 1.7 1.5 24 23.64 0.08 1. 32.018 0.700 6. Inc. BPI Asset said. 34.62 18.770 88.78 18. 32.69 1. 48. AB Capital said..45 1.096 111.273 2.11% Primarily invested in foreign currency securities ALFM Dollar Bond Fund.1 1.8 36 267.722. N.51 0. Conv.3 5.91% 9.5439 7.4 61 60 60. * $1.500 26 26.156.45% 5.31 0. “ We just entered the ‘ ber’ months.000 IP E-Game Ventures. Inc.06 8.02 6.28 1.15 1.141 0. 2GO Group.7 2.72 4.a.36% Philippine Stock Index Fund Corp.77 2.12 1. The Philippine Stock Exchange index (PSEi) rose by 1.33 3.000 0.05 . 11.27 3.467. Inc. 640. Long Distance Tel.075 0. Bernanke’s speech.58 9.45 19. Inc.47 52Wk 52Wk MktCap Stock Stocks High Low (Pmil) Code PHILIPPINE STOCK EXCHANGE Volume Open High Low Close Prev Close Net Foreign Trade(peso) Buy(sell) 52Wk 52Wk MktCap Stock Stocks High Low (Pmil) Code Volume Open High Low FRIDAY. (Annual) Time & Place 2:00 p.7 23. * 2.S. Inc.15 378 UNI Unioil Res.1 108 SGI Solid Group. in a text message yesterday.000 0. 0. 3.000 0.72 218.500 101.63 14.3 (33.54% Bahay Pari Solidaritas Fund.1302 0.225) STR Starmalls.38 1.4 8.02 1 1.6 153.8 28.15% 6. Inc. Inc.78 5.1 5.149.6 2.382. Inc. United Paragon Mining Corp.954. Group. 10..25 0.000 0. (Special) 13 Wellex Industries.960 GEO GEOGRACE Res.58 9. * 3.000 1.” AB Capital noted.841 AMC Alaska Milk Corp.6 16.33 0. 0 925 925 925 925 925 .8 MWC Manila Water Co.42 7.51 3.05 2.244) 19.34 55.4 2.055 0.76 Electrical Components & Equipment 29.65 2.34% n.2 244.2 12.143.47 1.905. Inc.5 2.93 1.761.000 1.2 58.1 1.826 The Philodrill Corp.86 4.572 OV 0.462.05 2. Corp.973.000.853 URC Universal Robina Corp.7 9.38 1. 21.88 1.831.61 102.002.0053 0.287.05 FINANCIAL 1.000 0.74 115.7 (3. and Minerals Corp. 2012 All Shares: 3.95 10 (11. 837.000) 8 1. “B” 9. Inc.79 -0.98 4 4 .2 1.73 27400 7880 2000 25840 7710 1920 24280 7540 1840 22720 7370 1760 21160 7200 70.000 242.8 243.05 3.45 8. 3.05 1.080.43 3.513.66 2.740 2.64 0.7 75 76. Mng.5 10.63% 6. Inc. 654.500 10 2.47 100.000 4.78% 4.03 8.84% 11.4 57.000 1. Inc. 1.71 1.696 19. 3. 900.1 192.65 4.000 0.49 5.57% ATRKE Phil.68 0.000 2.a.979.55 up 23.8 (17.582 1.5 151 145 145 149.98 2 - 1.450.68 0.43% 3.05 5.1 5.39 7.49% -1. 21.4261 10.43 0.843 PGOLD Puregold Price Club. 48 28 58.06 (673.184.3 7.065 580. WIN Wellex Industries.051 (2.000 0.1 8.895.52 55.6 .82 13.070 30.34 5.65% 6. 183.18 49.31 (23.490.06 0.95 4.S.017 0.01 27 18 5.014 2.42 1.86% 1.a.676.3 6.98 4 4 1..66 2. n. Energy.000 5.47 4.000 2.062 1.35 up 24.018 0.5 - H2O Calapan Ventures.55% to 3. 91.193 AP Aboitiz Power Corp.83 1.88% 4.5 SUN 0.5 76.800 43 43.149 125.65 2.85 4. which coincides with the vacation period of traders abroad — is expected to usher in more activity in the local bourse.5 84.048 -0. 0.000 1.8 1. 8.000 3.972 59.170.6 2.06 0.91 61. 8.1 1.2 1. 34. “A” 684.000 1. Co. Inc.57 3.01 2.000 1.94 17 16..81 13.800 25. Corp.51% 9. 0.23% 1.49 9.43 0.093 1. 1.5 29. 507.57 2.25 133.940) Holding Firms AB Atok-Big Wedge Co.0385 8.6969 19. * Sun Life Prosperity GS Fund.94 6.5 0.018 0.240.893 LAND City and Land Developers 23. Value 1.03 1.752 ORE Oriental Peninsula Res.000 22.8 1..159 0.47 0.55 3.500) 41.17% 14.09% Manila Bulletin Publishing Corp.29.000 1.8 2.300.6 74.69 TOTAL FOREIGN SELLING: All Shares PSEi 5.8 0.07 5. Inc.000 1.723.36 11.89% n.58% Philam Dollar Bond Fund.900 7.68 630 TFC Phil.17 4.6 29. Corp. 0. “A” 2. This week.m.89% Philam Bond Fund.8 9.82 13.2242 -2. Inc.94 2.06 0.38 1.86 448 CLOUD IP Converge Data Center. August inflation data.41 0.600.17 2.4 1.023. Inc.31% 0.970 RCB Rizal Commercial Banking 187.000 0.760 V Vantage Equities.19 up 46.67 0.14 (2.600.. 24.6 9. Inc.904) 10.49% 7.411.432.39 0. said Elizabeth S.5 55.000 3.3 68.406) 5.113 CYBR Cyber Bay Corp.7 101.37 13.384 LOTO 15.01 -3. In addition to the positive secondquarter economic data. 86.87 M A M J J A M A M J J A PSE Turnover and Averages SHARES VALUE (P) AVERAGES FINANCIAL 26.3 47.46 0.01 -12.4 1.147 (59. 486.000 1.000 257.28 1.8 1.88 M A M J J A Industrial: 7.38 1.073 0.25 0.7 0.26% PAMI Asia Balanced Fund.21 1.235) 9.66 777 LIHC Lodestar Invest.000 303.800 23.55 48.. to be released on Wednesday. president at brokerage Eagle Equities.19% 3. the market was also buoyed by anticipation over Fed Chairman Ben Bernanke’s speech slated last Friday.5 47.892.95 5. Vent.700 9.034) 0.600 PAX Paxys.20 EX-DATE 03-Aug-’12 03-Aug-’12 07-Aug-’12 23-Aug-’12 23-Aug-’12 RECORD 08-Aug-’12 08-Aug-’12 10-Aug-’12 29-Aug-’12 29-Aug-’12 PAYABLE 03-Sep-’12 03-Sep-’12 03-Sep-’12 03-Sep-’12 03-Sep-’12 Schedule of Meeting Date Company September 6 Phoenix Pet.95 7 1. Islands 1.5 535 537 536 11. Inc.29 1.045 2.S.78 135 58 65. Inc. 23.69% 1.949 LR Leisure and Resorts Corp.5 .799.176 554 465 84. the PSEi is seen edging higher.41% 7.9 19. mirroring US markets’ reaction to Mr.8 . the end of the Hungry Ghost Month — celebrated by the Chinese in August.000 2.000 2.980 56.545 VVT Vivant Corp.35 2.000 1.35 1. * Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund.88% Philam Strategic Growth Fund.100 5. Inc.02 17. Flue Curing and Redry 7.148 Suntrust Home Dev.76 0.790 92.74 0.9 - RLC Robinsons Land Corp.089 0.72 4.8 101.55 3.681.59 -19.9 21. 151.000 47. Inc. 91.55 4.061 (4.7 - IRC 2.43 0.958.4 8.5 2.41 7. Inc.100.25 2.67% 12.3728 19.6 1.753. Inc. 142.03375 9. & Dev’t. n.300 108 108.93 - VUL Vulcan Industrial Corp.135.m.4958 17.55 3 5.. Corp.448. Corp. Inc. Co.307 APO Anglo-Phil.189 0.283 TA Trans-Asia Oil and Energy 870.000 Top 10 in Value Stocks MetroBank and Trust Co.78% 3.000 4.65 2.03% 16.56 2...500 10.960. 27 15 76 4.69 .038.752 JGS JG Summit Hldgs. PHES Phil.339 11.38 4. (Annual) 17 Steniel Mfg.38 1.74 5. Inc.6 74. Inc.93 1.96 1. MUTUAL FUNDS FRIDAY. Co.8 1.67 0. Inc.5 18.93 0.5 5.137. 18.16% Philam Fund.55 41.0520835 9.8 43. Cont. Gomez. Beverage & Tobacco 11.053 ICT Int’l.026.17 0.600 19.67% n. 0.81 2.660 476..018 0.630 FPI Forum Pacific.018 0.783 128. 142.342 SLI Sta. Pref.24 2.76 M A M J J A 19600 41.190 535 538. “A” 43.55 3..2 8.753 DMC DMCI Hldgs. Javalera. 20.400 13.035 256.011 1.08 2.2 0.71 -0.8 10.872 DIZ Dizon Copper Silver Mines 127.000 0.13% n.249.54 3.500 12. Inc.5 28.26 0.000 6 339.000 960. 1.000 2.308 3.85 27.100.8 points after the government reported a positive GDP (gross domestic product) result.22 1.45 1.24 24.856 1.000 1.000 4.865 1. del Castillo.000 3 3.013 1.95 2.33 0.13 0.814. * 465..7 (302.3 6.720 FDC Filinvest Dev’t.02 11.040 OPM Oriental Pet.7358 12. Phils.629 PXP 47 4..92 0. GERI Global-Estate Resorts.410 72.92 0.205.75 1.018 0.2 9.02825 n.14 1.051 0.62 9.8 1. Inc. 2.9 34.000 2.820 240 251 240 247.81% 6.238 0.169 ETON Eton Prop. 2. 1.12% 0. Corp.184 SMDC SM Development Corp. Inc.75 1.000 1.91 1. 6. 21.69 0.4 48.005 0.015 0.4242 18.59% United Paragon Mining Corp.6 0.000 0.84 0.45 1.018 . 3.374 BCB Benguet Corp.017 8.62 11.700 7.58 1..15 1.500) 3.000 0.000 4.92 6. Inc.073 0.333.429. Inc. 2012 FRIDAY. 90.000 0.28% 7.000 0.017 0.048 0.09% 4.15% 18.16 4 23. * 1.410) MIH Manchester Int’l. ** Grepalife Dollar Bond Fund Corp.143 . Inc.45% 1.48 (648. Group. * Philequity Dollar Income Fund. * $386.92 12. 9. 21.74 2.000 Megaworld Corp. Inc. “A” 43. 2.96 17 (3. .000 0.74 11.580 MPI Metro Pac. 1. 2. 1.17 0..000 0.42 0.2 61.27 2.014 0.201 0. Perpetual Pref. 48. Cavite 9:00 a.934) 0.73% ATN Holdings.018 ABA Abacus Cons.000 1.4 112 111.000 Property MEGW2 1. “Important economic insights from the political aspirants could cheer or dismay the US market.47 548 23.000 4.9 8.63 2.13 1.1 18.59% 2.16 1.145 ROCK Rockwell Land Corp.1 6.842.9 9. Corp. Hldgs.022. Dividend Update ISSUE STOCK Philex Mining Corp. 120.4 0. Inc.151 AT Atlas Cons..78 2 1.92 1.32 736 19.000 5 5 5 5 4.03 2.013 1.400) 7.36% 5.156 718 2.79 .67 0.330.85 58.039.32% TKC Steel Corp.08 0. 2012 NAV One Year Three Year Five Year per share Return Return* Return* % % % Y-T-D Return % Stock Funds Primarily invested in Peso securities ATRKE Equity Opportunity Fund.879.128 FMIC First Metro Invest.650 418 420 409 411 417.13 4.100 5. Inc.38 1.61% 17. Bernanke said the Fed was ready to provide another stimulus to boost sagging US growth — a stance that investors cheered.04 20.341.100 591.85 245.75 22. — Franz Jonathan G.7 23. Corp.5 81.56 0.24 (44.03 -6. n..18 1.5% 18.000 23.700) 14.338 91..02 2 (9.7 .018 0.94 14 13. Marco Polo Hotel.964 HI House of Investments.25 - 27.71 1.” said investment management firm BPI Asset Management.665 NI Nihao Min.01 1. Inc. Inc.682 ACR Alsons Cons.216 . San Lazaro Leisure & Business Park.740) 2.18% 10. * 1.31 1.8 9.51 1. BCOR Berjaya Phils.5% 21.68 1.65 2.59 2.8 18.17 .010) 6.300 7. “B” 2.736 3.48 58.45 1.27 versus 3. 1.9 60.94 23. 0. which will pit the Democrat Barack Obama and Republican Mitt Romney in a nearly three-month campaign until Election Day in November. Inc.67 - GREEN Greenenergy Hldgs.059. 0.350 SMB San Miguel Brewery.549.7 4.29 2.73 20. 21.955 0.610 60.3 8.a. 50 23.000 0.27 up 15.116) 1.36 775 FJP F&J Prince Hldgs.581 VMC Victorias Milling Co.54 12.2 3.99% 6.757.669 356. * 1.4725 16..54 3.57 2.3 6.99 2.99 2.046 0.9 56.080 3.000 2.7 2.02 10.055 ALCO Arthaland Corp.35 22.02 16.013 1.a.12 7.02 0. Inc.14 1.4 1.6906 5.36 1.700 9.95 5.2 33.58 0.06% 3.842 SECB Security Bank Corp.16% Sun Life Prosperity Phil.800 8.15 4.3 9.14 1.93% 10.”A” 209.592 GLO Globe Telecom.000 1.250 to 5.448.65 7. GULANE Monday. Inc 3.275. Balanced Fund.000.5 2. 16.99 1.43 0.8 23. * 1.5 47.51 2.75 25.531) 68.4 30.800 5.630) 116.79 1.02 2.87 77 SFIP Swift Foods. 66.93 1.85 1.000 0. Res.51 4.93 6.017 0.19% 3. Inc.45 973 71.258 PAL Hldgs.930. (EDC) Corp.98 1.100 18.000 MWIDE Megawide Const.9 8.300.36 12.8 43 43.630 CEB Cebu Air.000 2.99% MAA Privilege Euro Fixed Income Fund.061 0. Inc. 2.9 26. Etc. markets like more quantitative easing because it would mean more liquidity. Inc. & Min.24% MRC Allied.7 9.12 1. 30. Inc.95 75 72.74% Unioil Resources and Hldgs. Inc.8 60 (32.28 1.061 0.86 0.45 .95 104.075 0.8 75 71.846 MAB Manila Mining Corp.000 2. referring to the Fed’s bond-buying program. 2.9 2.5 5..63 0.72 0. Inc.7 20.000 4. 1.2 . “The market landed on positive soil during the four-day trading week.65% SPC Power Corp.41% 8.93% 5. Inc. Tob. Pref. 108.01 1.560 CHI Cebu Hldgs. Inc.100. 1.300 9. Corp. Inc.65 2.000 0.58 0.6% 21. Roxas.6 (17.2% 5.8889 -12.031 0.75 9.000 0.960.327.2 (46.07% 5.51 7.14% 19.000 2.66% 18.4 - 10. 21.79 0.48 12.883 CHIB China Banking Corp.64 0.2 7.4 76.400 12. 2. Inc.. SM Investments Corp.33 0. Hldg. 645.25 0.472. GMA7 GMA Network.a.4 22.000 3.33 0.88 OPEN HIGH LOW Financial 1.000 8.6 (16.015 0. 2.a. Manila Electric Co.67 704 530. while the broader all-share index gained 0. San Miguel Pure Foods Pref. 812.98 1. 154.68 4.3 4.000 0.a.88% Prudentialife Fixed Income Fund. 13.300 13.65 1.9% in the second quarter.1 -4.461 1. Inc.147 0.9 112.025 PNX Phoenix Petroleum Phils. 4.031 0.72 4. Lucia Land. Doña Julia Vargas Ave.82% 11.4 12. Turf Club. we will be benefitting from the Fed’s recent announcement.96 4.5 197 PCKH Pancake House.585.147 0.68 0.44% MAA Privilege Dollar Fixed Income Fund.03 -0. n.02 6.06% ATRKE Alpha Opportunity Fund.01 3.6 34. Res.-Warrants 6 5.998 PBC Philippine Bank of Comm. Inc.21 428 LMG LMG Chemicals Corp.050.857 ATI Asian Terminals.290.38 1.270.238 0.000 1.6 250 (706.073.32 2.05 68.5475 8. General Trias.24 1. * 15.1 6.8 2.047 0.885) MIC Minerales Industrias Corp. 0.900 28.050 4. 994.151 I I-Remit.01% -0.12 - 0.8 102.04 22. 142.101.39% Mabuhay Holdings Corp.07 1. 3. * 108.453 FOOD Alliance Select Foods Int’l.2 MER Manila Electric Co.53 1. ** NAVPS as of two banking days ago Banks ALI Ayala Land.36% 3.078.145 (26. Inc.000 0.549. “A” 90.418.9006 9.019 0.66 2. 24. Micro-Electronics 34.81 0.443. & Hldg.282..02 1.018 0.523.25 0.160. in an e-mail last Friday.3 2.61 7.05 2. 23.99 1.405. 0.19% 6.309.63 2.590 Food.663.484 1. Laggards Stocks Volume Close Net ±% 357.25 HOLDINGS 213. “A” 14.95 5 (10.2 9 0.050 1.279. Phils. in a separate market report last Friday. 15.66 2.000 4 4 3.55 2.. n. 21.507 401.359. CASH P0.4 1.838 28. 17. 3.51% €189. Inc.22% United Fund. Corp.76 1. 32.79 0.950) 1. Infrastructure & Allied Services 5. 31 12.” said Bede Lovell S.5 2.77 1.68 9.79% 9.33 0.6 74.1 72.8 . 1.92 0. 40.65 5.03 up 2.119.015 32.05% Grepalife Bond Fund Corp.239.496 PRC Philippine Racing Club 2. and employment situation (Friday).06 2.052 0.9 7.728) 463 218 22.8 7.5 1.000 1. 12.083 CPG Century Prop.63 3. Phils.26 6.197.3 510 820.6 0. 1. 5 3 11.000 0.904.874 UBP Union Bank of the Phils.3 7.Pref.98% 10.000 0.06 3.81 4. Inc. Deposit Receipts.100) MEGW1 1.500 18.066 0.6 3.98 4 3.016 0.328.75 4. 5.65 34 33.5 5.55 2.2 60.35 22.9 2.2 0. 0.” said Freya B.150.55 2.74 3. 339.562. Inc.0049 0.000 0. Inc.43 3.238 0.85 5.42% 10. * $2.1 1.1428 6.. €0.03% 6. 1.874 BLOOM Bloomberry Resorts Corp.550 IMI Integ.000 280.100.18 .072 EW East West Banking Corp. 508.800 2.948 ELI Empire East Land.446.00 P1.141 0.92% Philequity PSE Index Fund.73 1.700 111. Inc.201 0.613 120 441 450 441 450 458 .7 108 10.28 2.64% 3.8 216 279.674 186.1 SOC South China Resources 1.620 370 375 360 369.17% 8.000 2.016 0.01 up 13.5 28 529.54% Jolliville Holdings Corp.33 1.36 4.8 18.64 7.48 12.4 8.6 29.278.79 0.72 4.85 2. 758 450 435. Corp.74% 3.600.75 FAF First Abacus Financial MEG Megaworld Corp.000 0.54 3.85 19.59 3. Corp.62 21.75 94.9 3.000.06 0.600 5.35 22.35 4.92 0.800 260.800 20.085 0. * 1. 1. Inc.07 13.51 607 230.097.1 108 108.60 124. Inc. 10.790 69.55 1.087.4578 8.* First Metro Save & Learn Balanced Fund.000 26. Hotel & Leisure Construction. Inc.67 4.05 0. Inc.9 2.954 3.059 0.960 4.800 33.16 2.904.5 34.21 2. 0.12 1.5 12.33 0.98 5. “A” 78. * 1.05 5.132.77 1.140 1.330 SCC Semirara Mining Corp.15 904 30.67 11 33.700 18. in a text message yesterday.7 0. 151.56 2.174 16.63 . Soriano Corp. 21. $1. 1.96 16.60 1680 13.793 FPH First Phil.260) 0.0077 0. Corp.14% 6.000 1. * Primarily invested in foreign currency securities Cocolife Dollar Fund Builder.101.61% 32.49 0.53% First Metro Save & Learn Money Market Fund.333.230 MB Manila Bulletin Pub.a. Gateway Business Park.85 3..087 1.38 .85 8.8 91 91.453 GSMI Ginebra San Miguel..51% 3.96 4.84 18.54 2. 1.040 BKD Bankard.
7500 3.5000 current 1.8710 month ago 1. Additional easing may be on the cards if the euro zone economy. He also fears the measures will fuel inflation. Ireland.8870 4. “There 6.9900 bank Inc. For his part.7077 0. Comm’l. AUGUST 30. Italy and Spain as part of the program. (As of August 31.84 2. The ECB is set to publish its updated economic forecasts on Thursday and the Austrian central bank head Ewald Nowotny indicated a downgrade is likely. ease the pressure on over-spending governments to get their finances in order and erode the independence of the ECB.4000 significant movement in rates. 12-13.4000 6. News to set peso-dollar direction The peso. cellona The peso closed at P42.7460 5.315 INTERBANK RATES THURSDAY.4617 0. At the moment. “For that reason.8% range.5000 Bank of Tokyo-Mitsubishi 5. S2/ 4 Sterling. which have worked in the past at bringing down the borrowing costs of crisis-hit countries.7500 4. “Oil prices have been cooperative and the peso has remained stable. Villena reiterated the bank is always open to acquiring other banks. “Sterling Bank is open to any possibility of expansion either organically or via acquisitions. the ECB will also have to redefine the details of its program. the SMP has lain dormant for much of this year. N.” a trader said.5000 5. ING Bank 7. 2012 Demand Rate HIGH: 4% LOW: 3 7/8% AVE.178 Volume: $680.2420 Maybank 11. The governing council of the ECB. The Union Bank of the Philippines 8.2% in the second quarter.’s chief market strategist. 7. which may include taking over another lender. said in a China Banking Corporation 9. despite expectations it could be restarted any time. such as a further reduction in euro zone interest rates. Favis. but has been held up by Germany’s Constitutional Court.8360 AVERAGE “Inflation has remained tame.10 2.7164 5.42 4.6250% 3. The Federal Open Market Committee.3900 Mizuho Corporate Bank Ltd. said the bank is planning the issuance of preferred shares to be priced P10 each.5000 6. however.56 5.55 2. Mr. Basas said. will meet on Sept. helping mitigate price increases.7500 9. AUGUST 31. Sterling Bank Executive Vice President Asterio L. Portugal. Basas.9800 3. Mr.10 2.2400 1. The peso strengthened by 10. 6 and is expected to discuss a bond-buying program designed to lower the euro zone’s most indebted members’ borrowing cost.5000 Robinsons Bank Corp. 7.3000 8.51 4.” Mr. Ravelas said. 12 whether the ESM can be signed into law.000 B 35.0 Apr May Jun Jul Aug .9306 BRANCHES OF FOREIGN BANKS Bangkok Bank 8.88 3.0 7.4576 0. Ravelas. Weidmann’s opposition is not the only problem. rates will probably go up but I expect it to be in line with the BSP forecast.4375 BDO Private Bank 5.4950 Bank of China 7.6500 4.70 Apr May Jun Jul Aug Daily Volume P8.2500 Phil. the central bank under Mr.69 4.86 5. 2012 “There’s a lot of cash in the sysHigh Low tem and investors keep on injectUNIVERSAL BANKS ing fresh funds into the market.7 ctvs Apr May Jun Jul ▲ 44.A.70 AVERAGE 8.7500 4.2420 5.61 3.4% for August.5000% 6.06:$1 last Friday. The BSP is expecting August inflation to fall within the 2. “The money that will be raised will add to the bank’s existing P1.4520 East West Bank 7. Bernanke jonathan l.5000 Mega Int’l. will meet on Sept.6875% FOREIGN Interest Rates Percent per annum Jul 06 Aug 03 Aug 31 LIBOR 90-days 180 SIBOR 90-days 180 0.2980 7.1294 SUBSIDIARIES OF FOREIGN BANKS 91-day 182-day 364-day 2-year 3-year 4-year 5-year 7-year 10-year 20-year 25-year Chinatrust Bank 6. said the bank is not precluded from welcoming new investors.50 43.49 3.95 5. and to fund an expansion plan.4400 6.7500% 6. The ECB has said any new bond purchases will only be carried out in parallel with the EFSF and its successor the ESM or European Stability Mechanism. Mr.: 3 7/8% HIGH 4.” he said. 2012 Banking&Finance Yield.7500 5. finance its expansion and strengthen its capital base. S2/ 1 ($260 billion) in bonds from Greece.” he added.4520 4.4520 Philippine Trust Co.7500 5. COMMERCIAL BANKS LOCAL BANKS: Government Securities Yield Curve Asia United Bank 7.7333 0.00 Aug PDS weighted average rate Current: P42. or whether its fate must wait until next year when the court will make a final ruling on the fund’s compatibility with the German constitution. considering the amount is small.0000 Philippine National Bank 9. Gregorio Source: BSP Source: Philippine Dealing and Exchange Corp. interviewed in June.29 2. ATR KimEng Allied Banking Corporation 8. the Federal Reserve’s policy-setting body. S2/ 1 capital to boost its Tier 1 capital adequacy ratio. Weekly rates ECB.8750 United Coconut Planters Bank BSP [Bangko Sentral ng Pilipinas] AVERAGE 7. September 3.4950 4.06 3.59 3.EDITOR JUDY T. It will be used to increase the bank’s loan portfolio. Mr.8125% 90 6. AVERAGE 7.2500 said the market is expecting anStandard Chartered Bank 9. He noted that debt papers have Land Bank of the Phils. I expect the inflation rate to be at 3. AUGUST 31.47 4.4183 0.” he said.8750 5.0000 6.0000 5. Schubert.6500 Development Bank of the Philis.7952 5. 7.68 4.95 1.22 4.” the analyst said.” Mr. The share sale is still being reviewed by the Bangko Sentral ng Pilipinas. BDO UniHongkong & Shanghai Bank 4. Bernanke reiterated the US central bank was ready to provide stimulus as US economic growth remained low and unemployment high.00 42. Dealers said trading will be dictated by what Federal Reserve Chairman Ben Bernanke said at the annual gathering of central bankers and economists at Jackson Hole.67 will wait for the non-farm payrolls data for August to get a clearer view on the US economy. Mr.7364 0.” he added. Wyoming last Friday as well as the upcoming meeting of the European Central Bank (ECB) this Thursday.19 4. it will simplify matters if we limit it to existing shareholders. 7.38 1.4000 7. However. Bank of Communications Philippine Veterans Bank 7. But Mr. which already contracted by 0. Since the crisis re-erupted late last year. They are also paid first in case of bankruptcy.6944 will do in the next Monetary Board BRANCHES OF FOREIGN BANKS policy-setting meeting.60 LOW CLOSE 4.0 0.7237 0.0000 Bank of Commerce 8.54 7. Holders of preferred shares get their dividends first before holders of common shares.9000 Korea Exchange Bank 9.4413 0. but it will depend on our capability and if the new bank is strategically fit for us.73 7.7500% 3.2500 6. Jr.7500 been trading at a relatively tight MetroBank and Trust Co.1250 8. Mr.67% as of June.00 1.0000 6..24 4.73 4.7660 4.7500 many incentives that would cause Security Bank Corporation 8. 2012) MANILA Reference Rates Percent per annum.5 centavos to settle at P42. The court is scheduled to decide on Sept.0 28.” Mr.8094 5.9-3. “Limiting [the sale of new shares] to existing shareholders is not definite.5000 phone interview last Friday.71 GENERAL AVERAGE 7. “This was expected by market players. Ravelas said yields would probably move sideways to down in the coming weeks as the market anticipates another BSP rate cut. are not so many factors locally.75%.4000 5. 6.4520 4.42 4. Thursday’s council meeting is likely to decide only on those details that are independent of the ESM. — AFP New MRR (days) Apr 23-27 Jul 16-20 Aug 13-17 60 3. We think Mr.5000 market is still waiting for what the 7.7250 0. US employment data for August is scheduled for release on Sept.24 4.50 13.8500 5. GULANE Monday. meanwhile.7500 6. R.5625% 180 6.2500 5.50 42.4520 Asset Management investment 6.9000 6. Villena. the ECB has other tools at its disposal to help fight the crisis fires. Ltd.4583 a year ago 0. S2/3 MARKET WATCH LENDING RATES FRIDAY. weakens further.7500 other rate cut this month. not Rizal Commercial Banking Corp.7113 FOREX RATE FRIDAY.4000 8. Basas ANZ Bank 10.5625% 6. 2012 41. Weidmann — who insists he is not the only person to suffer “stomach pains” about the programme — argues the bond purchases.72 M Previous: P42.91 5. 8.8000 added.9375 6. a permanent €500-billion rescue fund that should have been up and running at the beginning of July.6875% 6.5000 4.65 billion core capital.67 5. they have no voting rights.4520 4.2500 7.0 14. “If the court’s judgement means the ESM cannot take effect in the planned format.” LOCAL BANKS Deanno J. Bank Co. will remain headline-driven this week. — A. R. are tantamount to monetary financing. Nevertheless. preparing to reenter the P41:$1 territory. Draghi has brought borrowing costs down to an all-time low of 0.0000 Bank of America 6.6098 5. poised to reenter the P41-per-dollar territory at the close of last week’s trading.0000 3. And that is expressly forbidden under the ECB’s statutes. which stood at 9.2980 range for the past weeks.3750 6. “If it will come out higher than expected. but did not provide any clues as to when the Fed will deliver this.35 4.00 43. Basas said the August inflation number will be a key determinant of bond movements this week. JPMorgan Chase Bank 8.68 2.” said Commerzbank’s Mr.4000 Banco de Oro Unibank 5.0000 Jonathan L.3%.5900 Citibank. S2/ 1 hovering between 3 to 3. AVERAGE 7. Deutsche Bank 8.4394 0.0000 Bank of the Philippine Islands director for fixed income. 6. But the final composition still needs to be submitted to and approved by the bank’s board of directors.06 Peso. Of course. where the central bank prints money to pay off a country’s debt.4275 0.0 21.03 4.5000 6. Asked about the bank’s expansion plans.
5billion offer.315000 0. • CB-Waltermart Muñoz G/L Waltermart. Gen.8061 Canada 5.2530 0.573381 Brunei dollar Indonesia rupiah 0.7554/ S.0095/ 4.008909 2. However. Pasig • Ever Gotesco.000000 1. Q. com www. QC Northeast Square.6179/ Singapore 1. Boardwalk St.69 New York CLSD Zurich CLSD Bombay 24 carat 7.9199/4 5.3319 0.0000 0.ph SANDWICHESSE For extraordinary sauce salads & sandwiches visit Banapple’s Little brother just next to the original Banapple in Katipunan 225 Katipunan Avenue.635574 1.85 Canada 7.4500 Philippines 1.com.9600 0.815400 0. Kidapawan City • KMCC.031888 31..0336/ 1.628715 0.799552 52. Luna St.. “China will continue to push forward with reform and opening up and international cooperation in the electronic payments market.0000 source of raw data: Bangko Sentral ng Pilipinas Tel.0000 0.2007 0.029729 0.1250 0. QI Central.00 0.700356 Swiss franc 1.7240 7.” China’s Commerce Ministry said.8038 0.6700 0. Brgy.9662 1.5500 Austria per 100 1. Gen.9695 0.5790 1.72/ 121.048423 0.3009 0. 145 Gen. G/F MAKATI: New Greenbelt 3.652661 0. Quezon City Greenhills. Southbound.0486 0.6532 1. San Juan City Tel. Davao City • MC Square. S2/ 1 another trader said tenders for the debt papers are expected to be at least twice the government’s P7. Kirk’s office said.2467 124.1608 0.5100 Hong Kong 0. told the WTO’s Dispute Settlement Body the United States was disappointed the ruling had stopped short of branding CUP as a “monopoly or exclusive supplier.655.3750 Belgium per 100 1.128934 7.8510 7.1900 One month 0.633312 66.200672 1. New Iloilo Airport of Int’l Standard.:440 3677 Ave n u e Co m p l e x G l i ce r i o Pison Avenue. G/F • Trinoma.9784 1.ph Greenhills • SM Mall of Asia • SM Megamall • The Fort.0227 0.150056 0.682794 6.960000 44.3150 0.6597 1.252999 33. II • Rustan’s Rockwell CAINTA: Sta. Quezon City • Rustan’s Makati City • Corin thian Hills. Predeparture Area Kalibo Airport • CB. News the Philippine economy grew by 5.3313 Japan T/C per 100 7.2500 Engelhard gold (fabricated) 1775. TT-telegraphic transfer MONEY RATES (London) US Gold Prices ($/Troy ounce) Buying Selling Euro$ Depo Engelhard gold (bullion) 1651. Harrison Plaza • Shopwise...3% rise in the previous quarter but still high enough to average 6.672798 11. Rosa • Robinson’s Lipa • SM City Batangas • SM City Lipa .1058 0. San Andres • Pure gold. Bonifacio Global City PARK CAFÉ PESO CROSS RATES FRIDAY. — Reuters T-bill. Quezon City MANDALUYONG : Shangri-La Level 5 Edsa Shangri-La Plaza Mall • Megamall Level 2 Mega Atrium SM Megamall MANILA: Robinson Level 4.3888/ Hungary 225. and affirmed that (China’s policy) does not prevent foreign service providers from entering China’s market. Shaw Blvd.1899 62. Manila • 255 Samson Road.012032 83.761905 Thailand baht 0. Dirham E. Vito Cruz • Neo Plaza. Mckinley Town Center.0000 Six months 0.2132 33.165-per-dollar close the week before.0350 New Zealand 0.2581/8 United Kingdom 1.0000 0. Newport City Complex. No.0189 Australia 43. G/F • Manila Polo Club.660500 0.” the ministry said.364634 SDR Rate = $1.4200 0.8247 112.7500 International market (99.2500 0.0600 5.0296 0.4835 0.8725 Netherland 5. Pioneer St.755906 5.0417 0.7710 0. G/F.8678 Discount 0. Mr. San Rafael.787640 Brazil real 0.6385 1.212553 2.30 Germany 7. Muntinlupa City • Alabang Town Center.2700 0.488043 2.0082 0. Makati • Tel. A.60 8. G/F Lobby. Parañaque City • Excel Badminton Center. North Ave.5382 0.42 9.9851/5 0.5249 exchange collaterals. Cebu • Gaisano South Colon. Gandia. noting that China now had 30 days to say how it would comply with the World Trade Organization’s July 16 ruling.marriott.101366 0.1609 0.4960 10..000000 42. Robinsons Cybergate Plaza.1279 1. cor. Tomas Morato • Eastwood City Walk 2 • Eastwood Mall • Gateway Mall • Gateway Cinema Level • TriNoma Level 3 Indoor • TriNoma Level 3 Outdoor • UP–Ayala Land TechnoHUB • Robinson’s Galleria • Centris Walk • Regis Center.3000 25. Sct.941487 China yuan ** Others (Not Convertible with BSP) Argentina peso 0.794913 1. Iloilo City QUEZON CITY: CB-SM Cubao Lower G/L Cyberzone Area.2560 0.3927 1. No: 361-733/Telefax: 3672922 • Cell #: 0918-6961736 E-mail: email@example.com 81.955004 7.349300 0.6179/ 06.186406 5.m.0000 2.6300 HONG KONG Nine months 0.109359 0.1690 0.36 Ldn aftrn fix 165.4300 Per 100 Four months 0.0126 0.7004 98.6605 0.U. U/G • Metropolitan Hospital.7925 0.6527 2. Monumento.991900 42.0315 0.2581/8 1. Caloocan City • G/F Foodcourt. Katipunan Ave. Roxas Blvd.2188 FRIDAY. Mandurriao.7951/3 Norway Sweden 06. Bagong Barrio. Sm Megamall.074927 13.905930 Mexico new peso 0.5865 1. Pasay • Jackman Emporium.2757 0.com/ mnlap MARIO’S Mario’s Quezon City: 191 Tomas Morato Ave cor.447902 0.664200 0.3200 124.0000 7. Antipolo • SM Cit y Dasmariñas • Candelaria.923400 0.0000 10.. Quezon City • The Terraces.6312 20.2500 Treasury Bills 90 days 180 days 360 days * * * GOLD BULLION * * * WORLD BULLION-in US$ per troy ounce.0683 20.0099 0. QC • Unit 120-121 Mckinley Hills Piazza..5000 One year 0.9660 1.5872/7 1. Cebu • Metro Gaisano Ayala. Cebu • Fooda Mango. EDSA cor. Alabang.815915 7.7737 0.52/5 55. 2012 source: Bangko Sentral ng Pilipinas STACKERS BURGER CAFE Unit 7 Orchard Road.171942 5.566127 New Zealand dollar Norway kroner 0.059908 16.029592 0.7554/ 7.0781 1.70-to-P42. 2012 BON VIVANT COFFEE GOOD LIFE • 2/F Snack Food Cart Center.8800 16.1040 7. New Iloilo Airport of Int’l Standard • CB-168 Plaza Mall JM Basa St.049000 20.588397 South African rand Sweden kroner 0.com. Pampanga • 7/F St.1750 0.net jamesbonvivant@yahoo. Makati City • LGF.806081 1. Taguig City • The Paseo Center.72/ Czech Koruna 19.2470 1.161408 0.0986 1.262493 0. FRIDAY. won/gram Ldn morning fix 655.221839 0. E.0102 Saudi Arabia 11.2077 Norway 1.5000 24.. More than $1 trillion worth of electronic payment card transactions are processed in China each year.3600 1.0320 Broker Loan Rate 2.273944 Pakistan rupee 0..439716 0. cor. Fort Bonifacio. 2012 source: REUTERS G / F A y a l a Te c h n o H u b .9380 Three months 0. Muntin lupa • Entertainment Mall. please contact the Circulation Department at 535-9901.707014 0. Araneta Ctr.m.” Mr.7077 Prime rate 3.3999 Denmark 10.172782 5. 2012 The WTO said China favored UnionPay and discriminated against US card suppliers. Divisoria.0817 0.809651 0.4470 Norway LIBOR RATE -London Interbank Offered Spain per 100 1. Mandurriao • CB-Nelly’s Garden E-Lopez St.567125 Australia dollar 1.2000 0.Kalibo Airport.0122 0.C.2000 One year 1. Molo • CB. Caloocan City • Main: Holsum Foods Inc. Cabatuan • CB-Pre Departure 3/L Terminal Bldg. Jaro • CB-Metro Coffeebreak Bldg. Zamboanga City PIZZA PEDRICO’S India per 10 0. Bonifacio High Street • G4.2363 7. Makati City • Rockwell Center. Makati City • Trinoma • Gateway • SM North Edsa • Eastwood City CAFE YSABEL 455 P.00 Seoul 57. Rob inson Place. ( mez zanine floor).cafeysabel. “The panel’s decision rejected the US charges that UnionPay was the only service provider. making it a hugely attractive the WTO whether it intended to appeal the July decision. Global City Equivalent Equivalent Equivalent Equivalent Equivalent Equivalent of foreign of US$1 of foreign of RPP in of foreign of EURO currency in in foreign currency in foreign currency in in foreign Currency US Dollar currency RP peso currency EURO currency Convertible currencies with BSP US dollar 1. PASAY: SM Mall of Asia.247400 0.5000 Rates fixed at 11:00 a.52/5 Mexico 13.1250 0.5000 Singapore 5.com COFFEE BREAK ILOILO: CB-ATRIUM 2/L the Atri um Mall.2474 2. Newport Commercial & Entertainment Center.0127 0.8680 1. The US case accused China of imposing a series of measures dating back to 2001 that discriminated against foreign suppliers of electronic payment systems that allow consumers to make purchases using credit.315408 0.7560 78.0150 0.0231 8.7500 1. S2/ 3 per dollar last Friday against its P42. Singapore time United Kingdom 15.5466 1.037300 26.6381 Singapore Switzerland 44.008166 0. Iloilo City.562683 Denmark kroner 0.3400 0.7607 1. Quezon • SM City Lucena • Calapan.3770 1.022912 0. Bldg.7996 United States EMU 52.980.3888 1.2585 0. Rodri guez cor. Africa 08.000105 9523. “The message to the Government of China is that those practices must end.5662 12.9678 0.094443 10.5158 Swiss Franc Japan 124.2632 0.022687 0. • Fun Ranch. EDSA cor.2865 1.157490 6. A US diplomat.1500 Krugerrand 1649. Oriental Mindoro • Magsaysay Street. Upper Mckinley Road.3700 -1.1616 0.4410 Switzerland 6.8037/ 0.1209 Bahrain 42.3960 9. e-mail: circ@bworld. China UnionPay.8042 Switzerland 1. Brgy. — Ann Rozainne R.40 * Various banks in Bahrain as quoted in Reuters’ Screen ** Asian Time Closing Rate as of August 30. 659-7854 Website: www.2462/ Australia 1.5550 Three months 0.:(02)988 9999 Fax:(02)836 9998 Website: www.000000 1.0234 0.980.338086 1.272727 0. in favor of a stateowned enterprise. Davao City • NCCC Mall.0477 0.00 France 1.2609 1. MANILA: SM City Manila.90 SILVER Buying: $30.1895/2 Denmark 5.3341 0. Mandaluyong City • Unit 323B.1833 1.9062 1. Mandaluyong City • Main Mall.30-per-dollar band this week.627509 9.1031 Hong Kong Japan 0.2000 SINGAPORE-in S$ per unit of foreign currency EURODOLLAR DEP (New York) 1. East Tower G/F Lobby.krispykreme.9500 0.2406 9.ph SECRET RECIPE Phil Aussie Bahrain Canadian HKong Japan Saudi S’pore Swiss UK US EMU dollar euro one unit of currency peso dollar dinar dollar dollar yen rial dollar franc pound Philippines 1.6515 0.0700 5.0000 81.358199 Syria pound 0.3700 Korea per 100 5.9213 1.7480 2.5000 Handy & Harman (base price) 1648. The peso is seen trading within the P41. For those special occassions when you want the best. Greenhills • Ortigas Park • Rockwell Business Center • SM Megamall Atrium • Shangri-La Plaza • Robinsons Midtown • De La Salle University–Cybernook • University Mall • Alabang Town Center • Asian Hospital • Forbestown Burgos Circle • Bonifacio High Street • The Venetian Mall. BF Homes Sudb.7940 United States Two months 0. Zamboanga City • Yubenco Starmall.7113 USA T/C 7.015049 66.023632 0. Luna St. debit. As many as 6.0700 1.2651 3. it rejected the US claim that CUP was an “across-the-board monopoly supplier” for all transactions denominated in yuan.0081 0.692261 0.5922 Six months 0.5608 9. SM Mall of Asia • SM The Block.00 London close 139.771000 0.95 Australia 6. SM Mall of Asia • Midtown Robin sons Place Manila • Trinoma Mall. in its statement.4800 -11.5868 US 1.798085 1.11812 8.8154 1.134266 7. Pasay City Glorietta 3 Park.8580 0.638518 1.5158 1.5740 208. 4th Floor.041667 0. Gen.. G/F • CALTEX SLEX..449598 0.1% for the first half or above the government’s 5-6% target for the year. and China commended the dispute panel for rejecting it. “Fair and open financial services markets are critical to facilitating global trade. B • Tektite. TOKYO CAFÉ OUTLETS G/F South Wing Side.157930 0.2180 1. Stock Exchange Centre SOUTH AREA: Festival Mall. Davao City SEATTLE’S BEST COFFEE QUEZON CITY: Katipunan (near Ateneo) • Cyber One Mall. 168 Mall..4183 Broker Loan Rate-charged to broker on stock Four months 0.3888/ 08.200072 0. 10 Newport Blvd. G/F • Eastwood Cyber Park • SM City North EDSA. San Juan City The Podium.149638 6.256021 3. Malate • Two E-com Center • Victory Lipa. The Avenue Complex. Forbes Park • Rustan’s Makati • Glorietta Tomas Morato.9199/4 5.24/2 India 55. “The WTO panel agreed that China’s pervasive and discriminatory practices are unfair to American suppliers of electronic payment services and discriminate at each stage of a payment card transaction.7916 6. Laguna TAGUIG: Bonifacio High St.144.51/ 225. Pasay City CAFÉ TERRACE THE COFFEE BEAN & TEA LEAF Greenbelt 3 • Four Seasons Salcedo • Convergys Ayala Avenue • Rockwell Power Plant Mall • A. • CB-Avenue.1895/2 13. rupees/10 gms.3700 0.4800 0. Puregold.2500 Nine months 0.” Mr. North Edsa Bonifacio Global City..0089 0.4850 1. GULANE Monday.” China’s representative at the meeting said that claim had been the centerpiece of the US case.159.7500 -2.033425 29.137444 0.8180 0.0000 1. Glorietta • Robinsons Manila • Festival Supermall • Alabang Town Center • Robinsons Galleria • Jaka building. Kirk said.9774 0. and Visa Inc.5906 1. No.314579 0. Ayala Center GMA& LUZON BRANCHES: lsetann.3341 4.824706 1. Kirk said. Iloilo City BANAPPLE THE JAVA MAN 4/F RCBC Plaza.9541/4 Japan 78..000705 1418.9902 0. Digos City • Central Warehouse. 5th Ave.086797 0.4/S2 Banking&Finance EDITOR JUDY T. San Rafael. afp market for US electronic payment services firms such as Visa and MasterCard. Ayala Avenue • Valero St.122999 13.473311 0.0100 5.1800 -1. said China believed “cooperation and competition” between domestic and foreign companies would help develop its payments market.7860 Nine months 0.000000 South Korea won 0.025496 39.0332 8. 3/F Bridgeway.2000 Nine months 0. McKinley Rd.088621 0. AUGUST 31.014373 69..0000 Rates charged in US$ for Eurodollar loans Rates fixed at 11:00 a. SM Mall of Asia • SM City The Block. Phil..5671 1.M.2667 0. Baguio City • (074) 442-4241 Fax (074) 442-5445 We Cater. AUGUST 31.018895 1. • CB- LE COEUR DE FRANCE ORTIGAS: Robinson’s Galleria • SM Megamall MANDALUYONG : Shangri-La Plaza Mall SOUTH AREA: SM Southmall • Festival Mall MAKATI: San Antonio.023441 0.7806 1.3900 0. North Ave.com MONEY QUOTATIONS FLOYD’S FAMOUS BARBEQUE EXCHANGE RATES NEW YORK-one US$ expressed in respective unit of foreign currency EMU 1. Guevarra St. Lopez Jaena St.465967 4. Federal Funds-reserves Five months 0. 2/L.1289 0. E.5054 0.010169 98.272272 3.2305 One Month Prime rate-charged by large Two Months 0.969500 43.257999 33.9060 One month 0. Salcedo Village PASIG: SM Megamall.5657 Canada 9.0159 0.252201 33.3052 1.. • CB-Jaro Coffeebreak Bldg.3770 0. Libis.2300 0.1100 -7. Olon gapo • SM Naga VISAYAS BRANCHES: Loupes East.9851/5 Switzerland 0.4144 0.418148 Taiwan dollar Venezuela bolivar 0. and China was “troubled” by parts of it. Jaro • CB-Valeria Valeria St.0229 0. Davao City • NCCC Main. Fort Bonifacio www.2924 0.00 Close (Hong Kong)-in HK$ per unit of foreign currency.010585 94.one pound sterling expressed in respective unit of foreign currency at 1637 GMT 1.217696 4.799552 1.1689 0.9234 1.690124 0. Cebu • Gaisano Grand Mactan. SM Megamall KRISPY KREME www.073803 0.0048 0.2462/ 1.137477 7.233138 4.3238 2.538200 1.2700 0. the Chinese official also said the ruling was not entirely free from error.240570 Canada dollar Singapore dollar 0.0236 0.140730 0.0095/ Israel Iceland 121.5500 0.6232 3.4410 Two months 0.0000 0.6900 0.5953 1. Main Mall Bldg. G/ F Lobby • Harrison Plaza Village Square.1705 0. 372-0360 • 415-3887 • 376-6210 Fax 372-0352 Mario’s Baguio City: Upper Session Rd.1660 1.1700 0.6462 1. 47 Connecticut St.3801 1.1238 0. A.741125 0. “The high liquidity in the market could further push down the rates of the debt papers.629729 0.0000 0.119643 8.0000 5.320205 3. Caloocan • Greenhills Shopping Center.359759 1. Evangelista Ext.24/2 78.8037/ Hong Kong 7. Balintawak. Pasay City Tel.7951/3 5.8800 -16.00 5.012718 78.0000 Federal Funds Rate 0.3100 1.008463 118. Luna St. prepaid and other payment cards. Makati City • Westgate Center.0730 Six months 0.3000 Rates charged in US$ for Asian Dollar loans Thailand per 100 22.471489 Bahrain dinar * Kuwait dinar N/A N/A N/A N/A N/A N/A Saudi Arabia rial 0.1000 One month 0.ph . Iloilo City BOURBON STREET MARRIOTT CAFÉ No.120941 0.749995 11. even though the United States heralded it as a major victory in its effort to open China’s financial services sector to more foreign competition.4715 1.2645 2.2616 EURO 1. Milagrosa.1460 5.2891 Australia Three months 0. China had until Friday to notify BSP REFERENCE RATES Enjoy your breakfast with a daily serving of accurate business news at our partner establishments.4000 Six months 0.289305 9. Katipu nan • Shopwise.017976 55. 2012 China won’t challenge WTO ruling GENEVA/WASHINGTON — The United States welcomed China’s decision on Friday not to appeal a trade panel ruling that Beijing discriminated against US bank card suppliers such as Mastercard Inc.5495 0. Rosa • South Supermarket. JM Basa St.746/ LONDON .” US Trade Representative Ron Kirk said in a statement. “In fact.9803 UK Two months 0.250700 Japanese yen 0. Ortigas • Pioneer Supermarket • Market! Market! • SM Southmall • Shopwise.6368 1. Cubao.5800 0.078100 0. Blumen tritt • Puregold.250700 0.266667 3. • The Promenade. Ayala Center Makati • Eastwood Mall.7981 0.917726 1..52032 SDR GOLD Buying: $1. September 3.0000 One year 1..6200 Five months Japan 1.5872/7 Canada 0.5649 1.1371 0.” Although the July ruling found that China UnionPay (CUP) had a monopoly on yuan payment cards issued and used in China. Megastrip Bldg. City Center Quadrant 3.5308 0. Mandurriao.9982 0.346324 3.213214 4.4275 Three months UK T/C 15.8329 United Kingdom 66. Quezon City • Burgos Circle.com.5 fine US$ per oz) BANK NOTES One year 0. AUGUST 31.0970 SIBOR RATE-Singapore Interbank Offered Taiwan per 100 23.7500 Handy & Harman (fabricated) 1780.1005 0.9928 1. EDSA. lifted the local unit against the dollar last week. Alabang • Puregold San Pablo • SM Sta.000 jobs could be gained from increased access to China’s electronic payments market.8110 6. Lazatin Blvd. call Mario’s for catering.0000 0.9785 1.792084 UK pound Hongkong dollar 0.798594 1.455800 0.1442 0.574897 India rupee Malaysia ringgit 0. Batangas • CEBU: SM North Wing • Asiatown IT Park • The Terraces at Ayala Center • Robinsons Cybergate • DAVAO: Abreeza Mall.8600 -5. Bacolod City • Robinson’s Bacolod • SM Bacolod • Fooda Con solacion.8991 3. San Rafael.6901 1.390216 2. 120 Valero St. sustaining the rally in government debt papers.103089 9. Venue • The Residences at Greenbelt • Ayala Triangle Gardens • Bellagio Square. Pampanga • Greenbelt 5.00 9. The Block. G/F. London time MONEY RATES 0.579000 0. Lucia East Grand Mall QUEZON CITY: Farmer’s Mall • Rustan’s Katipunan • Times Plaza MANILA: Robinson’s Manila Doctor’s Iloilo Doctor’s College.014967 1. San Juan City E-mail: cyreservations@cacschef. Cebu • SM Cebu 2/F • SM Cebu Terminal • Silliman University • Dumaguete City MINDANAO BRANCHES: NCCC Centerpoint. Commonwealth • Rustan’s.9541/4 0.5718 1.646200 0.832867 1..7340 7.0123 0. Three months 0. lower than the revised 6.4479 2.000882 1133. Beijing played down the significance of the panel’s ruling.809524 0. Cebu • Gaisano Island Mall Mactan. euro 1.183291 0.8652 0.8193 79.4558 0.6333 1.0336/ New Zealand 0. Newport.858045 0.0966 3.gerald. Gilcerio Pison Avenue.5148 1. Gregorio Peso.3350 5. borrowers. despite China’s decision not to appeal.026725 37.SM Hypermarket Valenzuela • Cherry Foodarama.031460 0.90 If you would like to be listed in this directory. Ecoplaza Bldg.2840 0.349609 6. Taguig City • Upper Ground Level.2100 0. • 1771 Adriatico St. The Chinese Commerce Ministry.167926 5.2480 US One month 0.125921 7.8880 Forwards & Deposits (Singapore) Japan per 100 0.029611 0.5291 Sweden JAPAN-in ¥ per unit of foreign currency UK 0. San Juan • Robinsons Pioneer • Rustan’s Shangri-la • Cherr y Foodarama. Midtown Ermita TAGUIG: Fort 32nd St.7921 1. • SM Cubao.3350 5. Brgy.2126 0.7662 0.2100 5.00 7.51/ 4. Quezon City • SM City.6164 traded among comm’l banks for overnight use Six months 0.: 477 2675 GERALD (Boulangerie) 2305 Chino Roces Avenue ext.638111 1.” he said.216099 4.746/ 19.570352 0. Lopez Jaena St. according to a transcript that did not identify individuals by name.636700 0.9% in the second quarter. 3/L.secretrecipe. Muñoz • SM Mall of Asia. San Fernando.9970 7.0500 -1.521200 0.0000 0.376980 112. Ongpin St. In a statement. • Unit G2 Ponte Salcedo. • CB-ICVB G/L Terminal Bldg.2625 42.0886 0.3275 comm’l banks to their best corp.000084 11904. Cebu • Gaisano Capital Tisa.284000 0.1925 9.7500 One year 1. China’s electronic payments market is already very open.593562 U. Libis • Waltermart. Lukes Medical School Bldg. across New Eastwood Mall • Shop 5.Plaza Libertad.2507 1.00 57.9919 7. McKinley Hill • SM Mall of Asia • Newport City • One Archers Place • Ronac Art Center • Avenue of the Arts Residences. Ayala Center Cebu • Resort World Manila. Kidapawan City • San Jose Rd. Mamplasan. Makati City • 3/L The Enterprise Center. Quezon City Tel. Cebu • Gaisano Country Mall.004400 227. Cebu • Gaisano Fiesta Mall.786848 0.111702 0.6800 2.232641 0.7500 Brunei 11.9475 3. Recto • Puregold. EDSA Mandaluyong City • Aguirre Ave. Sta. Araneta. Northeast Greenhills.
” Brent crude settled up $1. however.3% kept alive the possibility that the Federal Reserve could provide additional stimulus to the economy.50 LEAD TIN ZINC COPPER 7606. The DOE added it continues to “keep all options on the table to address additional or sustained oil supply issues. Money managers raised their net long US crude futures and options positions in the week to Aug. Bernanke spoke of “grave concern” about a stagnant labor market. In Europe.68. whs rot. fob $/troy oz NICKEL Premium. Data on Friday showed new orders for US factory goods rose in July by the most since July 2011.6 trillion in client assets. Investors are now awaiting comments from European Central Bank (ECB) President Mario Draghi after the bank’s meeting on Thursday. 2012 SPOT PRICES ••• METAL ••• COPPER Journal.78. gold raced toward the $1. as investors digested his comments and concluded they were stimulus-friendly.” said Adam Sarhan. preliminary Reuters data showed.00 1649. Year to date.73 an ounce. Mr.del US cts/lb LEAD battery scrap.75 1841.593 2.00 1799. following a 6. investors were hopeful.2012 1.685. For the week.93 Average (Aug 1-31) Average (Jul 2-31) $112.46 an ounce. As traders parsed the details. In the physical gold market. US cts/lb COPPER Merchant.50 .72 CLOSE: 13.48 HIGH: 5763.687. US cts/lb PALLADIUM free $/troy oz PALLADIUM JMI base.530.2012 COCOA (SEPTEMBER CONTRACT) 30 days to AUGUST 30. sharply outperforming US equities which edged up in late trade. Other traders said the Fed could wait for next week’s nonfarm payroll report before reaching a decision on stimulus at its policy meeting on Sept. according to market participants. 12-13.35 389.700 an ounce level last seen in March. del US cts/lb ZINC Premium.10 922 1.75 an ounce.64 PREV: 13. Since then.99 an ounce. the biggest percentage gain since October 2011. He stopped short of saying the Fed was ready to buy government bonds in another round of quantitative easing.87 NET: 90. or quantitative easing. US markets will be closed on Monday for the US Labor Day holiday. AUGUST 30.21 SUGAR ISA 15-day ave.00 1005.85 NET: -0. which has over $1 billion in assets.80 1537. having earlier risen briefly above the 200-day moving average at $96.52 NET: 18. 20.64 CLOSE: 3066.560 1. consumer spending and the Fed’s Beige Book report showing a pickup in retail activity.33 95.665 1. Since mid-June.38 clues on what to expect from the Federal Open Market Committee’s (FOMC) own policy meeting the following week on Sept. Draghi to mollify opposition. September RBOB gasoline rose 2.00 NET: 23.2% in August. “This emergency loan from the Strategic Petroleum Reserve will help ensure Marathon’s refining operations have the crude oil they need to continue operating.50 15 MOS 1996.691 1.15 899 1. chief economic strategist at Miller Tabak & Co. or QE.61 $102. At the same time.928 2360 8840 1.87 LOW: 8839. 28. In a speech to central bankers in Jackson Hole. taking gains in August above 9%. said Frank McGhee. EDT (1915 GMT) for its biggest one-day gain in two months.71 HIGH: 2446. or almost 3% from its session low.75 631.25 1964. Bernanke said the Fed would act as needed to strengthen the economy.47 J s DOLLARS PER BBL J 30 days to August 31 Aug 27 28 29 30 31 $/bbl 112. although he stopped short of giving an explicit signal of more monetary easing.4 2652. Spot gold rose 1. CIF Rotterdam 985.25 853 1.50 110. The euro rose against the dollar on Friday.60 LOW: 1501.2012 2650 SUGAR (OCTOBER CONTRACT) 30 days to AUGUST 30.50 NET: -3. leaving investors hopeful for another round of government bond buying. and said the economy faced “daunting” challenges.27 COFFEE robusta Le Havre/Marseilles SUGAR world 11 cts/lb —— SUGAR world 11 weighted ave. del US cts/lb LEAD Premium.20 LOW: 342.m.05 WHEAT (SEPTEMBER CONTRACT) 30 days to AUGUST 30. The metal posted a 4. while the Standard & Poor’s 500 index was up 0.50 HIGH 896.$/ton RICE (25%) White Thai.5% in August.5% gain in August.99 PREV: 5719.25 US cents per pound OPEN 165.6 in a preliminary August report.51 cents on the day and up 11. prices were quick to move higher.665 328 158 2180 19.05 COCOA ICCO $/mt COFFEE ICA comp ‘79 cts/lb 146.$/ton High Low Sett Psett Sept 2038 2044 2016 2018 Nov 2077 2083 2055 2052 Jan 2092 2096 2069 2062 2108 2079 2073 Mar 2102 LIFFE COCOA (Ldn)-10 MT-£/ton High Low Sett Psett Sept 1. Wyoming. Figures released on Friday showed US factory orders posted the biggest rise in 12 months in July.703 1.684 1.760 OPEN: 2402.03 109.5% to $31. the Dow was down 0.50 COCONUT OIL (PHIL/IDN).24 NET: -1. the Department of Energy (DOE) loaned 1 million barrels of light sweet crude oil to Marathon Petroleum Corp.00 Standard M’sian Rub. up 4.” said Gene McGillian.84 PREV: 1906. del US cts/lb IRIDIUM.00 LOW: 2610. Mr.697 Mar 1. three euro zone sources said on Thursday.51% and the Nasdaq composite index up 0. For the month.2012 3. US cts/lb COPPER Bare Bright.00 16162. analyst at Tradition Energy in Stamford.4570 per lb.91 PREV: 8983. Bernanke’s speech to an annual conference of central bankers in Jackson Hole. del US cts/lb ALUMINUM Premium. in New York.00 34. Brent prices have risen by more than 25%. 21.25 LOW: 3040.47. In the absence of truly dire US economic indicators. Friday’s data could be a game changer. whs rot. Wyoming. The all-important US nonfarm payrolls report is due on Friday. With Mr. Among platinum group metals.” Overall. —— SUGAR ISA FOB Daily Price.45 Oil rises 9% in August. $/troy oz —— 348.00 HIGH: 2671.675 May 1. the Gulf of Mexico oil and gas industry has so far reported little major stormrelated damage to infrastructure although one Louisiana refinery had flooding.45 ••• GRAINS ••• (FOB Bangkok basis at every Thursday) FRAGRANT (100%) 1st Class.5% in August. $/troy oz PLATINUM free $/troy oz PLATINUM JMI base $/troy oz KRUGGERAND.50 19400. after US Federal Reserve Chairman Ben Bernanke stopped short of signaling extra monetary easing was imminent but kept the door open for action. Energy production is expected to start ramping up again over the weekend. US crude gained 9.970 2430 9020 1.677 GOLD (SEPTEMBER CONTRACT) 30 days to AUGUST 30.13 COFFEE mild arabica NY cts/lb COFFEE mild arabica B’men/H’burg 171.50 PREV: 885. In the euro zone.00 7622.00 15950.50 CLOSE: 3036.76 Dollars per bushel OPEN: 885. Spain is negotiating with euro zone partners over conditions for aid to bring down its borrowing costs.75 ALUM.3 in August from 73.13 LOW: 13. head precious metals trader of Integrated Brokerage Services LLC. the highest since March 27. Coin dealers. S&P 500 retreated 0. $/troy oz RHODIUM.67 PREV: 19.50 CLOSE: 163. On the London Metal Exchange (LME).85 to settle at $96. Connecticut. and added to a 7% rally in July.00 US cents per pound OPEN: 19. its third straight monthly rise and its biggest since January. S&P 500 gained 2% and the Nasdaq climbed 4.26 112. before ending up $40 at $7.7%.7 NET: 36.72 OPEN: 13.37 110.99 NET: -143.US cts/lb COPPER No. US COMEX gold futures for December delivery settled up $30.523 1. Alloy 1779. expired at $3.000 workers.025 346 182 2556 23.1056 a gallon.” said Jeffrey Sica.710 1. tops $114 after Fed news NEW YORK — Oil rose above $114 a barrel in volatile trading on Friday. US cts/lb TIN Premium/Low Lead.00 Oct12/Nov12 COCONUT OIL (US)-cents/lb Crude CIF. del US cts/lb ALUMINUM Alloy.694 1.00 PREV: 2619. — Reuters FRIDAY.25 7615.84 HIGH: 13. biggest monthly percentage gain since September 2010. US crude volume lagged its 30-day average by 5% at 3 p. This reinforced a steady stream of positive economic data from the US over the past week in areas such as consumer spending.755 333 164 2274 20.70 PREV: 1659. BALTAZAR Monday.886 2290 8660 1.05 HIGH: 348.07 Average (Aug 1-31) Average (Jul 2-31) $94.$/ton 560 560 RICE (15%) White Thai.00 49.00 LIFFE COFFEE New Robusta 10 MT . But there was further uncertainty within the ECB over President Mario Draghi’s bond-buying plan on Friday after German central bank chief Jens Weidmann reportedly threatened to resign. 20 (FOB)Mal cts/kilo 783. 12-13.300 and $7. with major indexes gaining more than 1% in the late morning session. Crude prices were further supported by reports Germany and Italy remain opposed to a release of emergency consumer oil stocks.16 CLOSE: 1905. while palladium rose 1.60 22.50 NICKEL 15897. the biggest monthly percentage rise since prices jumped by 10. but he (Bernanke) said the Fed was ready to act if necessary so that was supportive.686 1.700 amid low trading volumes. AUGUST 31.25 —— 9. jumping 2.35 J s DOLLARS PER BBL J 30 days to August 31 Aug 27 28 29 30 31 $/bbl 95. $/ton 1104 1087 FRAGRANT (100%) 2nd Class.844 2220 8480 1.70 HIGH: 3089.00 LOW: 3019. It climbed to a session high of $1.00 Crude FOB rail Nola Mar LONDON METAL EXCHANGE LME FINAL CLOSING PRICES. the (market) longs are in control. and has been trapped in a range this month between $7. gold is up 8% — still off the 15% gain it notched in January when the Fed indicated it might unveil new monetary stimulus and said it would keep interest rates near zero until at least late 2014.75 NET: -2.60. the ADP private-sector employment report and weekly jobless claims on Thursday. platinum was up 2% at $1. At the end of the day the Dow Jones industrial average was up 0. US cts/lb ALU Mixed Clips.8% rise in July.572 2.2012 188 COFFEE (SEPTEMBER CONTRACT) 30 days to AUGUST 30.00 LOW: 878. Bernanke citing poor improvement in the labor market as part of the reason the US economy faces “daunting” challenges. del US cts/lb LEAD Asarco Premium. and looked set to resume its years-long rally after Federal Reserve Chairman Ben Bernanke’s key speech raised hopes of a new round of monetary stimulus for the US economy. inflation and employment. after Federal Reserve Chairman Ben Bernanke said high unemployment is a “grave concern”. In a holiday shortened week. spot. Meanwhile.75 1849.70 HIGH: 1528.00 1070. NY Nola Mar/Apr 47.81 CLOSE: 2440. — Reuters DJ EURO STOXX 30 days to 31 AUGUST 2012 2500 225-NIKKEI 30 days to 31 AUGUST 2012 9200 KOSPI 30 days to 31 AUGUST 2012 1.80 NET: -16.50 7.58 112.00 ••• FOOD ••• COCOA ICCO Dly (SDR/mt) 1744.694 Gold soars 2% to a five-month high on Fed stimulus NEW YORK — Gold surged 2% in heavy trading on Friday to a five-month high. from below $90 a barrel to near $115 now. having earlier reached a session peak of $114.449 1.5% in February.71 OPEN: 3069. US$/MT CASH 3 MOS 1902. 6.79 COFFEE robusta NY cts/lb 110.$/ton (Super) BROKER RICE A-1 Super $/ton 533 ••• RUBBER ••• Standard M’sian Rub. He doesn’t intend to front-run his own FOMC (policy) meeting.25 110.802 2150 8300 1. from the US Strategic Petroleum Reserve due to short-term supply problems created by Hurricane Isaac.50 7.00 2007.50 ALUM.00 CLOSE: 2642.G.55 PREV: 344.10 NET: -0. a key technical resistance level closely watched by traders. Gold fell immediately following the release of Bernanke’s speech.00 1040. nonfarm payrolls added 163.30 830 Dollars per ounce OPEN: 1518.40 CLOSE: 1653.” said Liz Ann Sonders. with Brent turnover 6% over the 30-day average. Many investors will look to the ECB meeting to glean strong DOW JONES 30 days to 31 AUGUST 2012 13300 NASDAQ COMPOSITE 30 days to 31 AUGUST 2012 3090 5895 FTSE 30 days to 31 AUGUST 2012 13160 3040 5812 13020 2990 5729 J s DOLLARS PER BBL J 30 days to August 31 Aug 27 28 29 30 31 $/bbl 111. the Commodity Futures Trading Commission said on Friday.” Energy Secretary Steven Chu said.16 $87.50 HIGH: 1662. del US cts/lb ALU Turnings.2012 24. Carib.646.5 103.8% at $1. its best monthly performance since February.03 41.54 112.75 CLOSE: 8839. Other analysts contend the Fed may stand pat due to data this week showing improved consumer confidence. benchmark copper initially fell to a session low of $7. “The hope of another round of QE from the Fed is not off the table. its lowest since Aug. Bernanke’s address at a central bankers’ symposium in Jackson Hole. from the US central bank. Crude initially pulled back after Mr. port cts/lb 20. After trading in a range for four months.80 an ounce. US crude rose $1. it is unlikely that the Fed will launch any new easing before the US federal election.5%.50 an ounce at $1. New York-based chief investment strategist at Charles Schwab Corp. 1883.2012 SILVER (SEPTEMBER CONTRACT) 30 days to AUGUST 30.80 355.8 OPEN: 8891.— Reuters COCONUT MANILA COPRA(based on 6% moisture) Peso/100kg Buyer Seller 1600/1650 Manila Lag/Qzn/Luc 2250/2300 Coconut Oil-CRUDE 64. 2012 World Markets LONDON-BRENT (OCTOBER CONTRACT) 120 112 104 96 88 80 S2/5 ASIA-DUBAI (AUGUST CONTRACT) 120 112 104 96 88 80 NEW YORK-WTI (OCTOBER CONTRACT) 120 112 104 96 88 80 Sept.85 32.720 1.00 19390.56 172. Brent gained 9. Silver rose 3. so that hope is still alive and acting as a strong bid under the market.62 96. which may affect the ECB’s bond-buying plans.688 1. On Friday. chief executive of Sarhan Capital. September 3.00 Aug12/Sep12 Sep12/Oct12 995.1696 a gallon.00 NET: -47.96 HIGH: 3078. Wyoming. September US heating oil . a rise in the unemployment rate to 8. “Along with the factory orders and consumer sentiment data.71 OPEN: 5719. “There was no announcement about if more stimulus was coming immediately. “This (Bernanke speech) was in line with what we were expecting. Friday’s employment report will be the final major economic report to impact the results of the upcoming FOMC meeting.00 LOW: 1650.12 HIGH: 1912. while the Thomson Reuters/University of Michigan survey of consumer sentiment showed the index rising to 74. supported by stronger-than-expected US economic data.75 HIGH: 20.$/ton 566 RICE (10%) White Thai. Bernanke’s failure to hint at more easing had prompted gold investors to reduce bullish bets and threatened to end the metal’s 11 consecutive years of bull rally. with the highest trading volume in a month. following the ECB policy meeting on Sept. Other economic data next week include the Institute for Supply Management manufacturing survey and construction spending on Tuesday.00 1896.88 87. seen to bring volume NEW YORK — Marking the end of the summer doldrums.91 LOW: 2398.90 629.47 96. For the month.412 1. after dealing between $3. US stocks rallied after Mr.91 HIGH: 8933. which has $1. then quickly rebounded $45 per ounce. nonfarm productivity and labor costs on Wednesday.002.8%.72 PREV: 2403. He left the door open but didn’t announce anything explicit. breaking three months of job gains below 100. chief investment officer of SICA Wealth Management.656 3. boosted by signs of progress toward a deal to tackle the euro zone debt crisis.671 1.01 LOW: 19.4680.20 876 1.2 Refined.55 CLOSE: 344.89 an ounce by 3:15 p.$/ton (Super) 552 0 RICE (35%) White Thai. With the Fed chairman’s speech in the rear view mirror.40 LOW: 162.75 CLOSE: 19.498 a ton.$ per ton.50 50.845 337 170 2368 21.4075 and $3. In July. The metal is still down around 13% from its 2012 peak hit in February at $8.50/65.00 CLOSE: 883.50 PREV: 166.57 a barrel.49 94. with US markets closed on Monday for the Labor Day holiday. the benchmark distillate futures contract.691.610. August sales of the US Mint’s American Eagle gold coins are on track to be the weakest for the month since 2007.00 1815.151.935 342 176 2462 ` 22. 2012 US COMMODITY FUTURES PLATINUM (OCTOBER CONTRACT) 30 days to AUGUST 30. piling pressure on Mr.59 PREV: 3048.26 LOW: 1896.00 NET: -6. — Reuters Source: Reuters THURSDAY.40 US cents per pound OPEN: 2611.3% and the Nasdaq dipped 0.97 LOW: 5707. It looked poised to test this year’s high on improved investor sentiment and technical buying.50 PREV: 3083.m. H.2012 945 1.090.60 CLOSE: 1503.614 2.635 2.1%.70 PREV: 1520. the contract was up nearly 1%.00 61.00 Copper ends up after Bernanke keeps stimulus hopes alive NEW YORK/LONDON — Copper rose on Friday to end August with a monthly gain.683 1.92 at $114. Wall Street is likely to kick off September with heavy trading volume while it hopes that the European Central Bank will hint at further stimulus measures to boost the global economy.30 Dollars per ounce OPEN: 1655.EDITOR FRANCISCO P. “The main catalyst for the reversal in gold has been that Bernanke used the words ‘grave concern’ and the interpretation is that there’s going to be more QE if he’s using such a dire projection for the economy.486 1. however.714 1. 12.45 CLOSE: 5711.765.375 1. $/ton RICE (5%) White Thai. 5 (FOB)Mal cts/kilo 803.00 1538.00 HIGH: 167. del US cts/lb TIN Premium/Grade A.50 1965.000 and offering hope for the ailing economy. Gold posted its biggest daily gain in two months. it’s just kicked down the road..” said Andrew Wilkinson. the market will watch whether the European Central Bank (ECB) announces a clear plan to tackle the euro zone debt crisis at its policy meeting this week. Quantitative easing is viewed by many investors as likely to boost the price of commodities and other hard assets as it tends to depress the value of the dollar. spot.000. Copper fell to a 10-day low early but recovered with other financial markets after Mr. It rebounded from a low of $1. Trading volume was relatively buoyant ahead of a long weekend in the US. COMEX copper for December delivery rose 1.57 12880 2940 5646 12740 2890 5563 12600 2840 5480 Average (Aug 1-31) Average (Jul 2-31) Source: Reuters $108. said business has picked up late in the month. or QE.78 OPEN: 1897.50 Dollars per ounce OPEN: 3067.30 cents to go off the board at $3.77 NET: -7. Draghi has overcome Bundesbank opposition to announce a bond-buying plan at next Thursday’s ECB meeting.65 114.115 351 COPPER (SEPTEMBER CONTRACT) 30 days to AUGUST 30. the Dow rose 0.70 Dollars per ounce OPEN: 343.6%.8% at $625.6% in August. a German Constitutional Court will rule on the euro zone’s permanent bailout fund on Sept.3%. There are “growing hopes that Mr. US Federal Reserve Chairman Ben Bernanke said that the central bank stands ready to bolster the economy if necessary.25 19388.56 $99. which created further uncertainty about the timing of any possible release as sanctions on Iranian exports have tightened the market and boosted prices.002. up 6.00 cent to settle at $3. housing. While he did not say a move was imminent.6%.684 Dec 1. though it has not made a final decision to request a bailout.
vice-president and general manager of the Nissan brand in North America. About 243 million shares will become available for trading from mid-October. everyone can buy it. spokeswoman said she did not see any major impact from the decision. is also scrambling for money to refinance billions of dollars of debts maturing in the near term.. Nissan’s compact Sentra has a long way to go if it is going to catch up with the leaders of the compact sedan segment of the US auto industry. Jessica Caldwell. Inc. 7 automaker in the US. I decided to make it myself. Its top-selling vehicle. The 2013 Sentra will have a 1. Tusek. Nissan hopes to increase its US market share to 10% by 2016 or before. “The compact car market has grown in size and opportunity.92B from main creditors TOKYO — Loss-making electronics company Sharp Corp. fell 4. “Everyone can buy a Ferrari. according to a memo the company sent to managers on Friday. “The 2013 Nissan Sentra is the most revolutionary design in the nameplate’s 30-year history. Tusek has built three cars and sold two of them. said that the Sentra once was among the top compact sedans on the market. recently rolled out to US dealers and the Pathfinder crossover SUV will be available nationwide in the fall.” and “quite civilized. Apple added four more products to the list of allegedly infringing products that have been released beginning in August 2011 and continuing through this month. A supercar — a fast. Century-old Sharp. fully backed by property and securities held by Sharp. life insurers and trust banks. PTUJ. In the meantime. The new Sentra is a chance for Nissan to take back its place among the more prominent compact cars. Tusek told AFP while showing off his creation in a modest hangar in Ptuj. Those prices include destination charges. 1 in the compact sedan segment is the Honda Motor Co. Tokyo District Court Judge Tamotsu Shoji said Samsung’s products did not infringe on the US firm’s technological scope.’s Chevrolet Cruze.05 billion in damages. Edmunds. if he had the choice.” she said. 14 being the big day when more than 1. — Reuters US Airways. and when that happens we will already be a strong company. the Ford Motor Co. Early investors got the green light to sell Facebook shares for the first time on Aug. the Forego T700. because there has to be. almost three times the Sentra. Tusek too. which will be presented next year and should exceed the Renovatio both in terms of power and price. Waiting time should not exceed six months. he will hire 10-15 people.140. but has been passed by better offerings from competitors. patent involved in synching mobile devices and computers. the business daily reported. sells for $19. The company’s stock declined the most in almost a month on Friday on uncertainty over a tie-up with Hon Hai Precision Industry Co. but has grudgingly responded to pressure from creditors to consider a merger as its best option for competing with United Continental and Delta Air Lines. Sharp’s two main creditors will lend ¥75 billion each. which described it as “massively fast.’s Elantra. in northeastern Slovenia. It did not identify the other parties. Inc. behind the Honda Civic were the Toyota Motor Corp. up from its current market share of 8%.’s Corolla.000 ($375. comes a new supercar — and it is already joining the ranks of the world’s elite. Combined. to enter the market and to get his name known. with Nov. US Airways and AMR had $37 billion in revenue in 2011. the recently introduced Altima. Apple won a major victory over Samsung last Friday in a separate case when a jury found that the South Korean company had copied critical features of the hugely popular iPhone and iPad and awarded the US company $1. Nissan will bring out replacements for the Rogue crossover and the Versa subcompact hatchback.05 billion in damages and it is now seeking speedy bans on the sale of eight Samsung phones in the US market. Only six months after presenting his first prototype at Monaco’s Top Marques event. Inc. From his early childhood. Inc. The Sentra is the third of five new vehicles that Nissan is introducing in the US market in a 15-month period.8-liter engine.23 on the Nasdaq on Friday amid heavy trading. Many analysts consider US Airways to be the leading contender for AMR. 60% below the price at which the company’s stock started trading on May 18. but Bloomberg and the Associated Press on Friday reported that British Airways parent International Airlines Group (IAG) also signed a non-disclosure accord with American.000 but Mr. The company’s current free float is about 628 million shares.9% stake and more muscle to cut costs. 2012 Supercar joins world elite Slovenian garage hits the road in style Using the Slovak K1-Attack racer as a basis. so that those who have fuel in their veins. “A moment comes when you decide to stop racing.000 and €600.. will receive an additional ¥150 billion ($1. More people are looking at it because there are better cars than there were before. Sales of the Sentra are down 11% so far this year. building it with the help of about 10 fellow car enthusiasts over several years. and the most-popular offering. The same jury awarded Apple $1. in scope. but you do not want to quit it. Inc. 46. So far. Aljosa Tusek. see that we offer something different. “There you can see that for some there is no crisis at all. No. Brands like Ferrari have developed strongly.92 billion) from Mizuho Corporate Bank and Bank of Tokyo-Mitsubishi UFJ. They do own a Ferrari but it is no longer a status symbol. compact sedan Sentra rolls into US showrooms in the fourth quarter. “Since I could not find a car that would satisfy me the way racing did. American has also signed nondisclosure agreements with other parties.000 vehicles through July.” Samsung said in a statement following the verdict from the Tokyo court. did not immediately respond to a request for comment. September 3. Representatives of IAG could not immediately be reached for comment. like cars and are lucky enough to have sufficient money. That makes it less interesting for extremely wealthy customers. Nissan is pinning expectations of increased Sentra sales for the all-new Sentra in part on the more aerodynamic design and resemblance to the better-selling Altima midsize sedan. The two carriers said on Friday they agreed to share confidential information. and US Airways Group. have signed a non-disclosure agreement as they evaluate a potential merger that would create an airline that rivals leader United Continental Holdings. Apple alleged that at least 17 Samsung products infringe its patents. is a 13% improvement over the current model. has asked a federal court in a separate case to find that four additional Samsung products..” he told AFP. — Reuters Sharp to get $1. and the Hyundai Motor Co.” said Al Castignetti. and customers from all over the world keep calling him. retreating to the garage has always been a means to escape daily stress. a company spokesman. Apple. testing them on the road so that nothing will surprise the future owners. which are themselves the products of mergers. powerful or luxurious car — usually costs between €500. The company’s shares fell to $18. The brokerage cut its price target by $10 to $15.” says Mr. I’m thinking about the people who already have many cars. with sales of 187. there are so many wealthy people. the Altima midsize sedan. The global crisis does not worry him. The company had said earlier this month that it may consider taking a stake in American. has sold just over 100. alongside Lamborghini and Ferrari. They added that Wall Street sentiment on Facebook is now much worse than advertiser sentiment. For Mr. however. Next year. — Reuters . — Reuters Samsung wins over Apple in Japan patent case TOKYO — A Tokyo court ruled on Friday that Samsung Electronics’ mobile devices did not violate an Apple. cut its price target by $12 to $23. while balancing a full-time job as a distributor for an international tire company.3% and prompting price target cuts. This lackluster performance has allowed the Mazda Motor Corp. including the Galaxy S III.” The “newcomer from Slovenia. “I did not start this for the money.. A spokesman for NTT Docomo. which confirmed our longheld position that our products do not infringe Apple’s intellectual property. Inc. For that. at 68. In February. Ferrari. Sentra’s combined fuel economy rating of 34 mpg. Switzerland or a major capital like Paris or London. while the South Korean firm had copied key features of iPhone. the world’s biggest carrier. winning various regional races. said the 2013 Sentra’s prices will not change much from the current offering. is discussing a partnership with Hon Hai that would give the Taiwanese company a 9. Both Japanese mobile carriers sell the popular Samsung Galaxy series. Through July. the paper said. Competition in the compact sedan segment is keen.554 sold. Mr.6/S2 World Business EDITOR FRANCISCO P. and admitted to targeting British and French millionaires. at twice the cost. The top five entrants all sold well over 100. infringe Apple’s patents. which is weighed down by aggressive competition and sluggish TV demand.’s Focus.” Still. but his long-term plans are to speed up production and deliver 10 cars per year. A US federal jury found last week that Apple did not infringe on any of Samsung ’s patents. com senior director of industry analysis. “This is the best time to start with a business like this. The Japanese LCD TV panel maker. working during their free time while keeping steady jobs. he raced: first with go-carts. looks very much at home next to the established exotica from Alfa Romeo. the Nikkei business daily reported. he is preparing a new supercar. declined to comment. American Airlines initially said it would prefer to emerge from bankruptcy on a standalone basis. With the new vehicles. Tusek designed it in his spare time. In a court filing made in San Jose federal court on Friday. in city driving. I started it with the idea of making the car I would like to drive. the Prius. mostly engineers and friends who already helped him produce the first cars. his Renovatio T500 saw the light of day in a friend’s garage.586. he says. A representative for Apple in Japan declined to comment.872. Bugatti. “I’m not thinking about the price of the product. And the €300. which filed for Chapter 11 bankruptcy protection in November. In order. Slovenia — Out of a little garage in northeastern Slovenia. Inc. at 65. “We welcome the court’s decision.” “agile. increased their production and market share. saying several lock-up expirations over the next year will weigh on the stock. “We want our cars to be excellent. Sharp is in a hurry to flesh out new restructuring measures this month to attract more financial assistance from its lenders. to whom he hopes to sell at least three more cars by the end of the year. and not talk to third parties about any terms of their possible combination. that weighs approximately one ton and can accelerate from zero to 100 kilometers per hour (62 miles per hour) in 3. sending its stock down 6.) on the highway and 30 mpg. smaller than the current model’s two-liter engine. Tusek said. Now still. helping it stay afloat through the end of the month. consumers may notice that it looks a lot like its bigger stable mate. 16.’s Mazda 3 to overtake it. its sales put it ninth in the segment. AMR evaluate likely merger NEW YORK — American Airlines parent AMR Corp. Nissan has not announced pricing for the new Sentra. has been invited to London’s exclusive Salon Prive car show which runs on Wednesday through Friday. In rejecting Apple’s suit. And the Toyota hybrid entry.” Mr. which also makes screens for Apple. Tusek consciously kept the price down to sell his first models more easily. Inc. Lamborghini.000) car — listed as one of the highlights at the Monaco show — has already earned a shining review from the renowned BBC auto show Top Gear. The base model of the 2012 Sentra goes for $17. There will be a way out of recession. Samsung representatives did not immediately respond to requests for comment. IAG. A former racer. which is the size of a compact sedan. he created a supercar equipped with an Audi V8 FSI engine with 450 horse power.7 seconds.’s products.” it added. while a KDDI Corp. Civic. — Reuters New Facebook low after targets cut NEW YORK — Shares of Facebook. he takes his creations very seriously. he would live in Monaco.. after the abrupt departure of the Taiwanese company’s chairman from Japan. Far from a sleek assembly line.0-liter SV.210. work with bankrupt AMR’s creditors committee.. about equal with United Continental. Nissan has eliminated 150 pounds and increased the small car’s aerodynamics to help boost its fuel economy to 39 miles per gallon (mpg. the General Motors Co. Nissan is the no.5% to a new low on Friday after brokerages cut their price targets on the company’s shares. Brian Brockman.” — AFP Nissan Sentra redesigned as Altima look-alike DETROIT — When the Nissan Motor Co.2 billion shares will enter the market. awarding the South Korean maker a victory a week after it lost a bruising landmark patent case in the United States. Mr. Tushek on the other hand — the company has an added “h” in its name to make it easier for nonSlovenians to pronounce — will produce only a limited number of each model. Ratings agency Standard & Poor downgraded Sharp’s debt to junk and said it was keeping a watch for possible further downgrade.000. then motorbikes and finally cars. a member of the oneworld global alliance of which American is a part. Ltd. an underwriter to the IPO. BALTAZAR Monday. the 2.” he said. Apple targets more Samsung products Seeking to capitalize on a major legal victory over its rival Samsung Electronics Ltd.” Mr. Media reports said BofA Merrill Lynch.
For more information. The fourth session will tackle “Tourism: Building the Momentum for Inclusive Growth” with Anita Mendiratta (South Africa). which identifies the body’s toxins. easy predisposition to infections. Two and Three Bedroom suites are located exclusively in four specially dedicated floors. obesity.000 copies of Rizal’s masterpiece novel. Studies have shown that if consumed throughout the day. Executive Steak Lunch or Dinner at the award-winning 22 Prime. the NRCP’s Bio-Identical Hormone Replacement Therapy uses bio-identical hormones that are derived from plants. The fifth session will tackle “Branding Value and Valuing the Brand” with Charlie Scott. For inquiries. two bottles of mineral water (replenished daily). Similac Mom provides women with a drink that can be consumed as a proteinrich snack.” said Dr. The Management Association of the Philippines (MAP). hypertension. “Capitalizing on Imperative Change: A Top Priority of Business Leaders” will be the topic for the third session with Charles Njendu. upaces. The need to rejuvenate has become a more pressing necessity nowadays. have the exact molecular structure and supplicate the exact functions as the hormones made by your body. contemporary vibe that mirror today’s aesthetic standards for today’s business traveler. Photo shows (from left) National Artist for Literature Dr. With over 2. and a 20 percent discount at the hotel’s all-day dining Prime Café like all valued guests. P2. September 3. Muntinlupa City. the restaurant’s sophisticated and upscale interiors allow diners to sit back and enjoy a breathtaking view. Bong Sarre of Threelogy for Videography.ph. unhealthy lifestyles and industrialization have contributed greatly to produce toxins and stressful situations in people’s lives. NOTE: Press and photo releases are published in this paper free of charge. the practicality of a fully equipped kitchen and dining facilities. including anemia. “Aging is a multidimensional process of physical. Inc. Hong Kong. Finally. He will talk about “Innovation as a Catalyst for Transformation and Inclusive Growth. remove the toxins naturally. Promotion bared Enjoy affordable accommodations at the B Hotel with its discount promo available until Sept. It is also suitable for women following a diabetes management plan (one serving of Similac Mom is one carbohydrate exchange). visit www. boost the immune system and balance the hormones. GMA Network celebrity mom Jackie Lou Blanco. Inc. .mapceoconference.org/nces.000 nett for a standard room and P10. energize the body. low birth weight and slow cognitive development.” says Dr. For more information. Makati City. the body is then energized using intravenous energy boosters.500++ for a Junior Serendipity Suite and P 7. and Qatar who attended MAP’s past Conferences. Bank officers and YGC executives visited Muntinlupa National High School (MNHS) and distributed more than 2.ph or contact 751-1149 to 52 or map@globelines. President Mok Kim Whang. After the toxins have been removed. on its 58th year. The distinguished collection of Junior. Philip Santos of Forsc Ink for Lights and Sounds. all in an effort to bring the aging body back to life. auto-immune diseases and hormones. India. Research has shown that undernutrition in expectant and breastfeeding women can lead to serious health consequences for mothers and babies. Dr. Neri’s answers to the need to continue providing professional wedding coordination courses in the country. 11. and Plant Operations Manager Patty Dela Cruz. Giordano business development officer. Jose Rodolfo Dimaano. at the Rizal Ballroom of Makati Shangri-La. The B Hotel is located at 2107 Prime Street. MediCard bares rejuvenation process At the Natural Rejuvenation Center Philippines (NRCP) located at the MediCard Lifestyle Center in Makati City. Photo shows key representatives and guests who graced the event led by (from left) 3M Philippines Sales Representative Aries Ledesma. This NASA technology assesses the body’s stress response to heavy metals. It is caused by stress. email to: rsvn@discovery. Similac Mom provides mothers with all of the essential vitamins and minerals to support the nutrition of a developing baby and themselves. “The average newborn has over 200 different industrial chemicals. Malaysia. 51 Paseo de Roxas corner Sen. Similac Mom contains less than 1 gram of fat and only 126 calories per serving to help meet increased nutrient needs during pregnancy and lactation without excess calories. Noli Me Tangere. They are safe. and a choice of two from the following perks – a lunch buffet from Restaurant 5. Rates start at P6. This five day Basic and Advance Level seminars are her follow up to the much-talked about and well-attended Wedding Planning course held in Cebu last March 2012. The seminar will not only have Ms. visit www. pay only P2.” says Dr. tissues and organs that induce the earlier onset of the aging process and related diseases. For a no-frills (no breakfast) accommodation. Similac Mom enhances the nutrient value of a well-rounded diet and prenatal vitamins. Madrigal Business Park. fungi. 1 to 2 (Advance) at R Space Events Venue in Bel Air 2 Village. to 5:30 p.Diliman. new age protocols are introduced to allow the body to heal and rejuvenate itself. Guilas. Summit slated The UP Association of Civil Engineering Students. the attentive service one receives when at home.com.discoverysuites. That’s why she advises everyone to be mindful of what they do to their body. hormones. The Serendipity Lounge is a recreation sanctuary. non-invasive and don’t increase the risk of blood clots.or postsurgery/chemotherapy care or those who just want an instant perk me up in their energy level. Daily shuttle service to nearby Alabang commercial districts is provided free to guests. 30. Armin Luistro (seated. These include lack of energy. 2012 Bulletins S2/7 CEO conference set SM Supermalls hosts DepEd exhibit tour SM Supermalls through the SM Cares Program on Youth and Children’s Welfare and Educational Committee recently hosted DepEd’s Go! Education Interactive Exhibit Kickoff Tour at The Block in SM North Edsa. Macau. e-mail to info@thebhotel. Neri will be holding another round of basic and advance workshops on Professional Wedding Coordination on Sept. Strategically situated at the heart of the metropolis.000 nett for a penthouse suite. For inquiries. which are subject to editing. Good Housekeeping Editor-in-Chief Tisha Alvarez-Angluben. Makati City. the Courage to be Led. and the local newspaper. Austria points out is Bio-Feedback Testing. a welcome drink. US). Austria. senior engagement manager Global Business Services of IBM ASEAN. Boy Abunda (Philippines). Japan. Australia. heart attacks and breast cancer. Located on the 22nd floor. and Zenas Pineda for event styling (advance course).ph or mapsecretariat@ gmail. Similac Mom complements the nutrition that women and babies would be getting from their diet. chair of Institute of Corporate Directors (ICD). Hotel offers business suite package RCBC turns over Noli Me Tangere books Rizal Commercial Banking Corporation (RCBC) recently participated in this year’s Buhay Rizal Values Campaign of its parent conglomerate. Austria. at a business hotel designed to impress and close that important deal. Malampaya donates to flood victims in Subic The Malampaya Foundation. pollutants and pesticides in the blood. Singapore. 4 to 8 at the University of the Philippines . The Discovery Suites “Business Suite Package” is offering the best value for money for business executives seeking the ideal premiere residence while on business.m.thebellevue. Neri as its lead speaker but will also bring together multi-awarded event professionals in their chosen field as resource speakers – some of whom are Teddy Manuel for event styling (basic). These. Experience a two-night stay inclusive of these exceptional advantages: complimentary buffet breakfast. and the facilities that simply make one’s stay complete. in the capital of Metro Manila. Lito Sy of Lito Sy Photography for Photogaphy. Microscotch National Sales Manager Edgardo Marquez. Inc. both during and after pregnancy. “You have to know what you should not put into your body. Products presented Rally for the marine environment with Giordano’s Salute the Ocean shirts. founder and creative director of Tangible Pte Ltd. Austria suggests is detoxification. One. Also in photo is Keppel Philippines Marine. Interior Designer JP Dela Rosa. MAP normally expects over 500 participants who are past. jam packed activities are on the line for the biggest Civil Engineering event in the country. Photo shows Malampaya Phase 2&3 Project Manager Antoine Bliek (second from left). Regulatory and Medical Director of Abbott Nutrition International – Philippines. especially since modernization. Ghia Pastoral of Write Impressions for Invitations.” The opening keynote address on “The Role of Business in Enabling Transformative Change and Inclusive Growth” will be delivered by Dr. (MFI) donated relief goods to the victims of the recent flooding in Subic town barangays. Estrella Aseron. Another mode that Dr. Max Tiu for program emceeing for Chinese weddings and special events. which combines conventional medicine with alternative approaches to healing and rejuvenation.000 Food & Beverage credits. experiences and trends are shared by global thought-leaders.” Scott Anthony (Singapore). Zambales Governor Hermogenes Ebdane (second from right). South East Asia of SAP. Under its “1+1 promo. available in three different styles: slim fitting shirts for women and comfort tees for men priced at P699 apiece and ball tees priced at P899 each. Austria says this result in marked improvement of a multitude of symptoms. will be the speaker for the sixth session on “Transformative Change: The Courage to Lead. a gift from the hotel. Rosario Austria. 15 and 16. will hold its 10th MAP International CEO Conference 2012 on Sept. and nightly lounge performances overlooking a sweeping view of Metro Manila’s dynamic skyline. Combining function and style is the key behind a delightful stay at Discovery Suites. Ayala Alabang. Similac Mom is now available in retail stores in the Philippines.Monday.. She adds that it is best to identify the culprits that cause the body’s breakdown and introduce therapies that can help achieve a total approach to regain and maintain health and youthfulness. managing director of Innosight Ventures (Singapore. The new interiors present a brighter. Package includes buffet breakfast for two. Estanislao. a 90-minute massage voucher valid at Terra Wellness Spa.” B Hotel guests can choose between two options: reserve a room for two consecutive nights or book two rooms for one night for only P6. Clutter Specialist Kat Ong. an advocate and practitioner of integrative medicine.com. This event is in partnership with The Australian Agency for International Development (AusAID). The Natural Rejuvenation Center Philippines is located at the third floor of the MediCard Lifestyle Center at No.com. To register. and Zambales Vice-Governor Ramon Lacbain (rightmost).com or visit www. allergies. and the increasing exposure to viral. senior director for SAP Education. 3M Philippines Construction and Home Improvement Markets Division Head Vivian Faustino. psychological and social change. oxidation. Support efforts to help clean up the oceans by simply buying a Giordano Salute the Ocean shirt.m.ph or visit www. The upcoming seminars are Ms.com. 3M Philippines backs housekeeping workshop 3M Philippines once again supported Summit Media in bringing the next leg of the Good Housekeeping (GH) Good Ideas Workshop in Manila. parasites.” The MAP International CEO Conference is the biggest annual event of the MAP. third from right) with partners from SM Supermalls and supporters from the government and private sector. For inquiries.500 engineers and engineers-to-be that is expected to join. empowering the business executive with luxurious and impeccably wellappointed suites to retire to after a grueling day of power meetings. with a wellstocked bar. talent manager of Backroom. MAP’s membership in the Asian Association of Management Organizations (AAMO) also enabled MAP to welcome delegates from India. the most complete nutritional supplement for expectant and breastfeeding mothers. Materials sent become BW property. call 828-8181. Virgilio S. chemicals. harm the cells. which helps the body flush out toxins and other stressors through chelation. Discovery Suites is a premiere serviced residence in the business and commercial district of Ortigas Center. for pre. “Complete nutrition during pregnancy and lactation is a key element to good health for both the mother and the baby. Billiard table. MNHS School principal Dr. and Shell Philippines Exploration BV Managing Director Sebastian Quiniones (third from left) turning over the relief goods to Subic Mayor Jeffrey Khonghun (third from right). CONSUMER GUIDE Abbott introduces Similac Mom Abbott announced the launch of Similac Mom. Aiza Tabayoyong (formerly of Shangrila) for Banquet Service. Audrey Tanco-Uy of Bizu for Table Set Up.500 nett for a standard room and still enjoy Wi-Fi access. Priority will be accorded to releases of news value. call 298-6348. Marketing Director Pat Sly.” Among the therapies that Dr. The newly renovated Serendipity Suites are ideal for the more discerning long stay. an intravenous or oral administration of agents that removes heavy metals and harmful chemicals. present and future industry leaders in this gathering where insights. pesticides. Sri Lanka. Mead Johnson Makati facility turns 44 The management and staff of Mead Johnson Nutrition (MJN) Philippines recently celebrated its Makati Facility’s 44th anniversary with a mass followed by a simple half day of fun interaction that included a quiz show and raffle of exciting prizes among associates. The manufacturing facility is located along Chino Roces (formerly Pasong Tamo) Avenue Extension. contact Cher Anonas at +632-869 RNEP or e-mail to workshops@ritanerieventplanners. will be the closing keynote speaker. and Department of EducationMuntinlupa City Division Admin Officer Remedios Cunanan. the Yuchengco Group of Companies (YGC). which are perfect for stressedout individuals.com. NCES 2012 is a weeklong celebration of influential events that aim to uphold camaraderie among its participants and equip them with skills and ethics in nation-building.500++ for a One Bedroom Serendipity Suite. Gil Puyat Avenue in Makati City. managing director of Chachet Consulting. United States Agency for International Development (USAID) and the Philippine Business for Education (PBED). cancer and even autism and behavioral disorders in children. is hosting the National Civil Engineering Summit (NCES) 2012 on Sept. “For every Salute the Ocean tee sold. fungal. in partnership with BusinessWorld and Healthway Medical. food and nutrients. Giordano will donate part of its sales to the University of the Philippines Marine Biological Society to help fund the 2012 International Coastal Clean-up in Puerto Galera on Sept. 26 to 28 (Basic) and on Oct. Guests will also be in for a gastronomic treat at the acclaimed 22 Prime Restaurant is known for the range and quality of its steaks. complimentary Internet in the room. RCBC First Vice-President for Corporate Communications Joee C. Jesus P. The support included donations in kind like rice. Chelation involves the use of chelating agents that bind heavy metals together and pulls them out of the body. corporate and frequent individual traveler who deserves nothing less than the most luxurious amenities. and 3M Philippines Marketer for Construction and Home Improvements Division Jermits Rabonza. sardines and noodles. or a one-way airport transfer.200 families affected by the calamity. Pasig City. contact (+632)719-3132/719-8888.com. Photo shows DepEd Secretary Bro. The second session will delve on “Building Bridges for Transformation Through Education” with Angie Vaux (Singapore). Photo shows MJN Supply Chain Director Nyoman Mahardika. bacterial and parasitic infections. The interactive exhibit themed “Go! Education Program” informs the public about K to 12’s enhanced curriculum and program objectives.” says Dr. MAP Conference Committee Chair JP Orbeta announced that “the MAP CEO International Conference Committee has selected the theme: “Transformative Change: The Imperative of Inclusive Growth. to support both baby’s optimal development and mom’s health.com. Almario. 8 a. reaching a total of 3. Similac Mom may help alleviate nausea and vomiting that often accompany pregnancy. or a temporary vacation home while exploring and engaging the city. Patients at the NRCP are advised to undergo five processes: identify the toxins. BRIEFS Workshops offered Noted event planner Rita M. Releases may be e-mailed to bulletins@bworld.” said Beatrice Lim. 10% discount on business center services. express check-in / check out.
September 3. will be third on the grid for Lotus ahead of Sauber’s Sergio Perez of Mexico. “This week the surfaces are much better. he “wasn’t rolling [putts] correctly. It was windy. “I did not want that to happen. his best qualifying display since he started on pole in Spain in May. the driver with the best record at Spa in recent years with four wins at the longest circuit on the calendar. it bears noting that Woods’ performance has been hampered by sheer inconsistency with the flatstick.” said Pole Radwanska. It’s just taking a while to get used to it. Williams has not lost a set but needed a break of serve in the final game of the opening set to grab the momentum as she ousted Russian Ekaterina Ma- McIlroy leads with Tiger lurking at Deutsche Bank NORTON.” Parenthetically. but stewards later handed him a threeplace penalty for impeding Force India’s Nico Hulkenberg. had 35 unforced errors and 10 double faults as he lost to Federer for the fifth time in as many meetings. with Tiger Woods and Rory McIlroy crowding the top of the leaderboard to provide an ultra-competitive final flight tomorrow. Massachusetts — Rory McIlroy fired a second consecutive six-under 65 to take a oneshot lead after the second round of the Deutsche Bank Championship yesterday but Tiger Woods was lurking just two shots back. putts per round.” Woods said. “The last few sets were tough.” he said. J. Else. Meanwhile. keeping him in third place.” Oosthuizen said. The glory of the past has bought him time. “I just played a little bit better at the end of the tiebreaks. “I’m happy with the way I hit it but I didn’t putt very good. “There’s been a big improvement in my putting from last week to this week. starts 13th.” he confirmed. 6-0. They weren’t the best surfaces. and steaks gained from putting. where the overall points winner pockets a $10-million bonus. recovered from a midmatch lapse to defeat Lopez 7-6. partnered by American Bob Bryan.” The 29-year-old said she had remained focused for the doubles and mixed doubles even though it “was a lot more relaxed obviously than my singles. “We expected a good weekend but not to be second in qualifying. Serena cruise To the fourth round of US Open NEW YORK — Top-ranked Roger Federer continued his dynamic US Open form in near-tropical conditions yesterday while fourth seed Serena Williams braved the steaming heat to avenge a shock defeat she suffered in January. a sentiment echoed by several players. once a weak facet of his game.” McIlroy said. lamenting a poor day on the greens. 7-6 in three hours and 53 minutes. Murray. “I played really well and I hit the ball nicely. Makarova buckled under the pressure of her first-set letdown and was blown away in the second in just 32 minutes. who beat American James Blake 6-3. who won Olympic gold last month. however. 31 in the Flushing neigborhood of the Queens borough of New York City. Alonso’s closest title rival. karova 6-4. I really hate watching matches that I lose unless I’m punishing myself.” Federer has not lost a set at the US Open this year. McIlroy has vastly improved his putting.” Clijsters said she has no regrets about putting her racket down. The Russian knocked out Williams in the fourth round of this year’s Australian Open and the American said she was motivated to turn the tables at the year’s final grand slam tournament. BALTAZAR Monday. Federer cruised past Fernando Verdasco 6-3. “Everything seemed to work pretty well out there. it’s just that I need to make a few more. With a potential semifinal showdown with Federer looming. I think everyone saw that. pro golf habitues will have already known if the third round of the Deutsche Bank Championship went their way. Women’s second seed Agnieszka Radwanska set up a fourth-round tussle with Italy’s Roberta Vinci by stopping Jelena Jankovic 6-3. The leading 70 players on the FedExCup points list after this event advance to the BMW Championship. The Swiss master. not for nothing did he top the charts in total putts. Under the circumstances.” said the Wimbledon and London Olympic champion. and actually lost strokes on the greens vis-à-vis the field yesterday. — Reuters Button ends three-year wait with Spa pole SPA-FRANCORCHAMPS. McIlroy appears headed for another dominant finish. Belgium — Jenson Button celebrated his 50th Formula One race for McLaren by ending a three-year wait to claim pole position in qualifying at the Belgian Grand Prix on Saturday. “I wasn’t very comfortable on the greens at all last week. since hooking up with coach David Stockton. Federer. missed them. having not played that much in these conditions. blasting seven aces and 30 winners against the 25th-seeded Spaniard. the possibility has had fans pursing their lips in keen anticipation. “I didn’t really make anything. The Briton has never won at Spa and nor has Alonso. He added five birdies with just the lone bogey.” grinned Button who whooped with delight after being told he was ‘P1’ over the team radio on a sunlit afternoon after heavy rain washed out Friday’s practice. Red Bull’s Mark Webber. is only seventh in the championship and a massive 88 points adrift of Ferrari’s overall leader Fernando Alonso but has refused to give up hope. “I had no clue my stats were that good. 6-0. The pole was Button’s first since the 2009 Monaco Grand Prix. “With the hot conditions you really have to fight yourself more than your opponent. the 2006 Deutsche Bank champion fell to 68th in the field in round two. “I always tried to give my best. which gave me some more opportunities to make birdies. Massachusetts. an eagle and two bogeys to lead by one over former British Open champion Louis Oosthuizen. PAINFUL VIDEO The 30-year-old Williams. The Briton was leading 4-2 in the third set before Lopez fought back to send the match into a tense fourth set. I didn’t punish myself. “I was two sets to love down and I was still was believing that I could make it. deviated from his normal baseline game and rushed the net 27 times. how I played yesterday as well. Today was one of those days where I had some good looks. tough match. I always tried to give my best in everything that I did. two strokes off McIlroy’s pace. with the top 30 then progressing to the Tour Championship finale in Atlanta. in his own words.” A somber Lopez said Murray deserved to win the match.” Third seed Murray next plays 15 th-seeded Canadian Milos Raonic. he will be facing more queries on his seemingly artificial progress under new swing mentor Sean Foley. and that was the difference.” Woods had the opposite problem. The four-time grand slam winner. and fast. but it’s running out.” Murray said the oppressive heat made the match “mentally and physically challenging. and I was putting well enough to take a few of those. 28. 6-4. I felt like I drove the ball a bit better today and hit more fairways. as he moves closer to a sixth title at the National Tennis Center. The 23-year-old was unperturbed. “Probably half the time I didn’t have to volley because it was hard to hit a good pass. celebrating his 300th grand prix at the circuit where he made his debut in 1991. he was forced to settle for an upand-down par due to his poor drive and misjudged approach after a layup.” she told reporters in her postmatch news conference. EDITOR FRANCISCO P. a tactic that earned him 26 points. even a break down in the third. “My speed is good. who now has eight career poles to his credit.” he said. 3-6 (12-10). He leads the field in strokes gained putting and total putts after the opening two rounds. I don’t know.” The playoffs are over for several players who missed the cut. his score of three-under 68 was the worst he could have carded. Indeed. The world number one set the pace in the morning wave with an impressive round consisting of six birdies. who can rack up a record-equalling 24th successive points finish on Sunday. Cuaycong By the time this piece hits the streets. Instead. a threetime US Open winner and a 14time grand slam champion. “Knowing that I lost [I thought it] could definitely happen again. “Even from when I was eight years old until this last match. The three-time US Open singles champion said she would like to be remembered for always giving 100% effort. Next up is either American Mardy Fish or Frenchman Gilles Simon for a place in the quarterfinals. To be sure. but didn’t feel like I was really rolling it correctly. enjoying a 31-10 advantage in winners and claiming all eight of her service games. and I’m in a great position. Button. and not just because the two are locked in a tight battle for the United States Professional Golfers Association Tour Player Of The Year honors.” Oosthuizen’s round was highlighted by a magical hole out flop shot for eagle from just off the drivable par-four fourth.” said Murray.” Williams punished Makarova yesterday. The other was Takuma Sato who qualified second for the 2004 European Grand Prix at Nuerburgring. including K. The Spaniard will be fifth on the grid behind the two Ferrari-powered Saubers.” “I actually felt better towards the end of the match than I did maybe halfway through it. “It’s been quite a long time since I got my last pole position. — Reuters Clijsters career ends with doubles defeat NEW YORK — The professional tennis career of Kim Clijsters officially ended yesterday when the Belgian lost in the second round of the mixed doubles event. 2012 COURTSIDE Anthony L. We expected a strong result so we have a good chance in the race. Sauber’s form was an eye-opener. he missed multiple birdie opportunities because. losing 6-2. and it gives you a little more confidence that you can roll your putts at the hole a bit more. “Hit a few loose drives out there but gave myself a lot of birdie opportunities. The German will start 23rd due to a five-place penalty. was seventh fastest but has a five-place penalty due to an unscheduled gearbox change. 1 in Norton. 7-6. “Andy’s making you always play one extra ball. . and his first at McLaren and at the majestic Spa circuit. I don’t remember missing too many volleys and overheads. it’s probably on one I can be very offensive on. It was hot. 7-6. Andy Murray remained in the hunt for his first grand slam crown by defeating Spain’s Feliciano Lopez to reach the fourth round.” said Kobayashi who was just 3/10ths of a second behind Button. After ranking seventh in the field in strokes gained putting on day one. Massachusetts.” he said. His illustrious team mate Michael Schumacher. And were he truly intent on booking a spot alongside the current World Number One in the last group. said it was painful to watch a video of her defeat by Makarova. a career best for him and only the second time a Japanese driver has qualified so high on the grid. however. It was a nice problem to have though. Woods could have AFP Rory McIlroy of Northern Ireland lines up a putt on the second hole during the second round of the Deutsche Bank Championship at TPC Boston on Sept. That elevated Kimi Raikkonen to third for Lotus. 4-6. he would have had a fine showing today. — Reuters AFP Kim Clijsters of Belgium opens gifts from members of the Belgian media following her mixed doubles victor on Day Five of the 2012 US Open at USTA Billie Jean King National Tennis Center on Aug. “Whether I learned something from that match. the year he won a memorable championship with Brawn GP. a little bit more solid than him. “I usually have three weeks in Miami before the US Open but I couldn’t this year because of the Olympics. whether it was sitting here or on the practice court. “I got off to a nice start and just kept the momentum going. 7-5 at a steamy Arthur Ashe Stadium. “It was a tough. “It was probably down to a combination of things. Kamui Kobayashi put his Sauber on the front row.8/S2 World Sports Rory vs Tiger ensured the dream pairing for today’s proceedings had he been able to birdie the par-five 18. “Fernando did have some good chances for good passing shots. Raikkonen. lost to Russian Ekaterina Makarova and Brazilian Bruno Soares. He has needed a whopping 58 putts to negotiate the first 36 holes at TPC Boston in Norton. 6-4 in two hours and two minutes. If recent history is any indication. “Hopefully tomorrow will be a lot better. Verdasco. with Kobayashi only the second Japanese to start a grand prix on the front row. The Swiss team have not qualified on the front row this century with their last — and second ever — appearance at the sharpest end of the grid coming at the 1999 French Grand Prix with Jean Alesi. Long rallies. 1 in the Flushing neighborhood of the Queens borough of New York City. Looking back. Woods is angling to disprove the growing sentiment that he gets worse as a tournament progresses. In contrast. Usually when I do come in. suggesting the greens in New York were not entirely up to scratch and he just needed to shake a little rust off his putter. Choi and Rory Sabbatini. — Reuters AFP AFP Roger Federer (L) of Switzerland serves against Fernando Verdasco of Spain during their men’s singles third round match. Further back there was dismay for Mercedes who saw Nico Rosberg fail to get through the first session.” McIlroy finished nine shots behind Barclays Classic winner Nick Watney in week one of the playoffs in his first appearance after claiming the PGA Championship. It’s not like I should have won but I could have won. Venezuelan Pastor Maldonado was third fastest for Williams. in the face of compelling evidence being provided by his apparent successor. South African Oosthuizen matched McIlroy’s 65 to move to 11-under 131 at the FedEx Cup playoff event while Woods and fellow American Ryan Moore shared third at 10-under 132. Red Bull’s double world champion Sebastian Vettel failed to make the final phase of qualifying but will start 10th due to his team mate’s demotion to 12th. while Serena Williams (R) of the United States returns a shot against Ekaterina Makarova of Russia during their women’s singles third round match on Day Six of the 2012 US Open at USTA Billie Jean King National Tennis Center on Sept. “I’m very pleased with how I played today. Like Federer.
Kxg3 Be6 61.” Kelly. on Aug. 1 board GM Viorel Bologan (a powerful 2734 player) but just faltered at the crucial moment: So. Nc3! 23. the Philippines faced Libya.exf6 Rxg6+ 41. Showing far superior ground game. 5. The win pushed the Stags to a second-running 9-3 while dropping the Chiefs to 4-8. 27. In the second round we had our first strong opponent — Moldova.Ng4 Bh1 67. proved too overzealous to finish his opponent. Mark (2508) [B11] 40th Olympiad Open Istanbul TUR (3.gxf6 Rxf6 22..Nxg6+ Kh7 42.Rh8+ Kg5 56.. the fighters made their way to the ring. winning their respective battles.Rhf1 Bxc3 18.bxc4 g5 36. Oliver (2428) Kuderinov. GM Eugene Torre 2469. 9. Back in the 90s The Philippines and Kazakhstan played a 4-round match to determine who would represent Asia in the World Team Championship and the Pinoys lost badly.c4 c6 5. As of now the Philippines is in 11th place. delivered on its promise of a prideand action-filled mixed martial arts event.h6 11. going for successive kicks to Sylvia’s head that were later ruled illegal and earned for the Belarusian a yellow card. There are still 6 rounds of exciting chess ahead of us.11). Tiongson and Salva combined for 31 points with the former going for fourof-six from beyond the arc which proved to be key in their run. excluding the opponent who scored the lowest number of match points.Rh3 h6 25.. The Loyola dribblers then followed up their win over FEU by downing La Salle later in the week.Qf3 Nf6 14.Nd6 Bc6 72.f5 e5?! Bologan wanted to stop the White knight from getting to f4 and.. on Aug.Rd8 24.0/5 rating performance of 2687 5.Ke4 Rf2 55. 7.Nge2 g6 8.Re3 Bb5 36. 0. The Tamaraws won over the Adamson Soaring Falcons. the Eagles defeated title rivals Far Eastern University Tamaraws..Nd4 c5 41. White is already threatening a rout with 26.2012 1..Bc4 Nb6 15. bxc4 36. 30. Petr (2494) . to g6.Na4 Bc8 20. against the Chiefs.Rxe6 and be up by a piece. on Aug.b4 Bf8 29..Ne2 d5 30. 76-68.. another brother. baste win Over at the National Collegiate Athletic Association.Bxc3 Na4 19.Rab1 Qa3 35. Dimakiling saw a bit farther. Kuderinov probably saw White’s 22nd move.” especially the fans..Rhg3 Qe7 27.Qxg7? Rg8 9. and MMA legend “The New York Bad Ass” Phil Baroni making short work of Brazilian Rodrigo “Ximbica” Ribeiro by way of TKO with a barrage of punches one minute into the fight.Ra8 Bh3 52.cxd6 Qxd6 25. My personal opinion is that this remains the most important function of FIDE and it is a big shame when top players choose not to play for their national teams.Rg6! with the same idea of Qf3 followed by Ng3–e4.b3 Qd6! 22. Czech Republic. bounced back from their UST loss by beating the University of East Red Warriors. 79-71. 31. After engaging each other with solid punches.Rxf6 Black’s queen is no match for the active pieces.d6 8.Nc3! We can continue the analysis further: 35.Kd2 Rxd3+! 24.Rg3 Rc3+ 59.52.Qf3 Nc6 9.Bb2+ Kh6 30.0/5 rating performance of 2685 3.Rxf7 35.Qg3 dxe4 10.Nxd4 a6 The Sicilian Kan. 83-74. Settling for a split were Letran who won over the Perpetual Help Altas.Qh4 Nxc3 20. Folayang won by unanimous decision.Qh3+ Kb8 27.Qf3 Bb5! getting rid of the dangerous knight allows Black to hold the position] 34. — MASM In front of a large crowd last Friday at the Smart Araneta Coliseum. 87-73.Nb3 Be7 The main alternative 6.Bb2. Ateneo staved off each and every rally of the Archers to blank the latter anew in the eliminations.0–0 0–0 11. A sample: 10.c4 h5 45.com.e3 g6 4.Ra1 Qb3 32. United States of America. “ONE FC 5: Pride of A Nation. 28.Rb8 Rf4+ 53. 53-51. Croatia. meanwhile.d6 9.5/5 rating performance of 2719 2.Rg6 Rh7 33.Rxa3 Rxf6 49.h3 Bxf3 5.Rf3 Be6 44. Ahmed (1977) [A50] 40th Olympiad Open Istanbul TUR (1. The Tigers (8-3) were 58-57 victors over NU on Aug. and Mapua (5-7) who bounced back after its loss to JRU with a triumph over the EAC Generals (4-8). The loss dropped the Knights to 6-6. earlier on Aug. Kirill (2484) [A06] 40th Olympiad Open Istanbul TUR (3.Nf3 e6 3.Kg2 bxc4 35. and of course we were favored to prevail but opening day jitters and the tension of trying to do very well for the country kept the Philippine team captain GM Jayson Gonzales in a state of nerves.Rxc3?? 26.Rf8 26. There was no talk yet of administering the rating system.0/4 rating performance of 2631 In the first round. on Aug.f4 a4 28. action at ONE FC event ONE FC Filipino fighter Eduard “Landslide” Folayang throws a kick at Swiss-Japanese opponent Felipe Enomoto during “ONE FC 5: Pride of A Nation” last Friday. 32.h4 Ba6 10. Twenty-yearold Banario proved too much for Benibe to handle as the former pounded on the latter en route to a TKO win at the 3:47 mark of the third round.e4 c5 2.Rf8 is just too horrible to bear.Rxf8+ Qxf8 27.f3 Bb7 4.Ra7 Bc8 50. September 3. In fact. S2/9 College hoops: Ateneo doubles.08. 1 while the 2009 champs Stags cut the Arellano Chiefs.d5 Kg7 28. 3. the Lions bucked a slow start to continue their recent run of good form. lost his welterweight fight to South Korean “Stone Cutter” Jung Hwan Cha by TKO in the third round. on Aug. Against the Knights.Qf3 Rf7 35.. for fifth place. Showing undaunted aggressiveness.Bb2 0–0 7.0/10 Total of 149 teams Time Control: 90 minutes for the first 40 moves then 30 minutes for the rest of the game with 30 seconds added after every move starting move 1..Bh3 Rc7 19... China. 30. is also set to compete for a title belt in ONE FC’s next event in Singapore in October against compatriot Banario. However. Adamson and the National Pride.. 26 while the Falcons (2-9) topped the University of the Philippines Fighting Maroons. GM Wesley So 2652.d4 e6 9. h5 21. Behind the huge game of forward Buenafe.5/1 4.Be3 e5 7. 29 then beat archrivals DLSU Green Archers. etc.Kf4 Rxg3 60.Nf5 Bh1 65.Kh6 39.h3 Bg7 6... Calvin Abueva. was a picture of control and domination in his co-main event lightweight encounter with Swiss-Japanese Felipe Enomoto that went the distance. India. .Ne5 Rf8 43. by stopping veteran American fighter Jens “Lil Evil” Pulver via referee stoppage 1:42 minutes into the second round of their featherweight encounter. on Sept.Rxa3 Be6 39.Nb2 Nf8 23.Bd4+ Ke7 40.f6! gxf6 32.Kf4 Qc1+ 31.Rxe4 Qf8 34.Qg3 (8.Bd2 e5 (if 11.0–0 Re8 12. nothing wrong with the text. 27-Sept.5 upset over Moldova.f4 c5 15.Ne5 Bg2 70.Ba7 has been a bit under the cloud lately because of the line 7. Oliver (2554) .b3 Bg7 11. for his part. 2012 World Sports University Bulldogs.d4 cxd4 4.. Olympiad wars c) 3rd tiebreak: by the sum of the match points of all the teams opponents. soon GM Oliver Barbosa broke the ice by trapping his opponent’s queen at his side of the board: Barbosa. Montenegro.d4 Nf6 2. So impressive was Kelly that it moved his opponent to proclaim him as “the Manny Pacquiao of MMA.Kg3 Rxd3+ the end] Dimakiling. Armenia. BALTAZAR Monday. Individual Performances: 1.Nd3 Qxa3 26.Rf1 Qb8 29.. Here are the complete tiebreak rules: a) 1 st tiebreak: the sum of Sonneborn-Berger points.. Arlovski connected on two vicious right hands in the second that floored Sylvia. Also squeezing a . Ukraine.dxe5 Nd7 27. The first tiebreak is a bit complicated — it tries to take into consideration the strength of your opposition therefore the total number of points scored by your opponents are added to your own.AlZayat. Heavyweight older brother Rolles took a while to finish his fight with Aussie Tony “The Gun” Bonello but nonetheless was impressive with a naked choke 3:27 minutes into Round 3.e4 c6 2.Qd2 h5 9. The Bulldogs. the San Beda Red Lions and San Sebastian Stags fortified their top positions. the URCC featherweight champion. 68-62. ONE FC Chief Executive Officer Victor Cui could not hide his delight at the press conference after the event.Bd3 Bc5 6.fxe5 Rxd3+! 28.Bg2 a5 13. Benilde (4-8) bested the Lyceum Pirates (2-10).Nd3 Bc6 69. Wesley can still get into this next move though.Bd3 Nfd7 16. which by itself is not so bad either. Kostenko.g3 Bb7 12.5 to Armenia. 77-67.Rf3 Rc8 24.Nd4 Kh8 29. Pinoy pride continued to hold as the night wore on with two more Filipino fighters. 8. Against Kazakhstan everything went our way. After a discussion among the judges and Sylvia saying he could not go on. Defending back-to-back champions Lions came out on top of the Letran Knights. IM Oliver Dimakiling 2428. GM Mark Paragua 2508.f4 Of course 24.exf6 Rxf6 22.Qa3+ 25..d4? Lets the win slip.08. Victorious as well last week were the Jose Rizal University Heavy Bombers and College of St. on Aug.Qxf3 Nf6 6. Russia. Azerbaijan. Twenty-year-old Soo Chul Kim made it a double for the Korean contingent by beating hometown bet Kevin “The Silencer” Belingon with a unanimous decision in an earlier bout.g4 h6 9. Fernandes did not let his opponent to get his groove as he coasted to the win.dxe4 e5 11. 4.. Prior to Istanbul we had never beaten the Kazakhs.2012 1. who scored a UAAP career-high 24 points.Be5 Bxe6 40.Bxc3 Na4 19.d3 e6 7.. 33.” One by one. punctuated by three players being ejected. on Aug. He thanked everybody who supported “Pride of A Nation.2012 1..Bd2 Nb4 12.Nf3 Bg4 4. and said they “had a lot of fun here and looking forward to coming back. The Tamaraws. 1 for a draw and 0 for a loss.Bxe6+! Kh8 And now.Nf7 Bd5 71. He could still get into the method above by playing 33... we could have had a bigger margin — Wesley So played brilliantly against their no.Rde1 Rf8 19.Rh7 33.5-1.Rhg3 Rf7 27..Qh3 Bf6 16. The Olympiad is using the match points system.f4 The critical continuation here is 7.Nc3 Nc6 10. E-mail address is bangcpa@gmail. the fight was ruled a nocontest that sent the crowd to an uproar. Turkey Aug.f3 0–0–0 14. San Beda (10-2) held on versus a spirited fight from rival Letran. We have not managed to avenge that loss yet but I guess beating them 4-0 here is a good start.c4 b6 3. Israel.Nc3 Nbd7 6. — MASM CHESS PIECE Bobby Ang Chess Olympiad Istanbul.. 80-55.Rad1 Qe7 13.Bologan..Ba3 Nxe5 16.Ne5 Rac8 14.Bg5!? after which Black is uncomfortable. But the Stags hardly missed a beat without their best player as Ian Sanggalang and Ronald Pascual combined for 40 points and 23 rebounds.Kd4 a3 48. but there is. of course.Ke3 Rf5 54.Nxe6 cxb4 42. 2 points for a match win. The win also set up Folayang for a lightweight title shot against Brazilian Zorobabel Moreira in ONE FC’s event next month.g4 Bc8 33. on Sept.Qf2 Rd4 21.Bd2 Nbd7 8. given that Armenia won two Olympiad golds (2006 and 2008) and are leading the tournament at the moment.0/10 3-4. The cure though is worse than the disease.Rfe1 c6 17.Qg4 as well.Bg4 Qg5 20.Rc3 Bxb4 36. before losing to San Beda later in the week.Rxb4 1–0 After that the points started coming. 23. Brothers Gregor and Rolles Gracie defeated their respective foes in convincing fashion. 27 while St..0/10 5-21.. Wesley (2652) .Nf3 d5 2.Rg6 Bxd5+ 38. a sensational 4-0 whitewash vs Kazakhstan and a big win against Iceland 3-1) and lose a narrow 1.Bf2 Rac8 18. Gracies Another anticipated part of “Pride of A Nation” were the fights involving scions of the legendary Gracie family. Cha scored the upset by descending a barrage of strikes on the Brazilian while the latter was down on his back until the referee stopped the fight at 1:03 minutes of the final round.Kh1 Bd7 23. Germany.c5 Kh6 51. FEU and La Salle still managed to hack out a split in Week Six of Season 75.g5 Bxc3 18.Qg3 Nd7 13. 25. 29.Kd2 runs into 23. No-contest The highly anticipated fourth encounter between heavyweights Tim “The Maine-iac” Sylvia of the US and Andrei “The Pit Bull” Arlovski of Belarus.Bf1 Nb7 40.Nf4 Bxa2 40.Qf7 34.Nc3 b6 8.e4 d6 5. ended in a controversial no-contest.Kf4 h4 62.a3 b5 22. multiplied by the number of game points achieved against this opponent.Qc2 Bb7 10.Rf4 Qe8 38. Viktor (2734) [B42] 40th Olympiad Open Istanbul TUR (2. from there. We won four matches (Libya 4-0. but the winning method is 32. Slovenia. NCAA Top 2 win It was another dominating week at the office for defending UAAP champions Ateneo Blue Eagles just as the top two teams in the NCAA hack out wins last week.2012 1.Nc3 d5 3. quite a good showing. Black will play . rode the shoulders of its “Big Two” sans the third member of its three-headed monster. but underestimated the follow-up. local fight fans were treated to in equal parts an entertaining and intense MMA engagement that Asia’s top MMA organization has been known for.dxe5 Bc4 37.EDITOR FRANCISCO P. Eric “The Natural” Kelly and Eduard “Landslide” Folayang.Bxc8 Kxc8 42.Bxc5+ Kd8 41.Qb2+ 29.exd5 followed by 34. Fighting out of Muayfit in Kuala Lumpur..Kf4 Bc6 74.Bd1 and then 21.0–0–0 Nh5 13. A game marked by much physicality.500 mark were UST. Qf7 then 34. Guard Juami Tiongson and senior forward Nico Salva led the way for Ateneo who bucked the early ejection of starting forward Ryan Buenafe because of unsportsmanlike foul. 62-57. Oliver Dimakiling won on board 4 and all the other games were drawn for the upset.h4 Bb4 13. 63-60. Kelly rained a series of strikes on Pulver that the American simply could not handle. Bosnia & Herzegovina.Rf4 b5 32.Ke3 Nxd1+ 30. Enomoto tried to will his way back in the final round but it was not enough to overhaul Folayang’s lead en route to a unanimous decision victory for the Filipino wushu expert.1).Nd4 Bd5 64. The historic night ended with Brazilian champion fighter Bibiano “The Flash” Fernandes beating Australian Gustavo Falciroli in their bantamweight main event via a unanimous decision. were paced by former league most valuable player RR Garcia with 14. 30. 4.Bxb6 Rxb6 31.h3 Black has a problem with king safety. GM Oliver Barbosa 2554. 1. determining the world champion.Kf2 a5 46.c4 b5 35.Qh5 Qf8 28. Benilde Blazers. Therefore when the Philippines beat Kazakhstan 4-0 in round 3 we scored two match points and the four game points we scored is only used in the tiebreak computations. For four hours.Bg2 Rb7 21.. Arlovski. meanwhile.Rg1 Kh7 [25. Kelly..fxe5 Ne4 17.g4 Nc5 17. 21.Rad1 Nxd3 14.Ke3 Rc2 58..Qf3 cxd3 37.Be2 Nbd7 11.Kf5 Bd7+ 73.Qg3 Trying to get the king out of the way with 23..Bxg5+ Kg7 37. Rookie sensation Jeron Teng led La Salle with 22 markers with reserved guard Almond Vosotros coming through with 20. Fortifying further their hold of the University Athletic Association of the Philippines leadership heading into the final four.0–0–0 Qc7 12.Nxe4 dxe4 18. which now stands at eight. who saw forwards Ray Mark Belo and Arvie Bringas led to the exit even before the game ended for their involvement in separate altercations.Ne3 Bc6 66. If Black responds like in the game 33. 30. San Sebastian.0–0 0–0 14.Qxf7 [34. excluding the lowest one.Be1 Ndc5 20. One of Team Lakay’s top fighters. When the International Chess Federation (FIDE) was first set up in the 1920s it was solely for the purpose of organizing the chess Olympiads.Kd2 Nc3 26.Ne4 f5 38. After the forced 38…Kf8 (38.08.Ng3.cxd3 Qb2+ 0-1 [28. Abueva was serving his one-game suspension after a hard foul on a Lyceum player in their previous game.Qh6 Bxf2+!) 8. Spain.bxa4 Nxa4 23. 26 while the Archers edged the University of Santo Tomas Growling Tigers.” The rest of the fight card went as follows: Thai Shannon “OneShin” Wiratchai coming back to score an upset over American Mitch “The Dragon” Chilson via TKO (vicious right and kick to the face) in the second round of their featherweight fight. Ateneo rode a second-half offensive blitz to turn things around from a two-point deficit at the half.Qxd8+ Nxd8 38. aka “Crazy Pride Lady. Ne5 then simply 12. Unfortunately for the Gracies.Paragua. 30.Rg8+ Kh6 57. Folayang.Qxf6!] 26. b) 2nd tiebreak: by the number of the game points scored. on Aug. a 2.Ne5 Bg2 68.Nd6 wins.Ke3 a4 47. Malaysia. Folayang dazzled his opponent with a flurry of punches and kicks all throughout that left the latter grappling for his game.Qd2 Nb6 30.Nf3 Kh5 63.Nxb4 Rd8 37. Making full use of its depth and balanced.Nc3 Nf6 10. Belingon’s loss prevented a Philippine shutout in the event.Qxf6! Bxf6 25. on Sept. Hungary.f5.Qf2 f5? He should have played first 20.g5 h5 17. The win also gifted Ateneo (9-1) the overall lead in their UAAP head-to-head matchup with La Salle (6-4) at 35-34. however.Rf6+ Kg7 etc 41.b3 Nf6 3. 1.Rad1 Re8 15. Gregor did not waste much time in his catchweight (80 kg) bout as he stopped Australian Nicholas Mann at the 3:26 mark of the opening round by way of armbar.Rxe6+) 39.. 75-70.11). Two Filipino fighters set the tone for the event with upcoming fighter Andrew Benibe of Maics Gym battling Universal Reality Combat Championship lightweight champion Honorio “The Rock” Banario of Team Lakay in the first featured fight of the 11-bout card.Kg1 Rg7 39. 3. “Pride of A Nation” kicked off with the combatants being announced by infectious ONE FC announcer Lenne Hardt. meanwhile. 29. Forward Art Dela Cruz poured in 14 points while guard Baser Amer had 11 to go along with six assists. Bedan. 30.Be2 followed by pushing the f-pawn) 12..Bf6 Qe8 31. etc.” ONE Fighting Championship’s first foray here in Manila.bxc3 f6 21.h4! Qh6 <D> Position after 23…Qh6 24. after White’s queen gets out of the way. which are calculated as follows: match points of each opponent. some wearing Philippine-inspired apparels. 10..d5 followed by 27. Igor.Reb1 Qc4 33.cxd3 Bh4 15. Bulgaria. Despite their loss to Ateneo. continued with his impressive win streak. with his win. 77-64.Qg4!? Nf6 8. 7. Poland.Nc8 _–_ One of the big fish that got away..Bf6+ 1–0 Black resigns. 2012 Standings after Round 5 (note: in tiebreak order) 1-2.c5 Ne6 24.Rc1 Qb3 34. Philippines. England..Qc2 Qe7 16. which brought the crowd to its feet. With the successful staging of their maiden event in the country.Rxg7+! Qxg7 28.exd5?! No harm done yet. Reader comments/suggestions are urgently solicited.2)... a former Soviet Socialist Republic. 10.08. JRU (8-3) topped the Mapua Cardinals. Italy.
slightly outperforming a firmer French market. raised its annual sales growth target after reporting a double-digit increase in first half revenue and profits. one of the tourists. I said I knew Antique because I used to go there to help Evelio Javier. the songwriter’s widow. David served as president of ASCAP from 1980 to 1986. said in a statement that David was “simple.” Eunice David. Shares in Hermes rose above 2% on Friday. I’d look up and there it was filled with lyrics. I asked him if he ever met any of these guerrillas? He gave an emphatic “No!” then finished his conversation with “Mayron ba doon?” (Are there any in Samar?) I felt that I was talking to the wrong person because provinces like Samar and Isabela back then had contingents of NPAs.1% operating profitability. a representative said. David and Bacharach received the Gershwin Prize for Popular Song from the Library of Congress. particularly China. natives of the province used to pride themselves with the number of such soldiers. (In fact. Perez. which included the song “I’ll Never Fall In Love Again. “It never ceased to amaze me how that happened. Latin America and China but not in Europe.com. 91 LOS ANGELES — Hal David.” died in Los Angeles on Saturday at age 91. floods and more. Hermes. silence is golden! Songwriter Hal David. Tom Jones and Barbara Streisand.” and “(They Long to Be) Close to You. whatever! I told him that I was sleepy and would doze off. the rest of the items were sugar-free and low in carbohydrates! These items were part of my low sugar supply. All product lines. I had been to Calbayog during the height of Martial Law when some religious then took me to the mountains there where I met with some New People’s Army (NPA) soldiers. Promises. Earlier this year. “Given risks of brand dilution. Then.ph Web site : www. which is the most expensive and fastest growing in the luxury market thanks to demand from emerging markets. adding that concerns prompted by management earlier in the year about profitability did not seem to be justified. or a 32. column and 3x3 box contains every digit from 1 to 9 inclusively. — Reuters Author injured in plane crash CAMANO ISLAND. David went on to work with other composers. The songwriting duo’s other hits included “What the World Needs Now Is Love. Operating income increased by 22. from leather goods to jewelry and watches. New York. I hunted for clothes he and his siblings might wear during their stay “in a basketball court. Lucy Williams. I was moved by his story about how their home got flooded. Old friends like Nestor Torre. said Michael McElrath.” Chief Executive Patrick Thomas said on Friday after publication of the company’s first-half results.bworldonline. His older brother. authorities said on Saturday. He started working with Bacharach in the late 1950s and their songs were recorded by such artists as Frank Sinatra. during a White House musical tribute. Wash. (I was getting really riled at his ignorance. who rose to fame by scoring a number of Top 10 hits in the 1960s with material from David and Bacharach.) I gave him some honest-to-goodness candies to make up for the sugar-free items. the CEO said.com Sudoku Pacific Complete the grid so that every row. Jr.. David died at Cedars. Very angrily. Marty Robbins. David. Mack David also achieved success by composing or co-writing a number of songs. We are going to significantly reduce our store openings to renovate and expand the existing stores. Hermes is now targeting 12% annual growth at constant exchange rates.” she told Reuters. Naturally. tells of a daring seagull who pushes himself to become a phenomenal flyer and is expelled from his seagull clan.2% in the first half to reach €510. David and Bacharach parted ways in the early 1970s. Authors and Publishers. was seriously injured when he flipped his small aircraft on landing at an island in northwestern Washington state. Hermes. the dispatcher for the San Juan County Sheriff’s Office. the CEO had told Reuters this year would be difficult because of turmoil in Europe. The French company belongs to the so-called “absolute” luxury sector. how could he know Iking and Sally?) How could I talk to this.) However. said Jim Steinblatt. At first. for one 13 Stallone role 14 Make fresh 15 Portent 17 Decimal base 18 Authorization 22 Spring up 23 Conforms 27 Tycoon John Jacob 29 44th president 30 “Already?” 32 October birthstone 33 Ed Asner TV series 35 Member of the force 38 Halt 39 Concerning 41 Circus worker 45 Cat’s quarry 46 Pageant crown 47 Wendy’s friend 48 Like some beer DOWN 1 Scoundrel 2 Much of N. (I hear that areas Hermes to protect exclusive image with fewer new stores PARIS/MILAN — French luxury giant Hermes is to open fewer new stores over the next five years to protect its high-end image from over-exposure in a retail market where being one of the most exclusive brands seems to guarantee smooth sailing through global financial turmoil.) The rains were so bad that even our high area was in danger of flooding.” Williams said. spokesman for the American Society of Composers. I said. clipped power lines with the landing gear of his 2008 Easton Gilbert Searey as he tried to land on a grass airstrip on San Juan Island. Singapore and Hong Kong contributed to the strong results. including the 1944 “Candy” and the English version of Edith Piaf’s “La Vie En Rose. close to the performance achieved last year. It targets a total of 350 to 360 stores in five years. still plans to open more stores in Middle East. I started a convivial conversation with a taxi driver from Samar. The singer most associated with the songwriting duo is Dionne Warwick.. president and chairman of ASCAP. This segment currently accounts for €40 billion of the €191 billion luxury market. 2012 Cast pearls TAKE TEN Behn Cervantes I took a taxi one hot afternoon. To argue. began his songwriting career in the late 1940s by collaborating with writers he had met at Manhattan’s famed Brill Building. (If he didn’t know Evelio Javier. “A good and reassuring publication for Hermes. as the rains came and came (without stop) and the water rose “lampas tao!” (a man’s height!) I gave my friend whatever food I could find in the pantry — except for uncooked rice. when I mentioned I had been to the wake of Sonny Escudero. said she used to watch him sit in an old rocking chair and write on a legal pad. The crash left Bach suspended upside down and strapped to his harness in the single-engine plane. Bach’s novella Jonathan Livingston Seagull. according to research from consultancy Bain.” Songwriter Paul Williams. It was just days after terrible Gener had wrought havoc on Greater Manila with torrential rains. In May. which at the time was the center of the pop industry. What information I had was foreign to him. the backdrop of our lives. — Reuters in Malolos are still under water. or ASCAP.” The play returned to Broadway in 2010 starring Kristin Chenoweth and Sean Hayes. September 3. He forgot his pride and begged for food for himself and his siblings. in which the billionaire owner of rival LVMH Bernard Arnault owns 22. A nursing supervisor at the Harborview Medical Center in Seattle said on Saturday that he was listed in serious condition.Sinai Medical Center of complications from a stroke.) He asked who Evelio was. — Reuters In print and online Tel : +632 535 9901 Fax : +632 535 9940 E-mail : editor@bworld. They also won a Grammy in 1969 for best score from an original cast show album for their Broadway musical Promises. who married him in 1988. The words of a great Filipino came to mind: “Those who do NOT know their yesterdays will not know how to get where they are going. Another friend sent me a text begging for help. I knew more about his province than he did. McElrath said. Had he warned me beforehand. (I went back to help Enrique Zaldivar and Sally Z.9 million.” “It is no wonder that so many of his lyrics have become part of our everyday vocabulary and his songs. Crossword By Thomas Joseph ACROSS 1 Locks of hair 6 Delicious 11 Customary 12 Carmen. I didn’t know.” which is best known from a version by the Carpenters.000 leather bags and silk dresses. I immediately turned off my communication mode! Ah. It was a relief to see the sun. I was NOT happy talking to the likes of him. we must be prudent. Thomas said that sales trends in July and August were in line with the first half. It was made into a movie in 1973. and Joonee Gamboa suffered during the incessant rains as their respective homes went under water. he wanted to gossip.. grew at double-digit rates. — Richard Bach.” Cheuvreux analyst Thomas Mesnin said in a note. Then. a local publication. Who is Evelio Javier? You’ve got to be kidding? Why did I give him a second chance? I didn’t tell him that Evelio was the governor of the province who was assassinated before People Power. 76. He was bleeding and had a “dent” in his head. which has 340 stores worldwide.3%. Bach.” David is survived by his wife. His parents were immigrants from Austria. up from a previous target of 10%.” “Do You Know the Way to San Jose.” I gave him low carbohydrate cookies and found some chocolate-flavored sugar-free cookies. told the San Juan Islander. (Would his young siblings like those? Yes. he wrote the hit “To All the Girls I’ve Loved Before. a pilot and author of the 1970s bestselling book Jonathan Livingston Seagull. I asked the maid to buy some bread and sardines at the sari-sari store in the corner. “All of a sudden. the water reached their knees. Big-spending Asian markets like China. maker of €10. (I did!) I was not going to gossip while he was ignorant of his home province. Instead. With Albert Hammond. he promised as he profusely thanked me. A group of tourists found Bach and cut him loose from the wreckage. These markets defied slowdown fears by producing 25% sales growth in the first half. he wondered who the UP professor was with two big dogs. 3 Grog ingredient 4 All available workers 5 Replay feature 6 Twister 7 Gorilla or gibbon 8 Dispatched 9 Spruce or sequoia 10 Show boredom 16 Juan Perón’s wife 18 “Woe is me!” 19 Mexican coin 20 Light touches 21 Contraction 24 Mama’s mate 25 Fed 26 Shaker fill 28 Weather vane motif 31 Squirrel snack 34 Reached 35 Summer spot for some 36 Bassoon’s kin 37 Sullen look 40 Employ 42 Small rug 43 Memorable time 44 Jay-Z’s music . sons Jim and Craig.. a native of Brooklyn. which was published in 1970 and topped the New York Times Best Sellers list two years later.10/S2 EDITOR ALICIA A.” “I Say a Little Prayer.” I decided I was casting pearls before swine. he asked if Kris made an appearance. Bacharach’s and David’s song “Raindrops Keep Fallin’ on my Head” was written for the 1969 movie Butch Cassidy and the Sundance Kid and won the Academy Award for Best Song. That peeved me!) He added that his step-father was a native of Antique. he said “Akala ko nandoon ka?” (I thought you were there?) He was getting to really irritate me. a lyricist who along with composer Burt Bacharach took the pop world by storm in the 1960s with hits such as “Raindrops Keep Fallin’ on my Head” and “Walk on By. In fact. I remember their pride sentimentally! I ended the conversation because the driver said he was born in MetroManila and hardly visited his home province. I could have gone to the grocery to buy some items. I said I had NO idea. three grandchildren and two stepsons. Amer. What could I do? I was an insulin-dependent diabetic. HERRERA Monday. concise and poetic. With that scene in mind.
Brown was inspired by a necklace which featured a big piece of turquoise that she had recently purchased from the New York-based jewelry brand Lulu Frost. specifically the nudes. “I don’t think of myself as a decorator and I will not do anything inauthentic because I know it won’t be any good. The live art event held on Tuesday was also a way to drum up interest in TOMS. a less sparkly lip gloss (P1. There is a mini brush set (P3. To date.” Desert Twilight has nine items.” The soft hues.” “The Desert Twilight was inspired by the light in the desert at the end of the day. The line is available at Bobbi Brown counters in Rustan’s Makati (812-2507). “My relationship with the brand is one of the most important things that has ever happened to me. American artist Tyler Ramsey dropped by the country for a live art event to benefit the Philippine Red Cross. and is enhanced with botanical extracts to keep lips supple and soft. sparkle and metallic shadows on your eyes. plum and bronze shades to mimic this certain “glow.” She also recounted that while brainstorming for the collection. The light is so flattering and beautiful. Mycoskie invited him to paint several pairs in his distinct style.000) containing eight eye shadows. recounting that Bobbi Brown has always loved to photograph people at the end of the daylight.” he said. “She used to do a lot of location shoots in the desert and at the end of the day. highlighted by the eye palette (P3. “So the collection was inspired by the light at the end of the day and the color turquoise which is a really nice juxtaposition of a natural face with an unexpected bold color. September 3. A perfect way to transition into fall. Ramsey quipped.300) comes with a new custom-designed brush which makes it easier to layer gloss over lipstick. Since then. “You don’t have to match your nail color to your makeup. — Raoul J. pinks and bronzes are tawny versions of the colors one can usually be seen wearing in the summer. When I paint.” said Jill Baysa. Ramsey’s work when they choose from and purchase any of several pairs of TOMS customized by the artist. shoes and whatever else they wanted spattered with paint in an open space. the artist has painted 100. Actually the tour had been planned even before the rains poured in early August. some creamy color on the cheeks and incredible color on the lips.” said Ms. Ms. when she said it had to have some maroon in it. Sarte .100). they’d always whip out their cameras and take pictures of each other. Mr. you missed it. 2012 S2/11 ARTIST Tyler Ramsey holds one of the TOMS shoes he embellished. Chee Kee Sunlight and desert inspire make-up line An American cosmetic brand has been inspired by sunlight in the desert. “There’s a time of day late in the summer when the light casts a flattering glow on the skin. in Rustan’s ShangriLa (633-4636) and in Essences Rockwell (8229400).” Mr. Ramsey asked attendees to place their bags. The line also includes a long-wear gel eyeliner (P1. a long-wear cream shadow (P1. Icing on the cake is a nail polish (P900) in two “pop” colors. He then proceeded to squirt the pieces with a riot of colors. the company has given over two million pairs of new shoes to children through giving partners around the world. senior marketing executive of Bobbi Brown Philippines. He is also known to squirt liberal amounts of paint on canvases ranging from wall-sized frames to those as small as a pair of TOMS. the footwear brand started by Blake Mycoskie that gives a pair of shoes to a needy child for every pair it sells. Those who were unable to attend can still bring home a piece of Mr.000) with four essential brushes for eyes. Aside from the pair of shoes to be given to a child in need.” he said. including the Philippines. Everyone looks beautiful [in that light] and that’s the idea behind this collection.” she noted. Thoughts of the desert and sun do not automatically bring up images of facial beauty but the brand’s new collection — Desert Twilight — combines Southwestern-inspired turquoise against a backdrop of sun-swept rose. Art on your feet If you blinked. Mr. he uses only his fingers to daub and smear.EDITOR ALICIA A.350). adding that “the collection is about layering matte. she noted. It’s more modern to use color on the nails as an accent or accessory. P500 will go to the Philippine Red Cross for every pair sold. “It may be more but I don’t want to say that because the IRS might run after me. For the past few years now. Unlike other painters who have an array of brushes at the ready. “My mother-in-law once asked me to paint a piece for her which I was willing to do.300) which features a special mix of pearls in a clear base with added moisturizing elements and Vitamin C and E. However.000 pairs. a high shimmer lip gloss (P1. everyone looks gorgeous. I didn’t want to do it anymore. Ramsey has been working with TOMS since his friend Mr. lips and cheeks in a handy and portable container.450). Ramsey said he has never experienced a real mental block although he feels something akin to it when somebody tells him what they want. The piece has yet to be painted. One might think his Asian tour couldn’t have come sooner given the devastating floods that paralyzed parts of the capital last month. NO BLOCKS Mr. creamy color for lips and cheeks (P1. and I create relationships for each color on every shoe I customize. I look at each color as having a personality of its own. Last week. — Camille Erika R. At the live art event. Baysa.” he said. HERRERA Monday. and a bronzer-blush duo.
Last July. he qualified to avail of the SSS Sickness Benefit twice. but a form of savings for their future needs. hospitalization. aside from higher contributions.000 to P20. he was again promoted and became a Senior Collector.). A higher MSC would mean higher benefits for members. Reform programs are being developed with two basic objectives: 1) to lengthen the actuarial life of the Fund and 2) to improve the benefit structure. The goal is to have all processes in all branches ISOCertified within the next four years. “Pero dahil nga compulsory ang retirement sa kompanyang pinasukan ko. However.” he said. The SSS proposes to grant a ten percent across-the-board increase. Like a typical retiree. surpassed. he focused his time and attention in helping his wife with their small business (a sari“Kahit na hindi ko pa ma-enjoy ang retirement years sari store). the SSS has been slowly but surely treading the path towards strengthening the Social Security Fund (SSF). he would want to continue his job until he reaches 65.” he said. he loves to move ko. For the fund life to reach perpetuity. Surigao del Norte on March 8. He cannot ko. May nagagamit akong pangsuporta (financially) sa mga anak at apo ko. or almost a decade now. As a senior citizen. Periodic increases in the contribution rate are necessary to reduce SSS’ unfunded liability and to move the fund’s actuarial life towards perpetuity. food establishments.F Strengthening the foundation of the SSS Fund First Action: Increase the present contribution rate from 10. Carlos is a Criminology graduate from the Philippine College of Criminology (PCCR).4 to 11 percent. and Management’s role in initiating the reforms. Such audit was successfully conducted and noted significant improvements. a surveillance audit was conducted to ensure whether the Quality Management System has been maintained. It is also important to make stakeholders understand that ensuring the continued financial viability and strength of the Social Security Fund through the proposed reform actions will eventually redound to the greater benefit of SSS members. establish your own business. and translate to a higher level of investible funds and additional income to fund benefit enhancements. be in just one place doing . particularly in the efforts to redesign the process. will increase by eight percent per annum. not yet. pero darating din tayo diyan. Aware of the benefits that a member is entitled to through active membership with the SSS. and whether the minor areas for improvement cited during the last year’s audit have been corrected. It is recommended that additional MSC levels be set. Hahanapan pa natin ng oras dahil hindi natin basta-basta maiwan ito (store). Carlos Natad Ochada. or better yet.. Towards this end. “Kung ako lang. Masaya ako dahil napapakinabangan ko na lahat ng pinaghirapan ko noon. The last 10 percent across-the-board increase was made in 2007 after an increase in the rate of contribution by one-percentage point from 9. you now enjoy discounts from pharmacies. There is still much more to do for SSS to serve its current and future members more effectively and efficiently. “Hindi ko na nga na-monitor ‘yun. hindi nagkulang ang SSS na ibigay ang benepisyo ko. “Gusto kong maranasan din nila kung ano’ng nararanasan ko ngayon. until the maximum MSC of P20. “Ang mahalaga. After retiring in 2011 at the age of 60.” he added smiling. “May mga contributions din akong hindi nai-post. at ngayon nga ay tumaas pa ang pensyon ko. this would eventually allow the SSS to grant a percentage increase in the pension levels to help its pensioners cope with rising costs of living. To earn money for his enrollment.07 trillion.04 percent was implemented. Kuntento na ako doon. You get to travel wherever you want (if your health condition permits you) and be with the people that you want to spend time with. says in all honesty that he is yet to enjoy his retirement years. pero agad namang naaksyunan ng SSS ang sitwasyon ko. a course that he successfully finished while supporting himself financially. Due to his excellent performance in covering the 120-hectare FTI compound. the SSS’ unfunded liability was estimated at P1.000. groceries and transportation. “Swerte ako na ang lahat ng naging employer ko ay matapat namang naghulog ng kontribusyon ko sa SSS. disability and retirement pensions. considering that the current pension levels are already below minimum wage. to raise a family. the current contribution rate of 10. Salamat sa SSS.6 percent to be divided equally between employers and employees. Doing the former without the latter would result to more unfunded liability for the SSS. Kuntento na ako doon. which is defined as at least 70 years. gusto ko pang magtrabaho kasi kaya ko pa naman. etc. the SSS’ efforts in providing world-class services has been recognized after it has been bestowed with the ISO 9001 Certification for Quality Management in September 2011 for its Registration and Membership processes in the Diliman Branch. In conclusion. He also worked as a Security Guard at the Mijares Protective and Security Agency.g. The last increase in the maximum MSC – to the current level of P15. hindi nagkulang ang SSS na ibigay ang benepisyo around a lot. the SSS is hoping for the approval and implementation of three major reform actions. Gusto ko ngang umuwi sa Surigao dahil matagal na akong hindi nakakauwi doon. The 61-year old retirement pensioner of the SSS. Second Action: Increase the maximum monthly salary credit (MSC) from P15. Carlos also sees to it that he regularly pays for the SSS contributions of his househelper and five store helpers. basta nagtiwala na lang ako na hinuhulugan nila ako. 1951. sickness and maternity allowances.” says 61-year old retirement pensioner. no across-the-board increase has been effected. who was born in Bacuag. that has not been the case.000 – was made in 2002. pensioners under the Social Security and Employees’ Compensation programs who are clamoring for a pension increase. he did tailoring services specializing on pants. Wala na akong masyadong iniisip pagdating sa mga usaping pinansyal. he was promoted as Collector at the Treasury Department of FTI. money (if you worked hard during your younger years) and family. Members’ entitlement to benefits goes hand-in-hand with their contributions to the fund. “Life after retirement is the best of all” – you got to enjoy everything. for starters. here is an adage that says. In fact. movie houses. he said he was fortunate enough that his previous employers had been very compliant in deducting and remitting his contributions to the SSS. if left unattended. it does not come for free – at least. the SSS must continue inculcating in its members the idea that social security and SSS membership is not a financial burden or a form of taxation on their income. which. a one-time contribution rate hike to 14 percent is recommended. But for a retiree like Mr.” he concluded.4 percent should be raised to 11 percent. Towards this end. The MSC is the compensation base that determines the amount of contributions to be paid by the member and the amount of benefits to be derived (e. Finding fulfillment after retirement T nothing. Perhaps that’s the reason why most people look forward to the big day – the day of their retirement.7 million SSS Proud to be ISO Certified Finally. if given a choice. it has held continuing consultative dialogues with both management and labor groups regarding the proposed reform measures so that it can get their support and cooperation. kahit na hindi ko pa ma-enjoy ang retirement years ko.000 is reached. Pinadalhan na ako ng sulat bago pa man ako mag-60 e. In his 35 years of being in the private sector.” he noted. including your time. Increasing the contribution rate would result to a higher contribution collection. In fact. Carlos Ochada. Once it is able to implement the reform agenda and achieve higher operational efficiencies. After his graduation in college in 1990. Unfunded liability is the difference between the present value of future benefit pay-outs vis-à-vis the present value of contributions and assets. Third Action: Implement a 10 percent across-theboard increase in pensions.04 to 10. Since then. Makakapamasyal ako kung kailan ko gusto. Enriquez Security Agency and FTI Organic Security where he served for seven (7) years. For while social security is a State responsibility and a recognized right of every member. a gradual increase in the contribution rate is more feasible and realistic. In 2011. You reap the fruits of your sacrifices after long years of struggling to survive. or prepare for your retirement. At present there are over 1. with the additional 0.” he added and then laughed.” he exclaimed. wala akong choice kundi mag-retire. so that a greater portion of the members’ incomes are covered in their contributions. Thus.
Groupon. Based on third-party data about the user. General Motors famously yanked its advertising from Facebook earlier this year. citing studies of more than 500 ad campaigns. Last year. along with fees from other services. “Things are stacked against them in the short term. Advertisers remain cautious.” says Wharton marketing professor Pinar Yildirim. pointing to the digital revenue models of The New York Times and The Wall Street Journal as examples of how tough it is to switch business strategies once readers are used to a certain model. Last week. it is a group of individuals wishing to connect to each other digitally in order to socialize.www. In addition. The Journal. Investors. What is a social network? At its most basic. it certainly has been busy diversifying its sources of revenue. Since Facebook’s initial public offering in mid-May. has never faced such a backlash because readers have always had to pay to access its content on the web. however. The Times faced a consumer outcry when it decided to charge for online content that used to be free. the company is being sued for allegedly violating a California statute that bans the use of a person’s name or photo in a paid ad without consent. Facebook is attempting to modify its business model as well. relatives and acquaintances are doing. certain marketers may spot a target customer and decide to bid more aggressively for their ad to appear. experts point out. But the purpose of joining Groupon is to purchase products and services. For example. But the decline could be merely a short-term effect. Zynga. It has partnered with Nielsen to demonstrate that people remember its ads better. Sandberg said.” he adds. Investors might be punishing most of these companies too harshly for not getting their financial ducks in a row as they test different ways to monetize their businesses. Groupon and their ilk together. “Once consumers are used to a revenue model. although that can occur through games. Can it stay that way? “It can work.” The Facebook Model Typically. it would seem. Zuckerberg himself has often noted. according to Facebook’s registration statement filed with the Securities and Exchange Commission (SEC). As such.” where ads contain comments of users who like certain products or services.4 times return on their ad expenditures. although its follower approach makes it a quasi-social network. saying its ads there did not boost car sales. All offer an element of social networking. but it is always a good idea to supplement that with subscriptions. not socializing. Hsu says. with its nearly one billion users. Twitter is more similar to Facebook. CEO Andrew Mason might be kicking himself for turning down Google’s $6-billion buyout offer.” In addition. to 85%.” notes Wharton management professor David Hsu. That translates to a 4. Mobile games developer Zynga also has fallen off a cliff since its IPO.” Zynga is a developer of games that use social networks to connect players. given that the concept of social networks is fairly new. generated the remaining 15% of revenue. a single piece of bad news about a company can tank shares of competitors in the same industry — a malady that has afflicted social networks as well. not to socialize. the early focus of social networks is to build up a base of users quickly by offering their services for free. But once these networks gain traction. its stock dipped below $20 a share with the expiration of a lockout barring the company’s initial investors from selling their holdings. Still. Mr. but only Facebook is a pure social network and. “It’s important to think through how to make money from the start.1 million of sales to these ads. 2012 VOL XXVI ISSUE 27 ISSN0116-3930 S3/1-6 EDITOR Judy T. Gulane Finding the right revenue model for social media Mark Zuckerberg’s honeymoon with Wall Street did not last long. Whether or not the social network will implement some sort of paid subscription plan. shares have fallen by 58% to $40. around 98% of total revenue came from ads.1 billion. The Wharton. the company is working to rev up its ad engine even more. she noted that Facebook is making progress on measuring how its ads lead to actual sales. she added.” Social networks. It can be a tricky balancing act. the company’s market cap has plunged by 81% from its peak as flaws in its business model emerged. are giving a collective thumbs’ down to social networks. since advertising remains the main revenue driver for Facebook. and business models are still being fleshed out.” says Wharton management professor Ethan Mollick.75 million promoting the game “Battlefield 3” on Facebook and attributed $12. Its main purpose is gaming. it is testing the Facebook Ad Exchange. September 3. Groupon uses the power of the collective to get bargains. Facebook users want to know what their friends. these companies are not replicas of each other. often throwing away the proverbial baby with the bath water. An independent analysis of 60 campaigns showed that 70% delivered a return on ad spending of three times or better than other ads while about half of these campaigns returned five times or better. he says. which lets marketers Money from friends: bid in real time for their ad to appear on a web page while an Internet user is visiting it. fell even further — down 85% to $3. Facebook also recently started rolling out “Sponsored Stories. should have a monetization path in mind at the beginning for a smoother transition. with a measurable return on investment. Electronic Arts spent $2.” said COO Sheryl Sandberg during a recent earnings conference call with analysts. However. nearly all its revenue comes from advertising. For example.bworldonline. Wall Street does hate uncertainty. “Facebook ads drive 98% better ad recalls and 31% higher brand awareness than non-Facebook online ad campaigns. as Mr. In 2009. Currently.com NEWS UPDATED DAILY Monday. The company’s main purpose. users buying digital or virtual goods on Facebook.8 billion. But the proportion fell to 95% in 2010 and got whittled even more in 2011. Yet investors across the board also tend to move in tandem. is a unique entity unto itself. “That is not surprising since people are more likely to remember a message that comes from a friend. LinkedIn members use the platform to socialize and network professionally. Ms. it’s very difficult to change it. While investors might lump Facebook. The companies then face the dilemma of figuring out how to make money from their many followers without alienating them with too many ads or suddenly charging for basic services. “It’s a double-edged sword for these social networks. For example. whose shares have struggled amid questions about its viability. experts suggest caution when making generalizations regarding the plight of social networks based on Facebook alone. costs to serve the users escalate. Facebook is working to make ads more relevant. S3/ 3 . is to “make the world more open and connected. “It’s clear Facebook and other social networks haven’t figured it out yet.
. the minimum capital adequacy ratio has been raised to 11. we expect to see an increased focus on talent retention and engagement.40. But the financial sector has lagged behind. three years in the making. there is] no compelling reason to buy. for example. and/or reduce costs. Ilag also noted that Aboitiz Power shares have been “trading at a premium.” said an analyst at a US brokerage. asking not to be identified as he was not authorized to speak to media.50 from Thursday. and the uncertainty over the mining sector policy in general — that serve to temper the near-term outlook. Taking out extraordinary gains. “Technicals are still bearish as the stock has been on a downtrend since late 2011… [However. and several banks have recognized gaps in meeting this. Ang P111.” she added. which still has a stated aim to take Taiwan back. From a trading standpoint. SMC shares closed at P112 apiece last Friday. And there’s no timetable for when to allow the yuan to trade in Taiwan either. The agreement will allow Taiwan banks’ overseas branches to do interbank business in yuan from this week. Over the last nine months: • a Singapore-based bank acquired a majority stake in an Indonesian firm to enter this fast-growing market. Jr. • a north Asian bank acquired a multinational company’s finance arm operating in China. Perng said. as percent of pretax/pre-C&B profit. diversify or refocus their product mix. As only some regulators in Asia are following European guidelines on sound compensation practices. there are offsetting considerations — metal prices. This may suggest increases in work force productivity. For more information. . As a result. where investors can get a 15% upside.1 million in the same period last year. Ilag said. 2012 Source: Technistock 70 August 31. Nevertheless.2 times. “They have not even decided who the clearing banks will be on both sides.” “We estimated the stock’s fair value at the P37. and may affect the selection of performance measures and targets. higher by P0. The higher-than-expected 5. said he thought the island was in a good position for this. increase profits. Valeroso Taiwan agrees to yuan clearing TAIPEI — Taiwan signed a longawaited pact on a clearing system for the Chinese yuan on Friday. — Judy Dannibelle T.5% for financial institutions of systematic significance. which is below the sector’s 10. the business environment will likely prove to be more challenging. meanwhile. banks have sought ways to boost their capital ratios. banks are considering changes to strategic business and financing approaches. (SMC) Recommendation: Hold First Metro Securities and Brokerage Corp. 2011 to August 31. we saw a compound annual growth rate (CAGR) in profit before tax of roughly 10% since 2007. 2012 Stock picks for the week Aboitiz Power Corp. marks an important milestone for cooperation between cross-strait monetary authorities. its 30-day high. Inc. Median staff costs for a number of major regional banks. Taiwan has expressed a desire to be a center for offshore yuan trading.9% growth of the economy in the second quarter had little effect on trading as many investors remained cautious. 2012 Source: Technistock (P/E) ratio of 11.50 and resistance at P34. Mr. Mr. The analyst noted that based on AP’s fundamentals. picked up in 2011. despite the stock’s downward trend. . Despite these positive results. “[P]lus. Chua Co Shares in Benguet last closed at P24 apiece. Benguet Corp. They will need to pay closer attention to businesscritical HR activities and find new ways of gaining a competitive advantage. one of only two mainland banks with branch status in Taiwan. increased competition from global banks and higher operating costs that are forcing firms to rethink their reward strategies. SMC’s price-to-earnings ratio is at 10 times. as the stock is nearing its “fair value.96 times. However. Perng Fainan.. particularly in higher growth markets where salary increases are likely to remain in double-digits and competitive compensation becomes an expectation.2/S3 Monday. Based on our analysis of large regional banks. September 3.30 to close at P34 apiece last Friday.” since its price-to-earnings 140 Benguet Corp. Analysts have also said the pact. The analyst placed the stock’s immediate support at P33. want to be able to tap yuan funding sources to boost their mainland businesses and avoid the current system of first having to convert either currency into US dollars during trade transactions. while pulling closer together the two rivals’ financial systems that have lagged behind burgeoning business ties. the island’s financial institutions have been clamoring to get into the yuan business. These gaps will increase the focus on performance. Looking ahead In response to these challenges. Calaycay. and last month the Taiwan head of China’s Bank of Communications (BoComm).89% or P0. for example. is advising investors to hold on to shares in San Miguel Corp. the upside is only 10%. “The signing of the MoU. As a result of the mobile talent pool. more banks are pursuing M&A activities to expand their regional presence. Ms. second support at P110. China did not give Taiwan everything it wanted. told a media conference.” he said.9 million in the six months ending June from P31. 2011 to August 30.59 times. and • paving the way to a much more focused operation. In order to comply with tougher financial regulations. We may see additional banks follow similar approaches. low market liquidity.” Taiwan’s central bank governor. “Apparently. will eventually mean that ordinary Taiwanese can trade the yuan at local bank branches. in part due to acute sensitivity in Taiwan to a presence in the sector by China. labor cost advantages previously enjoyed in certain locations are weakening. 31% higher than the year before.3 times. Benguet’s core income accelerated to P91. 130 San Miguel Corp. a favorable entry price would be at the “P32. With China now Taiwan’s top trading partner. 2011 = 100 August 31. Mr. They will also affect regional firms’ ability to compensate in line with global banks. Tougher financial regulations Regional banks are facing tougher financial regulations as more stringent capital requirements and liquidity ratios are introduced in response to Basel III. the willingness of companies to pay a premium to attract staff and an increasingly mobile work force. lower than its peers’ 15 times and the market’s 15. 2011 = 100 August 31. Higher operating costs Driven by inflation. He added the pact was a first step. it has become more difficult for banks to take advantage of emerging markets in the region. a step that could help it grab a role in the lucrative internationalization of the yuan.” analyst Gregg Adrian R. 2012 Source: Technistock 80 August 31. they remained below pre-crisis levels as profit growth outpaced compensation costs. compensation in key emerging markets has increased dramatically over the last few years. has received approval to issue both A and H shares.. and resistance at P113 per share. This is directly affecting geographic expansion strategies as firms look to tap into growth markets in a much more selective manner. “While there may be a growing number of reasons to buy into BC. Tang is from the Talent and Rewards business segment of Towers Watson. S3/ 3 REUTERS An agreement between Taiwan and China will allow Taiwanese banks’ overseas branches to do interbank business in yuan.50 and its near-term resistance at P25.” said research analyst Ghia Paula L. towerswatson. Through 2012. (BC) Recommendation: Neutral Despite a hike in profits. We are seeing tougher financial regulations.10. Yuson. (AP) Recommendation: Hold Brokerage firm AB Capital Securities. up by P1.” The stock gained 0. mindful of the head start enjoyed by their Hong Kong rivals. Mr. Calaycay pegged the stock’s immediate support at its 30-day low of P22. locally parented banks operating across markets need to carefully balance the need to adhere to home country guidelines with differing compensation trends in other markets where they operate.” but “it appears rather cheap” given a trailing 12-month price-to-earnings (P/E) ratio of 3. — Karen Joyce Q. creating challenges for regional institutions to compete for talent on compensation basis. In addition. a global universal bank has agreed to sell its general insurance units in the region. The fast-evolving banking industry in Asia-Pacific Jeffrey Tang The year 2011 was another successful one for banks in Asia. adding that investors who are looking for “favorable risk and reward” may opt to wait for a pullback before buying the stock. Calaycay said: “BC isn’t exactly a liquid stock. got a “neutral” tag from Accord Capital Equities Corp. call (02)902-0777 or visit www. A large Chinese bank. In China. 2011 = 100 August 31.1 billion in net income during the first half.com. — Carmina Angelica C. the current market sentiment is rather weak. San Miguel posted P14.21-per-share level and given its current price. analysts said. though it achieved less than banks and analysts had expected. Taiwan. Business ties between rivals China and Taiwan have boomed as the island has pursued policies of economic rapprochement. Taiwan’s regulator said earlier this month it is considering allowing brokerages into the tightly controlled foreign exchange business to help them expand in the yuan business. to help them into a growing market to offset a mature one at home. as well as overall operational efficiencies. 2011 to August 31. given the general uncertainty in the mining sector.5 times is higher than the power generating industry’s average P/E of 10. Banks will be expected to continue to look for ways to tap into Asia’s limited talent pool to gain or retain access to this leading growth market. Yuson pegged the stock’s immediate support at 135 125 PSEi 115 PSEi 120 PSEi 110 100 105 95 AP 85 BC 90 SMC 75 August 31. with much work left to do. Another bank has introduced its first subordinated bonds.” said Accord Capital analyst Justino B. Mr. has placed a “hold” tag on shares in Aboitiz Power Corp. Taiwan’s companies. In another sign that financial ties may be drawing closer.5-pershare level.
and 31% rarely do so.edu>.” They were not always sure their ideas would work. Facebook may be taking the lead in creating a new ad revenue model for social networks. UK digital marketing agency Greenlight released a survey showing that 44% of respondents never click on a Facebook ad or sponsored listing. with the basic membership staying free.4 billion.” Mr. selldown could offer a major financial boost to the banks. but that does not mean its efforts can be copied successfully. “but they do come. “you could only search people you were connected to. networkers and recruiters. down slightly from the all-time peak of $13 billion. Not so with LinkedIn. Therefore.” As they innovated. Sandberg said. They can be the main revenue source for a business. That led other banks to complain the term sheets implied the rest were “passive. “Everyone is running around to be a part of it. “But to date. www. if LinkedIn grows too large too fast. says the business model for the company arose organically. now a venture capitalist.” First published on Aug. it does not mean the business model will be problematic for social networks in general. and it was less of an issue. but it could still run into the limits of exponential growth that Facebook is worried about. The social networks — the way we see them now — are a relatively new thing in the world.Monday. ads will come in time. Yildirim notes. revenue from app developers and direct sales of goods are all sources of revenue for most social networks.wikipedia. “It will facilitate cross-strait investment and trade and expand economic cooperation. “that’s likely a more convincing ad than anything the restaurant would produce on its own. according to Thomson Reuters data.” Mr. Making the site a social network was a risk. there is no other social network like it on earth. Facebook sees the problem and is attempting to invent a revenue model for social networks that has never been seen before. Businesses would pay to post jobs. Its market cap stands at around $12. job listings].” Ms. products or services. UBS is the region’s top stock underwriter year-todate.” Mr. further down the road. The right ad on TV or on search is the wrong ad for Facebook. raising $20. depending on the user’s purpose in visiting the Web site or mobile app. S3/ 1 Wall Street Journal noted that GM spent a comparatively miniscule $10 million on Facebook out of a total $1. she adds. subscriptions. S3/ 2 In a statement to China’s official Xinhua news agency. There wasn’t a notion of a public profile. “Advertisers lag. grow its financial markets. In the end. Groupon’s business model is under fire because it can be copied easily.upenn. or even someone they have never met.6-billion stake in former unit AIA. but as trailblazers. “If we look back to our original business plan. Yildirim notes.” Mr. “That’s something that’s changed over time. Zynga is a different story. A lock-up agreement preventing the US insurer from selling the stake expires on Sept. a lot of what we hoped might happen has come to fruition. with all its troubles. Google thrives on ad revenue because when people search for information. But a block sale is riskier for banks. people had a clear sense of the brand. Ms. According to Mr. they had to invent a new business model that melded jobs services with social networking at a time when the idea was totally new.” Ms. That is one reason why Facebook has a tougher time convincing advertisers to spend money on its platform. But businesses where socialization is secondary to its main purpose often have a greater variety of revenue models beyond just advertising and subscriptions. but the quality of the tips can be degraded if they come from folks you barely know. Mr. its problems are different from Facebook’s.” Now. “If you think of Monster or a job board.0. where volumes so far in 2012 are down 33% to $98. Deutsche Bank and Goldman got the lead roles on the deal. companies such as Monster. spokesman with the State Council Taiwan Affairs Office. Ms. Facebook marketers need to learn how to make their ads really a two-way dialogue with consumers. If AIG does decide to sell the entire 18.6% stake. or come back for repeat purchases. Ads. Bankers had pushed hard for the March AIA mandate.” Facebook at least is treading carefully and working creatively to figure out the right model for its business. One thing that did not change was a decreased emphasis on advertising revenue. Because Groupon’s main business is to sell discounted deals. Given the ad environment and LinkedIn’s purpose in connecting professionals and recruiters. followed by a decline in early 2000s during the dot-com crash. In contrast. “They have so much data available on customers [that] there should be a way to make it work. In 2011. Moreover. Yang Yi. the online ad market was much smaller than it is today. 4. AIG agreed to certain restrictions on its remaining stake and sold a chunk in March.” But LinkedIn should ensure it can handle more growth. we are a third medium. “Consumers who go to Facebook aren’t there to buy anything. people visit the sites to talk to other people. Hower says that at the time LinkedIn started. September 3. in a deal so competitive a spat occurred when the time came to assign league table credit. “We created a unique business model that was suited to a product that we built. Bailed-out AIG spun off two-thirds of AIA in 2010. hiring services comprised half of LinkedIn’s revenue.” Mr. Google and even Yahoo. Online advertising had gone through an upheaval — an upsurge in the late 1990s. mand the highest fees. (GM reportedly later began talking with Facebook about resuming the ads. All rights reserved. Mollick states. but it’s not clear how we are going to extract it. the deal would be Asia’s biggest-ever block offering. Indeed. They are not there to make purchases. They initially thought that adding photos to user profiles on the site would be a violation of privacy. Assuming even a 1% fee. An AIG spokesman in New York declined to comment for this story. “There is no single one-fits-all model. “The best type of advertising is a message from a friend. and oversee a yuan that they aim to be basically convertible as early as 2015 and. AIG could decide not to sell anything or it could sell off a small chunk. It was a revolutionary concept. Hower says. When demand flops for a block sale. as stock offerings com- Wharton. “As LinkedIn became more widespread and [better] known among white-collar professionals. “Most networks are still experimenting to decide what revenue model works best for them. but fees on such a deal are rarely disclosed. S3/ 4 . it is a common feature. nearly every one of the Global Ad Age 100 advertisers spends with us every quarter. That doesn’t mean there isn’t a way.” While LinkedIn decided not to rely heavily on ad revenue. Hower notes. Yildirim says. it may start to suffer from the clutter of people and jobs. they are open to purchases. Hower. “It is highly unlikely that they will become loyal consumers. taking an immediate paper loss. remain must-buys for online ads. LinkedIn would act as a repository of professional profiles for use throughout an employee’s career within a dynamic social network. With pure social networks. the more marketers will be able to create advertising that adds value to people’s experience on Facebook. the founders believed it would be a powerful tool. with the larger payouts going to the lead bookrunners. as it requires them to buy the shares first before distributing them. Sandberg stated during the earnings call. which in a year can hit several hundred million dollars. followed by Goldman Sachs and Citigroup. Facebook didn’t exist. ahead of Vodafone Plc. she notes. Hower said.2 billion. you have both confidence in what you’re trying to do and also some uncertainty. they tinkered with LinkedIn’s features. Its challenge is to continue to be creative with games and reduce dependency on Facebook. For example. People created professional profiles and they linked to other people on the site for networking. most only allocate a small slice of their budget to Facebook even though their customers spend large amounts of time using our service. a global currency on par with the US dollar. Hower notes. Reproduced with permission from Knowledge@Wharton <http:// knowledge. They have value. Hower. That’s an example of aligning social activity and ads. Mr. 2012 S3/3 Taiwan.e. a dozen banks could split around $80 million. it makes sense to be on LinkedIn and pay to advertise jobs and get access to people.wharton. “Both from the employers’ and employees’ [point of view]. Facebook could succeed due to its sheer size. Yildirim says. Back then. Zuckerberg said. revenue-sharing models exist where the consumer gets paid to create viral content. it attracts shoppers who flit from place to place for discounts but rarely become regular customers. specifying on term sheets they were the “active” coordinators and bookrunners. we’re not search.” one financial institutions group banker said. Reid Hoffman and other colleagues from PayPal started LinkedIn in 2002. such as Metacafe. the founders decided on a business model that charges workers and companies for expanded access to the site’s career services. but Chinese leaders say they are prepared to gradually relax their grip as they free China’s capital account.” Scale is critical to Facebook because the company depends mainly on advertising. Founding member Lee Hower. We believe that the more our advertising includes interesting content from people you care about. you could view that person’s profile and contact them. selling of consumer data to third parties. Zuckerberg thinks social ads are the future. says Mr. and a significant increase to their deal rankings heading into the final quarter of what has been a dismal year.” Ms. Via the friend of a friend. © 2012 The Trustees of the University of Pennsylvania. Yildirim points out. including display ads. Mr. Employees would pay a subscription fee to get expanded job listings and contacts. — Reuters Banks pin hopes on AIA sale amid poor year HONG KONG — As American International Group (AIG) becomes free next week to sell a $7.6-billion sale in China Mobile two years ago. deal-starved bankers in Hong Kong are jostling for a role in what may be Asia-Pacific’s biggest stock market event of the year. Hower calls it “resume 2.) It did not help that around the same time. Many people accept Facebook friend requests from acquaintances. AIA. As long as a site can reach millions of users. said the clearing system will lower the cost of currency exchange and the risk of exchange rate fluctuation for businesses and people on both sides.” Mr. raising $6 billion. with Deutsche and Goldman taking a greater portion of the fees.org Entrance of AIA Tower at the corner of Electric Road and Oil Street. end-users only use it when they are thinking of looking for a job.’s $6.” Mr. Moreover. Advertising.” This may be true. AIG CEO Robert Benmosche has hinted previously the stake will be sold after the lockup date expires. Back then. Mollick agrees: “LinkedIn has shown that it can monetize. though he has not specified how much or when.5 billion in the world’s third largest IPO ever at the time. have been dampened. “And that presents a challenge because the messages that talk at consumers on other platforms need to really be adapted and changed to be more inclusive. it was logical to charge them to get access to expanded tools on its site. The yuan is still tightly controlled by Beijing. An IPO typically offers 3% of the proceeds. Mr. all 11 banks involved got league table recognition. Mr. Mollick.” Ms.com dominated online job searches. Some networks like Wikipedia rely on donations. banks are forced to sit on the shares. took up 30% of revenue while the rest came from premium subscriptions. access a suite of recruitment tools and search user profiles for potential job candidates.” That is not to say that ad revenue models rarely work out. MINOR TIFF An AIA transaction would come amid a slump in equity deals in Asia-Pacific. Most people expect AIG to clean out its position. Facebook wants to offer advertisers the best tools to create ads that are social. “There’s a degree to which we should be happy that Facebook is taking its time to make this work right. Since LinkedIn was aimed at job seekers.” he says. people on LinkedIn visit the social network to access the ads [i. A block deal can offer a similar payout. if he likes a restaurant and he shares it on Facebook. according to LinkedIn’s latest annual report filed with the SEC. “Unlike Facebook. in the form of a substantial fee for a day’s work. Revenues across Asia at investment banks. 29. We’re not TV. although it could happen. “Similar to Facebook.” he said.” Another change was to let the public access the profiles. But sources with knowledge of the matter say the investment banking industry is preparing for the US insurer to unload the entire lot. “There was no real notion of social networking. a strategy that fits well with LinkedIn’s business model. Hower points out. But LinkedIn decided to add a social component to its jobs site — something Monster did not do — and that feature made the service indispensable to users.8-billion ad budget in 2011. A role in the AIA Group Ltd. near the former clubhouse of the Royal Hong Kong Yacht Club.” Ms.” and a major push ensued to revise the credits.” he noted during the same conference call. prompting them to visit more often.” she says. At least for now. where other social networks may fail.” How LinkedIn Did It One major US social network that has not suffered much in the stock market since its IPO is LinkedIn. “We’re a completely new kind of marketing. “With any tech start-up. “Today.en. it is a logical place for ads.
By then.3 times its 12-month forward earnings. JPMorgan Chase and Bank of America have long offered art-backed loans to very wealthy clients who buy a variety of trust. Indonesian and Vietnamese bourses. CSIS said “the AEC would boost the region’s economic competitiveness by consolidating the 10 economies into a single market. Marketing Plan in the Philippine Setting. garments and tourism. UBS Wealth Management America unveiled to its brokers a plan to offer loans of up to $150 million collateralized by works of art. Earlier this month. automobiles.8 trillion. For the first time in ASEAN history. India. which since 2005 has employed a small group of art world experts to assess collateral values. Did I believe the website more than the stranger? A big no. among others. The two parties ultimately reached a settlement that returned the copyrights to Leibovitz. it is envisioned to become a highly competitive region of equitable development fully integrated into the global economy. President Barack Obama’s chief commercial adviser. Just 22% of private banks surveyed in 2011 by Deloitte Luxembourg said they advised clients to consider art-collateralized loans. The Angkor region was the seat of the Khmer Empire that reigned over mainland Southeast Asia from the ninth to the thirteenth centuries. Consulting services such as Art Capital Group offer loans and credit lines to borrowers with riskier art assets — including those of contemporary artists. Auction houses will advance loans on art and sculpture consigned to them for sale. Even then the stock digested the placement quite well. as have the concerns of wealthy retirees who fear that plummeting rates are eroding their principal. photo afp Brokerages are allowing top-tier clients to put up expensive works of art as collateral for loans. The data was supported by another study that found that consumers found bloggers much more entertaining. Art-based loans are not without risk. known for blogging technology and gadgets. Tricia Gosingtian of the Philippines was the only one invited). Just think about how vacations and business trips are booked online. Fund managers see AIA as a top choice to benefit from Asia’s growing wealth and booming demand for insurance and other financial products. SM’s premium mall. you have Malaysian-based media management company Nuffnang managing the advertising revenue needs of many bloggers. Selecta launched its highly successful Magnum ice cream. . “There’s a growing awareness that a lot of wealthy individuals own art. His 13 th book. Comments about airlines and hotels are reviewed online before purchase is done. 8. and United States. I chose to believe the stranger. with the bulk traveling to Siem Reap province — site of the world’s biggest religious complex. who has been in power since 1997. The referral arrangement through UBS’s almost 8. This year marks the first-ever hosting of the ASEAN Leaders Summit and related meetings by the Kingdom of Cambodia. Art Capital made headlines three years ago by seizing three residences and all the copyrights collateralizing a $24 million loan to celebrity photographer Annie Leibovitz that was in default. Apparently. which sent sales of the relatively new restaurant spinning downwards in the succeeding months. a cross-border system linking key markets in the region. the underwriters are expected to line up a large investor or strategic buyer to take up a big chunk of the deal. and capital flow within Southeast Asia. 6 on National Bookstore’s bestsellers list. The American delegation was led by US Trade Representative Ron Kirk. makes art-backed loans through third parties but has not seen great demand for the service. this was a strong message on the importance of bloggers. You also have new local companies such as ThoughtLeaders. they are made and underwritten by Emigrant Bank Fine Arts Finance.” she said. Top bloggers are now celebrities. The DFA deplored the non-issuance. Mr. Inc. — Reuters MANSMITH MENTORS Josiah Go Last July 2012.000 a household. It trades at 16. Consider the market research data shared by Universal McCann: website visits have dropped to 70% from 86% four years ago. it is widely anticipated and the market should not have too much trouble digesting it.to 24-year-old group as the heavy users. a joint stock exchange between Chile. Conspicuously absent was European Union Trade Commissioner Karel de Gucht. MOA decided to go digital and tapped major bloggers to help promote the event. a subsidiary of privately held Emigrant Bank. Brazil. access to online information has become a lot easier. Mall of Asia (MOA) had its annual mid-year sale but instead of getting movie or TV stars. consumers tend to cross-check other sources to ensure data veracity. In 2005. “The previous placement was done in one day and not that well anticipated by the market. ASEAN would rank as the ninth largest in the world—next to the US. I was blessed to be invited to speak at both the Asiannovation Conference of the Philippine Marketing Association (PMA). AUCTION HOUSES AND CONSULTANTS Tighter lending controls in Europe and the United States have generated additional referrals to Emigrant. However. as they have been taken over by tweets done by disappointed customers. CAMBODIA — Trade and economic ministers of the 10-member Association of Southeast Asian Nations (ASEAN) converged in this tourist haven last week with their counterparts from Australia. This trend is not just in the Philippines but globally as well. If comments are positive. It is currently headed by a new country manager. France.” he said. Procter and Gamble created a new position and coined the term “first moment-of-truth” (FMOT). Megan Stinson. South Korea. ASEAN was originally formed as a geopolitical and economic organization on Aug. Angkor Wat. the first ASEAN-US Business Summit was launched. estate and banking services. Esmerian used the same collateral to secure a $40 million loan from a different lender and was sentenced last year to six years in prison on embezzlement charges. Colombia. ASEAN is home to some 600 million people comprising 8. which currently involves order routing and share trading to boost liquidity in the Santiago. creative and fun to read than one-dimensional company websites. big and small. They have also agreed on a road map for the integration of the region’s capital markets by 2015. Inc.” As a foreign policy think tank. Germany. Many of its rivals have joined it in referring such clients to call centers and other “lowtouch” services. with a combined gross domestic product of $1. the Philippines. I myself dropped a hotel in China when a guest commented online the picture on the website and the actual room are very dissimilar. A significant development was the launch of the ASEAN Trading Link. Canada. taking over as the new first moment-of-truth (sometimes known as the zero moment-of-truth or ZMOT). which can fluctuate widely in value — though often at double-digit interest rates. Morgan Stanley.5% so far in 2012 and have soared about 35% since the IPO. top Filipino blogger Abe Olandres. China. coupled with unlimited data offer of telecom companies. Today. twitter. United Kingdom and Italy. He will be conducting the 86th Marketing Strategy and Plans seminar on Sept 13-14 and the 20 th Market-Driving Strategies on Sept. AIG sold the AIA shares at HK$27. Cambodia. If it were a single economic entity. “Prior to this. In most cases. Their revenue models include banner advertisements. He declined to name brokerage industry clients besides UBS but said brokerages are increasingly aware that some $50 billion of art is traded annually while traditional asset management fees are shrinking after more than four years of rock-bottom interest rates. Merrill stopped paying brokers on accounts of less than $250. 27-28. believing it needed to win at both the store shelf (their first interaction with the consumer after stimulating demand via Why top bloggers are getting recognized advertising) and at home (where their products will be used) as the second moment-of-truth. They tend to make loans of up to 50% of the appraised value of artwork. which is funding many big-ticket projects in this emerging nation. This year. few brokers or banks were in the business because of the expertise needed to evaluate the volatile market conditions in fine and decorative art and the complex legal issues related to ownership certification. and other massive temples. Japan. Go is chairman of Mansmith and Fielders. Despite this year’s gains. The Brazilian and Mexican bourses recently started negotiations to join MILA. Even 45-year-old and above consumers have become a significant force using online and social media. as readers follow them regularly during their chill time and talk about them in their tweet conversations. US brokerages increasingly are offering loans collateralized by works of art to their most favored clients.15 in the March selldown and on Friday the stock traded flat at HK$26. sponsored blogs. Months earlier. I talked about marketing innovation in PMA and about premium branding in PFA.7% in 2012.4/S3 Monday.25% — but specialists outside private banking such as Emigrant offer longer maturities than the one. who had met last April with ASEAN trade ministers in the Cambodian capital of Phnom Penh. Philippine Department of Foreign Affairs (DFA) Secretary Albert del Rosario had discussed the then ongoing Scarborough Shoal standoff during the foreign ministerial sessions and wanted this to be reflected in the joint communiqué.to three-year preference of the private banks. Merrill Lynch.8 million in 2011. ports. as bloggers share their personal experiences rather than merely give information. which seeks to brings about the free movement of goods. event appearances or speaking fees and the like. Nevertheless. — Reuters AIA. UBS and others have changed the way they pay brokers to encourage them to abandon less affluent clients. The country’s “coming-out party” on the world stage was marred last July during the ASEAN foreign ministers’ meeting. made loans totaling $177 million in 2005 and 2006 to a jewelry dealer named Ralph Esmerian that were collateralized by gilded objects made for Marie Antoinette and Czar Nicholas II. AIA is not expensive compared to its peers. ASEAN has reportedly completed over 70% of the AEC blueprint’s goals as of 2011 but independent observers have raised questions about whether the organization would fully achieve its commitments in the next three years. most likely as a counterbalance to the strong presence of China. “We have significant investor appetite. Tumblr invited 24 major fashion bloggers worldwide to cover the New York Fashion Week (in Asia. UBS WMA had no way of solving for certain ultra-highnet-worth client requests where art was part of the collateral equation.” When the AEC finally takes off as scheduled in 2015. offering a service that was once solely the province of mahogany-walled private banks. International tourist arrivals to Cambodia reached 2. taking no chances. Private banking units of Citigroup. Brokers let clients borrow against their Bruegels NEW YORK — Who says that Picasso on the wall can’t help earn its keep? As part of an effort to woo the ultrarich. highlighting its understanding of the changing market dynamics. requiring their blogger-talents to fully disclose sponsored blogs and banning them from using their enormous online power to attack another person negatively. the Phnom Penh government is beholden to China. and Peru launched last year. Until recently. Later it was expanded to include Brunei. They also tend to have higher loan minimums than the $1 million floors that Emigrant and other specialists accept from UBS and other financial institutions. while Asia-Pacific insurers on average trade at forward price-to-earnings ratio of 15. there was a common case I presented to both groups: that of the importance of top bloggers. He gives marketing tips via www. Kirk’s participation sent a strong signal to ASEAN leaders about America’s commitment to deeper economic engagement with the region. a UBS spokeswoman. which boasts the biggest US brokerage force through its majority-owned joint venture with Smith Barney. oil refineries. China. S3/ 3 SHARES RISE AIA’s shares are up 9. It triggered US congressional hearings on the split between Soviet and Chinese communist leaders. no longer just dominated by the 16. skilled labor.” She declined to say whether art loans are actively marketed by Merrill Lynch brokers.” he said. rare musical instruments and fine silver. borrowers are allowed to retain possession of the artwork. services. Russia. but real estate investors and private business owners have grown increasingly interested in the loans. Mr. Last July 2012. Emigrant pays a referral fee for each client sent by UBS. Morgan Stanley. Companies such as ThoughtLeaders even have a Code of Ethics. A single negative comment can kill a transaction. one-third of respondents said they were giving thought to adding art lending within two to three years. Burma. as well as the first public hearing on the Cambodian genocide which revealed the extent of the Khmer Rouge regime’s so-called “killing fields. there was a failure to issue the traditional joint communiqué ostensibly due to bilateral conflict between several member-states and China. president of Emigrant Bank Fine Art Finance. New Zealand. Art owners eager for short-term cash have other options. but the Cambodian chairman refused. followed by the Philippine. and the Franchise Asia Convention of the Philippine Franchise Association (PFA). said the service was started at the request of brokers. mining.” The move is the latest sign of brokerages’ increasing focus on top-tier clients. In both occasions. Singapore and Thailand. the stock came within striking distance of its all-time high. though I presented several marketing case studies. Japan.55. Tricia Gosingtian (fashion and travel) and Vince Golangco (lifestyle). Beijing has maintained close ties with the regime of Cambodian Prime Minister Hun Sen. In 2011. Thailand’s stock market will be linked soon after. Bogota and Lima stock markets. investment. talent fees. Laos and Vietnam. supported by celebrity bloggers to help it connect online. Many art owners want to preserve liquidity without absorbing the heavy auction-house fees and capital-gains taxes that would come from outright sales. September 3. The Hong Kong financial services sub-index is up 4. (co-authored with Chiqui Escareal-Go) is now no. now owned by Bank of America. 2012 ASEAN at the crossroads market monitor J. managing only a limited number of prized top bloggers such as Anton Diaz (food and family).” said Credit Suisse analyst Arjan van Veen. which was perceived to be a capitulation to the neighborhood bully. ASEAN’s capital market regulators have approved the project’s first phase involving the Malaysian and Singaporean stock exchanges starting next month. A Bank of America spokeswoman said the fine-art lending services of its US Trust private banking unit are available to any clients they “make sense for. CSIS was founded during the height of the Cold War 50 years ago at the Jesuit-run Georgetown University. Albert Gamboa SIEM REAP. said collectors and dealers looking for working capital are traditional borrowers. State-owned Chinese firms and private companies have investments in more than 200 major Cambodian projects spanning agriculture. headed by a director no less. according to Thomson Reuters data.000 North American brokers should “spur growth across the entire global art-finance industry. Augenblick said. with the increasing popularity and affordability of smart phones. he said. Wachovia Securities. Another example is the rarity of complaint letters nowadays. AIA shares have remained resilient despite the stock overhang issue and just a week before the March selldown. While this one is a little larger. (full disclosure: I am chairman of the board). The ASEAN Trading Link is similar to South America’s Mercado Integrado Latinamericano (MILA). Banks in the business offer relatively uniform interest rates — art loans are currently made at about 5. FORGOTTEN ASSET CLASS Although the UBS loans are marketed to brokers through the securities-backed lending department of UBS Bank USA. Foremost on the agenda of the region’s trade ministers was the ASEAN Economic Community (AEC). which has been kind of the forgotten asset class. Ce lebrating its 45 th anniversary last month. Andy Augenblick.8% of the global population. Merrill Lynch. A top fashion designer and TV show judge once tweeted about the bad quality of the food at a restaurant owned by a top celebrity chef. Over the past year. Mr.3. Augenblick said a growing number of financial institutions want to compete with the pioneers of artbased lending such as Citigroup. Malaysia. The Export-Import Bank of China has announced plans to invest in two mega-projects that would modernize the Cambodian telecommunications and steel industries. Mr. the ASEAN Free Trade Area would also be in place after the 10 member-countries have made progress in lowering intraregional tariffs.com/josiahgo. 1967 by Indonesia. Mr. According to the Washington-based Center for Strategic and International Studies (CSIS). Today. with appraisals primarily done by auction houses or in-house specialists. During the ASEAN economic ministers’ meeting at the Apsara Angkor Resort here. a spokeswoman said.
5000 6.26341 105.45 2/13/2015 0.00000 101.9697450 1.40506 79.0170760 Odyssey Peso Bond Fund (UITF)* 234.7500 5.00 5.0000 0.5000 3.6081000 Metro$ Max-3 Bond Fund 1.1962 4.99919 99.3627 -0.58779 104.1000 0.5600000 7.0500 4.3001105156 B.2450150 Philippine National Bank PNB Dollar Prime Fund 1. 2006 July 1.0500 6.38 5.25 11/29/2032 9.99844 99.8317 4. 2005 May 5.82804 103.70 5/18/2015 2.1051390 8.9062070 UBP Current Income Portfolio (T-Bill 91) 137. “Europe is in recession. 2005 August 30.535.0255 0.6950 4.900000 5/23/2011 7.0000 2.4928000 2.03715 108.3750 1.6850 4.00000 100.0000 0.924.63493 106.00000 79.6097296 Union Bank of the Philippines UBP Peso Money Market Portfolio 125.8750 6.8600 4. (2.7250 4.58779 BBSPT 8-17 4. 2012 February 1.0000 7.69915 0.07.30 12/16/2035 259.58365 102.8550 11Y FXTN 20-05 11. 2005 April 7.40961 SM 19 R17 6.98892 99.8000 7Y FXTN 07-53 5.29.3080000 Metro Max-5 Bond Fund 1.19 11/5/2034 30.8881 2.2500 13.10 1.2008 October 9.000000 8/29/2012 4.82804 103.7500 10.982000 8/15/2012 5.99748 99.84 7/5/2017 40.00000 97.9500 3.3750 2M TBILL 11.6250 15.43928 99.05 10. In addition to persisting worries about the debt crisis in Europe.7000 1.4154 2.000000 12:03:39 PM 5.7500 3.1% in July.6993 Previous Day 1.12 0 0.9182000 B.63493 106.26341 101.65 29.7100 5.00 0.71867 99.8525 3.100000 8/14/2012 4.0800000 3.6000 2.27 12/7/2026 40.128.00000 0.6250 1.3750 3.9442 3. 2005 August 4.8173 4.99748 0.40955 ALI 22 R19 6.21 11/16/2016 1.1651120 4.3000 12Y FXTN 20-07 12.3500 2.7000 1.5Y FXTN 10-47 8.128.5000 0.1000 1.62109 76.00000 0.9500 8.0000 6.16605 99.14754 100.23918 103.46 0.00 44.0619 Week Ago 2.11697 104.78819 104.00000 100.9000 4.5000 0. Money Market Funds — invested principally in short-term.13 10/17/2022 .7497820 8.00 0.00000 101.00000 99.50 0.4585 4.0772699 3.00000 102.0000 5M TBILL 02.402200 8/16/2012 2.2063950 5. 2012) +/- 0.14 13.8000 5.0000 99.0000 0.0000 0.09142 101.50 3/1/2027 275.0750 -0.0085 -0.07284 0.000000 8/13/2012 99. 2007 March 27.21 11/19/2016 2.63493 0.4750 4.00000 0.1750 5. compared to 42.Trust & Investment Group Security Bank Corporation SB Peso Asset Variety Fund 1.5750 4.78819 104.000000 8/29/2012 3.0000 3.9000 8.5000 3.8750 19. he/she is deemed to have waived his/her right for a new CSA for the prescribed period. GS-FI Fund 1.00000 99.2000 2.69760 100.94679 0.6300000 China Banking Corporation Chinabank Balanced Fund 1. 2006 June 15.4000 19Y FXTN 25-04 9.8150 1. TAXABLE A.8000 7.2500 3.1400000 6. 2005 January 31.7500 1.9500 3.08 10/3/2013 15.6500 18Y FXTN 25-02 12.2% in July. The remaining four did not respond.02.99249 118.80439 104.31684 RCB 18 R13 7.96 0.00000 0.000000 3:23:55 PM 4. 2006 February 18.9926360 RCBC 6/S3 PHILIPPINE DEALING & EXCHANGE CORPORATION — GOVERNMENT SECURITIES BOARD SUMMARY (as of AUGUST 31.0200 6. 2004 October 1. 2009 March 28.7500 2.00000 102.2242099 BPI Premium Bond Fund 161.8300 4.50006 FLI 19 R17-NWT 6.1% in July.0000 3.83187 100.99968 99.8300 9.34986 101.00000 105. 2009 September 15.13 10/20/2021 300.4622910 3. Equities slipped to just 41.0175 6.00000 0.7500 4.78158 104.75 Week Ago 1.25 11/29/2025 36.6500 5.98892 0.420000 6/4/2012 4.8050 5.0251 2.0597 -0.5% from 10.8495080 1.00000 100.9000 1.6250 4.00000 98.13* 0 0.00 0.1003 PDEX — PDST .501187 8/2/2012 1.00 0. the highest proportion since the survey began in 1995 and up from 51.99919 0.7500 4.3500 2.14 10/20/2026 236.4548000 4.35204 0. 2005 September 8.2250 4.5Y FXTN 10-38 10.0000 0. S3/ 5 Prev.00 0.8750 3.9500 4.31684 0.151332433 10.69029 104.09012 107. 2007 December 4.2500 0.1600000 -1.00000 109.7500 5.40955 0.1009 4.2945700 8.3915000 13.7131000 14.6650 5.0400 -0.20 20.71 1.7500 4.00000 0.00000 0.8000 4.40 2.55650 103.2300000 -0.5Y FXTN 10-51 6.21280 RLC 08-14-NWT 8.5500 5.00000 99.3750 1.000000 8/28/2012 102.00000 0.0000 9.940000 8/30/2012 102.00000 0. but there is a risk that market sentiment has become too optimistic. Draghi’s plan to intervene in the euro zone bond market changed their view on the euro zone crisis.01905 FMIC 17 R16 5.26341 101.6000 3.0000 0.58365 0.87 7/16/2019 5.9797390 0.5000 3.00000 85.0257731 D.000000 8/16/2012 105.1098870 3.6250 3.0927 -0.33459 102.0000 6. 2005 December 4.00 0.95603 104.35893 105.900000 12/21/2011 79.00000 100.7500 1.00000 0.49564 76.4600 2. 2005 September 27.49770 0.7500 4.00000 99. The US S&P 500 Index hit a four-year high on Aug. 2006 February 15.00 0. 2005 May 3.400000 1/16/2012 4.000000 7/30/2012 2.1950 5.2748 2.5100 5.8300000 7.00000 0.21345 100. 2003 March 1.6485050 6.000000 8/29/2012 5.00000 101.2 Medium-Term Funds .39 1/23/2013 0.58365 99.6907000 7.2500 1M TBILL 10.00000 0.35893 MBT 19 R14 7.0000 1.7350000 PNB Mabuhay Prime Fund 1.558.1000 0.0550 2.0000 7.5000 13Y FXTN 20-10 12.7500 7.0000 3.3982 4.69671 0.6000 3Y FXTN 10-37 * 11.61 PDEX — PDST .00000 102.7500 3. Asked if Mr.9250 0.5075710 MetroBank and Trust Co.8750 19.2250 11M 2. 2005 September 9. 2005 March 28.1500 2. 2006 March 28.1718608 24.99155 99.99155 ALI 19 R17-NWT 5.0000 3.3500 2.78819 FLI 11-14 8.000000 8/30/2012 5.00 30-Aug 240.21 11/20/2014 9.56023 0.1875 6.07284 TDI 02-15-NWT 8.00 0.86 7/14/2014 1.11631 FMIC 2-17 5. 2005 April 28.7500 1.1 Intermediate-Term Funds — The mandate of the fund limits the duration up to 3 years.50006 100.9385 4.0001 2.5280910 1.4500 25Y RETAIL TREASURY BONDS <1M RTB 03-07 5. “There is likely to be confusion again when Europeans will discuss their safety net.000000 8/22/2012 99.2000 2.2500 2. 2007 March 13.11631 0. .2000 2.8550 3.8600 5.38530 105.80439 0.00000 106.00000 102.33559 ALI 08-13-NWT 8.9500 4.99652 99.Monday.8350 4.00000 99.33559 104.9500 3.63548 85. 2005 December 31.5507 5.8500 3.73762 0.0600 -0.2000 2.5600000 8.70 5/15/2014 10. 2005 April 7.000000 7/17/2012 2.100000 8/30/2012 104. Yoshino.699.47 2/22/2013 3.00 5.9500 3.0000 0.000000 11:06:41 AM 4.61196 EDC 12-16-NWT 9.76 6/3/2024 3.0300 -0.450000 8/22/2011 96.35893 103.96 8/19/2017 2. 2005 April 4.000000 8/22/2012 102.3000 6. Banco de Oro BDO Dollar Money Market Fund 129.998.46 3.6000 3.0230963 Banco de Oro GS Fund 168.1000 1.79368 101.6875120 6. Japan’s Nikkei average also hit a 3 ½-month high in midAugust before giving up some of the gains. (2) Empty rows mean that the ISIN has not yet been traded in PDEx. preferences or circumstances of the client change or at least once every three years. 2011 December 23.13 0 0.7500 1.0728396 RCBC United Coconut Planters Bank United Equity Fund 2.0000 0.536.66 5/2/2013 24.2500 2. 2011 March 5.48 2/25/2016 5.000000 12/21/2011 5. 2005 August 30.2395600 0. 2006 March 11.8150 1.00000 100. Infinity Peso Long-Term Bond Fund 1261.13 0 0.00000 0.00000 103.1% in July and the record 41. 2004 January 27.3500 2.99844 99. 2006 April 8.70 5/18/2015 5.7500 0.500000 8/8/2012 1.6308150 Philippine National Bank PNB Dream Builder Fund 1.953.61 537.5000 2.9000 3.8675 5.09142 SMB 04 APR 14 8.04 9/19/2012 0.42129 96.2000 4.0348 2.56450 100.66559 100.3700000 9. 2003 February 1.00 0.0000 5.98892 99.1388000 6.7500 1.9500 4. 2007 March 7.3327 4.09 9/29/2036 34.9000 3.1000 11M TBILL 07.69 5/11/2027 1.40955 101.000000 2/21/2012 105.Trust & Investment Group Union Bank of the Philippines UBP Philippine Peso Bond Portfolio 219.35893 105.000000 8/10/2012 2.69671 100.00000 0.00000 0.2591228 BPI Short-Term Fund 133.. 2005 April 7.12 0 0.828049739 Security Bank Corporation Sterling Bank of Asia (A Savings Bank) Sterling $ Money Market Fund 1.0250 0.5000 2.25 9.24 15.58 4/3/2014 5.80439 100.21345 100.230000 8/23/2012 107.3000 6.1408600 3.6500 5.00 20.0000 6.00 0.42129 107.16605 0.2500 0.9000 8.00 0.09012 0.75 6/4/2015 1.55650 SM 22 R19-NWT 6.42254 FLI 19 R17 6.48 2/24/2015 1.5900000 China Banking Corporation Chinabank Money Market Fund 1.50 3/6/2013 1.8675 5.000000 3:45:05 PM 2.7000 <1M TBILL 09.6000 9.0000 6.00 1.6350 4.65 4/28/2021 170.7500 0.13519 103.00 0.4698 5.42129 96.8075 5.475000 8/29/2012 2.2342 1.8750 1.000000 8/15/2012 5.000000 6/28/2012 5.00 0.08 3.00000 102.88 2.2687606 1.9500 3.61196 114.6330532 5.94 0.9000 3.R1 (as OF AUGUST 31.08905 105.33980 0.7500 1.99953 99.56023 100.535.19377 105.8630000 East West Banking Corp.600000 9/6/2011 6.7500 6.5Y FXTN 07-50 5.21 11/19/2016 6/4/2012 UCPB 11-16-NWT 6. Although US economic data has been fairly upbeat in the past few weeks. 2005 October 1.23918 0.1161640760 10.45 2/13/2015 2.40506 85.com PDEX — DAILY TRADE VOLUME (in million pesos) T-Bills FXTNs RTBs AC ALI FLI JGS MEG PSALM RLC SM SMB TDI RCBC UCPB TOTAL 27-Aug 0.6115 1. Growing concerns on the global economy also meant that European shares looked less bad than before in relative terms.58535 104.0052 2.67 5/6/2014 10.0500 4.04 0.7500 1. Bank of Commerce Bancommerce Peso Trust Fund 1.9900000 4.8373665 4.6373252 Union Bank of the Philippines UBP .00000 104.69 5/12/2021 2.93409 117. Allied Banking Corporation Allied Unit Performance GS Fund 1.6061129 13.00000 0.0000 6.00 28-Aug 509.8487592 12.00000 0.2500 -0.71373 0.9200000 11.00000 102.0800 2.3750 3.2500 2.8450997 Union Bank of the Philippines Unionbank Peso Balanced Portfolio 118.00 5.4750 4.6350 1.392725 8/9/2012 1.000000 6/19/2012 100.3700000 Odyssey Philippine High Conviction Equity Fund (UITF)* 193.00 2.100000 8/30/2012 3.23918 TDI 02-15 8.63696 118.8550 3.6250 6.0000 0.9500 3.00 0.7800000 1.00000 5.7924200 2.1434010 MetroBank and Trust Co.6000 9M FXTN 10-32 11.000000 11:49:07 AM 4.0097850 0.5500 4.5138960 7.99747 99.4010763 Equity Fund 314.11697 107.00000 99. Brazil is growing just over two percent.7500 1.8050 17Y FXTN 20-15 9.36401 0.2500 1. Infinity Peso Intermediate Bond Fund 1560.2500 0.69671 101.34202 100.000000 7/10/2012 101.38530 105.000000 8/30/2012 4.4088830 East West Banking Corp.4% from 32.953. Inc.6850 4.2000 5.0319 -0.35893 0.8370000 Gintong Sikap Secure Fund . 2005 January 31.28.5Y RTB 07-01 7.00000 100.76 6/8/2019 1. Allied Banking Corporation Allied Unit Performance Dollar Fund 1.8000 4.0949740 MetroBank and Trust Co.0000 4M TBILL 12.5Y FXTN 10-45 5. 2006 February 16.294.36 1/12/2016 8.41 1/26/2031 2.000000 3:58:04 PM 2.608000 3:23:25 PM 1.0000 6.49564 RCB Z06-17-NWT 0. 2005 October 03.17 3.3750 0.12 10/17/2012 0.800000 7/13/2011 105.66676 100.1 Intermediate-Term Funds — The mandate of the fund limits the duration up to 3 years.8751000 1.0000 0.0038 +/-0.11697 104.5000 3.21 11/20/2014 4.500000 5/18/2012 76.35 1/9/2013 0.09142 0.0154490 6.69760 0.04569 104.69915 SMB 19 R17-NWT 5.0629600 2.16 10/31/2012 103.23 0. 2005 March 1.00 0.06. 2007 March 1.6250 6.3092 2.58 4/2/2022 24.37 13.8924000 1.0000 5.0400000 2.000000 8/14/2012 3.00000 99.99409 MBT 17 R12-NWT 7.8750 5.6851 4.00000 99.63229 0. 2004 March 10.000000 8/8/2012 104.5571420 Development Bank of the Philippines Growth Fund 1. 2005 April 25.69760 100.00 11.5000 6. 2005 May 27.Trust & Investment Group Rbank Green Dollar Fixed Income Fund 135. 2010 in this file photo.74 26.0872600 2.2000 4.12 0 0.97830 99.97830 0.2500 2.8700420 13. The weighting fell to 36.0000 2.87 7/16/2019 3.3750 1.4% from 16.2326680 11.19.8350 4.2485920 1. .7500 1..40000 0.6750 4.69 0.3880150 Philippine National Bank PNB Mabuhay Plus Fund 1.8750 1. Equity Funds — invested substantially in equities AB Capital and Investment Corp.4000 9M TBILL 05.34361 105.99409 0.10 10/10/2012 0.9300 6.5529000 5.16978 104. risk tolerance.2000 2.3750 1.57 3/30/2016 0.6000 3.2588 4. Japanese fund managers also pushed up the euro zone weighting in their bond portfolio as well.0385 0.01715 105.10 1.0000 2.7000 5M TBILL 02.22813 100.15 10/28/2017 5.50000 0.97830 RLC 08-14 8.7371 6.0250 -0.9000 1.99409 99.7400000 12.40961 100.80143 ALI 08-13 8.7250 6.3750 1.3703000 9.8468000 10.00000 0. 2003 March 1.1250 3.000000 5/9/2012 100.0000 9.5000 1.21345 FLI 11-12 7.00000 0.00000 0.55919 0.2500 4.0036 NOTE: (1.00 1.500.8750 14.3750 4. 2006 May 3.18 11/6/2015 1.7500 3.5100 5.12 0 0.0000 3.600000 6/7/2012 101.2500 2.0605230 3.0350 2.148.9475 3Y RTB 05-09 5.7500 5.) Empty rows mean that the ISIN has not yet been traded in PDEX.497000 3:35:16 PM 2.406800 10:47:20 AM 2. fund managers lifted their euro zone share weightings slightly to 10.” said Yuichi Kodama. 2012 April 6.000000 11:09:15 AM 3.00000 0. 2005 Nov.00 5.69 13.13 0 0.56029 117.78819 106.03715 0.9350 5.6500 5.3750 2.4300000 2.9538 3.000000 8/28/2012 2.000000 6/1/2012 5. chief economist at Amundi Japan.6750 5Y FXTN 05-70 4.12 0 0.00000 0.8500 4.000000 8/28/2012 102. Philippine Bank of Communications Value Equity Fund 111.9500 0. The CSA should be updated whenever the characteristics.9500 3.49564 101.69915 100.6500 -0.69 5/13/2015 50.7500 3.24 11/28/2012 235.99919 99.1250 4.99 0.00000 106.88 2.4500 1.3750 1.69 5/12/2021 40.00000 3. 22.00 1.56023 102.6747 5.03 2. Bond Funds — invested in a portfolio of bonds and other similar fixed-income securities with portfolio duration which may exceed one year.40961 0.000000 6/4/2012 5.05 0.90706 100..2500 18.7500 4.16978 AC 17 P15 7.9663190 United Coconut Planters Bank United Balanced Fund 2.00 0.0000 1.70 5/15/2013 3.0250 0.00 0.4165570 5.33217 0. 2005 June 1. It’s questionable whether policy makers can come up with measures that will go beyond market expectations.690000 3:05:28 PM 100.4764400 6. preferences and experience.69760 101.97 8/16/2037 190.08905 105.62483 118.6191000 3.80439 100.3250 14Y 15Y FXTN 20-13 8.6850 4.83367 0.0500 4.6000 2.7500 0.2500 20Y RTB 20-01 * 5.56 3/25/2014 3.22 11/20/2018 35.27 7.00000 0.8500 4.2500 4.43 2/6/2013 250.3789371 Asia United Bank AUB Peso Investment Fund 180.8100 5.83147 100.550000 5/31/2012 128.1450000 Odyssey Diversified Capital Fund 159.851.75 6/1/2019 120. 2010 January 11.8600 4.20 40.1750 12Y FXTN 20-06 11.99968 99.00 0.6100 4.500000 8/29/2012 99.82 6/29/2013 100.63548 85.9000 4.78819 0.3750 1.100000 3:16:52 PM 4.8000 7.8418470 7.7500 1.6540269 2.82804 103. Japan’s outlook is dimming. 2004 January 7. S3/ 6 *Computation for UITF YOY Converted from CTF to UITF.00000 0.14110 0.9250 5.0290 -0. supported by hopes the European Central Bank (ECB) will start buying Spanish bonds next month to bring down Madrid’s borrowing costs.7995000 2.00 9/1/2017 3.2500 4.27 3.00000 110.2200000 10.600000 7/20/2012 99.34 1/5/2013 0.4000 2.09082 0.83 1.00000 105.2000 2.20 11/11/2024 300.7358000 3.0000 0.08 10/4/2014 3.0000 23.97830 99.46 2/18/2020 9. 2005 October 9.03715 108.56023 RCB 11-17-NWT 5.00 0.4698 5.19475 0.00000 0.8279 5.7000 5.0000 2.600000 8/16/2012 99.5813580 3.00000 0.000000 8/30/2012 6.96 8/19/2020 1.1270040 RCBC Rizal Peso Money Market Fund (vice Dragon Fund) 1.000000 8/24/2012 4.18 11/7/2017 1.00000 101.0027440 3.7500 5.3970 3.7500 4.6084800 1.4000 1.00000 105.03715 96.99 8/30/2019 230.00000 105.0888 0.21345 100.1000 2.152.88 7/21/2015 5.5000 1.97754 105.000000 8/30/2012 101.52 3/13/2013 300.00 0.5404460 Security Bank Corporation SB Peso Ease Fund 1.0500 6.01 9/4/2016 32.88 7/19/2031 10.6000 3.21 11/20/2014 20.48566 107.99850 99.7932100 Odyssey Peso Cash Management Fund (UITF) 14.8000000 12.16 11/2/2013 1.486.35893 105.2260000 Chinabank Savings.10 10/7/2016 5.8300 4.1250 4.00 0.00000 117.40506 0.0000 3.7300000 13.99409 99.5250 3.7500 9.08905 0.81344 GLO 19 R17 6.4000 6.43587 0.03 2.7738070 4.1000 2.0750 0.8500000 6.3764715 2. 2005 September 29.00 15.100430 8/29/2012 1.93 8/7/2013 0.2688020 2.2500 14.7500 1.0000 6.6418 2.74 5/29/2023 0.0000 7.00000 0.00000 0.42129 96.0001 9M TBILL 05.81344 102.6507890 24.3864000 5.000000 8/8/2012 5. with German and French shares outperforming US and Japan in July.000000 2/6/2012 103.3750 4.69 5/11/2027 3.00 4.2903 5.00 0.7500 4.5Y FXTN 10-36 12.6418 2.99652 101.0000 2.4750 5.0000 0.00 0.Peso Fund 1.7162000 Philippine National Bank PNB Enhanced Phil-Index Reference Fund 1.0000 RTB 05-07 9. 2006 March 28.8000 0.01905 102.7500 5.00000 105.0546 -0.5000 0.0001 2.0135 -0.0000 6.3839 4. The central bank is also considering setting yield band targets under the expected new bondbuying program.15.65 4/27/2019 1.1726940 11.9000 4.7500 0.9500 2.0800 5.8650 5.8113908 RCBC SB Secure Dollar Fund 1.00000 105.18 11/6/2015 2.58 4/3/2019 2.8391000 7.7000 1.55650 0.6750 7Y FXTN 07-55 * 4.1250 1.1200000 17.1800000 Banco de Oro BDO Peso Equity Fund 3373.3750 3Y FXTN 05-68 6. 2010 December 3.5Y FXTN 10-39 9. Banco de Oro BDO Peso Bond Fund 1672.81 6/26/2013 763.88586 103.65 4/27/2019 2.7202429 1.21 11/20/2014 0.7000 FXTN 25-10 * 5.7500 0.1930160 3.00000 0.19 11/10/2017 2.0000 0.3 Long-Term Funds — The mandate of the fund allows the duration of greater than 5 years.31684 100. chief economist at Meiji Yasuda Life Insurance.99859 99.6093001 BPI Balanced Fund 137.5500 4.60 Total for the Week 2.00 0.8827880 11.00 0.000000 11:17:51 AM 105.26341 FMIC 19 R17 5.0000 6.28 12/15/2015 3.82804 0. or best firm bid rates as the case maybe for 12 tenors at 11:16 a.00000 101.61196 0.2891130 23.88586 103. when Japan was mired in a domestic banking crisis.07284 104.00000 99.5369 2.8550 3.20 0.10 1.89 24.58535 99. as they fret over the slowdown in the global economy on top of concerns about Europe. Global Dollar 1.5400000 11.3750 4.00 1.7250 5.09 9/30/2035 25.00 0.99409 100.24.7200 5.46 0.55650 100.99968 99.9667816 BPI Global Phil Fund 264.000000 6/1/2012 6.00000 98.0000 3.8803110 MetroBank and Trust Co.35204 107.2500 13.7500 1.5571960 11.99972 100.5Y FXTN 10-48 7.6850 4.600.3290460 2.2500 7.5992950 1. 2007 September 8.6750 4.200000 8/3/2012 2.99919 PSALM 07-01 7.0350000 5.030000 8/29/2012 4.5500 0.0000 0.5569 1.00000 100. 2005 January 7.1961027 2.97 8/21/2017 2.5747630 Union Bank of the Philippines Union Bank of the Philippines Infinity Prime Fund 142.09012 79.83147 SM 19 R17-NWT 6.8975 1.38948 105.1400 -0.6000 3.6350 6M TBILL 03.8000 2.2%. 2005 May 3.00000 0.99155 0.8329 4.0000 6.58 4/2/2019 7.8000 7.00000 99.0250 -0.4648550 2.5161000 2.5075 5.00000 0.7250 25Y FXTN 25-06 9.3750 1.0468700 Security Bank Corporation SB Peso Equity Fund 1.8300000 5.68731 0.00000 0.0000 0.0304 5.99870 0.23056 RCB 19 R14-NWT 7.01715 0.8300 9.99409 99.3800000 Robinsons Bank Corp.000000 6/29/2012 99.0800 1Y TBILL 08.8500 15Y RTB 15-01 6.56 3/27/2013 5.000000 6/28/2012 5.50006 100.04659 SM 6-16 9.4000000 2.000000 8/8/2012 4.00000 0.34361 105.7500 9.16605 128.8750 8.42129 RCB 11-15-NWT 6.1192 5.99748 99.69915 99.97 8/23/2017 80.m.35048 0.3750 8.21345 100.5190162 Asia United Bank-TIG AUB Equity Investment Fund 197.6000 2.9655000 Odyssey Philippine Dollar Bond Fund (UITF) 23.2000 4.000000 8/14/2012 100.000000 7/24/2012 105.7116 5.00 0.0350 0. though the level is still depressed level in historical terms.5Y FXTN 20-03 12.99870 RCB 06-17 5.64 4/24/2017 3.2815330 2.The mandate of the fund limits the duration up to 5 years.0000 6.61196 117.5500 1.5250 4.2500 3.1000 2.99844 SMB 19 R17 5.060000 3:39:03 PM 105.0150 19Y FXTN 20-18 5.3772020 3.100000 8/24/2012 1.4666000 RCBC Rizal Peso Bond Fund (vice Unicorn Fund) 1.2086000 6.0000 7.699.5Y FXTN 07-46 6.8500 4.46965 100.00000 100. Philippine Bank of Communications Signature Trust Fund 140.909.490000 8/28/2012 1.04637 0.0000 14.0187 -0.2000 4.7000 1.3750 1.66676 100.332518342 C. 8/12/2005 0.42129 0.33980 109. B.000000 7/24/2012 99. 17.5000 17.00 9/1/2017 20.10 10/5/2031 40.000000 8/24/2012 99.0800 5.00000 0. daily.0000 4.6500 9Y FXTN 10-53 6.1250 4.1700000 4.80143 101.73 5/29/2013 10M TBILL 06.3610340 Philippine National Bank PNB High Dividend Fund 1.40961 100.00000 100.1715000 Odyssey Philippine Equity Fund (UITF)* 466.3255502 0.9250 5.33559 105. 2006 May 12.00000 0.3750 2M TBILL 11.75 PDEX — TRADE VOLUME TREND (in million pesos) T-Bills FXTNs RTBs AC ALI FLI FMIC JGS MEG PSALM SM SMB TDI RCBC TOTAL 31-Aug 104.9779600 Odyssey Peso Income Fund 112.7200 5.3750 14.82804 PSALM 05-01 6.0000 6.34361 SMB 04 APR 14-NWT 8.1000 FIXED INCOME TREASURY NOTES 1M FXTN 10-30 12.81344 102.99249 SMB 04-19 10.0673 0.71867 ALI 22 R19-NWT 6.7000 2.3750 1. 2008 March 1.1750 5.17.5269 0.83187 100.8925 7M FXTN 10-31 12.5000 2.00000 0.26118 MBT 18 R13-NWT 7.1427133 2.00000 0.9035 Previous Day 2.2000 4.16978 0.0800 2.6250 0.3750 3.0365 5. Money Market Funds — invested principally in short-term.58 3/31/2017 36.1250 8.00000 99.85 7/10/2013 500.2023 1.000000 3:49:40 PM 4.3750 19.825.99859 0. taken between Aug.7500 6.783977 8/30/2012 2.72736 105.2000 2. Metro Dollar Money Market Fund 1. recent data suggests Chinese manufacturing sector is facing a more severe slowdown than in the aftermath of the 2008 global financial crisis.1000 1.74 5/27/2030 0.000000 2/22/2012 104.99 0.9250 0.2532 0.145000 8/30/2012 4.345000 3:49:36 PM 5.00 1.23056 103.8250 4.36401 99.5000 6.00000 0.98 8/25/2015 100.33980 109. 2005 April 26.8000 Tenor 1M 3M 6M 1Y 2Y 3Y 4Y 5Y 7Y 10Y 20Y 25Y Today 2.8450 2.50 3/3/2016 4.5500 4.2731 6.8575 4.88586 109.99155 102.49770 106.0000 6.0000 6.00000 106.13519 103. Last Price Maturity Traded Date Date/Time Yield on Last (in M pesos) Traded Date MBT 17 R12 7.6000 9.7500 3Y FXTN 07-47 8.8746 5.88586 103.6000 3.4643270 1.5Y FXTN 05-67 6.69915 100.2400000 Odyssey Metro$ Max-5 Bond Fund 1.00 5.3020000 8.3750 9.000000 8/28/2012 101.7500 10.99155 99.00000 103.38948 0.99919 99. ) The time under the column “Traded Time” indicates the time the ISIN was traded during the latest trading day.00000 104.0500 1.61 Previous Day 240.04659 102.55650 103.00 13.4978780 B.38948 105.1000 2.8925 1.8125000 2.7500 2M TBILL 10.5Y FXTN 10-54 6.2000 4. 2007 March 24.1000 3.7784500 United Coconut Planters Bank United US$ Money Market Fund 1.38948 105.9442 9.5665700 United Coconut Planters Bank United Cash Management Fund 1.63 4/22/2015 2.00000 0.6500 7.0404 -0.6030652 14.600000 3/21/2012 2.7000 1.26341 0.3500 -0. to 17.99837 0.76435 0.0681710 Philippine National Bank Philippine National Bank PNB Global Filipino .01715 105.91 7/31/2013 6.5000 1.5500 1.000000 8/29/2012 105.02846 97.000000 8/29/2012 106.2500 3.600000 8/8/2012 4.8550 3. Bond Funds — invested in a portfolio of bonds and other similar fixed-income securities with portfolio duration which may exceed one year.4500 4.000000 8/1/2012 4.2313320 26. Mr.36401 AC 17 P15-NWT 7. (3) The date under the column “Traded Time” indicates the day the ISIN was last traded. 2010 March 28.0150 -0.3111000 2.6500 25Y FXTN 25-05 8.500000 8/24/2012 3.20. 15 and Aug.0000 5.0500 25Y FXTN 25-07 8.62483 SMB 04-19-NWT 10.8800000 3.9000 3.50 3/3/2021 1.9442 9.0000 0.20 0.47 2/19/2019 316.99155 99.0147 Week Ago 2.00 0.9654 +/- -0.3119608140 0.394300 8/28/2012 1.06 9/24/2016 18. Metro Max-3 Bond Fund 1.7700000 0.40955 101.3750 1.00000 0.F (Mart 1) (as OF AUGUST 31.9919 2.26118 101.00000 103.0640128 1.17 1.63493 JGS 11-14-NWT 8.8000 8.3750 2Y FXTN 10-35 * 12.2000000 10.00 31-Aug Average 104.570000 3:54:24 PM 5.2500 2.5088310 18. 2006 February 8.7500 5.2000 4. 2005 February 20.720000 8/13/2012 100.99870 99.6227250 1.9250 5.6200000 7. 2012) +/- -0.6418 5.3860840 2.6350 1.10 1.0628525 Rizal Equity Fund (vice Tiger Equity Fund) 2.00 0.1300000 5.0251 11M TBILL 08.0908 -0.8750 2.1753620 1.00 66.4256790 16.6182000 6.00000 76.00000 97.09012 RCB Z11-15 0.00000 0.3200000 13.00000 105.2000 4.3750 1.0000 7.9000 4.6511690 8.58779 76.0000 0.61196 117.6950 25Y FXTN 25-09 7.6100 7Y FXTN 07-54 4.2 Medium-Term Funds — The mandate of the fund limits the duration up to 5 years.0000 9.00000 0.500000 3:03:32 PM 5.00 5.866.25 26.40961 100.000000 8/17/2012 3.29 12/16/2020 10.102000 8/30/2012 2.00000 103.5000 6M FXTN 07-43 8.9750 12Y 13Y FXTN 20-09 13.00 0.4646490 20.21280 0.4% in June. a client should undergo a Client Suitability Assessment (CSA) to determine what UITF is best suited to his/her investment objectives. sources have told Reuters.2500 1.40961 100.00000 103.9846 Tenor 1M 3M 6M 1Y 2Y 3Y 4Y 5Y 7Y 10Y 20Y 25Y Today 2.7250 5.00000 100.90706 UCPB 11-16 6.69 0.8650 18Y FXTN 20-16 8.6250 4.35167 0.00000 99.6100 4. 2007 May 20.1115 -0.8363 5.11697 104.73567 102.0000 7.00000 99.9822000 4.26.82 6/29/2017 0.00000 104.7500 5.34361 105.500000 9/26/2011 6.33559 104.059.00000 0.29 13.75 6/4/2015 1.2100000 16.00 5.Dollar Fund 1.0500 0.69671 101.5000 16. 2006 May 5.9417 4.150000 7/27/2012 1.8257800 BPI Phil.00 0.77 2.10.00000 104.13142 103.8750 5.50 3/3/2013 22.57706 105.00000 RCB 06-17-NWT 5.99859 99.00000 128.8000 1.76 6/8/2019 30.3750 2.7500 4Y FXTN 10-41 * 7.0423 -0.000000 8/24/2012 4.00000 115.2900000 China Banking Corporation Chinabank Dollar Fund 1.1750 3.4500 5Y FXTN 10-44 * 7.1250 4.62 4/17/2013 46.00 26.01 9/5/2012 0.99249 99.99249 99.1400 2.8150 5M TBILL 01.00000 100.98 8/27/2014 2.5500 4M FXTN 03-19 5. Assets under CTF were already at mark to market.2684720 1.2500 4.97754 108.49770 105.00 0.0000 3.00000 6.5Y FXTN 20-04 13. TAX-EXEMPT Banco de Oro Institutional Fixed Income Fund 1604.10119 0.6500 5.4690000 BPI BPI Global Equity Fund 207.58535 99.000000 8/6/2012 99.9875 6M FXTN 05-66 6.6817 5.93409 100.47 2/20/2013 1.8750 6.0800 2.0000 3.17 10.0500 4.4000 2.9500 2.26 12/4/2028 60.33504 105.1000 1M TBILL 10. 2009 March 1.000000 2/7/2012 103.0259 -0.10 3.4112030 7.90706 104.1317 0.3074320 3. Fixed Income US Dollar Fund 1.000000 8/15/2012 108.0000 2.980.510000000 2.99844 100.5000 20.1250 12.0570720 24.0630759 BPI Institutional Fund UITF 198.1500 -0.01905 99.3000 6.00000 0.0500 4.1977260 2.2038000 9.65 4/27/2022 1.5Y FXTN 10-52 5. 2005 September 27.000000 6/22/2012 2.0000 0.33980 109.00000 0.00 29-Aug 1.4000 -0.00 0.63548 102.8062000 8.00 0. 2006 March 18.13 0 0.8525 3. — Reuters NEWS ONLINE www.000000 10:16:37 AM 4.47 2/20/2023 10.2500 3.26015 101.3658670 2.7450 4.000000 3/16/2012 4.3750 2.1%.5500 4. Banco de Oro BDO Dollar Bond Fund 152. 2007 March 13.8750 2.0000 6.8550 4.97771 104. a Reuters poll showed.08 10/3/2013 0.3558550 4.00000 100.99668 99.92 8/2/2022 10.38 1/19/2022 1.33459 0.0500 6.55650 103.98438 0.5769 4.8500 3. 2007 May 4.7180 4.34361 0.0212 0.00 1.5Y FXTN 05-69 4.0000 5.00000 0.04659 0.50006 100.6333800 8.0039 -0.2400000 10.2088200 East West Banking Corp.01905 102.276346256 1.00 0.2000 4.7029 +/0.40943 101.00000 0.3431130 3.3750 11.05.067000 7/11/2012 106.8000 0.1750 5.8613000 1.7500 5.000000 7/31/2012 3.23918 104.8000 2M FXTN 07-41 10. 2005 April 29.8600 4.3750 4.00000 96.643000 3:59:52 PM 5.3568390 4.13 0 0.3750 2.2900000 Union Bank of the Philippines UBP .0000 0.00000 0.1250 23.12428 0.00000 114.16605 128.40506 79. The poll of 10 Japan-based fund managers.3982 4.12 0 0.5Y FXTN 07-48 7.52 13.4000 FXTN 20-12 10.08905 106.2149980 Union Bank of the Philippines 2. showed bonds made up an average of 51.00000 0. 2010 June 15.03715 108. 2005 April 21.00 0.5603760 B.82 6/29/2017 1.500000 7/2/2012 101.1975 5.3750 3M TBILL 11.000000 6/28/2012 3.038.42254 0.7000 5.13 0 0.0000000 Rbank Blue Peso Fixed Income Fund 134.11631 114.3700000 14.6250 4.5000 8.6350 1. 6. 2006 March 28.00000 99.6931750 MetroBank and Trust Co.33459 AC 27 R22-NWT 6.6893686 RCBC Rbank Balanced Fund 122.8500 4.09012 107.0000 7.5Y FXTN 07-45 7.10 10/9/2013 0.0150 -0.2500 0.08034 0.2500 5.7923430 4.5250 3.00 22.4854325 Security Bank Corporation SB Secure Peso Fund 1.8700 5.9250 25Y FXTN 25-08 8.3267 5.26118 101.6626000 14.00000 0.0061 -0.0750 5.96 55.4500000 10.88586 0.7750 4. 2012 1.00 0.63249 0.66 4/30/2017 1.9750 4.00 0.8664581 Union Bank of the Philippines UBP Long Term Current Income Portfolio 114.1000 2.16605 128.38530 SMB 22 R19 6.029.21280 104.99748 100.97754 EDC 06-15-NWT 8.97830 105.8750 3.71867 0. fund managers also cited growing concerns about signs of slowdown around the world.06 0.2900000 15.8100 5.99859 99.6000 3. 2012 S3/5 TRUST OFFICERS ASSOCIATION OF THE PHILIPPINES — UNIT INVESTMENT TRUST FUNDS AS OF AUGUST 16.58 4/3/2014 2.00000 0.97957 0.00000 102. PDEx Benchmarks are calculated from the weighted average yields of done transactions.21280 105.6100 4.7109820 19.4698 5.000000 8/30/2012 2. 2006 April 1.7000 1.1000 2. 2005 April 29.00000 0.49770 106. 2005 April 4.00000 107.5000 8.6975 5.00000 0.0000 2.53 3/14/2022 2.” said Amundi’s Mr.00000 104.00000 97.65175 104.87 7/16/2022 2.80000 0.79 0.8000 7.00000 0.8750 2.5000 0.00000 118.00000 108.496.0500 4.3571670 9.00 0.9000 4.0000 0.09.9875 1.58779 99.16978 93.90706 104.8750 9.56023 100.1250 5Y RTB 07-02 6.200000 8/30/2012 100.54 3/20/2013 0.00 0.00000 99.000000 3:53:39 PM 4.80439 RCB 19 R14 7.9475 3.65 4/27/2016 75.01715 101.61 Month Ago 3.00000 0.5000 3.000000 3/12/2012 103. daily.6250 1.4750 4.00000 78.8969 4.5900000 2.2806 5.300000 7/13/2012 3. 2006 April 6.m.2000 4.235000 8/22/2012 1.5435430 4.00000 0.9500 4M FXTN 07-42 9.31 12/26/2012 0.0089 0.9900000 Odyssey Diversified Balanced Fund 188.8750 2.13 10/19/2012 5.5Y FXTN 10-55 5.000000 8/19/2011 6.01715 105.13* 0 0.3250 5. 2005 March 17.5500 1.00 13.8467892 Banco de Oro Merit Fund-Short Term Portfolio 138.96 8/17/2017 UCPB 08-17 5.63493 103. Banco de Oro BDO Peso Money Market Fund 1417.6850 4.07284 103. Their appetite for domestic stocks also ebbed further from a Japan.8750 3.0200 6.40955 100. NOTE: PDEx Fixing Rates are the calculated average of the best 60% of firm BID rates posted by designated market-making banks for 12 tenors at 11:16 a.9500 3.0000 6.9800 4.2500 22.825. Metro Balanced Fund 2.1007 Month Ago 1.4676100 United Coconut Planters Bank United Conservative Fund 1.0000 3.7500 0.6950 4.8400000 11.00000 98.2500 2. B.8219390 Rizal Dollar Money Market Fund (vice Phoenix Dollar Fund) 1.31684 100.00 0.2500 4.49564 101.7641690 10.7500 4.7000 1.66676 102.7500 2.0750 1.0001 2.1240 -0.0775 5.00266 106.1000 2.2805250 0.25 12/4/2016 1.000000 3:37:45 PM 4.3304 1.8300 4.9500 4.7250 5. (3. India is hit by abnormal weather.0421600 1.2372000 MetroBank and Trust Co.00 20.000000 1/6/2012 3.2731 6.00000 103.00 5.49770 106.6000 1.33459 102.597.500000 6/13/2012 100.99968 TREASURY BILLS <1M TBILL 09.3000 6.2500 2.58 4/2/2019 2.4750 8Y RTB 10-01 7.13519 0.000000 8/15/2012 1.3750 2.5000 6.8750 14.4059000 LandBank of the Phils.2613 4.2600 4.3780 1.5808200 Philippine National Bank PNB Global Filipino .8750 10.0500 4.8300000 East West Banking Corp.31684 99.23 11/24/2021 100.1860000 11.5500 4.21280 105.1945080 2.0000 10.69915 100.4500 5.69671 GLO 19 R17-NWT 6. 2009 November 17. 2005 January 15.39 1/19/2026 20.6349000 11.1300000 Odyssey Tax-Exempt Dollar Fixed Income Fund 22.600000 5/8/2012 99.53575 0.31 5.00000 96.76 1.6500 4.8388000 Philippine National Bank PNB Mabuhay Prestige Fund 1.6000 2.4759000 20.0232090 B.81344 102.7000 1.4350 -0.(GSSF) 1.0000 3.2423 1. — CORPORATE BOND BOARD SUMMARY Inst Name Coupon Years-to- Maturity Volume onLast Last Traded Weighted Ave.99870 100.7500 0.33459 102.00000 0.22.72 5/22/2015 120.5000 3.0412 -0.9797870 3.0000 4.8300 10Y FXTN 20-02 15.2649680 9.7427 5.00000 0.97 8/22/2013 73.500000 3:16:10 PM 2.0000 0.460000 3:58:04 PM 103.11697 EDC 06-15 8.6250 4M TBILL 01.00000 0.3000000 Banco de Oro BDO Fixed Income Fund 1731.000000 3:26:55 PM 4.000000 7/18/2012 2. Philippine Business Bank Diamond Fund .7500 1.6300000 UBP Institutional Tax Exempt Portfolio 152.3750 11.8200000 16.13 0 0. 2005 reuters A man stands in front of an electronic board displaying Japan’s Nikkei share price in Tokyo on May 19.5050 5.6250 6.9500 2.1500 -0. China is slowing sharply. fixed-income deposits and securities with portfolio duration of one year or less.1500 1.000000 8/10/2012 103.5Y FXTN 10-50 7.2500 1.96 8/18/2018 132.9775 4.2500 2.49564 0.23.81 6/26/2014 2. Balanced Funds — invested in a diversified portfolio of bonds and stocks where investment in stocks shall be up to maximum of 40% to 60% of the fund.0000 0.33980 MEG 05-15-NWT 8.00 0.2000 2.5043000 Emerging Market Bond Fund (UITF)*# 10.0000 6.3784000 13. As hopes of policy steps to bring down Spain’s borrowing costs underpinned European shares.04659 104. Dollar Bond Index Fund 172.6192 4.5050 19Y FXTN 20-17 8.781000 3:51:28 PM 4.00 20.7000 1.99 5.1250 13.4750 4.1000 -0.5100000 Robinsons Bank Corp.33980 104.2891160 1.000000 3:58:17 PM 4.19 0.06.” said Akio Yoshino.71867 100.5Y FXTN 10-43 6.3267 5.2481690 Banco de Oro Merit Fund-Medium Term Portfolio 126.63493 106.0720000 3.3680000 8. PNB Dollar Profit Fund 1.4600 2.5Y RTB 10-02 7.000000 8/30/2012 109.2271410 10.0300000 5.7500 1.8000 4.38530 101.9800 4.0500 0.5000 1.9500 4.3000 6.9000 3.8000 0.25 12/4/2016 0.82 6/29/2017 100.Large Capitalization Philippine Equity Portfolio 530.5000 2.6400000 Asia Pacific High Dividend Equity Fund 9.81344 0.1100000 6.1250 0.58365 RLC 07-14-NWT 8. PHILIPPINE DEALING & EXCHANGE CORP.2922130 5.73567 102.8000 1.00000 0.0000 18.0000 6.5000 3.4477000 4.3750 3.00000 102.0750 14Y FXTN 25-01 18.6154 4.04659 102.000000 8/29/2012 100.6750 4.9750 4.8000 1.33559 104.00000 101.31.4875 4.010000 3:44:05 PM 5.5000 ZERO COUPON TREASURY BONDS <1M ZCB 07-03 0 0.40506 79.7500 14Y FXTN 20-11 12.3750 5.9098014 3.285000 11:04:06 AM 5.93409 0.7500 2M TBILL 10.99896 96.723. 2007 April 4.26283 101.1590570 20.0500 6.00000 0.58535 0.73567 RLC 07-14 8.038.99859 99.00000 0.0000 0.30 2.000000 12/8/2010 101.4192335 2.02 9/6/2027 50.69760 100.41 1/31/2018 50.3750 2.3000 2.03715 RCB 11-15 6.88586 MEG 05-15 8.2500 5.00000 0.11631 99.1334000 LandBank of the Phils.000000 8/30/2012 1.00000 0.7600 5.6546090 12.47 2/22/2013 2.09142 101. 2005 November 2.4721370 2.9415 4.80439 100.26.9327538 3.400000 2:41:45 PM 5. 2010 June 19.1250 0. 2005 May 3.000000 4/2/2012 99.57985 102.9300000 5.6500000 5.7500 12.1609000 11.00 33.93409 100.2000 5.3764260 5.0500 6.00000 103.4688 4. 2005 July 1.7500 1. 2004 April 25.9176505 RCBC Savings Bank Molave Fund 1.7500 24.Philippine Dollar Bond Portfolio 1.56023 100.6250 4.3267 5.000000 8/2/2012 99.7500 4.7500 10M FXTN 07-44 9.9500 3.2000 -0.51124 0.0000 4.000000 8/10/2012 99.50948 0.3267 5.134. 2005 April 25.8908848 18.8688000 Landbank Money Market Fund 1.99859 GLO 17 R15 5.3293260 5.13 10/19/2012 1.000000 6/21/2012 85.91 7/28/2030 0.6250 0.00000 0.2500 2.145549 4:11:50 PM 5.5000 2.7140 +/- -0.81 90.4000 6.2500 0.0563 5.0000 4.5981 2.472128135 1.0000 2.00 0.3 Long-Term Funds — The mandate of the fund allows the duration of greater than 5 years.12 0 0.3750 2Y FXTN 10-34 12.000000 8/15/2012 105.2250 2.A UITF 178. In this environment it is difficult for the US alone to maintain strength.88 7/19/2019 139.9720497 BPI ABF PBIF 181.00000 101.2500 4.000000 3/28/2012 3.80143 101.71858 0.4698 5.7250 5.000000 8/14/2012 2.2902120 4.00000 99.62483 0.8300000 Infinity Dollar Long-Term Bond Fund East West Banking Corp.8500 3Y FXTN 04-20 4.6250 1.2150000 Banco de Oro Medium Term Dollar Bond Fund 1.904.3381000 2.1531 -0.57 0.00 0.04 12.4344340 MetroBank and Trust Co.5Y RTB 10-03 5.5Y FXTN 10-33 11.08905 105.90706 0.5750 6Y FXTN 07-51 5.00000 105.9977740 18.1342368 1.0000 4.6250 6.14 10/23/2023 58.01905 102.99968 Bid Yield Bid Price Offer Yield Offer Price Open Price High Price AS OF AUGUST 31.4500 4.5000 6.49770 FLI 11-14-NWT 8.7500 4.00000 0.99748 GLO 17 R15-NWT 5.14 10/24/2012 0. Japan fund managers dump stocks TOKYO — Japanese fund managers lifted their bond allocation to a record high while cutting that on stocks to a 14-year low in August.65 4/26/2019 5.1273 -0.31684 100.5% in July and a record low 15.40899 100.6763 4.5000 0.4000 6.000000 8/13/2012 1. That is still well below the 2011 average of 22% but some fund managers said they warmed up on the euro zone after ECB President Mario Draghi unveiled some of the outline of his plan to save the euro.1950 16Y FXTN 20-14 8.9662423 9.00 0. 2012) Tenor Inst Name Coupon Year to Maturity Maturity Volume Last Traded Weighted Open High Low Last Date/Time Average Yield Yield Yield Traded Date Yield on Last (in M pesos) Traded Date on Monday.2850 5.5000 6.200000 2:40:43 PM 4.7500 8M TBILL 04. Asia United Bank AUB Gold Dollar Fund 170.86 7/15/2014 6.9534 2.0075 -0.33559 0.01905 0.55659 0.5000 5.23918 103.00000 0.4000 2.00000 102.58779 76.9785000 Metro Money Market Fund 1.99844 102.00000 104.0500 5Y FXTN 07-49 7.221000 10:22:50 AM 4.4000 6.2837 2.95 8/14/2013 0.3548535 7.44300 0.12* 0 0.31465 99. .98 8/27/2014 1.21 11/17/2012 5. The rebound in Spanish bond prices since late July has created comfort in financial markets.93 8/5/2024 10.7246 5.7500 0.8303080 Rizal Balanced Fund 1.38948 AC 05-21-NWT 6.4615 2.63548 0.000000 4:07:26 PM 4.0000 6.99652 RCB 18 R13-NWT 7.4500 4.2613 4.69671 101.13519 100.0000 9.1000 2.0022196 2.43 2/2/2032 14.97771 0.06 9/24/2014 51.8750 4.7768210 1.16605 ALI 19 R17 5.50006 100.0000 5.00000 101.99263 99.) The date under the column “Traded Time” indicates the day the ISIN was last traded.00000 104.52 13.40506 RCB Z11-15-NWT 0.4304619 1.21.3267 10Y FXTN 10-56 * 4.5000 3.00000 100.00000 0.1000 2.4900 4.000000 8/22/2012 100.0500 4.00000 103.0000 10.93409 EDC 12-16 9.0000 3.3250 5.00000 0.0000 0.3732850 Allied Banking Corporation Allied Unit Performance Equities Fund 1.6750 4.00 12.6250 3.18 11/7/2012 1.13 0 0.11 10/14/2014 450.48 2/25/2017 13.0550 2.0030 -0. 2006 January 12.978000 3:46:45 PM 103.0140860 0.2000 8M TBILL 05.7250 4.0084 -0.20740 0.18 11/6/2015 0.2350 4.000000 8/1/2012 3.00000 99.629642 4/10/2012 2.6069634 Bank of Commerce Bancommerce Dollar Trust Fund 1. September 3.8150 1.97 8/21/2017 UCPB 08-17-NWT 5.8543000 4.26118 0.13 0 0.4500 9.00000 100.03 5.00000 0.1559520 16.11631 114.5448537 5.50006 0.00000 99.00000 105.58 4/3/2019 12.12 10/17/2012 11.66676 0.8500 2.250000 6/18/2012 118.8000 8.00 0. 2005 February 18. 2004 June 1.7500 17.3750 4. Banco de Oro BDO Peso Balance Fund 3219.58610 99.91 101. 2008 June 1.2500 2. 2012 Japan. 2005 April 5.6250 24.100000 8/23/2012 104.98892 SM 22 R19 6.2993840 14.1578430 2.8600 4.00 16.71867 100.90706 104.8700 5. 2005 March 23.8500 4.58535 SM 6-14 8.01 9/8/2012 FOOTNOTE: (1) ISINs with asterisks are the specific securities for which designated market-makers are to post yields and prices.5535000 12.3571000 5.9500 2.00 0. 2007 April 1. “Share prices have risen in many countries but this is largely helped by thin trade during the summer holiday.0000 4.8000 4.81344 101.3253590 0.00000 0.82804 103.6795691 Banco de Oro Equity Fund 119. 2006 March 24.71417 95.99919 105.11697 0.000000 8/17/2012 4.7500 2. September 3.00266 105.00000 0.0000 0.8750 3.0308 0.00000 98.3750 1.21345 0.08431 107.00 19.400000 8/29/2012 100.551000 8/2/2012 1.2149490 7.69 10.04659 102.09142 105.07284 104.26908 0.07.6229398 6.3849140 9.8420602 BPI International Fund Plus 153.7% from 38.57 55.99249 0.7250 4.000000 8/23/2012 107. .000000 3:22:26 PM 4.00 25.8500 3.0154 2.0125 -0.93409 100.2200000 Odyssey Tax-Exempt Philippine Equity Fund (UITF)* 378.6250 1.2850 15Y RTB 15-02 5.87 7/16/2022 12.000000 6/21/2012 100. (4) The time under the column “Traded Time” indicates the time the ISIN was traded during the latest trading day.000000 8/14/2012 101.9808 2.3697 5Y FXTN 20-01 14.5Y RTB 05-10 6. The ECB is expected to unveil details of the program after its policy meeting on Sept. 2005 April 5.410000000 China Banking Corporation Chinabank GS Fund 1.00 15.9300 5.8062490 13.3750 1.65 4/27/2022 5.23056 99. Draghi said the ECB would buy short-term government bonds if a government requests for help from the euro zone’s bailout funds.bworldonline.17.5000 0.0500 4. 2006 February 26.3759990 2.00 0.000000 7/27/2012 3.80143 0.2500 2.83147 101.7150 4.0400 -0. Infinity Dollar Intermediate Bond Fund 130.18 11/6/2015 2.00 11.49671 0.9500 2.98892 99.6250 4. In equity portfolios.8896 5.12* 0 0.0000 8. 2004 May 5. fixed-income deposits and securities with portfolio duration of one year or less.86 7/14/2014 1.8000 7.010000 10:44:21 AM 1.000000 8/24/2012 3.1400000 12.2500 7M TBILL 03.0000 4Y FXTN 10-40 7.6500 5.0753 -0.13 0 0.2733810 5.00000 0.3500 1.00000 100.00000 0.0335 -0.7296000 5.00000 0.7500 1.7250 4.300000 8/17/2012 117.100000 4/25/2012 2.89 7/24/2013 29.000000 8/15/2012 105.4615 2. 2011 August 8.13 0 0.6000 3.5858 4.200000 3:38:12 PM 4.716.94 0.2525300 Odyssey Tax-Exempt Peso Fixed Income Fund 242.0150 6.75 6/1/2019 39.2000 10M TBILL 07. UITFs INVESTED IN DOLLAR-DENOMINATED INSTRUMENTS A.12 0 0.81 6/25/2016 FLI 10-16 6.0731050 2. 2005 April 29.000000 3:44:15 PM 4.00 0.13519 MBT 19 R14-NWT 7.53863 0.69760 SMB 22 R19-NWT 6.5383190 5.10.00000 99.0500 0.5Y SPTB 10-03 12.0228 -0.5750 4.58365 102.0000 5.7500 2.0000 9.40 1/27/2014 192.09142 101.7500 1.00000 105. 2006 June 1.9250 5.2508 2.7169470 5. Close INSTITUTION UITF NAME NAVPU % YOY % YTD INCEPTION DATE March 6.5172000 2.00 0.5Y FXTN 10-42 9.00000 96.1287405 19.20.14 10/20/2025 40.98892 103.69029 0.6100 4.8453030 MetroBank and Trust Co. three fund managers said it did while another three said no.8876 5.8750 11.72736 104.00 0.0458786 Sterling Bank of Asia (A Savings Bank) Sterling Money Market Fund 1.500000 8/14/2012 100.6% of asset portfolios in August.5750 4.0100000 Odyssey Metro Equity Fund 1. Infinity Money Market Bond Fund 1186.38530 105.080000 7/10/2012 99.923.2850 5.94 8/10/2019 AC 05-21 6.00000 0.7500 4.8150 1.195455075 6.3245622 MetroBank and Trust Co.09 8. 14.000000 5/21/2012 114.00000 0. provided that if the client does not notify the trust institution of such change.2500 1.07284 104.67 5/6/2014 0.23918 103.22 11/21/2012 4.000000 8/29/2012 4.63548 85.50 3/1/2032 302. 2012 Low Price Close Price 9.8212 4.26118 101.00000 0.8000 1.21 11/19/2012 0.37 2.5000 2.00 3.1189677 4.9296 5.70 5/15/2013 0.08905 JGS 11-14 8.38948 105.242.00000 99.21280 105.5500 SPECIAL PURPOSE TREASURY BONDS 2.00000 0.6356730 Philippine National Bank B.8000 8.8750 2.00000 0.13 0 0.11631 114.6814 4.8750 4.95 8/14/2013 1.70 5/15/2014 1.04 9/16/2020 10.000000 8/8/2012 5.0500 -0. the lowest since late 1998.3327 4.00 3.62 4/14/2025 50.4750 4.7010000 17.1246755 Banco de Oro BDO Institutional Cash Reserve Fund 102.0000 9.1070560 3.7350 4.00 0.23 25.0300000 5.13 0 0.5750 4.06 9/24/2012 0. Metro Invest Plus 1.9300 6. Metrodollar Asian Bond Fund MetroBank and Trust Co.6500 5.7600 5.24.7500 6.000000 8/28/2012 104. Rizal Dollar Bond Fund (vice Eagle Dollar Fund) 1.49564 101.600000 8/17/2012 104.29 3. Robinsons Bank Corp.2500 2. NOTICE: BSP Circular 593 requires that prior to investing in UITFs.8000 19Y FXTN 25-03 11.3250 5.4000 2.3250 5.8000 6.995087 8/30/2012 4.3750 2.64 4/22/2017 2.8750 3.8088 4.08 3.00000 0.66 4/30/2017 100.38530 100.0635 4.35 1/7/2013 5.6750 4.000000 8/28/2012 102.486.99870 99.33459 99.80143 104.000000 11:24:49 AM 4.00000 100.71867 100.0000 4.40 1/27/2016 27.5000 3.2851920 1.97824 99.4698 FXTN 20-08 12.2500 2.00 5.6744 5.5792000 LandBank of the Phils.01715 MBT 18 R13 7.96 8/19/2015 1.1281 -0.8500 9.99652 99.99652 0.7957100 25.58 4/2/2022 2.66676 AC 27 R22 6.00 0.0400 -0.62483 128.00000 0.00000 0. record high hit two months ago.63548 UCPB 02-16-NWT 6.00000 100.0800000 1.9% in June. Philippine Bank of Communications Best Balanced Fund 108.42254 100.5500 1.00000 99..00000 0.56450 100. AB Capital Equity Fund 2.000000 8/3/2012 5.8800000 14.99856 99. fund managers cut the weighting on US and Canadian shares to a record low 30.140000 8/3/2012 100.9500 4.0800 2.4700 -0.62483 118.0000 7.5Y RTB 05-08 6.3334320 2.83147 0.4767000 20.23 11/25/2015 50.0811 Month Ago 2. 2005 May 3.
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