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www.businessmirror.com.ph n Sunday, March 8, 2015 Vol. 10 No. 150 P. | | 7 DAYS A WEEK

INCREASE IN JAPANESE ASSISTANCE TO PHL EXPECTED

ECONOMIC DATA PREVIEW

WEEk AhEAD

S “I,” A

S “I,” A

PHL infrastructure devtlags behind neighbors–BPI

TREASURIES FALL AS JOBS GAINS RAISE ODDS FOR FED RATE HIKE

S “A,” A

B D K A S | Bloomberg

THE Treasury market is signaling the latestjump in US employment will leave the Federal Reserve (the Fed) little excuse not to

raise interest rates this year.

PESO EXCHANGE RATES n US 44.1590 n JAPAN 0.3676 n UK 67.2939 n HK 5.6948 n CHINA 7.0472 n SINGAPORE 32.2140 n AUSTRALIA 34.5505 n EU 48.6985 n SAUDI ARABIA 11.7754 Source: BSP (6 March 2015)

INFRASTRUCTURE develop-ment in the country lags be-hind the rest of the Southeast

Asian region. Quoting the World EconomicForum 2014 report, the Bank ofthe Philippine Islands (BPI) saidthat, despite e�orts to shore upthe lingering de�ciency throughgovernment expenditure andpublic-private partnership (PPP),

the overall rating of Philippine in-frastructure development remainsone of the lowest in the region. “In a year where governmentspending was expected to bolsterthe overall growth print, as the na-tion rebuilt storm-ravaged areasand shored up outdated infra-structure, national governmentexpenditure failed to deliver,with the government de�cit a

mere 0.9 percent of GDP [grossdomestic product] against the2.2-percent target,” BPI said. It added that the much-trumpeted �agship PPP Programwas also hardly able to get o� theground, with only a handful ofprojects moving into implementa-tion stage and several others miredin legal woes.

B L S. M

THE amount of Japanese assistance coming intothe Philippines may still increase in the comingyears, despite Tokyo’s recent amendment to its

policy on providing aid to developing countries.  Tokyo will continue to provide assistance to Ma-nila, especially in development areas that are in direneed of aid, even as Japan’s o�cial development assis-tance (ODA) program was recently changed into o�cial

development cooperation, as the Japanese government revised itspolicy from pure assistance to a two-way relationship. �is was the assurance of the Japanese Embassy to Manila,which said that the change in the charter will not immediately af-fect the direct assistance to the Philippines, as it still requires �nan-cial aid to e�ect inclusive growth.

B B C

INTERNATIONAL banksshared mixed views onthe Bangko Sentral ng

Pilipinas’s (BSP) potential policy movein response to the slightly higher, butstill relatively tame, inflation rate inFebruary this year.

Intl banks have mixed viewson BSP move to cut inflation

In separate research notes,Barclays and JPMorgan both saidthat the February in�ation, at 2.5percent, was in line with their ownmarket expectations. However, JPMorgan is skewedto predicting that the BSP willlikely lower its rates, while Barclayssaid it is maintaining its forecast ofa hike in the central bank’s over-night policy rates within this year. In particular, economists inBarclays Research said that, whilethe BSP appears to remain com-fortable with its current monetary-

policy stance, they still see a policy-rate hike taking place in the fourthquarter of this year. �e forecast was unchanged fromtheir earlier projections, taking intoconsideration the BSP’s adjustment ofits own rates to the expected normal-ization of monetary policy in the US. Barclays also noted that, whilein�ation remained relatively tame,at 2.5 percent compared to the 2.4percent seen in the previous month,core in�ation—or the measureof in�ation without the volatile

0

2

4

6

8

10

ANNUAL

February’14

February’15

Graphic: TNSSource: U.S. Bureau of Labor Statistics

’04 ’14

Jobless ratePercent of civilian labor force that is unemployed,by month, seasonally adjusted:

5.5%

6.2%

02468

10

0

2

4

6

8

10

5.5%

Yields on two-year notes, most sensitive to changes in expecta-tions for central-bank policy, climbed to the highest level this year,after a government report showed the economy gained more jobs thanforecast in February and the unemployment rate dropped to an almostseven-year low. Futures showed the odds of a rate increase in Septem-ber climbed to 60 percent, from 49 percent on �ursday. “History suggests it’s not in�ation expectations that move bondyields over the short run, it’s the expectation of what the Fed is goingto do,” said James Kochan, chief �xed-income strategist at Wells FargoFunds Management Llc. in Menomonee Falls, Wisconsin. “We’re build-ing in an expectation that rates are going up.” �e central bank has kept its target for overnight loans betweenbanks in a range of 0 percent to 0.25 percent since December 2008 tosupport the economy. It last raised the rate in 2006. Yields on benchmark 10-year notes rose to their highest level thisyear on Friday, climbing 13 basis points, or 0.13 percentage point, to2.24 percent at 5 p.m. New York time, according to Bloomberg BondTrader data. �ey bottomed out at 1.64 percent on January 30, thelowest since May 2013. Two-year note yields climbed as much as nine basis points to 0.73percent, the highest level since December 29.

C A

SPECIALIST Meric Greenbaum works at his post on the �oor of the New York Stock Exchange on Friday. US stocks and bonds fell sharply, as a strong jobs report led investors to anticipate higher US interest rates. AP/RICHARD DREW

Foreign exchangen Previous week: The local currency was largely unchanged in the previous week, trading at the �oor of the 44 territory in the span of �ve trading days. In particular, the peso opened trade at 44.09 to a dollar on Monday to slightly appreciate at 44.06 against the US  dollar on Tuesday. The peso then moved sideways to hit 44.1 to a dollar on Wednesday and further decelerate on Thursday at 44.125 to a dollar and corrected back to 44.09 against the US dollar on Friday. The total traded volume was at $2.28 billion, lower than the previous week’s volume at $3.3 billion. n Week ahead: Bank research indicates foreign data that will be released in the week ahead. As such, liquidity data in the euro zone will likely dictate the �ow of the local currency in the year ahead.  There are no other local economic indicator data due for release in the week ahead.

Bianca Cuaresma

Sunday, March 8, 2015 BusinessMirror news@businessmirror.com.ph A2

News

SUNRISE SUNSET

FULL MOON6:09 AM 6:05 PM

MOONRISEMOONSET

7:31 AM 8:05 PM

TODAY’S WEATHERMETROMANILA

LAOAG

BAGUIO

SBMA/CLARK

TAGAYTAY

LEGAZPI

PUERTOPRINCESA

ILOILO/BACOLOD

TUGUEGARAO

METROCEBU

CAGAYANDE ORO

METRODAVAO

ZAMBOANGA

TACLOBAN

3-DAYEXTENDEDFORECAST

3-DAYEXTENDEDFORECAST

CELEBES SEA

LEGAZPI CITY23 – 30°C

TACLOBAN CITY23 – 30°C

CAGAYAN DE ORO CITY

METRO DAVAO24 – 33°C

ZAMBOANGA CITY23 – 33°C

PHILI

PPIN

E ARE

A OF R

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PUERTO PRINCESA CITY 24 – 32°C METRO CEBU

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Watch PANAHON.TV everyday at 5:00 AM on PTV (Channel 4).

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MARCH 8, 2015 | SUNDAY

HIGH TIDEMANILA

SOUTH HARBOR

HIGH TIDEMANILA

SOUTH HARBOR

LOW TIDE

5:38 AM0.14 METER

MANILA SOUTH HARBOR

TUGUEGARAO CITY19 – 32°C

LAOAG CITY 20 – 30°C

TAGAYTAY CITY 19 – 29°C

SBMA/CLARK 21 – 32°C

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Partly cloudy to at times cloudy withrain showers and/or thunderstorms

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1:48 AMMAR 14

2:05 AMMAR 6

BAGUIO CITY14 – 24°C

23 – 31°C

11:54 PM0.58 METER

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MAR 9MONDAY

MAR 10TUESDAY

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20 – 30°C

Partly cloudy to at times cloudywith rainshowers

WEAK NORTHEAST MONSOONAFFECTING EXTREME NORTHERN LUZON

(AS OF MARCH 7, 5:00 AM)

METRO MANILA21 – 32°C

Northeast Monsoon locally known as “Amihan”.It affects the eastern portions of the country. It is cold and dry;

characterized by widespread cloudiness with rain showers.

METRO DAVAO

CAGAYAN DE ORO CITY

TACLOBAN CITYTACLOBAN CITY

TUGUEGARAO CITY

BAGUIO CITY

TAGAYTAY CITY

Infrastructure... A

Firefighting... A

Jobs reportYIELDS soared after the Labor De-partment reported the US added295,000 jobs last month, comparedwith a forecast for a 235,000 gainin a Bloomberg survey. �e unem-ployment rate fell to 5.5 percent,from 5.7 percent. It was the 12th straight monthpayrolls have increased by at least200,000, the best run since March1995. Payrolls rose 3.1 million in2014, the most in 15 years. “You see a coalescing of expec-tations about a June start to Fedtightening,” said Michael Cloherty,head of US rates strategy in NewYork at Royal Bank of Canada’sRBC Capital Markets unit, one of22 primary dealers that trade withthe Fed. “�at shift will be strong

enough that the debate will turnaway from, ‘when’s the �rst hike?’and more toward the pace and peakof the Fed funds rate.”

‘First steps’FEDERAL Reserve Bank of SanFrancisco President John Williamssaid midyear may be time for a“serious discussion” about raisinginterest rates, as the labor marketnears full employment and in�a-tion rebounds. “�e time is coming when we’llbe making our �rst steps down theroad to normalization,” Williamssaid on �ursday, in the text of aspeech prepared for delivery in Ho-nolulu. “What I see when I look atthe data that strip out the short-term volatility is an economy that’sgot a good head of steam and is get-ting close to full employment.”

�e US central bank hadboosted its assessment of the econ-omy on January 28, after a two-day meeting. Policy-makers playeddown low in�ation, while sayingthe US was growing at a “solid”pace, versus the “moderate” perfor-mance they saw in December, whenthey signaled they were on track toraise rates this year. “It inevitably was going to pullpeople’s expectations a little for-ward because the marketplace justhasn’t believed the Fed, becausethey’ve changed the goal posts somany times to delay the lift-o�,”said Guy Haselmann, an interest-rate strategist at Bank of Nova Sco-tia in New York, one of 22 primarydealers that trade with the Fed.“People are starting to realize theFed risks looking like it’s falling be-hind the curve.”

He said the DBM has allocated P73.63 billion to the PNP to helpthe police force achieve its 2015 targets of limiting crime incidenceto 37.11 percent and meeting a crime-solution e�ciency rating of29.99 percent. “To support their e�orts, the PNP was given a budget of P70.8 bil-lion in the 2015 GAA, with an additional budget of P2.83 billion in the2014 Supplemental Budget for the PNP Operational TransformationalPlan that would upgrade their equipment,” Abad said. �e DBM, meanwhile, allocated P125.8 billion to the AFP,along with the Army, the Navy and the Air Force, and the AFP Gen-eral Headquarters, so that the military can e�ectively protect thesovereignty of the country. �e funds include a P95.8-billion allocation from the 2015GAA and a budget of P20.0 billion from the allotment of the AFPGeneral Headquarters, as well as P10.0 billion from the 2015 un-programmed funds. Estrella Torres

“�e government has once again promised to accelerate spendingdespite the Supreme Court’s ruling on the Disbursement Acceleration Program [DAP]. Unless the government can address this backlog in in-frastructure development, the Philippine may see long-term growth potential curtailed, as the government is unable to keep up with the rapid pace of private-sector development,” the BPI said. Last year the Philippine economy grew by 6.1 percent, lower than the 6.5-percentto 7.5-percent target set by the national government. “Government spending, which was an overall drag on 2014 growth, may bounce back and bolster growth,” as government man-agers manage to implement timely spending by skirting DAP road-blocks in realigning funds, it said. “Against a backdrop of the demographic dividend, which can last for 10 to 20 years, depending on the growth of population, the Philip-pines can look to post a stable 5.5-percent to 6.5-percent growth trend, with upside to 7 percent to 8 percent, should infrastructure keep up with the economy’s vibrant performance,” it added. �is year the national government forecasts a GDP growth of 7 percent to 8 percent, with in�ation rate remaining at 2 percent to 4 percent. Should oil prices remain low and interest rates held near his-toric lows, consumption will continue to �ourish to boost growth. �e second half of the year, which is the start of election cam-paign, is expected to contribute positively to the growth, particu-larly on consumption. G. Factao

“There is no intention to decrease Japan’s ODA [o�cial development assistance], but we can increase depending on the need,” the em-bassy said, noting, however, that, in the long run, Tokyo will extend cooperation agreements, instead of pure assistance. The Japanese embassy said the new charter will now focus more on providing disaster relief, maritime security and assistance to Mindanao. Tokyo has been supporting peace process in Mindanao since 2006, when it launched the Japan-Bangsamoro Initiatives for Reconstruc-tion and Development (J-BIRD). In March 2014 the Japanese government extended P38 million in assistance to the peace process in Mindanao. The package included the construction of 18 classrooms; an agricultural training center; and four vocational training cen-ters, which mainly targets the youth and women. As of the aforesaid period, the Japanese govern-ment has poured in P300 million in assistance to aid the con�ict-a�ected areas in Mindanao. The ODA program has immensely bene�ted the Philippines in a wide range of priority areas, including maritime cooperation, peace building, governance, education, health care, and construc-tion, and youth leadership-training programs. The East Asian country has been the top do-nor of the Philippines for several years now. The total assistance that Japan has been extending to the Philippines is at ¥5.17 trillion as of end-2012.  In 2012 alone Japan donated some ¥69.97 billion in a mix of grants, loans and technical co-operation to the Philippines.  The Japanese ODA policy mainly revolves around the idea of aiding the Philippines to achieve inclusive growth. It has three priority areas, namely, to achieve sustainable economic growth through further promotion of invest-ment; to overcome vulnerability and stabilizing bases for human life and production activity; and to develop peace in Mindanao. Japanese aid was responsible for the con-struction of big-ticket infrastructures in the Philippines, such as the Ninoy Aquino Interna-tional Airport Terminal 2, the Subic-Clark-Tarlac Expressway and the Arterial Road Bypass in Ca-banatuan City, among others. 

A

Assistance... A

products—registered a steeper jump at 2.5 percent, from 2.2 percent. Barclays also noted that they noted the clearing of the Manila Port congestion, saying that this develop-ment removed a key headwind to ex-port growth in the country. Manwhile, JPMorgan said that while in�ation slightly picked up in February, they see it going down again toward the end of the year.

“JPMorgan expects that in-�ation could fall well below the lower in�ation bound of 2 per-cent in third quarter 2015,” JPMorgan said. “�is could provide room for the BSP to ease during third quarter of 2015, especially if capital out�ows remain manageable following the Fed funds hike in second quarter of 2015, amid a comfortable current-

account bu�er provided by lower oil imports,” it added. �e BSP projects in�ation to hit 2.3 percent at the end of the year, as forecasted in its earlier policy meet-ing on February 12 this year. �is is still within its target range of 2 percent to 4 percent on average for 2015. �e BSP is set to hold its next policy meeting on March 26. 

Inflation... A

TREASURIES FALL AS JOBS GAINS RAISE ODDS FOR FED RATE HIKE

www.businessmirror.com.ph • Editor: Vittorio V. Vitug A3BusinessMirrorEconomySunday

Sunday, March 8, 2015

ARMM investments buoyant despite security, peace and order concerns

Two companies based in the island town of Panglima Sugala in Tawi-Tawi—the Tawi-Tawian Petroleum Trading Corp. and Chan C Mining

Inc.—registered a total of P863 million worth of new projects with ARMM’s Regional Board of Investment (RBOI) in the first quarter of this year.

COTABATO CITY—Investments in the Autonomous Region in Muslim Mindanao

(ARMM) remain buoyant despite recent security concerns in certain areas of Maguindanao province, regional officials said on Friday.

By Lorenz S. Marasigan

LISTed firm Boulevard Hold-ings Inc., which operates resorts in Puerto Galera in

Mindoro and Boracay in Aklan, said its sales continue to suffer a decline during the first nine months of its fiscal year ending May due to prob-lems in its Boracay resort. Boulevard said its consolidated sales as of end-February plunged 48 percent to P48.38 million, from P100.6 million last year. “In line with our existing prob-lems at Friday’s Boracay Beach Re-sort in Boracay Island, Malay, Aklan, we report the significant negative effect on sales for the period,” the Panlilio-owned firm said. In February alone, Boulevard said sales dropped 56 percent, to P8.04 million, from P14.45 million a year ago. The company’s sales is in decline since early last year, due to lower saleable rooms brought by the usurpation of property, as well as forcible entry by the son of the previous owner of a parcel of land at Friday’s Boracay. Boulevard, led by businessman Jose Panlilio, develops real estate, such as leisure, hotel and tourist estates, as well as residential and office condominiums.The compa-ny operates Friday’s Boracay Beach Resort through its subsidiary Fri-day’s Holdings Inc. VG Cabuag

Boulevard Holdings sales decline 48% as of end February

By Kris M. CrismundoPhilippines News Agency

THe International energ y Agency (IeA) has urged South-east Asian countries to in-

crease the share of natural gas (NG) in power generation, with the pro-jected surge of electricity demand in the Asean region.

IeA Global energy Policy Office Asia Pacific and Latin America divi-sion Head Misako Takahasi, at the Natural Gas Summit 2015 at the In-terContinental Hotel in Makati City on Thursday and Friday, said power demand in Southeast Asia is expected

to surge by 80 percent in 2035.“The engine of demand growth

moves to Asia. Asean energy demand increases by over four-fifth in the period of 2035, or by more than the current energy consumption of Ja-pan,” she said.

But Takahashi noted that the 80-percent increase is still a normal rate, given the projected growth of Southeast Asian economy, supported by the Asean economic Community taking place by end-2015.

The population growth and the number of population without access to power will also drive the increase in demand in the coming years.

“This rate is not surprising, given the large population and economic growth of Southeast Asia,” the IeA official said.

In the region only Singapore and Brunei darussalam have 100 percent of their population who have access to electricity, according to a study of the state think tank Philippine Institute for development Studies. In the Philippines 16 million people have no access to electricity. even higher for Indonesia at 63 mil-lion individuals having no access to power; Myanmar with 26 million; Cambodia, 10 million; Thailand, 8.0 million; Lao PdR, 2.2 million;

Vietnam, 2 million; and Malaysia, 200,000. “The challenge for the region is whether it’s prepared for this demand,” Takahashi noted. She urged that power supply in the region must evolve from coal to natural gas, as coal-fired power plants have con-tributed a lot to climate change, which is detrimental to economic progress. But the IeA projected that coal will remain the main source of power in Southeast Asia in the coming years, followed by renewable gas and nu-clear energy. Takahashi, however, noted that the volume of liquefied natural gas will

double by 2035. Takahashi also said the IeA sup-ports the Trans Asean Gas Pipeline (TAGP) Project, which is envisioned to establish interconnecting arrange-ments of electricity and NG among the 10 member-states of Asean to ensure greater security and sustainability of energy supply in the region. According to the Asean Council on Petroleum (Ascope), the TAGP Project—led by Malaysia’s Petronas —has already established 11 bilateral connections, with a total of 3,020 kilo-meters of pipeline connections making possible the transmission of gas among Ascope member-countries.

IEA pushes Asean to hike NG use in power generation

Tawi-Tawian Petroleum Trading Corp. is into the importation and distribution of petroleum products, while Chan C Mining is engaged in mining and quarrying of nickel ore exported to China.

ARMM Regional Gov. Mujiv Hata-man said investors’ confidence in the region is still high.

“Pagdating sa investments, so far, wala pa namang umaatras. Tuloy ang investments sa Maguindanao. Nag-kausap kami ng mga investors at nang kanilang foreign partners at nasabi nilang itutuloy nila ang kanilang mga investments [As far as investments are concerned, nothing has changed. I have talked to our prospective in-vestors and their business partners, and they assured us they will push

through with [their] investments],” Hataman said. Lawyer Ishak Mas-tura, RBOI chairman, said a string of projects is in the pipeline this year for Maguindanao, which includes a P1.3-billion palm-oil plantation and a P2-billion banana plantation.

Mastura said there are projects lined up in other parts of the region that include an expansion of capacity biomass-power plant, rehabilitation of a starch factory, expansion of ba-nana plantation, and construction of an oil depot.

According to Jun Macalawan, RBOI supervising investment spe-cialist, the incident in Mamasapano and the ongoing joint law-enforce-ment operation of the police and military in parts of Maguindanao

have not discouraged foreign and local investors from expanding their businesses in the region.

He said their trust in the good governance initiatives of the present ARMM administration and in the ongoing peace process are the main reasons for their confidence in the region’s economy. In 2014 ARMM generated more than P3-billion investments, at least 400 percent of its target of P700 mil-lion for that year. The military has launched an all-out offensive against the lawless Bangsamoro Islamic Freedom Fight-ers and the alleged foreign terrorists in Maguindanao, while other govern-ment forces are running after the ex-tremists Abu Sayyaf Group in Sulu. PNA

Sunday, March 8, 2015A4

SundayVoicesBusinessMirror

Gospel Sunday, March 8, 2015 The passover of the Jews was at hand, and Jesus

went up to Jerusalem. In the temple he found those who were selling oxen and sheep and pi-

geons, and the money-changers at their business. And, making a whip of cords, he drove them all, with the sheep and oxen, out of the temple; and he poured out the coins of the money-changers and overturned their tables. And he told those who sold the pigeons, “Take these things away; you shall not make my Father’s house a house of trade.”

his disciples remembered that it was written, “Zeal for thy house will consume me.” The Jews then said to him, “What sign have You to show us for doing this?” Je-

sus answered them, “Destroy this temple, and, in three days, I will raise it up.”

The Jews then said, “It has taken forty-six years to build this temple, and will You raise it up in three days?” But he spoke of the temple of his body. When, therefore, he was raised from the dead, his disciples remembered that he had said this; and they believed the scripture and the word, which Jesus had spoken.

Now, when he was in Jerusalem at the Passover feast, many believed in his name when they saw the signs, which he did; but Jesus did not trust himself to them, because he knew all men and needed no one to bear witness of man; for he, himself, knew what was in man.— John 2:13-25

Several developments in Mindanao and Metro Manila over the past few days need review to help us comprehend the current state of affairs in our country.

We need this analysis in the face of relentless Malacañang pres-sure on Congress to pass the proposed Bangsamoro basic law (BBl) and the accompanying road show pushing the idea that approval of BBl is our only remaining option for peace in Mindanao.

Hope in a time of political obscurantism and military strife

Foremost of the developments is the breakaway of a splinter group from the Bangsamoro Islamic Freedom Fighters (BIFF), forming the so-called Justice for Islamic Movement (JIM), whose objective is goal achievement only by force. It is said the BIFF is in itself, of course, a splinter group from the Moro Islamic liberation Front (MIlF).

another development is the emergence of a Bangsamoro Transformation Council (BTC) that declared itself committed to the ways of peace in finding a solution to the problems of Muslim Mindanao.

a third development is the circulation of news that at least 80 percent of congressmen will not approve the BBl without amendments. additionally, Sen. Miriam Defensor-Santiago said that, no matter what Congress eventually does about the BBl, it will be challenged before the Supreme Court. In all likelihood, the BBl will be found unconstitutional. This may be primarily because President aquino had no authority to negotiate with the MIlF for the creation of a so-called substate.

These developments offer hope that all is not lost for our country. The surfacing of JIM, as bad as it is, is a validation of the argument that, BBl or no BBl, there will always be some groups in Muslim Mindanao that will take exception to whatever is agreed upon in negotiations, so long as it does not include the capitulation of the government. Just like the Islamic Caliphate of Syria (IS), JIM is so obviously repugnant it can only galvanize reasonable human beings to act against it.

In this connection, the report that the armed Forces of the Philippines (aFP) will not stop its opera-tions in Mindanao until all terror groups have been decimated is most welcome.

The BTC says it represents all the people of Mindanao, Muslims and non-Muslims alike. This is as it should be. let’s explore the alternative it is bringing to the negotiating table.

Their record of political opportunism being what it is, our congressmen’s pledge to get rid of all uncon-stitutional features of the BBl before they approve it is hardly credible. They might just find the manipu-lation coaxing up by cash impossible to resist. But we are suckers for hope. We’re crossing our fingers.

last, the argument put forward by Senator Santiago is thoroughly convincing as are also the argu-ments manifested by other brilliant legal luminaries and social commentators. But, whether the Supreme Court will agree with the conclusion is another matter. Fervently, we hope it will.

Our last stand might just be in a plebiscite, just in case the unthinkable happens, that the BBl, flaws and all, is submitted to the people in a referendum. The pros and cons of the issue will be threshed out before the highest tribunal of the Filipino people. We expect to win that debate.

Sony’s smart to think small

editorial

THE future of Sony, a $32-bil-lion giant, may turn on $50,000. That’s how much

a crowdfunding initiative, champi-oned by CEO Kazuo Hirai, had raised, as of Thursday, for a new technology that seeks to empower would-be inventors. The project—the brain-child of Sony engineer Takehiro Hagiwara—is part of an improbable effort by the Japan Inc. icon to come up with the next Walkman.

Hagiwara’s invention, called MESH (for “make, experience and share”), combines hardware, wire-less technology and an app that runs on iPads: A series of boxes the size of chewing gum packets can be linked up in various combinations to make cameras, sensors, alarm clocks, whatever. It’s one of several small, unusual projects being fos-tered within the company. The hope is to revive the culture of innovation that once propelled Sony to the top of the tech world.

For decades Sony’s corporate cul-ture has favored top-down ideas de-livered from executives to engineers and designers. That strategy has been a dismal failure, as evidenced by the company’s weak roster of products. Last year Hirai decided to reverse direction and promote ideas from below, funding them outside normal channels.

As my Bloomberg colleagues Pavel Alpeyev and Takashi Amano report, Hirai now meets person-ally with young developers to probe their ideas, test prototypes and give feedback. MESH, for example, will be offered for free—a very un-Sony approach. Hirai has embraced crowd-funding to support other products, as well, including a watch made out of electronic paper and a door lock controlled via smartphones.

Silicon Valley companies, such as Google, have long encouraged em-ployees to dream big and work on their own projects on the side, hoping to nurture breakthrough technolo-gies. The question is whether Hirai can pull off such a revolutionary culture shift at a company as staid, bloated and siloed as Sony.

To do so, he’ll have to show an appetite for shock therapy that he hasn’t displayed before. “Disruptive ideas can come from everywhere and at any time, so the key to success is to foster a culture of ‘disobedient par-ticipation’ across the entire company, allowing anyone to step forward,” says Martin Roll, Singapore-based advisor to business leaders and au-thor of Asian Brand Strategy. “Great ideas don’t emerge from a formula, so rules must sometimes be broken. The future of Japanese corporations partly depends on whether their lead-ers dare to establish and implement strong, innovation-driven operating models across key businesses.”

The danger is that Sony’s size, hierarchy and competing fiefdoms will squelch any individual attempts at creative thinking, even if backed by Hirai. There’s never been a short-age of smart engineers and design-ers at the company, remember. Sony had little trouble becoming a major force in the camera business over the last decade, going head-to-head with the likes of Canon and Nikon. The PlayStation 4 game console quickly put Sony on top in the console wars.

But Sony’s engineers have been better at producing faster and more versatile versions of existing gad-gets, rather than breakthrough in-ventions. That’s a challenge now, as smartphones perform more and more tasks and single-use products lose their appeal. From a hardware

perspective, Sony makes decent smartphones, with high-resolution screens, great camera chips and a smooth interface. Yet its efforts to create an ecosystem to rival Apple’s iTunes, built around the PlaySta-tion, have had minimal success. And there’s the price problem as consumer power shifts to emerging markets. Japan’s preference is still to hawk video games for $70—not to let users download them for $2 or $5.

A decade after Steve Jobs showed how disrupting his own product line was smart business, Sony remains reluctant to cannibalize for consum-ers’ benefit. Sony could’ve offered a smartphone PlayStation years ago, just as Apple had the confidence to eclipse the iPod with the iPhone and then to take a risk again with bigger phones that ate into iPad sales. Japan Inc. has yet to show itself capable of such daring.

Kudos to Hirai for trying to change things. But to give ideas from Sony’s ranks a fighting chance, he’s going to have to make innovation a central priority across the company, altering incentives so that would-be inventors can expect a cut of what-ever breakthrough gadget or app they dream up. (There are hints that the company may be considering this.) He’ll have to break down silos from above even as he promotes out-of-the-box thinking from below.

The potential benefit is huge. As Bryan Norton, CEO of Tokyo’s T-Mark Kabushiki Gaisha says, if Hirai “can trigger a rush of little business and/or product ideas from the cre-ative young staff, then the critical mass could be there to propel Sony back to the realm of cutting-edge company.” He just needs to make sure the rest of his company doesn’t get in the way.

Bloomberg ViewWilliam Pesek

SundayVoicesBusinessMirror opinion@businessmirror.com.ph • Sunday, March 8, 2015 A5

Let’s grant women land rights and power our futureBy Monique Barbut

InterPress Service

BONN—Women are not only the world’s primary food pro-ducers. They are hardwork-

ing and innovative and, they invest far more of their earnings in their families than men. But most lack the single most important asset for accessing investment resources—land rights.

Women’s resourcefulness is as-tonishing, but they are no fools. They invest their income where they are most likely to see returns, but not in the land they have no rights to. Land tenure is the powerful politi-cal tool that governments use to give or deny these rights. We are paying a high price for the failure to grant land rights to the women who play a vital role in agriculture.

Women produce up to 80 percent of the total food and make up 43 percent of the labor force in devel-oping countries. Yet, 95 percent of

agricultural-education programs exclude them. In Yazd, the “desert capital” of Iran, for example, women have invented a method to produce food in underground tunnels.

In Asia and Africa a woman’s weekly work is up to 13 hours longer than a man’s. Furthermore, women spend nearly all their earnings on their families, whereas men divert a quarter of their income to other expenses. But most have no rights to the land they till.

Land rights level the playing field by giving both men and women the same access to vital agricultural re-sources. The knock-on effect is strik-ing. Granting land rights to women can raise farm production by 20 percent to 30 percent in developing countries, and increase a country’s total agricultural production by up to 4 percent.

This is critical at a time when we are losing 12 million hectares of fertile land each year, but need to raise our food production by up to

70 percent by 2050 due to population growth and consumption trends—not to mention climate change.

But what is land tenure exactly? Land tenure works like a big bundle of sticks, with each stick represent-ing a particular right. There are five important sticks in the bundle; the sticks to access, to use, to manage land independently, to exclude and to alienate other users. The more sticks a land user has in the bundle, the more motivated they are to nour-ish and support the land.

The failure to grant these rights, not just to poor, rural-land users, but to women as well, means fertile land is exploited to barrenness. With rising competition over what little is available, conflicts are inevitable.

In rural Latin America, only 25 percent of the land holdings are owned by women. This drops to 15 percent in sub-Saharan Africa and to less than 5 percent in western Asia and northern Africa. These are shocking figures, and yet they

may be even more optimistic than the reality.

A recent study in Uganda, for in-stance, shows that even when men and women nominally jointly own land, the woman’s name may not ap-pear in any of the documentation. If a husband dies, divorces or decides to sell the land, his wife has no recourse to asserting her land rights.

Women are grimly aware that without land rights, they could lose their land to powerful individuals at any moment. Where, then, is the incentive to invest in the land; espe-cially if you’re hungry now? Instead, those without rights take what they can from the land before they move to greener pastures. This adds to the unfortunate, yet preventable, spiral of land degradation.

At least 500 million hectares of previously fertile agricultural land is abandoned. And with less than 30 percent of the land in develop-ing world under secure tenure, there is little hope that these trends will

change. The lack of secure land ten-ure remains a vital challenge for curbing land degradation in devel-oping countries.

Among the rural poor, men are often the main beneficiaries. But granting land rights to both men and women will narrow inequalities and benefit us all.

In Nepal women with strong prop-erty rights tend to be food secure, and their children are less likely to be underweight. In Tanzania women with property rights are earning up to three times more income. In India women who own land are eight times less likely to experience domestic vio-lence. The social gains from secure land tenure are vast.

For years, women have dealt with land degradation and fed the world without the support they need. Imag-ine how granting them land rights could power our future. Let’s mark this year’s International Women’s Day by shouting the loudest for the land rights of rural women.

Bridging the gap: How the SDG Fundis paving the way for a post-2015 agenda

We all have the duty to save the lives of others

By Paloma DuranInter Press Service

UNITED NATIONS—The countdown has begun to September’s Summit on the

Sustainable Development Goals (SDGs), with world leaders discuss-ing the 17 goals and 169 targets pro-posed by the United Nations Open Working Group.

The post-2015 development agenda will focus primarily on strengthening opportunities to re-duce poverty and marginalization in ways that are sustainable from an economic, social and environmental standpoint. How shall the world set the measure for all subsequent work?

The SDG Fund, created by the United Nations Development Pro-gramme, with an initial contribu-tion from the government of Spain, has been designed to smoothen the transition from the Millennium Development Goals phase into the future SDGs.

The rationale of the joint program initiative is to enhance the develop-ment impact of technical assistance by combining inputs from various UN entities, each contributing ac-cording to its specific expertise and

bringing their respective national partners onboard.

To illustrate, we are currently implementing joint programs in 18 countries addressing challenges of inclusive economic growth for poverty eradication, food secu-rity and nutrition, as well as water and sanitation.

The majority of our budget is invested in sustainable develop-ment on the ground, and is directly improving the lives of more than 1 million people in various regions of Latin America, the Caribbean, Asia, Arab States and Africa.

National and international part-ners provide approximately 56 per-cent of these resources in the form of matching funds.

Each program was originally cho-sen through a selection process, in-cluding the review by thematic and development independent experts.

In addition, we ensure that local counterparts engage in the decision-making processes, from program design to implementation and evalu-ation. More than 1,500 people were directly involved in designing the various programs.

The main objective of the SDG Fund is to bring together UN

agencies, national governments, academia, civil society and busi-nesses to find ways in which we can reduce poverty, improve nutrition and provide access to affordable water and sanitation.

Drawing from extensive experi-ence of development practice, as well as the former Millennium Develop-ment Goals Achievement Fund, we are continually seeking better ways in which to deal with challenges that present themselves.

Gender equality, women’s empow-erment, public-private partnerships and sustainability are cross-cutting priorities in all areas of our work.

It is noteworthy to point out that we are focusing our efforts on forging partnerships with the private sector, as we recognize the importance of actively engaging with businesses and ensuring their full participation in the develop-ment process.

It is in this vein that a Private Sector Advisory Group will be estab-lished this spring, consisting of rep-resentatives from various industries worldwide, with the aim to collabo-rate and discuss practical solutions pertaining to the common chal-lenges of contemporary sustainable

development. Together, we will work diligently to identify areas of com-mon interest and promote sustain-ability of global public goods.

As an example of how we work on the ground, we are setting into motion program activities that re-late to alleviating child hunger and undernutrition, as well as projects that promote sustainable and re-silient livelihoods for vulnerable households, especially in the con-text of adapting to climate change.

To illustrate, in Peru we are con-tributing toward establishing an in-clusive value chain in the production of quinoa and other Andean grains, so that the increase of demand in the international market can convert into economic and social improve-ments on the ground.

In addition, we are supporting program activities that promote the integration of women in the la-bor market, as it is key to equitable, inclusive and sustainable develop-ment. We are conscious of the fact that gender equality and the full re-alization of human rights for women and girls have a transformative ef-fect on development, and is a driver of economic growth.

To illustrate, the SDG Fund is

currently financing five joint pro-grams in Africa that address some of the most pressing issues in the region, and seek to achieve sustain-able development through inclusive economic growth.

In Ethiopia rural women lag behind in access to land property, economic opportunities, justice system and financial assets. Female farmers perform up to 75 percent of farm labor, and yet hold only 18.7 percent of agricultural land in the country.

We are taking a multifaceted ap-proach to generate gender-sensitive agricultural-extension services; sup-port the creation of cooperatives; promote the expansion of women-owned agribusiness; and increase rural women’s participation in rural producer associations, financial co-operatives and unions.

To conclude, we are looking for-ward to making a significant impact in the coming years with the hope to meet the needs of the present without compromising the ability of future generations to meet their own needs.

Paloma Duran is director of the Sustainable Development Goals Fund.

By Christine M. FlowersPhiladelphia Daily News/TNS

I FOUND out that my brother had committed suicide from my mother.

It was hard, particularly when I saw how devastated and small she looked sitting on the living-room couch as if the life had been siphoned from her in one inhuman pull. But the way that I found out was nothing compared to the way she’d learned of his death about an hour before: a telephone call from a kind but anonymous police officer who’d in-vestigated the death.

There was no gentle preparation from a family member, no call from a priest or nun, nothing but the cold news that her middle child had died by his own hand in his adopted hometown in Massachusetts.

It wasn’t until weeks later that we both discovered that this wasn’t Jon’s first attempt, and that other

people knew of this, and hadn’t done anything to get him help. His suppos-edly close-knit circle of friends had taken a hands-off approach, either out of fear, not wanting to intrude on some bizarre conception of privacy, or because they didn’t really care. If only they’d called us in Philadelphia, I would repeat over and over again in my mind, maybe we could have done something. Probably not, given what I now know about suicide.

I suppose the idea that “I am my brother’s keeper” was so deeply im-planted in my psyche by the good Mercy nuns over a decade that I have a hard time accepting the fact that the human-default position is usu-ally indifference. There are glorious exceptions to that rule, but far too many of us prefer to hide our heads in our own comfortable sandboxes and not see the pain in eyes or voices that don’t belong to us.

When I learned that Jon’s so-called friends hadn’t bothered to

tell us what was going on, or even to get him help, I was angry. In fact, I blamed them for his death. That was the irrationality of anguish working, because, of course, they did not kill him. They just looked away as he did it to himself.

Then I heard about the case com-ing out of, ironically, Massachusetts, where a young woman named Mi-chelle Carter has been charged with manslaughter for encouraging her friend to commit suicide. Yes, you read that correctly. Carter actively helped her troubled classmate to take his own life, and is now being charged as a juvenile offender.

Some might say that this is a ri-diculous extension of the criminal laws to an act that is, at most, the sign of a depraved young sociopath. They would argue that lacking a soul and a conscience and being as morally bankrupt as an Islamic State militant is still not a crime. To hold otherwise, they’d say, is to open a Pandora’s Box

of unintended consequences.And I would answer: not so fast.

Perhaps, our sense of what consti-tutes a crime is narrow and stingy, one that makes defense attorneys smile with thoughts of easy acquit-tals and victims wonder how justice became a fantasy. While I am not a criminal attorney, as my grades in this law-school discipline predict-ed, I could also see how coaxing a mentally vulnerable person to kill himself crosses the line between improper and illegal. After all, if we have laws that protect incompetent or incapacitated people from being exploited in civil matters, and if we can increase the sentences where children or the mentally ill are vic-tims of crime, why can’t we recog-nize that encouraging a troubled soul to “just end it” is a despicable form of assault?

Anyone who is so desperate to exit this life because there is no surcease of sorrow, as the poets say, is not in

full possession of his faculties. The whole “death with dignity” philoso-phy that says people should have the right to determine when they say good-bye, á la Brittany Maynard, is a sad statement on how we put au-tonomy above human compassion.

This is not a legal treatise. It’s highly likely that the case against that callous creature will be dismissed because Massachusetts doesn’t make it a crime to assist someone in com-mitting suicide. But in my opinion it should, especially when that life could be saved if despair were met with compassion and not a “Yeah, do it!”

My friend Claudia tells me that in the Jewish legal system, there is a Torah commandment that translates as “You shall not stand by your broth-er’s blood.” She says this means that if someone is in danger and you are able to save them, it is a crime not to.

In memory of my brother, and of all those who struggle toward the light, I agree.

State think tank calls for women empowerment

Sunday, March 8, 2015 • Editor: Vittorio V. Vitug www.businessmirror.com.phA6

NewsSundayBusinessMirror

House probe into Mamasapano carnage resumes after submission of BOI report

By Jonathan L. Mayuga

State think tank Philippine Institute for Development Studies (PIDS) underscored the need for the government and the pri-

vate sector to empower women and woman-entrepreneurs in the country. PIDS consultant Lucita Lazo, in a policy note released in time for the observance of Women’s Month this month, stressed that the economic contributions of Filipino women are not being harnessed to the fullest because of cultural and economic setbacks. “the rate of women who leave the country seeking better jobs for their family offsets the notion that the Philippines is a progres-sively equal opportunities country. Women often take on the lowest paying jobs with the lowest security, not just in terms of employ-ment continuity but also in terms of health and well-being,” she said. Lazo’s observation summarizes two policy notes on woman-entrepreneurs as outputs of the asia Pacific economic Conference 2015 Research Project commissioned by the De-partment of Foreign affairs, which explored the different obstacles woman-entrepreneurs face in the Philippines. the policy notes outline challenges and op-portunities for policy-makers to boost woman- entrepreneurs especially against the backdrop of the asean integration and freer trade. Lazo shared experts opinion that even as Filipino women outperform Filipino men, trans-lating their capabilities into business leadership opportunities remains “a work in progress.” “there are more educated Filipino women, yet men’s employment still exceeds women’s

By Joel R. San Juan

BoaRD members of the Philippine Rec-lamation authority (PRa) have cried foul over reports that plunder charges

have been filed against them before the office of the ombudsman for allegedly defrauding the government in an anomalous sale of a 4-hectare reclamation property along Roxas Boulevard in Parañaque City in 1988 which is now valued at over P41 billion. PRa acting Corporate Secretary arnold Moralejo indicated that the present PRa board members and officers should not be blamed for the sale transaction that took place 27 years ago. “that since the original transaction 27 years ago, the composition of the PRa board has changed several times un-der the last five administrations, and that the current members of the PRa board assumed office only in 2010 or later,” Moralejo said in a letter sent to the BusinessMirror. Moralejo also noted that newspaper re-ports failed to note whether the ombudsman had determined probable cause to warrant the filing of any case against the PRa or its board members on the basis of a complaint raised by the United Filipino Consumers and Commuters (UFCC) and Water for all Refund Movement (WaRM). “Neither the PRa nor the individual board members have received an order or a copy of the complaint from the ombudsman,” he said. Media reports, however, said a plunder rap was just filed before the ombudsman against the PRa board members and officers. the ombudsman is expected to conduct a preliminary investigation to determine wheth-er there were sufficient evidence to establish probable cause to warrant the filing of the case before the anti-graft court, the Sandiganbayan. Moralejo also pointed out that the 1988 sale transaction entered into by the Public estates authority (now PRa), which gave rise to the complaint filed by UFCC/WaRM, is the subject of an intercorporate disputes still pending in the courts. He pointed out that when Uniwide Sales Realty and Resources Corp. came out with a paid newspaper advertisement appealing, for the first time, to the present PRa board and management to take back the property sold to the Manila Bay Development Corporation (MBDC), there was already a pending civil case against MBDC and PRa on the same issue, thus, preventing the PRa from taking any action.

PRA board cries foul over ‘wrong’ filing of plunder rap before Ombudsman

Speaker Feliciano Belmonte Jr. said that the BoI report that is set to be submitted by the PNP to the Department of the Interior and Lo-cal Government on Monday would determine the resumption of the lower chamber investigation. the speaker said there is no sense to reopen the joint probe of the House committees on public or-der and safety, and on peace, recon-ciliation and unity on Mamasapano incident, if the BoI will answer all the important questions. “I want to see the BoI investiga-tion. If it’s satisfactory, we’ll use it,” Belmonte said, adding, “if it’s satis-factory, we might open the investiga-tion. But if it’s satisfactory, definitely I won’t repeat the inquiry.” “once the BoI report is [submit-ted] and…vital questions [remain] unanswered, we could reopen. Mul-

tiplicity of investigations [is] not desirable,” Belmonte said. Last week the House independent bloc, led by Lakas Rep. Ferdinand Martin Romualdez of Leyte and 33 other lawmakers asked Belmonte to resume the hearings of the Mamasa-pano probe. “We call on the House leader-ship to have a plenary voting on the matter so that the voice of majority who want to know the truth will be heard,” Romualdez said. the Special action Force (SaF) members were on a mission to get afghanistan-trained bomb-makers Zulkipli Bin Hir, alias Marwan, and his cohort abdul Basit Usman, when the Mamasapano bloodshed transpired.

Political capitalBeLMoNte, the vice chairman of President aquino’s Liberal Party,

The leader of the house of Representatives over the weekend reiterated that the

lower chamber will not resume its Mamasapano bloodshed hearings without the Philippine National Police Board of Inquiry (PNP-BOI) report.

also expressed confidence that the administration has enough po-litical capital in Congress to pass the proposed Bangsamoro basic law (BBL). However, the Mamasapano clash on January 25, where 44 members of SaF were killed al-legedly by joint Moro Islamic Liberation Front (MILF) and the Bangsamoro Islamic Freedom Fighters (BIFF) delayed the passage of the BBL. according to Belmonte President aquino does not need “carrot and stick” approach to convince lawmak-ers to pass the BBL. “President aquino’s political capital remains,” Belmonte said, “at the end of the day, everybody wants peace for our country.”

Deleted provisionsMeaNWHILe, Pwersa ng Masang Pilipino Rep. Rufus B. Rodriguez of Cagayan de oro City, chairman of the ad Hoc Committee on BBL, said that the panel has deleted some pro-visions of the proposed law that may be declared unconstitutional by the Supreme Court. Rodriguez said the panel de-leted the provisions creating the Bangsamoro's own internal audit body despite the existence of the Commission on audit (Coa), dis-ciplining of public officials and employees or a power to be taken away from the office of the om-

budsman, establishment of civil service, human-rights body, al-lowing Bangsamoro to run its elections, and creating its own police force. “In the proposed law, there’s no more Bangsamoro Coa, Comelec, Civil Service, ombudsman, Human Rights and Police,” Rodriguez said. according to Rodriguez, the dele-tion of these provisions, duplicating existing government agencies, has no big effect on the BBL. “the main fundamental of the BBL is the power sharing, politi-cal autonomy and fiscal autono-my...that’s the most important,” he said. earlier, Rodriguez also said that the panel is seriously studying the provision on allowing other areas outside the Bangsamoro territory to also join the entity upon a peti-tion of at least 10 percent of the constituents as it may also be de-clared unconstitutional. Liberal Party (LP) Rep. alfredo Benitez of Negros occidental, head of the Visayan bloc in the lower chamber, meanwhile, said that the Department of Justice (DoJ) should intervene in the BBL deliberations to assure the constitutionality of the proposed law. “Let’s ask the legal opinion of the DoJ for Congress to know what parts of the BBL are uncon-stitutional,” Benitez, chairman of the House Committee on Housing

and Urban Development, said. the BBL aims to create the new Bangsamoro juridical entity replac-ing the autonomous Region in Mus-lim Mindanao. Moreover, Rodriguez said that lawmakers have still enough time until June 11 to work on the pro-posed BBL, which seeks to stop the conflict in Mindanao. “We might’ve been able to have a vote on the [BBL] committee re-port by March 18, and then it will be sent to the committee on rules, and when we open on May 4, it will be in the plenary for debates...and our target date to approve BBL is on June 11, or before the start of third regular session on July 27. that’s the new timetable we have,” Rodriguez has said. However, Belmonte admitted that there is no assurance that the House of Representatives will pass the BBL on third and final reading before Congress goes on sine die adjourn-ment on June 11. “It looked like a good working target [in June], but nobody can guarantee anything we need to settle first the sentiments of a lot of people on SaF 44 issue, but we will try to do it,” Belmonte said. earlier, House Ways and Means Chairman and LP Rep. Romero Quimbo of Marikina said that the BBL should be passed on June 11, otherwise it would be considered as dead.

By Jovee Marie N. dela Cruz

significantly. the Philippines boasts of having the highest ratio of female-to-male business leaders, yet experts believe that opportunities for women continue to be held back by oppres-sive conditions, and most of all, by persistent economic inequality,” she said. In her policy note titled “Challenges in the economic Participation of Women as entrepreneurs,” Lazo warned that the sus-tainability of the positive recognition of Filipino woman-entrepreneurs is hindered by several factors. these include access to resources, sustain-ability of their businesses, lack of a business dis-cipline, preparation and readiness for changing economic outlooks, lack of woman representa-tives on decision-making levels, lack of access to health and socio-legal protection; and a simple lack of information for a nuanced understand-ing on the part of leaders and policy-makers. She said that women are most vulnerable to cultural and economic hindrances that of-ten force them to choose their families over their businesses. “their independent access to finance is re-stricted without their husband’s consent, as indicated by the Family Code. More women register businesses, according to the DtI [De-partment of trade and Industry] citation, but more men renew licenses. Women’s decision are affected the most by health risks, eco-nomic instabilities and catastrophes, mak-ing them altogether less able to sustain their businesses,” she said. this, she added, may also be because of the lack of organization and representation of woman-entrepreneurs in the government. In another policy note, titled “Promoting

Women’s Participation in the apec econo-mies: Some Recommendations,” Lazo said: “Where agency heads perceive gender as in-consequential or unrelated to their respec-tive agency mandates, the talk of gender will not walk far enough to reach the frontlines where it matters.” She said that policy-makers should see the link between gender and national productiv-ity and wealth creation. Lazo identified three goals for policy-making at the national level: empowerment, enhancing competitiveness, and ensuring sustainability and resilience. She underscored the need to eliminate bar-riers to accessing resources, promote skills, protection, and other opportunities that allow women to build up the readiness, sustainability, and competitiveness of their businesses. Lazo said that local leaders play an impor-tant role in empowering woman-entrepre-neurs, as well. “Getting woman-entrepreneurs organized is essential, not only to help them share the wisdom and knowledge of doing business with other women in their category, but also making it easier to inform each other of the opportunities and challenges affect-ing them,” she said. Specifically, Lazo recommends incentiv-izing business registration with access to “the supply chain of government procure-ment programs.” National policy-makers, she added, have to create social-safety nets, such as improv-ing access to credit and healthcare, to en-courage women to sustain their business ventures and withstand threats of instabil-ity and catastrophes.

girl Power in business, governance Left photo shows Camarines Sur Rep. Leni Robredo, Sen. Cynthia Villar and noted businesswoman Tessie Sy-Coson at the Women in Governance Forum during the Seventh GoNegosyo Filipina Entrepreneurship Summit on Friday at the World Trade Center in Pasay City. The summit gathered more than 5,000 students and women aspiring to be involved in business and industry. PNA

briefsPaMTci chief says cheD

‘whiTelisT’ To iMProve MariTiMe eDucaTionDespite the exclusion of some maritime institutions in the soon-to-be announced Commission on Higher education (CHeD) “whitelist,” the philippine Association of Maritime training Center inc. (pAMtCi) said that affected institutions could still apply for accreditation once they secure the essential equipment and facilities needed for inclusion.

pAMtCi Head chief engr. Fred Haboc said the whitelist is expected to be released anytime within the quarter.

Out of the 94 maritime schools and higher institutions of learning, only 64 are found to be compliant with the recent standards of training and Certification and Watchkeeping release by the international Maritime Organization.

“the whitelist will serve as an awakening of sorts to administrators of maritime schools that they need to comply with the training, equipment, and facilities requirement set [by the international bodies dealing with seafarer education and training],” Haboc said. PNA

afP ThanKs DbM for MoDerniZaTion funDstHe Armed Forces of the philippines (AFp) has expressed gratitude to the Department of Budget and Management (DBM) for allocating funds for its ongoing modernization program. “this is a welcome development that would truly enhance the AFp’s capacity and capability in order to effectively accomplish our mission areas, such as in internal security operations; humanitarian assistance and disaster relief; territorial defense operations; peacekeeping operations; and international defense and security engagements,” newly appointed AFp spokesman Brig. Gen. Joselito Kakilala said in a text message to the pNA. the DBM earlier said that AFp Modernization program will receive a budget of p20 billion from the allotment of the AFp General Headquarters, as well as p10 billion from the 2015 Unprogrammed Funds. the Army, Navy, Air Force and AFp General Headquarters were allotted with a total of p95.8 billion. PNA

Driver’s eDucaTion PrograM in 4Th-year high school ProPoseDseNiOr students in all private and public secondary schools all over the country may soon acquire the skills and knowledge required in driving a motor vehicle. rep. Antonio F. Lagdameo Jr. of the second District of Davao del Norte filed House Bill 5425, which seeks the inclusion of the driver’s education program in the senior year curriculum to educate the youth on the importance of being responsible drivers. Lagdameo noted that road accidents are now one of the leading causes of death globally. Hence, there is a need for the youth to ensure their own safety, the safety of their passengers and the pedestrians as well through the driver’s education program. the Mindanao lawmaker said in the philippines, most deaths in traffic-related accidents are attributable to lack of skills and knowledge in driving in an otherwise demanding road environment. “According to the data from the philippine National police-traffic Management Group, driving error, overspeeding, using of cell phone while driving, bad overtaking and turning, among others, are the causes of road accidents,” Lagdameo said. PNA

By Priam F. NepomucenoPhilippines News Agency

THE Armed Forces announced that the number of soldiers wounded in the series of

clashes with members of the Bangsamoro Islamic Freedom Fighters (BIFF) on Friday has climbed to 13.

RegionsSundaywww.businessmirror.com.ph Editor: Dionisio L. Pelayo • Sunday, March 8, 2015 A7BusinessMirror

Friday battles vs BIFF: 7 renegades killed, 13 soldiers wounded

BIFF casualties consist of seven dead and 13 wounded, Lt. Col. Har-old Cabunoc, Armed Forces Public Affairs Office chief, said on Saturday.

Among those wounded was a UH-IH “Huey” helicopter pilot who was hit by ground fire while providing covering fire to the troops he just inserted in the combat area.

Cabunoc said that another series of encounter took place on Saturday but declined to give exact locations as operations are still ongoing.

Earlier, the AFP reported that nine soldiers from the Army’s Sixth Infantry “Kampilan” Division’s (6ID) Task Force Central were wounded, while six members of the BIFF were wounded fol-lowing a firefight in Datu Saudi Ampatuan, Maguindanao, on

Friday afternoon.The clash took place at 2 p.m.

and ended early morning Saturday.Capt. Jo-ann Petinglay, 6ID

spokesman, said those wounded were immediately evacuated for treatment. None of the wounded suffered by government forces are life-threatening.

The troops are still conducting pursuit and clearing operations as of this press time.

At 2:50 p.m., Friday, the troops of Task Force Central who were conducting clearing operations in the boundary of barangays Dabu-nayan and Liab, Datu Piang town,

and arrested four BIFF gunmen identified as Aladin Panaydan, 22; Daud Balogat, 23; Ebrahim Oraw, 40; and Abdul Madalidaw, 33.

Also captured was the BIFF camp in the area.

Recovered from their posses-sion were a caliber .45 pistol and one magazine containing six rounds of ammunition; a caliber .45 Thompson submachine gun, materials used in making home-made bombs, four cellular tele-phones and assorted war materi-als and documents.

“The capture of the camp only proves that the BIFF is involved in the manufacture of homemade bombs and is establishing strong-holds in the different areas in the vicinity.

The current operation will great-ly affect the BIFF as this is already the third encampment that has al-ready been captured in less than a week,” Petinglay said.

ARMM governor calls for moreaid for Maguindanao evacueesGOV. Mujiv Hataman of the Auton-omous Region in Muslim Mindanao  (ARMM), on Saturday appealed for more help for the thousands of  families trapped in evacua-

tion centers owing to the ongoing clash between government forces and the BIFF. Hataman  said the evacuees are currently asking and is badly needing for more aid.

“They have been in evacuation centers for days, some of them are starting to get sick,” Hataman said.

He earlier led the distribu-tion of relief goods to thousands of evacuees in  Maguindanao. Hataman and his team have been delivering packed rice and canned goods to the evacuees. A medical mission for the thousands of evac-uees in areas, such as Datu Salibo, Datu Saudi Ampatuan, Shariff Saydona Mustapha and Mamasa-pano was also conducted.

However, Hataman believes much more is needed by these fam-ilies trapped in evacuation centers.

Some 8,300  famil ies from five  Maguindanao  towns have  evacuated to safer areas such as schools to avoid getting caught in between the crossfire.

The military offensive against the  BIFF started days after the January 25  Mamasapano  gun battle that resulted in the killing of 44 troopers from the National Police’s Special Action Force.

By Jonathan L. Mayuga

THE discovery of the wreck of World War II Japanese battle-ship IJNS Musashi by Micro-

soft cofounder Paul Allen and his team recently came as a surprise for the governor of Romblon.

While saying that the recent dis-covery of the WWII battleship is a welcome development, Romblon Gov. Eduardo C. Firmalo said in a statement that the local govern-ment of Romblon was not aware of the presence of Allen’s yacht and his team on Sibuyan Sea.

Allen’s team claimed that they have been searching for IJNS Musashi for more than eight years, but Firmalo said “there has been no information shared nor coordi-nation with the local authorities.”

He also said that even the Coast Guard and the Navy were also un-aware about the exploration con-ducted by Allen’s team.

“Since there may be artifacts which are historically significant, government institutions, like the National Museum and the National Historical Commission, must also be informed,” he added. 

He said that, the Musashi being a Japanese ship, it is also proper to inform the Embassy of Japan.

“As reverence to their fallen sol-diers, there may also be ways how to regard the issue with utmost tradi-tional sensitivity. We hope that na-tional laws and international proto-cols be observed for proper coordina-tion and collaboration,” Firmalo said.

According to Fir malo, the Musashi, one of the largest and most heavily armed warship ever

launched, was sunk by American forces during the Battle of Sibuyan Sea. The Musashi is one of the three Yamato class battleships that fought in WW II.

The Yamato class battleships dis-place 72,000 tons at full load. The IJNS Yamato and the Musashi re-mained as battleships, while the third ship of the class, the Shi-nano, was converted into an air-craft carrier.

All three were sunk by Allied forces, led by the US.

Romblon’s local government, in collaboration with civic organiza-tions and the local governments on Tablas and Sibuyan islands, has been commemorating the event to promote peace, unity and pros-perity among Americans, Japanese and Filipinos.

WW II memorials, he said, have, in fact, been erected in memory of the fallen soldiers who fought dur-ing the Battle of Sibuyan Sea.

The President, through Proc-lamation 45, Series of 2010, has declared October 24 of every year as Battle of Sibuyan Sea Day, and ordered the Department of Edu-cation, National Historical Com-mission “and all other pertinent government agencies to rectify history herewith in their respective institutional capacities.”

Firmalo said there have been ini-tiatives of the private sector, local and national governments to pre-serve the historical integrity and significance of the Battle of Sibuyan Sea for all concerned to embrace rec-onciliation and peace through his-torical tourism, cultural exchange and international cooperation.

THE Camp John Hay developer, CJH Development Corp. (CJH-DevCo) filed on Friday with the

Regional Trial Court in Baguio City a petition for the confirmation against the Bases Conversion and Develop-ment Authority (BCDA) of the P1.42-billion money award to the company by the Philippine Dispute Resolution Center Inc. (PDRCI).

In a petition for confirmation of fi-nal award by PDRCI, CJHDevCo asked the court to confirm the final award, enter judgment in accordance with the award, issue the writ of execution for the P1.42-billion money award and appoint a commissioner to oversee the turnover of the leased property to the BCDA after BCDA pays the P1.42-billion money award to the developer

of the former American military recreational facility.

CJHDevCo also submitted to the court a list of third parties with vested rights in the leased property.

“BCDA is expected to continue to honor and respect all the rights and interests of third parties, such as locators, sub-lessees, unit owners, lot owners and golf club members since they acquired their interests in good faith and are not covered by the arbitral award to vacate,” said Alfredo Yñiguez, chief op-erating officer of CJHDevCo, in a statement.

The PDRCI final award ren-dered on February 11, adjudged CJHDevCo as not liable for the P3.3-billion back rental claimed by BCDA and instead, ordered BCDA to pay CJHDevCo by way of damages for breach of contract, P1.42 billion, effectively returning to CJHDevCo all rental payments for the former American rest and recreation center since 1997.

“The decision of PDRCI is a vindication of our position that we do not owe BCDA any rentals,” Yñiguez said.

“PDRCI also confirmed our posi-tion that we are the aggrieved party in the relationship with BCDA, and for this reason, awarded our prayer for damages which PDRCI set at P1.42 billion,” Yñiguez added.

The filing of the petition con-firms CJHDevCo’s earlier commit-ment to abide by the Final Award of the PDRCI, he said.

The arbitral body earlier or-dered the BCDA to pay P 1.42 billion to CJHDevCo, representing rental payments made by the company to the BCDA since 1998.

In its 274-page Final Award, the three-man PDRCI also de-clared CJHDevCo as “not liable for any unpaid back rent” after it found both the BCDA and CJH-DevCo of mutually committing breach of their contractual obli-gations, in connection with the development of Camp John Hay in Baguio City.

EASY DRIVE Hot and dry summer days are here. Soon, city dwellers will plan out-of-town trips where they can enjoy fresh cool air of Tagaytay—a great place for rest and relaxation. To help motorists coming from Metro Manila, Manila Toll Expressway Systems Inc., operator of South Luzon Expressway (Slex), points to four easy routes to Tagaytay via Slex exits to Southwoods, Carmona, Santa Rosa and Eton. Motorists traveling via the Star Tollway, on the other hand, may take the scenic route toward Tanauan Exit.

Discovery of ‘Musashi’ wreck surprises Romblon governor

Camp John Hay developer seeksconfirmation of ₧1.42-B award

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www.businessmirror.com.ph

2Sunday, March 8, 2015

House sticks to ‘limited’ grant of emergency powers to Aquino

‘Overwhelming’ public demand prompts BSP to mint more special-edition Pope Francis coins  

DBM allots ₧8 billion to rebuild fire bureau’s firefighting capacity

JEEPNEY OPERATORS, DRIVERS URGED TO AVAIL THEMSELVES OF DBP LOAN TO MODERNIZE P.U.J. UNITS

A VISITOR checks out the exhibit organized by iAcademy, showcasing its students’ works, entitled Shift, at the Rockwell Power Plant Mall in Makati City. ALYSA SALEN

AMID the rising number ofsummer �re incidents,the Department of Bud-

get and Management (DBM) hasallocated P8 billion to build addi-tional �re stations and purchasenew �re trucks for prompt emer-gency response. Budget Secretary Florencio B.Abad said a budget raise for theBureau of Fire Protection (BFP)is part of the priorities of the na-tional government in the 2015General Appropriations Act (GAA)to increase security, protection andsafety of the population. He said that the budget isaimed to assist the BFP to meetits goal of limiting �re incidents toone per 10,000 population and ca-sualties to one per 200,000 popula-tion for the coming year.

“Because of this, the BFP re-ceived a total budget of P8 billionto support �re�ghting and emer-gency response activities, and thiswill be complemented by the  con-struction of 110 �re stations andthe purchase of 116 �re trucks,”Abad said in a statement releasedover the weekend. �e government has declaredMarch as Fire Prevention Month,but �re incidents have been on therise in the last two weeks. �eseinclude the huge �re in Parola com-pound in Tondo, which displaced10,000 people. Meanwhile, the DBM has alsoallocated increased budget for boththe Philippine National Police andthe Armed Forces of the Philip-pines (AFP).

Speaker Feliciano BelmonteJr., in an interview with reportersover the weekend, said the jointresolution on emergency powers,which is under congressional bi-cameral committee deliberations,should be limited to the country’scurrent needs. “I think our [House version ofthe resolution] is still the better[one].... We acted on the informa-tion that we have been given by[the Department of Energy] thatthis is not going to be a long prob-

lem,” the House Speaker said.  Both chambers want the gov-ernment to mainly use the Inter-ruptible Load Program (ILP) in gen-erating additional power capacity. But during last week’s bicamer-al conference on emergency powers,members of the bicameral commit-tee expressed di�erent views on theno-pass-on and time-frame provi-sions of the joint resolution. �e Senate said the adop-tion of the ILP scheme would costconsumers P7 to P8 per kilowatt-

hour under its version of theemergency powers. On the other hand, the lowerchamber is pushing for the no-pass-on scheme in using the ILP,as it is eyeing to tap MalampayaFunds as subsidy.  On the time frame, the Senatewants the special powers to be ex-tended until 2016, while the Housewants it from March to July only.  “It will last only until July, [ac-cording to the Department of En-ergy], so why should we make a lawthat lasts until the end of the cur-rent president and the beginning

of the term of a new president? Idon’t understand their logic,” Bel-monte said. Belmonte, quoting the DOEand the House version of the emer-gency powers, said that the project-ed power shortfall from March toJuly is 782 megawatts. Under House Joint Resolution21, the authority granted to thePresident shall be valid from fromMarch 1 to July 31, to cover addi-tional generating capacity requiredfor the period of the critical powershortage. House Committee on Energydata showed that 955 MW havebeen committed under the ILP.  Based on established proto-col, ILP is implemented during ared-alert status (minimal powerreserve) upon the notice of theNational Grid Corp. of the Phil-ippines and the power utilitiesinforming ILP participants to de-load from the grid. �e ILP is a voluntary programwhereby businesses, such as mallsand factories, that have theirown generators can be discon-nected from the power grid intimes of short supply, and cansell any excess power they gener-ate to distributors.

B J M N. C

THE leadership of the Houseof Representatives vowed to push for a no-pass-on

scheme and limited special powers under the joint resolution giving President Aquino emergency powers to address the projected electricity shortfall this summer.

B J L. M

CLEAN-AIR advocates on Saturday urged owners and drivers of passenger-utility jeeps (PUJs) to avail themselves of the automo-tive loan from the Development Bank of the Philippines (DBP) to

buy new jeepney units “with cleaner emissions” to reduce air pollution, particularly in Metro Manila.  In a news statement, the Coalition for Clean Air Advocates of the Philippines (CCAAP) said the DBP has come up with a loan program for owners or operators, as well as drivers, of PUJs who have never �led an income-tax return (ITR).  ITR is a document usually required by banks from applicants of automotive loans.  The CCAAP said that it was assured during a multi-sector meeting on Friday by DBP First Vice President Daniel Gonzalez that the bank now accepts automotive-loan applications of PUJ operators and drivers without the usual banking-loan requirement involving an ITR, a docu-ment usually the marginalized PUJ drivers cannot comply with.   Attendees of the meeting at the DBP’s central o�ce in Makati City include top o�cers of the DBP; representatives of the CCAAP; League of Transport Operators of the Philippines (LTOP); Alltesdaphil, a nationwide association of Technical Education Skills Development Authority-certi�ed motor-vehicle driving instructors; and the Land Transportation Franchising and Regulatory Board (LTFRB).  According to CCAAP, PUJ operators and drivers have to submit to the DBP a cash-�ow document together with the bank’s “usual re-quirements.” A cash-�ow document would show how much is the average “take home” earnings of the applicant, minus the household and op-erational expenses, multiplied by 12 months, minus depreciation and maintenance costs.  LTOP National President Orlando Marquez said the DBP’s easing of loan requirement for PUJs is a welcome development, saying that the loan program will enable those granted with loans to buy new jeeps with cleaner emissions, which supports the government’s PUJ-modernization plan.”   During the meeting, CCAAP President Herminio Buerano Jr. expressed support behind the PUJ-modernization plan. “Air pollution is an urgent problem that society needs to im-mediately put to a stop, because it victimizes everybody without an exception,” Buerano declared.  The LTFRB is looking at the potential of electric vehicles toward a cleaner and greener option for passenger-jeep operators and drivers in Metro Manila.  It is currently studying the concept of “franchise drop-ping and substitution” as part of the PUJ-modernization plan. CCAAP blamed the worsening air pollution in Metro Manila to the smoke-belching motor vehicles plying the roads. 

THE Bangko Sentral ng Pili-pinas (BSP) has announcedrecently that it would be

producing more special-edition pa-pal coins, in response to an “over-whelming public demand.” �e central bank said late Fri-day that it is minting more special-edition coins commemorating thestate and pastoral visit of PopeFrancis to the Philippines in Janu-ary, amid public clamor declaringthe Pope Francis papal coins as “thefastest-selling so far among thespecial coins minted by the BSP.”

�e additional Pope Fran-cis commemorative coins will beavailable in the next few months,according to the BSP, as the ma-terials needed for the mintingand packaging have to go throughpublic bidding. “�e increase was also approvedby the Vatican under an amended li-censing agreement with the BSP,” thecentral bank said. As such, to avoid oversubscrip-tion beyond the amended agree-ment with the Vatican in view ofthe sustained demand, the central

bank will close the period of res-ervation for papal coins of Friday(March 13) next week, which isearlier than the original deadlineof June 30. �ose who place their ordersafter March 13 will be served, de-pending on the actual remaininginventory of papal coins.   Also, the central bank saidthat the e-mail address papalcoins@bsp.gov, as initially announced bythe BSP, was already deactivated atthe end of January this year. “Orders may be placed online

by going to the BSP web site www.bsp.gov.ph, and clicking on  the link“Reservation for Papal Coins,” un-der the Public Advisories column,”the central bank said. �e commemorative coins are alllegal tender and being sold at higherprices to cover for production, packag-ing and other costs of minting. �e four denominatins includea 5-piso coins, sold at P100; a 500-piso coin, sold at P1,000; a 1,000-piso silver coin, sold at P3,500; anda 10,000-piso gold coin, at P25,000.

Bianca Cuaresma

S “F,”

BELMONTE: “Why should we make a law that lasts until the end of the current president and the beginning of the term of a new president? I don’t understand their logic.”