CHINESE Foreign Minister Wang Yi met with President Aquino and his Philippine counter-part on Tuesday, ahead of the Pacific Rim lead-

ers’ summit next week. It was the first visit to Manila by a top Chinese official in recent years, amid territorial disputes in the West Philippine Sea (South China Sea). Wang met for about an hour with Foreign Secretary Albert F. del Rosario. He waved, but ignored questions shouted at him by journalists as he stepped out of the Department of Foreign Affairs (DFA). Del Rosario said the meeting was “good,” but hurried to the Malacañang, where Wang met Mr. Aquino. The Chinese foreign

minister was able to persuade del Rosario not to discuss the contentions in the West Philippine Sea issue during the Asia-Pacific Economic Coop-eration (Apec) summit. DFA Spokesman Charles C. Jose said this transpired during the bilateral meeting between the two diplomats that lasted an hour.  Among other conditions that China imposed on the Philippines was for the government to pledge not to allow rallies against Xi during the visit, and not to invite Taiwan to join the Apec meeting, according to DFA sources, who requested not to be named because of the sen-sitivity of the issue.

B L S. M

THE tollways arm of infra-structure conglomerate Met-ro Pacific Investments Corp.

(MPIC) has finally completed the negotiations with the government for the construction, development, operation and maintenance of a P27-billion bridge that will connect Cebu City to the municipality of Cordova through a joint-venture deal with local government units.  Metro Pacific Tollways Corp. Presi-dent Ramoncito S. Fernandez said his company intends to submit the un-solicited proposal to the Toll Regula-tory Board (TRB) anytime now, as it intends to start the construction of the facility in less than two years’ time. 

“We just signed the certificate of completed negotiations with Cebu

City and the municipality of Cor-dova. We are now in the final stages of completing the draft concession agreement, which we intend to sub-mit to the TRB anytime soon,” he told the BM. 

The deal’s price tag rose by as much as P10 billion, from its previ-ous project cost of P17 billion.  “The estimate on total project cost, including capitalized inter-est and inflation adjustment, if you start spending by 2017, is anywhere between P25 billion and P27 billion—this also includes the acquisition of right of way,” the ex-ecutive explained.  Lending institutions, Fernandez said, are keen on aiding the express-way operator develop the bridge in the Visayan city as early as now.

VISTA Land & Lifescapes Inc. will buy Starmalls Inc. in a P33-billion ($698- million) deal that combines the resi-

dential and shopping-mall units of Philippine billionaire Manuel Villar. Manila-based Vista Land said it agreed to buy 88.25 percent of Starmalls at P4.51 a share from Villar and his family,

according to a disclosure to the Philippine Stock Exchange on Tuesday. That is a 45-per-cent discount to Starmalls’s last traded price of P8.18. Vista Land will issue 4.57 billion new shares to the Villar group at P7.15 each, according to the filing. Shares of Vista Land rose 2.8 percent to P5.84 at the midday trading break in Manila,

while Starmalls’s were unchanged at P8.18. The benchmark Philippine Stock Exchange index fell 0.7 percent. Villar said last month his group is considering combining home-builder Vista Land and shopping-center developer Starmalls, as he seeks to turn housing projects across the Philippines into self-contained communities.

Vista Land will make a tender offer for the rest of Starmalls shares not held by Villar’s group, and the tendering minority sharehold-ers will be required to invest 97.5 percent of the proceeds into shares of Vista Land. The tender offer will start on January 4, 2016 and will be completed, along with the sale to Villar’s group, on February 17.

Vista Land, which sells homes priced as low as P500,000, has a market value of P49 billion, while Starmalls, which has 10 shop-ping centers, is worth P69 billion.

The transaction will increase the Villar family’s stake in Vista Land to 67.45 percent, from the current 54 percent.

S “V,” A

S “MPIC,” A

S “C,” A

PESO EXCHANGE RATES ■ US 47.1540 ■ JAPAN 0.3831 ■ UK 71.2780 ■ HK 6.0829 ■ CHINA 7.4116 ■ SINGAPORE 33.1697 ■ AUSTRALIA 33.2539 ■ EU 50.7330 ■ SAUDI ARABIA 12.5741 Source: BSP (10 November 2015)

www.businessmirror.com.ph ■ Thursday 18, 2014 Vol. 10 No. 40 P. | | 7 DAYS A WEEK■ Wednesday, November 11, 2015 Vol. 11 No. 34

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LORD Jesus, we give You our hands to help ORD Jesus, we give You our hands to help us extend and share our gifts to others. We us extend and share our gifts to others. We give You our feet to help us be led to Your

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PRODUCTIVE) »D4

NEXTVR Executive Chairman Brad Allen watches the Golden State Warriors’ season opener against the New Orleans Pelicans during a demonstration of NextVR’s virtual-reality (VR) technology in late October. Using the VR glasses, fans could see the action in 360 degrees in real time. DOUG

DURAN/BAY AREA NEWS

GROUP/TNS

B T WSan Jose Mercury News

I TOOK a step into the virtual future of sports last TOOK a step into the virtual future of sports last TOOKweek. I’m glad I got to look around, but it didn’t take long before I was ready to high-tail it back to the real world.

Two weeks ago the Golden State Warriors season opener against the New Orleans Pelicans became the first ever sporting event to be live streamed in virtual-reality (VR) video to the public. In a small room in the bowels of Oracle Arena, some fellow journalists and I took turns using the Samsung Gear VR headset to watch the Warriors’ pregame championship ring ceremony and then the contest itself.

Frankly, it was an awful experience. But it gave a glimpse—however blurry, halting and headache-inducing—of how we might enjoy sporting events and interact with our favorite teams in the future.

As NextVR cofounder D.J. Roller put it, “This is the worst VR experience you’ll ever have.” It can only get better from here.

For all the buzz around the technology, what with VR systems from Facebook, Samsung, Sony and HTC slated to hit the market over the next year, it still needs refining. A lot of refining, if my experience was any indication. The video started and stopped. The app quit if you inadvertently pushed a button on the side of the headset and had to be restarted by removing the phone from the headset. Every so often, the phones overheated and had to be turned off and set aside to cool.

Even when the phones and the virtual video were working properly, the experience was poor. Although the cameras shooting the virtual video were placed courtside, the view of the players and the court was so fuzzy that it was like being a nearsighted person watching a game without glasses. The angle of view inside the headset was so narrow as to feel like the game was being viewed through a tunnel.

And because the position of the camera didn’t allow you to see the scoreboard and the producers decided not to overlay any graphics on the screen, it was impossible to know how many points Steph Curry had scored in his stellar first quarter (24) or even the score of the game!

Even setting all those issues aside on the grounds that it’s still early days in VR, the basic setup left a lot to be desired. Wearing a headset—the only way to deliver a VR experience for the time being—isolates you from the people around you, making it hard to enjoy a game with your friends in the room. It also can cause physical fatigue. And having a screen set that close to your face can cause eye strain or worse. In my case, watching the VR stream gave me a headache that didn’t go away until the next morning.

While at the demo, I kept taking off the headset and seeing the game playing on a flat-screen high-definition

TV in the same room and wondering why anyone would ever prefer the virtual version.

And yet, now that my headache has subsided and I’ve had time to reflect, it doesn’t seem so crazy that VR might eventually be the way that many people interact with sports and their favorite teams.

Take a look at how Web video has progressed. When I started my career nearly 20 years ago, video streaming was in its infancy, and it was awful.

The video streams were tiny and in low resolution. Because of bandwidth constraints, producers often had to choose between offering smooth video that was so blurry it was almost unwatchable or somewhat sharper images at such slow frame rates that it was almost like watching a photo slide show. The only alternative was to allow users to download videos, but slow Internet speeds meant that users had to wait long periods to watch even short clips.

But today the Internet is becoming the premier way to distribute and watch video. You’ll find far more choices online than you will over the air or through your

cable box. And if you want to watch something in ultra-high resolution or 4K, you pretty much need to go to places like Netflix or Amazon, because you won’t be able to find it through Comcast.

Similarly, VR technology will improve, and soon. The VR headset being produced by Facebook’s Oculus unit will debut next year and offer much sharper, higher-resolution images than what I saw on the Gear VR. The processing of those virtual images will be done on a high-end PC, not a mobile-phone processor, so it shouldn’t face the same overheating problems. As Internet speeds increase and faster wireless networks roll out in coming years, they should be able to handle the bandwidth needed to send smooth, high-definition virtual reality video streams.

And in the more distant future—say 10 years from now—advanced displays may allow you to step into VR without having to wear a headset. You could be resting on your couch in your own living room with no bulky headgear on and still feel like you are sitting right near the action with a roaring crowd all around you and your

best buddies right next to you—virtually, of course. It would be something like the Star Trek holodeck—and Star Trek holodeck—and Star Trekvery, very cool.

What makes me particularly optimistic about VR is that despite its problems, it offers a completely different experience than you can get anywhere else. When you step into a virtual world, you soon become immersed in it. It can make you feel like you are in places you’ve never been or doing things you’ve never done. Even in its rudimentary form, it’s really powerful.

Because of VR’s current limitations, I’m dubious that there will be lots of people wanting to watch entire virtual sports games anytime soon. They’re going to want to take off the headset long before the contest is over. But it’s going to be great for showing people things such as what it’s like to make a thunderous dunk in a basketball game or to catch a ball thrown by San Francisco Giants ace Madison Baumgarner.

And in the future, well, VR could be the way we watch sports. Like Web video before it, it just needs some time to mature. ■

Could virtual reality becomethe way we watch sports?

BusinessMirrorBusinessMirrorBusinessMirrorWednesday, November 11, 2015E1 Editor: Tet Andolong

B R R R

CENTURY City Mall recently kicked off the Yuletide celebration with the lighting

ceremony of the Christmas tree at the al-fresco area on the fourth fl oor. It will be the mall’s second celebration of Christmas.

To enable shoppers to have a feel of the Christmas season, the mall was decorated with delightful orna-ments in themes of red, white, gold and green. Furthermore, the mall management wanted to emphasize

the joyous mood of the Christmas season by displaying garlands with bright lights and fancy décor.

Since Christmas is for children, Century Mall wants to give them the opportunity to meet the famous jolly

creature in red. At the ground � oor, a cluster of small Christmas trees � anked by reindeer and balls are housed under a life-sized gift frame. Kids can also meet and greet Santa Claus at his favorite corner right next to the Christmas trees every Sunday for the month of November and December.

Jose Marco Antonio, co-chief oper-ating o� cer and a managing director of Century Properties, said Century City Mall has drawn up several excit-ing activities for the mall goers.  

He said the mall is bringing back the Kiss and Tell promo. “We’re bring-ing this back after the community gave a warm response,” Antonio said.

“We want to encourage every-body to take a creative sel� e [or a groupie] under huge mistletoe at the designated kiss and tell photo booth, and get a chance to win

free cinema tickets,” he added.Antonio said that children and

parents will enjoy the Happy Rein-deer Hunt to be held every week-end of November and December. It is an interactive game to be played every Saturday.

Each reindeer or group of rein-deers will have a story connected to them. � e stories will be in small signage beside the décor and will eventually act as clues to solving the weekly riddle. � e � rst 20 kids to an-swer the riddle will bring home an adorable Century City Mall reindeer stu� ed toy.

Antonio said Century City Mall has also prepared a grand shopping experience for shopaholics to the most awaited event for Filipinos.

“Shopaholics will surely enjoy our promotions because we will be o� er-ing great rewards,” he said.

On November 28 and 29; De-cember 5 and 6, shoppers can claim P2,000 worth of Century City Mall gift certi� cates for every single or accumulated purchase of P10,000 at any of the stores in the mall. 

New food concept cuisines will also be held from Friday to Sunday of each week running throughout November and December at the Picky Palates weekend market. Starting November 6, foodies and guests can explore and try an array of food options from the market at the second and third � oors of the al-fresco area.

Since the true essence of Christ-mas season is all about giving, Cen-tury City Mall will also give a gift giveaway to random shoppers at various points of the mall in various occasions from November 6 until December 25. If the customer is the

100th shopper to enter the mall or the 100th cinema ticket buyer, he or she wins a surprise gift from the mall.  

� e mall management also en-courages shoppers to donate old toys and school supplies for the under-privileged children of a nonpro� t organization.    Donations can be dropped o� at Chibi Momo. In re-turn, a free item awaits each patron for this simple, kindred act.

One of the exciting announce-ments was the introduction of the Century City Future Park, the coun-try’s � rst digital interactive play space. With the use of immersive technology and creative media tech-nologies, adults and children alike will get to enjoy a range of games and activities that are designed to chal-lenge and engage each player. 

For more information, visit centu-rycitymall.com.ph.

CENTURY CITY KICKS OFF THE CELEBRATION

OF CHRISTMAS SEASON

S M G S

SEEING the country’s rapid real-estate developments and their e� ects in the environment, Ital-

ian architect Romolo Nati and Filipino lawyer Jose D. Leviste III teamed up in 2009 and established Italpinas Devel-opment Corp. (IDC), then known as Italpinas Euroasian Design and Eco-Development Corp.

With their shared vision and pas-sion in promoting sustainable devel-opments in the Philippines, IDC was formed to be a design-driven real-estate development � rm dedicated to developing high-performance proper-ties in the country’s potential next-wave cities and will cater to the needs of the middle-income segment.

As a company that positions itself at the sustainability side of the industry, Nati, IDC chairman and COO, shared that the company aims to “bring back balance between nature and real-estate development.” “We have to create value not only for investors, but also for the community, environment and end us-ers, as well. � at means to be sustain-able at 360 degrees,” Nati said.

Green and innovative designsWITH a strong culture of research and innovation, IDC begins every project by analyzing target site’s weather, cultural, social and eco-nomic conditions.

Having an experience in design, real estate and property development in countries such as Italy, Estonia, Ro-mania, and other European countries, Nati leads the company’s duly licensed and accredited architects in conceptu-alizing performance-based solutions and systems to deliver projects with smart designs and striking aesthetics.

Nati shared that green buildings need not to be too expensive. He said that the company utilizes passive green strategies wherein the natural conditions of the place are enhanced. An example of this are the facades that are shaded by cantilevered ledges, which protect windows from direct contact with the sun ray’s during the hottest time of the day. � is decreases the building’s indoor temperature thus increasing natural ventilation.

� is is in contrast with using active green strategies wherein buildings are designed with high-tech features that would need higher cost for materials

and maintenance, which can result to the property’s higher selling price.

Also, for its � agship Primavera Residences in Cagayan de Oro City, Nati added that they use photovoltaic panels that produce certain amount of energy that are used by the common areas. � e property has been recognized as the “Best Mixed-Use Development in the Philippines” at the International

Property Awards in May 2014. It was also commended as one of the “Best Condo Developments in the Philip-pines” at the 2011 Southeast Asia Property Awards in Singapore.

Tapping secondary citiesIDC aims to get ahead of others by bringing in developments to alterna-tive locations such as emerging, fast-

growing secondary cities. Nati shared that in the past, the lack of opportuni-ties in the provinces made people mi-grate to cities where the opportunities are. From the provinces they go to Ma-nila, resulting to aggressive immigra-tion which created several problems like environmental degradation, lack of jobs, high cost of living and tra� c. Now they want to go back.

With that thought, Nati, together with Leviste, IDC president, decided to provide quality standard living for people who want to go back to the provinces where there are better con-ditions like lower cost of living, better environment and where work oppor-tunities are rising.

Its Primavera Residences, a twin-tower condominium project situated inside a Philippine Export Zone Au-thority (Peza)-registered Pueblo de Oro Business Park in CdO, is consid-ered to be the � rst to introduce condo-minium living in the city.

“We like Cagayan because it’s in Mindanao. We are very positive about Mindanao despite the bad stereotype. It is a very rich region and we like the fact that Cagayan is the gateway to Mindanao,” Nati said, adding that

Mindanao also accounts for 50 percent to 60 percent of food trading and agri-culture in the Philippines.

Other projectsPRIMAVERA City, also in Pueblo de Oro Business Park, is an Italian-inspired project composed of seven mixed-use residential and commercial buildings. It began construction in fourth quar-ter of 2015 and will be completed in fourth quarter of 2017. � is 13-story development will have two � oors for parking, one � oor for commercial use, two � oors of o� ce space, eight � oors of residential space and a roof deck featuring amenities like a pool, gym, multipurpose function hall, and a roof garden.

Another is Miramonti located at the RFM Science Park, a Peza-regis-tered industrial zone in Santo Tomas, Batangas. � e project’s � rst phase is planned to be launched in early 2017. It will include state-of-the-art “eco-logic” apartments and commercial ar-eas in a 20,000-square-meter location. � e master-planned development is envisioned to be a green community composed of � ve mixed-use buildings with 23 � oors each.

IDC’s fresh approach to country’s secondary cities

HAROLD J. DACUMOS (from left), Italpinas Development Corp. (IDC) VP for Banking and Business Development; Lorens Ziller, IDC head of Corporate Affairs; Romolo Nati, IDC chairman; Jose Leviste III, IDC president; and Leonardo Arguelles Jr., Unicapital Inc. president PROPERTY E1

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CHRISTMAS AT CENTURY CITY MALL

MPIC, govt near deal on ₧27-B Cebu bridge

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Billionaire Villar joins homes, mall units in $698-million deal

CHINA’S TOP DIPLOMAT VISITSMANILA AMID TERRITORIAL ROW

B C N. P

PHILIPPINE exporters are seen to take a beating from their Vietnamese counterparts once

the US-led Trans-Pacific Partnership (TPP) is in full effect, a fear confirmed by the local export sector.

CHINESE Foreign Minister Wang Yi waves to the media, as he is ushered by Foreign Secretary Albert F. del Rosario, following a guest-book signing at the Department of Foreign Affairs on Tuesday. It was Wang’s first visit to Manila, amid the two countries’ row over the Spratly group of islands in the West Philippine Sea (South China Sea). AP

“The impact of the TPP deal is likely to have some trade-diversion effect on the Philippine electronics sector and textiles and apparel sector, as the im-provement in Vietnam’s competitive-ness may result in some switching of new investment plans away from the Philippines toward Vietnam,” said Rajiv Biswas, chief economist at IHS Global, a marketing and consultancy

firm based in the US. While the diversionary effects of

Vietnam’s inclusion into the mega-trade pact will affect other Asian countries that have a strong manu-facturing and exporting base, the Philippines is particularly vulner-able since its top export, electronics, will be at a significant disadvantage. 

S “I,” A

  These include chemicals, other mineral products, other manufac-tures, metal components, articles of apparel and clothing accesso-ries; coconut oil, ignition writing set and other wiring sets used in vehicles, aircraft and ships; and electronic products.  Total receipts from the top 10 exports reached $3.725 billion, or

84.6 percent of the total exports, according to the Philippine Sta-tistics Authority’s Merchandise Export Performance report for September 2015. For the nine-month period, merchandise exports registered a 6.9-percent drop to only $43.746 billion. Despite the 2.1-percent de-crease, electronic products re-

mained as the country’s top export for the month, with total receipts of $2.393 billion.  This represents 54.3 percent of the total exports revenue in September.  Of the electronic products ex-ported in September, 40.2 percent are semiconductors, which grew by 8.5 percent to $1.773 billion. Meanwhile, machinery and total transport equipment was the sec-ond top export earner in Septem-ber, with export revenue reaching $354.72 million.  This is 11.1 per-cent higher than the $319.37-mil-lion earnings recorded in September last year. Japan, including Okinawa, re-mained as the country’s top export destination. Jonathan L. Mayuga

BusinessMirror news@businessmirror.com.ph Wednesday, November 11, 2015 A2

News

Jose said del Rosario agreed to the conditions, because the Philippines has a pending case against China at the Permanent Court of Arbitration in the Hague, and that Apec is not the proper forum to raise the contentious issue. “We both agreed that Apec is an economic forum, and not the proper venue to discuss political issues,” Jose added. However, Jose said, other interested economies could raise the issue during Apec, which the government might not be able to control, “because that is their right.” “Wang said his main purpose is to confirm with Philippine officials regarding preparation for Apec to ensure that President Xi has a smooth and successful visit,” Jose said. “There was extensive discussion on the preparation for the Apec meeting and in reply, Secretary del Rosario told Wang that President Aquino was thankful for the warmth and hospitality he received during his visit to China last year. We are waiting for this opportunity to be able to reciprocate the visit, and we are looking forward to welcome President Xi’s visit to Manila.” Jose added that the two diplomats have agreed to resume the Foreign Ministers’ Consultation (FMC) to explore ways to move

the bilateral relations between the two countries forward. “This is basically picking up from the bilateral three years ago,” Jose said. That was eight months after the Philippines filed a historic case against China over the West Philippine Sea (South China Sea), and more than a year after a standoff between Manila and Beijing in the Panatag (Scarborough) Shoal. Thereafter, del Rosario and Wang met on the sidelines of the Asean-China Special Foreign Ministers’ Meeting in Beijing. Before their meeting, the two ministers posed for pictures, and Wang signed a guest book. Del Rosario also hosted a lunch for Wang after the meeting with Mr. Aquino. Chinese Foreign Ministry Spokesman Hong Lei said on Monday that the two sides will prepare for Xi’s visit during the Asia-Pacific Economic Cooperation leaders’ summit and discuss how to improve bilateral ties. President Aquino said he welcomed Xi’s decision to join the Apec summit, and promised “the warmth of Filipino hospitality,” according to Palace Spokesman Herminio B. Coloma Jr. The two foreign ministers last met in Beijing in 2013 at the sidelines of Southeast Asian foreign

ministers’ meeting with their Chinese counterparts, but it is Wang’s first visit to the Philippine capital as a foreign minister. “The bilateral relationship is beset by difficulties due to reasons known to all,” Hong said, adding that China “attaches importance to its relationship with the Philippines, and stays committed to properly resolving relevant issues through consultations and negotiations.” On Saturday in Singapore, Xi promised to safeguard freedom of navigation in the West Philippine Sea, where tensions have flared over overlapping claims and the US Navy’s moves to challenge Beijing’s island-building. China criticized last week’s patrol of the USS Lassen, a guided-missile destroyer, within the 12-nautical-mile (22-kilometer) territorial limit of the Subi Reef, one of the South China Sea features that have been claimed, expanded and reinforced by China over objections of other claimants, particularly the Philippines. The US Navy said it wanted to demonstrate the principle of freedom of navigation. Last month, over Chinese objections, an international tribunal ruled it had jurisdiction in a case brought by the Philippines on maritime claims. Recto Mercene, AP

“We also have a lot of interest in terms of financing the project from well-reputed banks. We are prepared to execute hopefully before mid of next year so we can start the construction by 2017,” Fernandez said. By nature, the project will have to undergo a competitive challenge, as it is an unsolicited proposal— deals that the Aquino administration generally shrugs off. “There is a Swiss Challenge to this, because this is an unsolicited joint venture with local government units. We are optimistic that we can have the Swiss Challenge before the end of the year,” he said. The Cebu Third Bridge is an 8-kilometer

facility that aims to stimulate trade through the faster movement of people and goods through a link above the sea. Should it be awarded to the group of Fernandez, it will be the infrastructure conglomerate’s first bridge project, and the first toll-related deal outside Metro Manila. The toll-road company is the parent firm of Manila North Tollways Corp., the operator of North Luzon, Subic-Clark-Tarlac, Manila-Cavite Toll and the future Cavite-Laguna expressways. It also has significant interests in thoroughfares outside the Philippines, namely, in Thailand and Vietnam.

MPIC. . . Continued from A1

Investments. . . Continued from A1

China. . . Continued from A1

Vista Land CEO Manuel Paolo Villar said the deal will signifi-cantly increase the company’s pro-jected capital spending next year of about P25 billion, and also hit the company’s goal of reaching P1 billion in recurring income in just a few months. “We are changing the dynamics of Vista Land, as we now have mall operation and residential for both mass market,” Villar said in a briefing with reporters. Villar added that the company may delist the Starmalls in about six months. According to rules, the company will have to make a tender offer for the remaining shareholders of Starmalls, which included its Thai partner Land and Houses Public Co. Ltd. Starmalls owns one of the coun-try’s first malls, then called Manu-ela, located in Las Piñas City, built in 1972. The mall was named after Doña Manuela Aguilar Riguera, mother of former Sen. Manuel Vil-lar’s wife, Sen. Cynthia Aguilar. Starmalls was incorporated in 1969, originally to pursue mineral exploration. It has two subsidiaries, Masterpiece Asia Properties Inc. and Manuela Corp. At the moment, there are 12 malls operated by Starmalls, which have a gross floor area of half-a-million square meters. Villar said it has five more malls in the pipeline that will increase its gross floor area to 800,000 in two years. In its documents, Starmalls said it will have 38 malls by 2020. “By 2022 all planned malls will have reached 95-percent occu-pancy rates gradually built up over three years as from the start of operations for each mall and run-rate performance will, therefore, be reached. After the business-plan period, sales growth is assumed to evolve to a level of 5 percent,” the company said. Starmalls will have a capital ex-penditure of P38.32 billion during the five-year period starting this year, the company said. “We believe that the acquisition of Starmalls, with its retail malls and BPO [business-process outsourcing] commercial centers, is transforma-tive for Vista Land and represents a major step to realizing our vision of becoming a top integrated real-estate developer,” Villar said.

VG Cabuag, Bloomberg News

Merchandise exports in september fell 24.7 percent to $4.405 billion due to the

drop registered by eight of the 10 major commodities. 

Export receipts down 24.7% in September

Villar. . . Continued from A1

“ The gains that Vietnam will achieve through the TPP deal will have trade diversion effects on other Asian manufacturing exporting countries, particularly those which are large exporters of textiles and electronics.” Biswas added. The TPP, whose text was released recently and was concluded early this month, will see the elimination of tar-iffs on 18,000 US-manufactured goods. The agreement will also grant sig-nificant market access on a wide range of products across countries in the Asia Pacific. In Southeast Asia, Vietnam and Malaysia emerged as clear winners due to their standing as top exporters to the US. The TPP will still have to go through legal scrubbing in the member- countries that include Australia, Bru-nei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the US. Vietnam’s garment and textile in-dustry, in particular, is poised for fur-ther growth as investments have al-ready began pouring into the country in preparation for the implementation of the TPP. According to Biswas, tariffs on Viet-namese garment exports to the US will drop from a range of 17 percent to 32 percent today to zero for products made from domestically sourced materials when the TPP is implemented. The US is already Vietnam’s largest export market, with total Vietnamese exports at $30.6 billion, of which tex-tiles and garments account for around one-third. Sergio Ortiz-Luis, president of the

Philippine Exporters Confederation Inc., said Vietnam is already ahead of the Philippines in TPP negotia-tions, “and therefore, they will have special privileges as part of the TPP. It’s not hard to believe that they will have an advantage because that is a beneficial deal.” But Ortiz-Luis believes the Philip-pine electronics industry has a good chance of surviving the Vietnam on-slaught. “In the case of electronics, we have an inherent advantage. In garments, it’s not hard to believe be-cause the sector is in a difficult situ-ation now, so Vietnam will have the advantage there. But in electronics, we may have a chance.” But Biswas thinks otherwise. For the Philippine apparel industry, while there will be an impact in terms of trade slowdown, the effect will not be as significant as in electronics. “The over-all impact on the textiles and garments sector is likely to be modest though, since the Philippines textiles and ap-parel export sector is experiencing very rapid growth at present,” the IHS chief economist said. This is propped up by the recent granting of the preferential trade scheme to the Philippines by the European Union through the Gen-eralized System of Preferences Plus (EU-GSP+). The EU-GSP+, granted to the Philip-pines last December, allows the Philip-pines to export 6,274 products to the EU duty free. The regular EU-GSP, previously en-joyed by the Philippines, covered 6,209 products, of which only 2,442 products

are accorded the duty-free privilege. An added bonus for the Philippines is the fact that it is the only beneficiary among the Asean economies. The electronics sector, however, may not be shielded from any adverse effect of Vietnam’s inclusion in the Pacific Rim trade deal that represents about 40 per-cent of global trade. “In contrast to the Philippines textiles sector, the Philippines elec-tronics industry is facing structural headwinds, as Vietnam’s electronics industry has been growing rapidly since 2010, with large-scale new in-vestment inflows over the last five years, even before the TPP deal. If the TPP deal is implemented, Vietnam’s relative attractiveness for electron-ics will improve further due to the removal of tariff barriers for export-ing electrical and electronics to other TPP countries, notably the US,” Biswas said in the IHS note. To mitigate the impact, among the measures that the Philippines can take is to tackle the common hurdles cited by stakeholders in the manufacturing industry, such as high electricity costs and infrastructure gaps that lead to spikes in logistics costs. “Moreover, the manufacturing wage costs in the Philippines are also higher than in Vietnam. Given the im-portance of electronics to the Philip-pines manufacturing-sector output and exports, the Philippine govern-ment will need to accelerate policy initiatives to improve the attractive-ness as a hub for the electrical and electronics industry over the medium term,” Biswas noted.

BusinessMirror news@businessmirror.com.ph A4

Economybriefs

bill hikes travel allowance for govt execs, employeesParty-list rep. Catalina G. leonen-Pizarro of aBs has moved to increase the travel allowance of government officials and employees from P800 to P2,000.

in House resolution 2261, Pizarro said it is the responsibility of the government to provide travel allowance to its officials and employees in fulfillment of their duties and responsibilities.

Under Executive Order 298, government officials and employees are given P800 travel allowance regardless of rank and destination.

Of this amount, Pizarro said, 50 percent shall be allotted to lodging while 30 percent shall be allotted for meals. the remaining 20 percent of the P800 travel allowance shall cover incidental expenses.

“the travel allowance is also subject to reduction, depending on the time of arrival at the place of destination and departure from such destination,” Pizarro added.

the present travel allowance, the lawmaker said, was based upon the prevailing market prices during the time it was crafted and does not truly reflect the current fiscal situation of the economy. PNA

isaac is new tesda director generaltHE new director general of the technical Education and skills Development authority (tesda), irene isaac, vowed to carry on the reforms started by her predecessor, Joel Villanueva, after formally taking the helm of the agency.

isaac, an expert in technical- vocational education and training (tVEt), was sworn into office by labor secretary rosalinda D. Baldoz last Friday. she will have a Cabinet rank.

tesda is an attached agency of the Department of labor and Employment.

isaac was designated officer in charge of the agency last month, with the resignation of Villanueva, who is running for senator under the administration slate.

“Our experiences and the expertise of our officials and staff in tesda has primed us for the challenges ahead,” isaac said. “We are ready for the bigger role,” she added.

since 2012, isaac has held the post of deputy director general, in charge of policies and planning.

she is also the Quality Management and Performance Management team chairman of tesda, and heads the secretariat of the Philippine Qualifications Framework National Coordinating Committee. PNA

gensan to expand public employment servicesGENEral saNtOs City—the city government is planning to expand next year the coverage of its public employment services program in partnership with the Department of labor and Employment (DOlE).

Nurhasan Juanday, chief of the city’s Public Employment services Office (Peso), said on tuesday that they are currently working on various strategies to further the program’s implementation in the city, adding they are mainly targeting to improve the city’s accomplishments in line with the initiative after it was cited by DOlE as the region’s top performer in the last two years.

the city’s Peso specifically received a citation in last month’s 15th Peso Congress in Manila for its improved performance, he said. Juanday added that DOlE-12 had nominated the city Peso for the 2014 National Best Peso award under the highly urbanized city category.

“We were chosen as region 12’s nominee for the national award among 60 other Pesos and that was the basis of the citation,” he said, adding that only 30 Pesos in the country received the citation award.

the citation award mainly recognizes the city’s “wholehearted and unwavering support” in the promotion and delivery of DOlE’s employment program. PNA

THE Bureau of Customs (BOC) has bared plans to auction off two sets of jewelry that the Marcos

family tried to smuggle out of the country after the Edsa 1986 revolution.

Party-list rep. Neri Col-menares of Bayan Muna on tuesday said that sen. Juan

Ponce Enrile’s contention that the social security system (sss) will go bankrupt with the P2,000 pension increase is without basis and can easily be debunked.

“the sss and sen. Enrile should stop trying to delude the people that it has no funds for the P2,000 pension increase because this is not true. the sss board in Congress hearings actu-ally admitted several times that it has the funds for the pension increase. the increase will only shorten its fund life to 2029 instead of the cur-rent 2042,” he added.

assuming this is true, he said, 14 years is more than enough time for the government and sss to find ways to increase its fund life. in 2001 sss declared that it has a fund life of only five years and, yet, it was able to in-crease this to 2042 in just 14 years.

“if it previously survived a five-year fund life, then surely it can also survive a 14-year fund life. truthfully speak-

ing, we are in a better shape than the United Kingdom, which has a fund life of only up to 2027 and Canada, which has a fund life of 2022 or merely seven years,” Colmenares, also senior deputy minority leader, pointed out.

in fact, he said, sss has P428 billion in investment fund, which generates an investment income of an average of P32 billion per year.

“With this, the net revenue of sss in 2014 was a huge P44.47 billion. its assets amount to nearly P500 billion. Ayaw lang talaga dagdagan ng sss ang pension ng mga pensioners kaya ga-nun na lang ang kanyang pag-oppose dito. Mas gusto pa ng sss na pahabain ang buhay ng pondo niya, kesa buhay ng mga miyembro niya,” Colmenares said.

instead of harping on increasing contributions, the lawmaker said the sss should (1) improve its collection efficiency from the employers of its 29 million members, (2) collect the billions in contributions, which delin-quent employers failed to remit in the last 10 years, (3) cut down in bonuses and perks given to its board members

and collect the more than P200-million retirement package given to sss board members in 2009, and (4) collect the fines imposed by the courts against employers who violated the sss law.

“if this is not enough, then Con-gress can always provide for subsi-dies as provided under section 20 of ra [republic act] 8282 as amended. there is no way that the sss will go bankrupt as the sss wants people to believe. in fact, under section 21 the Philippine government guarantees the benefits and solvency of sss,” Colmenares said.

“the sss pension increase law does not allow for an increase in premium contribution. so it is best for sss and sen. Enrile to support the pension increase and, together, with the gov-ernment look for means to increase its fund life instead of using nonexistent obstacles to the pension increase. sss is so obsessed with its funds that it has failed to see that it has completely abandoned its mandate to provide genuine social security to the people.” Colmenares said. PNA

By Butch Fernandez

MalaCañaNg is striv-ing to improve the Phil-ippines’s unimpressive

showing in the recent World Bank (WB) rating on ease of doing busi-ness in the country, Communica-tions secretary Herminio B. Co-loma Jr. said, adding it is targeting to zoom up to the top 3 in the next WB rankings by next year. “the Philippines is aiming to be in the top 3 by 2016,” Coloma said on tuesday. asked if the Palace had ordered the Department of Finance and the Bureau of internal revenue to review “tedious” tax-payment systems that recent World Bank report on ease of doing business had tagged among main factors crimping Philippine businesses, Coloma indicated that the agen-cies concerned were already ad-dressing these. “the government continues to work on improving the climate for doing business, which is an essential element of global competitiveness,” Coloma said. among the common complaints raised by local businesses were too frequent tax-payment schedules that drain micro, small and me-dium enterprises of precious man hours, but Coloma assured that the administration was also working on it. the aquino administration, which has repeatedly touted gov-ernance reforms that made possible its gDP growth record and credit up-grades from international agencies, was taken aback last week by the WB report on ease of doing business that showed its rank slipping six notches. the WB’s international Finance Corp. said their economists had taken into account not just the sheer number of laws or regula-tions in place, but how effectively they are implemented. the WB report also noted the number of days and steps it takes to start up a business, and sus-tain operations with periodic requirements, as well as the the too frequent payment schedules—which could have been extended to semestral or annual instead of monthly or quarterly—that drain hundreds of man hours from me-dium and small enterprises. But aquino administration officials disputed the WB rating, where the Philippines dropped six places in its Measuring regu-latory Quality and Efficiency re-port, which measured the ease or difficulty for small and medium enterprises to do business in at least 189 economies all over the world.

in a news statement released on tuesday, the BOC said it is now awaiting the arrival of sotheby’s to update the value of the roume-liotes jewelry collection and the Hawaii collection before it can proceed with the auction. the roumeliotes collection is com-posed of 60 pieces of more extrava-gant jewelry and loose gemstones seized from greek national Deme-triou roumeliotes on March 1, 1986, at the Manila international airport as he was about to fly abroad, according to the Presidential Commission on good government (PCgg). the Hawaii collection, on the other hand, consists of trinkets

and baubles found inserted among the Marcos family’s luggage when they landed at the Honolulu inter-national airport on February 25, 1986, the PCgg said. “We have to have [the jewelry collections] updated in value first before we can proceed, so it depends when sotheby’s arrive and give an appraisal,” Customs Public informa-tion and assistance Division chief Belle Maestro said. a 1991 valuation of the Mar-cos jewelry collection, including the contested Malacañang col-lection, under the custody of the President and still subject of an appeal, was estimated to have a

Wednesday, November 11, 2015 • Editors: Vittorio V. Vitug and Max V. de Leon

boc, pcgg place marcos jewelry collections on the auction block

By Joel R. San Juan value $5 million to $8 million. the BOC holds in trust for the government the Marcos’s roumeli-otes and Hawaii collections. the auction of the jewelry will be conducted in coordination with the PCgg, in compliance with a memo-randum of understanding signed on October 21. the agreement affirmed the two agencies’ shared goal of recovering ill-gotten wealth of former President Ferdinand Marcos, his family and their close associates, and returning the same to the National treasury. the agreement was signed by Customs Commissioner alberto D. lina and PCgg Chairman richard amurao. PCgg Commissioner an-drew Felix arsenio de Castro and Customs Deputy Commissioners lawyer arturo lachica and lawyer agaton Uvero witnessed the signing. Both lina and amurao vowed to work together for a successful ap-praisal and block sale of the said col-lection to maximize the proceeds. the parties also assured the public that the proceeds shall be deposited without delay to the Na-tional treasury.

Under the agreeement, the BOC and PCgg commit to undertake successful physical inventory, ap-praisal and auction of the Marcos jewelry collection. the PCgg has been tasked to retrieve, regain and recover all such ill-gotten wealth, and in whatever form the Marcoses and their asso-ciates accumulated while the BOC is the primary government agency tasked to stop, prevent and prosecute violations of the tariff and Customs Code of the Philippines. an interagency Working group (iWg) shall also be constituted to coordinate the efforts and responsi-bilities of the two parties and other concerned government offices to carry out said objective. the iWg shall, aside from es-tablishing the terms of reference, procure auction services in accord-ance with all relevant government procurement laws and regulations such as republic act 9184. it shall also supervise and co-ordinate with the winning bidder/auction house the actual holding of the auction for the Marcos jew-elry collection.

Govt gunning for top 3 spot in WB ranking

Senate sets probeinto ‘tanim-bala’scam on ThursdaytHE senate Committee on Pub-

lic service has set its inquiry into the tanim-bala (bullet-

planting) scam at the country’s air-port terminals on thursday, accord-ing to sen. serge Osmeña iii. the senate probe is set at 10 a.m., with Osmeña inviting trans-portation secretary Joseph Emilio a. abaya and Manila international airport authority general Manager Jose angel Honrado. Osmeña said he would also invite the supposed bullet-planting victims that increased from only 12 in 2014 to 115 cases this year, as well as the aviation security groups to shed lights on the controversy. “We are trying to get the NBi [Na-tional Bureau of investigation] report if it would be ready. i would try to invite those who have been arrested but has since been released. We want their stories on record, particularly the overseas Filipino workers [OFW] victims,” Osmeña said. Osmeña believed that a syndicate is behind the bullet-planting that created fears among the passengers at the Ninoy aquino international airport.

“i believe it has to be done by a syndicate because they are those who would plant the bullet and then later on, a different person collects the money,” Osmeña said. the investigation, he added, is aid of legislation. Osmeña also vowed to look into proposal to decriminalize

carrying of three bullets and less. the Cebuano lawmaker, how-ever, believed that the country has enough laws to protect the interest of the people. “it’s the enforcement of the laws that’s important,” Osmeña said. if abaya would accept Osmeña’s

invitation, it would be the Depart-ment of transportation and Commu-nications chief ’s second appearance in the senate this week. last Monday abaya attended the senate inquiry chaired by sen. grace Poe on the problems besetting the Metro rail transit 3. PNA

A vendor shows off a bundle of bullets transformed into fashion accessory—or to some Filipinos, amulets—being sold at P150 each at a sidewalk in Quiapo, Manila. Amid the controversy surrounding the tanim-bala (bullet-planting) scam at the ninoy Aquino International Airport, the vendor still believes that the “merchandise” she peddles could be useful to ward off witchcraft and evil spirits. AlySSA SAlen

SSS won’t go bankrupt with P2K pension increase, lawmaker says

astatE-OF-tHE-art device has been installed by the Bureau of immigration (Bi)

at the Ninoy aquino international airport (Naia) terminals, including major seaports, to monitor the entry into the country of some 52 million people with “derogatory records” from 190 countries. this is to ensure the safety of head of states and participants of the asia-Pacific Economic Coopera-tion (apec) summit in Manila from November 16 to 20. the Mobile interpol Network Da-tabase (MiND) is a device provided by the international Police (interpol) to the Bi, according to Commissioner siegfred Mison. Mison, along with lawyer Floro Balato, head of the Bi Board Op-erations Division, was briefed by the interpol agents at Naia ter-minal 1 regarding the use of the high-tech device. Mison said that, with the aid of the new devices, immigration offi-

cers at the Naia terminals 1,2 and 3 can easily identify suspected ter-rorist and criminals in seconds by swiping their passport to the MiND device, which has color-coded sys-tem of international alerts or re-quest for cooperation. the database has been endorsed as an important border-security tool by the United Nations security Council, g-8 European Union, in-ternational Civil aviation Organi-zation and by the law- enforcement representatives from interpol’s 190 member-countries that includes the Philippines. Balato said 50 immigration officials were trained to operate the MiND. “today [tuesday] we have already monitored 5 million foreign names, including Filipinos, that arrived since January this year,” he said. However, he refused to divulge names of persons with derogatory records who entered the country since January. Recto Mercene

BI installs Interpol device at naia, seaports to ensure safety of Apec guests, participants

According to Energy Secretary Zenaida Y. Monsada, there is an ongoing study on this under the Energy Policy and Development Program, a think tank that in-forms policy- and decision-making in the energy sector. EPDP is fund-ed by the United States Agency for International Development and implemented by UPecon Founda-tion Inc. “Nagpagawa kami ng study kung ano talaga ang dapat na mix at ano ang impact nito sa economy. The study would determine the specific mix,” Monsada said in an interview. DOE Director Mylene Capong-col, in a text message, said the current fuel mix is “approximately 30 percent for renewable energy [RE], a bit more than 30 percent for coal and 30 percent for gas. The balance is oil-fired.” There is no update yet when the study would be finished, but Monsada is hoping that it would

be out soon. When asked how the result of the study would affect an existing DOE circular that ensures RE’s rightful place in the country’s energy mix, Monsada said, “very general, kase iyon. The fuel mix that was mentioned by Secretary Petilla before was nonfirm. That’s why we asked for a study.” Under Department Circular 2015-07-0014, or the Guidelines for the Policy of Maintaining the Share of RE in the Country, the share of RE should be at least 30 percent.

news@businessmirror.com.ph Wednesday, November 11, 2015 A5BusinessMirrorEconomy

The renewable sources of pow-er include solar, wind, biomass, ocean and hydro. Based on the 2014 DOE Power Sta-tistics, 25.64 percent of the country’s total power generation is sourced from RE facilities, or equivalent to in-stalled generating capacity of about 32.87 percent of the country’s total installed generating capacity. “To maintain the share of RE in power generation, the DOE hereby adopts a policy of at least 30-per-cent share of RE in the country’s total power-generation capacity through the holistic implementa-tion of the FiT [Feed-in-Tariff] Sys-tem and other pertinent provisions under the RE Act and RE IRRs [im-plementing rules and regulations],” the circular stated. FIT is the per-kilowatt-hour rate guaranteed to RE develop-ers to ensure the viability of their projects. Consumers shoulder this under FiT-Allowance (FiT-All), a separate line component in the power bills. They are now paying an additional P0.0406 per kWh since February this year. At present, coal dominates the country’s energy mix. To be sure that this policy is strictly enforced, the DOE would use the FiT instal lation targets: 250 megawatts (MW) for hydro, 250 MW for biomass, 400 MW for wind, 500 MW for solar and 10 MW for ocean. W hen these targets are met, a

bidding wil l take place. “Upon the full subscription of the existing FiT installation target, the succeeding rounds for the installa-tion targets for FiT-eligible resources shall be made through an auction system to be adopted by the DOE,” stated the circular. The share of RE resources in the installed capacity is targeted to in-crease to 15,304 MW by 2030. The country’s RE resource as-sessment shows vast amounts of RE sources that are yet to be de-veloped on top of the more than 10,000 MW of potential capacity already covered by registered RE projects with existing RE operating contracts that are currently being implemented as of March 31. The DOE has been saying that there is a need to issue a policy that ensures and maintains the share of RE in the country’s installed capac-ity to ensure energy sustainability, security and independence. “The circular that will come out is not a power mix. It is a guide policy for the DOE on FiT, wherein it is emphasized that RE is set at 30 percent and FiT is a balancing act but with certain conditions,” former Energy Secretary Carlos Jericho L. Petilla earlier said. Many power firms generate power from coal, because it is the cheapest among all power sources. “You want a good mix in power gen-eration? If you look at the cost, coal is the cheapest. But you just don’t

want to have the cheapest. You need to have reliability and self-sufficient power source,” Petilla had said. US consultancy firm IHS said that coal is seen to take up 56 per-cent of the mix by 2020, with 23 new coal-fired power plants lined up for commercial operation in the next five years. It urged the Philippines to im-plement policy interventions to come up with “balanced fuel-mix scenario.” “If coal projects are imple-mented as planned, Luzon’s coal-generation share will be over 75 percent by 2030, and many coal plants will be uneconomic,” said James Ooi, HIS senior director for Gas & Power in Asia Pacific. Coal, he said, does have an important role in power genera-tion, but “over reliance can re-sult in health impact and risk of unmet power demand associated with economic loss arising from projects delay.” Industry stakeholders, such as Manila Electric Co. and Aboitiz Power Corp., have asked the gov-ernment for a clearer policy on the country’s power-generation requirements. Meralco Chairman Manuel V. Pangilinan had said that inves-tors would want to be assured of security, adequacy and reliability of power supply. As such, the gov-ernment should come out with a

clear policy identifying the power demand, supply deficit and type of fuel source needed for a certain period of time. Aboitiz Power Chief Executive Er-ramon Aboitiz had said that “from a national perspective, it makes sense to have some policy, some diversi-fication. But how to achieve that is still to be determined.” “If the private sector will make decisions as to what fuel to use or what technology to use and what is more expensive than the other, then it would be difficult to develop that and still remain competitive in this market.” Shell, meanwhile, has been pushing for an energy mix policy to ensure that there is market, or off-takers, for imported LNG (liq-uefied natural gas). It has also been batting for the grant of incentives to the private sector that will be involved in the development of an LNG facility, because such invest-ment is capital intensive. First Gen Corp., which is cur-rently the biggest gas-fired power producer in the country, said it continues to invest in gas “because right now there is no other choice except coal.” “In a local community, for in-stance, what choices can the commu-nity opt for if there is no gas avail-able? That’s why we are bringing in LNG to provide the community that kind of choice,” First Gen President Francis Giles Puno said.

DOE sets fuel-mix policy review in power generation By Lenie Lectura

TO assess the impact of the current fuel mix for the power-generation sector, the Department of Energy

(DOE) has asked experts to conduct a study to determine if there is a need to strengthen existing policies.

MONSADA: “Nagpagawa kami ng study kung ano

talaga ang dapat na mix at ano ang

impact nito sa economy. The study

would determine the specific mix.”

Wednesday, November 11, 2015 • Editor: Angel R. Calso

OpinionBusinessMirrorA6

‘Tanim-bala’: Beyond losses in tourism

editorial

The tanim-bala scam has given the Philippines a black eye before the international community. The United Nations has advised its personnel to take care of their luggage more closely when they

travel to Manila. Foreign commentators from Fox News TV, British Broadcasting Corp., Cable News Networks and Time, among others, have reported on the scheme to global audiences.

As the scam unraveled, it was said that bullets had been dropped into the luggage of innocent air travelers by people interested in extorting money from them. The public is understandably outraged. And so are some legislators from the two houses of Congress, who demanded immediate investigation of the scheme and swift punishment of the guilty. The solons also vowed to sponsor and pass legislation decriminalizing the carrying of ammunition.

But the collective reaction of the highest officials concerned—President Aqui-no, Transportation Secretary Joseph emilio A. Abaya and Manila International Airport Authority General Manager Jose Angel A. honrado—was dismissive, with Abaya saying that the incidents were “being blown out of proportion,” and honrado putting forward the ridiculous excuse that they could not just investi-gate the matter because the airport personnel might get demoralized.

In the face of this high-level indifference and our embarrassment before the international community, it is a great relief to hear newly appointed Jus-tice Secretary Alfredo S. Caguioa order the National Bureau of Investigation (NBI) to form a task force to conduct a thorough investigation on the sordid scheme. The NBI will doubtless find answers to the questions many people are raising in their minds, including: Why were the closed-circuit television not working when the acts were being committed? Who received the blood money? Who are the guilty parties?

Meanwhile, we welcome the news that 40 personnel of the Office of Trans-portation Services, the private entity contracted to take charge of clearing airline passengers, have been suspended.

On a related point, it is rather dismaying that some of our officials could relate the scam only to tourism, announcing to all and sundry that tanim-bala will have only minimal impact on our tourism-development program, if it will have any impact at all. We beg to disagree. It will have a negative impact. Already, some governments are circulating travel advisories to their citizens, urging them to avoid troublesome places, without explicitly mentioning the Philippines. In addition, that is a narrow materialistic viewpoint. What about its impact on our self-esteem, on our self-respect, on our standing with the people of the rest-of-the-world? Does not this impact matter?

People hostile to the Philippines, some of them the country’s own citizens, revel in labeling the country as “kidnap capital of the world,” “the most graft-ridden government,” etc., when they are not describing unbelievably evil acts as possible “only in the Philippines.” Shall we allow them another nomencla-ture, “the country of the shameless”?

We have faith in the NBI. We await its findings with bated breath.

The Social Security System (SSS) continues to improve its processes to make it more convenient for its members to transact business with the agency. The latest innovation

that now makes it easier for employers to notify the SSS of the sickness of their employees is the online submission of the sickness notification, an important requirement in the availment of sickness benefits.

Online sickness notification

Sickness benefits are daily cash allowances given to qualified SSS members with a minimum of four straight days of illness under the regular Social Security (SS) pro-gram. For employed members, sickness benefits are granted as long as the member’s company sick leaves in a given year have been fully consumed.

Both employers and employees must comply with the 10-day noti-fication period. employees should notify their respective employers by submitting the prescribed CLD 9N form within five days from the

start of their home confinement, and employers should then notify the SSS manually or electronically within five days from receipt of the notification form.

Based on existing rules on sick-ness-benefit claims, the employer should advance an employee’s sick-ness benefits according to the ap-proved sickness notification. If the employee has informed the employ-er of the sickness on time, but the employer was late in filing the sick-ness notification with the SSS, the said worker will be entitled to the full amount of sickness benefit from the

employer. however, the employer’s reimbursable amount from the SSS will be reduced as penalty for late notification.

The online facility is expected to reduce the number of cases of late filing by employers, who are required to notify the SSS with-in five days from receipt of their employees’ notification forms. According to SSS’s medical evalua-tors of sickness claims, thousands of employers fail in complying with the timely submission of the noti-fication. With the online facility, employers can promptly notify the SSS at their convenience.

The employer must be a regis-tered user of the SSS web site before it can access the online facility for the electronic submission of sick-ness notifications. Submissions of sickness notifications are done through the e-services menu of the SSS web site.

In submitting the online no-tification, employers should pro-vide the member’s SS number; confinement start date; type of claim, whether SS or employees’ Compensation (for work-related sickness); confinement location, whether hospital or home; number

of days of illness; and the phy-sician’s license number. Within 30 days after submitting their notifications online, employers are required to submit to the nearest SSS branch the system-generated transmittal list, hard copy of the sickness notification for each em-ployee and the supporting docu-ments submitted by the employees.

Apart from sickness notifica-tions, the SSS also observes a one-year prescriptive period for filing of sickness-benefit reimburse-ment, which should be one year from the date of discharge from hospital confinement.

With this online facility in place, employers now have no reason to be late in the submission of their sickness notifications.

For more information about the Social Security System (SSS) and its programs, call our 24-hour call center at (632) 920-6446 to 55, Monday to Friday, or send an e-mail to member_relations@sss.gov.ph.

Susie G. Bugante is the vice presi-dent for public affairs and special events of the SSS. Send comments about this column to susiebugante.bmirror@gmail.com.

IT is not often that a centenarian is just as spry and vital as the day she was born, but that’s the case with the general theory of relativity.

This month we are celebrating exactly 100 years since the meeting in which Albert einstein announced the completion of his masterful the-ory of how gravity works. his grand theory relating the geometry of space and time to the matter, and energy within it represents an extraordinary triumph of the human imagination.

Before einstein, there was Isaac Newton, who had offered a simpler, but much less satisfying theory of gravity. Contrary to popular myth, Newton did not discover gravity. From earliest times, no one could mistake the fact that things fall down if released from a certain height. Rather, Newton demonstrat-ed that gravity is a universal force with certain predictable properties. This force could act over immense distances, linking, for instance, the Sun and the earth as if an invisible string tied them together.

Although Newton’s theory was very successful, it contained a logi-cal flaw: the idea that gravity could be transmitted instantly. If the Sun suddenly disappeared, his theory pre-dicted that earth would immediately

sense its absence, as if a thread were cut, and start traveling in a straight line through space.

Yet einstein had showed in his special theory of relativity (the predecessor to the general theory), space has a speed limit. No signal in empty space can travel faster than the speed of light. The Sun’s light takes eight minutes to reach earth. Therefore, earth could not possibly respond to the Sun’s disappearance in less than that time period—cer-tainly not instantly.

einstein’s general relativity beau-tifully recasts gravitation as a local, rather than long-distance phenom-enon. The equations he announced in November 1915 show precisely how it is the fabric of space and time—known in tandem as “spacetime”—that conveys gravity.

Much like a turbulent wild river with eddies and currents that change the course of boats, spacetime’s bumps and ripples compel planets and stars to alter their paths. In the case of earth, a gravitational well compels earth to travel in an ellip-tical orbit rather than in a straight

All About Social SecuritySusie G. Bugante

100 years later, Einstein’s theory of relativity stands strongline. The cause of that indentation in spacetime is the mass of the Sun. Or, as often expressed by the late gravi-tational physicist John Wheeler (who came to know einstein well), space tells matter how to move and mat-ter, in turn, tells space how to curve.

how einstein’s theory was tested offers an important lesson in the value of international cooperation.

einstein predicted that the paths of light rays would be diverted by the presence of massive objects. he estimated the angle by which star-light would bend in the vicinity of the Sun and pointed out that this distortion could be measured during a solar eclipse.

To accomplish this task, einstein found a friend in British astrono-mer Arthur eddington, who orga-nized expeditions to West Africa and South America, in spring 1919, where a solar eclipse could readily be seen. The remarkable thing about the collaboration between einstein and eddington was that it took place shortly after World War I, when their two native countries (Germany and the United Kingdom) had been enemies. Both thinkers were paci-fists and hated nationalism, which made such cooperation easier.

During the summer of 1919, the

eclipse results were analyzed and compared to predictions based on Newtonian physics. Although the data was sparse, the results fell much closer to einstein’s forecast than one based on Newton’s theory of gravitation. Thus, it came to pass that in November 1919 the British Royal Academy announced that ein-stein’s theory was triumphant.

The confirmation of general rela-tivity generated startling headlines around the world. The firmament of the heavens was no longer stable and secure, rather it was an ever-chang-ing canvas. Nothing in science was stable. In fact, 10 years later, results by American astronomer edwin hubble showed that the universe itself was expanding—another pre-diction of general relativity.

For various reasons, including its lack of correspondence with quan-tum mechanics, the other major theory developed in the early 20th century, physicists have tried to mod-ify general relativity. Nevertheless, despite a century of effort, einstein’s masterpiece still stands strong.

Let’s offer a toast to the beauty of the venerable equations describing the cosmos, and wish them well for decades to come—unless, that is, a quantum version comes along. TNS

Wednesday, November 11, 2015

OpinionA7BusinessMirroropinion@businessmirror.com.ph

President Elpidio Quirino’s 125th birth anniversaryBY virtue of Presidential Proclamation 967 signed by

President Aquino, all Filipinos here and abroad are enjoined to commemorate the memory and legacy of a man who

served for 47 years in government, President Elpidio Quirino. Born on November 16, 1890, in Vigan, Ilocos Sur, Quirino began his career in public service as a student teacher who dreamt of serving his country.

President Quirino’s journey to Malacañan Palace is chronicled in the following achievements:

n Student teachern Lawyer—graduated from the

University of the Philippines with honors, passed the bar with second highest grade

n Special clerk of the Philippine Commission

n Private secretary to President Quezon

n Representativen Senatorn Cabinet Secretary n Vice Presidentn Member of Philippine Inde-

pendence Mission that lobbied for the Tydings-McDuffie Act, which paved the way for the Independence of the Philippines.

n Founding Father of the For-eign Service of the Philippines

n Vice President Quirino opened 23 embassies and firmly secured Philippine international relations and diplomacy

n Concurrent finance secretary and Founding Father of the Central Bank of the Philippines

Here’s how he left his mark as President:

n New Philippine Ideology—A Philippines that is free, prosperous, cheerful and contented; education for every child; a home for every family; food for every household; job security and better pay; peace and security; friendship and inter-national community; balanced busi-ness and labor interests; land for the landless; energy for industry and developments; sound fiscal policy; excellence in civil service; One na-tion under God.

n Economy—Created and es-tablished the economic blueprint of the Philippines toward rehabili-tation, growth and expansion

n Peace and order—Initiated amnesty and peace talks with the

Hukbalahap Movement, headed by Ka Luis Taruc

n Finance/Budget—During his time President Quirino was able to balance the budget with the Phil-ippine currency at P2 to $1 and a real GDP growth rate of 9.0 percent (based on a study and lecture by Economist and Prof. Winnie Mon-sod on the Presidential GDP Perfor-mances).

n Energy—Creation of the Am-buklao Dam in Benguet and the Maria Cristina Hydroelectric Power Plant in Iligan, Lanao del Norte

n Education—“Quirino cham-pioned a more liberal extension of higher educational facilities throughout the islands so that the sons of the rich, as well as those of the poor, should have the same op-portunity of obtaining university training. He initiated the exten-sion of the University of the Phil-ippines, his alma mater, through the establishment of branches throughout the archipelago. His purpose was not to preserve Phil-ippine society in the post-World War II economic malaise, its social inequality and overdependency on America, but to produce the critical leaders and the skilled man-and-woman power that would chart the democratic and industrialized future of an inde-pendent Philippines. For Quirino, education was not conservative. It was transformative,” Fr. Joel Tab-ora, SJ, from his lecture entitled “Transformative Education for Social Justice”

n Env ironment—Dec l a red September 10 as Arbor Day, the Na-tional day of tree-planting where he engaged every Filipino to plant a tree. Note: During Quirino’s ad-ministration, Philippine forest coverage area was at 68 percent. Today, this number has been re-duced to 23 percent.

Foreign relationsA) PHILIPPINE-JAPAN Relations: Granted clemency in 1953 to 114 Japanese POWs detained in Muntin-lupa. They were subsequently repa-triated back to Japan.

b) Philippine-Russia Relations: Granted sanctuary to 6,000 White Russians in Tubabao Island, Guiuan, Samar.

c) Philippine-Israel Relations: At its 128th plenary meeting on Novem-ber 29, 1947, the General Assembly elected the following members of the United Nations Commission on Palestine (Uncop): Bolivia, Czecho-slovakia, Denmark, Panama and the Philippines. The Uncop came up with UN Resolution 181-II (Future gov-ernment of Palestine), which became the basis of the recommendation for the statehood of Israel.

d) Labor—Signed into law the Minimum Wage Act and the Eight-hour day Act, setting a standard on minimum wages for the work force.

e) Food security—Quirino’s eco-nomic program included the stabili-zation of the agricultural sector and the industrialization of the coun-try. He launched an economic mo-bilization program by establishing industries in the countryside that created job opportunities for Filipi-nos. In agriculture, he developed and expanded irrigation systems to help increase farmers’ production and built farm-to-market roads.

Other PEQ achievements:n ENACTED Republic Act (RA) 842, The Public School Salary Act of 1953, providing for compensation and

automatic salary increases for public-school officials, teachers and other school personnel of the government of the Philippines

n Built housing projects in Que-zon City for low-salaried public and private-sector employees

n Enacted RA 580, the Home Fi-nancing Act of 1950. An Act to create the Home Financing Commission, to stimulate home building and land ownership and to promote the de-velopment of land for that purpose, provide liberal financing, through an insured mortgage system, and devel-op thrift through the accumulation of savings in insured institutions.

n Issued Executive Order 355 in October 1950, which created the Land Settlement and Development Corp. Some of its powers were:

1) To facilitate the acquisition, settlement and cultivation of agri-cultural lands;

2) To afford opportunity to own farms to tenant farmers and small farmers from congested areas, to graduates of agricultural schools and colleges, to trainees who have complet-ed the prescribed military training, to veterans and members of guerrilla organizations, and to other persons as may be determined by the board of director with the approval of the secretary of Economic Coordination.

Personal backgroundELPIDIO RIVERA QUIRINO was born at the Ilocos Sur Provincial Jail on November 16, 1890, the third child of the incumbent jail warden—Mariano Quirino and wife Gregoria Rivera. Orphaned at an early age, El-pidio and his siblings grew up taking care of each other. Part of his child-hood years was spent in Agoo, La Union, after which he left for Manila to pursue his studies.

Quirino married Alicia Syquia of Vigan, Ilocos Sur, and they had five children. During the Liberation of Manila in February 1945, his wife and three of their children were shot and killed by Japanese soldiers in the streets of Malate. Quirino, daughter Victoria, and son Tomas, were the only survivors.

For more information visit our web site: http://www.elpidio-quirino.org.

By Justin Fox | Bloomberg View

DOES it just keep getting worse for newspapers until they die? Or is there hope, or at least a temporary respite, in sight?

The biggest publicly traded newspaper companies in the US reported earnings during the past couple of weeks, and the tone on the earnings calls was moderately upbeat. Executives at McClatchy, Tribune Publishing, News Corp. and the New York Times all made multiple mentions of the “progress” their companies had made re-cently. Nobody at Gannett went quite that far—understandable at a company where revenue dropped 4.5 percent from the same quarter a year before—but Chief Ex-ecutive Officer Robert J. Dickey did say that it had been “a very solid third quarter, our first since becoming a stand-alone public company in terms of both operating performance and cash flows.”

What has made life so tough for newspaper companies has been an advertising collapse that began in 2007. In 2006 US newspapers took in $49.3 billion in print and digital advertising revenue. In 2014 that was down to $19.9 billion. Here’s what the advertising revenue trend has looked like lately at the five biggest publicly traded newspaper companies:

Gannett, News Corp. and Tribune Publishing were all spun off in the past couple of years from parent companies that decided they’d rather not be in the newspaper business anymore—that’s why their charts are incomplete. As for The New York Times, it seemed misleading to include results from when the Boston Globe was still part of the company.

The main message I take from the chart is that newspaper advertising is still fall-ing for everybody, but national advertising is holding up better than local advertising. Revenue declines are still in the double digits at Gannett and McClatchy, which own newspapers in big and small cities across the US. At Tribune Publishing, which owns the Los Angeles Times, Chicago Tribune and several other papers, this year’s numbers are skewed substantially upward by the recent acquisition of the San Diego Union-Tribune. Without that, the company said, ad revenue would have fallen 9.6 percent in the most recent quarter. McClatchy’s recent numbers, meanwhile, are skewed slightly down-ward because the company sold off a few businesses. So the three generally face the same still-dire advertising predicament.

The picture’s different, and the ad-revenue declines much smaller, at The New York Times, which is now just the New York Times and International New York Times, and News Corp., which owns the Wall Street Journal and major newspapers in Australia and the UK (it also owns several significant non-newspaper properties, such as book publisher HarperCollins, but newspapers still make up the majority of revenue). 

Then there’s circulation revenue, which was long an afterthought in many news-papers’ business plans but has become more important as ad revenue has declined.

McClatchy’s big gains in 2012 and 2013 were the result of putting its newspapers behind digital paywalls during those years. All the other companies had already ad-opted paywalls before their lines show up on the chart. In general, while offering a welcome respite from falling advertising revenue, digital subscriptions don’t appear to deliver much growth after their initial rollout. And while the New York Times saw circulation revenue pass ad revenue in 2012, all the other companies are still quite a ways from crossing that threshold:

All in all, it still seems too early to declare that things have stopped getting worse in the newspaper business, especially the regional newspaper business. Gannett and Tribune are both betting that consolidation will improve margins, with Gannett buy-ing the national Journal Media chain and Tribune bidding for bankrupt Freedom Communications, publisher of the Orange County Register. We’ll have to wait and see if that actually works. And while there are digital-native national competitors ready to move in if the New York Times or News Corp. falter, the search for replacements for local newspapers goes on. They’re being disrupted, but not by organizations that have any interest taking over their news-gathering role.

Newspaper companies have a funny idea of ‘progress’

Driving MomentumKent Marjun Primor

GOOD governance is the unwavering theme of the “tuwid na daan” campaign of the Aquino administration since it took over the helm of the government in 2010. In his social

contract with the Filipino people, President Aquino laid down the 16-point agenda, which showcased transformational change embarking on democratic values, integrity in public leadership and investment on its people to rise above poverty. Several ground works have been founded in wide-ranging issues, such as on economy, gender equality, peace and order, environment, justice and government services. In all of these, the resounding question will always be, what about continuity?

In search of collaborative governance

The government should not be alone in this endeavor. The approach must be inclusive, participative and collective. Thus, this section suggests infusion of e-government initiatives and sustain-able development to foster inclusive growth. The formula is rather simple: e-government + sustainability = inclu-sive growth.

Information and communications technology (ICT) penetrates every as-pect of humanity, society, economy, politics and security. Relationships are developed through e-mails, Facebook, mobile texts and Skype. Businesses have been dramatically transformed through ICT. E-learning tools have been developed to enable classes in different locations in various modalities. All the while, cyber criminals have become very sophisticated in hacking and destroy-ing adversaries with just one click of the mouse. The government, too, must adapt. E-government should be aggres-sively pursued for fast, efficient and effective public-service delivery.

The World Bank defines e-govern-

ment as those referring to the use of ICT by government agencies such as the Wide Area Networks, the Internet, and mobile computing that transform rela-tions with citizens, businesses and other arms of government. In the case of the Philippines, the E-Government Master Plan (EGMP) was formulated as part of the broader Philippine Digital Strategy (PDS) aligned with the Philippine De-velopment Plan (PDP). The EGMP is the blueprint that integrates ICT in the whole of government, which traces its roots in the early 1990s.

EGMP rests on a client-centered government (government portal, open government, open data) and a networked government. Essentially, this comprised the G2C (citizen), G2B (business) and G2G (government) ini-tiatives, such as e-education, e-health and welfare, e-logistics, e-agriculture, e-tax and many others with an “e”, sig-nifying it has evolved electronically. The target is to set up shared registries for better services backed by sufficient infrastructure facilities.

These initiatives are commendable, if properly implemented. Sadly, it re-mains to be seen. The Philippines has been continuously sliding for the past 10 years in UN E-Government Surveys. From ranking 78th in 2010, it dropped to 88th in 2012. Despite these initiatives developed between 2011 and 2012, the Philippines again slipped in the 2014 UN E-Government Development Index, ranking 95th out of 193 countries. The lack of a unified strategy explains this development. Each of the 19 depart-ments of the Philippine government has its own independent ICT center. If these departments work independently, no wonder the rest of the bureaucracy is functioning this way. This explains why business registration and permits take ages to secure. This is not good for the economy, and this is, of course, not inclusive. Collaborative governance calls for everyone, be it in public and private sectors, to work hand in hand for national development.

Establishing a Department of Infor-mation and Communications Technol-ogy (DICT) would address this structural deficiency. A Cabinet-level position that integrates all ICT needs of the country, and we have several model states to look up and learn from. In Asia Pacific we have countries such as Australia, New Zealand, Singapore and South Korea set-ting benchmarks for e-government. In Northern Europe, Estonia, Finland, and Sweden are global leaders in utilization of e-government services and e-society. There are plenty of examples to follow—what more are we waiting for?

Finally, as we transition to e-gov-ernment, let us inject sustainable best practices for long-term value that will benefit generations to come. It must be forward-looking that can jive with the changing dynamics of future chal-lenges. Pillars such as environmental responsibility, human capital invest-

ment, profitability and social equity should be integrated in the strategic plans. At the operational level, linking sustainability and e-government works well if there is a good enabling policy framework. The trilateral proposition still holds here—systems, people and environment.

For example, in the creation of a DICT, it must dispel notions about added layers of bureaucratic approvals but rather promote efficiency through automatic electronic transactions, especially on forms that can be pre-formatted. It is good for both G2G and G2B. It records and updates real time, which makes it easy for consolidation and reporting when needed. Decisions then can be made based on solid facts and evidence rather than trial-and-error method that may compromise the citizens’ welfare. It acts as repository of vast information that can be utilized during planning and emergencies. For G2C, client satisfaction is the key. Thus, the need to get as much feedback from the grassroots level so that interven-tions are suited to the needs of the people and community. The bottom-up approach should be enhanced, as well as enough representations from disadvantaged sectors.

In all G2G, G2B and G2C e-govern-ment initiatives, it is paramount that green practices are embedded. We live in a finite surrounding that produces fruits when cared and devastates when exploit-ed. Inclusive growth can be achieved with e-government and sustainability, and means more when actually experienced by people rather than just seen on paper.

Mr. Kent Marjun Primor serves as the market research and communications spe-cialist at the Nordic Business Council of the Philippines (NBCP). For comments and inquiries, please direct it to kent.primor@nbcp.com.ph.

QUIRINO

A8 www.businessmirror.com.ph

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Wednesday, November 11, 2015

APEC PhiliPPinEs 2015: GEttinG Around in stylE

Established in1989,theApecholds an annual forum in the Pa-cific Rim for 21 nations, namely,Australia, Brunei Darussalam,Canada, Chile, People’s Republicof China, Hong Kong, Indonesia,Japan, South Korea, Malaysia,Mexico, New Zealand, Papua NewGuinea,Peru,thePhilippines,Rus-sia,Singapore,ChineseTaipei(Tai-wan), Thailand, the United StatesofAmericaandVietnam.Thepre-mier forum aims to facilitate eco-nomic growth, cooperation, tradeandinvestmentintheAsia-Pacificregion,aswellasenhanceregionaleconomicprogressandstrengthentheinternationalcommunity. This year the Philippines willhost and preside over the 27thApec summit—two decades sincethe country hosted the event forthefirsttimeinNovember1996inSubicBay,Zambales. Aside from the leaders wear-

ing the host country’s traditionalcostume,perhapsoneofthefasci-nationsoftheApec is itsautomo-tiveaspect.Asanexample,thena-tionwillwitnesstheheadsofstateonboard their exclusive, state-of-the-art, security-reinforcedvehicles—particularly the USPresident’s vehicle known as “TheBeast”or“CadillacOne.”Therewill

alsobeanarrayofluxuryridesforother leaders, senior officials, topbusinessmenandindustryexpertsfromthe21-nationcouncil. Critical toeveryApeccongre-gation is the uninterrupted, com-fortable and reliable transport toand from the destinations. Forthis reason, two German manu-facturers well known for theiropulenceandaJapanesecarmakerrenowned for its global presenceconsented to provide their finestcreations. Since last year, BMWwas entitled as the official premi-ummobilitypartnerforApec2015.AsianCarmakersCorp.(ACC),theofficialimporteranddistributorofBMWinthePhilippines,pledgedtoprovideover200BMWluxuryau-tosforApec’suse. “As the preferred premiummobility provider for Apec 2015,we aim to ensure a positive expe-rienceamongdelegatesbyoffering

BusinessMirrormedia partner

By Randy S. Peregrino

ONCE again, the world will witness heads of government gather for the 2015 Asia-

Pacific Economic Cooperation (Apec) assembly on November 18 and 19.

thebestmodelsinourportfolio.WehaveespeciallycommissionedcarsthatupholdtheglobalBMWstan-dardsofsafetyandperformancetosupport the government’s effortsindrivingeconomicgrowthinthePhilippines and the region,” ACCPresidentMaricarParcosaid. Makinguponeofthetwofleetsis BMW’s flagship 7 Series LongWheelbase Sedans, which are someof the most technologically ad-vancedcarsintheworldandboastofanadditional5.5inchesofrear-seatlegroom.EveryleaderorVIPwillbepampered inside the luxurious andexpansive cabin. There is also the5 Series—both in sedan and grandTurismoforms—whicharesimilarlyidentifiableaspartoftheexecutiveclass. The diesel-powered variantwill definitely impress dignitariesandtopbusinessmenasthisversionwillfitthemwell. Earlythisyear,Mercedes-Benzwas also named as the premiummobilitypartnerfortheApec2015summit. AutoNationGroup,offi-cial distributor of Mercedes-Benz

automobilesinthePhilippines,willshowcase its leading S-Class thatoffers a first-rate office and well-nessloungeineveryseatthatwillsurelyindulgeeveryluminaryfor-tunateenoughtooccupyitscabin.KnownalsoastheSonderklasse,theMercedes-Benz S 400 exudes anaura of opulence—perfect for theApecbigwigs. “Being a mobility partner ofthe Apec 2015 CEO Summit is anhonor. Through this endeavor, wetake part in an effort to contrib-utetotheprogressofourcountry.”Auto Nation Group Inc. PresidentFelixR.Angsaid. Meanwhile, Toyota MotorPhilippines(TMP)enteredintoanagreement with the governmentearly this year to also serve as amobilitypartnerofApec. “Wearethankfulthatwehavebeengiventhisopportunitytobe-come a mobility partner of ApecPhilippines2015byproviding296Toyotavehiclestobeusedastrans-portation for the public and pri-vate sectoral meetings, as well as

duringthesummit.Butmorethanjustprovidingmeansformobility,Toyota is one with Apec and thePhilippinegovernmentinrealizingthis year’s theme ‘Building Inclu-sive Economies, Building a BetterWorld,”TMPPresidentMichinobuSugatasaid. Displaying comfort, reliabil-ityandtoughnessisaconvoyof70Camry2.5GATs,50Altis1.6VATs(black),90FortunerG4X2diesels(black),43FortunerV4X2diesels(black)and43Hi-AceGLGrandiaMT (two-toned). Representativeswill definitely benefit from theprovenperformanceofthisToyotacaravan to ferry them to their re-spectiveendpoints. Anothersurethingisthatallthese BMW, Mercedes-Benz andToyota automobiles will traversethe installed exclusive lanes onmajor roads and highways forconstant, safe and swift naviga-tion. Moreover,carfanaticswillcertainly take pleasure in seeingthefinestcarrierscruisingthere-strictedpaths.

Flagship sedan BMW 730li long Wheelbase sedanexecutive class BMW 520d apec edition

BMW 520d apec edition toyota camry 2.5 g at toyota altis 1.6 v at toyota 4x2 g and v diesel variant toyota hi-ace gl grandia two-toned

‘der sonderklasse’ Mercedes Benz s-class top sedan

Mercedes-Benz s-class interior