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THE World Bank is now less op-timistic on the growth of the Philippine economy on account of

the ill effects of El Niño and the negative impact of China’s slowdown on trade and tourism. 

SANS STIFFER PENALTIES VS ILLEGAL FISHING, PHL COULD LOSE SARDINES, ‘BAGOONG’

www.businessmirror.com.ph ■�Thursday 18, 2014 Vol. 10 No. 40 P. | | 7 DAYS A WEEK■�Tuesday, October 6, 2015 Vol. 10 No. 362

A broader look at today’s businessBusinessMirrorBusinessMirrorTHREETIME

ROTARY CLUB OF MANILA JOURNALISM AWARDEE2006, 2010, 2012U.N. MEDIA AWARD 2008

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PESO EXCHANGE RATES ■ US 46.7900 ■ JAPAN 0.3900 ■ UK 70.9945 ■ HK 6.0376 ■ CHINA 7.3528 ■ SINGAPORE 32.6518 ■ AUSTRALIA 32.9600 ■ EU 52.4703 ■ SAUDI ARABIA 12.4773 Source: BSP (5 October 2015)

THE Philippines is seeking greater coopera-tion among members of the Asia-Pacific Economic Cooperation (Apec) to unlock

the full potential of the so-called Blue Econo-my as a way of achieving inclusive growth in the region. The call was made by Environment Secre-tary Ramon J.P. Paje during the Apec High Level Policy Dialogue on Food Security and the Blue Economy at the Iloilo International Convention Center in Iloilo City on Sunday. The country’s chief steward of the environ-

ment and natural resources believes that Apec members can help narrow the gap in economic development while sustaining growth with equity by harnessing the potentials of the blue economy. According to Paje, the region currently “com-prises economies at varying levels in the develop-ment spectrum.” The forum is cohosted by the De-partment of Environment and Natural Resources and the Department of Agriculture. It provides an opportunity to discuss concrete and feasible actions to advance sustainable management and conservation of coastal and marine ecosystems

and habitats, and improved biodiversity to sup-port higher fisheries productivity and provide better ecological services, Paje said in a state-ment released by the DENR. He said the meeting is anchored on one of the four priority themes in building sustainable and resilient communities. Paje explained that the theme is geared toward enhancing regional economic agenda; fostering the participation of small and medium enterprises in regional and global markets; and supporting and investing in human resources.

‘El Niño, China slowdownto drag growth up to 2017’

INSIDE

Life Tuesday, October 6, 2015 D1

Life BusinessMirror

Life Editor: Gerard S. Ramos • lifestylebusinessmirror@gmail.com

DEAR Lord, we can’t go on, but You said, I EAR Lord, we can’t go on, but You said, I will carry you. We are too tired, but You will carry you. We are too tired, but You said, I will give you rest. It is impossible said, I will give you rest. It is impossible

to do, but You said, all things are possible. We are to do, but You said, all things are possible. We are starving, but You said, I am the bread of life. We starving, but You said, I am the bread of life. We are thirsty, but You said, I am the living water. We are thirsty, but You said, I am the living water. We are going to die, but You said, I will raise you up. are going to die, but You said, I will raise you up. We say it daily, live Jesus in our hearts forever, We say it daily, live Jesus in our hearts forever, and You said, go on till I have you in My Kingdom. and You said, go on till I have you in My Kingdom. Amen.

But You said...

ANGELINA GUTIERREZ VAN D, FM INSPIRATIONS AND LOUIE M. LACSONANGELINA GUTIERREZ VAN D, FM INSPIRATIONS AND LOUIE M. LACSONWord&Life Publications • teacherlouie1965@yahoo.comteacherlouie1965@yahoo.com

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BEAT ‘GRAVITY’ OPENING; CAN IT »D3

TERRAZZA de Sto. TERRAZZA de Sto. TERRAZZATomas, a property development of Ovialand Inc. in Santo Tomas, Batangas, offers value for money homes and a premium brand of living in its sprawling 5.8-hectare prime location.

B D BChicago Tribune

YOUR home may be naturally dark, but there’s no need to convince yourself it’s more intimate that way. Bright rooms can transform a home and uplift your mood. And when it comes time to sell, light and

airy rooms lend an inviting atmosphere for home buyers.Here are some simple and affordable design

techniques to make the most of limited light.

PAINTLIGHTER neutrals such as warm white, dove gray or LIGHTER neutrals such as warm white, dove gray or LIGHTERlight taupe will make a space appear more open and airy, said Jennifer Jones, principal designer with Niche Interiors in San Francisco. But don’t simply paint the walls, Jones said. “If your ceilings are low, consider painting the molding the same color as the walls to elongate the room,” Jones added.

Always paint the ceiling a lighter color than the walls, preferably a bright white, said Tobi Fairley interior designer with Interior Design in Little Rock, Arkansas.

“That gives you the feeling of space and height, which really opens up the room,” she said. “It will also reflect any of the light that’s directed to the ceiling from lamps or fixtures.”

Use a paint with sheen. Painting in a flat, matte or satin finishes will soak up light, while semigloss, high-gloss and lacquer finishes tend to reflect light, which make a darker room feel brighter and lighter, said Edith Gregson, partner at DJ Ireland Interior Architecture & Design, an interior design firm in Washington, D.C.

If you choose a neutral gray, for example, make sure to stay away from brown or black undertones, said interior designer Meg Caswell of Chicago, a winner of HGTV Design Star. She said to choose a light shade with a bright undertone. One of her favorite colors is Benjamin Moore Shoreline.

DÉCORARTWORK with white matting creates contrast against ARTWORK with white matting creates contrast against ARTWORKdarker walls, Gregson said. She suggested creating a gallery wall or a collection of artwork to make the wall feel brighter, watching out for darker artwork, which—like painting a room a darker color—can soak away the light that would, otherwise, bounce around the room.

“Large-scale artwork in lighter colors or even in black and white can make a space feel more spacious and brighter,” Gregson said.

Get rid of distracting personal objects. Less is more, said Brian Balduf, chief executive and cofounder of Illinois-based VHT Studios, which provides photography and image management services to real-estate professionals. While the room technically won’t be darker if there are too many accessories, it will feel less open and airy, he said. Balduf recommends going with a few central statement pieces that are carefully curated. Drapery shouldn’t be in front of the glass, it should be just off the glass, Caswell said. “It can cover the frame, but make sure it keeps the natural light in,” she said. “It’s a design crime.”

Adding live plants will give your room a brighter and livelier feel, said Cathi Lloyd of Decorating Den Interiors in Northwest Indiana. Some plants, such as ferns, are a safe bet, as they can thrive for days in limited sunlight, Lloyd said. “This is a perfect way to add a dramatic effect to the dingiest areas of your rooms,” she said. If your windows are small, don’t cover them with heavy blinds or draperies. Instead, use sheer or lighter fabric to offer an illusion of more space and light in the room, Lloyd added.

Crystals and shiny finishes reflect the light and make the room feel more alive, Lloyd said. She suggested adding sparkly accents, a gold table or a metallic-finish wall hanging to brighten the room and to add style.

LIGHTINGSUBSTITUTING artificial light for natural light can make a room feel brighter, Jones said. “Instead of relying on one overhead light, place table and floor lamps throughout a room for balanced illumination,” she said, suggesting lamps with off-white shades and dimmer or

three-way switches for adjustable ambient light.When the corners and borders of a space aren’t well

lit, the room can feel cave-like and dark, Gregson said. She suggested placing recessed fixtures 24 to 30 inches out from the walls on the ceiling to make those shadows disappear. Place corner floor lamps or wall sconces in the room. These could be a good option for those who are renting and don’t want to incur the expense of hiring an electrician to install pricey recessed fixtures, Gregson said. “Stores like West Elm, Design Within Reach, Restoration Hardware and Crate and Barrel offer plug-in sconces so illuminated wall washing can be achieved without submitting to any permanent changes,” Gregson said.

Make sure you have an assortment of lighting types. Overhead lighting (recessed fixtures, pendants and chandeliers), task lighting (desk lamps, art lighting and table lamps) and accent lighting (sconces and under-cabinet lighting) should work in harmony so that a space feels layered in light without feeling alarmingly bright, Gregson said. “We strongly believe in the power

of a dimmer switch whenever possible,” she said. “A room should feel well lit without being blinding or institutional in feel. Yes to the vibe of a beach house on a summer day, no to the feel of a caustically bright hospital waiting room.”

MIRRORSCHOOSE decorative instead of full-length mirrors. “Try a vintage mirror or mosaic mirror to bounce around light, while avoiding the somewhat annoying side-effect of seeing everything, including yourself before coffee consumption, perfectly reflected in the clear surface,” Gregson said. “A vintage mirror, mercury mirror, or convex/concave mirror will assist with scattering light throughout your space while feeling a little less obvious than a wall of mirrors or an oversized floor mirror.”

Caswell renovated a dark row house, which only had two windows, so she took two huge floor mirrors and hung them as though they were mirrors.

“I put the same drapes over them and they mimicked the mirrors,” she said. ■

THE Philippines is touted to be the fourth fastest-growing economy in the world this year, according to a data gathered by CNN Money. As an effect of the promise of a strong economic climate, the general consumer mind-set is now leaning towards prospects that allow them to wisely exercise their financial decisions.

The real-estate industry is one sector that is currently enjoying the perks of this shift, thanks to the higher purchasing power of consumers. But how can we gauge financial readiness for such big purchases?

“You have to make sure you have financial independence,” wealth management expert Johner Fernandez advised during a short investment seminar hosted by premium property developer, Ovialand Inc.

“If you are earning enough to coveryour daily needs and still have enough left to invest without shortchanging yourself, then you are ready.”

According to Fernandez, one common slip-up of people who are planning to buy their own

house is mistaking saving and investing as similar concepts. While both are interrelated, the two are entirely different from each other.

“Before you can finally buy your very own house, you have to keep away 10 percent of your regular monthly income for short-term savings and 10 percent for long-term savings. The money that you should use for your property should be on top of these,” Fernandez said. Real estate is one of the most promising industries in the country at present. Especially with insistent calls to decentralize Manila gaining traction, property developers are now actively eyeing other locations as possible new growth hubs.

Fernandez said, “It’s all about location. With efforts to distribute services and resources in Manila, the provinces near it are the ones most likely to receive its growth traffic.” He added, “You also have to consider the possible progress of the place. Think of Ortigas. Prices of properties there were very affordable before. Nobody would have thought it would grow into a business district.”

Santo Tomas, Batangas is among South Luzon’s provinces that have been showing significant progress. Supported by strong infrastructure and its competitive location,

the once rural town is steadily making the transition as the next business and social hub with industrial parks, global companies, and lifestyle centers breaking ground there.

As a response, more and more property developers are eyeing the province to support the influx of people that comes with its growth.

Finding a property developer that offers flexible transactions can make purchasing a home more manageable. For its maiden project, called Terrazza de Sto. Tomas, Ovialand offers competitive packages and professional financing assistance to ensure that buyers are properly assisted during the whole process.

In addition to having reliable partner banks and an in-house financing system, clients are also assigned a dedicated account officer who will coordinate all the details of the sale.

Fernandez said, “This is where the credibility of the property builder comes in. You need to study the company, see how they work, and how they build houses.”

In closing, he said, “Buying a property should be viewed as a form of business partnership with your developer. To make the venture a success, you should look for the best partners.”

Buying your own property soon? Here’s what to consider for your big investment

Design tips and tricksto brighten a dark room

IN this October 4 �le photo, President Barack Obama pauses as he speaks in Emmitsburg, Maryland. The White House is expected to announce on October 5 the designation of two new marine sanctuaries in the tidal waters of Maryland and Wisconsin’s Lake Michigan, the �rst chosen in 15 years. AP/CAROLYN KASTER

WorldBusinessMirror

The

B2-1 | Tuesday, October 6, 2015 • Editor: Lyn Resurreccion

�e announcements were to be made when top o�cials, including US Secretary of State John Kerry, attend an international conference on marine protection in the Chilean port city of Valparaiso on Monday. �ere, several nations also will out-line plans for tracing seafood imports to combat over�shing and stem in-creased pollution in the ocean.

�e new protected waters in the US are the �rst to be designated as

such in 15 years, the White House said in a statement.

�e 875-square-mile area of Lake Michigan extends from Port Wash-ington to Two Rivers, containing a collection of 39 known shipwrecks. Fifteen are listed on the National Register of Historic Places.

�e Mallows Bay-Potomac River in Maryland encompasses a 14-square-mile area of the tidal Po-tomac River next to Charles County.

Nearly 200 vessels, some dating back to the Revolutionary War, are found in the largely undevel-oped area that provides habitat for endangered species of wildlife and �sh.

�e actions are the latest in a series of environmental steps by Obama, who last year set aside some 400,000 square miles of the central Paci�c Ocean from commer-cial �shing, deep-sea mining and other forms of resource extraction. �e Paci�c Remote Islands Marine National Monument is now the largest marine reserve in the world.

Chile was set to make a similarly ambitious declaration, cordoning off a large area of the South Pacific Ocean.

A coalition of local politicians and environmental groups has urged Chilean authorities to des-ignate Easter Island, celebrated for its hundreds of human statues carved out of volcanic rock, and the surrounding waters as a protected marine reserve. President Michelle Bachelet vowed last week that such action would come “soon,” and cam-paigners said the announcement on Monday would create the third-largest protected zone worldwide.

Britain, Gabon, Kiribati, New Zealand and Palau have taken steps, as well to protect sections of the sea in recent months.

�e “Our Ocean” conference also seeks to combat marine pollution

resulting from discarded plastics and increasing levels of ocean acidi-�cation, which damages coral reefs and shell�sh populations. Such con-cerns are shared by the US, which imports 90 percent of the �sh it consumes, and Chile, whose coast-line of almost 2,500 miles is vital to the economy.

To combat over�shing, the Obama administration said it would launch a global initiative it dubbed “Sea Scout” to identify unregulated and unreported activity, and help pros-ecute illegal �shing organizations. �e National Oceanic and Atmo-spheric Administration is expand-ing a program for detecting boats that use lights to attract �shery catch at night and will implement it in Indonesia, the Philippines and three other countries next year.

�e so-called “traceability” ini-tiative is supposed to start for the most commonly exported �sh spe-cies like tuna, cod, shrimp and crab-meat in September 2016. It would apply to all �sh a year later and is designed to provide a full account-ing of where exporters are getting their catch and whether they are operating in a sustainable manner. Anyone who wants to export �sh to the US would have to adhere to the conditions. �e program still needs �nal approval from the Senate and several additional countries before entering into force. AP

US, Chile to name new marine sanctuaries in intl conference

BEIRUT—Syrian activists said late Sunday that Islamic State (IS) militants have destroyed a nearly

2,000-year-old arch in the ancient city of Palmyra, the latest victim in the group’s campaign to destroy historic sites across the territory it controls in Iraq and Syria.

The Arch of Triumph was one of the most recognizable sites in Palmyra, the central city a�ectionately known by Syr-central city a�ectionately known by Syr-central city a�ectionately known by Syrians as the “Bride of the Desert,” which the IS group seized in May. The monumen-tal arch sat atop the famed colonnaded streets of the ancient city, which linked the Roman Empire to Persia and the East.

The Britain-based Syrian Observatory for Human Rights said the IS group blew up the arch but left the colonnades in place.

An opposition activist who uses the name Khaled al-Homsi also posted on Twit-name Khaled al-Homsi also posted on Twit-name Khaled al-Homsi also posted on Twitter late Sunday that the militants destroyed the arch. Al-Homsi was a nephew of Khaled al-Asaad, the 81-year-old antiq-uities scholar and long-time director of the Palmyra site who relatives and wit-nesses say was beheaded by IS militants in August.

Palmyra’s sprawling ancient complex, which also includes remains of temples to local gods and goddesses, has been under attack from the IS group. The Sunni ex-tremists impose a violent interpretation of Islamic law across a self-declared “caliph-ate,” declaring such ancient relics promote idolatry and saying they are destroying them as part of their purge of paganism. However, they are also believed to sell o�

looted antiquities, bringing in signi�cant sums of cash.

In recent weeks IS militants blew up two famed temples in Palmyra. Satellite images showed the temples, each nearly 2,000 years old, reduced to rubble. Three ancient tower tombs were also eradicated.

The temple of Baalshamin, a struc-ture of giant stone blocks several stories high fronted by six towering columns, was dedicated to a god of storm and rain—the name means literally “Lord of the Heavens.”

The even larger and slightly older Temple of Bel, dating back to 32 AD, was a unique merging of ancient Near Eastern and Greco-Roman architecture. It was ded-icated to the Semitic god Bel and is consid-ered one of the most important religious buildings of the �rst century. The temple consisted of a central shrine within a col-onnaded courtyard with a large gateway, within a complex that has other ruins, in-cluding an amphitheater and some tombs.

The IS group’s targeting of priceless cultural artifacts has sparked global out-rage and accusations of war crimes. In addition to pre-Islamic sites, the militants have also targeted churches, mosques and museums.

Unesco, the United Nations heritage agency, has called the destruction an “in-tolerable crime against civilization.”

Before the outbreak of Syria’s war in March 2011, Palmyra’s Unesco heritage site was one of the top tourist attractions in the Middle East. AP

I.S. MILITAMILITAMILIT NTS CONTIN CONTIN C UETO DESTROY AGOY AGO E-OLD ARTIFACTS IN SYRIA, IRAQ

THIS �le photo released on May 17, by the Syrian o�cial news agency SANA shows the general view of the A shows the general view of the Aancient Roman city of Palmyra, northeast of Damascus, Syria. Syrian activists said that Islamic State militants have destroyed a nearly 2,000-year-old arch in the ancient city of Palmyra, the latest victim in the group’s campaign to destroy historic sites across the territory it controls in Iraq and Syria. SANA VIA AP

HONG KONG—A former leader of Hong Kong faces miscon-duct charges over a luxury

apartment rental in mainland China, authorities said on Monday, setting the stage for the city’s most high-pro�le corruption trial in re-cent memory.

�e Independent Commission Against Corruption in a statement that Donald Tsang faces two counts of misconduct in public o�ce.

�e agency said Tsang was due to appear in a magistrate’s court in

the afternoon.�e allegations date from before

Tsang left o�ce in June 2012 and concern a discounted luxury apart-ment rental in neighboring Shen-zhen in mainland China from a wealthy friend.

It’s one of several recent cases that have shaken public con�dence and raised concerns about cozy ties between wealthy tycoons and the city’s leaders.

�e anticorruption agency said that Tsang “willfully misconducted

himself” when he failed to publicly de-clare that he was in talks to lease the Shenzhen apartment at the same time the apartment’s owner was applying for a license from the government.

�e second charge stems from Tsang’s alleged failure to disclose that an interior designer he had hired to redecorate the apartment was also someone he had proposed for a government honor.

“�e decision to commence pros-ecution against Mr. Tsang was made after careful and thorough consid-

eration of the available evidence, the applicable law and the relevant provisions in the Prosecution Code,” the Department of Justice said in a statement.

Tsang took o�ce in 2005, becom-ing Hong Kong’s second post-colo-nial leader, or chief executive. Before that, he was �nancial secretary of the former British colony, when he led the e�ort to successfully defend the city’s currency peg against specu-lators during the 1997 to 1998 Asian �nancial crisis. AP

EXHK LEADER TSANG CHARGED IN CORRUPTION PROBE

VALPARAISO, Chile—VALPARAISO, Chile—VPresident Barack Obama VPresident Barack Obama Vwill declare new marine Vwill declare new marine Vsanctuaries in the tidal waters of Maryland and Wisconsin’s Lake Michigan on Monday, while Chile is expected to block off more than 200,000 square miles of sea from commercial fishing and oil and gas exploration in an area of the Pacific Ocean near the world-famous Easter Island.

DESIGN TIPS AND TRICKSTO BRIGHTENA DARK ROOM

U.S., CHILETO NAME NEW MARINESANCTUARIES

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GSIS BUYINGSTOCKS AMIDRECORD FUNDOUTFLOWS

Fostering ‘Blue Economy’ should be an Apec priority–Paje

FOR the largest Philippine pen-sion fund, record foreign out-flows are making the nation’s

equities a more attractive investment.As the Philippine Stock Exchange

Index (PSEi) surged to a record in April, the Government Service In-surance System (GSIS) was selling, according to its President Robert G. Vergara. Since then, the benchmark gauge has fallen every month, its longest losing streak in 13 years, and the fund has been purchasing shares—spending a third of its an-nual equities budget in a P5-billion ($107-million) buying spree in Au-gust alone, he said. “This year we were really behind our investment program; we were actually taking profit as the mar-ket was going up,” Vergara said in an interview in Manila. Now, the fund is “predominantly buying,” and there’s “a possibility that we will bottom out, maybe in the next couple of weeks,” he said.

Foreign money managers sold a record $1.28 billion of the nation’s shares in the three months through September, fueling the stock index’s biggest quarterly loss in seven years, as a slowdown in China’s economy roiled global markets and trad-ers boosted expectations the US will raise interest rates. While the PSEi remains the region’s priciest, valuations have fallen to near thecheapest levels in 20 months.

Outlook positiveTHE outlook for the Philippines remains positive, even as Asian growth slows, Vergara said. The na-tion is more insulated from weaker world growth than other emerging markets, because of its reliance on domestic spending and steady dollar inflows from remittances, according to the International Monetary Fund. Gross domestic product growth will probably accelerate to 6.3 percent in 2016, from 6 percent this year, the Asian Development Bank forecast last month.

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RAZON ON CASINO GLOOM: WE ARE NOT MACAUWE’RE not Macau.

That’s the message from Philippine bil-lionaire Enrique K. Razon Jr., after casino

operator Bloomberry Resorts Corp. tumbled 61 per-cent this year, making it the nation’s worst-performing major stock. Bloomberry’s losses will narrow because gambling revenue is growing, unlike in Macau, Razon said in an October 2 interview in Manila. He said the company’s earnings will improve and it plans to provision by year-end for all unpaid credit extended to VIP and premium players, he said. Bloomberry provided P1.81 billion ($39 million) in the first half for P4.69 billion of receivables.

“The whole industry has been painted with the same brush, but we’re nowhere near the situation in Macau, where revenue is really falling,” said Razon, 55. Philippine casino operators have plunged in 2015 as an anticipated flood of high-rollers from China failed to materialize amid an anticorruption drive spearheaded by President Xi Jinping and worsening relations between the two nations. State-run Philippine Amusement and Gaming Corp. predicts casino revenue in the Southeast Asian coun-try may accelerate in the second half, after rising 16 percent in the first six months of the year.

SPECIAL REPORT

SANSSTIFFER PENALTIESTIFFER PENALTIES S VS VS S VS V ILLEGAL FIS ILLEGAL FIS SHING, PHL COULD LOPHL COULD LOPHL SE SARDINES, ‘BAGOONG’

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Second of three parts

THE Philippines has recently rolled out the Amended Fisheries Code, or Re-public Act (RA) 10654, which amend-

ed RA 8550, that was enacted in 1998. The amended law and its implementing rules and regulations (IRR) were aimed at curb-ing illegal fishing.

A study conducted by the National Stock Assessment Program (NSAP) revealed that 10 out of 13 major fishing grounds in the Philippines are overfished due to destruc-tive fishing practices. Some of the fishing grounds that are most accessible to commercial fishermen are the West Philippine Sea, South Sulu Sea, Visayan Sea, Moro Gulf, Lamon Bay, Bohol Sea and the East Sulu Sea, which extend all the way to in-

ternational waters. The Samar Sea, Guimaras Strait, Davao Gulf, and the Balabac Strait, and the bays of Manila, Tayabas and Sibuyan are also accessible to commercial fishermen.

Despite the enactment of RA 8550, nongov-ernmental organizations (NGOs) said illegal fishing has continued. In fact, NGOs said il-legal fishing in the Philippines has gone from bad to worse.

FISHERMEN in San Enrique, Negros Occidental, gather their catch for the day to be sold in the wet market, while some will be taken home for consumption. NONIE REYES

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BILLIONAIRE Enrique K. Razon Jr., chairman of International Container Terminal Services Inc. and Bloomberry Resorts Corp., listens during an interview in Manila. BLOOMBERG C A