C A

C A

PESO EXCHANGE RATES n US 47.2980 n JAPAN 0.3907 n UK 70.1193 n HK 6.1013 n CHINA 7.3004 n SINGAPORE 33.6809 n AUSTRALIA 34.2293 n EU 51.8055 n SAUDI ARABIA 12.6087 Source: BSP (23 December 2015)

www.businessmirror.com.ph n Thursday 18, 2014 Vol. 10 No. 40 P. | | 7 DAYS A WEEKn Thursday, December 24, 2015 Vol. 11 No. 77

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B2-2

ShowBusinessMirror www.businessmirror.com.ph�ursday, December 24, 2015

THE North American box office has not seen a performance like Disney’s Star Wars: The Force Awakenssince Universal’s Jurassic Worldopened in June ($208.8 million) and, prior to that, 2012’s premiere of Marvel’s The Avengers from Avengers from AvengersDisney ($207.4 million).

aARIES (March 21-April 19): Get in touch with old friends or relatives you don’t get to see often. Sharing

memories and catching up on what’s new will motivate you to put some plans together for the upcoming year. Positive thoughts will bring good results. HHHH

b TAURUS (April 20-May 20): Your charm and diplomacy will make everyone want to be around you.

Make a difference to someone who has been feeling a little down. Express your opinion, make suggestions and offer help. Do something nice for someone you love. HHH

cGEMINI (May 21-June 20): Don’t go overboard. There will be plenty of excitement and it will be easy to overdo

it. Overspending, overindulging and making promises you cannot keep will all lead to trouble. Slow down and pace yourself before you burn out. HHH

d CANCER (June 21-July 22):Deck the halls and spread a little festive cheer. Whether you are at

home, with friends or your colleagues, do your best to make those around you smile. Someone you love will offer you something special. Children will brighten your day. HHH

e LEO (July 23-Aug. 22): Show your gratitude and pay it forward. Lend a helping hand to someone in need

or volunteer at your community soup kitchen. If someone disappoints you, be gracious and forgiving. HHHH

f VIRGO (Aug. 23-Sept. 22): Do your best to help elders or take on responsibilities to ease the stress

for someone you love. Words of wisdom and affection will go a long way toward improving your personal life and relationships. HH

g LIBRA (Sept. 23-Oct. 22): Problems will mount at home if you haven’t left yourself enough time to get everything

ready for the festivities. Don’t argue or make impulsive changes. A disciplined approach to what needs to be done will help you avoid criticism and a family feud. HHHHH

hSCORPIO (Oct. 23-Nov. 21): A big surprise is heading your way. Do your best to make someone else

happy. Making arrangements to do something out of the ordinary will be rewarding for you and the one you love. HHH

i SAGITTARIUS (Nov. 22-Dec. 21):Make last-minute changes around the house that will bring a little

festive cheer to this evening. You don’t have to overspend to impress. Your generous spirit and kind words will do wonders for family morale. HHH

j CAPRICORN (Dec. 22-Jan. 19): Your concerns are unwarranted. Relax and enjoy the warmth and comfort of your

home and the ones you love the most. It isn’t jhome and the ones you love the most. It isn’t jnecessary to make impulsive purchases or spur-of-the-moment trips. HHH

kAQUARIUS (Jan. 20-Feb. 18): Time spent with children or your lover will be rewarding and remind you

what life is all about. Put together a last-minute surprise for someone special and you will make a difference in his or her life. HHHHH

l PISCES (Feb. 19-March 20): A quiet evening with people you love will add to your comfort and joy. Reminiscing

about the past and speculating about the future will lead to laughter and tears. A gift from an unexpected source will surprise you. HH

Today’sHoroscopeBy Eugenia LastzHoroscopezHoroscope

By Eugenia Lastz

By Eugenia Last

BIRTHDAY BDAY BDA ABY: You are articulate, questioning and broadminded. You are serious and intense.

ACROSS 1 Popular ground-cover plant 6 Port-au-Prince’s land11 Fancy wheels14 “It’s ___ time!”15 City near Great Salt Lake16 Rhyming boxing champ17 Happy holiday song19 Dream acronym20 Begin to decay21 Source of codeine23 Breathes deeply?27 Recently28 Celebration of Jesus’ birth32 Futuristic servant33 Daisy’s look-alike34 Not even half-baked37 Christian and Big Band38 Nursery denizens39 Poor, as excuses go40 Poet’s nighttime41 Large-headed match42 Lent a hand43 Activity before 28-Across

45 College board member48 Pineapple ___-down cake49 Act like a thespian50 Gleamed53 Grp. of lawyers54 Classic song for 28-Across60 Tennis replay61 Guard dog’s warning62 Beauty-shop device63 Mr. go-with64 Accredited diplomat65 Like used beach towels

DOWN 1 Leon Uris novel The ___ 2 It’s fit to be tied 3 Part of the Trinity 4 Harbor craft 5 That much or more 6 “King of the road” 7 Well past one’s prime 8 Not doing much 9 __ Aviv, Israel10 To such a degree (with “as”)

11 Journalist Shriver12 Certain Alaskan islander13 “I want it!”18 Old prefix for “while”22 Work at, as a trade23 Loose mountain debris24 Child labor?25 City-related26 Tell-all books, briefly27 Celebratory poems29 Allowed, to the Bard30 Not on the level31 Beefy bovine34 Wheel spokes, essentially35 Change, as the Constitution36 Piece of cake38 Cockatoo’s crest39 They may be glossed over41 Skill plus delicacy42 Adds on43 Acquire44 Uncle’s other half45 Royal domain46 Bit of burning coal

47 Some farm animals50 Croat or Bulgar, e.g.51 Popeye, after eating spinach52 “This is ___ a test”55 Country lodge56 Roth, for one57 Card game shout58 Pronominal contraction59 Make an attempt

‘a day away’ BY TIM BURRThe Universal Crossword/Edited by Timothy E. Parker

Solution to yesterday’s puzzle:

CELEBRITIES BORN ON THIS DAYIS DAYIS DA : Ryan Seacrest, 41; Stephenie Meyer, 42; Ricky Martin, 44; Diedrich Bader, 49.

HAPPY BIRTHDAY: DAY: DA Settle down and settle in. It’s your staying power that will make the difference this year. If you jump from one thing to another, you will fall short in the end. Believe and trust in yourself. Offer love and patience to others and you will get more than your fair share in return. Reach out to people from your past to enrich your future. Your numbers are 2, 7, 15, 23, 34, 39, 44.

B T’ A R FLos Angeles Times

LOS ANGELES—The Force, from a galaxy far, far away, rose from its slumber last weekend to assist Disney’s Star Wars: The Force Awakensat the box office. Grossing an estimated $238

million in the US and Canada, the seventh installment of the George Lucas-created franchise now holds the record for the largest opening weekend of a film ever.

The box office has not seen a performance like this since Universal’s Jurassic World opened in June ($208.8 million) and, prior to that, 2012’s premiere of Marvel’s The Avengers from Disney ($207.4 million).The Avengers from Disney ($207.4 million).The Avengers

Ahead of the weekend, those familiar with audience tracking surveys predicted an opening weekend of $180 million to $220 million. But by Friday afternoon, those projections began to look increasingly conservative.

Playing in over 4,000 theaters domestically, Star Wars began its massive run with a record-breaking $57 Wars began its massive run with a record-breaking $57 Warsmillion in ticket sales for early Thursday night showings. That far exceeded the previous benchmark of $43.5 million set by Harry Potter and the Deathly Hallows—Part 2 in July 2011. When Friday numbers were tallied, Part 2 in July 2011. When Friday numbers were tallied, Part 2the official first-day total was an estimated $120.5 million. This gave the JJ Abrams-directed picture the highest single-day profits on record and it became the first film to break the $100-million mark in a single day.

The numbers for The Force Awakens are also The Force Awakens are also The Force Awakens

unprecedented for a film premiering in December. The record holder for the biggest opening during the month was The Hobbit: An Unexpected Journey, which took in $85 million in domestic receipts in 2012.

Audiences gave the new release an “A” grade, and an “A+” among women and younger audiences, according

to polling firm CinemaScore. It also earned a 95-percent positive rating from critic site Rotten Tomatoes.

Such a showing is on par with the palpable anticipation demonstrated by fans and the movie theater industry ahead of the release. Audiences set a number of records for advance ticket sales on sites such as

Fandango. The movie racked up more than $100 million in pre-sales by its Thursday night opening. Additionally, when Disney debuted the final theatrical trailer during a “Monday Night Football” game on ESPN that coincided with the tickets going on sale online, the trailer was viewed 128 million times in 24 hours.

The interest of fans led to expectations across the industry that Star Wars would drive up ticket sales as Star Wars would drive up ticket sales as Star WarsOctober and November box-office numbers, compared with last year, are lower. Theater owners set aside huge portions of their auditoriums for the film, with some showings as early as 2 am.

Other wide releases also premiering over the weekend included Fox’s Alvin and the Chipmunks: The Road Chip and Universal’s Sisters. Neither, however, could come close to the film starring Harrison Ford, Carrie Fisher and Daisy Ridley among others.

Much is at stake for the Walt Disney Co., which, in 2012, paid $4.1 billion for production company Lucasfilm, largely for the Star Wars franchise. The big Star Wars franchise. The big Star Warsnumbers for The Force Awakens bode well for the future The Force Awakens bode well for the future The Force Awakensof the franchise, and not just at the box office. Burbank-based Disney also stands to generate sizable returns across other business segments, including video games, merchandise and theme parks.

It remains to be seen whether the Star Wars’s force can help push US-Canada ticket sales to a record $11 billion. The year 2013 was best for the box office at $10.9 billion. n

‘Star Wars: The Force Awakens’ now holds record for largest opening weekend ever

B JT N

DISNEY’S beloved royal sistersAnna and Elsa of the blockbustermovie Frozen joins the cast of Disney on Icefor the first time and takes the spotlight in its Magical Ice Festival production, which is in Magical Ice Festival production, which is in Magical Ice Festivalthe country for its 33rd show worldwide.

“In our more than 30 years of producing Disney On Ice shows, Feld Entertainment has Disney On Ice shows, Feld Entertainment has Disney On Icebeen waiting for a film like Frozen,” producer Nicole Feld said in a statement, referring to the Academy Award-winning movie that is also the highest-grossing animated film of all time.

Aside from the siblings and the other residents of Arendelle, Olaf included, Disney icons Mickey Mouse, Minnie Mouse and Goofy will be joined by characters from The Little

Mermaid, Tangled and Mermaid, Tangled and Mermaid, Tangled Beauty and the Beast in Beauty and the Beast in Beauty and the Beastan intertwined story of comedy and music as performed by world-class skaters complete with light display and costume pieces.

“We are taking a fresh new spin on how we’re presenting the Disney stories,” producer Juliette Feld said. “We are weaving together the four worlds of royal sisters Anna and Elsa, Ariel, Belle and Rapunzel as they each embark on their own epic journey.”

During the recent news conference for the ice spectacle at Hotel Novotel Manila in Araneta Center, Cubao, one of the performers, Phoebe Flynn, said that most, if not all of them, are competitive skaters and have spent a lot of time and energy perfecting their craft.

Skating since she was 4 years old, Flynn added that this expertise enables them to put

on a great show.She said one of the things to watch for in

their upcoming show is the aerial act, called “Spanish Web”, where Ariel of The Little Mermaid will perform her act while dangling Mermaid will perform her act while dangling Mermaid35 feet up in the air.

“Everyone will be in awe as they watch Ariel slowly pulled upward and then rapidly twirl above the ice,” director Patty Vincent said. “This is the first time we’ve captured her transformation like this in a production. That is what makes our Magical Ice Festival different—we selected scenes we’ve never done before and then took our time on the details to make them truly special.”

Disney on Ice opens on Christmas Day, December 25, and will run through January 3 at the Smart Araneta Coliseum.

Anna and Elsa skate and sing this Holiday season

LIFE B22

MAJOR MOMENTS,MAJOR SHOTS

‘STAR WARS: THE FORCE AWAKENS’

SportsA8 | THURSDAY, DECEMBER 24, 2015mirror_sports@yahoo.com.phsports@businessmirror.com.phEditor: Jun Lomibao

BusinessMirror

MAJOR MOMENTS,

MAJOR SHOTSMajor championships produce shots that can be more memorable than the winner holding the trophy. Zach Johnson with a claret jug? The more lasting image from the British Open was Johnson holding his crouch and slowly clenching his fist on the 18th green at Saint Andrews.

PLATINI CAN’T APPEALLONDON—International Football Federation

(Fifa) told Michel Platini on Tuesday that he cannot bypass its appeals process by

challenging his eight-year ban directly at the Court of Arbitration for Sport (CAS). Platini was hoping to cut out the required Fifa appeals procedure as he races to try to overturn his ban before the February 26 presidential election. Fifa said it wrote to Platini’s lawyers on Tuesday to confirm that the Union of European Football Association (UEFA) leader can only go to CAS if the governing body’s appeals committee first rejects his request. Fifa rules state a list of candidates must be finalized one month before the election in Zurich. Despite Fifa following its statutes, Platini’s legal team described the decision as “procedural sabotage” aimed at denying him a place in the election. The lawyers told the Associated Press that Fifa officials have been asked to explain how their refusal to let him challenge his ban directly at CAS was compatible with the electoral calendar, and urged them to ensure

“the election won’t be disturbed.” Platini received fresh support from the French government over the case. “I regret it because I’m not sure the core [of the case against Platini] was assessed in good conditions,” French Sports Minister Patrick Kanner said on Europe-1 radio. “I support the president of UEFA, even if he’s suspended.” Platini was banned on Monday for eight years along with Sepp Blatter over a 2011 payment of 2 million Swiss francs ($2 million) from Fifa that the president authorized for the former France captain. Blatter’s appeal will focus on Fifa’s ethics judge being unable to find sufficient evidence of corruption or bribery in the case, which saw both him and Platini banned for unethical conduct. “Blatter is eager to present his arguments to the appeal committee that the remaining charges must also fail because the evidence clearly demonstrates the relationship with Mr. Platini was in all respects appropriate,” Blatter’s legal team said in a statement. Football’s rule-makers, meanwhile, are preparing to trial video replays for the first time.

Fifa says the International Football Association Board (Ifab) will also discuss in January the merits of sin-bins, allowing temporary substitutions for injuries that require “momentary treatment,” and a fourth substitute in extra time. The discussions could lead to rule changes at the main annual Ifab meeting in March. This year, Ifab ruled out allowing referees to test video replays. But Fifa now says “Ifab has been working on potential scenarios and clear protocols for how it could be tested, with the idea that well-run experiments would be the best way to understand the pros and cons of video assistance.” The only technology currently allowed is a system determining whether the ball crossed the line. AP

MICHEL PLATINI is hoping to cut out the required Fifa appeals procedure as he races to try to overturn his ban before the February 26 presidential election. AP

MAJOR MOMENTS,

MAJOR SHOTSMajor championships produce shots that can be more memorable than the winner holding the trophy. Zach Johnson with a

B D F�e Associated Press

JASON DAY’S drive. Jordan Spieth’s flop shot. Zach Johnson’s putt. Major championships produce shots that can be

more memorable than the winner holding the trophy. Zach Johnson with a claret jug? The more lasting image from the British Open was Johnson holding his crouch and slowly clenching his fist on the 18th green at Saint Andrews. And then there are shots that stand out only to the player. The three major champions were asked what they thought was the signature shot from their victory, along with a shot that was particularly pleasing to them because of the circumstances or the quality of the shot. MASTERSIN a wire-to-wire win, the biggest moment for Spieth was on the 18th hole in the third round. A seven-shot lead only 20 minutes earlier was down to four shots, and it looked certain to shrink even more when he missed the 18th green well to the right behind the bunker. In a risky move, Spieth hit a flop

shot that helped him save par and set the tone for the final round. “That was the key shot,” he said. “You could pitch it 15 feet in front and hit it hard enough to at least be on the green. But given the severity of that slope, it’s going to roll out. A good shot would be 15 feet. I decided to hit a higher one and spin it. That shot is certainly one I don’t want over again. It was one-in-five getting it up and down.” Not so obvious was the 5-iron on the par-five 13th. He had about 190 yards to the front from the left side of the fairway, but the ball was nearly knee-high because of the slope. He was coming off a three-putt bogey on No. 12. The danger comes from ball above his feet because the swing is flatter with less speed, and the ball won’t go as far. Spieth provided his own commentary: “Go hard! Go hard! Go hard! Go!” It narrowly cleared the creek and set up a two-putt birdie. Asked how many times he barked instructions to his golf ball, Spieth said, “Less out loud than what was in my head. But still enough.” U.S. OPENTHE winning shot for Jordan Spieth turned out to be a 3-wood on the par-5 18th at Chambers Bay, and he felt he couldn’t miss.

“I had 281 [yards], but I only had 238 to cover the front,” he said. “The only other option was this 3-iron I was carrying, but it was off an up slope. I hit 3-wood and cut it. As long as I hit a fade, nothing could go wrong, so ultimately I ended up in a perfect yardage. I could miss it really bad and carry the front.” It bounded to the back of the green and rolled back to about 10 feet for a two-putt birdie. Lost in a wild final hour was a simple par that really wasn’t that simple. Spieth’s tee shot on the par-three 15th rolled back off the front, and the slope was much like the elevation at Augusta National—you have to see it to believe it. “That slope was taller than me,” he said. “You had to judge the speed the right way. I had to cast it out to the right, but if I hit it too hard it goes 12 feet by. I can’t be short or I’m rehitting. It was perfect speed and went to 4 or 5 feet for a manageable second putt.” Only after he made that putt did Spieth look at a leaderboard on the back nine and see that he was tied for the lead. BRITISH OPENZACH JOHNSON figured he had to make

birdie on the 18th at Saint Andrews to reach 15 under and have a chance. Known for his wedge game, this wasn’t his best—some 30 feet behind the hole—”but I at least gave myself a look at it.” Give an assist to Danny Willett. “Fortunately, I had a good read,” Johnson said. “He was 3 to 5 feet from me, so I had a good look at it. I know the putt is left to right, and I know the putt at the end flattens out and potentially goes left, especially after seeing Danny.” Two thoughts crept into his mind. Johnson lipped out on the final hole a week earlier at the John Deere Classic that kept him out of a playoff. “It’s not a good thought, but it went through my head.” And he considered the speed. That was a good thought. “That green is not that fast,” he said. “I hit a solid putt, and I hit it perfect. It straightened out at the end, the last 3 feet it went left, and the rest is history.” Not quite. It got him into a playoff with Marc Leishman and Louis Oosthuizen. Just as meaningful to Johnson was the 10-foot birdie putt he made on No. 1 in the four-hole playoff. Oosthuizen made birdie from about 15 feet. Johnson felt it was critical not to fall behind.

“The biggest of the week was the first putt in a playoff,” Johnson said. “It was huge.”

PGA CHAMPIONSHIPIT’S hard to find that one signature moment for Day, which speaks to the clinic he put on at Whistling Straits in winning at a record 20-under par. It was after his worst shot that Day was at his best. He had a two-shot lead going to No. 9, drilled a drive down the middle and Spieth was in trouble in the rough. A model of perfection all week, Day inexplicably chunked his wedge. With momentum at stake, he followed with another wedge to 8 feet and saved his par. Spieth made bogey and Day was on his way. “To hit such a terrible shot and then come back and get up and down, it was a good momentum change,” Day said. “To be able to hit a good pitch...that’s probably the biggest shot I’ve had to hit.” It was a full, powerful swing that brought him just as much satisfaction, particularly the 382-yard shot on the par-5 11th that left him no more than a wedge to the green. “Under those circumstances, it was the best drive I hit all year,” Day said. “If I had an off week with my driver, no way I would have won.”

THE US’s Zach Johnson celebrates a birdie putt on the

18th green during the final round at the British Open at the

Old Course in Saint Andrews, Scotland, in July. AP

HEALTH&FITNESS

SPORTS A8

HEALTHEALTHEAL H&FITNESS

TOURISM Secretary Ramon R. Jimenez Jr., as chairman of the Intramuros Administration, re-ceives the Premio Patrimonio de la Humanidad (Heritage Award) from Mayor José Luis Rivas Hernadez, mayor of Ávila, Spain, and also the concurrent president of the Group of World Heritage Cities in Spain.

B M. S F. ASpecial to the BM

LONDON, United Kingdom—The Philippines’s Intramuros Administration received the

prestigious Premio Patrimonio de la Humanidad (Heritage Award 2015) from the mayors of 15 heritage cit-ies in Spain last October 30, in the municipality of Ávila.

In an interview with Tourism Sec-retary Ramon R. Jimenez Jr. on the sidelines of the World Travel Mar-ket, he said the award “recognized the work that we had been doing to redevelop Intramuros.” The 15 herit-age cities of Alcalá de Henares, Ávila, Baeza, Cáceres, Córdoba, Cuenca, Ibiza/Eivissa, Mérida, Salamanca, San Cristóbal de La Laguna, San-tiago de Compostela, Segovia, Tar-ragona, Toledo and Úbeda comprise the Grupo de Ciudades Patrimonio de la Humanidad de España (Group

ONE of the few fore-casters to predict both the start and peak of

China’s equity boom is now warning the nation will be buffeted by the same forces that caused financial crises around the world over the past four decades.   

Hao Hong, chief China strat-egist at Bocom International Holdings Co. in Hong Kong, says a shortage of dollars was the common feature in the oil rout in the 1970s; Latin- Ameri-can debt turmoil in the 1980s; the Asian currencies collapse in 1997; and the global crisis in 2008. Next year will see Federal Reserve (the Fed) interest-rate increases; an improving US current-account balance; and a stronger greenback, putting strains on the most leveraged parts of the world’s second-largest economy, he says. “Historically, every time the US current account im-proved, concurrent with dollar strength, some country some-where in the world plunged into some sort of crisis,” Hong said. “The pressure from a Fed tightening and, thus, a dollar liquidity-shortage scenario will more likely show up” in Hong Kong property, as well as China’s online lending and high-yield corporate bonds, he said in an interview.

The yuan, for many years Asia’s most profitable car-ry trade when adjusted for volatility, has weakened 4.2 percent against the dollar in 2015, as the yield advantage of China’s sovereign debt over US Treasuries fell to the nar-rowest in five years. Chinese companies that borrowed in foreign currency at a record pace in the past three years are now buying dollars to protect against losses. “Hot” money that entered China with fake export invoicing, metals purchases and dis-guised foreign investment is now heading for the exit.

“All roads to hell are paved with positive carry,” Hong said. “Over the past few years, one of the biggest carry trades was to borrow dollar debt unhedged, given the one-way expectation for yuan appreciation. We are seeing companies paying down dollar-denominated debt fast, and, thus, alleviating some of the risks, but not all.” The yuan strengthened 13 percent against the dollar in the four years through 2013, before retreating 2.4 percent in 2014. This year’s loss is set to be the biggest in more than two decades. The cur-rency’s Sharpe ratio, a gauge of rewards that factors in the

B L L

AREAS served by the Manila Electric Co. (Meralco) could experience tight power supply from July to

December 2016, as the maintenance shut-down of power plants originally scheduled in the first six months would be moved to the second half to ensure adequate supply during the polls.

“Everybody is trying to avoid a scheduled shutdown during elec-tion,” Meralco President Oscar S. Reyes said. “This may put some tightness in supply, based on their maintenance schedule.”

He did not identify the power plants. “The list is being finalized,” Reyes said. The decision of power producers to move their scheduled break for plant maintenance to the second

half could also be exacerbated by unscheduled shutdowns due to un-foreseeable circumstances. To avert a possible power-supply problem, Meralco has already moved to source additional capacity by tap-ping an additional interim supply of around 240 megawatts (MW).

“That’s the reason we’re trying to contract the interim power-supply agreements,” Reyes added. Meralco earlier received separate proposals from 1590 Energy Corp., a unit of publicly listed Vivant Corp.; Toledo Power Corp. (TPC); and Panay Power Corp. (PPC).

PPC and TPC are both units of Global Business Power Corp. (GBPC), which proposed to supply Meralco a total of 73 MW, of which 45 MW would be supplied by PPC and the

S “F,” A

of World Heritage Cities of Spain). The Group of World Heritage Cities of Spain was established in 1993 by the municipalities included in the World Her-itage List of the United Nations Educa-tional, Scientific, and Cultural Organiza-tion (Unesco), to preserve and promote their cultural heritage through common initiatives. It carries out its work through three committees, which are responsible for developing the different areas: tour-ism; heritage and city; and education and culture. Jimenez chairs the Intramuros Admin-istration (IA) in his capacity as secretary of the Department of Tourism (DOT). The DOT chief said, in Madrid, he also met with Spain’s Undersecretary of State Ignacio Ybañez, “who really just wanted to welcome us to Spain and to reiterate their commitment to the Philippines, which will be very central to Spain’s expansion of investments in Asia. Part of the reason they took the time to meet me is that they know tourism is a very important part of the economy now.” He added that he also had a meeting with the management of the Instituto de Cervantes, whose main headquarters is in Madrid. “They again underscored their commitment in the development of cer-tain areas in Intramuros. It also gave us the opportunity to thank them for their support in the restoration and the re-establishment of a lot of our historical records, archives, etc.” In an e-mail, IA administrator Marco Antonio Luisito Sardillo III told the

BusinessMirror, that Jimenez “signed an agreement with Instituto Cervantes. [Al-though] Instituto Cervantes has moved to Makati, they will be maintaining a ‘culture space’ in House Number 9, also known as ‘Casa Azul’ in Plaza San Luis, Intramuros.” He said Casa Azul will have public facili-ties such as a public library, cinema, exhibit and display spaces, among others. As for the Heritage Award, Sardillo said it was given “in recognition of IA’s efforts to restore and conserve Intramuros and pro-mote Spanish culture, and our cooperation with Escuela Taller de Intramuros.” He explained that “Escuela Taller, which trains out-of-school youth in restoration and conservation work, started as a joint program of the governments of the Phil-ippines and Spain, with the help of IA and [the National Commission for Culture and the Arts]. Since then, as is the Escuela Taller model, the program has been ‘localized’ by incorporating into a private foundation. The Escuela remains based in Intramuros, with the mandate of providing specialized train-ings, primarily, for out-of-school youth in the conservation.” A branch of Escuela Taller has been established in Bohol, and is helping restore the churches damaged in the 2013 earthquake. In his speech at Avila, where the Her-itage Award was handed to the Philip-pines, Jimenez told the gathering “that culture will play a very central role in the 21st century. So that our work in Intramuros is more than just a restora-tion. As I like to remind the administra-tor of Intramuros who has traveled to Avila with me, the work in Intramuros

is development, not just preservation. And with the help of Escuela Taller, we are, in fact, achieving them.” He added: “Those who know the Filipi-nos well, know that the Filipinos strive in an atmosphere of encouragement. When you tell a Filipino he is doing well, he will come back tomorrow and he will do even better. That is why you of the Grupo de Ciudades Patrimonio dela Humanidad de España, you have given us a tremendous boost in terms of encouragement, an envi-able inspiration to do better. If you could see Intramuros today, you will be very surprised that the city that was almost to-tally destroyed during World War II has—with the help of Escuela Taller—remained in its place and continues to rebuild and redevelop.” With Spain’s help, the IA has been rebuild-ing the Casa Blanca Loggia, the Revellin de Recoletos, the choir loft of San Agustin Church, and the Almacenes Reales. “The reconstruction work at Casa Blan-ca,” Jimenez said, “has been the collabora-tive work of our carpentry and woodworks team under the close supervision of their trainers. The heavy Spanish roof tiles over the loggia have been replaced by a lighter ceramic roof.” At the Revellin de Recoletos, “the masonry, the painting and the carpentry students have each participated in the activities related to the waterproofing of the deck in the recent summer months in the Philippines,” he added. Also, the chambers of the Revellin de Recoletos are being replastered, which he said, was a huge project. Meanwhile, the main objective of the

Escuela Taller “in working with us in Al-macenes Reales, is to restore the structural equilibrium of its original walls,” he contin-ued in his speech. The DOT chief expressed gratitude for the award and invited the mayors of the 15 heritage cities of Spain to visit Manila. “Nothing would give us the greater honor than to have a tour bus full of mayors from Spain...visit a fortresss, for example, that is a striking resemblance to so many other places in Spain like Madrid, but is almost 10,000 miles away.” The agreement to award the IA for its work in helping recover Spanish culture in Intramuros was adopted on July 18 by the Group of World Heritage Cities of Spain during an assembly, which was held in Tarragona. According to a brief background pro-vided by the Spanish government, the aim of the Heritage Award is to give public rec-ognition for the work done in the field of conservation, restoration, promotion and dissemination of Spanish cultural and historical heritage. The award values the best project in the field of conservation and restoration of Spanish heritage, taking into account the criteria of project quality, its actual implementation and adaptation to the urban context and its role in social revi-talization of the historic and application as a model for other groups, especially the World Heritage Site. Previous winners of the Heritage Award include the Heritage Foundation of Castilla and Leon, the city of Morella, the Santa María la Real Foundation, The Barrie Foundation and The Ages of Man Foundation.

BusinessMirror news@businessmirror.com.ph Thursday, December 24, 2015 A2

News

Meralco warns customers of tight supply in H2 2016.

PHL receives prestigious Heritage Award from Spain

remaining 28 MW by TPC. 1590 Energy, meanwhile, proposed to supply Meralco 170 MW. Reyes said the three proposals cover “peaking plants to partly supply Meral-co’s power requirements from February to July next year.” “We received proposals for an in-terim power supply for summer peak-ing for a total of 243 MW,” Reyes said.

“We would like to put these proposals to price challenge. We are prepared to accept those terms.” Meralco, he said, “can use all three,” but these are still subject to the approval of the Energy Regulatory Commission (ERC). Reyes also said that participants of the In-terruptible Load Program (ILP) can be tapped to manage demand during the period. The ILP has generated commitment from power users such as mall operators, 

commercial and industrial buildings, and other industries to deload and not draw power from the grid and utilize their gen-erating sets. These ILPs have a combined capacity of around 800 MW. Moreover, Reyes enumerated the power projects that are expected to be completed next year. Among the projects lined up for com-pletion in 2016 include the Southwest Lu-zon Power Generartion Corp.’s 300-MW

coal plant; San Miguel Corp.’s 150-MW Limay power plant; several solar-power projects; 100-MW Avion power plant; and 450-MW San Gabriel power plant of First Gen Corp. These projects that are expected to come online next year would help avoid any pow-er outage if finished on time. Thus, Reyes urged concerned government agencies to ensure the timely commercial operation of these plants.

Continued from A1

Continued from A1risks investors take, is the highest among 22 emerging markets for the period since 2010, reflecting its appeal to investors who buy higher-yielding currencies with funds borrowed in countries that have lower interest rates. With online financial services exploding, the total amount of outstanding peer-to-peer loans in China stood at 351 bil-lion yuan ($54 billion) in October, according to iResearch Consulting Group, and Hong highlighted this as an area that’s experienced a hefty buildup in leverage. Hong Kong’s house prices, which more than doubled from 2009, may drop as much as 20 percent in the next three to six months, Bocom forecast. Dollar bond issuance by Chinese companies increased every year since 2008, jumping to a record $94 billion in 2015 from $2.4 billion seven years ago.

Rising defaultsTHE yield premium that investors demand to hold dollar- denominated high-yield Chi-nese bonds over US Treasuries declined to a two-year low of 607 basis points in October and was at 705 basis points on December 22, according to Bank of America Merrill Lynch data. The credit spread is “not enough to justify its risks,” Hong said. Chinese companies are struggling to generate the cash flow needed to service their obligations as economic growth slows to the weakest pace in 25 years and corpo-rate profits shrink. While the debt burden has been eased by six central bank inter-est-rate cuts in 12 months and a tumble in corporate borrowing costs to five-year lows, the number of defaults is on the rise. The amount of bad debt reported by Chi-nese banks rose 10 percent in the third quarter from the previous three months to 1.2 trillion yuan. The Communist Party’s Politburo vowed on December 14 to prevent systemic finan-cial risks in 2016, according to a statement on the State Council’s web site after a meet-ing chaired by President Xi Jinping. China listed deleveraging as the government’s major task next year, along with cutting industrial capacity and lowering corporate costs, Xinhua News Agency reported on De-cemer 21, citing a statement released after an economic planning meetings attended by the nation’s leaders.

Capital outflowsTHE prospect of further easing in China and interest-rate increases in the US risks accelerating capital outflows. Financial institutions including the People’s Bank of China sold 221 billion yuan of foreign exchange in November, a sign funds are heading overseas. In the US, Federal Reserve officials forecast borrowing costs will rise to 1.375 percent by the end of 2016, imply-ing four 0.25-percentage-point moves. The gap between Chinese and US five-year gov-ernment bond yields has narrowed 86 basis points this year to 100 basis points, lessen-ing the appeal of the Asian nation’s notes. The Fed’s trade-weighted dollar index reached a 12-year high on December 17 as the world’s largest economy strengthened and a rout in emerging markets propelled the greenback higher against the currencies of a broad swathe of US trading partners includ-ing China. That followed an improvement in the US current-account deficit, which was equivalent to 2.5 percent of gross domestic product in September, down from 5.9 per-cent a decade ago.

2016 challengesHONG recommended investors stick to as-sets of companies that have relatively low balance-sheet leverage in 2016 given the elevated risk of a liquidity event. He forecast the yuan will depreciate by 5 percent versus the dollar in 2016 and estimated that fair value for the Shanghai Composite Index is around the 2,900 level, implying a 21-per-cent decline from Tuesday’s close. The yuan was little changed at 6.4774 per dollar in Shanghai on Wednesday, while the 10-year yield fell two basis points to 2.86 percent. The benchmark stock index rose 0.2 percent to 3,658. Hong turned positive on Chinese stocks in September 2014, saying the government support for the market meant it was “time to throw our senses out of the window,” ig-nore weakening economic data and buy on dips. The Shanghai Composite more than doubled from the time of his recommenda-tion through its June 12 peak. In a June 16  interview with Bloomberg Television, Hong said China’s stocks were heading for a “notable crash” after entering a bubble. The equity gauge plunged 40 percent from that date through its low on August 26.

Bloomberg News

Forecaster. . . Continued from A1

news@businessmirror.com.ph Editor: Dionisio L. Pelayo • Thursday, December 24, 2015 A3BusinessMirrorNews

This was after Supreme Court (SC) Spokesman Theodore Te confirmed that the Tribunal may act even while on a monthlong holiday break on a possible petition to be filed by Poe’s camp assailing the ruling of the Com-mission on Elections (Comelec) nul-lifying her certificate of candidacy owing to her failure to prove that she is a natural-born Filipino citizen. Te cited Rule 7, Section 7 of the SC Internal Rules, that allows the Court to grant relief in urgent cases and issue temporary restraining orders (TROs) without the need to first hold a session as required by the rules. “It depends on where the case is raffled. If case is raffled to [the] full court, it is the Chief Justice who can issue the TRO; if [to a] division, it will be the chairman of the division,” Te explained. In the said rule, the Chief Justice may issue the TRO upon recommen-dation of the justice in charge and subject to confirmation of the full court in its next session, which will be on January 12, 2016.

Comelec en banc decisionON Tuesday the Comelec en banc de-nied Poe’s motion for reconsideration of the resolutions issued by its two divisions which found her ineligible to seek the presidency for lack of required 10-year residency require-ment and for her failure to prove that she is a natural-born Filipino citizen. Without a TRO from the Court, Poe’s name is in danger of being removed from the official list of presidential candidates that will be printed on the ballots next month.

Reports s a i d h e r camp would need to se-cure a TRO from the SC within five days from promulga-tion of the ruling—as r e q u i r e d by election

law—to be able to be included on the ballot. Her lawyer George Garcia said they would file the petition on Mon-day, December 28, since the Court is closed on Thursday and Friday. “We have until Tuesday [Decem-ber 29] to get [a] TRO from Supreme Court for Poe to stay on the ballot,” he said in an interview. The disqual if ication cases against Poe filed by lawyer Estrella Elamparo, former Sen. Franciso “Kit” Tatad, De La Salle University professor Antonio Contreras and former University of the East Col-lege of Law Dean Amado Valdez. Chief Justice Maria Lourdes Sereno earlier vowed to act swiftly on urgent cases related to the 2016 elections. “In fact, we understand and it is clear to us that this Christmas sea-son will not be a usual season for us. There might be things that we need to set aside because of the urgency of matters that need to be resolved,” Sereno said. “So we are keenly aware of all of those and you can see that most of

All not lost yet for Poe, SC may acton plea despite monthlong break

By Lorenz S. Marasigan

THE Land Transportation Office (LTO) will temporar-ily stop collecting fees for

replacement of old license plates, Transportation Secretary Joseph Emilio A. Abaya said on Tuesday. The suspension was prompted

by the notice of disallowance is-sued by the Commission on Audit (COA) in June this year that barred the Department of Transportation and Communications (DOTC) from continuing with its P3.8-billion car plates standardization program. “We are currently in the process of resolving the issue with the COA

regarding the Plate Standardization Program. We hope issues will be re-solved and COA lifts the disallow-ance so we can provide the public with plates for improved road safety,” Abaya said. This means, vehicle owners who have not yet paid for the new license plates will not have to shell

out P450 upon their renewal of registration. The multibillion-peso contract that was awarded to Knieriem BV Goes and Power Plates Development Concept Inc. was found to be illegal as it was not properly procured, the audit commission said in a 10-page notice issued on June 13.

By Ashley ManabatCorrespondent

CIT Y OF SAN FERNAN-DO—“They don’t know what they’re talking about.”

Thus, said Emigdio Tanjuatco III, president and CEO of the Clark International Airport Corp. (Ciac), when he was asked to comment on the statement of Civil Aeronautics Board (CAB) officials in a local cable television network on Monday. When asked for his reaction to the statement of CAB chief lawyer Wyrlou E. Samodio, that Clark is not ready as an alternate airport, Tanjuatco said, “Minsan salita sila ng salita na hindi pinag-aaralan ang ac-tual situation. Pero para sabihin niya na hindi kaya ng Clark, [Sometimes they talk and talk without studying the actual situation. But for him to say that Clark cannot do it] I beg to disagree and I will challenge him to that anytime,” Tanjuatco said. “He should not say that Clark is not ready because that’s a very un-fair statement coming from a gov-ernment agency that is supposed to regulate, promote and develop the economic aspect of air transporta-

tion in the Philippines,” said Tan-juatco, a cousin of President Aquino. The CAB, other than its regula-tory powers, has supervisory and jurisdictional control over air carri-ers, general sales agents, cargo sales agents and airfreight forwarders, as well as their property, property rights, equipment, facilities and franchises. It is attached to the De-partment of Transportation and Communications (DOTC). “Ngayong doon naman sa ibang pro-posal na ibalik ang Emirates [Airlines] under a certain development, unang una, hindi man lang nakonsulta ang Ciac tungkol diyan. Again, masarap lang kasi magsalita, magandang pak-inggan, minsan its pleasing to the ears, however, when it comes to the details madami pong mga detalye na dapat ayusin bago ka mag-propose ng isang ruta [Now to the other proposal to bring back Emirates under a cer-tain development, first of all Ciac was never consulted on that. Again, it’s nice to talk and it’s pleasing to the ears, however, when it comes to the details there’s still a lot that should be arranged before you can propose a route],” Tanjuatco explained. Former Ciac President and CAB

Director Victor Jose I. Luciano said on December 10 that he is set to ne-gotiate with Emirates and Etihad airlines to mount more flights from the Middle East to Mactan-Cebu and the Clark International Airport via the “triangular flight [route] system.” But Tanjuatco said Luciano does not seem to know that he is talk-ing about. “Hindi alam siguro na kaya umalis ang Emirates ay may iba’t ibang isyu [Perhaps, he doesn’t know that Emir-ates left because of different issues] regarding fuel, regarding the state of overseas Filipinos in Northern and Central Luzon, arrangement with the airport and the airline…that’s what we are fixing and that is why we don’t want to give a statement because we are still negotiating,” Tanjuatco added. “Ayaw namin maudlot ang nego-sasyon, pero para to come out with that statement saying gagawin mo ito under a certain route, para sa akin ilalagay mo naman ang karuwahe sa harap ng kabayo [We don’t like to cut short the negotiations, but to come out with that statement saying we will do this under a certain route, for me you are again putting the carriage before the horse],” he said.

Tanjuatco blasts CAB executivesACAVE-MANAGEMENT com-

mittee will be created to craft a management plan for each

of the 51 newly classified caves. Director Theresa Mundita S. Lim of the Biodiversity Manage-ment Bureau (BMB) said the cave-management committees will be tasked to draft a comprehensive plan for the management of the caves and their resources. The creation of the committees is mandated by Republic Act 9072, or the National Caves and Cave Re-sources Management and Protec-tion Act. Environment Secretary Ramon J.P. Paje recently signed Depart-ment of Environment and Natural Resources (DENR) Memorandum Circular 2015-08 classifying a total of 51 caves. The caves were classified according to their characteristics and potential uses. The classification of the 51 caves this year brings to 415 the total number of caves classified accord-ing to their characteristics and po-tential uses. The cave-management plans to be crafted by the cave-management committees will also serve as guide for the use of the caves and cave re-

sources, Lim said. “Some caves have multiclassifi-cation. Some sections of a cave may have to be closed for safety reasons,” she said. The cave-management plan designate areas or sections of caves for specific purpose, such as ecotourism, research and develop-ment, or ecotourism. She said the BMB’s field per-sonnel will initiate meetings with various stakeholders depending on the caves’ location to formalize the process of creating the cave-management committees. If the caves were within protected areas, the DENR will be the agency to create the committee. For caves found within land, of public domain owned by local gov-

ernments, Lim said concerned local officials will be informed of their responsibility. For caves in private lands, the DENR will help the landowner in crafting a management plan. A cave-management committee is composed of representatives of the DENR-BMB; local governments; private land owners, if the cave is within a titled land; and civil-society organizations. “If the caves were found within lands covered by certificate of an-cestral domain titles, the indigenous peoples will be the ones to initiate the formation of the cave-management committee,” she added. For caves classified as having ar-chaeological importance, she said the cave-management committee will require the membership of a repre-sentative of the DENR’s Mines and Geosciences Bureau. For caves classified as having historical significance, a seat will be allocated for the National Historical Institute or the National Museum, Lim said. Caves that are classified as having ecotourism potential will have a representative from the De-partment of Tourism as committee member. Jonathan L. Mayuga

DENR to create 51 cave-management committees

LTO suspends collection of replacement license-plate fees

By Rene Acosta

AGROUP of the New People’s Army (NPA) guerrillas attacked

soldiers in Surigao del Sur on Wednesday, the start of the 12-day cease-fire between the government and communist rebels. Col. Isidro Purisima, 402nd Infantry Brigade commander, said the rebels under Brando Juagpao, alias Commander Rodel, fired at members of the Second Special Forces Battalion. The attack happened at around 9:30 a.m. at the outskirt of Barangay Bitaugan, San Miguel, Surigao del Sur. The military condemned the attack and said it was gross violation of the NPA’s self-declared cease-fire. Purisima said troops were stationed in the said area to assist officials of the San Miguel town in facilitating the delivery of development programs and services to the community. “We are not surprised by this incident. Although the CPP [Communist Party of the Philippines] Central Committee declared cease-fire effective December 23, 2015, until January 3, 2016, their armed wing, the NPA, continued their banditry,” he said. “Either they lack sincerity on their pronouncement or they have no firm control over their comrades at the lower level,” Purisima added. There was no immediate response from the NPA. The rebels have declared a cease-fire against the government up to January 3, 2016, while the military has also declared a suspension

of its offensive military operations (Somo) from December 23, 2015 up to January 3, 2016. Meanwhile, the leader of a paramilitary group operating in Surigao del Sur, who is wanted by the authorities for the killing of three tribal leaders in September, has warned that he and his group will target members of the media and local officials who will attend the anniversary of the CPP this weekend. The CPP will observe its 46th anniversary on December 26, and rebels usually invite local officials and journalists to attend and witness its programs held in select areas across the country. Bobby Tejero, head of the Magahat Bagani group, said local officials and journalists seen in the anniversary celebration of the rebels in Surigao del Sur would be attacked. “Their mere presence in the area is a manifestation of their declaration of support to the Communist Party of the Philippines-New People’s Army and a betrayal to the people. We will not hesitate nor show mercy,” he said. Tejero has been accused of killing three tribal leaders and he is currently being hunted by the government. The Armed Forces Public Affairs Office chief, Col. Noel Detoyato, said Tejero’s threat of attacking journalists and local officials is illegal and he will be held under the law. Detoyato said the military would work in coordination with the National Police to stop Tejero from making good his threat.

NPA rebs attack troopson first day of cease-fire

the justices will be making them-selves available for any eventuality.… We need to work hard because this is the only process by which we can ensure that the right, just outcome will result,” she added.

‘A travesty of justice’STRESSING that the weight of the law, evìdence and the jurisprudence on the matter of natural born and residency are clearly on the side of Poe, a broad-based coalition of her supporters in thePhilippines and overseas denounced the decisions of the Comelec en banc quashing her presidential bid. In a statement, Ang Grasya ng Masang Pilipino Movement Spokes-man Jose “Chichok” Samson la-mented the Comelec en banc deci-sion branding it as a “travesty of truth, justice and fair play.” Samson, a law professor, cited three failures by the Comelec in de-ciding against Poe’s candidacy: T he commissioners con-cerned knew that there was legal, historical, practical basis for the claim that foundlings, as a rule, are natural-born citizens of the state they are found or born in; That their decision not to rec-ognize and apply such knowledge and information in the case of Poe “is a blatant act of injustice against foundlings and all who are power-less and innocent”; That the doubt created by the “unique circumstances” attendant to the case of Poe must, by all standards of what are fair and just in a civilized society, benefit the innocent and powerless foundling or, at the very least, must not be used to deny the sovereign citizens the proper exer-cise of their sovereign act of choos-ing servant leader.

VP bets down to 6COMELEC Chairman Andres D. Bau-tista, meanwhile, announced that

six out of the 19 vice presidential aspirants have made it to the initial official list of candidates for the May 2016 polls. At a news briefing, Bautista said the names of Liberal Party Rep. Leni Robredo of Camarines Sur, Sen. Gre-gorio Honasan, Sen. Francis Escu-dero, Sen. Antonio Trillanes IV, Sen. Alan Peter Cayetano and Sen. Ferdi-nand Marcos Jr. will all be loaded to the Election Management System (EMS). The EMS is the system that will contain the data on the list of voters and the candidates for the 2016 na-tional and local elections, and shall determine the number of precincts, number of voters in every precinct, as well as ballot faces for the next elections. As for the presidential post, Bau-tista disclosed that there are 23 indi-viduals out of 130 who made it on its initial final list, but begged off from identifying them. Bautista said some of the can-didates who have been disquali-fied remain on the list since they have yet to receive the official Comelec order. “It is still high because we have yet to serve the decisions to the other remaining candidates. [But] we ex-pect that, in the end, it will just be single digit for the candidates for president,” Bautista explained. For senatorial bets, Comelec Com-missioner Christian Lim said they will be loading a total of 68 names out of the 172 that filed certificates of candidacy for senator. “We think that, for senators, hav-ing 60 names would be a fair number,” Lim added. Poll officials stressed that the of-ficial list is not yet final and may still be edited until prior to the printing of the official ballots. “We are not loading a final list. We are loading an initial list of data into the EMS,” Bautista said.

By Joel R. San Juan

IT seems all is not lost yet for senator and presidential wannabe Grace Poe.

TOLL will not be collected from motorists who will use the at-grade and elevated sections of

the Skyway System, South Luzon Ex-pressway (Slex) and Star Tollway from 10 p.m. on December 24, until 6 a.m. the following day; and from 10 p.m. on De-cember 31 to 6 a.m. on January 1, 2016. The managements of Skyway O&M Corp., Manila Toll Expressway Systems

Inc. and Star Tollway Corp., the respec-tive operators of the Skyway System, Slex and Star Tollway, announced that this toll-free privilege is their simple gesture of showing appreciation to to motorists who use and patronize the Skyway System, Slex and Star Tollway. It is also their way of wishing them a Merry Christmas and a Prosperous New Year.

Toll-free Southern Luzon tollways

POE

LIM: “Some caves have

multiclassification. Some sections of a

cave may have to be closed for safety

reasons.”

Thursday, December 24, 2015 • Editor: Angel R. Calso

OpinionBusinessMirrorA4

The bravest host in a hostile world

editorial

To err is human, and celebrity host Steve Har-vey affirmed he is one blunder-prone Homo sapiens member on Monday in Las Vegas when he crowned the wrong Miss Universe 2015. In

front of a global audience that followed the event on live television, Harvey proclaimed the first runner-up, Miss Colombia Ariadna Gutierrez Arevalo, as the win-ning candidate, instead of Miss Philippines Pia Alonzo Wurtzbach, the unanimous choice of the judges and the favorite of online voters.

What followed after will go down in history as one of the pageant’s most awkward moments. A beaming Miss Colombia was stripped of her blue dia-mond-and-topaz crown just minutes after her coronation, when a red-faced Harvey came back onstage to rectify an error: “Folks, I have to apologize”. He then went on to correct his epic gaffe, and said “the first runner-up” was “Colombia”. An anticlimactic announcement followed: “Miss Universe 2015,” Harvey clarified, “is Miss Philippines”.

Harvey apologized profusely on-air for the faux pas, and held up the cue card to prove “it was an honest mistake”. But the epic fail had huge emotional consequences. It was heartbreaking and most embarrassing for Miss Colom-bia, while Miss Philippines was denied the chance to soak up the glory of the title; denied the chance to enjoy a wonderful moment, a dream come true not every woman on earth will have the chance to experience.

Harvey’s mea culpa immediately exploded in social media, especially after he made another mistake of misspelling the Philippines and Colombia when he used Twitter to express regret: “I want to apologize emphatically to Miss Philippians and Miss Columbia,” he wrote. “This was a terribly honest human mistake, and I am regretful.” The message was corrected soon afterward, but not before it was retweeted more than 30,000 times.

Harvey says no one feels worse than he does about his mistake. The fact that he acted like any responsible person would by rectifying the situation as soon as he realized the error, taking complete responsibility, and resisting the urge to shift the blame is commendable. As one observer pointed out: “We have to still congratulate the host for his courage to do what is right, even to the point of risking his career.”

Harvey’s “I’m sorry,” however, was not enough for the hostile netizens. His sincere apology could not stop the barrage of online bashing. “In loving memory of Steve Harvey. He ain’t dead, but he probably wished he was,” goes one unkind social-media comment.

Beauty pageants symbolize perfection, elegance and grace. But the Miss Universe 2015 extravaganza will be remembered for Harvey’s error, courtesy of clever memes and GIFs (graphics interchange format) flooding the virtual world to immortalize his epic failure. Indeed, social media has magnified our lust for mistakes. We have become gluttons for goofs and gaffs. What if Har-vey perfectly read his cue card and the pageant went as smooth as clockwork? Would we have applauded his hosting efforts with the same intensity?

By Edward Niedermeyer | Bloomberg View

WITH the auto industry on the verge of its self-driving future, insiders and car enthusiasts have been gearing up for a clash of the titans, pitting the lumbering

giants of Detroit against the nimble disruptors of Silicon Valley. But a new blockbuster deal between Ford and Google to coproduce autonomous vehicles  is the strongest sign yet that the much-anticipated day of reckoning may never come. 

By Mac Margolis | Bloomberg View

THere was no parting speech, no slamming of palace doors. When it finally happened late last Friday, Joaquim Levy’s exit as Brazil’s finance minister was a study in

anticlimax. For months, the corridor talk in Brasilia and the news media had focused on when, not if, the country’s top economist would step down.

Google and Ford will disrupt Detroit together

Brazil gives up on fake austerity

When Google first started devel-oping and testing its self-driving car technology, it used modified produc-tion vehicles—mostly Toyota Prius and Lexus rX hybrids—to test  its laser-based sensing system. But the technology remained something of an oddity, a “science experiment” in the minds  of auto-industry  profes-sionals, until May 2014, when Google revealed its first self-driving proto-type. With no human controls of any kind, Google’s “toaster” demonstrat-ed the search-engine giant’s immense ambition: to disrupt traditional auto ownership with an entirely new mo-bility paradigm that owes nothing to the century of automotive evolution. 

In the 18 months since, Google’s boldness has brought self-driving car technology out of the lab and into the public conversation. Com-bining the promise of push-button mobility with Silicon Valley’s popu-lar narrative of disruption, Google has been  running herd  on the en-tire auto industry, pushing centu-ry-old companies toward a future that could see demand for cars fall by as much as 40 percent.  Now, it seems, Ford  has opted out of that game of chicken.

The details of the deal between Google and Ford, first reported on Monday by Yahoo Autos, remain fuzzy. Until both companies  ad-dress the upcoming Consumer electronics Show next month in Las Vegas, we won’t know the specifics. even so, it’s clear that this is a game-changer: By welding their fortunes to the software technology devel-oped by Google, Ford’s leaders have broken what the tech writer Chunka Mui calls “the auto industry’s pris-oner’s dilemma.”  Ford’s decision may accelerate the decline of the traditional industry, but by tak-ing an early seat at the table right next to Google, the firm has secured a position of relevance in the new mobility paradigm.

Here’s what we do know: Ford will license Google’s self-driving software on a nonexclusive basis, and the two companies will joint-ly test vehicles on public roads. It  will take the form of a joint venture, in order to shield both companies from  the  legal liabil-ity concerns that have emerged as the greatest threat to self-driving technology. With Ford as a partner, Google may well be able to avoid

on Monday Levy—who took office this past January—formally handed over the job to Nelson Barbosa, who as planning minister had long sandbagged the finance chief’s efforts to institute austerity. But Levy’s position had become precarious since August, when Presi-dent Dilma rousseff went over his head to send Congress the 2016 budget with a gaping $8.1-billion shortfall.

Defending  new tax revenues  for a government known for fiscal aban-don,  preaching parsimony  to legisla-tors accustomed to pork, talking struc-tural reforms to a political class obsessed with its own survival: With each battle, Levy lost a little more of the policy high ground, and Brazil, a little more of its international standing.

What can Barbosa achieve that Levy could not? He takes over, as Latin

America’s biggest economy is caught in its worst recession in a quarter-century. At its current pace, Brazil is looking at another lost decade, with GDP per capita in 2018 projected to be 5 percent smaller than in 2010, economist Arman-do Castelar Pinheiro of the Getulio Var-gas Foundation told me. Barbosa brings one big advantage to the job: ideological affinity. A conservative, University of Chicago-trained economist, Levy was always an odd fit in rousseff’s Cabinet, where easy money and consumer stimu-lus trumped restraint.

Though no populist, Barbosa hails from the academic-soft left—he earned a PhD from the New School for Social re-search—and pleased the leftist Work-ers’ Party by playing the budget dove to Levy’s fiscal hawk. Barbosa, even from his lower rung in the bureaucracy,

the high fixed costs needed to es-tablish a low-margin automobile manufacturing infrastructure.

For its part, Ford will get a leg up on the self-driving software that its larger competitors, such as Toyota, have already begun to invest  huge amounts of money in. Between Ford’s  family control and Google’s reliance on  former Ford men—the tech giant has former Ford Ceo Alan Mulally on its board, and its mobility operation is headed by John Krafcik, who ran product de-velopment at  the automaker—the alliance makes a lot of sense on paper.

There have been  other recent signs pointing toward compromise between Detroit and Silicon Val-ley. California regulators have pub-lished draft rules that seem to require a human at the controls of all vehi-cles, a splash of cold water on Google’s push-button autonomy. If regulators won’t embrace Google’s human-free vision, it only makes sense for the software firm to partner up with a hardware giant. Ford’s car lineup—like that of nearly every automaker right now—is struggling for  prof-its, and is being subsidized by sales of high-margin trucks, SUVs and crossovers. As long as Google’s self-driving initiative remains within the bounds of the shrinking sedan segment, Ford doesn’t need to worry much about a contraction in demand for its own vehicles.

So, while there are a number of common-sense reasons for Ford and Google to team up, serious chal-lenges remain for the alliance. Like other automakers, Ford is walking

a delicate line between accepting the inevitability of increasingly automated driving while hoping to maintain a business model based on private ownership. For Google, its widely touted hopes  of mak-ing drivers licenses a thing of the past, bringing cars into the sharing economy, and eliminating on-road deaths must be adapted to the long development times and evolution-ary nature of the established auto industry. Finding a way in which both firms can get what they want out of each other’s distinct capabili-ties and cultures will not be easy.

Will Ford keep designing tradi-tional cars, with Google’s software merely providing a new level of au-tomated functionality? or does the Detroit-Silicon Valley romance herald a revolution in Ford’s product lineup and design philosophy? Will Ford’s larger, more profitable vehicles re-main privately-owned and human-driven, while money-losing sedans transition to an automated, Uber-style fleet for on-demand mobility? Could this deal be the start of an even deeper collaboration between the two firms, even leading to a full merger of an auto-industry icon and Google’s planned standalone car company?

These are the unknowns that Ford and Google are probably still wres-tling with. And with change com-ing thick and fast in this exciting field, today’s answers may not be the same as tomorrow’s. But what this deal proves is that Detroit and Silicon Valley are increasingly likely to collaborate rather than compete to answer those questions.  

managed to parlay proximity into policy wins at nearly every Cabinet clash.

Judging by the pounding Brazil’s cur-rency and stocks took Monday, winning over investors will prove much harder. To his credit, Barbosa quickly promised to strive for fiscal balance and eliminate accounting tricks, such as forcing gov-ernment-owned banks to cover budget shortfalls. A federal accounting tribu-nal ruled this year that such sleights of hand violated Brazil’s Fiscal responsi-bility Law, leading opposing lawmakers to call for rousseff’s impeachment.

Barbosa also vowed to embrace for-gotten structural reforms, such as fixing Brazil’s cockeyed pension system, which robs the young to allow men and women to retire at the average ages of 54 and 52, respectively. Because preserving those generous pensions remains a priority of the Brazilian left that hectored Levy out the door, this will be no easy trick.

Fighting impeachment in Congress, and with her core political allies caught up in the widening probe into corruption at state oil company Petrobras, rousseff has turned to her traditional allies on the political left. But since loyalty in Brasilia usually comes at a price, that strategy bodes ill for restoring solvency, according

to Christopher Garman, a Latin-Ameri-can analyst at the eurasia Group.

The stakes are rising.  Standard & Poor’s  and  Fitch ratings  have already reduced Brazil’s debt to junk status, driving up the country’s borrowing costs in the teeth of a recession. All the bet-ter for Brazil’s regional neighbors, such as Mexico and Argentina, where political renewal and the end of nationalist ring-fencing are turning investors’ heads.

Not long ago, Brazil was the best bet in the region. It boasted a growing econ-omy that lifted the poor and sopped up foreign capital. When fortunes turned, instead of looking to reforms, Brazilian authorities answered with a kind of po-litical shell game: Levy was dispatched abroad as the superminister who might save Brazil’s failing economy, even as free-spending palace rivals at home pushed to save Brazil from Levy.

As a result, in less than a year, Levy went from paladin of economic probity to enabler of a government with a bad habit. Now Barbosa must be both Levy and his foil, convincing investors he is serious about reining in spending while also promising crisis-battered Brazil-ians that they won’t pay the price. Who will he betray?

HOM

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One-and-a-half cheers for Obamacare

The Family and its house

To dwell in the Lord’s house is the yearning of one who cries out in his heart for the living God. For in the house of the Lord, the Lord is one’s strength, and one continually praises

Him (Psalm 84:2-3, 5-6, 9-10). Jesus at the age of 12 already made up His mind that He must be in His Father’s house (Luke 2:41-52).

Happy are those who dwell in the Lord’s houseTHe marvels of Jerusalem and its crowning glory, the Temple, move the psalmist to refer to its sanctuary as “lovely” or “well-loved.” Intense de-votion to this place of national pride and worship causes one to yearn and pine for the sacred precincts and to cry out to God who dwells there. He is the “Lord of hosts” (Sabaoth), originally a military title but now a cultic name stressing God’s power to protect His people. He is the “God of Jacob,” the patron God of the an-cestor (Israel) who was the father of the 12 tribes forming God’s chosen people. He is simply “Lord” (Yhwh), the name of God revealed to Moses (cf. Exodus 3:13-14), which is so inti-mate its exact meaning and spelling are circumvented out of reverence, even as it expresses the faith of Israel.

Truly blessed and happy are those who live in the Temple and also those who visit it in pilgrimage. They

worship God up close; there in the sacred place, they are in special prox-imity to Him. And the Lord is their strength in their undertakings. The psalmist’s mind then turns to the king, the anointed one and the shield who protects the people in the name of God, and prays that the Lord may be gracious to him.  

 Why were you looking for me?THe only account in sacred scrip-ture that gives us a glimpse of the years between the infancy of Jesus and the time of His ministry, our gos-pel narrative offers us a description of the Holy Family of Jesus, Mary and Joseph. They are a very religious family. Above all, Jesus is depicted as an equally submissive son to His parents and to His heavenly Father. As every adult Israelite is obliged to make a pilgrimage to Jerusalem yearly at least for the feast of the Pass-over (which forms a trio of pilgrim celebrations together with the feasts

of Pentecost and the Tabernacles), the Holy Family is said to regularly do so, going through the weeklong celebration in Jerusalem, after the long trek from Nazareth.

Jesus is identified as a child. At 12 years of age, He is about to assume the full religious responsibilities of an adult. Jesus apparently considers Himself ready to do so, though, His parents still perceive Him as a child. After the festivities on the way back home, Joseph and Mary discovered that Jesus was not with them nor with their friends. on the third day, they found Him in the Temple, engaged in the informal question-and-answer session the Sanhedrin conducts on feast days. His parents were surprised and unprepared for this behavior of Jesus, who did not tell them anything about staying behind in Jerusalem. And Jesus was surprised Himself that they were looking for Him!

 I must be in my Father’s houseTHe evangelist portrays Jesus much like a hero, while still a child doing an exploit. The people in the temple area were astounded at the boy’s understanding and answers. Their reaction describes the human re-sponse to a manifestation of divine power, particularly in relation to the age of fulfillment (cf. Luke 4:22). Mary’s question to Jesus is a tradi-tional form of accusation: Why did you do this? (cf. Genenesis 12:18; Exo-dus 14:11; Numbers 23:11). The par-ents of Jesus were greatly concerned

for Him, who was moving out of His traditional dependency as a child. 

The response of Jesus is not a counter accusation (Why did you look for me?), but a big surprise. With child-like simplicity, He seemed to presume that Joseph and Mary would be the first persons to understand Him and what He was doing. Indeed, they had a road to travel in fully comprehend-ing God’s design in connection with their son. Jesus was assuming already His responsibilities in this world. It was in the Temple of Jerusalem that He declared His fundamental op-tion to live according to the will of His heavenly Father. Mary referred Jesus to Joseph as “your father”; Je-sus referred to God as “my Father.” In this principal point of the narra-tive, there is no conflict between the relationship of Jesus with Joseph and Mary and His intimacy with God. He is faithful to all of them: in His new beginning public role, He wants to make a statement on His special union with the Lord, even as He returns back home in Nazareth to a life of obedience to His parents.

 Alalaong baga: Jesus, by exam-

ple, is teaching Joseph and Mary, and all of us, that our blessedness and happiness lies in dwelling “in the house of the Lord,” as the psalmist has pointed out.  We are God’s fam-ily: we live our lives as in our Father’s house where the Father is loved and obeyed above all, and where every-one receives love and compassion from the Father.

AlálAong BAgáMsgr. Sabino A. Vengco Jr.

Germany is right to flout Russia sanctions

GerMANy has rallied europe in support of Ukraine-related sanctions against russia, but has been less diligent in their implementation. German leaders back these ineffectual

measures primarily to humor the US and are rightly unwilling to suffer too much for them.

PoLITIcS aside, the success of obamacare has always de-pended mainly on economics:

If it can’t attract the right mix of cus-tomers, the program is doomed. on this score, the latest figures from the Department of Health and Human Services are encouraging, even if it’s too soon to declare victory.

More young people—who on average are in good health,  and who help defray the cost of insur-ing the sick—are enrolling in obam-acare. Almost 1 million new custom-ers age 34 or younger had signed up for coverage starting January 1, 2016, an increase of almost 50 percent com-pared with the same period last year.

That age group made up 41 percent of first-time enrollees, up from 38 percent year ago. But the depart-ment  also announced on Tuesday that 8.3 million people in total are enrolled for coverage in 2016 on the 38 state exchanges operated by the federal government, almost 2  mil-lion more than at the same point last year. Given that the congressio-nal Budget office initially projected that 21 million people would be en-rolled by this point, it’s hard to say the program is going according to plan.

Nonetheless, getting more young people to sign up is crucial. youth is a proxy for cost: Because people in their 20s and early 30s generally use

fewer medical services than those who are older, their participation helps keep per-person expenses—and, by extension, premiums—down.

True, the failure to sign up young people wouldn’t by itself cause obamacare to fail. The program partially reimburses insurers that lose money on the exchanges, and federal subsidies help defray the cost of higher consumer premiums. But a failure to attract young, healthy customers would make obamacare more expensive to taxpayers.

It’s not clear what’s driving young people to sign up in greater num-bers. one incentive is probably that the penalty for being uninsured will

increase next year to at least $695. or maybe they’re realizing that coverage isn’t as expensive as they thought. At any rate, this development dimin-ishes the danger that state exchanges will collapse under the weight of lop-sided risk pools, rising premiums and declining consumer demand.

In any case, the White House can’t afford to get complacent about obamacare. The trend of rising co-payments, deductibles and other out-of-pocket payments remains a con-cern with exchange coverage. But the most lethal threat to the viability of reform—a dearth of youngsters with any interest in health insurance—ap-pears to be subsiding. Bloomberg View

THe imposition of interest always follows the imposition of deficiency taxes. This is based on the premise that unpaid taxes are liabilities of the taxpayer to the government, for

which the former should pay interest for the use of the fund that should rightfully belong to the latter.

In a recent speech to her chris-tian Democratic Union party, which ended with a nine-minute standing ovation, chancellor Angela Merkel said of the sanctions:

“It was the right reaction, no mat-ter how much we’d like to keep a good relationship with russia. We must adhere to our principles.”

How, then, to explain the Deutsche Bank internal review that found $10 billion worth of sus-picious transactions in its russian operation? These  appear to have been meant to help russian business-people move their money overseas. President Vladimir Putin’s friends, Arkady and Boris rotenberg, who are under sanctions and should, there-fore, be off-limits to banks that oper-ate in the US and europe, are said to be among the clients. Up to $1 bil-lion of the deals—including “mirror trades,” where securities are bought in one market and sold in another to move money to a different jurisdic-tion—took place in 2014 and 2015, when sanctions were in effect.

yet, Germany’s regulators appear even less interested in this appar-ent transgression than russia’s. The russian central bank has  fined Deutsche about $5,000 for the trades, while the German authorities have, so far, ignored them. It’s the US Department of Justice that has been investigating the issue and is pres-suring the German bank to do more digging around internally.

Similarly, there has been no German government response to reports that a russian company, 65-percent owned by the German engineering giant Siemens, has been contracted to produce gas turbines for power plants in crimea. These plants would overcome the annexed peninsula’s energy dependence on Ukraine, but european Union (eU) companies aren’t supposed to supply energy equipment to crimea. Tech-nically, the contract is in compliance with sanctions, because the turbines would be supplied to Taman, a rus-sian town on the Sea of Azov. russia would then move them to crimea. Plus, Siemens Tekhnologii Gazovykh Turbin is a russian-registered com-pany, not a German one—despite the Siemens-heavy ownership split.

These are transparent ruses. For a German company to supply crimea with equipment is not in line with the spirit of the sanctions.

Then there’s the contract between state-controlled russian natural-gas supplier, Gazprom, and european companies, such as the German-based e.oN and BASF, to expand the Nord Stream pipeline into Germany. The deal was signed in September and, if implemented, will allow rus-sia to bypass Ukraine for most of its gas supplies to europe. 

Late last year, russia was forced to cancel another pipeline project, South Stream, which would have car-ried russian gas directly to Southern europe across the Black Sea. coun-tries, such as Bulgaria, Italy and Aus-tria, strongly advocated the project, hoping it would bring them cheaper energy and transit fees. yet, the euro-pean commission, whose energy de-partment was at the time headed by a German national, found the project in violation of eU rules that don’t allow a gas supplier to own pipelines or have the monopoly right to fill them—both conditions of the Gazprom project. The commission began an infringe-ment procedure against Bulgaria to force a halt to construction.

Nord Stream 2 is similarly suspect. Gazprom originally was

supposed to hold a 51-percent stake in the project’s Swiss-registered op-erating company and was meant to be the sole supplier of the gas that would run through it. Now, mindful of possible problems with the eU, Gazprom intends to sell 1 percent of the project to one of its fellow shareholders, the French company engie. In theory, it could let other russian natural-gas producers into the pipeline if required. even so, the project runs counter to the spirit of the eU energy rules that seek to di-versify the bloc’s fuel sources. Gaz-prom already delivers 38 percent of the natural gas used in Germany. “There is a strong indication that Nord Stream 2 contradicts the aims of the agreed european policy,” eu-ropean council President Donald Tusk recently said.

Southern european nations, de-nied their own russian pipeline, are up in arms. Because of Nord Stream 2, Italy demanded a discussion before it could support an extension of rus-sian sanctions into next year. Italian Prime Minister Matteo renzi  re-peated to the Financial Times what he told Merkel during that discussion:

“So we say no to South Stream and then all of a sudden, quietly, we dis-cover that there’s Nord Stream. Who decided? Is that an eU energy policy choice? At the table, when I raised it, only Germany and Holland defended it. I understand this is important business, fine, I’m not scandalized—but I want to say either the rules ap-ply to everyone, or no one.”

Merkel’s response was that pri-vate companies were involved in the pipeline and she didn’t want to interfere. Her coalition partner and economy Minister Sigmar Gabriel is a proponent of Nord Stream 2, and the chancellor, understand-ably, wants to avoid a conflict with him. Besides, Germany needs more natural gas if it is to phase out coal-burning power plants and meet its clean energy goals. 

Some might call the German le-niency toward borderline sanction-busting hypocritical, as renzi does. yet,  the sanctions are a political statement more than anything else. In purely economic terms, they have contributed  no more than 10-per-cent of russia’s economic decline this year, or about 0.3 percent of GDP. They have curtailed the abil-ity of russian banks and companies to borrow in Western markets, and that has hindered their expansion, but they ended up paying down their dollar- and euro-denominated debts, which, given the ruble’s shakiness, has only improved their financial health. There has been no other noticeable effect.

The sanctions were a US idea, and the administration loved having Merkel’s support. Together, US allies have presented a united Western front against russia’s ag-gression. These benefits have been reaped, but it’s impractical to force German companies to pay for them. Sanctions activism on the govern-ment’s part would have been exces-sive and counterproductive.

Merkel may be forced to move against Nord Stream next year to prevent a new conflict with southern european countries, where anti-Ger-man sentiment is already high. She is more likely, however, to make sure the gas project fully complies with european rules. Italy and its neigh-bors should have tried harder with South Stream instead of taking the eU’s outwardly anti-russian policy at face value.

Overlapping of interest on deficiency taxes

And as it had always been, tax-payers were required to pay only one 20-percent interest on deficiency taxes of whatever kind. Things had changed beginning in 2012, when the two types of taxes mentioned in Section 249 of the Tax code were dis-tinguished and imposed separately.

In CTA EB Case 821, July 18, 2012, the court held that based on Sec-tion 249 of the Tax code, there are two types of interests that are to be imposed—the deficiency interest and the delinquency interest, and that these are imposed at the same time. In that case, the taxpayer ef-fectively acknowledged the impo-sition of these two types of inter-est, but argued that these cannot cover the same period or overlap each other. According to the tax-payer, the deficiency interest shall be computed from date prescribed for the payment of the tax until the last day indicated for payment in the assessment notice. Thereafter, if the deficiency tax is not yet paid, the deficiency interest shall not be imposed. But the delinquency

interest shall start to run. In such case, there should be no overlapping of both types of interest.

The court, however, disagreed with the perspective of the taxpayer and held that the deficiency interest should be computed from the date prescribed for the payment of the deficiency tax until full payment thereof. on the other hand, delin-quency interest is to be computed from the due date prescribed in the assessment notice until the full pay-ment thereof. In other words, the de-ficiency interest and the delinquency interest run simultaneously from the date required for the payment of the deficiency tax in the assessment no-tice until the deficiency tax is paid. All in all, the imposable interests are as follows: (1) 20-percent defi-ciency interest computed from the date the tax should have been paid based on existing rules until the date required for payment as provided in the assessment notice, and (2) the 20-percent deficiency interest and 20-percent delinquency both com-puted from the date prescribed for

payment in the assessment notice until the payment the deficiency tax.

It should be noted that the pre-siding justice at that time dissented and held that the imposition of at least a 40-percent interest per an-num is grossly excessive and unjust, one that partakes the nature of an imposition that is penal, rather than compensatory. He believed that the proper computation should be that the 20-percent deficiency interest runs from the date prescribed for the payment of the unpaid deficiency tax until only the date prescribed by the assessment notice. After which, only the delinquency interest (on the de-ficiency tax, deficiency interest and surcharge) shall be imposed which will run until the full payment of total amount due.

From that time, the decision had been applied in a number of cases subsequently decided by the court. recently, however, in CTA EB Case 1117, September 21, 2015, the same court ruled that the imposition of interest extends only up to the time when the taxpayer is required to pay the assessed tax after being informed thereof, and the imposition of the delinquency interest should be com-puted from the time when the tax-payer failed to pay the assessed tax within the time allowed, as stated in the formal letter of demand (as-sessment notice) until full payment. In other words, the deficiency inter-est is computed only up to the date prescribed for payment in the as-sessment notice. If not yet paid, the delinquency interest starts to run, which shall then be imposed on the total of the basic deficiency tax,

deficiency interest and surcharge. There is no overlapping of deficiency interest and delinquency interest.

Another interesting point to note in this recent decision is that, aside from ruling on how the defi-ciency and delinquency interests should be computed, the court also noted that based on the provisions of the Tax code, there are only three instances, where the term “deficien-cy” had been defined, and these re-late only to three types of internal revenue taxes, namely, income tax, estate tax and donor’s tax. Thus, the deficiency interest should apply only to deficiency income tax, deficiency estate tax and deficiency donor’s tax. No deficiency interest should be imposed on other deficiency taxes.

While this decision is not yet final, it is interesting to monitor how this will finally be settled. As it is, this is a welcome development. Indeed, there are enough reasons for taxpayers to celebrate during these christmas holidays. Merry christmas everyone.

The author is a junior associate of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of World Tax Services (WTS) Alliance.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any com-ment or question concerning the article, you may e-mail the author at ronald.cubero@bdblaw.com.ph or call 403-2001 local 350.

BlooMBERg VIEWleonid Bershidsky

TAx lAW foR BuSInESSAtty. Ronald S. Cubero

The vice chairman of the house Commit-tee on health has recently filed a bill seek-ing to increase maternity leave from two

months to four months. In house Bill 6294, Liberal Party Rep. Alfredo D. Vargas III of Quezon City said that his proposal aims to reduce child mortality and improve ma-ternal health. Vargas, who is also the vice chairman of the house Committee on Social Services, said that re-cent studies have shown that extending maternity leave for new mothers reduces infant mortality. “The cause is yet to be known, but it may be linked to longer periods of breast feeding and better health care. extended paid maturity leave may also improve maternal health, as it lessens the likelihood of miscarriage and complications,” the lawmaker said in a news statement. Under the proposal, every employer shall grant to any pregnant employee, who has rendered an aggregate service of at least six months for the last 12 months, maternity leave of at least two weeks prior to the expected date of delivery and another 14 weeks after normal or caesarian deliv-ery, with full pay based on her regular or average weekly wages. The bill amends for the purpose Presidential Decree (PD) 442, otherwise known as The Labor Code of the Philippines, as amended by Republic Act 7322. Moreover, according to Vargas, increasing the present maternity leave would protect the right of the working mothers and their infants to proper health care. “According to the Fifth Philippine Progress

Report on the MDGs [Millennium Development Goals], the Philippines has a high probability of achieving the 2015 target of reducing the mortal-ity rate of children in 2011,” Vargas said. Citing the report, Vargas added that in 2011 the Philippines recorded a child-mortality rate of 30 out of 1,000 live births, which is not far from the 2015 target of 26.7. It also disclosed that infant-mortality rate also decreased from 57 per 1,000 live births in 1990 to 22 per 1,000 live births in 2011. The 2015 target is 19. “however, it is feared that the Philippines will not meet its MDG target on maternal health as the maternal mortality ratio increased from 209 deaths per 100,000 live births in 1990 to 221 deaths in 2011, a far cry from the 2015 target of 52,” Vargas said. The Department of Labor and employment (DOLe) said that the maternity-leave benefit applies to all female employees, whether mar-ried or unmarried. Currently, the DOLe said that every pregnant employee in the private sector, whether married or unmarried, is entitled to maternity leave ben-efit of 60 days in case of normal delivery or mis-carriage, or 78 days, in case of Caesarian section delivery, with benefits equivalent to 100 percent of the average daily salary credit of the employee as defined under the law. however, the agency said that to be entitled to the maternity leave benefit, a female em-ployee should be an Social Security System (SSS) member employed at the time of her delivery or miscarriage. Jovee Marie N. dela Cruz

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briefsmaritime body to start decentralization of document release

functions to regional officesIN a bid to reduce the number of seafarers lining up for documents in its Manila headquarters, the Maritime Industry Authority-Standards of Training, Certification and Watchkeeping Office (Marina-STCWO) announced it is now in the initial steps of devolving the function to its regional offices, Marina-STCWO Head Chief Mate Michael Esplago said. “Regional offices are now processing Certificate of Proficiency [COP]. Although the central office is the only one handling the processing of Certificate of Competency [COC], we [now] have an infrastructure on how we can handle the processing needs of the seafarers,” he added. Esplago also said that by early 2016, the Marina-STCWO will have a few sites dedicated for this purpose, and that they are only waiting for computers and other equipment, which will make processing the documents of seaferers easier and more convenient. “We are now trying to increase the capacity of the central and regional office, as well as to increase public dissemination,” he added. PNA

Nickel mining have been the country’s top performers in the last three years, raising the annual met-als output to better performance in the same period. There are two major factors af-fecting nickel production—the speculative price in the market and China’s economy. With price of nickel going down and China still experiencing an economic flu, nickel mines have started to slow down op-eration, with some nickel mine sites in Mindanao already stopping their operations earlier than expected. Director Leo Jasareno of the Mines and Geosciences Bureau (MGB) said nickel companies will endure China’s economic flu but will

survive the crisis given the mining companies’ flexibility to adjust to the fluctuating price of nickel. “Our mining companies, nickel- mining operations have been so planned to survive the downtrend. So that they will survive until the price of nickel starts to pick-up again,” he said. Nickel-mining operators, Jas-areno added, predicted a two-year downtrend in 2016 and 2017 be-cause of the current market situa-tion in China. These companies, he said, are expected to have reviewed and care-fully planned their operations to survive the period until such time that the price of nickel starts to im-

SeN. Ferdinand “Bongbong” R. Marcos Jr. has vowed to promote a strong partnership

between the government and the private sector as strategy for economic growth. In a dialogue with businessmen in Nueva ecija early this week, Marcos said it’s still the economy that needs primary attention as poverty and hunger can only be eradicated if the economy is robust. “Ang problema ng ating mga kababayan ngayon ay nakadikit sa sikmura kaya ang dapat natin intindihin ay ang ekonomiya. Palagay ko, walang magagawa ang pamahalaan kung hindi kasama ang ating mga negosyante, professional, bangkero, traders at lahat ng nasa pribadong sektor,” he said. Marcos, also a vice presidential candidate in next year’s elections, said the government will always fail to achieve its macroeconomic goals without the cooperation and participation of the private sector. he explained that a strong collaboration of the government and the business sector will generate employment and, at the same time, boost business growth where the government handles the trainings of laborers and provide personnel equipped with the required skills to industries, factories, shops and other establishments. “Lagi kong ipinapaalala sa aking mga kasamahan sa gobyerno na 90 percent ng trabaho ay nasa private sector, pero malaki ang gagampanan ng ating pamahalaan para ihanda ang ating mga manggagawa para makapasok sa private sector,” he said. “Sa ngayon ay nakakalungkot na makita na imbes na nagsasama at nagkakaroon ng synergy sa trabaho ng pamahalaan at ng private sector ay parang nagde-debate pa, parang naglalaban pa, parang hinihila ang ekonomiya sa maraming iba’t-ibang direksiyon,” Marcos concluded.

TWO bus drivers may face charges after being tested positive for drugs in an inspection conducted this week, the Land Transportation Franchising and Regulatory Board (LTFRB) said on Wednesday.

The LTFRB, however, said that confirmatory tests are still ongoing. Drug tests were done in various bus terminals in the Metro in preparation for the surge in the

number of passengers traveling to their provinces to celebrate the holidays. The drug test is being carried from December 21 to 24 and will continue from Deccember 28 to 30.Upon violation of the Anti-Drug and Drugged Driving Act 2013 (Republic Act 10586), these

drivers and conductors, after being investigated at Land Transportation Office’s Law Enforcement Section will be brought to the Office of City Prosecutor.

Penalty for driving a vehicle under the influence of dangerous drugs without injury is punishable by three-month imprisonment and fine of P20,000 to P80,000.

Upon apprehension, the driver's professional license will also be confiscated and perpetually revoked on the first conviction.

The operator of the vehicle driven by the offender, on the other hand, will be directly and principally held liable together with the offender for the fine and damages.

Aside from the two bus drivers tested positive for drugs, the LTFRB also said that two taxi drivers were also apprehended this week after refusing to convey passengers. PNA

Thursday, December 24, 2015 • Editor: Vittorio V. Vitug

nueva ecija town official dead in ambushCABANATUAN CITY, Nueva Ecija—A municipal official of Laur town was killed in an ambush staged by motorcycle-riding tandem along Laur-Gabaldon road shortly before midnight on Monday.

Senior Supt. Manuel Cornel, director of Nueva Ecija Provincial Police Office, identified the victim as Jonathan Liwag, 52, a resident of Natividad Street, Barangay 1 and head of the Municipal Engineering Office of this town.

Investigation disclosed that the victim was on his way home from the municipal government’s Christmas party at the town hall, driving an Army-type jeep, when shot at close range by one of the suspects at around 11:30 p.m., Monday, causing the victim’s vehicle to swerve to the left shoulder before sideswiping a tree and plunged into irrigation canal.

Liwag sustained a gunshot wound on his body which resulted to his death, according to the police.

The police recovered one spent 9-mm cartridge case, one deformed fired bullet and one lead fragment, while the vehicle incurred heavily front damages.

Motive of the incident is still being investigated. PNA

ltfrb: 2 out of 176 bus drivers tested Positive for drugs

CALUMPIT, Bulacan—Gov. Wilhelmino M. Sy-Alvarado on Wednesday announced

that the provincial government of Bulacan will file a class suit against officials of agencies responsible for the massive release of water from the province’s three major dams—Angat, Ipo and Bustos dams—that aggra-vated the backfloods that submerged many villages in the coastal towns of Calumpit, hagonoy, Paombong and Pulilan for the past six days.

The governor said that, despite their pleadings, operators of Angat, Ipo and Bustos dams proceeded in discharging a big volume of water that worsened the miseries of flood-stricken residents of Calumpit and hogonoy, and parts of Paombong and Pulilan who were still contend-ing with the onslaught of backfloods from Nueva ecija last Saturday.

Alvarado said their lawyers are now preparing the charges that they will file against officials of the Na-tional Power Corp. (Napocor), the National Irrigation Authority, Met-ropolitan Waterworks and Sewerage System (MWSS) and the National Water Resources Board for the al-leged irresponsible release of water from their dams at the height of the onslaught of the backfloods induced by Typhoon Nona.

“The floodwaters should have subsided last Sunday. But because of the dam officials who ignored our

pleadings, most of the residents in Calumpit and hagonoy would spend their Christmas under floodwater,” he said.

The surging backfloods prompted Alvarado to call on officials of the Napocor not to release water from their dams because it will aggravate floods wreaking havoc in Calumpit and hagonoy.

Alvarado recalled that in Decem-ber 2011, the water level at Angat dam rose to 215 meters, or 3 meters above its spilling level of 212 meters.

But he was able to request MWSS Administrator Gerry esquivel not to discharge a huge amount of wa-ter because it will sink the towns of Calumpit and hagonoy at Christ-mastime, just like what’s happen-ing now.

he said that Angat dam has a buffer limit of 217 meters and was able to hold 215 meters during that time.

As of Wednesday, more than 70,000 families from Calumpit, hagonoy and parts of Paombong ang Pulilan are affected by the floods, which is now on its sixth day.

The Provincial Disaster Risk Reduction and Management Office said that as of Wednesday, 23 of the 29 villages in Calumpit are still submerged under 2 feet to 8 feet of water while 16 of the 24 villages in hagonoy are under 2 feet to 6 feet of floods. PNA

Bulacan sets filing of class suit vs three dam operators

prove, adding that the price of nickel is expected to improve by late 2017. “During the two-year downtrend, we expect them to continue opera-tion and provide employment to min-ers until late 2017,” Jasareno said. “So far, mining companies are able to adjust to the situation,” he added. Jasareno said that nickel-mining companies have no production quota “as long as they continue to oper-ate, produce nickel and pay the cor-responding taxes. But if they shut down for good, then they will have a problem with us,” Jasareno said. Nickel price started to drop last year by as much as 50 percent. Low-grade nickel ore, which used to be $12,000 to $15,000 per ton, dropped to as low as $7,000 to $8,000 per ton. In case China recovers from the f lu earlier than expected, Jasareno said mining companies should be prepared for another increase in demand. “Immediately, China’s economy will reflect in the production val-ue. That is why mining companies should be able to sustain their opera-tions to be ready for this,” he said. Gobal Ferronickel holdings Inc., (GFI), a leading nickel miner in the Philippines, however said because of

the current low prices of nickel ore, nickel miners have started to feel the brunt of the depressed value of nickel and China’s economic slowdown. Ramon Adviento, senior vice president for investor relations of global GFI, said such is expected from nickel mines to avoid unnec-essary losses. FNI said the scenario will likely to continue next year. In Mindanao some companies have ceased producing nickel “ear-lier than expected,” he said, but Jasareno added that the MGB has not received any notice from min-ing companies regarding such plan to cease operation. “So far, wala naman kaming nata-tanggap na notice from our mining companies regarding shutting down operation,” he said. Since the Indonesian export ban in January 2014, the Philippines has become China’s top supplier of nickel. Because of the Indonesian export ban, the country has supplied more than 90 percent of the nickel-ore imports in China. But more than 50 percent of said imports are low- grade ores, Joseph C. Sy, chairman of FNI and a director of Philippine Chamber of Commerce Inc. said in a news statement. Jonathan L. Mayuga

mgb’s jasareno sees ‘tough’ days ahead for nickel mining, productionLocaL nickel-mining companies

are expected to face “tough” days ahead—perhaps until late 2017—

as the drop in the price of commodity in the global market and china’s “economic flu” are expected to affect the in the next two years.

Bill proposes to extend maternity leave from 2 to 4 months

Bongbong vows stronger govt-private sector tie-up

DAVAO CITY—The Department of Tourism (DOT) here has set its eyes on a promotion tour in Singapore to repackage the region as a tourism destination. Roberto Alabado III, director of the regional DOT office here, said that he has already informed the national office, and that a plan has been laid out for initial discussions with travel and tour operators, and businesses with stakes in the tourism sector. The plan essentially aims the conduct of promotion by photography exhibits, video presentations and talks with the tourism-linked businesses in Singapore “and to bring a Davao City chef to make cooking demonstration and taste test among the guests to let them taste what the Davao Region has to offer.” Alabado said that the big discounts on hotels and accommodations, tour packages and food among participating business establishments “have always surprised visitors, including foreigners.” Manuel T. Cayon

d.o.t. davao lays out singaPore tourism Promo blitz

christmas with firemen Senior Supt. Jesus Fernandez (right), Quezon City Bureau of Fire Protection (BFP) chief, lead the distribution of Christmas gifts to the victims of a recent fire that left nine persons dead in Barangay Damayan Lagi in Quezon City, as the firemen’s gesture to share the spirit of the season. With Fernandez are some BFP personnel and the bureau’s mascot. NoNoy Lacza

Globe Telecom offers‘NBA Fly Away’ promo

SportsA7BusinessMirror Thursday, December 24, 2015

LONG QUEUEFOR LE TOUR

mirror_sports@yahoo.com.ph | sports@businessmirror.com.ph

KOBE, LAKERSNIP NUGGETS

NEW YORK—Gediminas Petraitis performs before thousands of people as a full-time National Basketball

Association (NBA) referee. A much smaller crowd watched him realize another dream on Tuesday. The NBA official from Lithuania was naturalized as a US citizen in Maryland, where his road to the hardwood began when he swapped his Sports Authority uniform for a referee’s shirt. The 26-year-old was one of 71 people who took their oaths in the ceremony in Baltimore, and he was selected to lead them in the Pledge of Allegiance. “How cool is that?” said Bob Delaney, the NBA’s vice president of referee development and performance, who attended the ceremony along with Petraitis’s family. “From my standpoint, it was just a proud to be an American moment, as well as the pride of another NBA referee being in front of that room.” Gediminas Petraitis (get-uh-MIN’-ees pet-RY’-tis) followed his parents and older sister in

obtaining citizenship. Family members who remain in the European country sent him congratulatory text messages. “The US is a great country and any time you have the ability or the option to, it’s something you cannot pass

on, I believe,” Petraitis said before the ceremony.

Born in 1989 in Kaunas—Lithuania’s second-largest

city—Petraitis first came to America in

1994. His parents were physicians who had moved to Maryland, and Petraitis and his sister visited during summers.

He moved for good a few years

later, graduating from Northwest High

School in German-town, Maryland, and

later the University of Maryland in 2011. He seemed headed for a career in business, earning dual degrees in accounting and finance and working for Price-waterhouseCoopers. But basketball is a passion for

Lithuanians, and soon it would become a profession for him. Petraitis’s father, Vidmantas, had begun officiating games in Maryland and encouraged his son, who

was working at a Sports Authority

to earn some money during school, to do the same. “Instead of working there, just start refereeing. Exercise, set your own schedule,” Petraitis said of his father’s message. “And he really pushed me to start and he’s been one of my mentors, one of the people that I talk to and really he’s the one that got me into it.” Vidmantas Petraitis officiated women’s college basketball and eventually switched to the men’s side. “I passed him a little bit,” Gediminas Petraitis said. His parents left the issue of citizenship up to Petraitis. When his green card was first set to expire while he was a student, he chose to renew it rather than seek naturalization. “At that point, I don’t think I was mature enough to make a decision and my parents never forced me to one way or the other,” Petraitis said. This time, Petraitis, now living in Long Island City, New York, decided that being American would be better. He already had one big accomplishment this year when he made it to the full-time NBA referees roster, having worked last season’s NBA Development League Finals. Now, he’s added another achievement. “One thing led to another and I ended up in a very good spot,” Petraitis said. AP

GLOBE Telecom, the official wireless and broadband services partner of the National Basketball Association (NBA) in the Philippines, is making the Filipino fans’

dream to catch their favorite NBA superstars in action come true with the NBA Fly Away raffle promo.   By subscribing to NBA LEAGUE PASS PREMIUM through Globe, customers get instant access to live and on-demand NBA games on their phones, tablets and PCs anytime, anywhere, while also qualifying for the online raffle for a chance to travel to the United States and win tickets to regular-season games or special events, like the NBA Playoffs, The Finals or the NBA Draft. Through the promo, fans could enjoy more content with access to the Video Vault—a collection of archived NBA videos and TV shows including Hardwood Classics games, NBA Inside Stuff and Shaqtin’ A Fool, among others—and experience features such as HD video, multigame viewing modes, home and away game commentary, and integrated game stats module.  “Our NBA Fly Away raffle promotion encourages Filipinos to experience the league through the upgraded NBA LEAGUE PASS PREMIUM featuring exclusive content easily accessible through text subscription,” Globe Vice President for Content Jil Go said. Register to NBA LEAGUE PASS PREMIUM by texting NBA499 to 2662. Other available variants include NBA50 for 1 NBA LEAGUE PASS PREMIUM promo code valid for 24 hours for only P50 and NBA299 for seven 24-hour promo codes for only P299. To register, text NBA50 or NBA299 to 2662. Each variant corresponds to a virtual ballot for the online raffle promotion. The promo runs until April 15, 2016. Visit www.globe.com.ph/nba to know more about the NBA LEAGUE PASS PREMIUM from Globe.

NBA ref from Lithuania becomesNaturalized American citizen

KOBE BRYANT drives past Denver’s Will Barton in the first half of their game on Tuesday. AP

LONDON—Novak Djokovic and Serena Williams were named International Tennis Federation (ITF) World Champions for 2015, after both players won three

Grand Slam titles this year. Djokovic won the Australian Open, Wimbledon and the US Open, amassing a career-best total of 11 titles in 2015 and an 82-6 win-loss record. Djokovic, who has now won the ITF World Champion title five times, says “my season was the best of my career.” Williams took the Australian Open, the French Open and Wimbledon, holding all four Grand Slam titles

before losing in the US Open semifinals. She ended the year with a 53-3 win-loss record. Williams won the ITF title for the sixth time and says “it has been an amazing year.”

Former Grand Slam champions Mary Pierce and Mark Woodforde have been appointed to the board

of directors of the ITF. The two former players will serve four-year terms as athlete-members of the 15-member board, subject to ratification by the ITF general assembly next June. The ITF earlier this year approved a change mandating athlete representation on the board. ITF President David Haggerty says the two “will provide good insight into the needs of the players and help us to grow the game of tennis around the world.” Pierce won two Grand Slam singles titles—the 1995 Australian Open and 2000 French Open. The Frenchwoman also played on two Fed Cup-winning teams. Woodforde won 12 Grand Slam doubles titles—11 with fellow Australian Todd Woodbridge and one with John McEnroe. He won the Davis Cup in 1999 with Australia. AP

NOVAK, SERENA ITF’S BEST

THE seventh edition of the Le Tour de Filipinas, the only International Cycling Union (UCI)-calendared road race in

the country, has drawn the attention of 19 continental and three club teams from all four corners of the globe. Teams from United States, Europe and all over Asia have applied for participation in the February 18 to 21 race that will head down south for the first time in its seven years of running. Asking to be invited for the first time in the Le Tour de Filipinas are continental teams Minsk Cycling Club (Belarus), Skydive Dubai Pro Cycling Team (United Arab Emirates), Team Sauerland p/b Henley & Partners (Germany), Team LVShan Landscape (China), GM Cycling Team (Italy), Dynamo Cover Pro Cycling Team (France), Kinan Cycling Team (Japan), Kenyan Riders Down Under (South Africa), Team Veral Classic (Belgium) and Alpha Baltic Maratoni Cycling Team (Latvia). Seeking to return to action on Philippine soil are Team Ukyo (Japan), Bridgestone Anchor Cycling Team (Japan), Team Novo Nordisk (USA), LX Cycling Team (Korea), Team Arbo Denzel Cliff (Austria), CCN Cycling Team (Lao PDR), Dutch Global Cycling Team (Netherlands), Korail Cycling Continental Team (Korea), Attaque Team Gusto (Taiwan) and Pegasus Continental Cycling Team (Indonesia). All are also continental teams. Club teams from Britain (Archive Northside Skinnergate Team) Lithuania (Team Baltik Vairas) and Australia (Oliver’s Real Food Racing Team) are also lured to the Le Tour de Filipinas. “We get requests for invitation from all over the world in each edition of the Le Tour de Filipinas,” Donna Lina, president of race organizer Ube Media Inc., said on

Wednesdsay. “This goes to show that racing in the Philippines is not only about the level of competition, but also the fun that the event brings with it.” “The Le Tour de Filipinas has the promotion of cycling as its primary objective, but the same premium is focused on promoting the Philippines as a tourist destination,” Lina added. Three Philippine teams—7-Eleven Road Bike Philippines (continental), PhilCycling National Under-23 Team and Cebu Cycling Team (club)—are also seeking to be invited to the Category 2.2 race (multistage road race) that covers close to 600 kilometers from Antipolo City in Rizal province to Legazpi City in Albay, with the majestic Mayon Volcano as backdrop to the final two stages. Stage One on February 18 will be from Antipolo City to Lucena City in Quezon province, while Stage Two will start from Lucena City and end in Daet, Camarines Norte. Stage Three will fire off from Daet and end in Legazpi City and Stage Four will be an out-and-back race in Legazpi City with the cyclists racing the perimeter of Mayon Volcano.

DENVER—Kobe Bryant tied a season high with 31 points after missing a game with a sore right shoulder, and Los Angeles rallied from a 21-point, first-half deficit to beat shorthanded Denver, 111-107.

Bryant also had five assists and played stellar defense to help bottle up the hot-shooting Will Barton, who had 23 points in the first half only to finish with 25. The 37-year-old Bryant announced last month he would retire after the season. He received plenty of cheers during his penultimate game in the Mile High City, including chants of “Kobe, Kobe” in the waning seconds. Up 103-100 with one minute and 23 seconds remaining, Bryant hit two free throws and then a jumper to seal the Lakers’ fifth win of the season. In Toronto DeMar DeRozan scored 28 points and Bismack Biyombo had a career-high 20 rebounds, leading the Toronto Raptors to a 103-99 victory over the Dallas Mavericks also on Tuesday night. Kyle Lowry added 17 points, 10 rebounds and seven assists for Toronto, which swept the two-game season series against Dallas. Terrence Ross scored 16 points, and

Luis Scola finished with 15 points and nine rebounds. The Raptors appeared to be on their way to a comfortable victory with five minutes to go in the fourth. But the Mavericks battled back. Jeremy Evans scored with 11.6 seconds remaining to trim Toronto’s lead to 101-99, but missed a foul shot that would have got Dallas within one. Ross then closed it out with a couple of free throws. Dirk Nowitzki led the way for Dallas with 20 points and seven rebounds. Kentavious Caldwell-Pope’s jumper with 55.5 seconds left put Detroit ahead to stay, and the Pistons rallied from 18 points down for the 93-92 road win. Reggie Jackson led the Pistons with 18 points, while Stanley Johnson and Caldwell-Pope each had 14. The Pistons were 15-for-29 from three-point range, outscoring Miami 45-12 in that department. Chris Bosh scored 20 points for Miami, which missed a pair of go-ahead shots in the final three seconds. Dwyane Wade missed a 14-footer, and after Andre Drummond missed a pair of free throws at the other end and the Heat got the ball back with 1.1 seconds left, Bosh missed a jumper as time expired.

Wade finished with 19 points, and Hassan Whiteside had 16 points and 16 rebounds for Miami. In Philadephia Marc Gasol scored 19 points for Memphis, and Mike Conley had 18 points and six assists, as the Grizzlies routed the Sixers, 104-90. The Grizzlies had five players score in double figures. Courtney Lee had 15 points, reserve Zach Randolph added 14 points and eight rebounds, and Matt Barnes finished with 12 points and 10 boards. Jahlil Okafor scored 18 points and Hollis Thompson contributed 16 for Philadelphia, which dropped to 1-29 while losing its 11th straight game. Now the 76ers head out for a six-game trip, and they have lost 22 in a row on the road. Philadelphia had 28 turnovers and shot 65.6 percent (21 for 32) from the free-throw line. AP

NOVAK DJOKOVICand Serena Williams

dominate 2015.

PETRAITIS

SportsA8 | ThursdAy, december 24, 2015mirror_sports@yahoo.com.phsports@businessmirror.com.phEditor: Jun Lomibao

BusinessMirror

MAJOR MOMENTS,

MAJOR SHOTSMajor championships produce shots that can be more memorable than the winner holding the trophy. Zach Johnson with a claret jug? The more lasting image from the British Open was Johnson holding his crouch and slowly clenching his fist on the 18th green at Saint Andrews.

PLATINI CAN’T APPEALLONDON—International Football Federation

(Fifa) told Michel Platini on Tuesday that he cannot bypass its appeals process by

challenging his eight-year ban directly at the Court of Arbitration for Sport (CAS). Platini was hoping to cut out the required Fifa appeals procedure as he races to try to overturn his ban before the February 26 presidential election. Fifa said it wrote to Platini’s lawyers on Tuesday to confirm that the Union of European Football Association (UEFA) leader can only go to CAS if the governing body’s appeals committee first rejects his request. Fifa rules state a list of candidates must be finalized one month before the election in Zurich. Despite Fifa following its statutes, Platini’s legal team described the decision as “procedural sabotage” aimed at denying him a place in the election. The lawyers told the Associated Press that Fifa officials have been asked to explain how their refusal to let him challenge his ban directly at CAS was compatible with the electoral calendar, and urged them to ensure

“the election won’t be disturbed.” Platini received fresh support from the French government over the case. “I regret it because I’m not sure the core [of the case against Platini] was assessed in good conditions,” French Sports Minister Patrick Kanner said on Europe-1 radio. “I support the president of UEFA, even if he’s suspended.” Platini was banned on Monday for eight years along with Sepp Blatter over a 2011 payment of 2 million Swiss francs ($2 million) from Fifa that the president authorized for the former France captain. Blatter’s appeal will focus on Fifa’s ethics judge being unable to find sufficient evidence of corruption or bribery in the case, which saw both him and Platini banned for unethical conduct. “Blatter is eager to present his arguments to the appeal committee that the remaining charges must also fail because the evidence clearly demonstrates the relationship with Mr. Platini was in all respects appropriate,” Blatter’s legal team said in a statement. Football’s rule-makers, meanwhile, are preparing to trial video replays for the first time.

Fifa says the International Football Association Board (Ifab) will also discuss in January the merits of sin-bins, allowing temporary substitutions for injuries that require “momentary treatment,” and a fourth substitute in extra time. The discussions could lead to rule changes at the main annual Ifab meeting in March. This year, Ifab ruled out allowing referees to test video replays. But Fifa now says “Ifab has been working on potential scenarios and clear protocols for how it could be tested, with the idea that well-run experiments would be the best way to understand the pros and cons of video assistance.” The only technology currently allowed is a system determining whether the ball crossed the line. AP

» MICHEL PLATINI is hoping to cut out the required Fifa appeals procedure as he races to try to overturn his ban before the February 26 presidential election. AP

By Doug FergusonThe Associated Press

JASON DAY’S drive. Jordan Spieth’s flop shot. Zach Johnson’s putt. Major championships produce shots that can be

more memorable than the winner holding the trophy. Zach Johnson with a claret jug? The more lasting image from the British Open was Johnson holding his crouch and slowly clenching his fist on the 18th green at Saint Andrews. And then there are shots that stand out only to the player. The three major champions were asked what they thought was the signature shot from their victory, along with a shot that was particularly pleasing to them because of the circumstances or the quality of the shot. MASTERSIN a wire-to-wire win, the biggest moment for Spieth was on the 18th hole in the third round. A seven-shot lead only 20 minutes earlier was down to four shots, and it looked certain to shrink even more when he missed the 18th green well to the right behind the bunker. In a risky move, Spieth hit a flop

shot that helped him save par and set the tone for the final round. “That was the key shot,” he said. “You could pitch it 15 feet in front and hit it hard enough to at least be on the green. But given the severity of that slope, it’s going to roll out. A good shot would be 15 feet. I decided to hit a higher one and spin it. That shot is certainly one I don’t want over again. It was one-in-five getting it up and down.” Not so obvious was the 5-iron on the par-five 13th. He had about 190 yards to the front from the left side of the fairway, but the ball was nearly knee-high because of the slope. He was coming off a three-putt bogey on No. 12. The danger comes from ball above his feet because the swing is flatter with less speed, and the ball won’t go as far. Spieth provided his own commentary: “Go hard! Go hard! Go hard! Go!” It narrowly cleared the creek and set up a two-putt birdie. Asked how many times he barked instructions to his golf ball, Spieth said, “Less out loud than what was in my head. But still enough.” U.S. OPENTHE winning shot for Jordan Spieth turned out to be a 3-wood on the par-5 18th at Chambers Bay, and he felt he couldn’t miss.

“I had 281 [yards], but I only had 238 to cover the front,” he said. “The only other option was this 3-iron I was carrying, but it was off an up slope. I hit 3-wood and cut it. As long as I hit a fade, nothing could go wrong, so ultimately I ended up in a perfect yardage. I could miss it really bad and carry the front.” It bounded to the back of the green and rolled back to about 10 feet for a two-putt birdie. Lost in a wild final hour was a simple par that really wasn’t that simple. Spieth’s tee shot on the par-three 15th rolled back off the front, and the slope was much like the elevation at Augusta National—you have to see it to believe it. “That slope was taller than me,” he said. “You had to judge the speed the right way. I had to cast it out to the right, but if I hit it too hard it goes 12 feet by. I can’t be short or I’m rehitting. It was perfect speed and went to 4 or 5 feet for a manageable second putt.” Only after he made that putt did Spieth look at a leaderboard on the back nine and see that he was tied for the lead. BRITISH OPENZACH JOHNSON figured he had to make

birdie on the 18th at Saint Andrews to reach 15 under and have a chance. Known for his wedge game, this wasn’t his best—some 30 feet behind the hole—”but I at least gave myself a look at it.” Give an assist to Danny Willett. “Fortunately, I had a good read,” Johnson said. “He was 3 to 5 feet from me, so I had a good look at it. I know the putt is left to right, and I know the putt at the end flattens out and potentially goes left, especially after seeing Danny.” Two thoughts crept into his mind. Johnson lipped out on the final hole a week earlier at the John Deere Classic that kept him out of a playoff. “It’s not a good thought, but it went through my head.” And he considered the speed. That was a good thought. “That green is not that fast,” he said. “I hit a solid putt, and I hit it perfect. It straightened out at the end, the last 3 feet it went left, and the rest is history.” Not quite. It got him into a playoff with Marc Leishman and Louis Oosthuizen. Just as meaningful to Johnson was the 10-foot birdie putt he made on No. 1 in the four-hole playoff. Oosthuizen made birdie from about 15 feet. Johnson felt it was critical not to fall behind.

“The biggest of the week was the first putt in a playoff,” Johnson said. “It was huge.”

PGA CHAMPIONSHIPIT’S hard to find that one signature moment for Day, which speaks to the clinic he put on at Whistling Straits in winning at a record 20-under par. It was after his worst shot that Day was at his best. He had a two-shot lead going to No. 9, drilled a drive down the middle and Spieth was in trouble in the rough. A model of perfection all week, Day inexplicably chunked his wedge. With momentum at stake, he followed with another wedge to 8 feet and saved his par. Spieth made bogey and Day was on his way. “To hit such a terrible shot and then come back and get up and down, it was a good momentum change,” Day said. “To be able to hit a good pitch...that’s probably the biggest shot I’ve had to hit.” It was a full, powerful swing that brought him just as much satisfaction, particularly the 382-yard shot on the par-5 11th that left him no more than a wedge to the green. “Under those circumstances, it was the best drive I hit all year,” Day said. “If I had an off week with my driver, no way I would have won.”

THE US’s Zach Johnson celebrates a birdie putt on the

18th green during the final round at the British Open at the

Old Course in Saint Andrews, Scotland, in July. AP