09 APRIL 2019 - Copy

SHE STEERS
HER OWN
LIFE
ZION BAGS
‘NAISMITH’
CEZA
ECOZONE
CENTER
LAUNCHED
WHERE
ARE THE
TIGERS?
P19
P13
P10
P17
Jun Vallecera, Editor
Tuesday, 9 April 2019
Daily Tribune
BUSINESS
9
Soft demand prompts partial T-bill award
It could be that the participants are weighing in some
of the possible policy movements in the next quarter,
given the several pronouncements of the BSP
By Joshua Lao
Diminished demand for government
securities prompted the Bureau of
Treasury (BTr) on Monday to partially
award the sale of Treasury bills (T-bills).
A shift in demand favoring the short-end
was observed at the auctions where the
rates generally improved.
But even with this development,
Deputy Treasurer Erwin Sta. Ana said
investor preference remains on the
long-end of the curve given the past
Malpass begins
5-year WB stint
Mons. Raffaello Martinelli, the
Primicerio of the Basilica of St.
Ambrose in Rome and St. Charles,
wrote an article which I would like to
share. Martinelli’s fragments of the
Catholic truth provides a snapshot
of the relationship and direction of
politics and the Christian faith.
When society is founded on a
legitimately constituted State, where
law and not the arbitrary will of men,
is sovereign, such a state requires and
guarantees free and universal elections.
A proper conception of the dignity of
the human person and protection of his
rights is accorded to all of its citizenry. It
is also a mandate of the State to have a
coherent vision and achievement of the
common good as an end and regulating
criterion of political life. Allowing for a
diffused participation in government and
co-responsibility at various levels and
according to the respective capacities
of all citizens will help build a strong
State. There must also be respect for
one’s political, cultural, economic
and religious autonomy — and that
of others.
In a democratic society, the subject
of political autonomy is the people,
auctions’ results.
“If you look at the trading behavior
in the past week, most of the trades
were actually done in the intermediate
to long-end of the curve. So, we still
see demand in the longer tenor and we
will see that in the 10-year auction on
Wednesday,” Sta. Ana told reporters.
Rates for the 91-day benchmark
stood at 5.612 percent, a 2.3 basis
point improvement from 5.635 percent
week-ago.
But yields for both the 182- and 364-day
Malpass has served on the boards of the Council of
the Americas, Economic Club of New York and the
National Committee on US-China Relations
MALPASS
The executive directors of the
World Bank have unanimously
selected David Malpass as
president of the World Bank
Group for a five-year term
beginning today, 9 April.
The board expressed its deep
gratitude to interim president
Kristalina Georgieva for her
dedication and leadership in
recent months.
Malpass previously served
as undersecretary of the
Treasury for International
Affairs for the United States.
As undersecretary, Malpass
represented the United States
in international settings,
including the G-7 and G-20
Deputy Finance Ministerial,
World Bank-IMF Spring and
Annual Meetings and meetings
of the Financial Stability
Board, the Organization
for Economic Cooperation
and Development, and the
Overseas Private Investment
Corporation.
In his role as undersecretary,
Malpass played a crucial role in
several major World Bank Group
reforms and initiatives, including
the recent capital increase for
IBRD and IFC. He was also
instrumental in advancing the
Debt Transparency Initiative,
adopted by the World Bank
and IMF, to increase public
disclosure of debt and thereby
reduce the frequency and
severity of debt crises.
Prior to becoming
undersecretary, Malpass
was an international
economist and founder
of a macroeconomics
research firm based in
New York City. Earlier in
his career, Malpass served
as the US Deputy Assistant
Secretary of the Treasury
for Developing Nations and
Deputy Assistant Secretary
of State for Latin American
Economic Affairs. In these
roles, he focused on an array of
economic, budget and foreign
policy issues, such as the
United States’ involvement
in multilateral institutions,
including the World Bank.
Malpass has served on the
boards of the Council of the
Americas, Economic Club of New
York and the National Committee
on US-China Relations. Malpass
earned his bachelor’s degree
from Colorado College and his
MBA from the University of
Denver. He undertook advanced
graduate work in international
economics at the School of
Foreign Service at Georgetown
University.
The Church is not involved in, or linked to, and neither does
it identify itself or mingle with, any political system or party
who are considered in their totality as
possessors of sovereignty.
The political community and
the Church are autonomous and
independent of each other.
The political community is
constituted in order to be at the service
of civil society, from which it derives
and, in the ultimate analysis, therefore,
at the service of the people and groups
who make up the community. It is
thus the duty of political authority:
To guarantee the proper and ordered
life of the community, by promoting
the common good; To respect the
principle of subsidiarity, which should
not substitute the free activity of
individuals and groups, but rather
discipline them and sustain them in
case of necessity; To allow oneself
to be guided by moral order, “Which
has its foundation in God who is its
first principle and its ultimate end”
(John XXIII, Pacem interries, n.270).
It is precisely from this order, and
not from one’s arbitrary decision
or will power, that authority draws
its moral legitimacy and the virtue
tenors showed a 2.4 and a 12.1 basis point
hike to 5.982 percent and 6.052 percent,
respectively, compared to the previous
5.958 percent and 5.961 percent on the
same.
In all, the BTr sold P11.08 billion of
the P15 billion on offer after attracting
a total of P20.85 billion in tenders.
According to the Treasury executive,
the BTr’s decision to partially award its
182- and 364-day T-bills came from the
undersubscription in both tenors.
“The demand actually came in at
the 91-day and the tenders just barely
covered the offer sizes for the 182- and
364-day T-bills so the decision of the
committee was to cut the auction for the
latter two tenors at the rate where the
market came in more,” Sta. Ana said.
A ROBOT called "Pepper" is positioned near an
entrance to a Microsoft Store location in Boston. “Ethical
AI” has become a new corporate buzz phrase, slapped
on internal review committees, fancy job titles, research
projects and philanthropic initiatives.
AP
The Church and State
to issue obligations;
To recognize, respect
and promote basic
human and moral
values; To formulate
just laws, which are
inconformity with the
dignity of the human
person and the dictate
of proper reason.
Therefore, the
citizen is not obliged
in conscience to follow
the prescriptions of
civil authority if
they are against the
By AJ Bajo
requirements of moral order, the
fundamental rights of persons or
against the Gospel teachings; To inflict
proportionate punishment on the basis
of the gravity of crimes, which is aimed
at making up for the disorder introduced
by the offense; To guarantee public
order and the security of people and
To contribute towards the correction
and the personal and social recover of
the guilty.
In what way is the Church involved
in politics?
“The Church is not involved in,
or linked to, and neither does it
identify itself or mingle with, any
political system or party. It respects
and promotes the sound and just
secularity of the State. The Church
CHAMBER LANE
Jess Varela
According to him, the sudden demand
shift towards the 91-day T-bill was owed
to the market opting to remain basically
on the sidelines waiting for the next
move of the Bangko Sentral ng Pilipinas
and what it will do next when the
Monetary Board meets on 9 May.
Most of the trades were actually
done in the intermediate to
long-end of the curve.
“It could be that the participants are
weighing in some of the possible policy
movements in the next quarter, given
the several pronouncements of the BSP.
But we think that somehow, demand is
muted on the 182- and 364-(day), partly
because of the holidays,” the BTr
Listed property developer DoubleDragon
Properties Corp. on Monday held a topping
off ceremony for the 41-story Jollibee Tower,
marking its official completion.
DoubleDragon will be starting the
handover to its tenants next month, it said in
a filing to the stock exchange. The company
is expecting the tower to contribute P631.8
million in recurring income annually.
The Jollibee Tower is the eighth in the
company’s office tower portfolio in addition to
Towers 1, 2, 3 and 4 of the DoubleDragon Plaza,
the DD Center-East and DD Center-West in DD
Meridian Park and the Corporate Tower of Skysuites.
The premium-grade commercial and office
tower is situated on a 3,002-square meter
(sq.m.) commercial lot in the Ortigas central
business district. It has a totable leasable
area of 59,365 sq.m. and will have Jollibee
does not propose
concrete decisions
to be taken, programs
to be implemented,
political campaigns
to be undertaken and
persons to be voted.
All these realities
are ‘technical
matters for which
the Magisterium
neither possesses the
proportionate means
nor mission’ (Pius
XI, Quadragesimo
anno).”
It is also a mandate of the State
to have a coherent vision and
achievement of the common good
as an end and regulating criterion
of political life.
“The Church respects the legitimate
autonomy of the democratic order and
does not have the title to express
preferences for one or the other
institutional or constitutional solution”
(John Paul II, Cenesimusannus, 47).
Though the Church and political
community have visible organizational
structures, they differ in nature either
due to their configuration, or due to
the objectives which they pursue. It
is quite true that the objectives of the
official said.
“There’s muted trading in past days
because of the short working week this
week and next so banks also would
need a certain liquidity to service
client requirements. So, this could
also somehow explain that (shift),” he
added.
In an unrelated event, Finance
Secretary Carlos Dominguez III bared
an illicit activity uncovered by the
Bureau of Internal Revenue (BIR) in
which tax stamps on sold cigarettes
are collected and affixed on new ones.
He directed the BIR to coordinate
with the Department of Trade and
Industry to put a stop to the illegal use
of tax stamps and hold to account those
engaged in it.
A MAN takes a
picture of Energy
Minister Khalid
al-Falih during
the inaugural Gulf
Intelligence Saudi
Arabia Energy
Forum at the King
Abdullah Petroleum
Studies and
Research Center
in Riyadh. Saudi
Energy Minister
Khalid al-Falih said
the oil market was
"moving towards
balance," and that
producers may
not need to make
additional output
cuts.
AFP
DoubleDragon completes Jollibee tower
Jollibee Tower is pre-certified
by the Leadership in Energy and
Environmental Design.
Foods Corp. as anchor tenant.
The ground floor will feature retail
concepts of the Jollibee Group while the
second floor will serve as an events center,
DoubleDragon said. The rest of the floors will
be leased as office spaces.
The tower is equipped with 1,149 parking
slots or four basement parking floors and
eight podium parking floors, as well as green
garden decks and a helipad.
Jollibee Tower is pre-certified by the Leadership
in Energy and Environmental Design.
DoubleDragon is eyeing a leasable
portfolio of 1.2 million sqm by 2020,
composed of 700,000 sqm of 100 CityMalls;
300,000 sqm from Metro Manila office
projects DD Meridian Park and Jollibee
Tower and 100,000 sqm from the planned
5,000 hotel rooms of Hotel101 and Jinjiang
Inn Philippines.
Another 100,000 sqm of industrial space
will come from various CentralHub sites
across Luzon, Visayas and Mindanao.
DoubleDragon’s shares were sold for P23.25
apiece as of 11:57 a.m. on Monday, up 3.79
percent.
Church and those of the State are of
a different order. Both are however
perfect organizations, endowed with
their respective spheres of action. But
it also true that both act in favor of a
common subject: Man. Their separation
does not exclude the collaboration.
“The political community and the
Church are autonomous and independent
of each other. Though indifferent
capacities, both are at the service of
the personal and social vocation of the
human persons” (GS 76).
Precisely due to the fact that the
Church is at the service of every person
and his total growth it can and should:
instruct and enlighten, as its, specific
task, the conscience of the faithful,
especially those of dedicated to their
responsibility in political life, so that
their actions may always be directed
towards the service of total promotion
of the person and the common good.
Should the need arise, judge political
actions, in so far as they have an ethical
dimension. The line between church
and state in this regard is narrow
and perhaps, even gray. Amorally and
ethically-grounded faithful, regardless
of religious leanings, may make that
line easier to straddle. A citizenry/faithful
that is imbued with high moral and
ethical values may just make for a
more harmonious State and Church
relationship.