The document summarizes the issues with traffic in Metro Manila and proposes solutions. It discusses how rapid economic growth has led to increased private vehicle ownership which the existing infrastructure cannot support, resulting in daily traffic jams. It advocates for integrated planning and investment in transportation infrastructure from the national government to provide viable public transportation alternatives and reduce congestion.

1. On bank
deposit
secrecy
and the
Foreign
Currency
Deposit
Act p.4
Aussie-Swiss
domination p.10
Hospitality milestone p.8
Bohol 360 p.6
Traffic woes
and infrastructureTerence A. Hockenhull makes the case for better infrastructure and government policy to ease Metro
Manila traffic that is spiraling out of control
Turn to page 2
Vol. 5 No.16 Q3 2016
Philippine Edition
ISSN No.
www.theimmigrant.com.ph
Q3
Jul-Sep
2016

2. 2
I
t seems to me that nowadays, the two most favored
topics of discussion are the state of the nation and the
state of traffic. The first, by all accounts, is not too bad;
the second seems to worsen by the day. The question
on everyone’s lips is what is being done to address the
issue. Rapid building of new roads, alternate transportation
systems, higher taxes on fuel, a quota system for new car
licenses? All of these may be viable to some extent, and it’s
my guess that we will see all of these implemented in the not
too distant future.
But let’s look at the root cause of the problem. The
Philippines continues to be one of the fastest-growing
economies in Southeast Asia. An average Gross Domestic
Product (GDP) growth of 6.3% since the start of the Aquino
administration is impressive, but government must invest in
infrastructure spending and development if it is to support
and sustain this rapid growth. There appears little doubt
that the poor state of roads, ports, airports, mass transit, air
quality, water, and energy owes much to a lack of investment
and poor governance.
Definitely a chicken and egg situation! A lack of
infrastructure will impact on investment and growth, yet
sturdy growth and an investment-friendly economy are both
requirements to fund infrastructure.
As I was driving to the office a
couple of days ago, crawling along
the Skyway parking lot, it occurred
to me that in the last 12 months both
my wife and I have new cars. My
daughter, who has just started driving,
now has her mum’s old car. All my
friends’ children drive to school.
Many of my friends have more than
one car to make up for coding days.
The sad fact is that 95% of the time,
both my wife and I drive without
anyone else in the car (at least my daughter carpools). I have
long since passed the time when driving was a pleasure.
Honestly, I would dearly love to commute to the office
if I could do so in comfort, or alternatively, in relative
discomfort but at very high speed. Sadly, there are no
realistic alternatives to car ownership unless one is to brave
public transport, which is neither pleasant nor reliable.
Many Filipinos have no alternative to public transport.
Most are unclean and unsafe, and – because of traffic –
commute times are often well in excess of 2 hours! Even
the ubiquitous UV Express vans are so packed, that it cannot
be a relaxing or pleasant ride.
My office is in Makati. Last week, I had an appointment
in Quezon City and decided rather than driving up EDSA
through horrendous traffic, I would walk to the MRT station
and ride a train. The queue to purchase the ticket was
horribly long. Things were not much better on the station
platform, and indescribably unpleasant in the train. Being
crushed by sweaty bodies was not my idea of a pleasant way
to travel. No escalator or elevator appeared to be working
at my destination station. Finding it necessary to take a
taxi, I was alarmed to find the exit stairway dumping me
unceremoniously on the side of a busy junction where taxis
and buses could not stop.
I was recently talking to a consultant who is close to the
Secretary of the Department of Public Works and Highways
(DPWH). Clearly, this Department has a huge task ahead. I
was told that the new administration plans to address many
of the problems which face Metro Manila. These include
upgrading existing roads and highways, reducing the
propensity of certain areas of the city to flood, improving
transportation hubs and intermodal facilities. Outside of
Metro Manila, major projects include highways linking
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Atty. Jose ‘Pepe’Villanueva III
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ON THE COVER:
The weekday crawl of traffic along EDSA has
become a fact of life for residents of Metro
Manila and its suburbs, as the country’s
infrastructure development could not keep up
with its robust economic growth. Photo from
IROOM STOCK/Shutterstock.com
bytesnews
US Citizens’ Absentee VotingWeek
starts September 22
The United States Embassy in Manila is organizing Absentee
Voting Week events for the coming US national elections to
provide voter assistance and accept voting ballots and Federal
Post Card Applications.
The American Citizen Services (ACS) unit of the US
Embassy will provide assistance with voting registration on
September 22 and September 29 from 1 pm to 3 pm at the US
Embassy. ACS staff will be available to assist US citizens to
register to vote in the US elections on November 8.
Americans are advised to prepare the following when completing
their voting registration materials: 1) their voting residence address,
which is their last US address or their legal US residence address;
and 2) their Social Security number or their State Driver’s License
or ID number. Voting materials will be collected by US Embassy
staff and forwarded to their respective local election official.
A video discussing Frequently Asked Questions regarding
Absentee Voting in US Elections is available at http://snip.state.
gov/elx.
ADB appoints vanWees
as newVice President
The Asian Development Bank (ADB) has
appointed Ingrid van Wees as Vice President
for Finance and Risk Management. She will
be responsible for the overall management
of the operations of the Office of Risk
Management, the Controller’s Department,
and the Treasury Department, and succeeds
Thierry de Longuemar.
Van Wees is a senior official in the German Investment and
Development Corporation (DEG) where her current portfolio
covers debt, equity, and fund investments in Europe, the
Middle East, and Asia. She also has treasury experience in
developmental investment banking.
Before she moved to DEG in 2004, Van Wees held
management positions in corporate finance and business
development with private corporations. She holds a Master’s
degree in Business Administration from INSEAD and a Master
of Science degree in Mechanical Engineering from Delft
University of Technology in The Netherlands.
ADB, based in Manila, is dedicated to reducing poverty
in Asia and the Pacific through inclusive economic growth,
environmentally sustainable growth, and regional integration.
Established in 1966, ADB in December 2016 will mark 50 years
of development partnership in the region.
Australia-ASEAN Council marks
first anniversary
The Australia-ASEAN Council (AAC) has marked its first
anniversary since it was established by the Australian Foreign
Minister Julie Bishop on September 8, 2015.
Over the past year, the AAC under the leadership of its chair
Christine Holgate (CEO, Blackmores) has actively promoted
Australia’s relations with the 10 ASEAN member countries through
a range of innovative projects and programs.
The AAC has significantly raised awareness of the importance
of Southeast Asia among Australians, and increased Australia’s
profile across the region. It has initiated over 30 projects worth
nearly AUD$2 million, which are enhancing cooperation and
collaboration between individuals, institutions and organizations.
Holgate said the AAC placed emphasis on knowledge
development and strong community outreach programs that lead to
lasting partnerships.
The Ambassador of the Republic of the Philippines to Australia,
H.E. Minda Calaguian-Cruz, congratulated the AAC on its
anniversary. “That we have another support platform for countries
in the ASEAN is one of the best things to have happened,” she said.
major cities, a useable rail network, new container and
general cargo ports, rehabilitation of existing airports, and
the construction of new airports.
Certainly, my ideas are no more original than anyone
else’s. What I do know is for a public transportation
system to be effective, it must service the maximum
number of passengers, offer reasonable levels of comfort,
fit within the financial capability of commuters, and move
riders from point to point. When this entails switching
between transport modes, hubs must allow this to happen
seamlessly. Further consideration will have to be given
to moving private vehicles and commercial traffic out of
express commuter lanes. And if private car owners are to
be enticed away from using their cars, adequate and safe
parking at hubs must be provided.
None of this is provided at the moment. Perhaps
this is one reason why car ownership is increasing.
Higher levels of affluence among the middle class has
certainly impacted on car purchases. So too has the ready
availability of financing. It will certainly lead to grave
dissatisfaction if sanctions are imposed on car owners
without a viable alternative.
Traffic studies show that many of our roads in the
metropolis are operating at capacity, resulting in gridlocks
and severely increased travel times. A recent study by
the Japan International Cooperation Agency (JICA) cites
average speeds on major roads at 10
kilometers per hour (kph) during peak
traffic times. Consider for a moment
that the distance from Makati City to
Balintawak along EDSA is 17 km;
that’s an hour and 45 minutes on the
road! The same JICA study indicates
the economic cost of congestion in
Metro Manila at nearly US$55 million
per day, and a further US$22 million
resulting from congestion in Bulacan,
Rizal, Laguna and Cavite. Clearly, this
is a problem that needs to be addressed.
A further consideration has to be trade and commerce.
Truck bans in various guises throughout recent years
have had significant impact on transportation costs and
efficiency of moving goods, not only through the city but
also between ports, industrial estates, and manufacturing
sites. Limited hours of operation forces forwarders to
increase the number of vehicles they operate. This, in
turn, leads to inefficiencies, way more trucks on the road
during window hours, and of course costs ultimately
passed on to consumers.
Before arriving at the final point, I feel it is only fair
to comment on the appalling lack of discipline on the
roads. Everything already mentioned is true; our roads
are congested. Notwithstanding these conditions, the
behavior of drivers (many of them professional drivers
too) who readily force their way into oncoming traffic,
offload and pick-up passengers anywhere they like,
disregard traffic signs and signals, and generally act with
a degree of selfishness that shows no consideration to
other road users, is staggering! Disciplined drivers, well-
policed streets and a planned management of traffic flow
and signals is one solution that could render immediate
and significant improvements.
We need an integrated plan that recognizes the cost of
doing nothing and accommodates the needs of all. DPWH,
the Department of Transportation (DoTr), the Metro
Manila Development Authority (MMDA), municipal
planners and city executives must work together to arrive
at an all-encompassing solution. And this must now be
addressed as a matter of the greatest urgency.
Terence A. Hockenhull is a long-term resident of the Philippines. He
is an accomplished sales consultant who is currently managing director of
an information technology services company.
Traffic woes...
From page 1
Many Filipinos have
no alternative to
public transport.
Most are unclean and
unsafe, and – because
of traffic – commute
times are often well in
excess of 2 hours!
PhotofromIROOMSTOCK/Shutterstock.com
According to data from the Department of Transportation, the
Philippines had about 7.7 million registered vehicles as of 2013.
About 1.8 million vehicles were classified as utility vehicles, and
about 70,000 of them were jeepneys, as pictured, plying routes
within the National Capital Region.

3. 3
newsasean
The EDSA conundrumThe sheer number of cars on the road has turned on Filipinos and created
an apocalyptic traffic problem, says Ted Lerner
W
hen it comes to discussing the ultra-
hellish Manila traffic, there is no
shortage of opinions. That’s why
I’m not going to spend the next
ten minutes of your life giving you my laundry list of
solutions. Solutions are like opinions which are like, well,
you know what. Everyone’s got one and, anyway, nobody
really gives a rip.
What I can regale you with, however, is a perspective that
you may not exactly have considered, as you wallow away
your life moving mere inches every few minutes in a vehicle
designed to take you kilometers in the same short time span.
First of all, let me just say that we need to get away from
calling the current state of Manila traffic a “crisis.” Manila
traffic was a crisis 20 years ago, and it was pretty darn bad
back then too. But now, with the economy roaring along
and Filipinos’ addiction to new cars leading to thousands
of brand-new vehicles being put on the road every month,
and traffic on the very same old roads at or near lockdown
proportions, calling the current state of affairs a crisis is like
calling Donald Trump’s hair an abomination. It just doesn’t
do reality justice.
No, what’s going on out on those ugly, decrepit streets is
actually something much more darker, and more depraved
and sinister than a crisis. It’s more like apocalyptic.
I came upon this nightmarish epiphany several weeks
back doing exactly what most of you spend a good portion
of your days doing; I was stuck in a monstrous conflagration
of metal, plastic, rubber, concrete, and steel on EDSA going
nowhere fast.
Thankfully I wasn’t behind the wheel and the aircon
was in full blast. But that didn’t do anything to ease my
irritation at knowing that our destination in Makati two
kilometers away was probably going to take 90 more
minutes, at least. I tried wasting time online but, of course
the Internet being what it is in the Philippines, the data
connection was so weak on my smartphone that it was
simply making my headache and my irritation worse. So
I spent my time looking out the window pondering the
absurdity of it all.
I think it was around the 18th minute of my staring at a
giant billboard that it hit me like a ton of bricks. I started
thinking about the car I was in, and the cars that everyone
else was in. Yes, automobiles are invented by humans
using centuries of combined knowledge in order to free us
from the shackles of earthly antiquity, amazing contraptions
representing the ultimate human expression of the longing
for freedom. And yet as we race to have the nicest, the latest,
the trendiest vehicle to show everyone how fashionable we
are, we have awoken to an ugly reality. That is, the very
vehicles we created to give us this ultimate freedom have
actually turned on us, their masters, and enslaved us all.
And there’s absolutely nothing any of us can do about it.
“This is a future gone mad scenario happening right
now,” I said to myself, the giant catalogue of plastic surgery
by Belo still hovering over me. “What has the human race
wrought upon itself? How exactly did the situation get to
this point? What is the point of all this so-called prosperity
we claim to want when all it leads to is a 4 ½-hour trip to the
store just to buy a kilo of rice and a 5-pack Yakult?”
It was just about then that the blue and white MRT train
rumbled past above, rousing me from my musings. I could
see that the train was bursting at its riveted seams, with a
good portion of sweaty and tired humanity.
Ah yes, the MRT, I thought. I remembered when it came
online in 2000. I love brilliantly thought-out infrastructure
and mass transit, so I made sure I was one of the first to
ride it. It was fantastic. It was new, the air conditioning
worked, it flew up and down EDSA while everyone down
Turn to page 10
IllustrationbySonnyRamirez
E
uropean businesses are planning to expand their
investment and operations in the Association of
Southeast Asian Nations (ASEAN) as the region
grows in global importance and ASEAN profits
increase, according to the second annual European Union
(EU) ASEAN Business Sentiment Survey, which polled more
than 200 executives from European companies around South
East Asia.
Key findings from this year’s survey include:
• Nearly three-quarters (74%) of European businesses
project a rise in ASEAN profits for 2016 and almost three-
quarters (74%) expect ASEAN’s importance to global
revenues to increase over the next five years.
• As a result, European businesses are upping their
investment in the region. Nearly two-thirds plan to expand
operations and employment in the ASEAN region, and 85%
are planning to increase their regional trade and investment.
By contrast, less than half of European companies in China
are planning to expand.
• European businesses in the region are keen to see
strengthened ties between the EU and ASEAN. Almost
two-thirds (66%) of European companies want a European
region-to-region free-trade agreement (FTA) with ASEAN,
EU expansionin ASEAN
Europeans plan to grow their businesses in the region, as survey shows confidence in their profit outlook
and more than half (58%) feel they are at a competitive
disadvantage without an overarching EU-ASEAN FTA.
• However, policy challenges for businesses still remain,
impeding ASEAN from reaching its maximum economic
potential, as more than half (52%) of European businesses
say that trade barriers are hampering supply chain efficiency.
• Nearly half (44%) of European companies in the ASEAN
report facing unfair competition from local and regional
incumbents, including state-owned and government-linked
enterprises.
Based on survey findings, the EU-ASEAN Business
Council is calling for the acceleration of the process for an
EU-ASEAN FTA and for a speedier conclusion to existing
bilateral FTA negotiations; more frequent and regular
interactions between EU and ASEAN governments and the
private sector; and continued progress on trade liberalization
among ASEAN member states and with their external
trading partners.
Commenting on the results, EU-ASEAN Business
Council (EU-ABC) Chairman Donald Kanak said: “It
is clear that European businesses are optimistic and are
investing for future growth in ASEAN. At a challenging
time for the global economy, Southeast Asia is an economic
bright spot and European companies are keen to invest in the
region’s rapidly developing consumer market and increasingly
integrated production base.
“The survey shows strong support for a substantive and
meaningful EU- ASEAN FTA to support sustained European
investment in the region, and the EU-ASEAN Business Council
urges leaders from the EU and ASEAN to work together toward
that end, and in the meantime the rapid conclusion of bilateral
FTA negotiations between the EU and ASEAN Member States.”
Commenting on the survey, EU Ambassador to ASEAN
Francisco Fontan said: “Southeast Asia is central to the EU’s
global trade negotiation agenda. As such we welcome European
businesses’ embrace of ASEAN as a center of global economic
growth. Industry and government must work together more
closely to fulfill our shared goal of ever closer economic ties
between the EU and ASEAN.”
Also commenting on the survey findings, EU-ABC Executive
Director Chris Humphrey said: “The EU-ASEAN Business
Council is encouraged by European companies’ firm support
for a high-quality, 21st century region-to-region FTA, and we
are committed to working with the European Commission and
ASEAN national governments to make this goal a reality.”
In the Philippines, the full 2016 EU-ASEAN Business
Sentiment Survey report, in PDF format (about 3MB), can be
downloaded via the European Chamber of Commerce of the
Philippines website, www.eccp.com.

4. 4
Q:What law specifically covers the
secrecy or confidentiality of Philippine
peso bank deposits?
A: Republic Act 1405, otherwise known as “The Law on
the Secrecy of Bank Deposits.” It was enacted on September
9, 1955.
Q:What peso bank deposits are
covered by RA 1405?
A: All deposits of whatever nature with banks or banking
institutions in the Philippines, including investments in
bonds issued by the Government of the Philippines, its
political subdivisions and its instrumentalities, are covered
by secrecy and considered as of an absolutely confidential
nature. The deposits may not be examined, inquired or
looked into by any person, government official, bureau, or
office. Bank deposits would cover peso savings accounts,
currents accounts, special savings accounts, ATM accounts,
and accounts of similar nature.
Q:What information regarding the
deposits may not be disclosed?
A: Any information concerning the deposits cannot be
disclosed. It is an industry practice as well to refrain from
disclosing even the existence of an account and personal
details of the account holder (e.g. address, full name).
Q:What are the exceptions to the
secrecy law?
A: a. When the depositor gives his written permission to
disclose.
b. In cases of impeachment. The impeachable officers are
the President of the Republic of the Philippines, Senators
and Congressmen, Justices of the Court of Appeals and the
Supreme Court, and Commissioners of the Commission on
Audit (COA) and Commission on Elections (COMELEC).
This exception was applied during the impeachment trials
faqsThe Immigrant
On bank deposit secrecy and the
Foreign Currency Deposit Act
Danny E. Bunyi, Development Bank of the Philippines Senior Vice President and Corporate Secretary,
enlightens us on the secrecy and confidentiality of bank deposits in the country.
of the former President Joseph Estrada and former Chief
Justice Renato Corona.
c. Upon order of a competent court (Municipal Trial
Court, Regional Trial Court, Sandiganbayan, Court of
Appeals, or Supreme Court) in cases of (i) bribery or
dereliction of duty of public officials, or (ii) in cases where
the money deposited is the subject matter of the litigation.
d. In cases involving unexplained wealth filed against
government officials under the Anti-Graft and Corrupt
Practices Law (Republic Act No. 3019).
e. Upon issuance by the Ombudsman of an order to
disclose deposit information in accordance with its power
to examine and have access to bank accounts and records
(Republic Act 7680).
f. Upon issuance by the Commissioner of the Bureau
of Internal Revenue for the purpose of inquiring into the
account of a deceased depositor for payment of estate taxes
and in case of a tax compromise.
g. Disclosures made under the Unclaimed Balances
Law (Republic Act No. 3996, as amended by Presidential
Decree No. 679). Under this law, bank deposits which have
no movements for the last ten (10) years are escheated or
forfeited in favor of the National Treasury.
h. Disclosures made in compliance with the Covered
Transaction Reporting and Suspicious Transaction Reporting
made to the Anti-Money Laundering Council (AMLC)
in accordance with Republic Act No. 9160 (as amended)
otherwise known as the “Anti-Money Laundering Act of 2001.”
You can note that under this law, the party disclosing in
good faith the deposit to the AMLC cannot be held liable
for violation of RA 1405, RA 6426, or RA 8791 (further
discussed below) but when reporting covered transactions
to the AMLC, the Bank institutions and their officers,
employees, representatives, agents, advisors, consultants or
associates are prohibited from communicating, directly or
indirectly, in any manner or by any means, to any person
(including the depositor himself/itself), entity, or the media,
the fact that a covered transaction report was made, the
contents thereof, or any other information in relation thereto.
Neither may such reporting be published or aired in any
manner or form by the mass media, electronic mail, or other
similar devices.
Turn to page 7
Turn to page 7
FROM
THE DESK
Henry J.
Schumacher
Vice President for
External Affairs,
European Chamber
of Commerce
of the Philippines
(ECCP)
IllustrationbyManixAbrera
The blue economy
W
ith 7,107 islands and a 36,000-kilometer coastline, the
Philippines is a maritime nation. Its maritime transport
system is a vital link of the country’s islands, people, and
goods. More importantly, the Philippines is an important
international partner in securing international shipping and shipping lanes, and
needs the support of the leading trading nations that the West Philippine Sea
and the China Sea remain safe international shipping waters.
As a result of the Philippines’ unique geography, the nation’s socioeconomic
progress has largely been affected by the maritime industry. The Philippine
economy is growing rapidly and the maritime industry is among the key
contributors to the country’s growth. The sector encompasses a wide range of
activities from shipbuilding to shipping and ports, to fisheries and aquaculture,
to recreational activities and tourism, to offshore energy exploration and
extraction and to a large number of related economic services, which are all
significant contributors to the national GDP and job creation.
The Philippines is currently the fourth largest shipbuilding nation in the
world in capacity, following Japan, Korea, and China. Moreover, according
to a 2015 study conducted by the International Chamber of Shipping and the
Baltic and International Maritime Council, the Philippines ranks as the top
supplier of seafarers globally, providing 27.8% of all seafarers. Russians are
second, with 7%!
In 2014, the European Union was declared as the largest employer of
Filipino seafarers. In the same year, Filipino seafarers manning European
ships were able to remit US$3.35 billion back to their county, making the
EU the second largest source of remittances to the Philippines.
The majority of the domestic vessels are passenger (60%) and cargo
(28%) ships, which are mostly imported to the Philippines. Almost 80%
of the shipping operators are single proprietors, while 20% of the ships are
operated by corporations. Port services account for 6% of logistics costs in
the Philippines, and the logistics market is expected to grow by 3% to 10% a
year during the next decade.
European shipping lines are the biggest employers of Filipino seafarers
globally, preferring Filipinos for their high level of skills, capacity in the
English language and work ethic. However, the competitiveness of the
Filipino seafarer is being compromised due to the pro-claimant trend in
National Labor Relations Commission (NLRC) rulings, which has led to
substantial financial losses for ship-owners and an increased perception of
risk in employing Filipino seafarers.
Additionally, the employment of Filipino seafarers is subject to lengthy
processes which are not aligned to the industry’s needs for fast deployment
of crews. Addressing these concerns will guarantee the competitiveness of
Filipino seafarers for years to come.
Moreover, with its strategic geographical location, archipelagic nature and
internationally integrated value chain, the Philippines has the opportunity
to position itself as a regional hub for the maritime sector. A legislative
framework which is conducive to developing the sector, such as the
adoption of legislation that empowers the Maritime Industry Authority
(MARINA) to implement international maritime conventions and legislation
that modernizes the Philippine Ship registry, are integral to achieving the
country’s full maritime potential.
For the Philippines to become a truly competitive maritime nation, one
of the imperatives is the development of a modernized, attractive ship
registry. The Philippines has approximately only 100 ocean-going ships
(international fleet) with a total tonnage of 3.1 million GRT registered.
This is despite the country’s expansive pool of national crew, its excellent

5. 5
T
he year 2015 was a record one for the Philippine
tourism industry. The country received 5.36
million international arrivals spending a total
of Php 227.6 billion, capping off a trajectory
that kicked into higher gear in the last five years. Part of
that growth can be attributed to the Tourism Act of 2009
(Republic Act No. 9593), which made significant reforms in
the governance structure of the industry.
The first and most visible aspect was the promotions
campaign – tourists cannot go to a place or enjoy its attractions
if they do not even know it exists. Some ASEAN countries
spend over USD 100 million for this, so the law created a
fund to put the country at least within striking distance. It also
brought public and private sectors together in the Tourism
Promotions Board (TPB) to manage the fund responsibly.
The second, but less visible, aspect focuses on the
quality of our facilities and services. The Department of
Tourism (DOT) was required to revamp the accreditation
of hotels, travel and tour businesses, among others, to bring
them in line with recognizable international standards.
The Tourism Congress was also created to represent
the private sector and work with DOT to ensure that
all stakeholders are involved in the process. A National
Tourism Development Plan was mandated to map out the
development of the industry.
Finally, the third aspect is critical in sustaining long-term
tourism growth – ensuring that communities benefit from
tourism, and that the local environment and culture is respected
and protected. This is the responsibility of the Tourism
Infrastructure and Enterprise Zone Authority (TIEZA).
Our ability to continue to attract tourists over a period
of time, while supporting business and investment, and
managing environmental and social impacts, depends on the
proper planning of tourism zones.
The role of TIEZA is to ensure that tourism enterprise
zones (TEZs) are developed in an economically,
environmentally, and socio-culturally responsible manner
by combining investment incentives with strong regulations.
A TEZ developer must present a development plan that
considers environmental and socio-cultural impact together
with proper tourism design. Only when the plan is approved
will the developer and investors in the zone be able to enjoy
tax incentives – an income tax holiday, a 5% gross income
tax rate, tax and duty free importation, among others.
Crucially, if a developer is unable to meet the standards and
goals set out in the development plan, the tax incentives can
be suspended, and even withdrawn.
What gives TIEZA a competitive advantage over other
investment agencies is that it supports both local and foreign
tourism. Other investment agencies require investors to
prove that much of their income is from “export sales.”
This often proves unrealistic, as the industry needs to be
flexible in catering to both markets to meet the bottom line.
Moreover, our country needs to encourage our people, as we
grow wealthier and travel more, to spend our money here,
and discover our own country.
As a new agency, however, TIEZA has encountered
problems under the previous administration. The Department
of Finance and Bureau of Internal Revenue refused to honor its
incentives powers, resulting in the freezing of billions of pesos
in tourism investments. Imagine how much more our tourism
industry could have grown if the hotels and attractions had been
built in the last six years?
This is now the challenge facing the Duterte
administration – if it can truly understand and carry out what
needs to be done to grow the tourism industry and boost the
Philippine economy.
Atty. Mark Richard Evidente is both a lawyer and licensed
environmental planner. He is President of TwoEco, Inc. a consulting firm on
tourism development, which crosses the fields of law and policy, economics
and business, environment and culture, and planning and design. He has
handled TIEZA applications and prepared tourism development plans for
businesses and local governments.
Mark worked in the Philippine Senate under Sen. Richard Gordon, and in
private practice with SyCip Salazar Hernandez and Gatmaitan. He obtained
his law and political science degrees from the University of the Philippines,
and his masters in environmental management fromYale University.
TIEZA: A pillar for balanced,
sustainable tourism
Atty. Mark Richard Evidente explains why tourism enterprise zones, and planning them properly,
are crucial to sustaining the industry’s growth for the long term
W
ith the right amount of strategy,
credible networks, and sometimes
capital, you can find a lot of
different opportunities to earn
money, especially in real estate,
because it will never go out of style. People will always look
for a house to live in or a location to set up their businesses.
In short, you can never go wrong in real estate when you
invest in the right places.
Long-term rentals - Becoming a landlord requires
time and effort aside from the money you already invested
in your unit. However, long-term rentals are a guarantee
that there is a continuous stream of profits for the rest of the
tenant’s contract.
Short-term rentals - While waiting for your holding
to appreciate, there is an option to lease it out for shorter time
periods. This will ensure returns for you, especially when
market conditions are not as favorable to sell your property.
Vacation rentals - Buy a vacation house and rent it
out for a fee that is a little bit higher than your monthly cost.
You get to have a vacation house that generates income, so in
a sense, you get the best of both worlds.
Rent-to-own deals - It gives tenants the opportunity
to buy the house from the owner after a certain lease period,
but with a higher rental price. If the tenant does not push
through with buying your house, you have earned more than
your usual rental price.
Pre-selling and reselling - Condominium units
are available for sale even before the buildings are built. This
type of trade entails risks, however: the price of the units is
lowest during this period. Investors may grab this opportunity
to buy low then sell high, depending on its appreciation.
Purchase raw land - Raw land is a lot cheaper
than already-developed establishments you could buy. You
can earn money by leasing it out or reselling it to other
investors or developers who need a good location for their
future projects.
Farm investing - Aside from buying undeveloped
land for commercial reasons, investors may also devote it to
agricultural purposes.
Lease out commercial or office spaces-
Invest on an office space and lease it out to business
professionals. Offices are also in demand as more companies
emerge and expand.
Buy a warehouse - Providing space for industries
dealing with large equipment can also be a source of revenue.
A warehouse can also be divided into storage rooms for
multiple purposes.
Real Estate Investment Trusts (REITs) -
An REIT is a stock corporation established for the purpose of
owning income-generating real property assets.
Become a broker/agent - Becoming a broker or
an agent would require a lot of negotiations, paperwork, and
legwork. On the other hand, the compensation is well worth
the effort once you have closed your deals.
Manage properties - If you have friends or
connections who own vacation houses or investment properties,
you can help them administer the transactions concerning their
Ria Isobel Don of real estate website Hoppler.com.ph
shares ways to live off your land holdings in the PH
ways
Turn to page 10
15
to make money
in real estate
Here are some ways to earn money in this booming
industry in the Philippines:
Appreciation - The increase in value of a property
over time can generate income for owners through reselling
and refinancing. Different factors such as market condition,
home improvements, and neighborhood changes can affect
the worth of your asset. It is best to sell your house when it
appreciates since it is sure to give you profit.
IllustrationfromCienpiesDesign/Shutterstock
finance

6. 6
focus
islander
city
the
T
he city of San Pablo may
be low-key compared to its
more popular siblings in the
province of Laguna such as
Los Baños, Calamba, and lately, Santa Rosa,
but the City of Seven Lakes is the nerve
center of Southern Luzon and a worthy
starting point for travelers who want to
explore the areas south of Metro Manila.
One of the Philippines’ oldest cities and
the largest metropolis (in terms of land area)
in Laguna, San Pablo serves as a hub for
people going to Cavite – particularly scenic
Tagaytay – in the west, Lipa and Batangas
City in the southwest, Lucena and the Bicol
Region to the east, and Lucban, Pagsanjan,
and the provinces of Quezon and Aurora to
the northeast.
A first-class city whose history dates back to
pre-Spanish times, San Pablo’s first name was
Sampaloc, after the first settlement rife with
tamarind trees near the foot of Mount Makiling
to its west. To the east lies Mount San Cristobal
and Mount Banahaw, thus its lakes are natural
basins for the waters running down these hills.
San Pablo’s seven lakes are named
Sampaloc, Bunot, Calibato, Palakpakin,
Muhikap, Pandin, and Yambo. The latter two
are considered “twins,” separated only by a
small strip of land on the northeastern corner
of the city, but Sampaloc Lake is by far the
biggest of the seven and is found just at the
back of City Hall.
As with any body of water, the lakes are
the center of life in San Pablo. It gives locals
San Pablo City is low-key and green, but as Ishmael Amigo writes, the role of
Laguna’s largest metropolis can’t be overlooked
their livelihood through fish pens, boat and
raft rides, private picnic spots, and floating
restaurants that serve fresh fish like tilapia,
shrimps and other piscine delicacies. The
roads around the lakes, especially Sampaloc,
become de facto running tracks for health
buffs or residents who simply want to stroll
with their pets.
San Pablo is by no means rustic, even
though it is more agricultural than most
cities. That aspect comes alive every
January with the Coconut Festival, which
began in 1996 to celebrate the so-called
tree of life. It became the city’s main cash
crop after the owners of Villa Escudero,
the historic plantation just south of San
Pablo’s limits, decided to plant coconuts
instead of sugarcane in the 1900s. (It
also gives the city reason to stake a claim
as the buko pie capital of Laguna, even
though the pastry was first developed in
Los Baños.)
A constant reminder of the country’s
colonial past, the hacienda continues to
influence the city even after the Escudero
clan decided to convert their land into a
cultural resort and museum. Later, the
family sold about 415 hectares to the
developer Landco, which is now building
what it calls a “history-town-themed
community” with a mall, hotels and a
convention center.
That’s consistent with San Pablo’s essence
as a residential enclave, the home of the
workers of the industrial estates and export
processing zones around it. But the local
government is also positioning the city as
the ICT (information and communications
technology) hub of Southern Luzon, and
business process outsourcing companies are
building offices here with gusto.
Considering the city has been the nerve
center of activity in the region south of
Laguna Bay for centuries, it is just fitting
that San Pablo connects its neighbors to the
big new wired world, while reminding us
all that cities can be green and don’t have to
look like concrete jungles all the time.
South Luzon’s nerve center
Bohol 360Keats Ronquillo decides to hop on his motorbike and go around the island of the Chocolate Hills
on a leisurely countryside tour
M
ost visitors to Bohol take
the mandatory countryside
tour to see the Chocolate
Hills and the tarsiers. But
people miss out on a lot of stuff inside
an air-conditioned van in a pre-packaged
tour. Why not stay longer and take a slow
motorcycle ride around the island instead?
To do this, just bring a backpack big
enough for all the souvenirs you can
handle, have a friend ride on the back seat,
and bring a good point-and-shoot camera.
Nothing beats having the wind in your
hair, feeling the sun shining on your face,
smelling the salty sea by the coast, and
taking your time while rolling through the
well-paved coastal roads of Bohol.
I did just that over three days last
summer with a friend on my trusty 110-cc
motorbike. I had a helmet on – to prevent
heatstroke more than a head injury –­and
lots of water to stay hydrated.
My trip around Bohol began at around 10
am, and from Tagbilaran City I rode east on
Bohol’s South side. The first site to see is the
Blood Compact marker at Bool, a barangay
of “Tagbi,” where a bronze statue depicts
the peace treaty between Rajah Sikatuna and
Spain’s Miguel Lopez de Legazpi.
Less than five kilometers from Bool, I
passed by the reconstruction of the Baclayon
Church, one of the oldest coral churches
in the Philippines, as it slowly rises from
its destruction from the 2013 earthquake
that also hit other churches in the province.
Further down is the town of Loay, known as
the home of the best smiths in Bohol.
The Southside gave way to endless
stretches of aqua green and deep blue waters
partnered with gentle winding roads, perfect
for driving music and singing along too.
At Lila town, you will find the freshest
watermelons, so be sure to stop at the
roadside stalls here. If you want something
fresher than the ones being sold, the vendor
will pick one from the watermelon patch
right behind him.
As you pass each town you will see a
pattern, evidence of the lingering Spanish
influence on the Philippines. There is almost
always a church right across the town hall
and a municipal market, either around a town
square or within walking distance of each
other. In Bohol, even the most common places,
like a gas station, are Instagram-worthy –
the one over at Garcia Hernandez town has
sapphire blue waves behind its gas pumps.
Back on the road, I breezed through
Jagna, the town of authentic Boholano
calamay (coco jam), to the southeastern tip
of Bohol known as Anda, and on the way
to the town’s capitol, no less than 10 resorts
or dive places tried to grab my attention.
This is where I decided to stay the night, as
Anda’s beaches are worth the stop.
The next day, I turned north, passing the
towns of Alicia, Ubay, Trinidad and the port
of Talibon, which links Bohol to Cebu and
Samar. And though the roads of the North
were a bit farther from the coast than their
Southern counterparts, the journey offered
more greenery.
Though every town has its own parish
church, the one in Calape town is an attention
grabber because it resembles the famed Notre
Dame. Nearing the end of my trip, I arrived
at the ruins of the church of Loon, which was
completely demolished by the 2013 quake.
Remnants of the pews and one remaining side
door were all that was left of it.
On my way home, rows and rows of
fire trees decorated both sides of the road,
adding a welcome splash of color to Bohol’s
northern roads. Then, one town before
arriving at Tagbilaran, I saw one final treat:
a “Bohol” sign in Hollywood fashion (can
we say Bohollywood?) standing on the
hillside of Cortez town, a testament to the
Bol-anon spirit that remains unfazed despite
calamities, with a great sense of humor. Take
that motorcycle trip around the island today
to see for yourself.
Clockwise from top right: San Pablo City Hall, built during the 1940s. (Photo by Larry Barcoma);A stunning view of Mount Banahaw, with Sampaloc Lake – one of the
seven lakes of San Pablo – in the foreground. (Photo byTony Hidalgo via Flicker.com);A model house and its bridge are on display at the Hacienda Escudero mixed-use
development. (Photo courtesy of Landco); The Cathedral of Saint Paul the First Hermit in San Pablo City. (Photo by Ramon F.Velasquez viaWikimedia Commons)
PhotosbyKeatsRonquillo
Clockwise from top left: The ruins of the church of Loon; the colorful fire trees on both sides of the road
going to Tagbilaran City from the northern roads; the church at Calape modeled after the Notre Dame;The
pristine blue waters off the beaches of Anda.

7. 7
Q:What law covers the secrecy of
foreign currency deposits?
A: Confidentiality of foreign currency deposits are covered
by Republic Act 6426, otherwise known as “The Foreign
Currency Deposit Act of the Philippines.”
Q:What is the confidentiality rule
under RA 6426?
A: All foreign currency deposits authorized under RA
6426 (as amended by PD No. 1035 and PD No. 1034), are
declared as and considered of an absolutely confidential
nature and in no instance shall such foreign currency
deposits be examined, inquired, looked into by any person,
government official, bureau, or office whether judicial or
administrative or legislative, or any other entity whether
public or private.
Q:What are the exceptions under
RA 6426?
A: The only exception (compared to RA 1405) is upon the
written permission of the depositor.
Q: Are foreign currency deposits
exempt from garnishment or
attachment?
A: Yes, foreign currency deposits are exempt from
attachment, garnishment, or any other order or process of
any court, legislative body, government agency, or any
administrative body whatsoever.
Q: Are bank deposits and investments in
government bonds the only properties
covered by confidentiality or secrecy?
A: No, Section 55 (b) Republic Act 8791, otherwise known
as the “General Banking Law of 2000” includes a provision
that “no director, officer or employee, or agent of any bank
shall without order of a court of competent jurisdiction,
disclose to any unauthorized person any information
relative to the funds or properties in the custody of the bank
belonging to private individuals, corporations or any other
entity; Provided, that with respect to bank deposits, the
provisions of existing laws shall prevail.” (i.e. these would
refer to RA 1405 and RA 6426).
Most banking experts believe this prohibition would
cover Trust investments/placements, loan data and safety
deposit boxes.
Disclaimer: The FAQs above are the sole opinion of the writer and should
not constitute as legal opinion or advice. – The IMMIGRANT
On bank deposit...
The blue economy
From page 4
From page 4
geographical location, and its high level of integration in
international supply chains.
The ship registry in the Philippines is currently governed
by the Tariff and Customs Code of the Philippines
(Republic Act No. 1937). The Act came into effect in
1957 and limits its scope to the registration of domestic
vessels. Presidential Decree No. 760, as amended by PDs
Nos. 866 and 1711, instituted the scheme for bareboat
chartering ocean-going ships and their registration under
the Philippine flag. An incentives scheme granted to the
sector through the enactment of RA No. 9301 in 2004,
expired in 2014. Effectively, the current policy framework
governing the Philippine ship registry does not provide
sufficient flexibility and incentives to registered ships
to render it attractive to ship owners in the current day
context of the global maritime sector.
Numerous countries have open registries, either as a
second registry or their main registry. Open registries offer
fiscal and non-fiscal incentives to shipping lines, such as
flexibility in the nationality of the crew, tax exemptions
(increasingly in the form of collection of tonnage tax instead
of corporate income tax) and the creation of maritime hubs
servicing shipping lines. Norway, Denmark, and Singapore
are some of the renowned international flags of choice.
While many open registries are considered as flags of
convenience, this is not the ambition for the Philippines.
Rather, what is envisioned is a ship registry that will become
more competitive and thus strengthen the genuine link
between ships and the flag state, by using Filipino crew,
Philippine management and following the Philippine rule of
law, always in line with international maritime agreements,
such as MLC (Maritime Labor Convention) 2006 formed by
the International Labor Organization or ILO.
livingcondo
Sofa, so good
Picking out a high-end contemporary sofa takes some careful
consideration, as Todd delos Santos explains
A
sofa is arguably the most important piece
of furniture you can buy for your home,
apart from the bed in the master bedroom of
course. Not only does it serve as a second
bed (and as your favorite dumping place for all the things
you carry into your home), a sofa sets the tone for your
living room and the way you’ll move around it.
Before you run out and grab that shiny new long chair in
the showroom, consider these questions: How big is your
living room? How long will you keep it? How much are
you willing to spend for it?
“Functional practicalities aside, a sofa is likely to be
a mainstay, something you will live with for a number
of years,” says interior designer Gerard McGuickin
of Decoist.com. “As such, it should be treated as an
investment and not as a fashion item. Scrimping on a sofa
is a false economy.”
A well-designed sofa, McGuickin adds, will last
much longer than poorly-designed ones and those made
with substandard materials. “Good design may be more
expensive, but it is invariably for the long haul,” he says.
The designer lists several other requirements for a sofa:
a) it should be practical with a pleasing aesthetic and a
clean modern or contemporary style; b) its design should
be simple and un-fussy, given that it can dominate a space;
and c) it should be strong enough to endure frequent use
and change.
With that in mind, here are some sofa models that check
all the boxes, as evaluated by McGuickin:
Deco Sofa – Created by Istanbul-based
multidisciplinary design studio Autoban as a modernist
approach to Art Deco and manufactured by De La Espada,
this has geometric shapes, oversized screws, and the
cleanest of lines.
Mags Sofa – Hay’s creation focuses on three key
elements: composition, foam, and interior padding, making
it a durable piece that’s minimal in design yet maximal in
comfort.
Open Modular – Made by Alain Berteau of
Objekten Systems, this sofa provides users with comfort,
functionality, ease of use, and an aesthetic edge.
Salon Lounge Series – Despite its somewhat
formal appearance, this sofa is exceptionally cozy.
Conceived by BassamFellows, it encourages conversation,
companionability, and a cordial disposition in a most
meticulous manner.
Scandinavia – A corner sofa designed by Glismand
& Rüdiger for Bolia, it is the epitome of Scandinavian
design – clean, minimal and very handsome.
In the Philippines, you can try hunting for these sofas (or
their look-alikes) at these furniture stores and showrooms:
Mandaue Foam, SB Furniture Philippines, Crate and Barrel,
MOD Living Furnishing, Ethan Allen, SM Our Home,
Home Depot (either CW or MC), and Dimensione.
Deco Sofa
Mags Sofa
Open Modular
Salon Lounge
Scandinavia
Allphotosforthisstoryarecourtesyof(fromtop)DeLaEspada,Hay,ObjektenSystems,BassamFellows,andBolia.

8. 8
Mustang an extra ounce of attitude. Price:
$54,570
Jaguar F-type R – Offering “outstanding
levels of dynamic capability and control,”
Jaguar’s most powerful and athletic product
boasts of a five-liter supercharged V8 that
produces 550 hp. Its advanced all-wheel drive
system continuosly monitors driving and road
conditions to optimize traction and handling
balance, truly balancing its brute force with its
gorgeous sheet metal. Price: $105,400
Lamborghini Aventador – The Raging
Bull’s coupe comes at you with “relentless
force” as it tries to set a new benchmark for
“super” sports cars. Armed with a 6.5-liter
V12 that reins in 740 hp, the Aventador
has been called “brutally powerful and
obscenely flamboyant” and for good reason,
as its seven-speed “automated manual”
transmission and all-wheel drive are just too
good. Price: $402,995
Mercedes-AMG GT S – Consistent five-
star ratings are a norm for this sports car with
the three-spoked star marque, as its four-liter
V8 bi-turbo engine with 510 hp is handcrafted
by Mercedes and “is an outstanding expression
of the essence of AMG.” Although it has lost
its gullwing doors, this GT comes in coupe and
convertible configurations, and can still swoop
down on the competition. Price: $130,825
Porsche Cayman GT4 – “Rebels, race
on,” declares the brand on its web page for
the sports car, and they will once they get
their hands on this snarling race-bred beauty
that packs a 3.8-liter 385-hp engine. This
Cayman only comes in a six-speed manual
that sports car enthusiasts will no doubt be
pleased with, as it doesn’t sacrifice the power
and performance expected from a Porsche.
Price: $84,600
A
ccording to good ol’ Merriam-
Webster (the dictionary of
course), the first known use
of the term “sports car” was
in 1928. Nearly 90 years later, there are so
many variants of the sports car that the only
thing they have in common is their basic
purpose: a low-built automobile designed for
spirited performance and nimble handling at
high speeds.
If you are in the Philippines and are
fortunate enough to live in an area with
kilometers of pavement unimpeded by lesser
vehicles and that monster called traffic, taking
stock of the following beauties that have made
many “best car” lists is recommended before
you make your next car purchase.
German-engineered precision handling makes
for an explosive ride. The top-line GTS variant
pumps the engine up to 493 hp, but only
comes in an automatic-transmission coupe.
Purists may prefer the Competition variant
that’s a manual and can also be a convertible.
Price: $66,200
Chevrolet Corvette – Its 2017 Grand
Sport edition pays homage to its ancestors
– the 1963, ‘96 and 2010 editions – with its
6.2-liter LT1 V8 engine that pumps out 460
hp. Its compact design lowers the hoodline for
optimal weight balance, and comes in seven-
speed manual or eight-speed automatic. Car
and Driver magazine says this Chevy “has the
stance of a thick-bodied lizard and the feet of
a gecko,” but it’s hard to get turned off by this
unlocks and awakens the unprecedented
707-horsepower of the most powerful
muscle car on the planet,” says Dodge, and
it certainly isn’t shy with the superlatives.
It also says the Hellcat is the fastest muscle
car on earth with a 10.8-second clocking on
a quarter mile, thanks to a supercharged 6.2-
liter HEMI engine that’s the most powerful
production V8 made. Price: $62,495
Ferrari 488GTB – The letters in its
designation stand for Gran Turismo Berlinetta,
the predecessor of this Prancing Horse first
made 40 years ago, while the numbers indicate
its engine’s unitary displacement. Whatever
its moniker, this Ferrari opens a new chapter
in the Italian marque’s 8-cylinder history by
delivering “unparalleled performance (while) it
also makes that extreme power exploitable and
controllable… even by less expert drivers.”
Price: $249,150
Ford Mustang – Let’s go straight to the
iconic Mustang’s Shelby GT350 model, with
its 5.2-liter V8 that cranks out 526 hp and
boasts a TREMEC six-speed manual tranny.
It’s striped and badged all over – on the hood,
grilles, rocker panels, and rear spoiler, and
a model-specific chin spoiler to give this
companygood
motoring
Hospitality
milestoneThe parent company of the
Peninsula Hotels group marks
150 years with a grand gala
dinner. Maurice Arcache reports.
T
he year 2016 is a very special one for the
Hongkong and Shanghai Hotels, Limited
(HSH), the holding company of the
world-renowned Peninsula Hotels, that is
celebrating its 150th Anniversary.
HSH was incorporated on March 2, 1866, making
it the oldest company registered on the Hong Kong
Stock Exchange, and the world’s oldest hotel group
in continuous operation. The HK-based company also
counts among its properties The Peak Tram, Peak Tower,
and Repulse Bay Complex.
Throughout the year, HSH will celebrate its
sesquicentennial with a number of public and private
events that will showcase Hong Kong in a management
light to overseas visitors as well as local residents.
Some Peninsula Hotels are also celebrating milestone
anniversaries this 2016: The Peninsula Manila (40 years),
The Peninsula Beverly Hills (25 years), and The Peninsula
Chicago (15 years).
In honor of this momentous occasion, HSH Chairman
Sir Michael Kadoorie hosted a gala dinner for the board
of directors, general managers, and key members of
its properties from all over the world at The Peninsula
Hong Kong.
In his speech, Kadoorie said: “The founders of the
Hong Kong Hotel Company were visionaries who
believed in Hong Kong and the future of travel. Hong
Kong in 1866 was a place of great adventure, optimism,
and entrepreneurship. One of these entrepreneurs and
adventurers was my grandfather Sir Elly Kadoorie, who had
the foresight to buy 25 shares in the company in 1890.
“Both Sir Elly and my father, Lord Lawrence Kadoorie,
were far ahead of their time in their approach to the
hospitality business. There were many doubts as to
whether The Peninsula would ever succeed and they
encountered stumbling blocks along the way.
“With their determination and unfailing optimism, the
project went ahead, and the opening of The Peninsula Hong
Kong was celebrated in 1928 to great acclaim as the ‘Finest
Hotel East of Suez.’
Natalie Kadoorie Gonzales,Yoko Hatori
Colfer, and Lady Betty Kadoorie
HSH COO Peter C. Borer, HSH Chair-
man The Hon. Sir Michael Kadoorie
Nina Bieger with William
and Heather Mocatta
The Peninsula
Chicago GM Maria
Razumich-Zec
The Peninsula Hong Kong
GM Rainy Chan and The
Peninsula
The Peninsula New
York GM Jonathan
Crook and wife Beliz
Philip
Kadoorie
HSH
Chairman
The Hon.
Sir Michael
Kadoorie
Lady
Betty
Kadoorie
Legendary
hotelier
and former
GM of The
Peninsula
Manila
Felix Bieger
The Peninsula
Manila GM
Mark Choon
Sporty Picks
Here are some of the sports cars to look forward to in 2017,
as Gil Garcia reports
We list the cars in alphabetical
order along with the attributes
found in these cars’2017 models
and the specs of their latest version
in case next year’s models are not
yet available, so you can judge for
yourself if the automobile you have
in mind is truly worth the thousands
of dollars you will give up for the
exhilaration of driving it. (Prices
are for the base model in US dollars
and as quoted on the automakers’
websites.)
BMW M4 – The high-
performance version of the stock
BMW 4 series, the M4 gets its power
from a 425-horsepower
inline-six-cylinder twin-turbo
engine, and paired with its
ravishing reptile.
Price: $65,450
Dodge
Challenger
SRT Hellcat –
“It sits quietly,
patiently, like
it’s stalking prey.
Then suddenly,
your red key
BMW M4
Chevrolet
Corvette
Ferrari
488GTB
Ford Mustang
Jaguar F-type R
Lamborghini
Aventador
Mercedes-AMG GT S
Porsche
Cayman GT4
“My uncle, Sir Horace Kadoorie, whose involvement
with the company spanned 47 years, inspired management
to pursue the highest standards of quality and service. These
standards have carried through to our properties today.
“During our long history, we have always strived to
combine the best of the past with a vision for the future. Our
pioneering approach to technology and innovation, as well
as our outstanding customer service, has led to many awards
and accolades for our hotels and properties.
“This is thanks to all of you, our managers, your teams,
colleagues and these people who greet our guests on a daily
basis. You are the face of Peninsula Hospitality, and I am most
grateful for your loyalty and service,” Kadoorie ended.
AllphotosforthisstoryarecourtesyofBMW,Chevrolet,Dodge,Ferrari,Ford,Jaguar,Lamborghini,Mercedes-BenzAMG,andPorsche.
Dodge Challenger
SRT Hellcat

10. 10
sports
A
breathtaking run by Australian
Tim Reed saw him complete a
successful defense of his title
at this year’s Cobra-sponsored
Ironman 70.3 Championship in Cebu,
while Swiss Caroline Steffen had to come
through a turbulent latter part of the run to
extend her winning sequence in Cebu to
five successive wins.
The conditions were hot and humid as
Reed simply blew away his competitors
straight from the second transition to
finish in three hours, 51 minutes and 46
seconds, with Craig Alexander and Sam
Betten coming in 3:15 and 5:30 behind
him, respectively, to complete an Australian
sweep of the medals.
This top three also dominated the swim
section with fellow Australians McMahon,
Montgomery and Griffin, along with
Spanish Antony Costes, before Reed put on
a demonstration run as he pulled away and
never looked back.
“On the bike I really had to go for the
first 10-15 kilometers and I made the move
to put the pressure on everyone,” Reed told
the press afterward. “I knew there was some
fantastic runners and I knew I didn’t want to
get off the bike with everyone having fresh
legs… I felt good early on the run. I had a
really bad patch, but thankfully it all came
good for the last 6-7 kilometers.”
In the women’s race, Steffen – known as
the Queen of Cebu – was pushed hard by the
Czech Republic’s Radka Vodickova, who
dominated the swim before being reeled in
and overtaken by the Swiss athlete on the
bike ride.
Steffen then opened up an unassailable
lead on the run. She went through a rough
patch with 5 kilometers remaining, but
finished in 4:16:19, over two minutes ahead
of the Czech athlete and 5:34 ahead of the
Australian Sarah Crowley in third place.
This year’s Asia-Pacific leg of the World
Triathlon Corporation’s Ironman 70.3
Championship, which was the first time
the regional championship was brought
outside Australia and New Zealand,
featured around 3,000 competitors. The
professionals used the race to boost their
chances of qualifying for the World
Aussie-Swiss domination
Tim Reed and Caroline Steffen successfully defended their Ironman triathlon titles in Cebu.
Lem Lyritzis details it here.
Championship held at the end of the
12-month qualifying period. The 70.3
refers to the distance in miles covered in
the race – consisting of a 1.2-mile swim,
a 56-mile bike ride, and a 13.1-mile run
– which is exactly half the distance of the
original triathlon.
The race, known as “the Hollywood of
Triathlon” due to its stunning location,
attracted competitors from nearly 50
different countries, including Australia,
America, England, and Malaysia, Mexico
and the United Arab Emirates. It offered
$75,000 in prize money, as well as the
coveted 50 qualifying age-group slots for the
2017 Ironman 70.3 World Championship in
Chattanooga, Tennessee.
The swim section started at the beautiful
Shangri-La Mactan Beach Resort. The
bike leg then took in much of urban Cebu
in a kind of M-loop, while the run sector
was raced along the roads of Punta Engano
on Mactan Island. The famous headwinds
of Cebu were out in strong force, and the
competitors all felt the full fury as they set
off on their bikes.
The race proved to be a huge success
with no major problems or setbacks, and
the organization will bid again for the right
to host the championship leg. “I am not at
all surprised that the Cobra Energy Drink
Philippines 70.3 sold out in record time. It
is a crown jewel in Asia, a race of superb
quality, passion, and commitment to our
athletes,” said Andrew Messick, President of
the World Triathlon Corporation.
The actual Ironman 70.3 Philippines
will continue every year regardless, with
the urban and rural charm of Cebu, as
well as the warmth and hospitality of its
people making it a natural favorite with all
concerned, especially the athletes.
below on the road sat in the world’s biggest
parking lot. And hardly anyone was riding
it. It opened up an entirely different way
of living and getting around Manila. They
surely need to cover the metro with these, I
thought at the time.
But, of course, all that good stuff didn’t
last long. The powers that be made sure of
that. The public vociferously complained
that the MRT was too expensive. The
masses didn’t want to take it because a ride
on the MRT was Php25 when they could
ride a bus for Php12 to Php15.
But wasn’t that the point of any shiny
new infrastructure? It shouldn’t cost the
same as a decrepit old bus, should it? It
should be slightly more expensive. That
way the people stuck in traffic below can
look up and think about how taking this
new train might just upgrade their life.
Yes, they would spend a bit more, but they
would also be more productive, less tired.
That’s how progress happens.
The government, though, caved into
populist pressures and ordered the prices
to be slashed in half. Naturally, the masses
flocked to the train, and the waiting lines
became as bad as EDSA traffic itself.
Eventually, after years of way too much use
and not enough revenue, the MRT became
exactly what you would expect: a utilitarian
nightmare piece of machinery.
I occasionally ride the MRT, and the
LRT, when I’m in Manila and the traffic is
at its usual standstill. Yes, it does move you
from here to there. But it is no picnic. It is
way overcrowded, it’s hot, some cars have
lousy or no air conditioning, and the signage
is atrocious. There’s no way executives or
business types would ever make this a part of
their daily traveling routines, unlike the way
they do in more enlightened cities like Hong
Kong, Bangkok or Singapore.
And so no matter what the government
comes up with in the way of emergency
powers to try and fix the EDSA conundrum,
it simply won’t work, at least not in your
lifetime or mine. Any proper infrastructure
to alleviate this hellish mess would take
decades to complete.
For now, we must face the brutal, cold
facts. It’s too late to turn back. Our barometer
of success in this modern culture are the very
toys that have turned on us and made us their
slaves. We are addicts of our own making.
It is said by some that the burgeoning
world of artificial intelligence (AI) could
pose a threat to humanity by one day turning
on us all and taking over. For anyone living
and passing through Manila, though, there is
no need to wait for AI’s rise.
The automobile has gotten there and done
the job first.
Ted Lerner is the author of the classic book Hey,Joe—a
slice of the city, an American in Manila, as well as a
book of Asian travel essays,TheTraveler and the Gate
Checkers. He also works in professional boxing as a
writer and ring announcer, and in professional billiards
as a writer and TV commentator. He has lived in the
Philippines for 20 years.
The EDSA... 15 ways...
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PhotosbyErnestoMendozaJr.
The Cobra Ironman Championship in Cebu, where Caroline Steffen (upper left) and Tim Reed (upper right) defended their respective division in the races around
Mactan Island, was a qualifying event for the 2017 World Triathlon Championship in Tennessee.