MANILA // Relentless rains have submerged half of the sprawling Philippine capital Manila, triggering a landslide that killed nine people and sending emergency crews scrambling yesterday to rescue tens of thousands of residents stranded by floods.
The deluge was the worst since 2009, when hundreds died in rampaging flash floods. It was set off by the seasonal monsoon that overflowed major dams and rivers in Manila and the surrounding provinces.
The capital and other parts of the country were saturated already from last week's Typhoon Saola, which battered Manila and the north for several days before blowing away on Friday. That storm was responsible for at least 53 deaths.
"It's like a water world," said Benito Ramos, the director of the government's disaster response agency. He said the rains had flooded 50 per cent of metropolitan Manila on Monday evening, and about 30 per cent remained under waist- or neck-deep waters yesterday.
He urged residents in areas prone to landslides and floods to move to evacuation centres, warning that because the soil is saturated, even a little rain could be dangerous.
"Now that it's getting dark, I would like to repeat, if the rains are heavy, you should be at the evacuation centres," he said, adding that rescue operations were more difficult at night and could put emergency workers at risk.
Manila's weather bureau said a tropical storm off the coast of eastern China had intensified the monsoon rains in the Philippines, which were forecast to last until tomorrow.
In Manila's suburban Quezon City, a landslide had hit a row of shanties perched below a hill, burying nine people, said to Mr Ramos.
Army troops and police dug frantically in an attempt to save those buried, including four children, as relatives and neighbours wept.
The bodies of all the victims were recovered. Some were found near an entombed shanty's door, where they had apparently tried to flee.
"My wife, children and grandchild are down there," said Jessie Bailon as he watched rescuers dig into a muddy mound where his shanty once stood.
Nicanor Bartolome, the national police chief, visited the scene and ordered all other slum dwellers to be evacuated from the area.
Rescuers dangled on ropes to help move children and other residents to safety from flooded homes across the city. Many residents trapped in their houses called radio and television stations pleading for help.
"We need to be rescued," Josephine Cruz told DZMM radio as water rose around her house in Quezon City. She said she was trapped in her two-story house with 11 other people, including her 83-year-old mother. "We can't get out because the floodwaters are now higher than people," she added.
The ABC-CBN television network reported receiving frantic calls from people whose relatives were trapped by the deluge, many of them left without food for almost a week.
They included a pregnant woman with a baby who wanted to be rescued from a roof and about 55 people who had scrambled to the third floor of a Quezon City house as water rose below them.
Vehicles and even heavy lorries struggled to navigate water-clogged roads, where hundreds of thousands of commuters were stranded. Many cars were stuck in the muddy waters.
The La Mesa dam, which supplies water to the 12 million people in the capital, spilt excess water yesterday into the rivers flowing into Quezon City, as well as the neighbourhoods of Malabon, Valenzuela and Caloocan, where several villages were submerged.
Along the swollen Marikina River, nearly 20,000 residents have been moved away from the riverbanks but many others asked to be rescued. Del de Guzmán, the mayor, pleaded for patience and said overwhelmed rescue teams would try to reach everyone.
President Benigno Aquino called an emergency meeting of cabinet officials and disaster-response agencies. He ordered officials to make sure all residents were accounted for in submerged villages and discussed how flooded hospitals could be helped.
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Abandon
Sangeeta Bandyopadhyay
Translated by Arunava Sinha
Tilted Axis Press
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The specs
Engine: Turbocharged four-cylinder 2.7-litre
Power: 325hp
Torque: 500Nm
Transmission: 10-speed automatic
Price: From Dh189,700
On sale: now
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.