BusinessMirror November 03, 2020

RESIDENTS of Tierra Verde Subdivision in Batangas City (left) and Barangay Dinahican in Infanta, Quezon (right), clear debris from mud-covered streets after Supertyphoon Rolly lashed the country over the weekend, making landfall on Catanduanes. Evoking memories of Supertyphoon Yolanda which flattened entire villages in 2013, about a million people were evacuated in its projected path. (Middle) Fishermen from Barangay WaWa 1, in Rosario, Cavite, return to sea hours after Rolly weakened and shifted to spare the capital. ROY DOMINGO/NONIE REYES/BERNARD TESTA

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’ROLLY’ HITS ABACA HARD, www.businessmirror.com.ph

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Tuesday, November 3, 2020 Vol. 16 No. 26

P25.00 nationwide | 2 sections 16 pages | 7 DAYS A WEEK

20-YEAR DECLINE SEEN ’20 tourism jobs loss now seen at 174M

By Jasper Emmanuel Y. Arcalas

A

BACA farmers already reeling from Covid-induced market problems must now grapple with more losses after Supertyphoon Rolly battered Catanduanes, the country’s top producer of the prized crop for export.

Philippine Fiber Industry Development Authority (PhilFida) estimated that the damage caused by Rolly to Catanduanes would cause a steeper decline in the total abaca output this year. Catanduanes accounts for 30 percent of annual abaca output.

This, as the Department of Agriculture (DA) pegged the farm damage from Rolly as of Monday at P1.165 billion, affecting the abacagrowing Bicol and three other regions: Calabarzon, Mimaropa and Eastern Visayas.

PhilFida Executive Director Kennedy T. Costales told the Business­Mirror that he expects total abaca output this year to decline by 30 percent to a 20-year low of 50,000 metric tons (MT).

The country’s abaca exports from January to April 2020 grew 13.6 percent to $53.942 million from $47.487 million recorded in the same period of last year, based on latest available government data.

Last year, the Philippines, which supplies about 87 percent of global abaca supply, exported $156 million worth of abaca products.

Lockdown factor

COSTALES, meanwhile, pointed out that abaca output has been down by at least 20 percent even before Rolly hit Catanduanes.

The decline, Costales added, was attributed to Covid-induced movement restrictions imposed by different local government units, hindering the transport of abaca.

Latest PhilFida data showed that abaca output from January to August is down by 27 percent to 35,130.075 MT from 48,170.825 MT recorded in the same period of last year.

GUEVARA: “The sector’s recovery will be delayed even further, with more jobs lost, unless quarantines are replaced with rapid, cost-effective testing at airports on departure, and air corridors.” WTTC.ORG

By Ma. Stella F. Arnaldo Special to the BusinessMirror

T

THE devastation in Albay—due to heavy mudflow from the slopes of Mayon Volcano as Rolly lashed the Bicol Region over the weekend—is seen from a helicopter that brought President Duterte on an inspection of typhoon-hit areas on Monday. PHOTO COURTESY OF SEN. CHRISTOPHER “BONG” GO

NEW COAL PROJECTS BAN, CREATE TO BOOST R.E. SECTOR

By Bernadette D. Nicolas THE Department of Energy’s (DOE) moratorium on endorsements for new coal-fired power plants coupled with performance-based fiscal incentives under the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act will pave the way for attracting investments in renewable energy in the country, Finance Secretary Carlos G. Dominguez III said.

Continued on A2

PESO EXCHANGE RATES n US 48.4010

This comes days after Dominguez told the 7th Asia Pacific Climate Change Adaptation Forum that the country aims to shift investments to clean energy and green technologies.

“The Philippines seeks to decrease reliance on carbon-based energy through various policy actions geared toward promoting investments toward greener sources of energy. The DOE recently imposed a moratorium on new coal-fired power plants. This, in conjunction with CREATE’s performance-

based fiscal incentives, will steer private capital toward new investments in renewable energy,” he said in a message to finance reporters on Monday.

Moreover, Dominguez said the Finance department’s commitment to strong climate action is already reflected in the provisions of the proposed CREATE bill, certified as urgent by the President.

Specifically, he said the CREATE bill will give “generous, performance-based incentives to investments under the Stra-

tegic Investment Priorities Plan, which is set to include the renewable energy sector.” However, he was quick to point out that the sector’s incentives under Republic Act 9513 or Renewable Energy Act of 2008 will be retained.

Apart from this, he said renewable-energy firms stand to benefit from enhanced income tax deduction for research and development as they develop new technologies and innovations.

See “Coal,” A2

HE return of domestic travel in some parts of the world, such as China, will result in fewer tourism jobs lost this year due to Covid-19 border restrictions.

In its latest report, the World Travel and Tourism Council (WTTC) said 174 million jobs will have been lost by the end of 2020 if international travel restrictions remain in place.

This is a slight improvement from the 197-million jobs loss estimate by WTTC in June.

In a news statement, WTTC president and chief executive officer Gloria Guevara said: “Our latest data reveals the gravity of the longterm negative impact facing the global travel and tourism sector, if we don’t work together to resume international travel immediately.”

She added, “As travel restrictions around the world remained in place over the summer months, our estimates report an increase from 121 million to 143 million jobs lost.

In the space of just four months, our study has shown a further 22 million jobs under threat worldwide. This is devastating news, and we need international coordinated action now.”

She underscored, “The sector’s recovery will be delayed even further, with more jobs lost, unless quarantines are replaced with rapid, cost-effective testing at airports on departure, and air corridors. The longer we wait, the more the ailing travel and tourism sector faces total collapse.”

Prolonged travel restrictions could also eliminate $4.7 trillion in the sector’s contribution to the global gross domestic product this year, equivalent to a 53-percent loss from 2019.

See “Tourism,” A2

n JAPAN 0.4628 n UK 62.5825 n HK 6.2438 n CHINA 7.2067 n SINGAPORE 35.4119 n AUSTRALIA 34.0259 n EU 56.5082 n SAUDI ARABIA 12.9066

Source: BSP (October 30, 2020)

News BusinessMirror

A2 Tuesday, November 3, 2020

Anti-red tape scheme spells ₧574-M savings for telcos

With 90% infra damage, Catanduanes now isolated Continued from A8

The ferries, however, were unable to resume operations after the fallen posts of an electric company in Albay blocked their routes.

Cua asked the Department of Energy (DOE) to remove the posts. He also asked DOE to help the Catanduanes electric cooperative in repairing their damaged electric posts.

Infra, home damage

MEANWHILE, Philippine National Police Deputy Chief for Operations Cesar Hawthorne Binag, who was in the same NDRRMC briefing, said 90 percent of Catanduanes’s infrastructure was destroyed by Rolly, citing the initial report of the police provincial director there.

Binag’s statement on the typhoon damage was supported by the Coast Guard based on the initial results of its aerial survey.

Philippine National Red Cross Chairman Senator Richard Gordon said at least 250 houses were damaged or destroyed in Catanduanes, but the figure may be a bit low as in the municipality of Pandan alone, at least 479 houses were damaged, according to a municipal councilor.

Guinobatan hard hit–Co

IN Albay, Ako Bicol Party-List Rep. Zaldy Co said that at least 250 houses were buried in the town of Guinobatan by raging mudflow and hinted lives could have been lost.

As he visited devastated Albay towns in the afternoon, Duterte ordered an investigation into residents’ complaints that unmitigated quarrying in Guinobatan was a factor in the mudflows.

Presidential spokesman Harry Roque, who steered the news briefing, said the report is already being looked into by disaster officials. The mayor of Guinobatan appealed for food and other emergency needs for residents while pleading for assistance in the relocation of the affected villagers.

The PNP said the provinces of Albay, Camarines Sur, Camarines Norte, Catanduanes, Sorsogon, Naga City and 57 barangays of Masbate were without power.

The NDRRMC said Rolly affected 372,653 families or 2,068,085 individuals in Regions 1, 2, 3, Calabarzon, Mimaropa, 5, 6, 7, 8, 9, the Cordillera Administrative Region and the National Capital Region.

By Elijah Felice Rosales

T

HE telecommunications industry will save as much as P574 million in securing their license for broadcast towers under the government’s efforts to streamline procedures.

Additional food packs

CUA said they need additional food packs since only around 2,000 packs are available—not enough for the 15,000 affected families.

Bottled water is also badly needed.

NDRRMC Undersecretary Ricardo Jalad said the national government will send additional food packs and bottled water to Catanduanes on Tuesday via a C130 plane. spokesperson Presidential Harry Roque said they will relay the plight of Catanduanes to President Duterte so he could act on it.

www.businessmirror.com.ph

Jeremiah B. Belgica, director general at the Anti-Red Tape Authority (Arta), told European firms recently the agency’s National Effort for the Harmonization of Efficient Measures of Inter-Related Agencies (Nehemia) program is now underway.

The Nehemia program is the government’s response to grow-

ing complaints from telco firms, among others, to hasten the processes in obtaining permits and licenses.

The program has a target of reducing 52 percent in time, costs, requirements and procedures within 52 weeks on telco, socialized housing, food and pharmaceuticals, logistics and power.

Under the program, permits to operate a broadcast tower were brought down to eight, from 13; documentary requirements to 35, from 86; and processing time to 16 days, from 241 days.

Citing figures from the World Bank, Belgica said the Nehemia program should trim the cost of licensing at least 10,000 broadcast towers to P451.79 million, from P1.02 billion, or savings of up to P573.96 million all in all.

On the other hand, the program will decrease the number of steps to operate in the logistics sector to 56, from 209, as well as the time to process documents to 35 days, from 271.

Based on World Bank computations, the rationalization project will lower the total tariff paid to

firms and middlemen to P378.83 million, from P2.22 billion, or a savings of P1.92 billion.

To further rationalize the procedure in obtaining government permits and licenses, Belgica said the Arta recommends that all LGUs and state agencies use the Integrated Business Permits and Licensing System Software (iBPLS).

The iBPLS transfers the application and processing of building permits and occupancy papers online, making it easier to get documents verified, registrations evaluated and fees and charges assessed.

Belgica presented the Nehemia program’s opportunities to participants of the 2020 EuropeanPhilippine Business Summit conducted last week.

‘Rolly’ hits abaca hard, 20-year decline seen Continued from A1

Of the total abaca output during the eight-month period, about 10,213.2 MT was produced by Catan­duanes.

Due to the damage caused

by Rolly to the island-province, however, Catanduanes Gov. Joseph Cua has estimated losses to have reached P400 million already. Full-year abaca output may decline by at least 30 percent now, Costales said.

Cua said abaca is the main product of the province and generates for it P150 million worth of revenues every month or at least P1.8 billion a year.

“The damage is already expected. If houses were destroyed by Rolly, what more [the] exposed and vulnerable abaca plants?” Costales told the BusinessMirror by phone.

“The damage to Catanduanes would have a greater damage on the overall abaca industry. We are currently in a shortage. As of August we’re down by 27 percent; and then Rolly happened so we expect a much steeper decline [in output],” Costales added.

Costales said the abaca industry’s value is estimated at P8.11 billion, of which P2.4 billion is contributed by Catanduanes.

Premature harvest

MEANWHILE, Costales said abaca farmers in Catanduanes will now be forced to harvest their plants tumbled by Rolly to earn necessary cash for survival.

Affected abaca farmers in the province must wait eight months to a year before they could harvest new abaca plants after they exhaust all the damaged plants, Costales added.

“It will take them about a month to harvest all the tumbled and damaged abaca plants. While they are harvesting, new plants will grow which would take eight months to one year to mature,” he said.

In August this year, Costales told the BusinessMirror that they were expecting full-year abaca output to increase by 5.7 percent to 74,000 MT due to favorable weather conditions.

(Related story: https://businessmirror.

Coal…

AERIAL photo of devastation in Catanduanes, the country’s top producer of abaca. PHOTO COURTESY OF SEN. CHRISTOPHER “BONG” GO com.ph/2020/08/04/makers-of-face-masksprotective-gear-seen-using-more-phl-abacathis-year/)

P1.1-billion damage

THE Department of Agriculture (DA) on Monday said Rolly caused P1.165 billion worth of damage and losses to the farm sector affecting Calabarzon, Mimaropa, Bicol Region and Region VIII.

Continued from A1

“The enhanced deduction is designed to boost innovations, such as efficient power generation and improved battery technology,” he said.

The bill, he added, will also provide for “enhanced income tax deduction for training, which will incentivize developing highly skilled workers especially during this transition toward the Fourth Industrial Revolution, which

necessarily includes green jobs.”

If passed into law, the CREATE bill will drastically bring down corporate income tax to 25 percent, from 30 percent. On the other hand, it will rationalize incentives, including the 5-percent tax on gross income earned paid in lieu of all local and national taxes, granted to investors.

Last week, the DOE said it will no longer endorse new coal power plant projects after the periodic assessment of the country’s energy requirements revealed the need for the Philippines to shift to a more flexible power mix.

This move, DOE said, will build a more

The DA added that Rolly affected 18,130 farmers and 16,981 hectares of agricultural areas with initial total production loss estimated at 66,656 MT.

Bulk of the losses was incurred by rice farmers who lost 45,230 MT of produce worth P739.820 million, according to the DA’s latest report. This was followed by high-value crops which recorded a sustainable power system that will be resilient in the face of structural changes in demand and will be flexible enough to accommodate the entry of new, cleaner and indigenous technological innovations.

As of 2019, the Philippines still had the highest renewable-energy share in the total primary energy supply among countries within the Association of Southeast Asian Nations (Asean) region.

The country’s power mix is dominated by coal, being the cheapest among the technologies available.

Based on DOE figures, coal’s share in the capacity mix stood at 40.5 percent,

P370.071 million worth of production loss with an estimated affected volume of 18,789 MT.

However, as a result of the DA’s early warning advisory to farmers who were able to harvest their crops earlier, the DA said a total of 242,683 hectares of rice were saved from Rolly with an equivalent production of 1.071 million MT worth nearly P17 billion. followed by oil at 16.8 percent, natural gas at 13.4 percent, and renewable energy at 29.3 percent. The share of coal-fired power could increase to 60.2 percent by 2029 from last year’s 54.6 percent, according to a Fitch Solutions report last September.

Based on DOE data, there are seven indicative coal power plant projects in Luzon. These, if approved by the DOE, will add 8,275 MW of additional capacity.

There are four indicative coal power plant projects in the Visayas and Mindanao, with a total additional capacity of 763 MW.

Tourism…

Continued from A1

WTTC noted, however, the strong recovery of China’s domestic market. It has also implemented comprehensive testing and contact-tracing programs, along with improved health and hygiene protocols, which have further boosted the country’s domestic tourism.

The global organization of tourism leaders and travel experts recently presented its 100 Million Jobs Recovery Plan, which seeks to remove quarantines and other travel barriers via adoption of an international testing regime along with rigorous health and safety protocols, to enable the world to adapt to living with Covid-19, while reducing the risk of its spread.

The Philippines is among the countries trying to reopen its economy by pushing domestic tourism. So far, destinations that now open or partially open to tourists from general community quarantine areas include Clark Freeport Zone, Boracay Island, Bataan, Bulacan, Baguio City, Ilocos Norte, El Nido, Polillo Island and Cuyo Island. (For a more detailed list, visit www.philippines.travel/safeph.) It will be hosting the WTTC Global Summit in 2021.

One app to rule them all

TO help boost domestic travel, the Tourism Promotions Board (TPB) launched last Friday a new travel application that gives users access to the latest travel advisories, safety guidelines, and information on documentary requirements needed for tourists to visit various destinations in the country.

Called Travel Philippines, the app was developed at a cost of P20 million, in partnership with Himo Global Inc., a unit of Talino Ventures, makers of SafePass Philippines. TPB COO Ma. Anthonette Velasco-Allones said during its press launch that the TPB forked over P6 million of the project cost, with the rest underwritten by Himo. TPB is the marketing arm of the Department of Tourism (DOT).

“It’s a progressive app,” she said, “so with or without Internet connection, it will work.”

Tourism Secretary Bernadette Romulo Puyat said for her part, “As we continue to reopen the country’s tourism destinations, Travel Philippines timely serves as every tourist’s official guide to safe and fun travel.” She added, “With the ever-changing needs and challenges in travel brought about by the pandemic, Travel Philippines will help both domestic and international tourists have safer and more memorable travel experiences amid our ‘new normal.’”

For now, Travel Philippines features six major tourist destinations: Palawan, Boracay, Bohol, Baguio, Ilocos Norte and Metro Manila, which will be updated when more provinces reopen to tourism, said Allones.

Travel Philippines also features a built-in itinerary maker that integrates with its extensive catalogue of tourist attractions, local restaurants and accommodation establishments. Users can bookmark any of the locations they read about within the platform and plan out their trips based on their preferences. Tourists can also upload into their personal Travel Philippines account digital copies of pertinent documents such as boarding passes, hotel reservations and medical certificates.

Himo and Talino CEO Winston Damarillo underscored the safety of all private data the user inputs in the app, because of its high level of encryption. Future features of the app, he said, include travel deals, cashless payments, ecommerce, to name a few.

He added, “We will publish our API [application programming interface] for local government units” to be able to make their respective travel apps inter-operate with Travel Philippines. Baguio and the Ilocos region, for instance has its own Visita registration app, while Bohol has its own contacttracing app/card.

The Nation BusinessMirror

www.businessmirror.com.ph

Beach nourishment project is a work in progress–DENR

By Jonathan L. Mayuga @jonlmayuga

A

N official of the Department of Environment and Natural Resources (DENR) said the P389-million Manila Bay Beach Nourishment Project is still a workin-progress and will require the contractor to procure and overlay more crushed dolomite.

On top of more dolomite, DENR Undersecretary for Policy, Planning, and International Affairs Jonas R. Leones said a breakwater to keep the artificial white and intact and protected from strong waves is being eyed by the Department of Public Works and Highways (DPWH) and its contractor, MAC Builders and Dragonhart Construction Enterprises Inc. joint venture.

The official is confident that engineering intervention will keep the artificial white sand in a 500-meter portion of Manila Bay intact, even with strong typhoons directly affecting Manila Bay. The beach nourishment project, particularly the overlaying of the crushed dolomite to create a “Boracay beach-like effect,” was criticized as a waste of public funds. Critics say the funds for the project could have been used for other worthwhile projects especially in time of the pandemic or should have been spent for real coastal rehabilitation program and help improve water quality.

Upon extraction of debris in the 500-meter portion of Baywalk from the Manila Yacht Club to the US Embassy in Manila, the project proponents dumped two layers of ordinary sand before overlaying it with crushed dolomite.

Unfortunately, Leones said, the Cebu Provincial Government issued a cease-and-desist order against two Cebu mining firms preventing them from transporting crushed dolomite to finish the project.

With crushed dolomite rising at least a meters high above sea level, he is confident that washing in of ordinary sand or washing out of the artificial white sand will be minimized.

Leones said the dolomite beach is not the only purpose of the beach nourishment. Aside from replenishing the eroded beach with sand, he said the project has a soil erosion prevention component. The geotubes,

he said prevent soil erosion, hence, keeping the sand intact despite heavy rainfall or storm surge.

However, Leones said, the construction of a breakwater becomes inevitable as violent storm surge is known to occur in Manila Bay, particularly along Roxas Boulevard, in the past.

He said the length, thickness or height of the breakwater and where it will be constructed will depend on the DPWH and its contractor. “This will be at no cost to the DENR, because it is part of the plan,” Leones said.

Leones also told the BusinessMirror that the construction of a breakwater aims not only to protect the dolomite, but as a flood-control measure to protect low-lying areas in Manila, Pasay, Las Piñas and Parañaque.

Based on the 2020 Manila Baywalk Perspective showed by Leones to the media revealed that the controversial beach nourishment project is far from over.

More crushed dolomite, he said, will have to be procured by the project proponents, confident that the local ban on transporting dolomite from Alcoy, Cebu will eventually, be lifted.

He said the Department of the Interior and Local Government (DILG) is currently in talks with the Cebu Provincial Government.

Based on the perspective, at least two offices that will house law enforcers and representatives of socalled mandamus agencies will rise at the Baywalk along Roxas Boulevard. There will also be two souvenir shops and two comfort rooms harnessing the Baywalk as a future tourist spot.

“This is a portion of our presentation to the media last time. Again, the breakwater although part of the plan is still subject to the conduct of feasibility study, EIA [environmental impact assessment] and consultation with other government agencies such as PCG [Philippine Coast Guard], PPA [Philippine Ports Authority], [PRA] Philippine Retirement Authority, NAMRIA [National Mapping and Resource Information Authority],” said Leones.

Leones said the construction of the breakwater has always been part of the beach nourishment plan but the overlaying of the crushed dolomite came in first.

Editor: Vittorio V. Vitug • Tuesday, November 3, 2020 A3

PNP chief orders post-typhoon clean up as Albay, CamSur execs appeal for aid

By Rene Acosta @reneacostaBM

& Jovee Marie N. Dela Cruz

@joveemarie

P

HILIPPINE National Police (PNP) chief General Camilo Pancratius Cascolan has ordered the heads of all the Directorate for Integrated Police Operations (DIPOS) to lead the post disaster clean up, relief and rehabilitation operations of regional and provincial police offices in areas ravaged

by Supertyphoon Rolly.

Cascolan, who was on his way to Bicol on Monday to personally check the ongoing response effort in the region, instructed police units to initiate clearing of highways and other thoroughfares in order to allow the smooth passage of emergency services, relief caravans and commercial cargoes.

CamSur, Albay’s appeal

CAMARINES Sur and Albay officials on Monday appealed for immediate relief and assistance from the national government for thousands of families hit the hardest by Supertyphoon Rolly.

Camarines Sur Rep. Luis Raymund Villafuerte, in a news statement, said 80,000 families in the province’s 35 municipalities and one city need aid right away from the Department of Social Welfare and Development (DSWD) and the National Housing Authority as they are now reeling from the triple whammy in the wake of typhoons Rolly and Quinta and the lingering coronavirus pandemic.

Citing the preliminary damage report released by Luzena Bermeo of the Provincial Disaster Risk Reduction and Management Council (PDRRMC) secretariat, Villafuerte said that as early as October 30, the provincial government already started evacuating 54,376 families from the high-risk barangays, particularly those that were hit a week ago by Supertyphoon Quinta.

‘Bayanihan’ spirit

“IN the spirit of bayanihan, the PNP is linking arms with local government units, state agencies and NGOs in rebuilding [areas] and rising from the devastation left by

Typhoon Rolly,” Cascolan said.

The PNP chief said they would also assist the Department of Trade and Industry in enforcing a price freeze on basic commodities and essential goods in areas that will be declared under state of calamity.

He explained that under Republic Act 7581, or the Price Act of the Philippines, automatic price control is in effect in areas that are declared under state of calamity for a period of not more than 60 days.

Aside from basic necessities and prime commodities listed or being monitored by the Department of Trade and Industry, the law also cover those that are under regulations of the Departments of Agriculture and Health, such as rice, sugar, poultry products, dairy products, cooking oil, cooking fuel, medicine and medical supplies.

Cascolan also assured police units, whose offices and equipment were damaged by Rolly of assistance for them to resume normal operations in their facilities.

“As soon as all damage assessment reports are in, we can begin restoration work for damaged PNP facilities,” he said.

AFP’s shift

AT the Armed Forces of the Philippines, soldiers are now undertaking damage assessments in hardest hit areas like Catanduanes, Legazpi City, Camarines provinces and Northern Samar.

Armed Forces Chief of Staff Gen. Gilbert Gapay said the whole unit of the military in Bicol, Joint Task Force Bicolandia, has shifted to search, retrieval, and rescue operations (SRR) from internal security operations.

All of the Army’s battalions in the region, the 31st IB in Sorsogon, 49th IB in Guinobatan, 2nd IB in Masbate, 83rd IB in Virac, 9th IB in Camarines Sur, and 9th IB in Camarines Norte have been ordered to help local officials in disaster response operations.

More than 5,000 active duty personnel and 3,000 reservists and auxiliary forces have been initially deployed for disaster response missions in hardest hit areas.

Still, Gapay ordered all units in affected areas to be on alert for pos-

sible atrocities that may be carried out by the New People’s Army.

Initial damage assessment

THE PDRRMC’s initial report bared that Rolly affected some 251,000 families, totaling 1,025,770 individuals in the province’s 1,036 barangays.

T he t y phoon also affected 24,458 farmers and wiped out P752 million worth of palay, corn and high-value crops; 34,350 fisherfolk and damaged P13.3 million worth of municipal and inland fisheries stocks; and destroyed P1.9 billion worth of infrastructure like roads, bridges, dams, irrigation systems and school buildings.

According to the same PDRRMC report, the cyclone flooded 186 barangays in 29 municipalities; totally damaged 20,658 houses and partially damaged 55,515 homes; and left Iriga City and the 35 municipalities with no electricity; 7 municipalities with interrupted water supply, and 13 municipalities with no communication lines.

The biggest damage from Typhoon Quinta was also reported in CamSur, with an estimated 4,400 hectares of palay farms destroyed and valued at P225 million.

“We are appealing for immediate assistance from the President for the devastation wrought by Supertyphoon Rolly, particularly for the most severely affected 80,000 families all over the province’s 1,036 barangays, many of whom have totally or partially lost their homes to this extremely potent ‘Category 5’ cyclone that hit Bicol a week after the onslaught of Supertyphoon Quinta,” Villafuerte said.

Villafuerte said CamSur was the hardest hit province as Supertyphoon Rolly struck the province last weekend with maximum winds of 225 kilometers per hour and gustiness of up to 310 kph.

He said the province’s palay growers have also been severely affected as they were about to harvest their crops in the weeks ahead before the Supertyphoon struck last weekend.

Camarines Sur Gov. Migz Villafuerte, meanwhile, said immediate assistance is needed by the province’s severely affected 80,000 families in all 35 municipalities and Iriga City.

In a letter to President Duterte,

Gov. Villafuerte asked for assistance in the form of available funding from the DSWD and other available fund resources for their proposed cash aid of P3,000 to P5,000 for each of the 80,000 severely affected families.

“We, likewise, seek the assistance of the NHA through its Emergency Housing Assistance Program [EHAP] for many of our people whose homes have been totally or partially destroyed,” said the governor in his letter to the President.

Meanwhile, Albay Rep. Edcel Lagman said five of the six local government units (LGUs) of the First District of Albay are inaccessible by all forms of communications after they were ravaged by Supertyphoon Rolly on November 1, 2020.

“All except for the Municipality of Sto. Domingo, the five LGUs are Tabaco City, Bacacay, Malinao, Malilipot, and Tiwi, where Rolly made a second landfall. Maximum Signal No. 5 was hoisted over these five LGUs,” he said.

Tabaco City Mayor Krisel Lagman said almost 50 percent of residential houses are in various stages of disrepair, but 50 percent of the houses in San Miguel Island are totally damaged.

“Ninety percent of fishing bancas used for livelihood have been washed out and completely destroyed,” she said.

“The public market in Tabaco City was unroofed. The Manalang House [Bahay na Bato], which was built in the 1800s and declared a heritage house in 2007, was likewise unroofed. Almost 50 percent of the roofing of all school buildings have been damaged,” she added.

In Tabaco City alone, Lagman said there were 7,000 families, or 25,000 individuals, who were under preemptive evacuation, and many of them have no more homes to return to because their houses have been destroyed by Rolly.

She said various river dikes have also been destroyed and almost 70 percent of the electric cooperative line posts have fallen.

“Even the roofing of the 17th century Tabaco Catholic Parochial Church has been blown off. The Diocese of Tabaco was established 400 years ago,” she added.

Group smells ‘something fishy’ about recent fire in Bacoor City

A

Not the first time

IN its Facebook Page, the Bacoor local government unit (LGU) reported that the fire broke out at exactly 10:12 p.m. at a house in Barangay Alima. It quickly spread and affected nearby Barangay Sineguelasan.

A total of 402 families—337 from Barangay Alima and 65 from Barangay

Sineguelasan—were rendered homeless.

The fire was extinguished at exactly 1:28 a.m. on November 2.

Fire investigators are still determining the cause of the fire. Meanwhile, those affected were relocated at the Bacoor Elementary School, Alima Elementary School, Jesus is Lord Church, and Alima SHS. In a news statement, Pamalakaya “highly believes” that the fire was “deliberate” to pave the way for a massive land-reclamation project affecting eight coastal barangays in Bacoor, known for its oyster industry and the birthplace of mussel, or tahong farming, in the Philippines.

AR A MBULO said fire hitting coastal communities targeted for relocation to pave the way for development projects happened before.

In April 2017, Barangay Maliksi III was hit by a blaze, affecting 476 families; it was followed by a fire that broke out in Barangay Tabing Dagat on the morning of January 24, 2018.

The same incidents happened in Barangays Maliksi I and Maliksi III on June 20, 2018, and a fire in Barangay Talaba II in February last year that left more than 200 families homeless.

Pamalakaya-Southern Tagalog said that the fire-ravaged communities are areas to be affected by reclama-

tion projects being pursued by the local government unit of Bacoor under actress-turned politician Mayor Lani Mercado-Revilla.

Given the circumstantial precedents, the fisherman’s group said, there is a “high probability” that the fire was not by accident, but rather “intentional.”

The group vowed to conduct its own investigation to unmask the people behind the suspicious fire.

Families affected by the recent fire in Bacoor City will receive financial support of P10,000 per family from the local government unit of Bacoor, Mayor Mercado-Revilla, wife of Senator Bong Revilla, said on Tuesday.

In a news statement released through the Public Information Office of Bacoor, Mercado-Revilla said the Bureau of Fire Protection-Bacoor Fire Station is still conducting a thorough investigation to determine what caused the fire.

She also belied the allegations, or speculations, of foul play, or arson, saying investigation is still ongoing.

continued from a7 unequal representation. But the Senate is commanner of electing the president by the electors. posed of 100 senators—two from each state, It leaves to every state the manner of choosing the hence, equal representation. electors. But by practice and tradition (by law in The Electoral College is constituted the same most states) both popular (indirect) and electoral way. The number of electors per state is equal to (direct) voting are held. the number of its representatives to the House and The practice began in the first election in the two senators each. Added are the three electors 1789 (which took place from December 15, 1788 from the District of Columbia (the capital) to make to January 10, 1789) in which George Washington up a total of 538 electors. A candidate must obtain won by unanimous vote of all the 69 electors from at least 270 (majority) to win the presidency.

10 of the 13 states and the popular vote of 43,782 How is “equality of the unequal” adhered to voters in seven states. New York failed to select its in the election of the US president? electors on time and was not able to participate To be sure, there is no provision in the US conwhile North Carolina and Rhode Island had not stitution that says the president shall be elected ratified the constitution and were not eligible to by both popular and electoral vote. participate. Only seven states held popular elecThe relevant clauses in Article II only establish the tions; three just conducted electoral voting.

So how does the system operate today? Basically the same, except for a few modifications resulting from the amendments in 1804 and 1932.

If the election of the president is solely based on the popular vote, the large states will always have a commanding advantage and they will likely always determine the outcome of the elections.

But by having the electoral vote, the inequality is somehow balanced.

Although the total popular vote nationwide is also obtained, it is not the basis for electing the president. In fact, no official tally is made by a federal election agency—only state votes are officially tallied to determine the winner in each state. Thus, it has happened five times that the candidate who got the most popular votes nation-

wide lost in the electoral vote, the most recent in 2000 (Bush vs. Gore) and 2016 (Trump vs. Clinton).

The Electoral College system somehow negates the advantage of the big states.

But what purpose does the popular election serve if the determinant is the electoral vote of the Electoral College?

Here’s how it works.

When voters in each state vote for a presidential candidate, they are actually voting for his electors (the members of the state’s Electoral College).

So if a candidate wins in a state, it will be his or his party’s electors who will convene to formally cast the electoral vote for him. Thus, what matters to a candidate is winning in three or states with huge electoral votes (California, New York,

Texas, Pennsylvania, Florida and Illinois) and chalk up some states with 10 or more electoral votes, plus a few of the smaller states.

In 48 of the 50 states, the system is winnertake-all, meaning the candidate that wins the popular election in each state also gets all the electoral votes. Only Maine and Nebraska allow a splitting of the vote by congressional district.

With the development of the two-party system, there are states that are traditionally either Republican or Democratic bailiwicks. Then there are so-called swing states, those by practice vote either way. They vary from one election to another and they are the focus of heavy campaigning by candidates—to swing the vote to their side.

So, as in past elections, this year’s polls will

be decided by the swing states.

This dual system also eliminates the need for official national tally, in the process speeding up the process so that, normally, the winner is known within 24 hours or less even though the Electoral College in every state has yet to officially convene on the first Tuesday of December.

Most political analysts in the US agree that this year’s election is too close to call and can go either Trump’s or Biden’s way. The result may also not be known at once because of some closely contested states. It bears close watching.

Ding Generoso is a former columnist of BusinessMirror and in 2018 served as senior technical officer and spokesperson of the Consultative Committee that drafted the Bayanihan Federalism constitution.

FISHERMAN’S organizations on Monday said the fire which rendered hundreds of coastal families homeless during the onslaught of Typhoon Rolly on Monday in Bacoor, Cavite, is “highly suspicious” at the least.

“We don’t buy the usual fire accident narrative anymore because it has been established that setting a community on fire is the easiest, most acceptable, and effective way to demolish an entire community to pave way for projects for development aggression,” Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas’s (Pamalakaya) spokesman for Southern Tagalog Ronnel

Generoso. . .

Arambulo, said.

Arambulo raised the suspicion that the fire that hit the area was “intentional.”

Around 400 fisherfolk and urban families, he said, were left homeless after the fire broke out in the middle of the ravaging Typhoon Rolly.

Bacoor LGU report

Appeal to Cavite governor

FOR his part, Pamalakaya National chairman Fernando Hicap appealed to Cavite Governor Jonvic Remulla to secure the affected residents and ensure that they would be able to return to their communities. Jonathan L. Mayuga

A4 Tuesday, November 3, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Hog prices remain steady as Holiday season nears

By Jasper Emmanuel Y. Arcalas @jearcalas

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HE average liveweight price of hogs nationwide as of October 29 remain unchanged with quotations in Luzon provinces at the vicinity of P200 per kilogram from their previous week’s levels, latest industry data showed.

Based on the latest weekly price survey by the Pork Producers Federation of the Philippines Inc. (ProPork), liveweight prices nationwide showed minimal to no movement at all from October 21 quotations.

Liveweight hog prices in key Central Luzon hog-producing provinces remain unchanged.

In Tarlac, liveweight hog prices ranged from P185 to P200 per kilo-

gram, while in Bulacan, prices were still at P195 to P200 per kilogram, based on the ProPork survey. Hogs in Pampanga were sold at P190 per kilogram while those in Pangasinan were at P190 to P195 per kilogram.

Most prices in Calabarzon didn’t move except for an uptick in prices in Quezon which reached P194 per kilogram compared to P185 per kilogram in the previous week. Prices in Rizal and Laguna remained at P200 per kilogram as of last Thursday.

Last week, the Department of Agriculture (DA) raised the suggested retail price (SRP) on pork to P260 per kilogram for kasim and P280 per kilogram for liempo to reflect recent movements in the liveweight prices of hogs.

“The prevalence of ASF [African

swine fever] affected the supply thereof and resulted in the reported increased retail prices of pork in Metro Manila despite sufficiency of local supply,” Agriculture Secretary William D. Dar said.

“The Department of Agriculture has observed and monitored some manipulative and speculative behaviors among traders and retailers in Metro Manila, resulting in higher prices than other regions,” Dar added.

Earlier, local hog raisers said pork prices climbed beyond P300 per kilogram in Metro Manila due to lack of supply in Luzon, as 40 percent of the sow population nationwide is gone due to ASF-related actions. (Related story: https://businessmirror.com. ph/2020/10/26/as-pork-prices-riseda-probes-groups-weigh-in/)

Google, Lazada provide free digital skills training

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OOGLE and Lazada have announced free training courses for online sellers that will equip them with digital skills and help their businesses grow.

Ahead of the busy holiday shopping season, the partnership aims to provide small retailers with more educational resources to improve their online presence, especially during this challenging year.

On the Grow with Google site, small businesses across Southeast Asia can access free short courses by Lazada University, as well as new interactive mini courses via the

Google Primer app.

The training courses will cover topics such as business strategy and digital marketing and will help address barriers of entry to starting an online shop, a news statement said. Lazada merchants can also access the co-created content directly on the Lazada University Portal, with curriculums tailored for each country. They can also participate in sessions conducted by Google experts that are live-streamed on the Lazada University site.

“E-commerce has become an integral

part of daily life for millions of Southeast Asians, and with more people shopping from home, we want to empower small businesses with the skills to thrive in this online environment,” said Google Director Ben King. “We’ve committed to train 3 million SME [small and medium enterprise] workers in Southeast Asia on digital skills, and have already provided training to 2 million individuals. We’re excited to partner with Lazada as they share their expertise and help us extend our support to thousands of merchants on their platform.”

www.businessmirror.com.ph

Blue economy

By Henry J. Schumacher

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HAT is a Blue Economy?

Allow me to refer to Blue Denmark: Denmark is among the world’s leading maritime nations, and Blue Denmark is one of Denmark’s industrial positions of strength.

Blue Denmark consists of shipowners and shipping companies and many businesses whose activities emanate from international and Danish shipping. They are, for example, shipbrokers, ports and logistic companies.

Shipyards and industrial and service companies that supply equipment, components, and services to ships are also part of Blue Denmark.

How does Blue Singapore compare?

Singapore is currently the secondlargest port globally in TEU capacity, the largest transshipment hub, and the world leader in bunkering.

Today, more than 5,000 maritime establishments contribute about 7 percent to Singapore’s gross domestic product and employ more than 170,000 personnel.

So the big question is: Where is Blue Philippines?

We started discussing the Philippine Blue Economy in 2018. Indirectly, it formed part of Arangkada Philippines’s Policy Brief on Seaports and Shipping. We were happy to see that National Economic and Development Authority, under Dr. Ernesto Pernia, supported the Blue Economy.

Through the years, the Philippines has been the world’s largest supplier of maritime services. The maritime service sector is composed of four subsectors: • Crew management: need to retain and expand the Philippines as the leading maritime country in the world; • Ship management: need to promote the Philippines as the next maritime services center of Asia and the world; • Business-process management services, including education and training: need to deepen this part of the BPO industry with the opportunity to develop business-outsourcing services for ship managers, marine insurance, legal services, and others; • Shipbuilding and repair: the Philippines is one of the large players in this subsector.

Despite the impact of the Co-

vid-19 pandemic, which has affected the blue economies around the world substantially, we firmly believe that the time is now to establish a world-recognized Blue Philippines: creating a Philippines International Shipping Fleet, carrying the National Flag.

Why now? Shipping in Asean becomes more critically crucial after global trade is affected by the policies of the man in Washington, and Europe is looking at Asean and Asia as a focus for trade and investments.

What needs to be done to achieve the potential?

• Attract investments in shipping that will allow foreign shipping companies to register their ships in the Philippines • Enhance a Philippine Ship Registry, which will set the regulations that will encourage and facilitate the registration of safe and environmentally friendly ships • Allow Philippine flag vessels to operate domestically and internationally in one registration to enhance their competitiveness • Establish a tonnage tax regime in place of income tax, bareboat tax, common carrier’s tax, and all other taxes to be at par with the ship registries of other countries • Promote access to foreign financing in the purchase of ships by amending the ship mortgage law • Encourage and allow the participation of Philippine flag vessels in the carriage of government cargo to and from the Philippines • Government imports should be secured on FOB (freight costs are separate from the cargo value of imports) to enable Philippineflagged ships to participate in the carriage of government cargo and thereby earn foreign exchange for the country, and have the profits of these transactions made taxable in the Philippines • Simplify port clearance requirements in the entry and exit of ships • Allow voluntary pilotage services and impose liabilities for ship damage resulting from pilot errors.

What will the Philippines/the Philippine government gain from this?

• Philippine registered companies pay income tax to the government for businesses done here and abroad.

Foreign registered companies supposedly pay income tax on their businesses done locally, but in the case of destination charges/services, none as they incorrectly don’t declare these as local income. Their freight income generated abroad is correctly not being taxed by the Philippine government as well.

• Freight revenues stay in the country instead of being remitted abroad • Importers will be protected from abuse of foreign shipping lines through the imposition of excessive surcharges. Importers will now have alternative options

to bring in goods at lower costs in a real market environment • Local consumers will buy imported products at a reduced landed cost as unnecessary surcharges are eradicated.

• This project will pave the way for all domestic carriers to consider going international, thereby giving work to displaced seafarers for as long as the local vessels comply with international maritime safety standards.

• Once domestic companies start to engage in international trade, foreign-flagged carriers will have competition from Philippine flag carriers • Government imports such as rice, sugar, G to G projects can and will be carried by Philippine flags as the flag law requires Per research done by the United Nations’s Comtrade, Thailand, and Vietnam, exports to the Philippines 2019 were $6.47 billion and $3.46 billion, respectively.

Based on data gathered, for 2019, the Philippines imported $112.9 billion and exported $70.3 billion worth of goods worldwide.

By value, the Philippines exported 67.7 percent to Asian countries and imported 78.8 percent from their fellow Asian countries.

Imagine all the possible benefits if at least some of these trading activities will be carried by Philippine flag shipping lines servicing Intra-Asia routes. Intra-Asean cooperation will be strengthened as well.

Of course, there are other advantages of the Maritime Blue Philippines: 1.) Filipino Global Maritime Professionals 2.) Ship Building and Repair Sector 3.) Maritime Services Center Cluster, composed of • Crew management, to retain and expand the Philippines as the leading maritime country in the world • Ship management, to promote the Philippines as the next maritime services center of the region and eventually of the world • Business-process management services, including education and training, to deepen this sector of the BPO industry of the Philippines • Ship finance and insurance and maritime law and maritime arbitration, through the development of a professional cadre of maritime lawyers, bankers, and insurance professionals.

In conclusion, in partnership with the private sector, the government should aim to study the best way to attract shipping investments that will uplift our flag registry with the Philippines becoming a leading maritime services center in the region. The time to do this is now; I am aware of investors that are willing to invest in a Philippine Flag Container Shipping Line.

Feedback is welcome; contact me at hjschumacher59@gmail.com

Farmers’ cost to produce palay down 5% in 2019

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HE country’s average cost to produce a kilogram of palay in 2019 fell by 5 percent to P11.2 per kilogram, from P11.81 per kilogram recorded in 2018 as farmers slashed their non-cash costs such as seeds, latest Philippine Statistics Authority (PSA) report showed.

The PSA report showed that farmers in 2019 spent an average of P45,302 for a hectare of palay, while their gross returns that year was estimated at P66,626 per hectare, giving them a net income of P21,324 per hectare.

The PSA said farmers incurred higher cost during the dry season at P45,842 per hectare while they spent P46,463 per hectare during the wet season planting. Likewise, rice farmers earned higher gross income during the dry season at P24,159 per hectare, compared to P16,546 per hectare in the wet season, PSA added.

“During the dry season crop-

ping, net earnings reached P24,159 per hectare, higher than during the wet season cropping at P16,546 per hectare,” the PSA said in its report published recently.

“Farmers earned an average of P0.47 for every peso invested in palay production. It was higher during the dry season cropping at P0.53 compared with the wet season cropping at P0.36,” the PSA added.

However, a PSA report showed that rice farmers last year received lower net returns compared to 2018 due to the plunge in farm-gate prices.

Rice farmers in 2018 registered an average net income of P34,111 per hectare compared, which was 60 percent higher than their net income per hectare last year based on PSA data.

Farm-gate prices last year averaged at P16.47 per kilogram while it was P20.4 per kilogram in 2018, according to the PSA report.

“Farm-gate prices ranged from P15.43 per kilogram during the wet season cropping to P17.51 per kilogram during the dry season cropping,” it added.

The PSA report showed that rice farmers were able to reduce their total cost per hectare last year by 3.43 percent to P45,302 from P46,913 in 2018.

The huge reduction in their total costs could be traced to a decline in the non-cash costs incurred by farmers for planting based on PSA data.

In2019,farmersspentaboutP12,059 per hectare in terms of non-cash costs compared to P14,112 per hectare in 2018, according to the PSA report.

Lower non-cash costs for harvesters’ share, threshers’ share, landowners’ share, irrigation fee, and seeds contributed to lower overall non-cash costs for the rice farmers, based on the PSA report. Jasper Emmanuel Y. Arcalas

www.businessmirror.com.ph • Editor: Angel R. Calso

The World

WHO chief quarantines after contact is infected

G

ENEVA—The head of the World Health Organization says he has been identified as a contact of a person who tested positive for Covid-19 and will self-quarantine.

Tedros Adhanom Ghebreyesus wrote on Twitter late Sunday that he is “well and without symptoms” but will self-quarantine in “coming days, in line with WHO protocols, and work from home.”

The WHO director-general has been at the forefront of the global response to the coronavirus

pandemic, which has infected at least 46.5 million people and led to more than 1.2 million deaths, accord ing to a cou nt of conf ir med cases by Johns Hopk ins Universit y.

Tedros’ tweet came the same day as authorities in Geneva, where the UN health agency is based, announced a tightening of restrictions aimed to curb the spread of the virus. A recent spike has more than 1,000 new cases recorded each day recently in an area of about 500,000 people. AP

China’s Xi wants to diversify supply chains amid U.S. curbs

C

hinese President Xi Jinping called for setting up independent and controllable supply chains to ensure industrial and national security, just as the US moves to cut China off from key exports.

“We must strive to have at least one alternative source for key products and supply channels, to create a necessary industrial backup system,” Xi said in an April speech on the nation’s economic development that was only published on Saturday by the Qiushi Journal, a publication of the ruling Communist Party. The magazine didn’t say why it had waited to release the remarks.

Xi said the impact of the coronavirus epidemic exposed hidden risks in China’s industrial and supply chains, without elaborating, thus necessitating “independent, controllable, safe, and reliable” chains.

Beijing last week outlined strategies for greater self-sufficiency as it unveiled its five-year economic plan after a plenum of top leaders and as tensions with the US intensify. The US has pressured allies to shun equipment from Huawei Technologies Co., barred dozens of China’s largest tech companies from buying American parts, and even slapped bans on ByteDance Ltd.’s TikTok and Tencent Holdings Ltd.’s WeChat.

Initial details of the five-year plan stressed the

need for sustainable growth and also pledged to develop a robust domestic market. Officials didn’t specify the pace of growth they would seek over the period, but said the National Development and Reform Commission would work on guidelines to be submitted to the country’s parliament in March.

Xi’s April speech called for strengthening China’s advantages, saying its strong position in international industrial chains could act as deterrence for external parties to cut off supply. He also called for China to consolidate its role as a global leader in the digital economy, and actively participate in formulating international rules in digital currency and digital tax to create new competitive advantages.

Xi emphasized the role of state - owned enterprises—a sticking point in trade negotiations with the US—calling them “an important pillar and support for national rejuvenation and for the party to govern.” He said SOEs must be “stronger, better, and bigger,” but that they also needed reform, without specifying.

The speech also touched on expanding domestic demand, improving urbanization strategies, optimizing technology resources, and prioritizing the environment and public health. Bloomberg News

E.U. faces knotty U.S. trade fights no matter who wins in election

F

RANKFURT, Germany—After winemakers, cookie bakers, and olive growers wound up as collateral damage, Europe is closely watching the US presidential election, waiting to see whether the next four years will mean more tariff wars under Republican President Donald Trump or a shift toward less confrontational negotiation under Democratic challenger Joe Biden.

It’s no secret that European officials are more in tune with Biden’s stated intent to improve transatlantic relations. But no matter who wins, fundamental disputes that erupted—or in some cases, merely worsened—under Trump may not be quick or easy to resolve.

In particular, Europe’s push for digital taxes on American tech behemoths like Google and Amazon could mean friction no matter who is in the White House. Likewise with the dispute over government support for Europe’s aircraft maker Airbus and America’s Boeing, which dates to well before Trump.

And don’t forget Europe’s longstanding ban on US chicken treated with chlorine.

Chad P. Bown, senior fellow at the Peterson Institute for International Economics, says that even in friendlier times, “there are bilateral irritants, there always have been and there always will be. It’s the nature of trade, they’re going to be there—and they have to be resolved.”

And that is fraught with consequences for the 16 million workers on both sides whose jobs are supported by transatlantic trade, the biggest such relationship in the global economy. Tit-for-tat tariffs over the past four years have affected companies and people making and selling a whole host of goods.

Among them are German makers of sweet biscuits, who have been sideswiped by tariffs imposed by the US after the World Trade Organization ruled European governments had broken the rules with subsidies for Airbus. The German confectionery association, known by its German acronym BDSI, says that affected producers have lost 30 percent of their export volume in the first half of this year.

“The small and mid-size, mostly family run enterprises have overnight and through no fault of their own lost a substantial market, which they built up with great effort over decades,”said Andreas Nickenig, chair of the fine baked goods sector of the organization.

Tariffs have also hit French, German, Spanish and UK wine as well as raspberry and lingonberry jam from France and Germany, for instance. Matters could escalate if the EU imposes tariffs on US products in retaliation for tax breaks given in the past to Boeing.

Trump has used strong language about Europe’s trade surplus with the US, saying that the EU is “worse than China” and “has been treating us very badly” with “barriers that are incredible.”

Some observers have expressed the hope that Biden could send a message by dropping the tariffs

that Trump slapped on European steel and aluminum, enraging the Europeans and other allies by calling their metals a threat to US national security. The socalled Article 232 proceeding both hurts European producers and raises the cost of steel for American companies. Europe retaliated by raising tariffs on USmade motorcycles, bourbon, peanut butter and jeans.

Claudia Schmucker, a trade expert at the German Council on Foreign Relations, said that “it would be a major sign of willingness to work with the EU” if Biden were to announce shortly after taking office that he intends to suspend the steel and aluminum tariffs, much as Trump repudiated the Trans-Pacific Partnership trade deal with Asian countries excluding China as one of his first official acts. There are hopes Biden would take a more rules-based approach based on the World Trade Organization, an international forum for resolving trade disputes.

But analysts caution those with such high hopes might be disappointed: Biden “will focus on US national interests and US economic recovery, and if he has a feeling that this would be detrimental he might not do it,” Schmucker said.

Biden’s foreign policy adviser, Anthony Blinken, has said Biden would end the “artificial trade war” with Europe, calling it a “self-inflicted wound” that has cost American jobs—but also would not hesitate to use tariffs if foreign competitors cheated on trade provisions.

One thing that’s not likely: a sweeping free trade agreement that would remove tariffs and lower other barriers such as different product safety rules. The Obama Administration started talks held in 2013-2016 but the Transatlantic Trade and Investment Partnership, or TTIP, was greeted with street protests in European cities, and Trump dropped it for his own approach.

The digital tax, passed in 2019 but suspended for now by France, presents complex challenges whoever is president—and indicates that the US isn’t the only partner capable of unilateral moves. The tax movement is led by French President Emmanuel Macron, who has indicated the tax would be dropped if the US and other countries can agree on a common approach in negotiations conducted through the Paris-based Organization for Economic Cooperation and Development.

Peter Chase, senior fellow at the German Marshall Fund of the United States in Brussels, said the digital issues show that “there are any number of places where Europeans are moving in a direction that would certainly irritate things, even under a new administration.”

Given the vast investment each side has in the other, the trade ties can be compared to a decades-old marriage with kids. The EU and the US “are a couple with a lot that’s invested in a good relationship,” said Chase. “They’re destined, in that sense, to remain together. Yes, it can be saved, but the question is, can it be as good as it was?” AP

BusinessMirror

Tuesday, November 3, 2020

A5

European leaders driven to new lockdowns by surging infections

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arge swathes of Europe enter lockdown this week, with England joining nations from Austria to Portugal in concluding that tougher action is needed to counter the coronavirus that is once again spreading out of control.

Over the summer, leaders have tried to strike a balance between protecting public health and fostering an economic recovery. But in a region that has seen more than 215,000 deaths from Covid-19, their hands have been forced by sheer weight of virus cases, with a winter peak threatening to be even worse than the first wave of infections in the spring.

British Prime Minister Boris Johnson, who on Saturday announced England will enter partial lockdown, will on Monday try to fend off a looming rebellion from members of his Conservative Party by trying to reassure them he only intends the measures to last four weeks.

In Italy, the original epicenter of the pandemic in Europe, Prime Minister Giuseppe Conte faces resistance from regional governors over mini-lockdowns for the worst hit cities.

Here’s the latest on pandemic measures in the UK, Italy, Germany, France, Spain, Greece, Portugal and Austria:

UK

A four-week partial lockdown in England starts November 5. It’s less strict than the first national lockdown in March, with waivers for schools and universities.

Johnson resisted for weeks before resorting to a new lockdown, persisting with a localized, tiered set of social-distancing rules. But his scientific advisers concluded the measures weren’t reducing infections enough, putting the National Health Service at risk of being overwhelmed by December.

But while a snap YouGov poll showed the move is supported by almost three-quarters of the population, the prime minister will be concerned by opposition from his own party. Graham Brady, chair of an influential committee of rank-and-file Tory MPs, told BBC radio he’s likely to vote against the government when the plan is put to Parliament on Wednesday because he’s concerned about a repetitive cycle of lockdowns and the intrusion into people’s lives.

The measures are still expected to pass because the main opposition party backs them.

Potentially adding to the pressure on Johnson, Nigel Farage is relaunching the Brexit Party as Reform UK, partly to fight what he calls “this cruel and unnecessary lockdown.” In a column for the Telegraph newspaper, Farage and party chairman Richard Tice wrote: “The debate over how to respond to Covid is becoming even more toxic than that over Brexit.”

In a statement to the House of Commons on Monday, Johnson will say the government intends to revert to the current system of regional restrictions from December 2, according to extracts released by his office.

They’re words intended to reassure, especially after one of Johnson’s top ministers, Michael Gove, warned on Sunday the lockdown may need to be extended if the coronavirus transmission rate

doesn’t fall enough. The Times newspaper cited one unidentified Cabinet minister saying it may not be lifted until 2021.

In another U-turn, the government extended its wage support program, which had been due to finish on Saturday, until the end of the new lockdown. Ministers are looking at every aspect of economic support and more details will be released in the coming days, Gove said Sunday.

Johnson’s announcement came on the day total UK cases since the pandemic began passed the 1 million mark. The country has the highest death toll in Europe.

Italy

Italian leader Conte may approve further restrictions that would stop short of a nationwide lockdown. He is due to address parliament on Monday ahead of an evening cabinet meeting that could stop travel between regions and close shopping malls at weekends, Corriere della Sera and La Stampa wrote on Sunday.

Stricter localized curbs—including mini-lockdowns for the worst hit cities such as Milan and Naples—would be left to regional authorities. That strategy is opposed by some governors who argue that if a lockdown is necessary it should be applied to the country as a whole.

Italy, the first Western country to impose a lockdown during the first wave, is so far resisting the sweeping new restrictions being adopted by its peers. It has already set an 11 p.m. curfew, shut down gyms, swimming pools and entertainment venues, and Conte has said that keeping schools open will be a challenge.

Germany

In Germany, Chancellor Angela Merkel faces pressures on spending to help companies and households through its own partial lockdown starting Monday. She had pledged to do “everything necessary” to help cushion the impact on firms and will meet business leaders on Wednesday.

The new measures will severely limit movement, closing bars, restaurants and hotels while keeping schools open. Germany is in a “dramatic situation,” with health-care services stretched close to the limit and authorities no longer able to track infections back to the source, Merkel said.

More than 21,500 new cases were reported on Saturday and the number of deaths rose to 129, the second time this month that Germany recorded more than 100 fatalities.

France

The French government plans to address the concerns of store owners affected by the country’s current partial lockdown by imposing limits on supermarkets’ sale of non-essential items and the number of shoppers allowed at any one time, Finance Minister Bruno Le Maire said in a BFM TV interview. If the outbreak slows,

People take a drink outside a theatre on Saint Martin’s Lane in central London on Saturday, October 31, 2020. Earlier Saturday British Prime Minister Boris Johnson announced England will start a month long lockdown next week. Johnson says the new measures will begin Thursday and last until December 2. AP/Alberto Pezzali

lawmakers will try to find a way to allow stores to open in the coming weeks, he said, possibly by using an appointment system for shoppers.

Labor Minister Elisabeth Borne has said it’s “an obligation” for those who can work from home to do so, and there can be penalties for businesses that don’t play by the book as they have a duty to protect employees.

Spain

A majority of Spain’s 17 regions have already closed their domestic borders or will do so this week, preventing non-essential travel.

Targeted regional lockdowns will remain in force until after November 9, and cover consecutive bank-holiday weekends, which would ty pically lead to massive f lows of travelers moving across the countr y.

R eg ion a l aut hor it ies h ave e x traord ina r y powers to de clare curbs on movement after Prime Minister Pedro Sanchez announced a state of emergency on Oct. 25. Spain last week reported more than 9,000 daily coronavirus infections on two consecutive days, the most since tracking started.

Greece

Greece is taking further steps to contain the spread of the coronavirus after the countr y recorded a record 2,056 new cases on Saturday.

From Tuesday, the countr y will be divided into high-risk and under-surveillance zones.

In high-risk areas, including the capital Athens, restaurants, bars,

cinemas, museums, theaters and gyms will close, though people will still be allowed to move among regions. Industry, schools, retail shops, hotels and hair salons will remain open nationwide.

A nighttime curfew will start half an hour earlier at midnight and the use of masks will be compulsory in all indoor and outdoor spaces regardless of the level of transmission risk.

Portugal

Portugal is extending restrictions to more regions, including its capital Lisbon, from Nov. 4 as it tries to stem the virus while keeping shops and restaurants open.

Restrictions that were already in place in three municipalities of northern Portugal will apply to a total of 121 districts that have reported more virus cases. These locations are home to about 70 percent of Portugal’s population of 10 million, including the greater Lisbon and Oporto regions.

Shops will have to close by 10 p.m. and restaurants by 10:30 p.m.

In addition, employees should work remotely when possible.

Austria

Austr ia’s par tia l lockdow n, starting Tuesday, is similar to neighbor ing Ger many’s, w ith schools and nonessential stores open and restrictions on staying home applying only at night.

Restaurants, cafes and hotels will close except for takeout and for business travelers. Gyms, cinemas and theaters will be shuttered. The rules take effect Tuesday through the end of November.

Bloomberg News

A6 Tuesday, November 3, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Curtain call for coal

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he Department of Energy’s recent decision to stop endorsing new coal power plants should be lauded and welcomed. Indeed, it took a long time coming.

In declaring the moratorium, Energy Secretary Alfonso Cusi cited the need to shift to a “more flexible power supply mix” that would help build a more sustainable power system in the country. This is somewhat a departure from his previous “technology neutral” position. He said before that the government will not favor nor discourage any particular technology for power generation and all power plants should compete with other types of technology without government support.

We are glad for the change of heart, as this is more in line with the Philippine government’s commitment to significantly increase its renewable energy capacity by 2030, aiming to install 15,400 MW from RE to account for half of the country’s power demand. This was the target set forth in the Philippines’s National Renewable Energy Program, under the RE law of 2008.

Transitioning from coal will not happen overnight but it needs to be started today. Actually, the best time to start was yesterday.

The Lopez-owned First Philippine Holdings and its subsidiaries completely divested from coal four years ago, led by Federico “Piki” Lopez, who was recently chosen Man of the Year 2020 by the Management Association of the Philippines “for passionately pushing for the country’s transition to a low-carbon economy through his various advocacies to proactively address the irreparable damage of climate change.”

Piki Lopez said back in 2016 that as more renewable energy sources come onto the grid and become cheaper, REs “in due time will permeate our lives whether we like it or not.” He said coal power plants are likely to end up as underutilized or stranded assets in 10 years, or even less, given the rapid pace of renewables. The man saw the handwriting on the wall.

For the past few years, some local governments committed to phase out coal use to become renewable energy consumers, including Ilocos Norte, Sorsogon City, Guimaras and Negros Occidental.

Wind, solar, hydro, geothermal, biomass and other renewable energy sources can provide a competitive advantage over coal as they are readily available in our country and their costs remain stable and under control, not subject to the price volatilities of fossil fuels.

But there is a more compelling reason to explore more renewable energy projects. We have seen how vulnerable the Philippines is to extreme weather events caused by climate change. The Philippines is one of the nations that are most in danger of facing more frequent and more intense storms as climate change worsens.

We need no reminder of this, as Typhoon Rolly, the world’s strongest typhoon of 2020, battered our country on Sunday, joining the likes of Ondoy, Pepeng, Yolanda, and Pablo, which are some of the deadliest tropical storms that hit the Philippines in the last few years, causing thousands of deaths and billions in economic damages.

Natural extreme events and disasters cost the Philippine economy nearly half a trillion pesos between 2010 and 2019, according to data released by the Philippine Statistics Authority.

Renewable energy can significantly slow climate change and save millions of lives. Wind, solar, hydro, geothermal, biomass and other RE power plants can displace hundreds of thousands of tons of carbon emissions in the country while generating a significant number of jobs, boosting economic activity in the host provinces where they operate. Their environmental and economic benefits extend well beyond our GDP to improve the health and well-being of our citizens.

Coal is the most carbon-intensive fossil fuel and accounts for 43 percent of global greenhouse-gas emissions, which countries that ratified the Paris Agreement, including the Philippines, vowed to reduce by 70 percent by 2030.

Coal may be abundant and cheap but more coal consumption can only lead to more greenhouse-gas emissions, and it is countries like the Philippines that would suffer from the subsequent climate change disasters.

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W

e have avoided the fresh firestorm now engulfing Europe because Filipinos are starting to learn how to live with the pandemic. Filipinos are sticking to the simple and basic health protocol of washing hands as often as possible, wearing face mask and social distancing. In sum, most Filipinos were not complacent and dodged Covid-19 amid the economic reopening.

The soaring Covid-19 cases in Europe, and the United States as well, are a reminder that the pandemic will not simply go away, and that we should not let our guards down.

France has virtually shut down for November while Germany and England are following suit with several tough measures, including stay-athome orders and the early closure of bars and restaurants.

Europeans may have thought that the virus is fading away judging from their early successes in curbing their infection rates. They reopened the economy as if the virus has been licked and with little regard for social distancing. They trooped to the beaches, public places and entertainment centers in great numbers. The recent spike in infections, however, is proving that the virus has not rested at all and will continue to attack the vulnerable people.

The Covid-19 infection figures

as of October 30, 2020 show an alarming rate that prompted many European governments to impose countrywide lockdown, in the case of France, and strict quarantine measures that limited the movement of the population in other parts of the continent.

France’s daily infection rate shot up to 47,637 while Italy recorded 26,831. The UK is not far behind with 23,065, while Spain had 23,580. Belgium tallied 21,048 while Germany registered 18,732 cases.

These numbers are staggering and might have brought down the Philippine health-care system to its knees if it happened here. Fortunately, the Philippines seems to have flattened the curve with daily virus cases down to below 2,000 in the past two weeks. President Duterte’s administration has contained the infection rate with 41,291 active cases as of October 20, with total re-

covery of 330,457. Total Philippine deaths stood at 7,185, or a mortality rate of just below 2 percent.

The relatively low figures in the Philippines should prompt our government to reopen further the economy to restore jobs and prevent thousands of small establishments and retail outlets from permanently closing down. Our authorities, for one, should allow more provincial buses to enter and leave the capital region to promote domestic tourism and revive economic activities in the countryside.

I believe in the resiliency of the Filipinos. Months of lockdown and the most rigid quarantine rules have taught our employees and workers to respect the coronavirus.

They have learned to adapt to the new normal of commuting, shopping, dining and working in office spaces. They know the purpose of social distancing and they value the wearing of face masks and washing of hands, conscious that they have to protect their spouse, children, parents and other relatives at home from the virus.

Meanwhile, I am pleased to learn that foreign and local investors have not quit the Philippines despite the pandemic’s damage to the economy.

For instance, the business process outsourcing sector has remained upbeat, vowing to hire at least 17,000 workers in the next three to four months. The sector’s optimism is understandable. There is demand from the health sector because of the pandemic and this has prompted

Hoping for a Merry Christmas

Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

Chairman of the Board & Ombudsman President Advertising Sales Manager Group Circulation Manager

Manny B. Villar

Lourdes M. Fernandez

Senior Editors

Creative Director Chief Photographer

Receding PHL infection rate justifies further reopening

John Mangun

OUTSIDE THE BOX

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he next few days are initially going to determine the course of the United States for the next 12 months. In reality the results will favor Biden, Trump, or Chaos. I have my betting money on Chaos as that is the most likely “winner.” This is because the US has allowed its politics and its society in general to degenerate to “barbarism.”

In the largest US cities—and essentially because of “politics”—there is a “Burn it Down” mentality. That must be done from time to time.

Thomas Jefferson wrote, “The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants. It is its natural manure.”

The problem comes when there is no sensible plan of what comes after the “burn.” For all of its faults and missteps, the post-Edsa government of Cory Aquino did its best to rebuild first with the scrapping of

the then-existing constitution and the Administrative Code of 1987.

An example of burn without a plan is the French Revolution in 1789. It was not until 1792 that an almost full-functioning government was put into place. And even then the French experienced the “September Massacres” and the “Reign of Terror.”

In the Philippines, our time frame to determine in large part what 2021 will look like is the next 60 days. The economic fallout from the pandemic has hurt everyone and obviously in

different ways.

The tricycle driver and the farmer have been trying to figure out how to feed and clothe the family. The medium size business owner is working on how many stores it must close to keep its other 2,000 employees on the job. Jollibee is doing the same to protect some 20,000 workers.

Philippine Airlines is trying to avoid a worst-case scenario while cutting 35 percent of its work force.

That is not to make exact comparisons by any means. Of the First Class passengers on the Titanic, 62 percent survived. Only 25 percent of those in Third Class made it out alive. Life is not fair or equal.

No one bought the Number 2 pencils, book bags, or the dozens of notebooks from National Bookstore this year. You did not buy the three pants, three polo shirts, four sets of socks and hankies, and a pair of shoes for your high school student to start school. June weddings and debuts were not in a fancy hotel. The economic waves through the economy are immense.

Some malls and restaurant areas are ghost towns. Others are picking

some BPO companies to expand their work force.

The pandemic has also made the BPO sector flexible. Almost 70 percent of the whole industry’s labor pool now works from home despite connectivity issues and the slow Internet, according to the Information Technology and Business Process Association of the Philippines.

Another foreign investor, agricultural company Cargill Philippines Inc., is pursuing a planned P12.5billion investments in the country over the next five years despite the impact of the coronavirus pandemic on its operations.

My group’s AllHome Corp., a leading one-stop shop for home needs, has just expanded its network in Luzon. It opened a store in Santiago, Isabela and another at Evia Lifestyle Center in Las Piñas City. The opening of two new outlets boosted AllHome’s store network to 47. The group plans to open two more stores for the remainder of the year to bring the total to 49 by end-2020.

Investments and other economic activities in the Philippines will prosper if we play our cards well against Covid-19. Our workers are responsible and are adapting to the new normal. They are not complacent despite the current low infection rate. They have actually kept the Covid-19 numbers low and we should give credit to them.

For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

up slowly. But the key to the future will be found, as we move closer to the Christmas holidays.

Economic activity is like time.

You can never recover what is lost.

“The best time to plant a tree was 20 years ago. The second best time is today.” Nice thought…unless you are 70 years old like me.

For all intents and purposes, the economic foundation of 2021 rests on the shopping and buying activities in the next 60 days. Of course, it will not be like 2019 but if the malls stay “dead,” 2021 will not start as a Happy New Year. So go out and buy all you can for Christmas.

But you—and I—will not buy unless we feel confident about the future. We need to feel assured that Covid in Philippines is winding down. I want to see the stock market go higher. I want to be comfortable going to Mass. We need a Merry Christmas.

E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

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Understanding US elections: Popular vote versus electoral vote

The next US president

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Manny F. Dooc

TELLTALES

By Ding I. Generoso

n November 3, Americans troop to the polls in masks for the first time in history and, if political pundits are correct, en masse for the first time in 100 years to elect their president.

Their choice is between reelectionist Donald Trump of the Republicans and Democratic challenger Joe Biden.

It will be the first “masked” election in the US since George Washington was elected 231 years ago by 43,782 popular votes and 69 electoral votes (the only unanimous vote of the Electoral College).

Turnout per State will tell whether the post-election headline would be: “Donald Trumps Joe” or “Donald Gets Trumped.”

Historically, less than 50 percent of Americans vote in every election; and that has been the case since 1789.

As a percentage of eligible voters, turnout exceeded 60 percent only four times since 1920. The average for 25 elections was 55 percent.

For all the hype about American democracy, the sovereign will of the people, the “greatest” display of democracy, and all things good and beautiful in the good ole US of A system, it can be said that Americans are not as thrilled by elections and American politics as they are

by NFL and NBA or Hollywood and McDonald’s.

From Washington to Trump, all US Presidents had been minority presidents—voted by no more than 20 percent to 25 percent of all Americans.

America’s democracy and government is rule of the minority, not rule of the majority. Yet it survives and thrives, it is strong, according to most Americans. Despite that, they still call it “government of the people, by the people, and for the people.”

But for Tuesday’s polls, 65 percent of eligible voters are expected to cast their ballots—almost half of them in early and absentee voting that began weeks ago—the first time Americans are voting en masse since 1920.

But the popular vote is only half the story. It is the vote of the Electoral College that determines who becomes US president.

What is this Electoral College, how did it come about, and how does it operate?

Americans elect their president two ways: by indirect popular vote in each of the 50 states that com-

prise the Union, and by direct vote of the chosen electors via the Electoral College.

This system came about when America’s “founding fathers” wrote the US constitution in1787, or 10 years after the original 13 states declared independence from Great Britain.

America began as a confederacy of the 13 states in 1777. It had no central government at the time. It had a Continental Congress created via the Articles of Confederacy signed by the 13 states. The Continental Congress served as government of the Confederacy, but it was more for representation with the British government as for waging the war of independence.

But the Articles of Confederacy and the Continental Congress became inadequate when the war was over.

So the movement for federalism took shape—culminating in the Philadelphia Convention of 1787 where representatives of the 13 states wrote the US constitution.

In that convention, the manner of electing the US president was one of the hotly debated provisions of the constitution. It is worth noting that at the time, no nation in the world chose its head of state by direct popular vote. The delegates were at a dilemma.

Four times, the delegates rejected proposals for the US Congress to elect the president; and twice to elect the president by direct popular vote.

The Electoral College became the compromise. It is anchored on the “unwritten” democratic and federal principle of “equality of the unequal.”

As a federal republic, US is composed of “unequal” states. For representation in the central or federal government, the inequality has to be addressed in some measure. And this is evident in how the US Congress and the Electoral College are constituted and how the president is elected.

Today, the US Congress is composed of 435 members of the House of Representatives elected per district in each of the 50 states. Since states vary in population and the number of districts, this constitutes See “Generoso,” A3

he quest will soon be over. American voters will troop to the voting polls today to elect their 46th president. This election may be viewed as a referendum on the Trump presidency.

As of April 2020, Trump’s approval rating was 44.3 percent, the lowest among the recent presidents seeking reelection. In the past 50 years, three presidents failed to win a second term—Gerard Ford in 1976, Jimmy Carter in 1980 and George H. W. Bush, Sr. in 1992. The Democratic challenger, Joe Biden, holds a 9-point lead over Trump as millions of Americans cast their votes. Over 80 million voters have already voted. Americans are flocking to the polls in record numbers to vote like their very lives depend on it. We have seen the long queues of voters—white, black, men, women, young and old—waiting long hours just to exercise their right to vote. Supporters of both parties consider today’s political exercise as the most important election in their life. So much is at stake for the American people in this election, including their democratic way of life.

Election is being held amid a surging pandemic, which has infected over 9 million Americans and claimed more than 230,000

lives. The most pressing issues at stake include how to contain the virus, reverse the downturn of the US economy and start the road to recovery. As the nation grapples with Covid-19, economic worries and the turmoil in the streets over racial injustice boil across America.

The people need someone they can trust to run the country efficiently, address the pandemic and manage the economy. Trump’s mishandling of the pandemic has become a central issue of this campaign although Trump has tried to downplay it. In a rally last week, Trump bewailed: “Covid, Covid, Covid. On November 4, you won’t be hearing about it.” He even held rallies attended by thousands of his followers without people wearing mask and observing physical distancing. Aside from the pandemic, the economy is a top concern among the Americans. Businesses have shuttered amid the ravaging coronavirus. Unemployment hit record highs reaching 14.7% in April. Since Trump assumed the presidency, the US has contracted a national debt to the tune of more

Tuesday, November 3, 2020 A7

than $7 trillion. How can Trump claim that the country has seen “the best economy we’ve ever had in the history of our country” when its national debt has exploded to an unprecedented level. Racial unrest and social injustice against people of color and minorities are critical issues hugging the current political debate. George Floyd’s final words—“I cannot breathe”—has become a political slogan that has incensed Americans. The country needs a president who can heal and unite America; not one who will stoke racism and division and promote white supremacy and violence.

“This campaign is not just about winning votes. It’s about winning the heart and, yes, the soul of America,” said Biden in the Democratic National Convention in August.

Who would make a better president? Who is better equipped and qualified to hold the reins of government for the next four years and prevent the spread of the deadly virus, which has devastated its economy? Who possesses the leadership, character, and experience to lead the nation out of its crippling problems? These are the myriad questions that every American voter should answer.

As President Trump arrived in New Hampshire to rally his supporters a week before election, the largest newspaper in the state, The New Hampshire Union Leader, announced in bold headline, “Our Choice is Joe Biden.” It was the first time in over 100 years that the respected conservative paper

has endorsed a Democratic candidate for president. The editors denounced Trump that he “is 100 percent wrong for America,” citing his character flaws and unfitness for the job. In contrast, former President Obama glowingly endorsed Biden by saying that Biden “made me a better president, and he’s got the character and the experience to make us a better country. Joe knows that a president’s first job is to keep us safe from all threats, foreign, domestic, and microscopic.”

Losing an election is the worst defeat one can suffer. It feels great while the candidate is occupied with campaign hustings, hobnobbing with the crowd, enjoying the applause of the audience and fleshing the adoring supporters.

But once the election is over and the candidate lost, the weariness and the frustrations set in. Tempers flare and just like Richard M. Nixon when he lost his gubernatorial contest against Governor Jerry Brown of California following his defeat to John F. Kennedy in the presidential contest of 1960, he snapped back at the press who had gathered to get his statement: “I leave you gentlemen now and you will now write it. You will interpret it. That’s your right. But as I leave you I want you to know—just how much you will be missing. You don’t have Nixon to kick around anymore because, gentlemen, this is my last press conference.”

After a nasty and brutal campaign, who do you think will give a swan song? My bold bet is Trump.

The issue of increasing capitalization of insurers

By Reynaldo A. De Dios

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he Philippine insurance industry is facing a crisis in meeting the mandated capital increases under Republic Act 10607.

This law requires all insurers, both life and non-life, to have a net worth of at least P250 million by June 30, 2013, P550 million by December 31, 2016, P900 million by December 31, 2019, and P1.3 billion by December 31, 2022.

From the records of the Insurance Commission, only 20 non-life insurers out of 58 have met the requirement of P550 million, although we learned that a number of insurers have managed to meet the deadline of P900 million capital build up.

The same holds with the life insurers as only 15 of the 30 life insurers made the P550-million capital requirement. At this juncture, the Philippine Life Insurance Association appealed with the proposal for the government to cap the

minimum net worth requirement at P900 million, which is equivalent to $19.6 million.

The Insurance Commission, recognizing the difficult predicament of the owners, has given them an extension or grace period to meet the requirement of P900-million net worth. Nevertheless, the next hurdle would be the additional P400 million to comply with the P1.3 billion net worth by December 31, 2022.

Unfortunately, the adverse im-

pact of the Covid-19 pandemic on the general economy and on businesses makes it more difficult for the owners to obtain funding to meet even the year-end December 31, 2019 requirement.

It was also pointed out that the P900 million should already be enough to make the industry well capitalized. The amount of P1.3 billion or the equivalent of $26.9 million would make it the highest capitalized in Asean.

Bottom line, the increase in capitalization is to ensure insurers are more than capable of delivering their commitment to their policyholders.

As it is, the IC as the supervising body has been highly successful in its stewardship of the industry, as claims and benefits have been met.

When this proposal to cap the increase was referred to the Department of Finance, it was rejected. The

tragedy of this refusal is that it will impact mainly on Filipino insurers who will be ordered to cease and desist from doing business, thus causing massive unemployment of thousands of Filipino insurance workers.

With the consequence of a smaller number of insurance companies providing insurance protection, this will surely affect the thrust of the industry to increase insurance penetration in the country. As it is, the Philippines has one of the lowest penetration rates in the Asean region.

The foreign insurers are not bothered by this development as they have the resources to meet the P1.3 billion requirement.

It is therefore hoped that the Department of Finance would reconsider its stand to preserve the number of Filipino insurers.

The author is the Editor of Insurance Philippines.

Retirement benefits: Tax exemption under the Bayanihan to Recover as One Act Fulvio D. Dawilan

Tax Law for Business

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wo weeks ago, my colleague, Rodel Unciano, wrote in this column about the features of the exemption from tax of retirement benefits as provided under Republic Act (RA) 11494 (Bayanihan II) and as implemented by Revenue Regulations 29-2020. Let me further elaborate on this, especially in relation to the conditions or limitations imposed for the entitlement to the tax exemption.

Recall that in the said law, retirement benefits received by officials and employees of private firms, whether individual or corporate, from June 5, 2020 until December 31, 2020 shall be excluded from gross income and shall be exempt from taxation. The law, however, includes a proviso to the effect that any re-employment of the retired employee in the same firm, within the succeeding 12-month period shall be considered as proof of non-retirement, and shall subject the benefits received to appropriate taxes. In essence, if an employee is re-hired by the same employer

within the next 12 months, he will not be considered retired and the supposed retirement benefits will be subjected to tax. This is the only limitation or condition on the exemption from tax of the said retirement benefits.

The Courts had consistently upheld the principle to the effect that in the implementation of laws and in the crafting of regulations by administrative bodies and implementing agencies, the implementation is necessarily limited to what is provided for in the legislative enactment.

It cannot be extended to amend or expand the statutory requirements

or to embrace matters not covered by the statute.

With this in mind, allow me to state that the exemption described in Bayanihan II does not make any reference, either by exclusion or inclusion, to those retirement benefits and their exemption as specified in the Tax Code. The only reference to the Tax Code is with respect to the penalty to be imposed on a person who willfully evades or defeats the payment of taxes through the said exemption. Apparently, the only condition or limitation for the availment of exemption is that the retiring employee should not be rehired within the next 12 months after retirement and that the exemption should not be used as a scheme to evade or prevent the payment of taxes.

On this note, the law should not be expounded to include or exclude those not specified in the law. Neither should additional conditions be provided that would limit the coverage of retirement benefits entitled to the exemption. Relative to this, the provision on tax exemption of retirement benefits under the Bayanihan II does not limit, expressly or impliedly, its coverage to the retirement benefits received in accordance with retirement plans

duly-registered with the Bureau of Internal Revenue.

In fact, the exemption of retirement benefits under Bayanihan II does not exclude the retirement benefits already exempted based on the existing laws. Based on the rules provided in the Tax Code, retirement benefits may be received either under RA 7641 or in accordance with a reasonable private benefit plan maintained by the employer.

If the conditions under RA 7641 or under the private benefit plan are met, the retirement benefits shall be exempt from tax. But that does not imply that since the benefits are exempt under RA 7641 or under the reasonable private benefit plan, the retiring employee or employer may not resort to availing the exemption under Bayanihan II. It may sound absurd to refer to other basis for exemption when the benefit is already exempted from tax following the existing rules. But that’s a choice to be made by the employee or his employer. The point is—the exemption from tax under Bayanihan II is not limited to those received under reasonable private benefit plan, to the exclusion of retirement benefits received from the employer or from non-BIR qualified plan. To do so would be limiting the exemption to

a few retirement scenarios.

As presently crafted, the regulations would effectively exclude a number of benefits that the law attempts to exempt. Again, as the law did not qualify, all retirement benefits received within the specified period should be exempted.

Apparently, to anchor such limitation on the basis that employees could be separated on some other basis, such as redundancy or other causes beyond the control of the employee, and still enjoy exemption from taxes, has no basis. The reasons for retirement (even early retirement) are not necessarily the same as the reasons for separation due to causes beyond the control of the employee. Also, there are a number of conditions and compliance for the exemption of separation benefits that are not required for retirement benefits. It may not therefore be appropriate to exclude retirement benefits from exemption on the premise that the benefits could be exempted as separation benefits.

In so far as exception to the exemption due to re-employment is concerned, the law refers to the rehiring with the same firm. However, RR 29-20 extended the same to reemployment with the employer’s re-

lated parties. This means that should the employee be rehired by an employer that is related to the former employer, the tax corresponding to the retirement benefits should be paid. If that is the intent, the law would have clearly indicated that.

That is NOT the case though.

The Bayanihan II relaxed the conditions on tax exemption for retirement benefits, but for a limited period, from June 5, 2020 to December 31, 2020. Apparently, because of the situation faced by businesses caused by the Covid-19 pandemic, employers are forced to retire employees ahead of their scheduled retirement. Any retirement benefits received during the period covered should therefore be exempted from tax, without conditions other than that provided by the legislators.

The author is the Managing Partner of DuBaladad and Associates Law Offices, a member-firm of WTS Global.

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 comments or questions concerning the article, you may e-mail the author at fulvio.dawilan@ bdblaw.com.ph or call 8403-2001 loc 310.

A8 Tuesday, November 3, 2020

With 90% infra damage, Catanduanes now isolated

By Rene Acosta

@reneacostaBM

& Samuel P. Medenilla @sam_medenilla

UPERTYPHOON Rolly damaged about 90 percent of Catanduanes’ infrastructure, officials said on Monday as teams of emergency, rapid assessment and communication personnel were sent to the province, isolated for the past two days due to lost communication signal.

The ferry boats that regularly carried people and vital supplies were also totally out of commission, prevented by fallen electric posts in Albay province—where they took shelter during the previous typhoon Quinta last week—from returning to Catanduanes.

The island province, hardest hit by the world’s most powerful typhoon so far this year which pummeled a big portion of Luzon over the weekend, has thus far tallied a total of 16 fatalities along with the province of Albay, both in Bicol region, according to the Office of Civil Defense (OCD) in Region 5.

Emergency personnel, including a team of telecommunication experts from the OCD main office in Manila, were flown into Catanduanes by a Philippine Coast Guard BN Islander plane to extend initial assistance, establish communication lines and identify areas needing immediate search and rescue.

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A Coast Guard helicopter followed to support the conduct of damage assessment and rescue operations, said Coast Guard spokesman Armand Balilo.

Rolly also interrupted power, water and communication services in the 11 municipalities of the province. Between 10,000 and 15,000 homes made from light materials were also destroyed by the typhoon, along with 80 percent of electric posts.

For several hours after Rolly hit Catanduanes, disrupted cell site services blacked out information. It was only after a team was deployed by the National Disaster Risk Reduction and Management Council (NDRRMC) that the national government obtained updates from Catanduanes Governor Joseph Cua via satellite phone.

Compared to damage caused by previous typhoons like Rosing in 1995 and Nina in 2016, Cua said Rolly wrought greater devastation to their province.

Lack of transportation

Cua sought help in restoring basic services in their province, particularly transportation.

He said the ferry boats that usually provided transport to and from their province took shelter in Albay when typhoon Quinta (international name: Molave) hit the Bicol region last week.

Continued on A2

New disaster department costly, needless–senators

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By Butch Fernandez

@butchfBM

VEN as pressure mounted for a House-backed bill creating a separate Department of Disaster Resilience (DDR), two senators warned on Monday there is no money to set this up, and the move contradicts the “rightsizing” efforts to cut bureaucratic costs.

The DDR is also seen to replicate much of the coordinating work of the existing National Disaster Risk Reduction and Management Council (NDRRMC), as well as those of agencies that routinely respond to disasters like public works and social welfare and development. In separate statements, Senators Panfilo Lacson, Richard J. Gordon and

Senate Minority Leader Franklin M. Drilon aired serious misgivings, signalling the DDR bill is in for rough sailing in plenary deliberations even if it hurdles committee level scrutiny.

Raising serious doubts over its feasibility, Lacson said: “It is relatively easy to pass a law creating new departments. But would it be feasible, and will there be proper funding for it?”

Lacson cited estimates by the Department of Budget and Management (DBM) that at least P1.5 billion is needed just to set up the new department, noting “that does not yet include added salaries, capital outlay like office facilities, furniture, vehicles, MOOE, and CIF,” referring to

maintenance and other operating expenditures and cost of insurance and freight.

For his part Drilon pitched “ better planning and coordination” among existing agencies involved in disaster management instead of spending P1.5 billion of taxpayers money to further “bloat the bureaucracy.”

The opposition senator rejected the move to create an additional full-blown department focused solely on disaster management, deploring it as a “kneejerk reaction.”

He believes “an overall plan on the number of departments should be in place, instead of a ‘knee-jerk’ push for a creation of certain departments.” Drilon added, “If it ain’t broke, why fix it?”

The DDR bill was passed by the House of Representatives in September while its counterpart bill is still under consideration in the Senate Committee on National Defense.

Drilon suggested strengthening the coordination and planning between and among agencies involved in government’s disaster response, including a timely access to disaster funds by local government units which are at the forefront of disaster management.

At the same time, the Minority Leader reminded everyone that “there is already an established system with the NDRRMC and the OCD [Office of Civil Defense] at the forefront. We do not see an urgent need to change it through the creation of a new department

Private construction value growth slows in 2019–PSA

By Cai U. Ordinario

T

@caiordinario

HE increase in value of private construction projects slowed to 3.3 percent in 2019, according to the Philippine Statistics Authority (PSA).

Data showed that the total va lue of const r uc t ion work s amounted to P491.8 billion, higher than the P476 billion in 2018.

The growth posted in 2018 was faster at 42.9 percent.

PSA said the total number of private construction contracted 0.02 percent to 173,162 in 2019 from the 173,193 posted in 2018. The annual growth posted in 2018 of the number of construction projects was at 13.9 percent.

“Total value of construction refers to the sum of the cost of building, electrical, mechanical, plumbing, and others. The value is derived from the approved building permit and represents the estimated value of the building or structure when completed,” PSA said.

Almost half or 47.4 percent of the total value of construction was accounted for by nonresidential buildings followed by residential building constructions which accounted for 45.9 percent in 2019.

The construction of nonresidential buildings amounted to P233.2 billion which reflected a 28.5-percent increase from the P181.5 billion value of construction reported in the previous year.

Residential building constructions, valued at P225.8 billion, indicated a contraction of 12.3 percent from the P257.4-billion construction value posted in 2018.

“Addition to existing structures, and alteration and repair contrib-

uted 1.2 percent and 5.5 percent, respectively,” PSA added.

Data showed the construction value of addition to, and alteration and repair of existing structures, were recorded at P5.9 billion or 1.2 percent of the total and P26.9 billion or 5.5 percent of the 2019 value, respectively.

PSA said both types of constructions saw declines in their respective value of constructions compared with the previous year, with annual rates of -13.3 percent for addition to existing structures and -11.2 percent for alteration and repair.

Meanwhile, the combined shares of the top 3 regions, in terms of value of construction, amounted to P287.8 billion or 58.5 percent.

These regions were led by the National Capital Region (NCR) or Metro Manila, which accounted for P158.1 billion or 32.1 percent of the total.

The other regions are Calabarzon, which accounted for P77.4 billion or 15.7 percent of the total construction value in 2019; and Central Visayas with P52.3 billion or 10.6 percent of the total.

Construction statistics are based on approved building permits on new constructions and additions to; alterations and repairs of existing residential and nonresidential buildings; and other structures which are proposed to be constructed in the different cities/municipalities of the country.

The data is generated from approved building permits as well as from the demolition and fencing permits collected every month by PSA field personnel from the Offices of Local Building Officials (LBOs).

and by appointing new secretary, undersecretaries and assistant secretaries.”

Drilon stressed that as it is, “the Personnel Services budget today already constitutes at least one-third of the national budget.”

For 2021, the proposed budget for personnel service is set at P1.316 trillion, up by 11.1 percent from P1.184 trillion this year. The total 2021 budget is P4.5 trillion.

“I believe that numerous national agencies and GOCCs now have duplicating functions and should be rationalized before we start creating new offices or departments,” he added.

Drilon recalled that when the Duterte administration came to power, then-Budget Secretar y and now Bangko Sentral ng Pilipinas Governor Benjamin Diokno pushed for a rationalization of the bureaucracy.

Meanwhile, he also questioned the planned creation of a new department to address overseas Filipino workers (OFWs) concerns. And yet, the Department of Agrarian Reform, whose mandate has been achieved and whose functions “can be performed now by the Department of Agriculture and the Department of Environment and Natural Resources, has not been abolished and continues to be funded by an annual budget of hundreds of millions.”

Drilon worries that the creation of a new department for OFWs would expose the P19-billion OFW trust fund to the “sticky hands of politicians.”

DHSUD chief: NHA ready to help people hit by ‘Rolly’

T

HE National Housing Authority (NHA) is ready to provide emergency housing assistance to families and individuals affected by typhoon Rolly, the Department of Human Settlements and Urban Development (DHSUD) assured.

DHSUD Secretary Eduardo del Rosario told the BusinessMirror that under the NHA’s Emergency Housing Assistance Program (EHAP), beneficiaries can get P5,000 to P30,000 assistance depending on the damage.

NHA Assistant General Manager Victor C. Balba said the EHAP was allotted P1 billion this year.

However, he said, they have yet to determine how much of these is left from this year’s allocation that can be used for typhoon Rolly victims.

“We are now getting the extent of damage through the LGUs [local government units] and once they are secured, we will assess the type of assistance, the immediate assistance to be provided will be our Emergency Housing Assistance Program, if funds are insufficient, we will request additional funding,” Balba said.

Del Rosario said Pag-IBIG will also open satellite offices to service members wishing to access calamity loan assistance in affected provinces. For long-term programs, the DHSUD is working with LGUs to determine possible resettlement sites.

“We are now conducting a rapid needs assessment to determine the extent of damage, for short term,” Del Rosario said. “For [the] long term and if there is a need for resettlement, we will construct new settlements in partnership with the affected LGUs.” On Monday, Catanduanes Governor Joseph E. Cua said there were 10,000 to 13,000 affected households whose homes may have been destroyed, or partially damaged by typhoon Rolly. Senator and Philippine Red Cross Chairman Richard J. Gordon said 80 percent to 90 percent of houses in a number of municipalities in Catanduanes were damaged by the typhoon.

Reports from CNN Philippines said Rolly was tagged as the world’s strongest typhoon this year.

It made four landfalls in the country on Sunday —in the vicinity of Bato, Catanduanes; Tiwi, Albay; San Narciso, Quezon; and Lobo, Batangas.

The state weather bureau said Rolly is expected to exit the Philippine area of responsibility by Tuesday morning. Cai U. Ordinario

Companies BusinessMirror

www.businessmirror.com.ph

‘Meralco to help hasten PHL recovery via spending plan’

By Lenie Lectura

T

@llectura

he Manila Electric Co. (Meralco) is earmarking a capital expenditure (capex) of P50 billion to help the country get back on the road to recovery, according to its chairman, Manuel V. Pangilinan.

Pangilinan said the pandemic has brought about “unexpected and radical change in everyday life, giving rise to complex challenges as well as new opportunities.” Amid all the challenges, he assured that Meralco’s role would continue to be relevant in the lives of its 7.2 million customers.

“We reiterate our commitment to continue to provide the most reliable and resilient network to ensure that the entire franchise is enabled for the economic upturn.

Today, we estimate that we need to execute close to P50 billion of capital expenditures for our distribution business and generation investments. We look at this as an opportunity to create jobs, propel business activities and stimulate consumption.”

There is no period set for the capex mentioned by Pangilinan.

Since the amount includes generation investments, this would not have to follow Meralco’s regulatory year reckoning and will not need prior approval of the Energy Regulatory Commission (ERC), according to Meralco utility economics head Lawrence Fernandez, while adding that there is no timeframe as to the utilization of the P50-billion capex.

The P50-billion capex would be split between the core business, which is electric distribution, and its power generation unit. “Meralco’s share is P24 billion.

MeralcoPowerGen and other subsidiaries account for the balance,” said Meralco chief finance officer Betty Siy-Yap in a viber message when sought for details.

Siy-Yap said Meralco’s regulatory year

PSE to hike sectoral indices by Q1 2021

By VG Cabuag @villygc

T

he Philippine Stock Exchange (PSE) said it is increasing the number of its sectoral indices by early next year to 8 while creating a middle capital market index in view of the changes in investors' preferences brought about by the pandemic.

PSE President and CEO Ramon S. Monzon said they will create one index for the consumer sector companies and one sector for technology, media and telecommunications companies. This will increase its sectoral indices to 8 from the current 6.

Monzon said the PSE will add the 2 new sectors in the first quarter of next year.

The PSE said it is also in the process of coming up with new indices for the mid-capital index and another one for companies with dividend paying records.

The operator said these initiatives took into consideration the changes in consumer preferences and the need of companies to raise cash amid the tighter lending criteria put in place by banks. Part of the changes, Monzon said, is the more stringent criteria that the operator will put in place for companies seeking to list at the main board.

“So in effect the listing requirements for the main board has become more strict than what it was before.

But to make up for that up dramatically, we have changed the rules for listing the SME board,” he said.

“In fact there's no need for profit track record to list at the SME board...you don't even have to apply to list just find a sponsor for the listing."

He said they are finalizing the rules, including some of the comments they received during the public comment period and will submit these to the Securities and Exchange Commission for approval.

“So we hope to get a lot of SME listings. But of course we have some targets on the main board, but we have no indications for any big one (listing for this year),” he said.

At the moment, the PSE is expecting the stock rights offer of AC Energy Philippines Inc., which may happen by the end of the year. The real estate investment trust (REIT) listing may take a while since the companies that signified their intent to list their REITs would have to secure tax approval from the Bureau of Internal Revenue.

The PSE, meanwhile, said it is compliant with the rule to bring down its brokers' voting rights below 20 percent. At the moment its broker's voting rights is down to 19.54 percent, while those still being held by First Metro Investment Corp. can be disposed to non-brokers by end of December 2021.

Monzon said they spent some P637.22 million or about 3.4 million shares to buy back shares held by the brokers and placed it back to its treasury shares.

“Well, at some point, I hope to be able to find a strategic investor would be interested in this. So there is a strategic investor like let's say, a Singapore Exchange who would be interested to buy a block of shares in PSE.

We could offer our shares together the treasury shares.

Definitely, we are looking to unload this through a non broker buyer immediately. We're not going to be holding on to this."

New board members

The PSE on Monday voted 4 new members to its board and reduced the number of seats for brokers.

In its annual stockholders' meeting on Monday, the PSE elected former Chief Justice Teresita L. De Castro and investment banker and former ING Bank Manila country head Consuelo D. Garcia as its 2 new independent directors. They will join other re-elected independent directors Jose T. Pardo, Roberto Cecilio O. Lim and Vicente L. Panlilio.

Pardo remained the chairman of the PSE. Diosdado M. Arroyo, son of former President Gloria Macapagal-Arroyo, also bagged one of the 5 seats for the brokers representating Securities Specialists Inc., a brokerage firm of the family that they established in 1970.

“He’s been a long time broker. It's not like he's new,” said Monzon, who was also retained as PSE president and CEO. Arroyo bagged the fifth seat allotted for the brokers, which were down from the previous seven.

The broker-directors who were given a fresh mandate for this year were Eddie T. Gobing, Eusebio H. Tanco, Wilson L. Sy and Ma. Vivian Yuchengco.

Ferdinand K. Constantino, currently San Miguel Corp.'s CFO and treasurer, was also elected as sectoral representative for non-broker director-investors. He replaced Amor C. Iliscupidez, who is also from San Miguel.

The new four PSE board members replaced Emmanuel Bautista, Francis Chua and Alejandro Yu, all broker-directors for last year, and Illiscupidez.

“We've complied with the law. We have 4 sectoral representatives, the 5 independent and then the president...and the 5 highest votes which went to the brokers,” Monzon told reporters in an online briefing after the meeting.

Re-elected to the board are Anabelle L. Chua, Rolando Jose L. Macasaet and Edgardo G. Lacson, who are nonbroker directors and sectoral representatives for issuers, investors, and other market participants, respectively.

The amendment in the PSE's board composition is in compliance with the Securities and Exchange Commission Memorandum Circular 20, Series of 2020 which mandates that independent directors shall constitute at least one-third of the members of the board of directors of exchanges and other organized markets.

The Circular also requires that there shall be at least 4 persons representing the interests of issuers, investors, and other market participants, with each sector having at least one representative in the board of directors of an exchange or other organized market.

The PSE’s Nomination and Election Committee prescribed that 3 of the 7 non-broker seats should be for independent directors, with the rest allotted for sectoral representatives.

(RY) capex for 2021 was already filed with the ERC. Meralco’s RY 2021 covers from July 1, 2021 to June 30, 2022.

A check with the ERC showed that Meralco filed its capex application last September. “The application was filed on September 28, 2020 for Meralco’s 2021 capex,” said ERC Commissioner Rexy Digal in a text message Monday.

The ERC has yet to upload Meralco’s application on its website. She said Meralco proposed a P15.2-billion capex for RY 2020 (July 1 to June 30, 2021) and P20.7 billion for RY 2021.

“The 2020 application is still being heard. The proceedings are still ongoing,” she said.

From January to September this year, Meralco’s capex amounted to P10.9 billion.

The amount was utilized to support the surge in residential energy demand due to the continued work-from-home and online education arrangements. It also included network-related programs, such as distribution transformer installation,

replacement and upgrade; completion of sub-transmission line backbones; installation of transformer banks; and energization of 48 Covid-19 facilities within the franchise area.

Despite the pandemic, a total of 600 poles have been relocated to support the requirements of the government’s “Build, Build, Build” projects in North Luzon Expressway-South Luzon Expressway Connector Road, Skyway Stage 3, LRT1 Cavite Extension, MRT-7, C5 Southlink, Cavite-Laguna Expressway C3-R10 Road, PNR North 1, Skyway Stage 2 Extension and SLEx Toll Road.

On top of this, Meralco has also relocated 579 poles for the road widening projects of the Department of Public Works and Highways.

Meralco is also targeting to achieve 100 percent electrification in its franchise area. Out of the total 559 sites for energization by June 2021, a total of 233 have been electrified, 143 sites with ongoing construction and 183 with ongoing rightof-way acquisitions.

Tuesday, November 3, 2020

B1

First Gen wants to deliver natural gas to ecozones

F

GEN LNG Corp. (FGEN LNG), a wholly-owned subsidiary of First Gen Corp., is looking at supplying natural gas in economic zones and industrial parks in the country via small-scale liquefied natural gas (ssLNG) technology.

It is targeting to introduce ssLNG at the First Philippine Industrial Park (FPIP), which is strategically located in the Calabarzon (Cavite-LagunaBatangas-Rizal- Quezon) industrial region.

The plan is to bring LNG via trucks and specialized insulated containers from FGEN LNG’s Interim Offshore LNG Terminal, which will be located at the First Gen Clean Energy Complex in Batangas City, approximately 50 kilometers away from FPIP. The use of ssLNG technology can enable the LNG delivery and, once regasified, use it as natural gas in locations in which developing a traditional gas pipeline network is not feasible.

It will be dome in two phases.

First, FGEN LNG and FPIP will assess introducing ssLNG to FPIP’s industrial park and shall identify a site inside the industrial park that can accommodate a satellite LNG receiving, storage, and regasification facility, which can then serve locators in the industrial park and other nearby industrial users.

In the second phase, FGEN LNG will examine bringing LNG to other islands in the Philippines using small-scale LNG carriers.

“We are excited to democratize the use of natural gas in the Philippines using new technology to create small-scale LNG opportunities in the Philippines by taking LNG supplied in bulk in large LNG carriers and delivering it in small quantities to new industrial, commercial, and remote customers that have so far been unable to access natural gas due to the large investment and undertaking required to construct traditional gas infrastructure, such as transmission pipelines,” said Jonathan C. Russell, executive vice president and chief commercial officer of First Gen. Several existing and potential new locators have already expressed keen interest in using LNG and natural gas directly for various manufacturing process applications. Lenie Lectura

B2

Companies BusinessMirror

Tuesday, November 3, 2020

PSE STOCK QUOTATIONS

October 30, 2020

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALs

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

44.05 88.85 72.8 21.8 9.4 40.75 9.51 16.82 27.2 53.25 17.1 96.3 55.4 0.75 27.2 0.47 1.13 0.295 765 0.57 163 1888 1.03

44.9 88.9 73.55 21.85 9.55 40.8 9.7 17.1 27.35 53.3 17.16 96.4 55.75 0.79 28 0.59 1.17 0.3 777 0.59 166.8 1935 1.05

45 89 72 21.7 9.42 41.55 9.51 16.82 27.2 53.15 17.1 96.6 55.3 0.8 28 0.55 1.19 0.295 775 0.59 166 1890 1.03

45 89.9 73.55 21.85 9.55 41.55 9.6 16.82 27.7 53.3 17.5 97.3 55.4 0.8 28 0.59 1.21 0.295 775 0.59 167 1890 1.03

44.05 88.35 71.35 21.7 9.2 40.1 9.51 16.82 27 53.15 16.9 95.4 55 0.75 27 0.55 1.07 0.295 770 0.57 166 1890 1.03

44.5 88.9 73.55 21.85 9.55 40.75 9.6 16.82 27.2 53.3 17.1 96.4 55.4 0.79 28 0.59 1.17 0.295 770 0.57 166.9 1890 1.03

8300 6572650 1186660 184500 565000 6291100 36000 1000 147500 3050 64000 797070 14860 67000 22700 49000 216000 460000 60 39000 1020 20 51000

368085 218050 584322109 -246907657 86139703.5 7195486 4021705 360185 5325235 26007 256,344,025( 55,444,865.0002) 343760 16820 4018830 -1781275 162308.5 1089718 35830 76968565.5 -20852880 821539 5505 50960 4620 635300 28870 253710 135700 46450 -7700 22250 9670 170319 37800 52530 52530

INDUSTRIAL AC ENERGY 3.73 3.74 3.68 3.77 3.61 3.73 14524000 53610430 ALSONS CONS 1.33 1.34 1.34 1.36 1.32 1.34 1270000 1687420 ABOITIZ POWER 27 27.05 26.3 27.25 26.3 27.05 1810700 48684440 0.229 0.23 0.229 0.23 0.22 0.229 2860000 642120 BASIC ENERGY FIRST GEN 28.5 28.55 28.5 28.8 28 28.5 914600 26087675 62.8 63.35 63.6 63.65 62 62.8 53350 3341683.5 FIRST PHIL HLDG MERALCO 300 300.6 295 300 291 300 316330 94316208 MANILA WATER 14 14.02 14.18 14.18 13.84 14 2264900 31784772 3.06 3.07 3.11 3.12 3.07 3.07 2368000 7304230 PETRON 3.31 3.44 3.4 3.44 3.31 3.31 10000 34020 PETROENERGY PHX PETROLEUM 12.88 13 12.66 13.02 12.66 13 562100 7274070 PILIPINAS SHELL 16.48 16.5 16.5 16.5 16.4 16.48 150400 2475984 SPC POWER 10.8 10.88 10.8 10.94 10.78 10.88 207700 2246266 AGRINURTURE 8.03 8.05 8.03 8.09 7.91 8.05 420600 3369575 2.83 2.85 2.85 2.85 2.8 2.85 958000 2715550 AXELUM 71 77.6 72 72 71 71 130 9270 BOGO MEDELLIN CNTRL AZUCARERA 11.22 11.8 11.2 11.6 11.2 11.6 5000 57922 CENTURY FOOD 15.52 15.6 16.5 16.96 15.5 15.52 3410800 53776952 DEL MONTE 4.97 5 5.08 5.08 4.91 5 39600 198250 6.23 6.24 6.13 6.25 6.07 6.23 1929800 11907151 DNL INDUS 10 10.02 10 10.02 9.82 10.02 422900 4221875 EMPERADOR 63.6 63.75 64.55 65 63.5 63.75 232230 14852721 SMC FOODANDBEV ALLIANCE SELECT 0.64 0.65 0.64 0.65 0.63 0.65 883000 566200 FRUITAS HLDG 1.24 1.25 1.23 1.25 1.21 1.25 9629000 11915080 45 45.7 46.2 46.2 44.8 45.7 48300 2188215 GINEBRA 170 170.4 171.6 171.6 168 170 1005570 170408428 JOLLIBEE 7.62 7.94 7.94 7.94 7.94 7.94 1400 11116 MACAY HLDG MAXS GROUP 5.89 5.9 5.75 5.95 5.6 5.9 446200 2568767 SHAKEYS PIZZA 6.8 6.86 6.65 6.88 6.65 6.86 353700 2380202 ROXAS AND CO 1.22 1.23 1.25 1.25 1.22 1.23 2665000 3261650 4.7 4.95 4.71 4.72 4.71 4.71 16000 75400 RFM CORP SWIFT FOODS 0.107 0.111 0.111 0.111 0.105 0.107 630000 69650 UNIV ROBINA 137.7 138 135.6 138.8 135.5 137.7 1319380 180739180 VITARICH 0.78 0.79 0.8 0.8 0.77 0.79 2937000 2289820 CONCRETE A 52.1 53.9 54.5 54.5 52 52 2030 108671 52.6 55.8 55.5 56 55.5 56 160 8950 CONCRETE B CEMEX HLDG 1.57 1.58 1.6 1.6 1.56 1.58 8311000 13083190 4.4 4.45 4.5 4.6 4.45 4.45 93000 419530 DAVINCI CAPITAL EAGLE CEMENT 14.58 14.9 14.5 14.9 14.5 14.9 69400 1032768 EEI CORP 7.15 7.18 7.19 7.26 7.12 7.18 426200 3069352 5.7 5.72 5.7 5.77 5.64 5.72 1863100 10645726 HOLCIM 7.49 7.5 7.49 7.6 7.41 7.5 1948300 14628698 MEGAWIDE 8.12 8.31 8.11 8.33 8.11 8.33 6700 54411 PHINMA TKC METALS 0.76 0.78 0.79 0.79 0.78 0.78 8000 6250 VULCAN INDL 0.77 0.79 0.79 0.79 0.76 0.78 44000 34050 CROWN ASIA 2.01 2.02 2 2.03 2 2.03 5000 10090 1.9 1.92 1.9 1.92 1.88 1.92 322000 613000 EUROMED 4.3 4.39 4.37 4.39 4.37 4.39 6000 26260 MABUHAY VINYL PRYCE CORP 4.11 4.21 4.11 4.11 4.11 4.11 3000 12330 CONCEPCION 21 21.5 21 21.75 21 21.5 4400 93195 GREENERGY 2.37 2.38 2.31 2.39 2.3 2.38 4841000 11430850 6.44 6.48 6.77 6.77 6.31 6.44 861500 5573305 INTEGRATED MICR 1.01 1.02 1.05 1.07 1 1.02 2677000 2755620 IONICS PANASONIC 5.1 5.55 5.2 5.82 5.2 5.55 25400 133015 SFA SEMICON 1.49 1.51 1.54 1.6 1.47 1.51 4684000 7180970 CIRTEK HLDG 5.44 5.45 5.26 5.51 5.22 5.44 2175500 11714508

2489840 -19891425 -8757800 -1820063.5 42937968 -15238320 -3440800 -626380 -79134 10800 -126481 -95660 12813720 -32521.9999 -990513 -830619 -12924155 6810 -1778210 -84524287 93800 977826 15590 -34370 -14024868 -545880 -95360 28866 -2344148 -6599848 -19100 -0 -53710 -479526 3080 -182587

HOLDING & FRIMS ABACORE CAPITAL 0.475 0.48 0.48 0.485 0.47 0.475 5330000 2539600 ASIABEST GROUP 8 8.28 8.3 8.3 8 8.29 11500 92501 AYALA CORP 754 763 743 768 736 763 216900 164404180 44.4 44.55 42.95 44.55 42.55 44.55 1512600 66436205 ABOITIZ EQUITY 7.93 7.94 7.89 8.09 7.82 7.94 6431200 51215429 ALLIANCE GLOBAL 2.73 2.74 2.7 2.77 2.68 2.74 1056000 2893640 AYALA LAND LOG ANSCOR 6.56 6.75 6.56 6.56 6.56 6.56 6600 43296 ATN HLDG A 0.89 0.9 0.92 0.92 0.89 0.89 1786000 1596090 0.89 0.92 0.9 0.9 0.9 0.9 146000 131400 ATN HLDG B COSCO CAPITAL 5.11 5.13 5.11 5.15 5.08 5.11 6548200 33494575 4.39 4.43 4.39 4.49 4.35 4.39 4869000 21507010 DMCI HLDG FILINVEST DEV 9.09 9.68 9.89 9.89 9.05 9.7 1600 15381 FORUM PACIFIC 0.2 0.215 0.215 0.215 0.215 0.215 10000 2150 GT CAPITAL 429.8 430 422.8 431.8 420 430 182930 78407602 63.8 64.25 61.95 64.25 61.95 64.25 1628940 104135431.5 JG SUMMIT 4.28 4.59 4.09 4.8 3.13 4.5 1123000 4457520 JOLLIVILLE HLDG LODESTAR 0.78 0.79 0.73 0.86 0.73 0.78 14861000 11831270 LOPEZ HLDG 2.56 2.6 2.56 2.6 2.54 2.57 1616000 4153860 LT GROUP 11.52 11.54 11.6 11.9 11.54 11.54 3277400 38138292 0.485 0.5 0.495 0.51 0.485 0.51 1449000 716530 MABUHAY HLDG MJC INVESTMENTS 1.78 1.99 1.77 1.99 1.77 1.99 54000 96720 4.01 4.02 4 4.02 3.97 4.01 50634000 202396090 METRO PAC INV PACIFICA HLDG 3.12 3.49 3.11 3.11 3.11 3.11 8000 24880 PRIME MEDIA 0.8 0.82 0.84 0.84 0.79 0.82 116000 93070 1 1.01 1.01 1.01 1 1 91000 91680 SOLID GROUP SYNERGY GRID 171 171.5 168 171 168 171 750 128160 SM INVESTMENTS 950 950.5 940.5 959 931 950 361180 342410815 SAN MIGUEL CORP 102 102.7 101.8 102 100 102 217350 21964811 SOC RESOURCES 0.69 0.7 0.64 0.7 0.64 0.7 1112000 765810 SEAFRONT RES 1.97 2.4 1.9 2 1.9 2 95000 187160 123 126 127 127 126 126 70 8840 TOP FRONTIER WELLEX INDUS 0.218 0.222 0.204 0.218 0.204 0.218 2340000 504240 ZEUS HLDG 0.139 0.143 0.14 0.14 0.139 0.139 420000 58410

-232350 40100 5966275 -1916955 -16117298 -177660 -1476348 -4347990 -1975406 23297095.5 -12210 -2604530 -30491056 -78460 -146683710 -66508715 -2678249 -

PROPERTY

ARTHALAND CORP ANCHOR LAND AYALA LAND ARANETA PROP AREIT RT BELLE CORP A BROWN CITYLAND DEVT CROWN EQUITIES CEBU HLDG CEB LANDMASTERS CENTURY PROP CYBER BAY DOUBLEDRAGON DM WENCESLAO EMPIRE EAST EVER GOTESCO FILINVEST LAND GLOBAL ESTATE 8990 HLDG PHIL INFRADEV MEGAWORLD MRC ALLIED PHIL ESTATES PRIMEX CORP ROBINSONS LAND PHIL REALTY ROCKWELL SHANG PROP STA LUCIA LAND SM PRIME HLDG VISTAMALLS SUNTRUST HOME VISTA LAND

0.58 7.51 32.9 1.04 25.55 1.41 0.82 0.78 0.134 5.8 4.56 0.36 0.37 14 5.35 0.29 0.088 0.96 0.75 7.41 1.51 3.03 0.415 0.345 1.2 15 0.23 1.51 2.67 1.88 33.65 4.13 1.26 3.36

0.6 8.14 33 1.1 25.65 1.43 0.83 0.79 0.136 5.98 4.57 0.365 0.375 14.06 5.39 0.295 0.09 0.97 0.76 7.68 1.52 3.04 0.42 0.355 1.23 15.04 0.234 1.52 2.69 1.9 33.7 4.15 1.27 3.37

0.59 8.14 32.15 1.06 25.65 1.42 0.8 0.82 0.136 5.98 4.54 0.365 0.37 14.1 5.3 0.295 0.087 0.98 0.75 7.55 1.51 3.03 0.41 0.32 1.2 15.22 0.234 1.53 2.69 1.83 32.7 4.09 1.22 3.41

0.6 8.14 33.15 1.06 25.7 1.43 0.82 0.82 0.137 5.98 4.6 0.365 0.37 14.12 5.39 0.3 0.088 0.98 0.76 7.75 1.52 3.07 0.42 0.355 1.23 15.22 0.234 1.57 2.69 1.9 33.8 4.15 1.27 3.41

0.59 8.14 31.85 1.03 25.55 1.4 0.8 0.79 0.133 5.98 4.54 0.36 0.355 13.98 5.25 0.285 0.086 0.96 0.75 7.5 1.48 2.98 0.405 0.32 1.2 14.98 0.234 1.52 2.69 1.83 32.5 4.05 1.22 3.37

0.6 8.14 33 1.04 25.55 1.4 0.82 0.79 0.133 5.98 4.57 0.36 0.37 14.06 5.39 0.29 0.088 0.97 0.75 7.68 1.51 3.03 0.42 0.345 1.23 15 0.234 1.52 2.69 1.9 33.7 4.13 1.26 3.37

2046000 100 10161800 73000 631700 488000 2800000 92000 2000000 200 498000 1110000 6170000 361300 75300 2160000 1000000 11926000 1498000 30700 2311000 25528000 61640000 460000 217000 3952000 10000 579000 2000 103000 6005600 199000 1151000 3521000

1225670 814 330554980 76070 16161600 688290 2280590 74750 268300 1196 2275440 401000 2238250 5067938 401979 623950 87370 11566010 1124370 235134 3460340 77093000 25324850 153400 261190 59427484 2340 892160 5380 191490 200388645 816760 1435690 11915840

-25041975 -827550 136420 66500 -2097300 10800 540000 -392264 -597650 -6172100 -150000 -0 -36390980 76850 -22067652 2690 45766770 164480 -8184160

SERVICES ABS CBN 11.2 11.22 11.32 11.32 11.1 11.2 197600 2214032 GMA NETWORK 5.05 5.07 5.1 5.11 5.05 5.05 461200 2334381 MANILA BULLETIN 0.4 0.41 0.41 0.41 0.4 0.4 80000 32600 10.9 11 10.7 11 10.7 11 800 8590 MLA BRDCASTING GLOBE TELECOM 2030 2068 2060 2096 2030 2030 58950 121381760 -22200860 1328 1330 1330 1348 1328 1328 123790 164929000 -29760585 PLDT APOLLO GLOBAL 0.051 0.052 0.052 0.053 0.05 0.052 80050000 4053130 10000 CONVERGE 14.78 14.8 15.2 15.4 14.42 14.78 47400700 707341938 -54704000 3.06 3.24 2.97 3.3 2.97 3.28 91000 287000 -31100 DFNN INC 6.81 6.82 7 7.05 6.8 6.82 80912000 559869812 -374420 DITO CME HLDG 1.34 1.42 1.34 1.34 1.34 1.34 4000 5360 IMPERIAL ISLAND INFO 0.085 0.088 0.085 0.088 0.084 0.088 810000 68720 JACKSTONES 1.62 1.7 1.69 1.72 1.69 1.7 151000 257130 NOW CORP 4.69 4.7 4.74 4.74 4.59 4.69 6511000 30356300 2170930 0.265 0.27 0.248 0.275 0.248 0.27 71510000 18839760 -17550 TRANSPACIFIC BR 2.82 2.84 2.85 2.92 2.8 2.84 1452000 4166290 -11850 PHILWEB 2GO GROUP 8.79 8.8 8.75 8.9 8.75 8.8 30000 264198 ASIAN TERMINALS 15.4 15.6 15.66 15.66 15.4 15.6 4100 64060 1540 CHELSEA 5.88 5.89 6 6.08 5.88 5.88 8775800 52258253 -935460 38.8 39.8 39.5 39.8 38.65 38.8 381500 14923255 -4528575 CEBU AIR 114.3 115 113.3 115 113.3 115 3708140 422470502 -82706405 INTL CONTAINER 14.32 15.78 14.28 14.28 14.28 14.28 800 11424 -11424 LBC EXPRESS LORENZO SHIPPNG 0.97 1 1 1 0.97 1 7000 6970 4000 MACROASIA 5.09 5.1 5.01 5.16 5.01 5.1 3031200 15457836 178817.9999 1.91 1.94 1.94 1.94 1.89 1.94 443000 850340 METROALLIANCE A METROALLIANCE B 1.98 2 2 2 1.98 2 9000 17940 PAL HLDG 6.95 7 6.96 7 6.95 7 36200 252335 -5485 HARBOR STAR 1.35 1.36 1.32 1.36 1.3 1.35 5562000 7447660 ACESITE HOTEL 1.31 1.37 1.22 1.39 1.22 1.39 77000 97760 BOULEVARD HLDG 0.028 0.029 0.027 0.029 0.027 0.029 78900000 2210800 10.22 11.98 11.68 11.98 11.68 11.98 5400 64312 GRAND PLAZA WATERFRONT 0.495 0.5 0.42 0.53 0.415 0.495 26680000 12622400 -156100 FAR EASTERN U 550 559.5 550 550 550 550 460 253000 STI HLDG 0.335 0.34 0.335 0.34 0.325 0.34 3090000 1026350 13400 BERJAYA 4.12 4.14 4 4.2 3.91 4.14 1016000 4125980 7.08 7.1 7.06 7.18 7.06 7.08 1589700 11313912 -2721114 BLOOMBERRY 1.84 1.86 1.9 1.9 1.85 1.85 119000 221870 92500 PACIFIC ONLINE 1.56 1.57 1.54 1.57 1.53 1.56 842000 1304800 -182590 LEISURE AND RES MANILA JOCKEY 2.15 2.34 2.15 2.15 2.15 2.15 5000 10750 PREMIUM LEISURE 0.32 0.325 0.325 0.325 0.32 0.32 12630000 4062800 454600 6.66 7 7 7 6.6 7 105200 712245 PHIL RACING ALLHOME 6.71 6.73 6.53 6.74 6.46 6.71 3847600 25722215 5676756 1.43 1.45 1.44 1.45 1.42 1.45 1702000 2447360 -14400 METRO RETAIL PUREGOLD 41.25 41.4 41.55 41.55 41.25 41.25 5827800 241,358,835( 105,295,604.9998) ROBINSONS RTL 64 64.2 64 64.15 63.95 64 439610 28149923.5 -14473156 PHIL SEVEN CORP 110.6 112.5 112.5 114 110 111 32820 3683443 82813 1.3 1.31 1.27 1.32 1.23 1.31 9785000 12435490 120340 SSI GROUP 14.28 14.3 14.5 14.5 14.3 14.3 5403500 77766662 -15772228 WILCON DEPOT APC GROUP 0.33 0.335 0.33 0.335 0.32 0.33 2370000 775850 -6600 EASYCALL 6.88 6.9 6.99 6.99 6.88 6.9 24200 167452 GOLDEN BRIA 352 365 350 355 350 354 450 158842 -98932

MINING & OIL ATOK 9.8 10.08 9.8 10.22 9.6 10.08 197100 1959029 APEX MINING 1.86 1.88 1.84 1.92 1.82 1.86 12235000 22978860 5120 0.001 0.0011 0.001 0.0011 0.001 0.0011 1375000000 1480400 -23200 ABRA MINING 4.06 4.12 4.12 4.12 4.06 4.06 136000 554910 ATLAS MINING BENGUET A 2.9 2.98 2.88 3.09 2.82 3.05 687000 1986240 BENGUET B 2.88 2.98 2.8 3 2.73 2.98 391000 1117990 COAL ASIA HLDG 0.26 0.265 0.265 0.275 0.255 0.265 1310000 345800 2.46 2.54 2.46 2.56 2.46 2.56 48000 118180 CENTURY PEAK DIZON MINES 7.81 7.95 7.83 8.06 7.64 7.95 31500 249216 FERRONICKEL 1.31 1.32 1.31 1.33 1.3 1.32 3551000 4679720 135960 GEOGRACE 0.239 0.246 0.248 0.248 0.239 0.239 830000 199820 LEPANTO A 0.152 0.153 0.151 0.154 0.149 0.152 10090000 1528680 LEPANTO B 0.15 0.154 0.15 0.154 0.15 0.154 700000 106440 9240 0.0099 0.01 0.01 0.01 0.01 0.01 4000000 40000 MANILA MINING A MANILA MINING B 0.01 0.011 0.011 0.011 0.011 0.011 1000000 11000 11000 MARCVENTURES 0.92 0.93 0.95 0.95 0.92 0.92 2005000 1867130 288880 NIHAO 2.53 2.58 2.62 2.62 2.51 2.53 952000 2418940 -554700 NICKEL ASIA 3.76 3.77 3.67 3.77 3.67 3.76 7575000 28241810 4933600 0.33 0.345 0.33 0.335 0.33 0.335 10290000 3397150 OMICO CORP ORNTL PENINSULA 0.66 0.67 0.66 0.68 0.65 0.66 1209000 798320 PX MINING 5.38 5.39 5.6 5.6 5.38 5.39 1219700 6619660 342570 SEMIRARA MINING 10.6 10.7 10.32 10.8 10.32 10.6 3232700 34339088 -3858250 UNITED PARAGON 0.0051 0.0054 0.0051 0.0051 0.0051 0.0051 4000000 20400 6.25 6.29 6.16 6.25 6.15 6.25 427000 2663020 ACE ENEXOR ORNTL PETROL A 0.0097 0.0099 0.0097 0.0099 0.0097 0.0099 26000000 257200 ORNTL PETROL B 0.0098 0.011 0.0098 0.0098 0.0098 0.0098 2000000 19600 PHILODRILL 0.0086 0.0087 0.0088 0.0089 0.0086 0.0087 12000000 105100 PXP ENERGY 12.1 12.24 11.08 12.4 11.08 12.1 12374000 148726746 67590

PREFFERED HOUSE PREF A 100.2 101 100.1 100.1 100.1 100.1 50 5005 AC PREF B1 510.5 519.5 515 515 510 510 2000 1025000 DD PREF 100.6 101.9 100.6 100.6 100.6 100.6 25100 2525060 1024 1030 1024 1029 1024 1029 210 216040 GTCAP PREF B MWIDE PREF 101.6 103.1 101.6 101.6 101.6 101.6 128240 13029184 PNX PREF 3B 101.1 101.9 101.1 101.1 101.1 101.1 100 10110 PNX PREF 4 989 995 990 990 987 990 2300 2274000 PCOR PREF 2B 1012 1035 1010 1010 1010 1010 15 15150 1046 1062 1062 1062 1045 1062 1825 1936450 PCOR PREF 3A PCOR PREF 3B 1075 1080 1080 1080 1080 1080 1030 1112400 SFI PREF 1.6 1.8 1.32 1.8 1.32 1.8 35000 60590 SMC PREF 2C 78 78.15 78 78.2 77.95 78.2 6590 514299 SMC PREF 2F 78.6 78.8 78.5 78.6 78.5 78.6 62910 4944725 SMC PREF 2G 76.3 76.45 76.3 76.3 76.3 76.3 7000 534100 76.5 77.5 76.5 76.5 76.5 76.5 25600 1958400 SMC PREF 2H SMC PREF 2I 78.5 79 78.95 78.95 78.5 78.5 10000 786240 SMC PREF 2J 76.95 77.05 77 77.05 76.9 77.05 117690 9056299.5

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 10.8 11.14 10.82 11.14 10.8 11.14 619800 6886328 2164 GMA HLDG PDR 4.9 5 4.9 5 4.9 5 10000 49440 -29500

WARRANTS LR WARRANT 0.83 0.85 0.81 0.85 0.81 0.85 120000 98710

SMALL & MEDIUM ENTERPRISES ALTUS PROP 12.84 12.88 12.48 12.9 12.38 12.84 518000 6553936 ITALPINAS 2.78 2.79 2.72 2.79 2.67 2.78 2531000 6929460 -154060 KEPWEALTH 5.45 5.48 5.42 5.5 5.35 5.45 70300 380710 3.45 3.46 3.4 3.48 3.4 3.45 17057000 58663560 -219360 MERRYMART

EXHANGE TRADE FUNDS

FIRST METRO ETF 95 95.5 94.95 95.5 94 95.5 14520 1373866.5 341995.5

www.businessmirror.com.ph

AboitizLand reservation sales to exceed 2019 record–exec

A

By VG Cabuag

@villygc

boitizLand Inc. on Monday said it is on track to exceed its reservation sales last year as it saw its monthly sales exceed pre-pandemic levels on shifting preferences of buyers.

David Rafael, the company’s president and CEO, said its reservation sales surged following the easing of community lockdowns and has averaged 80 percent of its original targets.

“We are attributing this to a shift in our customers’ preferences towards houses and lots in next-wave

cities, as bigger living areas, open spaces and amenities become more essential for work-life balance for people in quarantine,” he said.

The community quarantine has created shifts in residential real estate preferences, with homes in suburban locations becoming more

attractive to property seekers, the company said, quoting reports from property consultancy firms.

“Our residential developments are all borne out of a clear understanding of the market’s desire to live better and more sustainably. They are characterized by a superior master plan with signature features like greenbelts or natural green open areas and a network of walkable spaces and amenities. We believe that this is what people are looking for right now,” Rafael said.

After two decades in Cebu development projects, the company began its expansion in Luzon in 2017 with Seafront Residences, a 43-hectare seaside community in San Juan, Batangas. After launching several communities in Central Luzon under its mid-market flagship brand,

Ajoya, it continued its growth in the South with a fully-integrated community, Villages at Lipa in Batangas.

For January to June, AboitizLand reported a net loss of P39 million, a reversal of the P60-million income it recorded last year.

Revenues fell 20 percent to P1.1 billion from the previous year due to lower sales for its residential business, as it felt the impact of the slowdown and restrictions in operations resulting from the government-imposed community quarantines.

The projects’ percentage of completion, driven by the construction progress, is a key factor in the recognition of revenue. The company’s construction activities were brought to a standstill during the second quarter of 2020, it said earlier.

Fitch: PHL telcos will still bet on 4G

By Lorenz S. Marasigan @lorenzmarasigan

C

REDIT rating agency Fitch expects Philippine telcos to continue their investments in 4G while infusing new—but limited—capital in 5G in the next couple of years.

According to Fitch, the growing demand for data during the pandemic and beyond will continue to be addressed through the older 4G technology, but will be complemented by newer 5G solutions, albeit very minimal.

“Telcos will continue to depend on the existing 4G network to meet data demand while pacing 5G investment over the next few years to support cash flow,” a note from Fitch read.

Fitch noted that telcos may decide to be more aggressive in their 5G initiatives if it proves to be a mass market driver.

“The extent of 5G rollouts will depend on the affordability of 5G devices, particularly in a prepaid market that yields a monthly ARPU of $2 for mobile and $20 for home broadband,” the note read, referring

to average revenue per unit.

PLDT has already introduced its pilot 5G network in central business districts in Metro Manila through its wireless subsidiary Smart. It recently expanded its 5G network, adding key cities in the Visayas and Mindanao to its list of 5G-powered areas. These include Boracay, Cebu, Iloilo, and Davao.

Globe, for its part, is offering fixed wireless 5G technology for the home.

“Globe and PLDT are likely to restrict 5G fixed-wireless access to selected metropolitan areas,” the Fitch note read.

PLDT has set a P70-billion capital expenditures program for 2020, while Globe is spending P50.3 billion in capital outlays.

Meanwhile, Fitch noted that the telco industry will grow in the mid single digit rates this year, fueled by demand for home broadband.

“We expect sector revenue growth of 6 percent to 7 percent driven by fast-expanding home broadband services and stable competition in mobile. Deleveraging prospects hinge on resurgence in mobile revenue and limited capex aggression,” the note read.

SMC readies food relief effort for Bicol, S. Luzon

S

an Miguel Corp. (SMC) said it is mobilizing its resources to quickly deliver much-needed food relief to the Bicol region and other provinces hit by Supertyphoon Rolly (international name Goni).

SMC President and Chief Operating Officer Ramon S. Ang said that the company is channeling, initially, food products for Albay, Catanduanes, Sorsogon, Camarines Norte, Camarines Sur, Quezon Province, Romblon, Marinduque, Laguna, and Batangas.

The company, according to Ang, expects the amount of food donations to go higher as it looks to deliver aid to more affected provinces in the coming days.

“Right now, through our own people on the ground and upon coordination with various officials, we are trying to move as fast as we can to get food aid to hard-hit provinces,” Ang said Monday morning, just a day after Rolly battered the Bicol region.

The super typhoon also affected many other areas in Luzon, including Cavite, Metro Manila, and parts of Pampanga, Zambales, Bulacan, Rizal, Mindoro among others. ”As we get a better hold of the situation in many areas—espe-

cially in terms of whether roads are already passable, and as to where aid can be brought—we will work to bring more food supplies to our affected kababayans through whatever means necessary,” Ang said.

“Our people are already moving, and we will continue to reach out to more officials and provinces to extend help. At this time of great need, every effort goes a long way for our countrymen,” he added.

Briefly developing into a Supertyphoon earlier on Sunday morning, Rolly made landfall twice—first in the vicinity of Bato, Catanduanes, at 4:50 a.m. and in Tiwi, Albay, around 7:30 a.m. A third landfall was recorded 12 noon in the vicinity of San Narciso, Quezon, the Philippine Atmospheric Geophysical and Astronomical Services Administration (Pagasa) reported.

The National Disaster Risk R educ t ion a nd M a n a gement Council said at least 1.3 million individuals were exposed within the 60-km radius of Rolly’s track while another 2.4 million are exposed within the 120 km radius, although the supertyphoon has affected Regions 1, 2, 3, 4A, 4B, 5, 6, 7, 8 and 9. ( see “Bicol, South Luzon

bear brunt of ‘Rolly’ as ‘Siony’ enters PAR,” B usi ness M irror , November 2, 2020 ).

mutual funds

October 30, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 203.68 -20.58% -10.66% -4.44% -19.12% ATRAM Alpha Opportunity Fund, Inc. -a 1.0917 -26.82% -11.71% -3.24% -21.01% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7685 -28.92% -14.67% -6.68% -24.73% Climbs Share Capital Equity Investment Fund Corp. -a 0.7041 -25.84% -11.27% n.a. -21.59% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6873 -20.93% n.a. n.a. -19.07% First Metro Save and Learn Equity Fund,Inc. -a 4.3582 -19.91% -9.12% -4.73% -18.21% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6841 -21.89% -10.96% n.a.

-19.86% MBG Equity Investment Fund, Inc. -a 86.22 -24.17% n.a. n.a. -16.47% PAMI Equity Index Fund, Inc. -a 41.1129 -21.68% -9.11% -3.22% -19.83% Philam Strategic Growth Fund, Inc. -a 438.53 -19.58% -8.63% -3.53% -17.69% Philequity Alpha One Fund, Inc. -a,d,5 0.9481 n.a. n.a. n.a.

-7.96% Philequity Dividend Yield Fund, Inc. -a 1.0402 -21.19% -8.82% -3.04% -19.17% Philequity Fund, Inc. -a 30.549 -21.37% -8.51% -2.69% -19.39% Philequity MSCI Philippine Index Fund, Inc. -a 0.8068 -22.6% n.a. n.a. -20.75% Philequity PSE Index Fund Inc. -a 4.2008 -21.31% -8.62% -2.5% -19.58% Philippine Stock Index Fund Corp. -a 702.44 -21.19% -8.54% -2.63% -19.44% Soldivo Strategic Growth Fund, Inc. -a 0.6361 -29.2% -12.38% -6.53% -25.29% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2054 -25.84% -10.39% -4.2% -23.85% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8046 -21.4% -8.83% -2.7% -19.6% United Fund, Inc. -a 2.9347 -21.24% -7.87% -2.25% -19.67% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 94.3446 -21.05% -8.25% -1.86% -19.33% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0685 8.83% -0.19% 3.09% 3.9% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4937 14.09% 7.05% n.a.

8.34% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5421 -3.48% -5.53% -2.99% -1.32% ATRAM Philippine Balanced Fund, Inc. -a 2.0778 -8.26% -4.91% -1.48% -4.74% First Metro Save and Learn Balanced Fund Inc. -a 2.4323 -8.58% -3.61% -2.75% -7.57% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1844 -22.13% n.a. n.a.

-19.3% NCM Mutual Fund of the Phils., Inc. -a 1.8656 -5.41% -1.54% 0.42% -4.89% PAMI Horizon Fund, Inc. -a 3.5304 -7.68% -3.01% -0.81% -6.83% Philam Fund, Inc. -a 15.8025 -7.68% -3.11% -0.84% -6.83% Solidaritas Fund, Inc. -a 1.956 -9.29% -4.11% -0.91% -7.83% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3129 -15.45% -5.49% -2.17% -14.25% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9516 -7.46% n.a. n.a.

-6.31% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8549 -15.89% n.a. n.a.

-14.2% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.834 -17.7% n.a. n.a. -16.03% Sun Life Prosperity Dynamic Fund, Inc. -a 0.812 -18.32% -6.61% -3.06% -16.7% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03902 2.39% 2.69% 1.97% 2.15% PAMI Asia Balanced Fund, Inc. -b $1.0653 6.62% 1.26% 3.02% 5.27% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.1228 8.99% 5.14% 5.45% 5.42% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1595 4.65% 2.78% n.a.

2.73% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 368.82 3.74% 3.09% 2.63% 3.04% ATRAM Corporate Bond Fund, Inc. -a 1.9536 1.61% 1.13% 0.27% 2.71% Cocolife Fixed Income Fund, Inc. -a 3.2059 3.62% 4.69% 4.91% 2.82% Ekklesia Mutual Fund Inc. -a 2.2875 3.28% 2.58% 2.14% 2.88% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4431 4.18% 3.28% 1.92% 3.56% Philam Bond Fund, Inc. -a 4.6142 6.53% 4.1% 2.58% 5.52% Philam Managed Income Fund, Inc. -a,6 1.3124 5.33% 4.37% 2.47% 4.43% Philequity Peso Bond Fund, Inc. -a 3.9543 5.48% 4.17% 2.3% 4.38% Soldivo Bond Fund, Inc. -a 1.0359 8.46% 3.63% 1.97% 7.43% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1711 3.98% 4.5% 2.75% 3.11% Sun Life Prosperity GS Fund, Inc. -a

1.7402 3.16% 3.89% 2.22% 2.3% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $480.21 3.05% 2.63% 2.78% 2.53% ALFM Euro Bond Fund, Inc. -a Є217.73 -0.94% 0.76% 1.15% -0.94% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2497 3.96% 2.61% 3.52% 3.29% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0264 2.33% 1.83% 1.59% 2.33% PAMI Global Bond Fund, Inc -b $1.0895 -0.4% 0.34% 0.31% -0.37% Philam Dollar Bond Fund, Inc. -a $2.5092 4.73% 3.94% 3.28% 4.4% Philequity Dollar Income Fund Inc. -a $0.0618419 2.63% 2.47% 2.17% 2.56% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1811 0.58% 1.96% 2.23% 0.19% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.36 3.41% 3.32% 2.54% 2.81% First Metro Save and Learn Money Market Fund, Inc. -a 1.0461 1.89% n.a. n.a.

1.93% Sun Life Prosperity Money Market Fund, Inc. -a 1.2926 2.73% 3.01% 2.61% 2.18% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0507 1.58% n.a. n.a.

1.19% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 0.9913 n.a. n.a. n.a. n.a.

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.93 n.a. n.a. n.a.

-6.06%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU).

1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019.

4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019.

6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020.

"While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the

latest NAVPS/NAVPU."

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Banking&Finance BusinessMirror

IC rescinds order giving relief to insurance firms

By Bernadette D. Nicolas @BNicolasBM

T

he Insurance Commission (IC) issued a “corrective circular,” taking back a regulatory relief it previously granted to insurance companies who have already met the net worth requirements as of end-2019.

In its Circular Letter (CL) 2020103 amending CL 2020-60 signed

by IC Commissioner Dennis B. Funa, the IC removed the grant of relief from quarterly compliance of P900million minimum net worth requirement. The IC said CL 2020-60 “runs contrary to principles of the existing risk-based capital framework” adopted under Section 194 of the Insurance Code of the Philippines.

In justifying its decision to remove the said regulatory relief, the IC argued in its latest circular dated October 30 that “a number of regulatory reliefs that have a significant impact on the net worths of insurance and professional reinsurance companies doing business in the Philippines have already been granted under various circular letters issued by the Commission.”

On top of this, the IC said the quarterly unaudited financial reports, from which the quarterly compliance of net worth requirements is determined, are still subject to final adjusting and closing entries at year-end.

Sought to clarify how the grant of relief became inconsistent with the provision on the Insurance Code,

Insurance Commissioner Dennis B. Funa told the BusinessMirror “the reasons are stated in items 1 to 3 of the third preambular clause.”

“That it is actually not necessary because the determination of a conclusive and/or clear net worth is made at year end. Quarterlies are inconclusive,” Funa said. “And this year-end report is submitted in April of the succeeding year. So this is a corrective circular.”

Nonetheless, the IC maintained in the latest circular that all insurance companies compliant with the net worth requirements as of last year are required to comply with the Risk-Based Capital Framework and Revised Regulatory Intervention.

The new circular comes several months after the IC granted in May the said regulatory relief to insurance companies compliant with the net worth requirements as of end-2019 but were adversely affected by the Covid-19 pandemic.

To recall, IC CL 2020-60 stated that the temporarily relief on implementation of net worth requirements and risk-based capital requirements for this year was requested by the insurance industry “in order for insurance companies to better utilize their capital as they continue to work on their recovery vis-à-vis the Philippine economy.”

Under Republic Act 10607 or the Insurance Code, insurance companies must have a minimum net worth of P900 million by end-2019 and P1.3 billion by end-2022.

Financial health and buying decisions during pandemic

I

t has been months since the lockdown started and nearly a few months before the most favorite season–Christmas.

In the beginning of the lockdown period everyone had apprehensions of what is to come such as will employment continue, should households’ stock up groceries that are good for a month and, for some, how are they going to continue their regular checkups or dialysis. I have asked some of my friends on how they are able to adapt to the #newnormal and, most importantly, how they are able to get by financially nowadays.

Grocery shopping as an essential activity, of course, has increased as people panicked during the beginning of the lock down and people buy their groceries in a lot more ways than before. Some would prefer that they buy their own needs to save money because it is more expensive if they would ask delivery services. It is more expensive as they are not able to choose their preferred brand but would spend on transportation going back home after doing the grocery.

This is just like a friend of mine who spends P200 than the usual P16 on transportation fee just to make sure that she and her husband are the only passengers in a tricycle.

However, households with senior citizens and children would opt for delivery services despite the additional charge because they said that when you total the service fee, it is almost the same as payment for gasoline and parking fees.

Most households buy in bulk, which saves them a lot because when you buy in bulk, there is a difference in the price as compared to buying in retail.

Also, some households including senior citizens learned to have their medicine coursed through a delivery service to lessen their exposure to Covid-19. In fact, some senior citizens learned how to shop online even with non-essential stuff, entertain themselves by watching online movies and videos from social media and even monetize their boredom through vlogging.

Today, those who are health conscious are even more engaged with preparing their meals at home while those who used to spend a lot on dine outs became health conscious and realized that they are able to save by limiting dine outs or going to the malls. Albeit, Filipinos really love to eat; and when the lockdown was relaxed from Enhanced Community Quarantine to Modified General Community Quarantine, some missed eating at their favorite restaurants so they started to go out again.

Jendee de Guzman

personal finance But, on one hand, there is greater impact to those Filipinos whose pay was cut to half and to those who lost their jobs because of the pandemic. There are a lot of expenses that need to be cut, not to mention paying for a car and a home; some transferred their children from private to public school.

Out of the 30 respondents whom I asked about how they are, two things were in common. First, they would buy the necessities and, second, spend more on items and services that will protect them from Covid-19, such as food and grocery delivery services, safe means of transportation, medicine delivery services and protective gears such as masks, face shields, alcohol, disinfectants and even PPEs. This pandemic was able to push Filipinos beyond this challenge and build resilience by finding a lot of options for their families to survive while others made sure that they thrive. Some became accidental entrepreneurs by monetizing their passion and as a Filipino it is normal to be compassionate to others by patronizing products and services locally made.

Regardless of this challenging time, it became an opportunity to rebalance the Filipino’s portfolio. While for some whose pay was cut, opportunities arise for new strategies on how to generate new source income. In fact, some have adapted to the new normal and made a lot of financial adjustments already.

As a Registered Financial Planner, I have been conducting cashflow reviews of my clients since the lockdown, assisted them on deciding which items must go and must be kept, some are able to get by because of sufficient savings but still most of whom I have assisted said, they will stick to buying necessities and stay home not until our country is Covid-Free.

Now that the holiday season is also near, as the Filipino spirit still is eminent, people still feel positive that things will turn better for our country again and hopes that this positivity will soon be at our grasp.

Jendee de Guzman is a registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 86th RFP program this November 2020. To inquire, e-mail info@rfp.ph or text at 0917-6248110.

Tuesday, November 3, 2020 B3

PHL banks seen to maintain elevated bad-loan provisions

T

By Tyrone Jasper C. Piad

@Tyronepiad

HE Philippine banking system may keep high provisioning for potential bad loans as financial institutions remain worried about their impact on the balance sheet.

ING Bank Manila Economist Nicholas Antonio T. Mapa, in an email to the BusinessMirror, said that the local banks are being cautious when it comes to extending loans amid the pandemic as evidenced by the recent survey of the Bangko Sentral ng Pilipinas (BSP).

This is to protect their borrowing portfolio from dealing with more potential nonperforming loans (NPLs), he explained.

“Banks actually appear a little more wary of a potential strain on their balance sheets, with the BSP reporting yesterday that the senior loan officers survey (SLOS) pointing to more stringent disbursement of funds so as not to bloat NPLs,” Mapa said.

According to BSP’s third quarter

SLOS, nearly half of the respondent banks said that lending to enterprises and households showed a tighter overall credit standard for the period.

“It appears that banks remain wary of NPL ratio and levels and they may opt to retain current provisioning for NPLs, likely until they get more clarity post Bayanihan laws,” Mapa added.

Under the Bayanihan to Recover as One Act, borrowers are given a 60-day grace period to pay for their principal loan and interest with due dates until the end of the year.

Despite the surge in unemployment and economic slowdown, Mapa said that the banking sector’s NPL level still appears to be “holding up quite well.”

“However, we may not be getting

an accurate picture of the segment just yet given the recent legislation that afforded customers some relief during the pandemic,” he said. “We believe a truer picture will surface with conditions becoming more apparent after Bayanihan 1 and 2 expire.”

Rizal Commercial Banking Corp.

(RCBC) Chief Economist Michael L. Ricafort agreed, noting that the NPLs could still pick up until early next year.

As of August, the banking industry’s gross NPL reached nearly P305 billion against a total loan portfolio amounting to P10.75 trillion, according to latest BSP data.

The NPL ratio stood at 2.84 percent as of August, which Ricafort described as the highest since February 2014. Still, it is markedly lower compared to 20 percent nearly two decades ago, he added.

Meanwhile, allowance for credit losses amounted to P327.42 billion as of August.

Economic recovery

RICAFORT underscored that the trend in NPLs and loan loss reserves hinges on the economic recovery.

“If the economic recovery gathers pace in the coming months, this

would at least help mitigate the rise or even lead to some reduction in NPLs and provisions,” he explained.

The Philippines is currently in recession after its economy contracted in two consecutive quarters.

Mapa, for his part, said that he was not anticipating a recovery in NPLs anytime soon as the economic forecast remains gloomy.

“In-line with my outlook for growth, which is quite pessimistic, we do not expect a quick turnaround for the banking sector as the economy looks to bounce back organically, which in all likelihood will take a full year should things fall into place,” he explained.

“Further reopening of the economy would help the pickup in the economy, allowing more businesses to operate at higher capacity that entail more workers being employed again, as well as allowing the government to collect more tax revenues that would be used to finance more Covid-19 programs,” Ricafort added.

For the meantime, the 60-day debt moratorium and credit guarantee for the small businesses, among others, are seen helping to temper the rise in NPLs, the RCBC economist said.

Solon urges farmers, fishers to borrow from govt

S

ENATOR Francis Pancratius N. Pangilinan on Monday advised the estimated 20,000 farmers and fishermen affected by Typhoon Rolly (international name “Goni”) to avail themselves of the zero-interest loans and crop insurance payouts of the Department of Agriculture (DA).

Pangilinan said the DA has cash allotted for this type of situation.

“Every farmer can borrow P25,000 in zero-interest survival and recovery loan payable in 10 years,” he said.

Pangilinan explained that the Philippine Crop Insurance Corp. also has P1 billion in indemnification fund to pay for losses.

“That is equivalent to farmers get-

ting P10,000 to P15,000 depending on land size,” he said citing Agriculture Secretary William Dar’s report at the news briefing on interventions following the world’s strongest typhoon of the year.

Pangilinan said farmers and fishermen were among the hardest hit as flood waters overwhelmed their crops and big waves washed away their small fishing boats.

The senator said he was able to talk to some local officials in Bicol and Southern Tagalog. Pangilinan said he was told by Mayor Cielo Krisel L. Lagman that half of the properties in Tabaco, Albay, were completely destroyed and 90 percent of fishing

$100M annual savings seen from digitized dole

By Bianca Cuaresma @BcuaresmaBM

T

he Philippine government could save roughly up to $100 million per year by fully digitizing all social payments made by the administration, a report from Better Than Cash Alliance (BTCA) showed.

The report said the mapped cost of a government-to-person (G2P) cash payment is 1.5-percent higher than a digital transfer.

“Of the $2.6 billion in G2P payments per month, over $1 billion is paid nondigitally,” the BTCA report read. “[Fully digitizing these social payments] translates to annual savings of $100 million for the government in G2P payments alone.”

The BTCA is a global partnership firm that analyses and gives policy recommendations on the transition from cash to digital payments in order to reduce poverty and drive inclusive growth.

The Philippines’s G2P payments comprise mostly of private and public sector social security payments as well as the targeted conditional cash transfer scheme.

The BTCA report said 45 percent are made digitally, primarily through cash cards. The remaining 55 percent is transacted on a cash basis. “[This] presents a real opportunity.

Digital transfer of social benefits can be the first step in the digital payments journey for a large number of financially excluded Filipinos. This can potentially have a knock-on effect on other digital payment use-cases,” the report read.

In addition to the $100 million potential savings, a fully digitized G2P system will have 11 million in additional digital bank accounts.

“We estimate that digitizing welfare payments and converting cash cards to basic accounts would provide up to 11 million individuals with their first digital store of value. Assuming that these newly baked consumers comprise half of the number of transactions of those who are currently banked in a month, this is equivalent to nearly 86.5 million in additional digital transactions,” the BTCA report said.

Behind the great potential, BTCA said the Philippines still has to face two foundational issues to grow digital payments to its full potential. These two foundational issues are: financial inclusion and poor mobile connectivity.

BTCA noted that the fact that two out of three Filipinos are financially excluded and do not own a digital wallet or account limits the number of users who have a digital means to receive social benefits, receive remittance, pay bills and save formally.

Also, despite over 71 percent of the population subscribing to data services, there are only 16,500 base stations across the country’s 7,000 islands, mostly localized in Metro Manila. The BTCA also noted that the limited infrastructure provides an unreliable and inconsistent experience for consumers.

“This will remain an issue for the next few years and stakeholders must optimize around this reality, even while smartphone and mobile internet penetration are likely to increase,” the report read.

boats were washed out. “Our farmers are barely recovering from the impact of Typhoon Quinta when this new typhoon hit them,” he said in Tagalog.

“They have no one to turn to but the government and the public.”

In a mid-morning news briefing, Dar said 20,000 farmers and fishermen suffered an estimated P1.1 billion of losses due to Typhoon Rolly and P2 billion due to Quinta, affecting rice, corn and other high-value crops. Pangilinan said DA interventions include distributing free seeds, seedlings and fingerlings.

He said the devastation caused by typhoons Quinta and Rolly in Bicol and other parts of the country paves

the way to display anew the compassionate spirit of damayan that has driven Filipinos to rise, build and plant again after every disaster.

“Our affected countrymen desperately need food packs and temporary shelter,” Pangilinan said. “Any donation we can give will go a long way and will bolster their spirit that they are not alone in this tragedy.”

Dubbed the strongest in the world this year, Typhoon Rolly blew strong winds and rains in the Bicol region, parts of Southern Luzon and Metro Manila leaving a trail of devastation.

Initial reports have placed the affected families at 2 million from 12 regions.

Korea lends PHL $100M for Covid-19 response

T

he Government of Korea through the Export-Import Bank of Korea (Korea Eximbank) and the Government of the Philippines through the Department of Finance have entered into an agreement on October 29 for the Economic Development Cooperation Fund (EDCF) Covid-19 Emergency Response Program Loan worth $100 million.

The Korea Eximbank said in a statement this is the third agreement signed by the two countries under the $1-billion EDCF framework arrangement for the years 2017 through 2022.

The first agreement is the New Cebu International Container Port Project ($172.641 million) and the second is the Philippines-Korea Project Preparation Facility ($50 million).

The Covid-19 emergency loan program shall provide immediate financing and/or budgetary support to the recipient country for economic policies or implementation of sector development plans, the Korean Eximbank said. It may also take the form of an emergency relief fund for a pandemic.

Due to travel restrictions, the EDCF Covid-19 Emergency Response Program Loan agreement between the two governments was crosssigned by mail, the bank said.

This was the first and largest Covid-related bilateral assistance offered by the Republic of Korea to a partner

country, so far. The Korean Government via the Korea Eximbank’s EDCF has allotted a total of $540 million this year to help finance national Covid-19 responses in 14 developing countries.

Through this program loan, which is a type of budgetary support for policy establishment and implementation of Covid-19 response strategies, the Government of Korea expresses its solidarity with the Philippines and the international community in the ongoing global battle against coronavirus. It is also hoped that this will further strengthen relations between Korea and the Philippines in the field of public health and safety in addition to diverse areas of cooperation over the past 70 years.

Managed by the Korea Eximbank, the EDCF was established by the Korean Government on June 1, 1987, with the purpose of promoting economic cooperation between Korea and developing countries.

Most EDCF projects in the Philippines have focused on infrastructure development, particularly roads and bridges and the transportation sectors. The EDCF Covid-19 Emergency Response Program Loan helps further diversify the EDCF’s loan portfolio in the country; it is also particularly meaningful as, being the largest of its kind from Korea, it underscores the importance Korea places on its partnership with the Philippines.

B4

Tuesday, November 3, 2020 • Editor: Gerard S. Ramos

Art

BusinessMirror

www.businessmirror.com.ph

Today’s Horoscope

By Eugenia Last

z

CELEBRITIES BORN ON THIS DAY: Elizabeth Smart, 33; Gemma Ward, 33; Colin Kaepernick, 33; Dolph Lundgren, 63.

Happy Birthday: Look at the possibilities and what’s positive in your life, and use your strengths to get ahead. Dismiss negativity and people who drag you down. Clear a path to a better future. Adopt what’s trending, and turn what you have achieved into something spectacular. Balance and integrity will determine the success you achieve. Strive for respect, honor and leadership. Your numbers are 8, 13, 22, 26, 33, 42, 48.

a

ARIES (March 21-April 19): Take a closer look at places you want to visit or courses you wish to take. Expanding your options and adding to your resume will broaden your chance to follow a path that suits your personality. HHHH

❶

Pagbutwa

by Res Demdam, Bhon Philip Gomez and Jhon Fred Manaligod. The work-in-progress may be regarded as dialogues between the ecology of production and space. The finished artwork will be unveiled on the Kurit-Lagting social-media pages on November 29.

Bikol art group launches online exhibit as part of community project

❷ Babaylan

by John Patrick Cunanan

❸ Heroes and Survivor by Charina Ponesto

T

HE Kurit-Lagting Art Collective launched over the weekend its first-ever online show that promotes active participation and creativity in the Bikolano community through group interaction and self-exploration.

The exhibition, titled Pagbutwa, is inspired by the Bikolano word for the resurfacing of something long concealed. The idea relates to the emergence of the artistic product from the pandemic-induced disruption in the artistic process, as the show falls under a bigger community project that looks into the relationship of the ecology between production and space.

“The works talk much about the disruption of the artistic process and the artistic product or outcome in the context of containment and restriction, which may be regarded as dialogues between the ecology of production and space,” said Kurit-Lagting honorary member Robert Marticio, who is also the president United Architects of the Philippines Student Auxiliary

(UAPSA) Area B District 5, one of the exhibit’s partners along with Sorsogon Initiatives for Culture and Arts Development.

Aside from the participation of Kurit-Lagting artists from Sorsogon, Albay, Catanduanes, Masbate and the Camarines provinces, as well as a select few from Metro Manila and other regions, there was an open call for artists to join the virtual show.

Among the featured pieces is an oil painting, titled Babaylan by John Patrick Cunanan of University of Nueva Caceres in Naga City. The work depicts the namesake warrior with the mystical authority to heal even life-threatening illnesses and unknown diseases.

Another is Heroes and Survivor by University of Saint Anthony’s Charina Ponesto that portrays medical workers as modern saviors.

The works are on view on the social-media pages of Kurit-Lagting until November 30.

The exhibit is part of the three phases lined up for Pagbutwa as a community art project. The first one is the recent launch of the online exhibit that, according to curator Geri Matthew Carretero, is meant to “highlight fragmented, disrupted process and engagement and at the same time capture the stillness, movement and continuity of production.”

“We will use #Pagbutwa and upload whatever artworks they like without the curator intervening in the kind of works they choose to post on Facebook and Instagram,” Carratero said. “Whatever is uploaded or produced during the posting of their works in these platforms will be included in the next phase.”

Phase two is the migration of the works from

Bernardino, Cuenca Rasmussen’s ‘The Hybrid Guest’ THE duo exhibition The Hybrid Guest questions perceptions of the female identity within the context of contemporary Western society by setting side by side the practices of Filipino-born artists Rhine Bernardino and Lilibeth Cuenca Rasmussen.

The exhibit is on view until December 5 at Laure Genillard in London, the UK. The tensions between the representation of clichés, taboos, accepted stereotypes and mysticism define the exhibition’s dynamics.

Both interested in human behaviors and the condition of the self versus an other, the chimerical works of Bernardino and Cuenca Rasmussen are often uncannily interfering with notions of feminization, ultimately seducing

and repelling.

As part of the exhibition, Bernardino’s Faith, Hope, Charity (2020) is a performance work which comes to life solely from the moment of its acquisition. It is essential that a buyer wishes for a miracle to happen for the performance piece to begin.

Over a 40-day period, the artist will explore the spiritual possibility of achieving a transcendental experience by inhabiting a room from sunrise to sunset, writing the Bible page by page as part of her devotional and monastic endeavour to perform acts of belief and faith.

The exhibit is curated by Linda Rocco with support from the Danish Art Foundation.

the digital domain to a physical community space, particularly in barangays located in coastal areas where most community members live. Part of this next step are storytelling, visual mapping workshops, talks and interactions about the effects of the pandemic with the members of the community.

From the community, the works will then journey to a museum for the third and final part of the Pagbutwa.

“The idea of this whole project is always linked to the production of space and place, and the mutation of the project is attributed to the journey of the artworks and the curatorial form,” he said. “The curatorial mode needed during this time should work on explorations grounded on research and telling narratives about the temporal modes of production, of the absence and presence of audiences, of the politics of spaces and collective memories and experiences of artistic initiatives through inclusive and easy to navigate platforms and mechanisms to continue reaching destinations.”

Kurit-Lagting began as a mural painting group of five members in 2002. Combining the Bikolano words kurit, which means to draw or make a mark, and lagting, or the hard nut of the pili, the provincial icon of Sorsogon province, the group was formalized as an art collective in 2011.

Today, the group has grown to take on art advocacies on human rights and the environment with around 30 artist-members who are mostly selftaught.

The exhibit title of Pagbutwa, or emergence, now bears a deeper meaning after typhoon Rolly made landfall in the Bicol region on Sunday, a day after the show was launched.

In the opening, Edge Uyanguren of the Concerned Artists of the Philippines said the show proves that there is no lockdown in creativity, nor is there a quarantine for nationalist fervor for those in the creative industry.

“Sana po ay ang ating mga likha ay magsalaysay at mangusap ng inspirasyon sa ating mga kababayan na kumakaharap ngayon sa napakatinding krisis,” he said.

“Itong ating mga likhang sining ay magkakaroon ng napakahalagang kontribusyon, lalong lalo na kapag ito’y ating inaalay sa ating mga kababayan.”

“This exhibit is dedicated to our frontline workers, artists who struggle during this difficult time,” added Kurit-Lagting member Marigrace Despi Carretero. “We hope the viewers imbibe the values of compassion to reach out to struggling brothers and sisters. I call out to everyone not only to view the exhibit, but also to become aware of the essence of art in their lives.” n

b

TAURUS (April 20-May 20): You’ll be offered invalid information from someone you thought to be trustworthy. Verify what you hear before you pass along information that will make you look bad.

You are only as good as your word; stick to what you know. HHH

c

GEMINI (May 21-June 20): Your charm and flirtatious ways will work wonders for you as long as you don’t break promises along the way.

Mean what you say, and avoid giving someone the wrong impression. HHH

d

CANCER (June 21-July 22): Don’t get upset over things you cannot change. Concentrate on what you can do and honing skills that will benefit you. Taking a unique approach to your responsibilities will set you apart from any competition you face. HHH

e

LEO (July 23-Aug. 22): Align yourself with the people you know and trust to have your back. How you deal with information will make a difference to the outcome. Be direct, and refuse to make a decision or move without verification. HHHH

f

VIRGO (Aug. 23-Sept. 22): How you relate to others will make a difference moving forward.

Offer suggestions, but don’t force your opinion on others. It’s crucial to maintain peace and integrity going forward. If uncertainty sets in, back away.

Don’t mix business with pleasure. HH

g

LIBRA (Sept. 23-Oct. 22): Take care of matters that concern your future. Learn all you can, and look for ways to improve your health, appearance, knowledge and relationships with others.

Distance yourself from individuals who are demanding, excessive or disruptive. HHHHH

h

SCORPIO (Oct. 23-Nov. 21): Control will be necessary. Walk away from situations that appear risky or people who are trying to take advantage of you. Gather the facts, and question inaccuracy and cover-ups. Think twice before you donate or get involved in a costly venture. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Make domestic changes, and improve the relationships with the people you live with or work alongside. Keep an open dialogue, and it will offset accusations of evasive behavior. Don’t let a money matter get out of hand. HHH

j

CAPRICORN (Dec. 22-Jan. 19): If you say something in haste, you will have regrets. You are better off biding your time and listening to what others have to offer. You may want change, but sound judgment and proper motives are essential. HHH

k

AQUARIUS (Jan. 20-Feb. 18): Make positive changes at home that will add to your comfort and convenience and bring you closer to your loved ones. Put muscle behind your plans. Do the work yourself, and the rewards will be greater than anticipated. Romance is favored. HHHHH

l

PISCES (Feb. 19-March 20): Defuse your emotions until you have all the facts. If you are too quick to react, you will upset someone you love. Make a change that can help you get back on track or encourage a better way to earn a living. HH Birthday Baby: You are charming, energetic and proactive.

You are playful and entertaining.

‘place a wager’ by bill conner The Universal Crossword/Edited by David Steinberg

ACROSS 1 What to stop before you go on vacation 5 University of New Mexico wolf 9 Oscar follower, in the NATO alphabet 13 Voice above tenor 14 Wyatt at the OK Corral 15 Exam after a midterm 16 Travel far and wide 18 NBA star Iguodala 19 Waited at a light, say 20 “That was over the line!”

22 Massachusetts cape 23 Source of rocks?

27 Nonspecific quantity 28 Texter’s “I appreciate it” 29 Smidgen 30 Pastrami bread 31 Slant 33 Alternative to acrylic or pastel 35 “Skip me,” in bridge 37 Google subsidiary’s streaming service 41 DVD player button

44 Empty space 45 Slender and fit 49 Light, in Latin 50 Conference with many talks 53 Actress Michele or Thompson 55 Santa ___ winds 56 Very upset 59 Oversaw 60 Baked fruit dessert 61 “Laughing” carnivore 63 Tuscan city 64 Certain roulette wager...or what 16-, 23-, 37- or 56-Across has?

67 Macho guys 68 Four-___ fastball 69 Aswan High Dam’s river 70 Mine outputs 71 URL opener 72 Eye woe DOWN 1 Like a hex 2 “There, that’s that!”

3 “Shoulda listened to me” 4 Hoop or stud site 5 Permit

6 Propeller in a lock 7 Bucking horse 8 Decline to participate 9 ___ gris 10 Pyrenean country 11 Leverages, as a skill 12 Brew that may be pumpkin-flavored 15 Accepted reality 17 Change, as copy 21 Still undetermined, on a sched.

24 Chinese name whose first letter can also be “Z” 25 Word with “ramp” or “sign” 26 Cry of success 32 Central Park’s home, informally 34 Tote (around) 36 Lowest-ranking G.I. 38 ___ Empire (Turkey’s former realm) 39 Indonesian resort island 40 Heaviest fencing sword 41 Santa helper 42 More scandalous 43 Well beyond the norm 46 Welsh dish with melted cheese 47 In a silly way

8 Large marine mammal 4 51 Subside 52 “Mmm, that’s good!”

54 Ritalin target, for short 57 Things to hum 58 Core belief 62 Hankerings 63 HBO competitor, briefly 65 Warmed the bench 66 Mini-menace Solution to Friday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Reaching out to more Filipinos in the regions GMA Regional TV’s (RTV, www.gmaregionaltv.com) Kapuso Barangayan on Wheels continues to reach out to more viewers in the regions, extending help to thousands of families in North Central Luzon; Central and Eastern Visayas; Western Visayas; and North, Central and Southern Mindanao.

Halfway through its second leg, this civic initiative launched by GMA RTV last May is a modified version of Kapuso Barangayan. As most of the cities and provinces in the country were placed under community quarantine, Kapuso Barangayan on Wheels was conceptualized to provide Filipinos with essential items they urgently need such as breakfast items, grocery packs, as well as hygiene kits and vitamins.

From June to the first week of October, a total of 1,040 families from nine barangays in North Central Luzon were given food and grocery packs by GMA RTV North Central Luzon team. Meanwhile, 14 barangays in Iloilo were visited by GMA RTV Western Visayas from the last week of May to the first week of October, benefiting 1,660 families.

In Cebu, 10 barangays were provided with food packs and fresh locally produced vegetables since June, with GMA RTV Central and Eastern Visayas reaching 1,130 families. From July to September, the GMA RTV Southern Mindanao team was able to aid 1,080 families in nine barangays in Davao.

The Kapuso Barangayan on Wheels went all the way to Cagayan de Oro and Misamis Oriental where almost 600 families from five barangays received food items from GMA RTV North and Central Mindanao.

Each pack of “Kapuso Barangayan on Wheels” included notes with messages of encouragement from the anchors and hosts of GMA Regional TV’s newscasts and morning programs to help uplift the beneficiary family’s spirits.

“Our Kapuso Barangayan on Wheels is more than just distributing essentials and grocery packs to the Kapuso families in the regions,” says GMA Regional TV and Synergy Vice President and Head Oliver Amoroso.

“This is our way of reaching out to every Kapuso, for them to feel that they are not alone in this fight against Covid-19, and that GMA Network, through GMA Regional TV, is one with them in these trying times. We thank all our partners across the Philippines in helping us realize our mission. Rest assured that we will continue to do our best in providing our Kapuso families basic supplies so as to lessen their load.

Sama-sama po tayo, mga Kapuso, sa laban natin kontra Covid-19,” he concludes.

“Kapuso Barangayan on Wheels” is set to kick-start its third wave this December with the aim of reaching more beneficiaries throughout the country.

QCinema has arisen to a new filmscape

THE shift to the new normal begins for QCinema International Film Festival. Regarded as one of the leading international film festivals in Southeast Asia, QCinema is the flagship project of Quezon City Mayor Joy Belmonte aimed at pushing forward Quezon City’s brand as the film capital of the country.

The challenges of the past year have led QCinema to reinvent their festival format into a QCinema Special Edition 2020. Aptly titled “QCinema: A New Filmscape,” this year’s festival is slated to run from November 27 to December 6.

“As a universal art form, cinema connects us all through stories about compassion, love, forgiveness, human goodness, faith, hope, and destiny. We are not daunted, but we embrace this new filmscape,” says Belmonte.

The QCinema 2020 lineup will be released nationwide through Upstream, the newly launched online Transactional Video on Demand (TVOD) streaming platform, and tickets may be purchased from the country’s largest aggregator for online cinema ticketing, GMovies. The partnership between Upstream and GMovies will allow anyone in the Philippines to access QCinema’s 2020 films anytime. This is a leap in its coverage as previous QCinemas were confined only to Metro Manila venues and theaters.

“This period of vast isolation has presented an opportunity for QCinema to reach out to more audiences from across the country. For our special Qcinema 2020 edition, we will adapt, explore and take on new forms,” says QCinema festival director Ed Lejano.

This year’s program will be a mix of foreign and local films. Included in the streaming line-up are past QCinema #AsianNextWave and Circle Competition grantees.

Prior to the 10-day event, QCinema will stream for free its past #QCShorts grantees on its social-media accounts and web site (www.qcinema.ph).

During the festival proper, the festival will host a gathering to give grants to Inter-Guild Alliance and select independent films, the production of which were halted because of the pandemic. It will also award six short films that present the lighter side of quarantine.

Aside from these, there will also be talks on the new filmscape.

Editor: Gerard S. Ramos

• Tuesday, November 3, 2020

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CBN Asia’s first film makes it to St. Louis international film fest Lesslie Joy Pasandog (right) with her directors John Valdes Tan (top left) and Icko Gonzales

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S a religious organization, CBN Asia celebrates its 26th year spreading hope and joy through multifaceted ministries in multimedia, counseling, cross-cultural missions and humanitarian aid. Recently, it received good news that its first-ever produced full-length film has been selected to compete at the 29th Whitaker St. Louis International Film Festival in Missouri, USA. Titled Oligase (Demon of Fear), the narrative follows the life of Laha, a young Matigsalug girl who leaves her village when she decides to go against the old tale of her tribe about a monster, known as Oligase, which attacks and eats school children. As she pursues her dreams of education, she realizes that there are other monsters lurking in her city of dreams.

“We are all very happy to receive the good news that it has been included in the official selection of this international film event dedicated to exploring crosscultural understanding through cinema,” enthused Icko Gonzales, cowriter and codirector of the film.

Gonzales drew inspiration after reading the short novel of Pio Gabad Arce, who agreed to collaborate with Gonzales to write the screenplay. Gonzales also worked in tandem with John Valdes Tan, CBN Asia vice president and chief operationg officer, to direct the film.

Tan shared, “I was driven by curiosity to know and understand the Matigsalug people of Malikongkong in Davao. Their world is so different from ours who live in the big cities. They live without electricity, running water, no hospitals, TV, Internet, and even basic education is deprived from many of them.

This inspired me to delve deeper into the life of our indigenous countrymen and the challenges they face every day.”

Tan, Gonzales and their team thought it best to cast non-actors for the film. “We had to conduct acting workshops for those we chose to portray our characters, especially our lead actor, Lesslie Joy Pasandog. Most of the actors were from the Matigsalug tribe. To shoot in their native dialect plus working with non-actors were huge challenges. But we all believe that we will be closest to authenticity with that decision.”

For the actual shoot, the Oligase team stayed in the

mountain village for a week with no running water, electricity and modern toilets which was a challenge for the crew. “The logistics and the weather also posed hurdles but the team made it through with faith and cooperation of every one involved. We had to physically carry film equipment up and down the hills of Malikongkong with the help of the villagers,” Tan shared, adding, “During post-production, the directors and editors had a hard time editing the footages since these were all in the Matigsalug dialect.

Many consultations were held between Manila and Davao to finish the film.”

“Looking back, there were a lot of learnings from the making of Oligase. Coming up with a quality film takes so much time, effort, finances and creativity.

There were a lot of ups and downs but in spite of all

that, I wouldn’t trade this experience for anything else. All along we also saw God’s faithfulness as He brought the right people to help us transform this vision to a reality,” Tan intoned.

The winners of the Whitaker St. Louis International Film Festival will be announced this month and the Oligase team is excited beyond words.

“Just to be in the official selection is already a big blessing since this is CBN Asia’s first-ever full feature film,” Gonzales volunteered.

When the pandemic is over, CBN Asia will continue to look into the power of cinema and how it can be an instrument of discovery, a bridge to connect people, and a means of spreading love, joy, faith and many other priceless blessings to as many as it can reach. n

Ruling due in Depp’s high-stakes libel suit against tabloid

By Jill Lawless The Associated Press LONDON—A British judge will decide on Monday whether a tabloid newspaper defamed Johnny Depp by calling him a “wife beater,” a ruling with huge implications for the careers of both Depp and former spouse Amber Heard.

Justice Andrew Nicol is due to deliver his judgement in writing, three months after the end of a trial that exposed stark details of the Hollywood couple’s tempestuous marriage. There will be no inperson hearing because of the coronavirus pandemic.

Depp sued News Group Newspapers, publisher of The Sun, and the newspaper’s executive editor, Dan Wootton, at London’s High Court over an April 2018 article that accused him of assaulting Heard, an actress whose films, include Justice League and Aquaman.

Both Depp and Heard spent several days in the witness box during the three-week trial in July, giving irreconcilable accounts of their volatile relationship.

The pair met on the set of 2011 comedy The Rum Diary and married in Los Angeles in 2015. They separated the following year and divorced in 2017.

Heard, 34, testified as the main witness for the defense, saying Depp turned into a violent alter ego he dubbed the “Monster” when under the influence of alcohol and drugs.

She alleged 14 separate incidents between 2013 and 2016 in which he hit, slapped and shoved her, pulled her hair and threw bottles at her. The alleged assaults took place in glamorous settings including the couple’s luxury penthouse, Depp’s private island in the Bahamas and an executive jet.

Depp, 57, branded he allegations “sick” and a “hoax” and claimed Heard was the aggressor during their relationship. He claimed that Heard hit him, even severing the tip of his finger with a thrown vodka bottle during an altercation in Australia during filming of a Pirates of the Caribbean movie.

Depp acknowledged heavy drug use, saying he took marijuana, cocaine, ecstasy and magic mushrooms, and became addicted to opioid painkillers. But he denied that drugs made him violent.

“I am certainly not a violent person, especially with women,” he said.

Sasha Wass, lawyer for News Group Newspapers, said there was “no doubt that Mr. Depp regularly and systematically abused his wife.”

Heard insisted she was telling the truth and said she had spoken out reluctantly.

“What woman has ever benefited from being a victim of domestic violence?” she asked in court.

Depp’s lawyer, David Sherborne, accused Heard of wrongly donning the mantle of the #MeToo movement and called her “a wholly unreliable witness and frankly a compulsive liar.”

Both sides offered testimony from friends and former employees to back their version of events, and the judge must decide which account is more credible.

If Depp loses, his career may never recover. If he wins, he is likely to get only a modest sum in damages.

But Sherborne told the court “this is not a case about money. It is about vindication.”

Mark Stephens, a media lawyer at the law firm Howard Kennedy, said, in the end, “both parties are going to lose this case.”

“The reputations of both Johnny Depp and Amber Heard are tarnished irrevocably,” Stephens said. “I think that it’s going to persist, because whoever wins in this case, the way in which this case was presented, the issues that came up, particularly around gendered presentation of the case, I think that’s going to be studied for years to come.”

Depp is also suing Heard for $50 million in Virginia over a Washington Post story about domestic violence. The trial is due to be held next year. n Danica Kirka in London contributed to this story.

B6 Tuesday, November 3, 2020

Doc Pao’s advocacy: Enhancing the quality of life, helping people avoid becoming sick EDC, ASUS team up to provide laptops for online study of SIKAT scholars

KANANGA, Leyte Mayor Matt Torres thanked EDC and ASUS for the free laptops that they donated to the EDC SIKAT scholars from his municipality.

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HE current “new normal” brought about by the coronavirus disease (COVID-19) has shifted everyone’s life from face-to-face interaction to virtual events and interactions, including students who now need to do distancelearning for their education.

To help its scholars adjust with the new normal of learning, Lopez-led geothermal leader Energy Development Corporation (EDC) tapped Taiwan-based multinational electronics and computer company ASUS to provide free laptops to its current 110 scholars.

EDC Corporate Social ResponsibilityPublic Relations Head Atty. Allan Barcena said under the SIKAT program, its banner education program, the key priority is to provide quality education to underprivileged yet deserving students from partner communities in all sites across the country to allow them to become successful individuals, help their family break out from the cycle of poverty, and contribute to nation-building.

“This is in line with our current thrust of forging collaborative pathways for a decarbonized and regenerative future,

which will only happen if we help elevate our partner communities, including our SIKAT scholars,” Barcena said.

“We thank ASUS for this partnership and for being enablers of a brighter future for our scholars. More than P2.86 million worth of premium laptop donations to our scholars will surely help them in their educational endeavors,” Barcena added.

ASUS for their part also expressed gratitude to EDC for the opportunity to share their product for a cause that will not only benefit the scholars individually but also a larger number of people in their community.

“In today’s new normal set-up for education, learning and sharing knowledge can be accomplished anytime, anywhere. We, at ASUS Philippines, with the help of Energy Development Corporation’s (EDC) team are here to provide the students and even our hardworking teachers with total education solutions through our innovative, very efficient, and 100% education-ready products, particularly our laptops, both for learning and teaching,” said George

Su, ASUS Philippines Country Head.

The laptop units will be distributed to the scholars from EDC’s different partner communities in its geothermal areas in Leyte, Negros Island, Bicol, and Kidapawan, North Cotabato as well as in Ilocos Norte where its combined wind and solar power facility is located starting on October 22. EDC eyes to complete the distribution of laptop units this November.

To fully ensure that the scholars will be able to perform and study well in the remote learning set-up, EDC also provided each scholar with one unit of pocket wifi for their internet connection during synchronous classes and for research purposes.

“I just want to say thank you very much EDC and to ASUS for providing us with this laptop. This will help us in our studies and give us easy access to the new way of learning due to this pandemic. This will enable us to achieve our goal -- to finish our studies. Thank you so much, no words can explain how grateful I am, for having this opportunity to be one of the SIKAT scholars,” said Leah Capatoy, Batch 2018, currently taking up BS Agribusiness at the Visayas State University.

EDC generates over 40% of the Philippines’ renewable energy output and serves about 10% of the country’s overall electricity demand with its installed capacity of 1,499MW. Its over 1,200MW geothermal portfolio accounts for 62% of the country’s total installed geothermal capacity, putting the Philippines on the map as the world’s third largest geothermal power producer.

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HEN the pandemic happened, a lot of things changed. The way people interact with each other, the way business is done, the way we travel, lead our lives, and even who we can see and when we can go out; all of these have changed.

The one thing that did not change is Doc Pao’s desire to do good to people. When everyone stayed home in fear of the virus, Dr. Paolo Bellosillo was out and about ensuring that he is able to help people with the use of all the knowledge that he has gained over the years in his field of medicine. Even though it was a struggle getting in and off PPEs, staying in one due to the heat, and making sure that no virus seeps in, Doc Pao forged on.

Doc Pao is an International Fellow Doctor of Integrative Medicine as well as Diplomate of Whole Medical Systems with post graduate studies in anti-aging medicine. He also has an Advance Certification in Bioidentical Hormone Therapy and Cardio-Metabolic Medicine Plus Board in Homeland Security. He used all that he learned from these in handling the health of around 250 mixes of law enforcement, military, and civilian patients by way of constant monitoring and providing them with the right doctor care and nutrition.

Through the use of cellular medicine, Doc Pao has also helped numerous patients overcome diseases. Through allopathic, naturopathic, homeopathic, and ayurvedic means, he is able to find the right balance to help his patient not only heal from their sickness but also learn how to have a healthier lifestyle to have a better quality of life.

Doc Pao recommends remaining mobile and exercising during these times aside from eating your vegetables and fruits. He says that though tempting to stay up all night, it’s best to still get a full night’s sleep as it heals the body and recharges you to have more energy throughout the day. Doc Pao believes that when people take care of their bodies, they have a better chance of

DR. PAOLO Bellosillo

being healthy and remaining active.

One of the most humbling experiences that Doc Pao experienced recently was taking care of a family of 8 whose age groups were extreme and had varying medical needs.

Helping them win their battle against COVID without getting intubated through the help of a multidisciplinary team of HCWs from ICU nurses, IV nurses, med techs for serum lab and molecular lab tests while giving proper care through Multi Holistic modalities including IV therapy and implementing cellular nutrition protocols and monitoring via compact equipment, home-based especially when hospitals were full was one of the most challenging yet rewarding things that Doc Pao went through.

Doc Pao hopes that the Philippines can soon have a more realistic COVID-19 management system in place with zero casualties by utilizing whole medical systems. Doc Pao has always been about enhancing the quality of life and helping people avoid becoming sick. In these trying times where a great immune system is one of the best ways to fight off the virus, Doc Pao’s advocacy matters more than ever.

Calcium Cee’s SweetVia Deal at Watsons

GSIS donates vehicle, equipment to TESDA

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HE Government Service Insurance System (GSIS) donated a vehicle, computers and other equipment to the Technical Education and Skills Development Authority (TESDA) in a virtual turnover ceremony last October 27, in line with the pension fund’s corporate social responsibility program.

During the online ceremony, GSIS President and General Manager Rolando Ledesma Macasaet and TESDA DirectorGeneral Isidro Lapeña signed a deed of transfer that formally turned over the ownership of a Toyota Revo, five desktop computers, two fax machines, 10 stackable chairs, and 10 3-seater gang chairs from GSIS to TESDA. “TESDA needs vehicles, computers

and other items that its students may use as learning tools. Ang Toyota Revo, magagamit ng TESDA para sa automotive course, ang mga computer, maaaring gamitin sa repair courses,” Macasaet said.

Sec. Lapena responded by saying that “GSIS’s donation will surely aid our TESDAns on the ground to immediately reach our kababayan and deliver training in the communities. We would like to assure GSIS that its support and donation to TESDA will be put to good use.”

Earlier this year, TESDA entered into a partnership with GSIS to refinance its employee’s outstanding loans with lending institutions through the GSIS Financial Assistance Loan (GFAL). During the turnover ceremony, Macasaet also

informed the TESDA employees present during the event that GSIS is offering a study now, pay later educational loan to assist GSIS members in sending their children or close relatives to school; and a Php30,000-computer loan to help them purchase a laptop or computer for their family’s online needs.

Under its social responsibility drive this year, GSIS launched an educational subsidy program which provides Php10,000 subsidy for 10,000 qualified members’ children or legal dependents while in college, and an additional insurance benefit of Php500,000 for the families of COVID-19 public frontliners who died in the performance of their duties under the Bayanihan For Frontliners program.

Microsoft’s Imagine Cup 2021: Innovations changing the way we live; solutions & applications that save lives

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ICROSOFT’S premier student competition, Imagine Cup, engages new technologists around the world to promote platform adaption, expand market access, and source top talent. By participating, young science and tech entrepreneurs create new and innovative projects that highlight their passion and ingenuity, and will have the opportunity to network with professionals, gain new skills, win funding to further implement their ideas and receive mentoring from topnotch technology leaders. Through several rounds of online and in-person competition, they compete for the championship, the cash prize, and the mentorship.

Past Imagine Cup winners have spurred economic opportunities and employment, with many great innovators seeing their career change after the competition. Some of the previous winners have gone on to work for Microsoft, delivering their innovation back to the market. Other student competitors have built careers in startups, industry, healthcare and more, utilizing skills they learned throughout the competition experience and advice they received from mentors along the way.

To announce this year’s Imagine Cup, Microsoft Philippines held a virtual launch event recently, opening the competition up to Filipino participants. Microsoft Philippines Country Manager, Andres Ortola, addressed the students, past Imagine Cup winners, public sector

audience, and enterprise representatives in attendance.

Ortola strongly encouraged Filipino students to submit their entries, citing that in the middle of a global pandemic, “Imagine Cup is an opportunity; a platform to connect and make a difference, through innovation. An example of that innovation is RapidPass, a project that saw Microsoft partnering with Developer Connect (DevCon) Philippines and the Department of Information and Communications Technology (DICT), to create an application to help frontliners delivering help when it was needed.”

The much-awaited Microsoft Imagine Cup 2021, which is now open to students for submission of entries, will offer a grand cash prize of up to USD$75,000. The winner not only brings the cash prize, but will also get a mentorship session with Microsoft chief executive officer Satya Nadella.

The Imagine Cup is about innovations changing the way we live; about solutions and applications that save lives. The competition has become a platform for student teams to develop effective answers for improving the lifestyle of people around the globe, through the technology ideas they have created.

The past 19 years have seen more than two million students join this spirited competition, from as many as 200 countries participating, with most of these student applications showing valuable and

impactful projects, using Microsoft technologies.

Pablo Veramendi, global director for Imagine Cup, called on tech-savvy students around the world, saying, “we want to see what you can do! We want to see what you want to change in your world, in your community. It's all up to you. We are providing you a platform as we take your ideas and bring it to a global stage.”

Veramendi is also the global program manager of Microsoft Learn Student Ambassador, a program which provides clear steps to help students learn and lead so they can make a difference and empower those around them. They learn new skills, solve realworld problems, and build communities across the globe through this program. Applications are open all year, and the next quarterly deadline for application is on November 30. Members of this program are also encouraged to apply to Imagine Cup, as they may have unique technology solutions and projects they have previously worked on.

With the mission of empowering every person and organization on the planet to achieve more, Microsoft, through Imagine Cup, hopes that the next technology solutions tackling global issues will emerge.

Registration is now officially open for all interested participants. To register or learn more about Imagine Cup 2021, visit www.imaginecup.com.

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ALCIUM Cee, the Vitamin C in calcium ascorbate form, that is gentle on your stomach, teams up with SweetVia for a special sweet offer at Watsons. Buy one 500 mg 100s box of Calcium Cee and get three sachets of SweetVia for free! Not only do you gain the full benefits of Calcium Cee, you also enjoy the guilt-free sweetness that SweetVia brings.

With a pH level between 7.2 and 7.4, Calcium Cee is safe to take even on an empty stomach while still providing the essential elements of calcium and vitamin C. That is why you can take Calcium Cee any time and anywhere, without the acidity. This formulation also makes it safe to take in higher doses, especially for those who really need the extra vitamins.

Calcium Cee is a very good source of Vitamin C that fortifies your immune system. Taken regularly with Vitamin C-rich food, Calcium Cee shields you from viruses and helps to keep you healthy and strong every day.

Calcium also reinforces bone density, eases stress, manages blood pressure, boosts collagen formation, helps repair tissues, and preserves clear eyesight,

among other benefits.

On the other hand, SweetVia is not like most sugar substitutes. Aside from providing the sweetness derived from stevia, it also adds the health benefits of inulin.

Stevia is a natural sweetener made from the leaves of the stevia plant.

While it is known to be about 100 to 300 times sweeter than table sugar, it has no carbohydrates, calories, or artificial ingredients. That is why stevia is a good alternative for diabetics and those who have other health issues.

Inulin is a known prebiotic that stimulates the growth of good bacteria in your tummy. So, whether you have a sweet tooth or not, taking three packets of SweetVia a day will help you achieve the inulin effect in your body.

Calcium Cee is available at Watsons branches nationwide. Click on this link for the SweetVia promo: https://www. watsons.com.ph/with-free-sweet-via500mg-100-s/p/BP_50021523?

For more product details, visit Calcium Cee on Facebook: https://www.facebook.com/ calciumc/. Or call Calcium Cee hotline: 09175642233.

Sports BusinessMirror

mirror_sports@yahoo.com.ph / Editor: Jun Lomibao

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By Josef Ramos

LAYING every day inside the Clark bubble doesn’t pose a problem for Christian Jaymar “CJ” Perez.

The Rookie of the Year last season, Perez said that playing in all sorts of leagues—from organized games to guerilla or underground tournaments—during his younger days made him the tough player that he is now.

“In ‘ligang labas,’ playing every day is just natural,” Perez told BusinessMirror on Monday. “If that’s the schedule, we cannot do anything about it although would be hard.”

“I tell myself that it’s just another day in the office and that I have experienced tougher days,” the 26-year-old Terrafirma star player said.

The Philippine Basketball Association crammed 30 elimination round games in the Philippine Cup in the next nine days starting on Tuesday to remain on schedule inside the bubble.

There are days when four games will be played, as well as three matches also in a day.

Some teams will also have to play consecutive days.

Perez, drafted first overall in 2018, made the rounds as a teenage rising star playing for any team that shows interest in him to as far as Isabela and Quezon province.

Those experiences, Perez said, made him

CJ: NO PROBLEM WITH DAILY GRIND

physically durable and tough.

Perez confided that he played in underground leagues where betting was the name of the game. Bets of as high as P100,000 are placed in a game—and that’s excluding the side bets by the spectators.

Just like cockfighting, he said “It’s absolutely tasking and exhausting depending on the pot—all the players are fighting for that [pot]. And the games are played every day,” said Perez, who ranks second in scoring (25.2 points) and steals (2.8) in five games in the Philippine Cup. What makes playing worse, he said, were the courts—they are either concrete or if ever the games are played in indoor venues, the floors were never in shape.

“Those were the days,” said Perez, who in college played for San Sebastian College and

Lyceum of the Philippines University in the National Collegiate Athletic Association.

Sad to say for Perez and Terrafirma, they have to yet to win after five games in the bubble. On Tuesday at 1 p.m.—a rather unholy hour for PBA players who are used to play from late afternoon into the evening—they take on his favorite player, Calvin Abueva, and Phoenix Super LPG. “I hope we start winning,” said Perez, noting that Phoenix is a strong offensive team with a lot of scorers. “We need to defend hard against them.”

Terrafirma returns to action on Thursday against Magnolia at 1 p.m. and Friday against Blackwater at a more unusual time at 10 a.m. at the Angeles University Foundation gym in Pampanga.

Terrafirma Head Coach John Cardel is praying for a major turnaround for the team.

“We don’t know, maybe we can get all the

Belga, Manuel, Ayonayon named week’s best

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WO big men rose to the occasion and created ripples for their respective teams before the Philippine Basketball Association (PBA) Philippine Cup bubble had a brief break.

Alaska’s Vic Manuel and Rain or Shine’s Beau Belga came out with huge performances to keep Alaska and Rain or Shine’s spots in the upper half of the standings, thus earning honor as Cignal TV-PBA Press Corps Co-Player of the Week for the period October 26 to November 1.

The “Muscle Man” bullied his way to 21.0

Tuesday, November 3, 2020 B7

points (60 percent shooting), 7.0 rebounds and 2.5 assists as the Aces went on an unbeaten streak during the week to climb to a 5-3 wonlost card.

The Philippine School of Business Administration alum posted 18 points and seven boards in Alaska’s 99-96 win over Terrafirma, before spoiling close pal Calvin Abueva and Phoenix Super LPG with a 105-97 victory behind a 24-point and seven-rebound outing.

Belga pumped in 20 points, 10 rebounds and four assists in Rain or Shine’s lone yet massive 85-82 overtime victory over Barangay Ginebra before the break.

The former Philippine Christian University standout capped his exploits with five straight points in the extra session, none bigger than the dagger trey he pumped in during the final minute of the win that propelled the Elasto Painters to solo second spot at 4-1.

MANUEL

BELGA

luck this time to win our remaining six games.

We just have to beat Phoenix first,” Cardel said.

Terrafirma came so close to winning last October 27 but squandered a sizeable lead to eventually yield to Alaska 96-99.

Tuesday’s first game at 10 a.m. pits defending champion San Miguel Beer (4-2) against Blackwater (2-3), while TNT Tropang Giga (5-1) plays Northport (1-4) at 4 p.m. and Barangay Ginebra San Miguel (4-2) tackles Alaska (5-3) at 6:45 p.m.

Ginebra Coach Tim Cone, meanwhile, said the heavy schedule is now part of their sorties in the bubble.

“Playing back-to-back is obviously not ideal, but we do what we have to do to continue playing. It’s the same for all teams,”Cone said. “So it’s just going to be up to each team to meet the challenge. The ones who do are going find success.”

United City, Kaya try to extend winning streak

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CJ PEREZ says his experience playing in guerilla leagues during his younger days made him a tough player.

Mike Ayonayon also made his own mark after being named PBAPC Rookie of the Week after NLEX pulled the rug from under previously unbeaten TNT in a physical game, 109-98. The win got the Road Warriors back on track with a 2-5 record.

Complementing the backcourt tandem of Kevin Alas and Kiefer Ravena, the spitfire guard put up eight points and three rebounds in quality minutes off the bench to earn the citation given by members of the media covering the PBA beat.

AYONAYON

Aranas in forum

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RCHERY Association President Clinbt Aranas will expound on his bid to challenge Rep. Abraham Tolentino when he appears as the solo guest in Tuesday’s online Philippine Sportswriters Association (PSA) Forum on Tuesday.

Only Tolentino and Aranas are contesting the POC presidency in the elections set on November 27.

Presented by San Miguel Corp., Go For Gold, Milo, Amelie Hotel Manila, Braska Restaurant and the Philippine Amusement and Gaming Corp. and powered by Smart with Upstream Media as official webcast partner, the session starts at 10 a.m.

The Forum is livestreamed via the PSA Facebook page fb.com/ PhilippineSportswritersAssociation and also shared by Radyo Pilipinas 2 Facebook page.

SC KICKS OUT NAVY GOLF COURSE

PSL Subic tilt postponed

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RGANIZERS of the Philippine Superliga (PSL) postponed the Invitational Beach Volleyball Challenge Cup supposedly set in a Subic bubble to February next year.

PSL Chairman and CEO Dr. Philip Ella Juico said in a statement that the tournament, originally scheduled for November 28 to 30, will be played in mid-February.

Juico said the postponement was prompted by weather disturbances occurring in rapid and disastrous succession as well as the PSL’s flawless effort to guarantee safety of athletes and other participants who will be exposed to outdoor conditions.

The PSL was the first volleyball league to get an approval to return to action from the Inter-Agency Task Force on the Management of Emerging Infectious Diseases.

THE Supreme Court awards the Philippine Navy golf course to its rightful owners.

By Joel R. San Juan

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@jrsanjuan1573

HE Supreme Court (SC) kicked out the Philippine Navy golf course from the Armed Forces of the Philippines (AFP) Officers’ Village inside the Fort Andres Bonifacio Military Reservation in Taguig City.

In a 10-page decision penned by Associate Justice Mario V. Lopez, the SC’s First Division declared that the area where the Philippine

Navy golf course stands remains to be a part of the alienable and disposable public land of the AFP Officers’ Village.

The SC’s decision affirmed the ruling issued by the lower court and upheld by the Court of Appeals on July 10, 2017, which directed the Philippine Navy to turn over portions of the 245.5 hectares AFP Officers’ Village to qualified and legitimate owners Merardo Abaya, Ruben Follosco, Elias Sta. Clara and the heirs of Angelito Maglonzo.

The SC said no law or proclamation has been issued to earmark the land for the construction of the golf course,” the SC said.

The SC pointed out that the Philippine Navy and any of its officers are not vested with the power to classify and reclassify lands of public domain “At most, the subsequent development of the golf course was a unilateral decision on the part of the Philippine Navy, which is not ratified by any proclamation from the President,” the SC declared.

With the ruling, the SC denied the petition filed by the Philippine Navy Golf Club Inc., the PN and the PN’s Flag-Officer-in-Command.

Besides ordering the return of the property to claimants, the SC also directed the petitioners to pay rental fees of P5,000 per month to Abaya (computed from December 1996), Follosco (from December 1996), Maglonzo (from November 1998) and Sta. Clara (from November 1998), until they had completely vacated the lots.

In addition, the SC said the rental fees would earn interest at the rate of 6 percent per annum from the date of the RTC decision on June 24, 2015, until full payment.

The Court recounted that initially the

lands in the Fort Andres Bonifcacio Military Reservation are inalienable and cannot be disposed of by sale or other modes of transfer.

However, in 1965, Proclamation No. 461 removed portions of the reservation and declared them as part of the AFP Officers’ Village.

It noted that Proclamation 461 reclassified portions of the military reservation to alienable and disposable lands while providing an exclusionary clause wherein areas being used or earmarked for public or quasi-judicial purposes shall not be disposed.

This exclusionary clause was invoked by the Philippine Navy in maintaining its right over the portion where its golf course now stands, insisting that it is needed for public service because it serves as a security buffer and training ground for the navy.

But, the SC did not give merit to petitioners’ argument as it noted that at the time Proclamation 461 was issued in 1965, the golf course did not yet exist.

The golf course was developed only in 1976 upon the proposal of then Navy Flag Officer-in-Command Admiral Ernesto Ogbinar.

“The exclusionary clause cannot be used to shield the land on which the golf course stands against the actual purpose for which it was allotted—the housing of the AFP officers and veterans, who meritoriously served and protected our country. Corollarily,

Dutch chokes out Myanmarese opponent

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HE Netherlands’ Reinier “The Dutch Knight” De Ridder choked out “The Burmese Python” Aung La N Sang of Myanmar in the first round to snatch the world middleweight title in the One: Inside the Matrix at the Singapore Indoor Stadium on Friday.

Reigning lightweight champion Christian “The Warrior” Lee of Singapore also made quick work of previously-unbeaten Iuri Lapicus of Moldova, winning via first round technical knockout.

Vietnamese-American knockout artist Thanh Le authored a scintillating knockout of now former titleholder Martin “The Situ-Asian” Nguyen of Australia, as China’s “The Panda” Xiong Jing Nan retained her strawweight belt by beating Singapore’s Tiffany “No Chill” Teo, a close unanimous decision in a highly anticipated rematch.

Australia’s Antonio “The Spartan” Caruso notched the biggest victory of his career so far—a hard-earned unanimous decision victory over former lightweight titlist Eduard

REINIER “THE DUTCH KNIGHT” DE RIDDER choked out “The Burmese Python” Aung La N Sang.

“Landslide” Folayang of the Philippines.

Also on Friday, Indian wrestling champion Ritu “The Indian Tigress” Phogat put together an impressive second-round technical knockout victory over Cambodia’s Nou Srey Pov. One: Inside the Matrix II, meanwhile, is set on Friday with Kiamrian “Brazen” Abbasov of Kyrgyzstan defending his welterweight title against undefeated James Nakashima of the United States.

Also on the card is a lightweight showdown between top contenders Timofey Nastyukhin of Russia and Pieter “The Archangel” Buist of The Netherlands.

NITED City Football Club and KayaIloilo Football Club try to extend their winning ways while Azkals Development Team (ADT) takes on Mendiola Football Club at the resumption of the Philippine Football League at the Philippine Football Federation Training Centre in Carmona, Cavite, Tuesday.

ADT and Mendiola FC kick off hostilities at 9 a.m., after which Kaya takes the field against Stallion-Laguna at 4:30 p.m.

United City, formerly Ceres-Negros, squares off with Maharlika-Manila at 8 in the evening.

United City was a mean machine on Saturday night and routed Mendiola, 6-0. Kaya, on the other hand, edged ADT, 1-0.

Spanish striker Bienvenido Maranon was the man of the math with a hattrick, scoring goals for United City in the 12th and 25th and the third via a penalty kick from 12 yards off the goal line just before the half.

Robert Mendy joined the fun with his brace in the 38th and 60th minute with midfielder Mike Ott completed the rout with a 52nd-minute penalty kick.

“The team is adjusting well. What’s good about the team is we have a lot of variety and versatility on our attacks,” interim United City Coach Frank Muescan said.

United City, however, is bracing for a tough Maharlika-Manila side which scored a 2-1 win against Stallion-Laguna also on Saturday.

Maharlika, already flashing chemistry despite being formed only three months ago, leaned on substitutes Jose Montelibano (52nd) and Jeremy Theuer (74th) in ruling its season debut.

“We saw in the last match that we can put together some good moments and opportunities if we work together,” Maharlika Coach Roxy Dorlas said.

Kaya-Iloilo on the other hand, leaned on the strength of Kenshiro Daniels drilled an early goal in the 16th minute on an assist from Mar Diano as Kaya survived ADT’s aggressive game. ADT fell to its second straight loss. Annie Abad

the Philippine Navy and the Golf Club cannot deprive Abaya, et al, the enjoyment of the lands awarded to them,” the SC ruled.

“As such, the empty land, which the golf course now stands, remains part of the alienable and disposable public land of the AFP Officers’ Village,” it added.

Last year, Defense Secretary Delfin Lorenzana issued a department order directing the Philippine Navy to relinquish control of the area comprising the Philippine Navy Golf Course to legitimate lot owners of the AFP Officers’ Village.

Case records showed that after the issuance of Proclamation No. 461, the Department of Environment and Natural Resources awarded lots within the AFP Officers’ Village to Abaya, et al in 1998.

However, the four awardees failed to introduce improvements on the awarded property because the golf course was already occupying the land.

Abaya and his group filed a case for recovery of title or ownership over the awarded property.

In 2015, the regional trial court (RTC) ruled in their favor and ordered the Philippine Navy and the golf club to turn over the lots and to pay rentals on the awarded property.

The PN and its golf club elevated the issue before the CA which upheld in 2017 the RTC’s ruling.

Aung La opened up action with a fast uppercut that just missed its mark and De Ridder countered with a quick shot from range, taking Burmese down to the mat.

A swift transition to the back secured with a body triangle offered De Ridder plenty of opportunities to work for the finish. After several attempts, a rear-naked choke was in deep and Aung La had no choice but to tap out.

Caruso, on the other hand, started strong, sticking multiple takedowns and attacking with various submission attempts in the first two rounds.

Folayang, however, came alive in the third behind a steady leg kick game that had Caruso immobilized. In the end, all three judges scored the bout in favor of Caruso.

ORGANIZERS TEST HIGH-TECH A DEVICES AGAINST COVID-19

Sports BusinessMirror

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| Tuesday, November 3, 2020 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

COVID-19 countermeasures are being tested at near-full capacity Tokyo Olympics venue.

Ronaldo marks return from Covid-19 infection with 2 goals for Juventus

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ILAN—Cristiano Ronaldo marked his recovery from the coronavirus by scoring twice on his return to help Juventus beat newly promoted Spezia 4-1 in the Italian league on Sunday.

Juventus was struggling to break Spezia down until Ronaldo was brought on as a substitute in the 56th minute. He put Juventus 2-1 up three minutes later and also converted a penalty to seal the result for the Bianconeri.

“We had a good game, we should have been more clinical in the first half and finished off the match sooner,” Juventus Coach Andrea Pirlo said.

“Then we did well when we came back out in the second half, with the desire to win the match, and Cristiano gave us a hand.”

Juventus moved third, four points below early leader AC Milan, which won 2-1 at Udinese thanks to a late winner from Zlatan Ibrahimović.

Surprising Sassuolo moved to within two points of Milan with a 2-0 win at Napoli.

Ronaldo had been out for three weeks after testing positive for Covid-19 while on international duty. The Portugal forward missed three Juventus matches—draws with Crotone and Hellas Verona in Serie A as well as a loss to Barcelona in the Champions League.

Ronaldo started from the bench against Spezia with Álvaro Morata again replacing him in the starting lineup.

Morata had three goals ruled out for offside against Barcelona on Wednesday and the flag was again raised when he fired in from Weston McKennie’s assist in the 14th minute, but this time video review came to his aid and the goal was given.

Morata did have a goal ruled out for offside shortly after and Spezia drew level when

Carthy wins Vuelta 12th stage, Carapaz back atop leaderboard

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LTO DE L’ANGLIRU, Spain—Hugh Carthy prevailed on the grueling final climb at the Alto de L’Angliru to win the 12th stage of the Spanish Vuelta on Sunday, with Richard Carapaz retaking the overall lead from defending champion Primoz Roglic.

It was the first Grand Tour stage win for Carthy, who made his attack entering the final kilometer of the decisive climb. The British rider from EF Pro Cycling finished 16 seconds ahead of a group of three riders—Aleksandr Vlasov, Enric Mas and Carapaz.

Roglic crossed the line in fifth place—26 seconds behind Carthy—and dropped 10 seconds behind Carapaz in the overall standings.

Carthy entered the mix for overall winner, moving 32 seconds off the lead.

“This climb made a natural selection,” Carapaz said. “We already spent a lot of energy yesterday. And it was a very hard stage today.”

Roglic, the Jumbo-Visma rider who was a contender at the Tour de France until the final competitive stage, entered Sunday’s Vuelta stage with the same time as Carapaz, who rides for Ineos Grenadiers.

“It was too hard a climb for a sprinter,” Roglic said. “I didn’t have the best day but in the end it’s OK. I’m happy with this result.”

Riders faced five climbs in the 109.4-kilometer route that culminated with the steep slopes of the Alto de L’Angliru.

Two-time champion Chris Froome, out of contention after struggling in the first few stages, was briefly in front of the pack going into the final climb on Sunday.

Riders will get their second rest day in the three-week Vuelta on Monday. The following day they face a 33-kilometer individual time trial in a 13th stage where climbers will likely struggle and windy conditions can play a

Tommaso Pobega’s effort was deflected in.

Ronaldo replaced Paulo Dybala early in the second half and he had an immediate impact when he ran onto Morata’s through-ball, rounded the goalkeeper and scored into an empty net.

Fellow substitute Adrien Rabiot extended Juve’s lead and the Bianconeri were awarded a penalty when Paolo Bartolomei tripped up Federico Chiesa.

Ronaldo stepped up and cheekily chipped the spot kick into the back of the net.

Ibrahimović continued to roll back the years with an overhead kick seven minutes from time to snatch all three points for Milan, which extended its unbeaten run to 23 matches.

He also set up Franck Kessié’s opener.

The 39-year-old Ibrahimović, who recently recovered from the coronavirus, has now scored seven goals in his last four league matches.

Milan took the lead in the 18th minute with a superb team move. Ismaël Bennacer sent a long ball over the top that Ibrahimović chested down and held up before laying it off to Kessié, who blasted it into the top right corner.

Udinese leveled early in the second half when Alessio Romagnoli fouled Ignacio Pussetto and Rodrigo de Paul converted the resulting penalty.

Just as the match appeared to be heading for a draw, Ibrahimović reacted quickest in the area to acrobatically hook the ball into the back of the net. AP CRISTIANO RONALDO (face to camera) celebrates with Juventus teammate Federico Chiesa after scoring his side’s second goal . AP

decisive role at the mostly flat seashore route.

The Vuelta is in its final week amid tight health restrictions because of the coronavirus pandemic. It ends next Sunday in Madrid.

The Tour Down Under and the Cadel Evans Great Ocean Road Race, meanwhile, have been canceled for 2021 because of the Covid-19 pandemic.

The international cycling union events in Adelaide, South Australia, and Geelong, Victoria state, are usually staged in January over the southern summer.

“We’re devastated we won’t be opening the International Cycling Union WorldTour one day racing season in January,” Cadel Evans, Australia’s only Tour de France winner, said. “But this decision has been made by putting the health and safety of our riders, event partners, spectators, work force, volunteers and broader community first.”

The Tour Down Under, Australia’s first WorldTour race, was due to be staged from January 19 to 24, a week before the Cadel Evans elite one-day races.

“We have done all we can to consider how we can deliver it, but unfortunately in the end it was the international component, with over 400 people that make up the international teams, that proved to be the most difficult to overcome,” Events South Australia Executive Director Hitaf Rasheed said in a statement announcing the Tour Down Under cancellation. AP

SERIES of high-tech devices were tested over the weekend with a view to the Tokyo Olympics as fans head to the 32,000-seater Yokohama Stadium.

The venue—which will host the baseball and softball matches at next year’s Games—hosted three baseball games at 80 percent capacity, with the last potentially seeing the limit lifted altogether and a spectator permitted in every seat.

The Yokohama DeNA BayStars played the Hanshin Tigers in the trio of Nippon Professional Baseball matches.

With the Japanese government currently allowing stadiums to operate at 50 percent capacity, the aim of the three-day experiment is to see whether it is possible to safely fill a venue with spectators during the Covid-19 pandemic.

Dozens of high-resolution cameras and sensors were installed across the stadium to monitor mask-wearing and the movement of fans. Carbon dioxide-monitoring devices and wind-speed measuring machines were used as part of Covid-19 countermeasures.

“We will report our findings here to the government,” Kiyotaka Eguchi, an official of the Kanagawa prefecture, said. “The information we get here will be reflected in the guidelines, and that will also be used for the next year’s Olympics and professional baseball.”

The data will be analyzed by Japan’s Fugaka supercomputer which has been used to simulate the spread of airborne droplets inside trains or classrooms.

With little known about how droplets spread outdoors or in an environment such as a stadium, it is hoped that the findings will enable Japan to formulate a plan for as many spectators as possible to safely attend Olympic and Paralympic events next year.

For the two games played so far in the trial, fans were asked to install apps created to track who they come into contact with and inform them of any cases following the match, while officials used smartphone signals to see where and when crowds gathered.

“I think this is a good opportunity to take a step forward because if the stadium isn’t full, the team will be in trouble,” BayStars fan Tetsuya Nakamura said.

Tests are expected to be carried out next week at the 55,000-capacity Tokyo Dome, home to the Yomiuri Giants.

Spectators and officials, meanwhile, were urged to “pack less” to avoid any delays when arriving at venues during next year’s Games.

Tokyo 2020 organizers issued the warning after carrying out three days of tests, where they trialed a number of security and Covid-19 countermeasures.

A decision has yet to be made on whether fans will be allowed to attend venues due to the coronavirus pandemic.

But organizers are formulating a plan to ensure a safe and successful staging of the Games with the Olympics scheduled to take place from July 23 to August 8, followed by the Paralympics from August 24 to September 5.

The Tokyo Big Sight—venue for the International Broadcasting Centre and Main Press Centre— hosted the three-day trials where organizers are said to have assessed various technologies to check spectators’ body temperatures.

Among those includes thermology cameras, non-contact infrared thermometers and thermometer strips, Reuters reported. Attached to volunteers’ wrists, the strips contain heat-sensitive liquid crystals which are able to identify if they have a fever.

Forgetting to wear a mask and trying to bring an aerosol can through security are believed to be among 40 different scenarios volunteers presented security staff during the trials. Insidethegames

RICHARD CARAPAZ gets to wear the red jersey anew. AP

Michael Jordan’s Nascar team partners with Gibbs, Toyota

THE new No. 23 Toyota Camry is seen at the Charlotte Motor Speedway. AP

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HARLOTTE, North Carolina—Michael Jordan expects to field a winning team when 23XI Racing begins Nascar competition next season. The first move toward victory lane came Friday in a partnership with

Joe Gibbs Racing and Toyota.

Jordan partnered with current Nascar driver Denny Hamlin as new team owners and will field the No. 23 for Bubba Wallace. The formation of 23XI—pronounced twenty-three eleven—was

completed in September but the final pieces weren’t confirmed until before the weekend.

Joe Gibbs Racing won last year’s Cup Series championship with Kyle Busch and both Hamlin and Martin Truex Jr. are in contention for this year’s title. Hamlin has driven for Toyota and JGR since 2008, so an alliance with any other manufacturer would have been a significant conflict of interest.

“My main goal for 23XI Racing is to be competitive for a championship as soon as possible,” said Jordan. “Our partnership with Toyota and Joe Gibbs Racing gives us the equipment, resources and expertise to do it.”

JGR is the flagship Toyota team and considered one of Nascar’s top organizations.

Gibbs has won five Cup titles since 2000 and last year celebrated a banner season in which its four drivers combined to win 19 of 36 races.

But 23XI is not a fifth Gibbs car—that’s against Nascar rules—and Hamlin had to prove its independence for the team to

launch. 23XI will be a JGR customer and operate from a shop owned by Germain Racing, which is going out of business.

Mike Wheeler, who led Hamlin to five wins over three seasons including the first of Hamlin’s three Daytona 500 victories, will be crew chief for the No. 23. Wheeler this past season was the competition director for Leavine Family Racing, a team aligned with Gibbs that is closing.

“The way the rule is meant to be interpreted is its not a fifth JGR car, so they’re not providing services to us for free,” Hamlin said. “They are not providing us the cars for free and everything is independent. We are not using any of their staff. It’s our own organization, we have our own payroll, our own vendors that we have to pay, so this organization stands on its own.”

That means 23XI will also have to win on its own, no small feat at Nascar’s elite Cup level. Hamlin noted that teammate Busch, the reigning Nascar champion, just won his first race of the season Wednesday night in

the 34th event of the year.

Tempering Jordan’s expectations will be a challenge, but Hamlin insisted the goal is to win in their inaugural season. Hamlin said they are also already looking at expanding to two cars for 2022.

“He understands this is going to be a building process,” Hamlin said of Jordan, winner of six NBA championships with Chicago. “Winning is a broad term. Your odds of losing are much greater than they are of winning. Is he expecting to win in the first half of the season? I don’t think that’s a realistic expectation. But I do believe he thinks we can go out there and win in our first year.”

Hamlin likened the startup effort to 2009 when Tony Stewart became co-owner of a winless Cup team that scored four victories in Stewart’s first season as owner-driver. In its third season, Stewart-Haas Racing won the Cup title.

“This is a lot like what Tony did,” Hamlin said. “When he came over there, he brought

winning and relevance to it, and all of a sudden, very good people wanted to work for them.

And they started to build, and started to build, and next thing you know they’ve got a championship organization.”

Ed Laukes, a vice president of Toyota Division Marketing at Toyota Motor North America, said the manufacturer will provide 23XI with the best equipment and resources available. He noted the turnaround Furniture Row Racing had once it aligned with Gibbs and Toyota. Furniture Row was a middle of the pack team before the partnerships and then won the 2017 title with Truex.

Success will be critical, Laukes said, to both Toyota and Nascar benefitting from Jordan’s involvement.

“They’re coming in to help the sport, along with Toyota, but they’re only going to help the sport if they win,” Laukes said. “We’ve seen others come and go. It’s our primary responsibility to help them win.” AP