BusinessMirror November 11, 2020

PHL Internet economy to grow 6% to $7.5B–report

By Elijah Felice Rosales

T

HE Philippine Internet economy is projected to expand 6 percent this year to reach $7.5 billion in value, as the country grew its number of online users, especially in rural areas, at the heat of the Covid-19 lockdown.

Based on the e-Conomy SEA Report 2020, the Philippines is seen to enlarge its e-commerce market by 6 percent to $7.5 billion, from $7.1 billion last year. As such, the country is poised to reach its forecast of breaching $28 billion by 2025.

However, when compared with its Southeast Asian rivals, particularly Vietnam and Indonesia, the Philippine e-commerce growth during the Covid-19 pandemic is too little, too slow.

The report indicated Vietnam’s Internet economy is estimated to

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year

jump 16 percent this year to $14 billion, from $12 billion last year. On the other hand, Indonesia is projected to increase the value of its online market by 11 percent to $44 billion, from $40 billion.

Singapore is the lone economy in the region penciled to witness a decline in its e-commerce, by 24 percent—to $9 billion, from $12 billion—on the cancellation of travels booked online.

The report also showed the Philippines is one of three Southeast Asian countries that saw a rise in digital consumers from the rural areas. Majority of new e-commerce users in Indonesia, Malaysia and the Philippines came from non-metro locations.

Broken down, 54 percent of new digital users in the Philippines were traced in the provinces, while the remaining 46 percent live in the urban areas.

Further, the Philippines, as well as

Thailand, registered the most number of digital consumers who said they will keep on using online services even in the pandemic aftermath at 95 percent. The region painted a rosy picture for sellers in e-commerce platforms, as nine in 10 new digital consumers in the region said buying online is the way forward in the new normal.

Proving the shift to online is real, the report highlighted the average time spent online per day among Southeast Asians increased to 4.7 hours during the lockdown, from 3.7 hours prior, and steadied at 4.2 hours when the movement restrictions were lifted.

According to the report, nearly half of respondents said they plan to keep accomplishing their transactions online to avoid exposure to the virus.

If there’s one thing that may force

them to return to buying in physical stores, it’s the issues with delivery that come along from ordering goods and services online.

“Consumers and SMEs [small and medium enterprises] have adopted digital financial services like never before,” the report read.

The report concluded behavioral changes made in the pandemic are here to stay. Likewise, it argued the shift to digital during Covid-19 lockdowns will boost adoption of online platforms by consumers, as well as penetration into digital sites by firms.

The e-Conomy SEA Report is an annual study conducted by Google, Temasek and Bain & Co. to present the developments and project the growth of e-commerce in Southeast Asia, mainly, in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

BusinessMirror A broader look at today’s business

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR (2017, 2018)

DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS

PHILIPPINE STATISTICS AUTHORITY

DATA CHAMPION

Q3 GROWTH DISAPPOINTS, www.businessmirror.com.ph

n

Wednesday, November 11, 2020 Vol. 16 No. 33

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

SLOWER RECOVERY SEEN BSP not likely to rush back to easing mode after Q3 data

By Cai U. Ordinario & Jovee Marie N. Dela Cruz

T

HE recovery of the Philippine economy may take longer than earlier anticipated as consumption spending remained subdued, local economists said following the release of third-quarter National Income Accounts (NIA).

On Tuesday, the Philippine Statistics Authority (PSA) disclosed that GDP contracted 11.5 percent in the third quarter. With this, GDP in the last three quarters contracted an average of 10 percent.

Based on PSA data, even rich Filipinos or those who have the means are holding on to their cash as indicated by the steep decline in spending for valuables, which include heirloom jewelry, antiques, and other similar luxury items.

“For sure, the country will bounce back with positive growth figures next year, but that would only be a base effect,” Foundation for Economic Freedom President Calixto V. Chikiamco told the Business­Mirror.

“The economy has contracted so much due to the lockdown and restrictions that any opening up will result in positive growth rates.

However, it may take three to four years before the country can get to the same GDP per capita it was before the pandemic,” he added.

By Bianca Cuaresma

T

UNDERSECRETARY Ruth B. Castelo, head of the Department of Trade and Industry Consumer Protection Group, checks grocery items in Cubao, Quezon City, on Tuesday. The DTI inspection was meant to ensure that prices of basic commodities remain stable, even as government statisticians reported that continuing weak demand had resulted in disappointing growth data for the third quarter. NONOY LACZA

ASSET MANAGERS TO INCREASE INVESTMENTS IN PHL

By Tyrone Jasper C. Piad

M

ANY asset managers are expected to increase their investments in the Association of Southeast Asian Nations (Asean) markets, including the Philippines, in the next three years, according to a survey by Standard Chartered Bank.

The London-based financial services firm, in a statement on Tuesday, said that a significant 39 percent of the existing investors in the region are looking to put up more investments.

“The Asean region scores very favorably within the research when it comes to data points like future investment focus and expected increases in investment volumes,” Standard Chartered said.

The bank added that the Philippines, along with Malaysia and Thailand, are proving

Continued on A2

PESO EXCHANGE RATES n US 48.1340

to be a standout in the region as they attract “high-growth firms” for investments.

According to the bank’s study, 33 percent of the “high-growth firms” and 26 percent of the “low-growth firms” are interested in the Philippines. The former refers to asset managers with asset under management (AUM) growth of more than 5 percent in the past three years, while the latter recorded less than 5 percent in the same period.

On the other hand, Thailand and Malaysia are attracting 45 percent and 43 percent of the high-growth firms, respectively.

“Emerging Asean, and emerging economies generally, offer investors a unique opportunity: strong returns combined with the chance to have a significant, positive impact.

Now is the time to seize it,” Standard Chartered Philippines CEO Lynette V. Ortiz said.

Still, the British bank noted that the emerging Asean markets, which include the Philippines, are not getting enough investments to meet the United Nations’ Sustainable Development Goals (SDGs).

The research revealed that only 22 percent of the world’s biggest asset managers’ investments are located in Asia.

Majority or 64 percent are invested in developed markets in Europe and North America. The remaining portion is scattered in the Middle East, Africa, South America and Australia/Oceania.

According to the bank, the risk in emerging markets was deemed a major deterrent for investments.

“More than two-thirds of investors believe emerging markets are high-risk, compared to 42 percent who believe the same for developed markets,” the research explained.

To boost SDG investments, respondents said the following are needed: regulatory changes, favorable tax treatment, evidence of higher returns, better data for measuring impact and increased demand from retail investors.

“Much progress has been made in recent years to realize the SDGs, but this study makes clear the need to move faster,” said Simon Copper, the London-based bank’s CEO for corporate, commercial and institutional banking. “A seismic, unprecedented surge in private-sector investment—alongside public investment and commitments—will be required to bridge the gap and hit the 2030 SDG targets.”

Standard Chartered conducted the survey between July and August of this year among the world’s top 300 investment companies. These firms have combined AUM of $50 trillion.

HE Bangko Sentral ng Pilipinas (BSP) is expected to continue its “prudent pause” exercise in its monetary policy, despite the dismal performance of the local economy in the third quarter of the year, local economists said.

BSP Governor Benjamin Diokno, however, is expected to call for higher spending to spur economic activity.

The Philippines contracted 11.5 percent in the third quarter of the year, the Philippine Statistics Authority (PSA) announced on Tuesday. While this was a recovery from the 16.9-percent slump in the second quarter, market players expected a more muted decline during the quarter as quarantine restrictions were mostly eased in July to September.

According to Unionbank Chief Economist Ruben Carlo Asuncion, despite the slowdown, the BSP will not rush to ease rates in its next meeting, similar to what Diokno did in the early months of the pandemic.

“If you look at the fundamentals of the GDP [gross domestic product] numbers, construction and government spending were laggards because of the lockdowns in NCR [National Capital Region] in early August and the one in Cebu, and it is undeniable that thirdquarter GDP growth was an improvement from the second quarter print,” Asuncion said.

“It also underscores [the] role government has in supporting the economy and growth of the macroeconomy in general especially in times of crisis. On initial evaluation Continued on A2

n JAPAN 0.4568 n UK 63.3780 n HK 6.2090 n CHINA 7.2622 n SINGAPORE 35.7289 n AUSTRALIA 35.0656 n EU 56.8751 n SAUDI ARABIA 12.8344

Source: BSP (November 10, 2020)

News BusinessMirror

A2 Wednesday, November 11, 2020

House places 12 economic bills under priority agenda

T

By Jovee Marie N. Dela Cruz

HE leadership of the House of Representatives on Tuesday identified 12 economic measures to be included on the list of priority bills of the 18th Congress.

House Majority Leader and Leyte Rep. Martin G. Romualdez said these measures are now ready for floor and committee deliberations to help the government jumpstart the economy and cushion the impact of the Covid-19 pandemic on ordinary Filipinos.

According to Romualdez, the 12 economic measures are part of the total 22 bills earlier endorsed to Congress as priority measures by the economic managers.

Meanwhile, the five measures still under plenary deliberation are House Bill (HB) 7749 or the Government Financial Institutions

Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE), HB 7425 or the Digital Transactions Value Added Tax, HB 7406 or Bureau of Fire Protection (BFP) Modernization Program, HB 6135 or Fiscal Mining Regime, and HB 7425 or Internet Transactions Act/E-Commerce Law).

Pending for committee deliberations are the Military and Uniformed Personnel (MUP) Services Separation, Retirement and Pension Bill; Armed Forces of the Philippines (AFP) Modernization Bill; Coconut Farmers Trust Fund Bill; Department of Water Resources

and Water Regulatory Commission Bill; Warehouse Receipts Bill; National Disease Prevention and Management Authority Bill; and the National Land Use Bill.

“I have explicit instructions from Speaker Lord Allan Velasco.

We have to prioritize these 12 bills that were endorsed by Secretary Sonny Dominguez as part of the legislative priorities of the Department of Finance,” Romualdez said.

He quoted Dominguez as saying these measures are needed “to help ensure that the economy recovers quickly from the coronavirus-induced crisis in a strong, sustainable and resilient manner.”

The majority leader said the House targets to pass these measures before the onset of the election fever in 2021.

The 10 other priority bills approved by the House of Representatives, but pending in the Senate, are: HB 4157 or Corporate Recovery and Tax Incentives for Enterprises (CREATE) Bill; HB 6816 or Financial Institutions Strategic

Transfer (FIST) Bill; HB 6654 Converting the Insurance Commission into a Collegial Body; HB 6768 or the Financial Consumer Protection Bill; HB 6136 or the Motor Vehicles User Tax; HB 6134 or Rural Agricultural and Fisheries Development Financing Systems Act; HB 300 or Foreign Investment Act Amendments; HB 78 or Public Service Act Amendments; HB 59 or Retail Trade Liberalization; and HB 6927 or E-Government Act. House Speaker Velasco, who took his oath of office before President Duterte on Monday night, vowed to fast-track the administration’s legislative agenda, especially for enabling legislation that would end systemic corruption and protect the interests of overseas Filipino workers, farmers and fisherfolk.

The oath-taking happened on the same day Velasco celebrated his 43rd birth anniversary and almost one month after he was elected Speaker by an overwhelming majority of House members on October 12.

www.businessmirror.com.ph

BSP not likely to rush back to easing mode after Q3 data Continued from A1

after the third-quarter GDP data release, the likelihood of a continuation of the monetary policy pause, in my view, is higher,” he added.

Just last week, Diokno told reporters they are awaiting the third-quarter economic growth data of the country to complete the assessment for the monetary policy moving forward.

“The Monetary Board will consider the latest inflation number together with the 2020 third-quarter GDP data in its assessment of the outlook for inflation and economic activity for the monetary policy meeting on November 19, 2020,” Diokno earlier said.

The BSP has been aggressive in easing policy rates to support the economy, cutting its rates four times already during this year.

In February, their first meeting of the year, they cut their rates by 25 basis points as the threat of Covid-19 emerged in other countries. In March, just days after the first implementation of community quarantine in Luzon, the BSP cut its interest rates by 50 basis points. This was supplemented by another 50-basis-point cut in an off-schedule Monetary Board meeting in April, and another

50-basis-point cut in June.

In their last two meetings, the BSP moved to keep all interest rates unchanged.

This time, however, Diokno is expected to step back and let the fiscal side do the lifting.

“There has been an improvement, and the government has mentioned less stringent restrictions in the coming months that will greatly encourage the movement of people and hopefully more economic activity. I think, at this point, it is clear that BSP has done much and the fiscal side has to do its share of the economic lifting,” Asuncion added.

ING Bank Senior Economist Nicholas Antonio Mapa also told the BusinessMirror that while some pressure can mount on monetary authorities to react and do something to stem the downturn, Diok­no has already called on fiscal spending to match the herculean BSP response.

“BSP shouldn’t fret and take a playbook from the Fed and renew calls for fiscal authorities to double up on spending,” the Mapa said.

The BSP Monetary Board is expected to have their monetary policy stance meeting next week, November 19. This is the second to the last scheduled meeting of the Monetary Board for this year.

Q3 growth disappoints, slower recovery seen Continued from A1

Ateneo Center for Economic Research and Development (Acerd) Director Alvin P. Ang agreed with this estimate and said recovering economic losses caused by the pandemic may take three years.

Weak demand

THIS is due to weak demand that remains a problem for the economy.

Ang said many Filipinos are still hesitant to spend while others may not have enough to spend.

Household Final Consumption Expenditure (HFCE) contracted 9.3 percent in the third quarter. Last quarter, HFCE contracted 15.3 percent, while it grew 6 percent in the third quarter of last year.

Under HFCE, only food and nonalcoholic beverages; housing, water, electricity, gas and other fuels; and communication posted positive growth of 4.6 percent, 6.7 percent, and 5.7 percent in the third quarter, respectively.

The largest decline in household consumption was on recreation and culture with a contraction of 59.3 percent; restaurants and hotels, 49.9 percent; and transportation, 33.4 percent.

On the expenditure side, valuables posted the largest contraction at 53.2 percent, a significant reversal from its year-on-year growth of 182.9 percent in the third quarter last year.

National Statistician Claire Dennis S. Mapa explained that these are “precious metals and stones, antiques and other art objects acquired not for use in production but held as stores of value over time.”

Boosting confidence

WHILE a vaccine could be a game­ changer for consumption spending, economists do not deem this enough to get the economy back on track to its prepandemic strength.

De La Salle University economist Maria Ella Oplas said it is important that Filipinos know these vaccines exist and are available. This

will certainly help them regain their confidence in the economy.

Unionbank Chief Economist Ruben Carlo O. Asuncion also told BusinessMirror that the vaccines need to be administered successfully in order to give Filipinos confidence.

Chikiamco, however, considers worrisome the projection by Vaccine Czar Carlito Galvez Jr. that the vaccine can only reach the Philippines toward the end of 2021 or early 2022.

“Huli tayo [we will be the last to receive the vaccine]. Besides, it remains to be seen whether we can do mass vaccination. The vaccines need two shots and have to be transported in refrigerated vans at below zero temperatures. Won’t be easy to distribute and administer,” Chikiamco explained.

ING Bank Manila Senior Economist Nicholas Antonio T. Mapa said the government can help restore confidence with increased spending to jumpstart spending via cash transfers, for a temporary jolt to incomes across the country.

However, Ang said with Government Final Consumption Expenditure (GFCE) slowing to only 5.8 percent in the third quarter, the government may not have enough resources to boost the economy further.

Data showed the 5.8-percent growth in GFCE is the slowest growth it posted since the first quarter of 2017 when GFCE contracted 2.1 percent. In the second quarter, GFCE grew 21.8 percent, the highest since the first quarter of 2012 when it was at 24.8 percent.

Ideally, Ang said, GFCE should have kept its double-digit growth in order to boost GDP. The growth of 5.8 percent in the third quarter was below expectations.

“That means the budget should be increased. Recovery will be prolonged without higher government spending,” Ang told BusinessMirror.

“People are still apprehensive to go out, businesses are not borrowing, banks are not lending, and people have limited income.”

Demand-deficient recession

THE situation right now is what is called demanddeficient recession, according to Oplas. She told this newspaper that with Filipinos not creating demand, firms are also not producing as much goods.

In these instances, ideally, Oplas said it is up to the government to “spend for the people to spur economic activity” consistent with Keynesian economics.

She said this makes lifting the General Community Quarantine (GCQ) restrictions so crucial. This much has been admitted by Acting Socioeconomic Planning Secretary Karl Kendrick Chua.

Chua reiterated on Tuesday that the economy is strong enough to recover if only the restrictions will be lifted.

(See “Travel curbs stalling PHL recovery—Neda” here https:// businessmirror.com.ph/2020/11/10/travelcurbs-stalling-phl-recovery-neda/).

“The lifting of the GCQ will for sure encourage Filipinos to part with their money. The lifting of the GCQ will allow businesses to open again; people to have their jobs back; and have money in time for the Christmas season,” Oplas said.

Typhoons

APART from the need to respond to Covid-19, the government is hardpressed to provide for the needs of households affected by Typhoon Rolly. The typhoon cost the economy as much as P24 billion or 0.13 percent of GDP. Taken together, the impact of Typhoons Pepito, Quinta, Rolly and Siony is around P38.8 billion or 0.21 percent of GDP. Chua said with Philippine GDP around P18 trillion, there could be a reduction of 0.055 percentage points in GDP growth due to the typhoons.

“Typhoons are recurring. We experience almost 20 typhoons entering our area of responsibility every year. Unfortunately, some of them are more damaging than others,” Chua said.

“I think this is a manageable level. What is important is we fast-track the recovery so that more people will be reintegrated back after the disaster phase,” he added, however.

However, Chua told BusinessMirror that the government still has funds to support the needs of Filipinos affected by these typhoons.

He noted that funds are available from the 2020 National Budget.

These are contained in the National Disaster Risk Reduction and Management Council and the Quick Response Fund (QRF).

Amid these challenges, economists like University of Asia and the Pacific (UA&P) School of Economics Dean Cid Terosa still have high hopes for the economy.

In Terosa’s view, for as long as the national government controls the clear and present risks caused by the pandemic, households will begin spending and robust business activities will return.

He explained that it is the Fili-

pinos’ aversion toward contracting the virus that prevents them from spending and prompts them to secure their finances at this time.

“I foresee a tremendous flurry of production and consumption activities as soon as the vaccine is made available. Given effective medical intervention, there’s no way but up for the economy,” Terosa said.

Better prospects

IN a joint statement by economic managers during the press conference on the performance of the Philippine economy for the third quarter of 2020, Chua affirmed the positive outlook for the country.

Chua said the double-digit contraction in the third quarter did not come as a surprise given the return of stringent quarantine measures in NCR, adjacent provinces and Cebu City, which account for around 60 percent of the Philippine economy.

He also said restrictions in public transportation prevented many workers from leaving their homes and reporting for work even if their industries are allowed to operate.

Nonetheless, the economy has begun to recover. On a quarter-onquarter basis, the economy grew by 8 percent in the third quarter, reflecting the return of economic activities as the quarantine was eased.

The Cabinet has recently approved measures to further open up the economy in the fourth quarter, subject to enforcing the minimum health standards and enhancing the PDITR (Prevent, Detect, Isolate, Treat, Reintegrate) strategy.

The Department of Trade and Industry (DTI) and the Department of Transportation (DOTr), respectively, have also issued guidelines to allow more sectors to expand capacity to between 75 and 100 percent and to increase public transport capacity using a combination of faster turnaround, service contracting, and following the “seven commandments” for safe public transportation.

As the government pursues efforts to avoid virus surges while easing restrictions on businesses and transportation, Chua also said the economic team is hopeful that Congress will do its part to help the economy bounce back faster by passing the pending recovery bills within the year.

These are the 2021 General Appropriations Act (GAA), the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, the Government Financial Institutions Unified Initiative to Distressed Enterprises for Economic Recovery (GUIDE) Act, and the Financial Institutions Strategic

Transfer (FIST) Act. Philippine Economic Society President Emilio S. Neri Jr. said low confidence among Filipinos to spend was due to “unsafe” mass transport systems and retail shops that are indoors—thus perceived to be less safe.

Neri told BusinessMirror that right now, consumers need more cash in their hands. This is why Asean countries extended “meaningful wage subsidies” which allowed them to recover faster.

University of Asia and the Pacific (UA&P) economist Victor A. Abola told this newspaper that recovery may be possible in the second half of 2021.

He added that from a health perspective, Filipinos need to realize that present medication is available to fight the effects of Covid-19.

Abola also said firms and individuals are taking the necessary precautions, and the virus is getting weaker.

“There’s no need to wait for the vaccine to get firms to open again and workers to work. Besides, IATF has no numerical targets for it to remove or reduce drastically its restrictions,” Abola said.

Salceda: Deficit spending

WHILE the third-quarter GDP figures reflect performance “of a time that is already past,” a lawmakereconomist said this is a clear sign to the government to increase the 2021 deficit spending to fund more programs and projects to prevent future economic pains due to the pandemic and recent typhoons.

House Committee on Ways and Means Chairman Joey Sarte Salceda said the government should not be afraid to increase deficit spending in 2021, as his committee “has measures lined up to raise a total of at least P300 billion annually.”

“In 2021, stimulus measures will work because mobility restrictions will be less than that of 2020, so we should not be afraid to spend more. I estimate that we have at least P150 billion more in fiscal space for the 2021 budget. I’ll confer with the DOF [Department of Finance] and DBM [Department of Budget and Management] to see what we can work out,” Salceda said.

Meanwhile, Salceda said the third-quarter contraction, which was deeper than analysts’ consensus, is also an indication that the government should include more direct transfers to the poor in the 2021 budget.

“Two weeks ago, I told members of the economic team that if the Q3 GDP figures are deeper than expect-

ed, we should have a bigger [third tranche of] Social Amelioration Program in the 2021 budget. It is now clear that it should be the case,” Salceda said.

“The fourth-quarter figures will have some complications, too, because of the typhoons. Before this pandemic, Bicol was one of the fastest-growing regions in the country. With one of our growth drivers diminished, we will see some of our pains continue to the fourth quarter,” Salceda added.

In a message to economic managers, Salceda said the government has to watch out for a depletion in disposable income and household savings in analyzing the country’s own third-quarter figures.

“If the disposable income goes down deeply, below expectations, we should be open to a direct, universal cash transfer. There should be some fiscal space left since we outperformed revised revenue targets this year,” he said.

Salceda said the government can borrow “a bit from future revenues” to fund projects and programs needed to address the impact of Covid-19 pandemic and to repay debt incurred during the pandemic.

The government has set a P3trillion borrowing program for this year, as well as another P3 trillion for next year.

Salceda said Congress will help find ways—by approving revenue measures—to pay for what the country will borrow.

“We can also borrow a bit from future revenues, provided we enact the tax proposals my committee has already passed on to the House plenary and to the Senate. We can make them effective post-2022,” he said.

Tax measures pending before the Senate include Package 2 of the Comprehensive Tax Reform Corporate Recovery and Tax or Incentives for Enterprises Act (CREATE), Package 3 of CTRP or the Real Property Valuation Reform and Assessment Reform (RPVRA), and Package 4 of CTRP or the Passive Income Tax and Financial Tax Act (Pifita).

For CREATE, he said the twoyear loss in foreign direct investment due to delays in passing CREATE was between $6 billion and $12 billion.

Other revenue measures that the House may tackle in the coming months are the proposed Digital Economy Taxation Act, fiscal regime for Philippine Offshore Gaming Operations (POGOs), updating of rates of the motor vehicle road users’ tax, and tax administration reforms to combat red tape.

News

BusinessMirror

Editor: Vittorio V. Vitug • Wednesday, November 11, 2020 A3

www.businessmirror.com.ph

Morente: New law last option to end graft, corruption in BI

By Joel R. San Juan

@jrsanjuan1573

I

MMIGRATION Commissioner Jaime Morente admitted on Tuesday that the passing of the new immigration law could just be the last remaining solution to resolve nagging corruption problem festering the agency.

In a news statement issued on Tuesday morning, Morente said the current Philippine Immigration Act of 1940 is no longer responsive to the concerns and needs of the Bureau of Immigration.

Morente earlier lamented of not having disciplinary powers over BI personnel, as “the power to hire and fire” rests with the Secretary of Justice.

“I have talked to the President and raised this concern to him as well. The Philippine Immigration Act is a very old law, 80 years old to be exact. It was enacted during a time when there were no international flights yet entering and leaving the country,” Morente pointed out.

“Many of its provisions are already outdated and inappropriate already,” he added.

The enactment by Congress of the Philippine Immigration Act, according to Morente, will be the long-term solution to the corruption problem in the bureau.

He said the passage of the said law is part of the three-tier approach that the BI has framed to solve corruption and other irregularities in the bureau.

For short-term solution, the BI has im-

Not arson. Faulty wiring sparked big All Saints’ Day fire in Bacoor City–probers

By Jonathan L. Mayuga

T

@jonlmayuga

HE fire that razed to the ground 700 houses at two neighboring barangays in Bacoor City on the night of November 1 was caused by igniting electrical wires in one of the houses, fire investigators ruled on Tuesday, debunking suspicion of arson.

In a news release posted at the official Facebook page, the Bacoor City Government, quoting the Bureau of Fire Protection-Bacoor led by Chief Inspector Genalyn Cabasal, reported that the fire’s origin was traced to the house of one Julio H. Talay of Barangay Alima. The reason: electrical ignition due to loose connection.

The fire immediately engulfed the house.

The fire broke out while Talay was nowhere in the house. The blaze quick spread to nearby houses that reached Barangay Sineguelasan.

Around 400 families lost their homes due to the fire that started around 10 p.m. on November 1.

The fire injured two persons, namely, Bernard A. dela Cruz, 25 years old, and Kevin Modesto, 27 years old.

Cabasal herself submitted the Progress Investigation Report to the Bacoor local government during a meeting attended by Mayor Lani Mercado-Revilla last November 9, finally putting closure to the case.

Days after the fire, groups opposing the 420-hectare land-reclamation project being pushed by Bacoor City in Manila Bay aired suspicion that the fire was intentional to pave the way for the clearing of would-be affected residents in eight coastal barangays of Bacoor City.

Known as the birthplace of mussel farming in the Philippines, Bacoor’s proposed land-reclamation project aims to expand the city’s territory for the development of its own central business district that will rival the Bonifacio Global City in Taguig.

But the project will affect around 700 families whose livelihood are dependent on the bounty of Manila Bay, one of Luzon’s rich fishing and aquaculture hub.

Currently, those who lost their homes are staying at public elementary schools turned to evacuation centers.

Mercado vowed to give financial aid amounting to P10,000 for each family who lost their homes.

plemented a one-strike policy against BI personnel who are subjects of meritorious complaints, or issues, pending the filing of appropriate administrative charges.

“The short-term solution is to relieve all those found to have been involved in corrupt practices, hence, we relieved all names implicated in the ‘Pastillas’ issue, and implemented a one-strike policy for anyone who tries to follow suit,” he stated.

The medium-term solution, on the other hand, is the continuous reorganization of the system.

“To add layers of checks and balances, we have transferred the supervision of the Travel Control and Intelligence Unit and the Border Control and Intelligence unit under a different division. This will serve as a sort of audit to the actions of those in the Port Operations Division, and dismantles any semblance of a central control of possible illegal activities. It adds more eyes watching and auditing the activities of airport personnel,” he added.

Morente said both the short term and medium term remedies are now being implemented.

However, the BI chief expressed belief that the real and long-term solution against corruption is the updating of the Philippine Immigration Act. “We can remove people again and again, but the loopholes in the law remain. Quick wins may cure some symptoms in the anticorruption drive but a responsive new immi-

gration law may yet cure systemic problems that breed corruption,” Morente explained.

The new law which is now being prioritized by Congress is expected to address salary woes, remove systemic issues, plug loopholes in policies, update fines and penalties, ensure division of power, and confer to the Commissioner the proper disciplinary powers.

It would also likely lead to the increase in fines to be imposed against airlines who will be caught bringing in improperly documented aliens.

Presidential spokesman Harry Roque said at a news briefing on Tuesday that the government is now eyeing the “modernization” of the BI to mitigate corrupt practices in the said agency.

Roque said Justice Secretary Menardo Guevarra appealed to Congress to finally pass the bill amending the already outdated Philippine Immigration Act of 1940, which created Commission on Immigration and Deportation (CID), which was later renamed to BI. “Secretary [Guevarra] proposed the passage of the law updating and modernizing the law creating CID since it a Commonwealth Act,” Roque said.

This was confirmed by Guevarra to BusinessMirror in an SMS. “The bills for the modernization of BI is already in the committee level in both house chambers so it needs more push [to be passed into law],” Guevarra said. With Samuel P. Medenilla

DA order bans poultry imports from a town in The Netherlands

By Jasper Emmanuel Y. Arcalas @jearcalas

I

NSTEAD of a temporary blanket ban on Dutch poultry products, Manila has suspended only imports from a municipality in The Netherlands that had a reported bird flu outbreak to protect domestic industry from the disease.

Agriculture Secretary William D. Dar has issued Memorandum Order (MO) 60 that slapped an import ban on poultry products coming from Altforst, Gelderland, The Netherlands, which had confirmed H5N8 avian influenza outbreak affecting 35,750 broiler parent stock.

The MO was signed on November 6, a day after Dar confirmed to the BusinessMirror that he signed an order imposing a temporary blanket import ban on poultry products from The Netherlands.

“Just signed. Temporary,” Dar responded when asked if he has already signed the temporary blanket ban that some industry sectors have supported.

However, people familiar with the matter told the BusinessMirror that the various Department of Agriculture (DA) officials met with local meat processors last Friday to discuss the ban on The Netherlands.

The meeting was attended by Agriculture Undersecretary William Medrano, National Meat Inspection Service Executive Director Reildrin G. Morales, Bureau of Animal Industry officials, and members and officials of the Philippine Association of Meat Processors Inc. “The DA officials said they have decided to regionalize the ban on The Netherlands,”

a source who was present during the meeting told the BusinessMirror via phone call last Friday. “They said a memo will be issued immediately,” the source added.

But Secretary Dar also told the BusinessMirror via SMS last Monday that there is “no decision yet” on the proposed amendment of the temporary blanket ban, confirming that indeed the DA has been mulling over regionalizing the ban.

Meat processing industry sources said a regionalized ban would be a relief for them as they will not totally lose their major supplier of mechanically deboned meat (MDM) of chicken.

The Netherlands supplies about 40 percent of the country’s chicken MDM requirement, one of the raw materials used by meat processors to produce hot dogs and siomai, among others.

Latest BAI data showed that the Philippines’s chicken MDM imports from January to September reached 208,208.645 metric tons, with 42 percent—or about 86,943.415 MT—coming from The Netherlands.

The BusinessMirror broke the story last Friday that the Philippines temporarily closed its borders for Dutch poultry products over concerns of bird flu outbreaks in The Netherlands. (Related story: https:// businessmirror.com.ph/2020/11/05/ phl-shuts-out-dutch-poultry-over-birdflu-cases/) As early as October 30, the Bureau of Animal Industry (BAI) had recommended certain actions the DA could take following the reported bird flu outbreak in two mute swans in The Netherlands, a high-ranking official said.

Newsman who survived slay try in 2016 shot dead in Pangasinan

T

WO motorcycle-riding gunmen shot dead on Tuesday a journalist working for a local newspaper and doubling as a commentator for a local radio station in Pangasinan.

A report sent to Camp Crame identified the victim as Virgilio Maganes, employee of North Watch, and resident of Barangay San Blas, Villasis, Pangasinan.

Maganes was about to enter his residential compound when two men riding in tandem on board a Yamaha motorcycle shot him six times that killed him instantly.

The National Union of Journalists of the Philippines said Maganes, 62, had survived a slay attempt in 2016. Quoting a report from Bombo Radyo Dagupan, it said the victim was also a commentator for radio station dwPR. “On November 8, 2016, Maganes survived an attempt on his life by playing dead when motorcycle-riding gunmen shot him as he rode a tricycle. A sign was left near the scene that said, ‘Drug pusher huwag pamarisan’ in what was seen to be an attempt to divert attention from the real motive for the slay try,” the NUJP said. Rene Acosta

BusinessMirror

A4 Wednesday, November 11, 2020

ESTABLISHMENT / ADDRESS NO.

FOREIGN NATIONAL / NATIONALITY

ESTABLISHMENT / ADDRESS

POSITION

8 STONE BUSINESS OUTSOURCING OPC 5-10/f Tower 1 Pitx Kennedy Road Tambo Parañaque City 1.

CAI, CHUANG, Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

2.

WANG, CHAO, Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

ACCENTURE, INC. 7f Robinsons Cybergate Tower 1 Pioneer St Mandaluyong City 3.

KUMAR, ABHISHEK, Indian

DELIVERY EXCELLENCE MANAGER

AMUSETECH BUSINESS OUTSOURCING 2/f Rivergreen Residences 2217 Pedro Gil St. 096, Bgy 880 Santa Ana Manila 4.

XIE, MENGMENG, Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

ASCENT DEVELOPMENT CONSTRUCTION INC. 5th Floor Strata 100 Bldg. F. Ortigas Jr. Ave. Ortigas Center San Antonio Pasig City 5.

SONG, HEE CHEOUL, South Korean

SENIOR PROJECT MANAGER

BILLION DRAGON OUTSOURCE PHILS., INC. 3/f Ayala Mall Southpark National Road Alabang Muntinlupa City 6.

CAI, WAN, Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

7.

DONG, HUAN, Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

8.

LING, YUEXIAO, Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

9.

SUN, ZEREN, Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

10.

ZHAO, DONGNING, Chinese

11.

ZONG, YE, Chinese

12.

KODURI, SANTHOSH KUMAR, Indian

ESTABLISHMENT / ADDRESS

FOREIGN NATIONAL / NATIONALITY

POSITION

NO.

51.

MA, JIALE, Chinese

CHINESE IT SUPPORT SPECIALIST

52.

SHEN, JUNPING, Chinese

CHINESE IT SUPPORT SPECIALIST

53.

YANG, ZEQI, Chinese

CHINESE IT SUPPORT SPECIALIST

PRIME GREAT COMPUTER TECHNOLOGIES INC. 3/f To 8/f, Nissan Sucat Zentrum Building 8390 Dr. A Santos Avenue Bf Homes Parañaque City

J-NA ALLOUT TECHNOLOGY SOLUTIONS CORP. 3/f Lipams Bldg. #48 President Avenue Bf Homes Parañaque City 54.

WANG, JIE, Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

55.

KIM, YONGGWAN South Korean

KOREAN CUSTOMER SERVICE REPRESENTATIVE

56.

LEE, JONGOCK, South Korean

KOREAN CUSTOMER SERVICE REPRESENTATIVE

LOVE TRAVEL AGENCY, INC. 2f-9 Gateway Bldg. Cartimar, Taft Ave. Brgy. 039 Pasay City 57.

LIANG, DING, Chinese

CHINESE SPEAKING-CUSTOMER SERVICE

58.

CHEN, JOU-AN, Taiwanese

CHINESE TRANSLATOR-ADMIN OFFICER

M AND J SOLUTIONS PROVIDER INC. Ub 111 Paseo De Roxas Bldg. Paseo De Roxas San Lorenzo Makati City 59.

PEKAR, EFRAIM, Israeli

BUSINESS INTELLIGENCE REPORT ANALYST

60.

HADAD, BAR, Israeli

INVESTOR RELATIONS CONSULTANT

MARKETROLE ASIA PACIFIC SERVICES, INC. 26/f, 27/f, 28/f The Enterprise Center Tower 1 6766 Ayala Ave. Cor. Paseo De Roxas San Lorenzo Makati City CHAO, HSIU-LIN, Taiwanese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

CUSTOMER SERVICE REPRESENTATIVE (CSR)

62.

NGUYEN MINH HUYEN Vietnamese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

CUSTOMER SERVICE REPRESENTATIVE (CSR)

MOA CLOUDZONE CORP. 4th-11th Flr. Nexgen Tower C4 Rd. Edsa Ext. Brgy. 076 Pasay City

CONSULTANT

CAPSLOCK INC. 7th & 8th Flr. Y Tower Bldg. Coral Way Drive Cor. Macapagal Brgy. 076 Pasay City

POSITION

117.

GUO, YUELONG, Chinese

IT TECHNICAL MANDARIN

118.

NIU, LIKE, Chinese

IT TECHNICAL MANDARIN

119.

LI, WEILIANG, Chinese

MANDARIN CUSTOMER SERVICE

SAMSUNG ENGINEERING CO., LTD. 12/f Times Plaza Bldg. United Nations Cor. Taft Ave., 072 Bgy. 666 Ermita Manila 120.

LEE, YONG JOO, South Korean

MATERIAL MANAGER

121.

SEO, BONGHO, South Korean

MODULE MANAGER

122.

KIM, SOON CHUL, South Korean

PIPELINE DESIGN CONSULTANT

123.

PARK, YOUNG TAE, South Korean

QUALITY CONTROL SPECIALIST

124.

PARK, DONG HYUN, South Korean

STEEL STRUCTURAL CONSULTANT

SKY DRAGON GLOBAL TECHNOLOGIES CORP. # 103 Mezzanine Floor Edsa Mandaluyong City 125.

WANG, YAJUN, Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

180.

WEI, SHUNYING, Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

126.

ROBIN, Indonesian

CUSTOMER SERVICE REPRESENTATIVE

181.

WEI, ZHIHONG, Chinese

127.

SHEN, MING, Taiwanese

CUSTOMER SERVICE REPRESENTATIVE

CHINESE CUSTOMER SERVICE REPRESENTATIVE

182.

ZENG, XIANHUI, Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

SOMI UNLIMITED SOLUTIONS, INC. 6/f Filinvest Cyberzone Bldg. Cbp1 Bay City Brgy. 076 Pasay City 128.

LE MINH NGOC, Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

183.

ZHANG, CHENGGONG, Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

129.

NGUYEN KHAC DIEP, Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

184.

ZHANG, HAIYAN, Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

187.

DONG, BINBIN, Chinese

CHINESE CUSTOMER SERVICE

133.

69.

DU, ANSHUANG, Chinese

CHINESE CUSTOMER SERVICE

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

CHINESE CUSTOMER SERVICE REPRESENTATIVE

68.

TRUONG VAN PHU, Vietnamese

ZHONG, HUOMING, Chinese

188.

CHINESE CUSTOMER SERVICE REPRESENTATIVE

70.

FAN, JIANGQIANG, Chinese

CHINESE CUSTOMER SERVICE

SPEED QUALITY TECH INC. 3/f Eco Plaza Bldg. 2305 Chino Roces Ave. Extn. Magallanes Makati City

ZHOU, CHANGBANG, Chinese

189.

DOUNGJAN, ARTIDTAYA Thai

CUSTOMER SERVICE REPRESENTATIVE

71.

HE, YUANCHENG, Chinese

CHINESE CUSTOMER SERVICE

190.

LIM JIA YAN, Malaysian

CUSTOMER SERVICE REPRESENTATIVE

72.

HUANG, JIASHENG, Chinese

CHINESE CUSTOMER SERVICE

191.

CUSTOMER SERVICE REPRESENTATIVE

73.

JIA, HAO, Chinese

CHINESE CUSTOMER SERVICE

SAE-YANG, CHAYANEE, Thai

74.

JU, CHENGLONG, Chinese

CHINESE CUSTOMER SERVICE

192.

SAE-YANG, SOMSREE, Thai

CUSTOMER SERVICE REPRESENTATIVE

KHIN MOE MOE HLAING Myanmari

CHINESE CUSTOMER SERVICE

193.

THUEKAM, SIWAPORN, Thai

CUSTOMER SERVICE REPRESENTATIVE

194.

WENDY SUJATMIKO, Indonesian

CUSTOMER SERVICE REPRESENTATIVE

CHINESE IT SUPPORT SPECIALIST

76.

LE THI HA, Vietnamese

CHINESE CUSTOMER SERVICE

23.

ZHOU, YIWEI,Chinese

CHINESE IT SUPPORT SPECIALIST

77.

LI, QI, Chinese

CHINESE CUSTOMER SERVICE

78.

LI, XINGLI, Chinese

CHINESE CUSTOMER SERVICE

79.

LIEU HIEN VA, Vietnamese

CHINESE CUSTOMER SERVICE

134.

LIAO, RENFU, Chinese

MANDARIN CUSTOMER SERVICE SPECIALIST

135.

NI, LINGMIN, Chinese

MANDARIN CUSTOMER SERVICE SPECIALIST

TAO, JUNYONG, Chinese

MANDARIN CUSTOMER SERVICE SPECIALIST

YANG, JUNQIU, Chinese

MANDARIN CUSTOMER SERVICE SPECIALIST

136.

137.

SYNTEL INFOTECH, INC. 10th Floor Science Hub Tower 3 Mckinley Hill Cyberpark Brgy. Pinagsama 1630 Taguig City 138.

KIBOUH, IONI ROLD BELGIDEN, Congolese

ASSOCIATE CONSULTANT

24.

WANG, CHUN-CHIEH, Taiwanese

IT SUPPORT

80.

LIU, FENG, Chinese

CHINESE CUSTOMER SERVICE

25.

YANG, CHEN-HAN, Taiwanese

IT SUPPORT

81.

LIU, XINGGUANG, Chinese

CHINESE CUSTOMER SERVICE

82.

LYU, ZHONG, Chinese

CHINESE CUSTOMER SERVICE

83.

MYINT MYAT AUNG Myanmari

CHINESE CUSTOMER SERVICE

84.

NAN, FUDONG, Chinese

CHINESE CUSTOMER SERVICE

85.

RINNO TAN CHEE CHING Malaysian

CHINESE CUSTOMER SERVICE

86.

SHANGGUAN, JINCHANG CHINESE CUSTOMER SERVICE Chinese

87.

SOON JIA JUN, Malaysian CHINESE CUSTOMER SERVICE

TIANYU TECHNOLOGY INC. 42/f Pbcom Tower Ayala Avenue Cor. V.a Rufino Street Bel-air Makati City

88.

SU, JIAQI, Chinese

CHINESE CUSTOMER SERVICE

142.

DING, YUCHENG, Chinese CHINESE IT SUPPORT SPECIALIST

HUAWEI TECHNOLOGIES PHILS. INC. U-5302, 53/f Pbcom Tower 6795 Ayala Ave., Cor., V.a. Rufino St. Bel-air Makati City

89.

WONG ZHAO LUN, Malaysian

CHINESE CUSTOMER SERVICE

143.

GE, JIANXIONG, Chinese

CHINESE IT SUPPORT SPECIALIST

90.

WU, WENZHI, Chinese

CHINESE CUSTOMER SERVICE

144.

HE, CHEN, Chinese

CHINESE IT SUPPORT SPECIALIST

SITE MANAGER FOR SMART NEW FULL TURN KEY (FTK) PROJECT

91.

WU, XIAOMING, Chinese

CHINESE CUSTOMER SERVICE

145.

JIANG, XINDE, Chinese

CHINESE IT SUPPORT SPECIALIST

92.

XIE, ZHIQIANG, Chinese

CHINESE CUSTOMER SERVICE

146.

LI, BAO, Chinese

CHINESE IT SUPPORT SPECIALIST

93.

YAN, PEILE, Chinese

CHINESE CUSTOMER SERVICE

147.

LI, HEJIA, Chinese

CHINESE IT SUPPORT SPECIALIST

94.

YAN, WENQUN, Chinese

CHINESE CUSTOMER SERVICE

148.

LIU, FENGQI, Chinese

CHINESE IT SUPPORT SPECIALIST

95.

YANG, XIAO, Chinese

CHINESE CUSTOMER SERVICE

149.

LIU, JINGKUN, Chinese

CHINESE IT SUPPORT SPECIALIST

96.

YANG, ZHI, Chinese

CHINESE CUSTOMER SERVICE

150.

TAO, CHEN, Chinese

CHINESE IT SUPPORT SPECIALIST

151.

WANG, XIN, Chinese

CHINESE IT SUPPORT SPECIALIST

97.

YE KYAW SWAR, Myanmari

CHINESE CUSTOMER SERVICE

152.

CHINESE IT SUPPORT SPECIALIST

98.

YU, KE, Chinese

CHINESE CUSTOMER SERVICE

WANG, YANCHAO, Chinese

99.

ZHAI, MENGHUI, Chinese

CHINESE CUSTOMER SERVICE

153.

WU, BO, Chinese

CHINESE IT SUPPORT SPECIALIST

154.

WU, HUI, Chinese

CHINESE IT SUPPORT SPECIALIST

CHINESE CUSTOMER SERVICE

155.

YAN, TAO, Chinese

CHINESE IT SUPPORT SPECIALIST

156.

ZENG, TAIKUI, Chinese

CHINESE IT SUPPORT SPECIALIST

157.

ZHANG, ZHANYONG, Chinese

CHINESE IT SUPPORT SPECIALIST

158.

ZHOU, YANG, Chinese

CHINESE IT SUPPORT SPECIALIST

159.

ZOU, LUJIU, Chinese

CHINESE IT SUPPORT SPECIALIST

33.

CHEN, CHENG, Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

100.

ZHANG, CHONGLIN, Chinese

34.

FU, YONGHUI, Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

101.

ZHANG, MINGWEI, Chinese

CHINESE CUSTOMER SERVICE

35.

JIANG, NAN, Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

102.

ZHANG, GAOLI, Chinese

CHINESE CUSTOMER SERVICE

103.

CHINESE CUSTOMER SERVICE

LI, FEI, Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

ZHANG, PENGFEI, Chinese

104.

ZHOU, JING, Chinese

CHINESE CUSTOMER SERVICE

105.

ZHU, LIN, Chinese

CHINESE CUSTOMER SERVICE

38.

WEI, JUNYI, Chinese

NEW ORIENTAL CLUB88 CORPORATION 3rd, 5th, 6th, 7th, 8th, 9th & 10th/f Pearl Marina Building Pacific Drive Don Galo Parañaque City

TELUS INTERNATIONAL PHILIPPINES, INC. Units 23/f, 31st/f - 37th/f Discovery Centre Adb Avenue, Ortigas Center San Antonio Pasig City TUNDULEMBE, GUELORD LUHATA, Congolese

FRENCH OPERATIONS CSR

140.

BOOKA, GRACE MATWIKU, Congolese

FRENCH OPERATIONS TECHNICAL SUPPORT REPRESENTATIVE III

141.

MALAN, MARIE JOSEE Ivorian

FRENCH OPERATIONS TECHNICAL SUPPORT REPRESENTATIVE III

139.

TOYOTA TSUSHO PHILIPPINES CORPORATION Unit 1504-1505 15th Floor One Global Place 5th Ave. Cor. 25th St. Bonifacio Global City Fort Bonifacio Taguig City 160.

EDA, MASAHIRO, Japanese

DIRECTOR

TRANSCOM WORLDWIDE B.V #31 Edsa Diliman Bldg. Brgy. Barangka Ilaya Mandaluyong City

39.

XU, CHUNXIAO, Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

106.

CAO, SHIPENG, Chinese

CHINESE CUSTOMER SERVICE

CHU, ZONGKAI, Chinese

CHINESE CUSTOMER SERVICE

40.

YANG, FANGLAN, Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

107.

108.

DONG, FENGLIN, Chinese

CHINESE CUSTOMER SERVICE

41.

YANG, WEI, Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

109.

FU, GUO, Chinese

CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE

TRIVES TECHNOLOGY CORPORATION Tower 4, Bayfort West Naia Garden Residence, Naia Road Tambo Parañaque City

42.

ZANG, FUJUN, Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

110.

MAO, MENGTING, Chinese

111.

TIAN, YIJIE, Chinese

CHINESE CUSTOMER SERVICE

162.

BAI, RUYU, Chinese

112.

WANG, BING, Chinese

CHINESE CUSTOMER SERVICE

CHINESE CUSTOMER SERVICE REPRESENTATIVE

163.

CHEN, SHAOWEI, Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

164.

CHEN, BING, Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

165.

CHEN, WENWEN, Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

166.

CHEN, ZERONG, Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

INVECH TREASURE PROCESSING CORPORATION Ground, 2nd, 3rd, 4th, 5th Floor Six West Campus Mckinley West Fort Bonifacio Taguig City 43.

LIU, FANGCHEN, Chinese

COMPUTER SYSTEM ANALYST

44.

MEICHEL MARTIN, Indonesian

COMPUTER SYSTEM ANALYST

45.

SUPRININGSIH, Indonesian

COMPUTER SYSTEM ANALYST

CHINESE CUSTOMER SERVICE REPRESENTATIVE

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

ZHOU, SIQI, Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

WEI, XIAOHUI, Chinese

TRINH THI MAI ANH, Vietnamese

22.

CUSTOMER SERVICE REPRESENTATIVE (CSR)

179.

132.

75.

WANG, XUEMIN, Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

CHINESE CUSTOMER SERVICE

CHINESE IT SUPPORT SPECIALIST

37.

WANG, PENG, Chinese

DING, WENXI, Chinese

ZHONG, XIAOHONG, Chinese

36.

178.

67.

21.

CHEN, LIMIN, Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

CHINESE CUSTOMER SERVICE

CHINESE IT SUPPORT SPECIALIST

32.

WANG, TIANQI, Chinese

66.

YE, CHENGUANG, Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

177.

CHINESE CUSTOMER SERVICE REPRESENTATIVE

20.

INTERCOMP LINK SOLUTIONS INC. 14th Floor, Filinvest Three Bldg. Northgate Cyberzone Filinvest Alabang Muntinlupa City

CHINESE CUSTOMER SERVICE REPRESENTATIVE

ZHAO, LIN, Chinese

CHINESE IT SUPPORT SPECIALIST

UNDERWRITING MANAGER

LING, YOUCE, Chinese

186.

CHINESE IT SUPPORT SPECIALIST

31.

176.

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

XIE, HONGHUI, Chinese

WALL, DONALD L, American

CHINESE CUSTOMER SERVICE REPRESENTATIVE

PHAM THI ANH, Vietnamese

QIAN, XIN, Chinese

INCENTER SOLUTIONS LLC PHILIPPINE BRANCH OFFICE Unit 1601 One Corporate Centre Condo. Doña Julia Vargas Cor. Meralco Ave. Ortigas Center San Antonio Pasig City

LI, YISHENG, Chinese

131.

19.

SI, YANXIN, Chinese

175.

CHINESE CUSTOMER SERVICE

18.

30.

CHINESE CUSTOMER SERVICE REPRESENTATIVE

DIEP MY YEN, Vietnamese

CHINESE IT SUPPORT SPECIALIST

MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE

LI, KUANYI, Chinese

DENG, KE, Chinese

CHINESE IT SUPPORT SPECIALIST

TRAN LOT LENH, Vietnamese

174.

65.

LIU, HUAN, Chinese

29.

CHINESE CUSTOMER SERVICE REPRESENTATIVE

CHINESE CUSTOMER SERVICE REPRESENTATIVE

LI, SHENGCHUN, Chinese

SUI, LONGTAO, Chinese

LI, CHUANBAO, Chinese

ZHANG, HONGMING, Chinese

17.

28.

173.

185.

16.

MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE

CHINESE CUSTOMER SERVICE REPRESENTATIVE

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

CHINESE IT SUPPORT SPECIALIST

GLOBALFRONT INTERNATIONAL TECHNOLOGY, INC. 11/f Tower 2 Dd Plaza Edsa Cor. Macapagal Blvd. Brgy. 076 Pasay City

LI, HAIBAO, Chinese

PHAM DINH DONG, Vietnamese

HUANG, LANFANG, Chinese

SPORTS TRADER - THAI SPEAKING I

172.

130.

15.

SATJA, NILUBON, Thai

CHINESE CUSTOMER SERVICE REPRESENTATIVE

CHINESE CUSTOMER SERVICE

CHINESE IT SUPPORT SPECIALIST

27.

JIANG, YIDONG, Chinese

DANG XUAN KHUONG Vietnamese

CHEN, YUANFEI, Chinese

SPORTS TRADER - BAHASA SPEAKING I

171.

64.

14.

LEE KIT YEW, Malaysian

POSITION

CHINESE CUSTOMER SERVICE

CHINESE IT SUPPORT SPECIALIST

26.

FOREIGN NATIONAL / NATIONALITY

BAI, YUCHUAN, Chinese

13.

CLOVERSENSE TECHNOLOGY INC. 29/f Robinsons Summit Center 6783 Ayala Center Bel-air Makati City

NO.

63.

CHEN, HONGYING, Chinese

CLICKPLAY SPORTSGAME CORP. 3/f, #119 Dr. Lazcano St. Laging Handa 4 Quezon City

FOREIGN NATIONAL / NATIONALITY

ESTABLISHMENT / ADDRESS

NO.

61.

CAPGEMINI PHILIPPINES CORP. 12f, Ten West Campus Bldg. Le Grand Avenue, Mckinley West Fort Bonifacio Taguig City

www.businessmirror.com.ph

NEXUS R FORWARD FINANCE, INC. L-26-a Rufino Pacific Tower 6784 Ayala Ave. San Lorenzo Makati City 113.

TERADA, TAKATOSHI, Japanese

GENERAL MANAGER

NOCMAKATI, INC. 8,9,10,11,12,14,15,16,17,18 & 19 Floors Century Diamond Center Kalayaan Ave. Cor. Salamanca St. Poblacion Makati City

161.

BUCKLEY, CRAIG, British

SENIOR VICE PRESIDENT - CLIENT SERVICES MANAGEMENT

ITECHNO SPECIALIST INC. 9/f 100 West Building Sen. Gil Puyat Ave. Pio Del Pilar Makati City

114.

LUO, GANG, Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

167.

DU, HU, Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

46.

DU, TONGZHOU, Chinese

CHINESE IT SUPPORT SPECIALIST

47.

JIA, ZHAOXU, Chinese

CHINESE IT SUPPORT SPECIALIST

115.

ZHENG, HUANRUI, Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

168.

HUANG, CANBAO, Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

48.

LI, LIANG, Chinese

CHINESE IT SUPPORT SPECIALIST

169.

49.

LIN, LI, Chinese

CHINESE IT SUPPORT SPECIALIST

PHILIPPINE HENGDA SPRING ENTERPRISES INC. 1952 Ft Benitez St. Cor. Pres Quirino Ave. 075, Bgy. 688 Malate Manila

HUANG, JIXIONG, Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

50.

LIU, JING, Chinese

CHINESE IT SUPPORT SPECIALIST

116.

170.

JIAN, WENWEI, Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

WU, LIQUN, Chinese

FOREIGN TRADE SPECIALIST

VALEO IT SERVICES INC. Suite 3 Level 26-a 26/f Rufino Pacific Tower, 6784 Ayala Ave. Cor. V.a Rufino St. San Lorenzo Makati City 195.

DE ALCANTARA MEDEIROS JUNIOR, TARCIZIO, Brazilian

SERVICE DESK AGENT

196.

VENTADES LOPEZ, BORJA, Spanish

SERVICE DESK AGENT

VAN GOGH BUSINESS PROCESS OUTSOURCING INC. 5/f Ayala Circuit Bpo-1 Bldg. Theater Drive Circuit Makati Carmona Makati City 197.

DONG, KUNBIN, Chinese

I.T. TECHNICAL MANDARIN

198.

CHEN, LONG, Chinese

INFORMATION SECURITY ANALYST

WANFANG TECHNOLOGY MANAGEMENT, INC. 6-9/f Double Dragon Plaza Edsa Cor. Macapagal Ave. Brgy. 076 Pasay City 199.

PHAM VAN QUANG, Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

WISHLAND SOFTWARE TECHNOLOGY INC. 28/f Techzone Condo Corp. 213 Buendia Ave. San Antonio Makati City 200.

LEI, XIAOLONG, Chinese

CHINESE LANGUAGE-CUSTOMER SERVICE STAFF

201.

LI, SHA, Chinese

CHINESE LANGUAGE-CUSTOMER SERVICE STAFF

202.

YUE, ZESONG, Chinese

CHINESE LANGUAGE-CUSTOMER SERVICE STAFF

203.

PAN, MIN, Chinese

CHINESE LANGUAGE-MARKETING STAFF

204.

WANG, DAN, Chinese

CHINESE LANGUAGE-MARKETING STAFF

*Date Generated: Nov 9, 2020 In the ad material of Notice of Filing of Application for

Alien Employment Permits published on November 06, 2020, the position of Ono, Ryutaro under POWERGATE INFINITY HOLDINGS CORPORATION, should have been read as CUSTOMER SERVICE - NIHONGO and not as published.

In the ad material of Notice of Filing of Application for Alien Employment Permits published on November 05, 2020, the position of Liao, Mingxing, Sun, Junzhao and Dong, Suiyang under POWERPORT DATA SYSTEM TECHNOLOGY INC., should have been read as CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE and not as published.

Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE-NCR Regional Office located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication.

Please inform DOLE-NCR if you have any information on criminal offense committed by the foreign nationals.

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

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

The World BusinessMirror

Wednesday, November 11, 2020

A5

Eli Lilly Covid-19 antibody drug gets emergency FDA clearance E

li Lilly & Co.’s antibody therapy was granted an emergency-use authorization by US drug regulators for treating Covid-19, widening access to a treatment that early data suggests is effective in keeping people infected with the coronavirus out of the hospital.

The Food and Drug Administration authorized the experimental treatment, called bamlanivimab, for use against mild-to-moderate Covid-19 in adults, including those who are 65 and older, and pediatric patients, the agency said on its web site.

Shares of the Indianapolis-based Lilly gained 4.5 percentin late trading on Monday. Through the close, the stock had advanced 8.3 percentso far this year.

The clearance gives doctors an option for tackling the virus in high-risk patients before they’re sick enough to require hospitalization. Other treatments

that received the regulatory go-ahead, such as convalescent plasma, a component collected from the blood of recovered Covid patients containing immune factors, and Gilead Sciences Inc.’s antiviral remdesivir, are intended for use in severely ill Covid-19 patients.

Now begins an even more difficult challenge: distribution. Lilly said in a statement on Monday that bamlanivimab should be administered “as soon as possible after a positive Covid-19 test and within 10 days of symptom onset.” Lilly will begin shipping the antibody therapy immediately to AmerisourceBergen Corp., which will distribute it as directed by the US government. Americans will have no out-of-pocket costs for the medicine, the company said, while acknowledging that health-care facilities may charge a fee for the product’s intravenous administration.

Experimental antibody treatments could become a powerful component of the arsenal that doctors use to treat the coronavirus. Anthony Fauci, the top US infectiousdisease official, has referred to antibody-based medicines as a bridge to a vaccine. The class of treatments was thrust into the spotlight after President Donald Trump received an antibody made by Regeneron Pharmaceuticals Inc. after becoming infected with Covid-19.

The therapies, which rely on lab-made proteins that mimic the immune system’s ability to fight off the virus, also are being studied as short-term treatments that could be given to people such as nursing-home residents or staff who may have been exposed during a local outbreak to prevent them from getting sick.

Lilly approached the FDA for authorization of the single-antibody treatment it’s developing with

Canadian biotech AbCellera Biologics Inc. last month.

Meanwhile, US regulators have yet to decide whether Regeneron’s antibody cocktail will get an emergencyuse green light.

Lilly and closely held AbCellera’s monotherapy antibody treatment reduced the rate at which symptomatic patients were hospitalized or sent to emergency rooms compared with a placebo, according to interim study results released by the company in September. Trial results published in the New England Journal of Medicine showed the therapy reduced patients’ viral load at the middle of the three doses studied.

The US government will pay Lilly $375 million for 300,000 vials of the antibody treatment. The initial agreement is for delivery over the first two months

following a regulatory green light. The US also has the option to purchase an additional 650,000 vials through next June for as much as $812.5 million.

Lilly is also studying a cocktail of two antibodies.

The company expects to approach regulators for authorization in November and seek full approval in the second quarter of 2021. Early results from a trial showed the combination reduced virus levels in patients with mild to moderate Covid-19 and cut the rate of hospitalizations and emergency room visits.

The drugmaker has a manufacturing partnership with Amgen Inc., among others, and plans to pursue more collaboration pacts, according to Chief Executive Officer David Ricks.

Infectious disease experts say antibody drugs are most likely to be useful if they are given early on in the

course of infection. That idea was bolstered on October 26, when a government-sponsored trial of the Lilly antibody in hospitalized patients—who tend to be sicker—was terminated due to lack of efficacy.

The FDA said explicitly on Monday that bamlanivimab is not authorized for patients who are hospitalized due to Covid-19 or require oxygen therapy after contracting the disease. It said the broader class of monoclonal antibodies may be associated with worse clinical outcomes when administered to hospitalized patients who have become infected with the virus and are in need of high flow oxygen or mechanical ventilation.

Other companies testing antibody treatments include Regeneron Pharmaceuticals Inc., AstraZeneca Plc and GlaxoSmithKline Plc and its partner Vir Biotechnology Inc. Bloomberg Newsw

A6 Wednesday, November 11, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

PHL hog industry needs govt support

T

raditionally, third quarter agricultural production is lower due to the strong storms that visit the Philippines during this period. The Julyto-September period is also the lean season for rice, which accounts for about 15 percent of farm output at any given time. During this period, rice planters allow the weather to do its work and bring rain in key areas where the water-loving crop is planted.

That is why the latest agricultural production data released recently by the Philippine Statistics Authority (PSA) has delighted the government, even if output grew at a slower pace of 0.7 percent, from 2.3 percent last year. Set against the backdrop of the Covid-19 pandemic, when health protocols including social distancing limited business activity, the third quarter data gave government officials a reason to celebrate.

Production of the country’s staple food—rice and corn—rose 15.2 percent and 3.5 percent, respectively, during the period. This should assure us that the important grains consumed by Filipinos will remain affordable and accessible, particularly for the poor. Fisheries, which used to buoy farm growth in the past, also recorded gains, as well as other crops, including vegetables.

What is worrisome, however, is the data on livestock and poultry production. According to the PSA, livestock production declined by 7.6 percent on the back of a 7.7-percent drop in hog output. The poultry subsector also recorded lower production at 3.8 percent as chicken meat output contracted by 3.8 percent in the third quarter.

Hog production, in particular, was largely affected by African swine fever, which ravaged pig farms nationwide. The Philippines was forced to cull thousands of hogs, including sows, as a way of controlling the spread of the disease that is fatal to pigs. In its eighth follow-up report to the World Organization for Animal Health, Manila said the Philippines has culled a total of 250,877 pigs, about 2 percent of the estimated 12 million local hog population (See, “PHL culls more hogs to prevent spread of deadly pig disease,” in the BusinessMirror, March 30, 2020).

As for poultry, the United Broiler Raisers Association said their members were forced to reduce production to ease the glut in supply caused by the drop in purchases from major institutional buyers, such as hotels and restaurants (See, “Ubra: Farm-gate price of broiler recovers after growers cut production,” in the BusinessMirror, October 12, 2020). Pending the improvement in demand, poultry raisers are setting lower production targets to prevent oversupply, which cuts farm-gate prices. The losses incurred by raisers during the lockdown prompted them to call for the suspension of chicken imports (See, “Poultry, allied sectors: We lost P95 billion from chicken meat imports,” in the BusinessMirror, July 17, 2020).

These figures do not bode well for a country where pork and chicken are popular and widely consumed. As it is, consumers are now seeing higher pork prices despite repeated assurances from the government that the country has enough pork supply. The government must continue investing in programs and initiatives, such as a restocking program, to avoid competing for imported pork with other nations that were also hit by the fatal swine disease. The hog industry needs government support, now more than ever.

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor

T. Anthony C. Cabangon Lourdes M. Fernandez

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

Online Editor

Ruben M. Cruz Jr.

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

Eduardo A. Davad Nonilon G. Reyes Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines.

Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025.

(Advertising Sales) 893-2019; 817-1351, 817-2807.

(Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

Printed by brown madonna Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

Aurora C. Ignacio

All About Social Security

B

efore the pandemic, especially during weekends, I used to meet up with some good friends from the insurance industry in a café. While enjoying our brewed coffee, we used to have nice and lively conversations about life and work.

Basically, there’s just a minor distinction between running a pension fund institution and an insurance company, but the great responsibility for both is when the payment has to be made to the legal beneficiaries of the insurance holder or the deceased SSS member.

I remember a prime-time TV drama series years ago, about a 55-year-old wife from the province who was married for 30 years to an electrical engineer. When her husband died in a road accident, she discovered that he had a number of illicit relationships in various cities where he was detailed for long contract assignments. Aside from that, she learned that there were also a number of illegitimate minor children from those relationships.

They had two legitimate children.

Although it was quite painful on her part, she had no choice but to share her monetary benefits with these innocent minor children that her husband has acknowledged as his while he was still living.

Why am I sharing this story with

you? Well, most working people in the Philippines are either members of the Government Service Insurance System or the Social Security System. However, majority of them belong to the latter, and there are certain rules and guidelines to be followed so that payment would be made to the legal SSS beneficiaries.

Who are they? Who are qualified to get these benefits?

Under the Social Security Act of 2018 or Republic Act 11199, SSS follows four hierarchy or order of beneficiaries, which is categorized as follows: n Primary beneficiaries; n Secondary beneficiaries; n Designated beneficiaries; and n Legal heirs.

First are the primary beneficiaries, which are the dependent legal spouse (until he or she remarries) and dependent legitimate, legitimated or legally adopted, and illegitimate children who are unmarried, not gainfully employed and has not reached 21 years of age, or if over 21 years of age, he/she is congenitally or while

still a minor, has been permanently incapacitated and incapable of self support, physically or mentally.

However, the dependent children come with some provisions, such as that the dependent illegitimate children receive 50 percent of the share of the legitimate, legitimated or legally adopted children, and that in the absence of the member’s legitimate, legitimated or legally adopted children, the dependent illegitimate children will be given 100 percent of the benefits. Whereas, dependent’s pension will be continuously given until they reached 21 years old, unless they are already employed, got married or died.

Second are the secondary beneficiaries, which are the dependent parents of the member. For single and unmarried members, they are the rightful ones to receive the benefits from SSS since there are no primary beneficiaries.

Third, the designated beneficiaries that are written and assigned by the member in his/her SSS records.

They may be siblings that are designated before the member’s death. The person designated by the member shall be someone who has a right to claim for support from the deceased member as provided under the Civil Code of the Philippines.

Fourth, are the legal heirs or those entitled to death benefit if no other beneficiary qualifies. They shall be paid in accordance with the law on succession under the Civil Code of the Philippines following the order of priority. Generally, they should have blood relations with the deceased member who may either be a

cousin, aunt, uncle, niece, or nephew of the member.

But take note that only the primary beneficiaries of the SSS member will receive the monthly pension, whereas the secondary, designated and legal heirs are entitled to lump sum benefits only, as provided under the SS Law. It is important to know that SSS benefits are not transferable. Say, while the primary beneficiary is alive, it cannot be relegated to the secondary beneficiaries. Knowing our culture, which consists of a large but closely knit family circle, Filipinos will never run out of relatives, so to speak.

While we may have other issues regarding the beneficiaries in complicated and extraordinary relationships, such as same sex partners, we have yet to amend our laws or draft a new one to accommodate and recognize them as legal beneficiaries.

At the end of the day, while we are busy with many affairs, it is best that we secure ourselves as well as our immediate families while we are still alive and able to identify and determine our respective beneficiaries.

Reiterating our constant reminder to all our members, make sure to regularly update your beneficiaries in your SSS records.

It is best to be prepared at all times.

A blessed day to everyone!

Aurora C. Ignacio is SSS president and chief executive officer.

We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss. gov.ph for topics that you might want us to discuss.

Joint and solidary liability in seafarers’ abandonment cases

Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Creative Director Chief Photographer

SSS legal beneficiaries

Dennis Gorecho

Pinoy Marino Rights

A

lthough international law prescribes that the seafarer has the right to be repatriated back to his point of origin, there are those who suffer abandonment by their employers.

Repatriation comes from the Latin word repatriare, “return to one’s own country,” from the prefix re, “back,” and patria, “native land.”

Seafarers are considered contractual employees since their employment is fixed for a period of time, which shall not exceed 12 months.

The commencement of Philippine Overseas Employment Administration (POEA) contract is from the time when the seafarer actually departs from the Philippines, either at an airport or seaport, for

employment.

It shall cease when he completes his period of contractual service aboard the ship, signs-off from the ship and arrives at the point of hire.

The POEA contract requires the seafarer to arrive at the point of hire as it signifies the completion of the employment contract, and not merely its expiration.

Similarly, a seafarer’s employment contract is terminated even before the contract expires as soon as he arrives at the point of hire and

signs off for medical reasons, due to shipwreck, voluntary resignation or for other just causes like vessel sale and change of principal.

However, in most cases of abandonment, a shipowner has become incapable of generating required funds to continue with daily marine operations.

It then withdraws all responsibility by failing to meet its obligations regarding seafarers’ financial and social security (contractual wages), the provision of basic necessities of life (adequate food, accommodation, and medical care) and repatriation costs.

Combined with the dangers of the elements of the sea, the abandoned crewmembers have to face the stressful and inhumane consequences of being stranded in a country where they do not speak the language, not to mention the difficulties of financial constraints due to unpaid wages.

According to the International Maritime Organization, there are 438 cases of abandonment (5,767 seafarers) that have been recorded

since 2004 until August 2020. In 2020 alone, 31 cases (concerning 470 seafarers) have been recorded to date.

Filipino seafarers stranded onboard the Oceanstar 86 for almost six months in the waters off the coast of Fujian, China were reported after a video showed their dire living conditions and pleaded for their immediate rescue. They were recently repatriated to the country.

As long as the seafarers have not arrived at the point of hire, they are entitled to payment of monetary benefits under the contract.

The seafarer is entitled to be paid his wages and other benefits after the expiration of his contract and during the extended period until the vessel’s arrival at a convenient port.

The obligations and liabilities of the local agency and its foreign principal do not end upon the expiration of the contracted period as they were duty bound to repatriate the seaman to the point of hire to effectively terminate the contract of employment.

See “Gorecho,” A7

Opinion BusinessMirror

www.businessmirror.com.ph

Updates on the overseas employment front

How to stop bogus consignees at Customs Dr. Jesus Lim Arranza

MAKE SENSE

Susan V. Ople

Scribbles

A

S we enter the ninth month of the global pandemic, barely anyone at the highest policy level has mentioned the recruitment industry as among the worst hit. Perhaps, some of them have yet to take the overseas recruitment industry seriously, as a business, because, well, there have always been too much drama and complex issues that come with having people as both clients and “products.” There is no doubt, however, that both the land-based and sea-based agencies are absorbing humongous overhead costs while waiting for the situation to normalize.

Here is an excerpt from a letter addressed to Labor Secretary Silvestre Bello III from the Association for Professionalism in Overseas Employment, an elite organization composed of presidential awardees from the land-based recruitment sector, itemizing concerns over our country’s diminishing competitive advantage in the labor migration sphere: 1. “It takes a week or two to secure a manual OEC [“overseas employment certificate”]. Given the deployment ban on health-care workers, in-house processing of OEC will not proceed unless the job order is revalidated at Philippine Overseas Employment Administration manually. The process involves submission of letter and support documents [signed offer letter and POEA-approved employment contract, passport and visa copies] which pass through channels.”

2. “Employment contracts of long time Principals or new multinational/global Employers are modified, and in many cases, with installment deficiency notices during the process.”

3. “Foreign principals that do not have a registered business office/ entity in the country of work is not allowed and/or takes too much time, for approval. In spite of the justification presented and/or explained, yet no concrete answer as to why it is not allowed.”

4. “In the multi accreditation process, POEA requires certification from its Adjudication Office that the Principal/Employer is not suspended or disqualified under POEA rule. This is on top of the other external clearances from the former agency/ies or RTC that no pending case was filed against the Principal/ Employer. The new agency applying for accreditation has to secure the certification from the Adjudication Office for this matter, which eats up additional time in view of paperwork and formalities. We wonder why the POEA database does not automatically capture the status of the Principal/Employer for clearances and certifications such as this.”

5. “From the supposed and usual minimum four years validity of accreditation, some Principals were granted a shorter period.”

6. “Even prior to the pandemic, securing appointment at POEA is an extreme hassle, entailing written requests and weeks of waiting for confirmation.”

As a labor advocate, I know that behind every unusually delayed work contract is an anxious and over-burdened worker. When the licensed agency is in fact a presidential awardee, then very little should change despite the Covid-19 pandemic. By now, many government and corporate offices have adapted

quite well, and have even emerged with a sharper mastery and focus of their key core functions. I hope that with the recent reshuffling of POEA directors, and given POEA Administrator Bernard Olalia’s excellent rapport with stakeholders, that these pending concerns will soon be resolved.

Meanwhile, overseas employment’s fate also hinges on whether the entire structure itself of the program will be revised according to the bill filed by Senator Bong Go, soon to be certified as urgent.

Under Senate Bill 1835, the POEA and the Overseas Workers’ Welfare Administration (OWWA) will be attached to the new department to be named as the “Department of Overseas Filipinos.” The bill responds to questions regarding the need for such a department, which amounts to admitting that overseas employment has become a permanent economic policy of the State.

“The State’s overseas employment program rests solely on the assurance that the dignity and human rights of OFWs shall neither be compromised or violated. Towards this end, the State shall continually aim to make overseas employment a choice of last resort and not as a necessity for every Filipino citizen.”

It envisions a department with a Secretary assisted by four undersecretaries, who must all be lawyers that have been practicing for at least five years. These offices of the undersecretaries are: n Office of the Undersecretary for Administration and Finance. n Office of the Undersecretary for Foreign Employment. n Office of the Undersecretary for Assistance to Overseas Filipinos in Distress. n Office of the Undersecretary for Policy, Treaties, International Agreements and Special Concerns.

Instead of the current structure of having an Assistance-to-Nationals Unit and Philippine Overseas Labor Office in an embassy, the bill seeks to integrate all staff and functions under the Assistance-to-Nationals office. This office shall absorb all the powers, functions and personnel of the POLO, existing ATN units of the DFA, and even the social welfare attaches and services of the DSWD overseas.

The good news is that, once this bill is passed, it will streamline all services for OFWs under one roof and with one Cabinet Secretary as its champion. Interesting times lie ahead for the overseas employment sector. Interesting is one word, risky is another. Right now, we are losing labor markets left and right, not by design, but simply by default.

I pray for better times ahead, for all sectors, including overseas employment.

T

he issue where the National Bureau of Investigation (NBI), according to reports, recommended the filing of criminal and administrative charges against Bureau of Customs Commissioner Rey Leonardo Guerrero and two other top BOC officials at the Office of the Ombudsman reminds me of a famous line in Plato’s The Republic: “The beginning is the most important part of the work.”

The three top Customs officials are being charged with violation of the anti-graft and corrupt practices act for allegedly conspiring with six consignees for their accreditation with the BOC Account Management Office. The AMO accreditation is the first step of doing business with BOC. However, when NBI operatives verified the addresses in the application for accreditation of the six consignees, they were allegedly found to be non-existent.

The Customs mess brought back

some memories of my earlier engagements in anti-smuggling during the administration of former President Gloria Macapagal Arroyo. In one of the president’s meeting with then Customs Commissioner Napoleon Morales, then Customs Deputy Commissioner Ray Umali and other Customs officials where I was also present as Federation of Philippine Industries Chairman, Arroyo asked why in the FPI report, it indicated its discovery of non-existing addresses of accredited consignees, like the

By Eli Lake

P

resident Donald J. Trump’s petulant decision to fire Defense Secretary Mark Esper, via Twitter of course, was both shocking and predictable.

It’s shocking that a president who just lost an election would fire a member of his cabinet at the start of what is supposed to be a peaceful transfer

of power. Then again, that president is Trump and that defense secretary is Esper, who has been on the outs with Trump since at least June. Esper was in the president’s crosshairs because he opposed the president’s desire to send active duty military into US cities during the unrest that followed the police killing of George Floyd in Minneapolis in May. Such a move would have almost certainly escalated tensions in US cities.

importers of ceramic tiles, among others, where upon verification of their declared addresses, one place turned out to be a swamp.

In response to the President’s question, Morales and Umali explained that these things happen because some importers/consignees move to a new address after getting their accreditation without notifying the Bureau of Customs. But Arroyo is so smart that she asked the Customs officials if they check and verify the reflected addresses of accredited importers/consignees after their initial transactions with the BOC. The President’s question was, however, met with deafening silence from the Customs officials.

Hearing their discussions, I suggested to the President that in the application for accreditation with the Bureau of Customs, its form must have an explicit statement that, if the consignee moves to a new address, they must notify the Bureau within 15 days from date of transfer to the new address. Failure to report the transfer within the prescribed period of time could be a ground for the accreditation’s cancellation. With that,

One US election decided our fate

By Ding I. Generoso

est—John D. Rockefeller, Andrew Carnegie and J.P. Morgan—met to talk politics. The agenda was how to stop the populist and highly popular William Jennings Bryan from taking the White House and endangering their business monopolies.

The 36-year-old candidate of the Democrats against Republican William McKinley was taking one state after another with his inspiring oratory and magnetic personality, drawing huge support with his pro-labor, anti-trust, anti-monopoly campaign in an industrializing nation where the industrialists, bankers and capitalists were building their fortunes on the backs of exploited American workers.

The trio, and much of American big business then, could not afford a radical Bryan in the White House.

He had to be stopped. And stop him, they did.

In a dramatization of the meeting in a History Channel documentary, the three initially thought of one of them running for the presidency, but, in the end, agreed that all they had to do was “buy our own president.”

And buy the president they did with money in amounts never before heard of and seen in any election.

Although historians believe he spent more, McKinley, on paper, reagency that deployed the employees shall be jointly and solidarily liable with the principal for the money claims awarded to the employees.

The Supreme Court explained in the case of Catan v. NLRC ( 160 SCRA 691, 695) the rationale: “This must be so, because the obligations covenanted in the manning agreement entered into by and between the local agent and its foreign principal are not coterminus with the term of such agreement so that if either or both of the parties decide to end the agreement, the responsibilities

of such parties toward the contracted employees under the agreement do not at all end, but the same extends up to and until the expiration of the employment contracts of the employees recruited and employed pursuant to the said recruitment agreement. Otherwise, this will render nugatory the very purpose for which the law governing the employment of workers for foreign jobs abroad was enacted.”

The 2014 amendments to the Maritime Labor Convention 2006 (MLC2006) require shipowners to

have compulsory insurance to cover abandonment of seafarers for up to four months’ outstanding wages and entitlements. It must also cover reasonable expenses from the moment of abandonment to the time of arrival back home such as repatriation, food, clothing, accommodation, drinking water, medical care and essential fuel for survival on board.

Atty. Gorecho heads the seafarers’ division of the Sapalo Velez Bundang Bulilan law offices. For comments, send an e-mail to info@sapalovelez. com or call 0917-5025808 or 0908-8665786.

presidency, Trump and his close advisers have often conveyed the feeling that they are besieged by their own government. As his son-in-law and senior adviser Jared Kushner told Bob Woodward for his latest tell-all about the Trump presidency: “In the beginning 20 percent of the people we had thought Trump was saving the world, and 80 percent thought they were saving the world from Trump.”

Trump actually did have some rea-

son to suspect his own government was undermining him, particularly during his transition. Former FBI Director James Comey famously recorded notes of his conversations with the new president. After Trump fired him, he leaked them to the media and testified that he had hoped those notes would spur the Justice Department to appoint a special counsel to investigate the president—which is exactly what happened.

M

Gorecho. . .

continued from A6

(Interorient Maritime Enterprises, Inc. v. NLRC,330 Phil. 493).

The POEA rules state that the manning agency shall assume “joint and solidary liability” with the employer, which is meant to assure aggrieved workers of immediate and sufficient payment of what is due them.

The Amended Migrant Workers Act ( RA 10022) also states that the

That said, in this instance Trump did not prove himself to be the authoritarian menace that his opposition claims. Trump could have fired Esper then and there. Instead he waited and seethed, sounding like a dictator but not acting like one. Only now, when he actually is a lame duck, is Trump choosing to settle scores.

One senior administration official tells me that it’s likely there will be more firings on the way out the door.

Dr. Jesus Lim Arranza is the chairman of the Federation of Philippine Industries and Fight Illicit Trade; a broad-based, multisectoral movement intended to protect consumers, safeguard government revenues and shield legitimate industries from the ill effects of smuggling.

post in Okinawa, Japan to Hong Kong—with a view to invading the Philippines.

Within two weeks from the US declaration of war against Spain, Dewey was in Manila Bay for the infamous “mock” Battle of Manila Bay on May 1, 1898. Months later, Spain would sell Las Islas Filipinas to the US for $20 million under the Treaty of Paris.

Before the Treaty of Paris, all other states acquired by the US were treated as part of the Union—equal with other states. But the Philippines, Guam and Puerto Rico were treated as colonies, instead. To this day, Guam and Puerto remain territories—not equal in standing with the 50 states that make up the Union.

Bryan, who lost the election to McKinley two years earlier, was among those who vigorously opposed America’s annexation of the Philippines, an issue that he would carry on to a return match against McKinley in the presidential election in 1900.

Bryan ran on an anti-imperialist platform and was resoundingly defeated by McKinley.

The Republicans would control the White House for 12 more years— affirming the colonization of the Philippines.

And even with the “grant” of independence in 1946, the Philippines remains tied to the US to the extent that whoever sits in the White House will have repercussions on our state of affairs. At least until such time that we really cut the tie that binds.

any people are asking why we bother with the United States presidential election when we have our own affairs to contend with. What’s our stake in it? How is its outcome going to affect the Philippines and Filipinos?

My answer is this: It took one US presidential election to decide our fate as a nation and as a people—and since then almost every presidential election in the US has mattered in our life, just as the outcome of this 2020 vote will affect us. For, no matter how we say it isn’t so, no matter how we claim that we are free of American hold and influence, there remains an umbilical cord that ties our national life to our former colonial masters. And that’s not being colonially minded; it’s being mindful of the reality that we have yet to fully break free from the shackles of US control, manipulation and influence. Until we do, we have to take a keen interest in how American politics and leadership shape its overseas policies and its treatment of the Philippines—whether as an equal or a “little brother” in the international arena.

And this tie that binds dates back to the US presidential election of 1896—an election decided by big money and big business.

In 1896, while Andres Bonifacio and his Katipuneros met in secret to plot a war for independence, the three richest men in America conspired to take the White House. For the first time, business competitors and rivals for the title of America’s rich-

Arroyo told the Customs officials to adopt my suggestion.

That meeting happened over nine years ago. And with the alleged legal problem now being faced by Commissioner Guerrero and two other Customs officials regarding the accreditation of six consignees with non-existing addresses as indicated in their accreditation form, this could have been avoided if the BOC leadership implemented Arroyo’s order to adopt my suggestion to indicate in the application form the requirement for accredited consignees/importers to report their transfer to a new address within a prescribed period of time, otherwise they face sanctions.

If the President’s order over nine years ago was completely ignored by the BOC, it makes me wonder if this act could be the Customs’ versions of the Bible’s Sin of Commission and Omission.

ported having spent over 4 million dollars for his campaign—a fifth of what the US two years later paid to Spain to acquire the Philippines.

The bulk of the money came from Rockefeller, Carnegie and Morgan, secretly delivered in suitcases.

Outspending Bryan eight to one, McKinley won the presidency in what was then deemed as the costliest and dirtiest (marred by vote-buying) presidential election in US history.

McKinley’s victory changed the course of our war for independence and frustrated what would have been the evolution of our political system into a federal one. A victory

by Bryan, who was against American expansionism, would not have led to America’s colonization of the Philippines.

With McKinley at the White House, the Republicans resumed their relentless pursuit of “manifest destiny,” which had been interrupted by the Grover Cleveland, a Democrat who defeated incumbent Republican Benjamin Harrison in a return bout in 1892.

And for the first time, American expansionism, guided by manifest destiny—a belief that the US was ordained by God to expand democracy and capitalism throughout the North American continent—looked beyond the shores of the Pacific Ocean.

Months before the blowing up of USS Maine in Havana, Cuba, which prompted the US Congress to declare war on Spain in April 1898, McKinley had sent Admiral George Dewey aboard the USS Olympia from his

Trump is leaving office as he governed: Recklessly Bloomberg Opinion

Wednesday, November 11, 2020 A7

Among those on the list are CIA Director Gina Haspel and FBI Director Christopher Wray. Trump and his allies have accused both of failing to support the declassification of documents that would further expose abuses in the investigation of Russian interference in the 2016 presidential campaign.

If Trump followed through on these threats to fire Haspel and Wray, it would again be shocking but not surprising. Since the beginning of his

A8 Wednesday, November 11, 2020

Damage to agri sector from Rolly, Quinta now at P7.6B

A

BOUT 89,000 Filipino farmers and fisherfolk have incurred combined losses of P7.6 billion from damage caused by Typhoon Quinta and Supertyphoon Rolly to the agriculture sector, based on latest Department of Agriculture (DA) estimates.

As of 5 p.m. of November 9, Quinta and Rolly affected 162,693 hectares of agricultural areas in CAR, Regions I, II, III, Calabarzon, Mimaropa, V, VI, and VIII, according to DA. Volume of production loss is now pegged at 279,071 metric tons (MT) which covers rice, corn, high-value crops, fisheries and livestock, according to the DA. It added that it also recorded damage to irrigation and agricultural facilities.

Rolly, the strongest typhoon so far this year, caused P5-billion losses to the agriculture sector, affecting 42,151 farmers and 126,077 hectares of farms. The value was 66 percent higher than the P3.01-billion losses the DA reported.

“The affected commodities include rice, corn, high-value crops, livestock and agrifacilities in CAR, Central Luzon, Calabarzon, Mimaropa, Bicol Region and Eastern Visayas,” the DA said. In the rice sector alone, both Quinta and Rolly caused the loss of 175,225 MT of palay, about 2.09 percent of the projected 8.4-million MT output in the fourth quarter.

“The damaged palay production areas from both TY ‘QUINTA’ and STY ‘ROLLY’ is at 105,731 ha wherein 76.41 percent [80,785 ha] of these areas were planted this 2020 wet season cropping, while the remaining 23.59 percent [24,946 ha] were planted for the 2020-2021 dry season cropping,” the DA said.

The DA said it has prepared a P400-million quick response fund for the rehabilitation of the areas affected by Rolly while the Philippine Crop

Insurance Corp. (PCIC) has a P1-billion fund to indemnify farmers’ losses.

“Around 10 million pieces of available tilapia and milkfish fingerlings, as well as fishing gears and paraphernalia, are for distribution,” the DA said. Tugon Kabuhayan, an advocacy group, said the losses incurred by farmers due to Rolly as reported by the DA could be understated, as it doesn’t take into account the “consequential damage” to farmers’ lives.

The group said the DA should also look into the damage caused by typhoons to the life of the farmers, such as the loss of production opportunities like crops that will not bear fruit until after a year or even more.

Rene Cerilla of Pambansang Kilusan ng mga Samahang Magsasaka (Pakisama) said their lives were severely affected as they lost houses and even put their children’s education on hold. Cerilla said there is still no electricity and proper signal in Quezon province, one of the hardest hit areas by Rolly.

Cerilla added that coconut and banana farmers in Quezon would have to wait a year or so before crops bear fruit anew.

Tugon Kabuhayan urged the government to craft a more proactive crop insurance package and aggressively expand the number of farmers’ covered by their programs.

The group also proposed that the government provide farmers with small-scale storage and drying facilities at the barangay or municipal level to help farmers during typhoons.

Such facilities, the group explained, would allow farmers to cope easier as their crops such as palay could be dried faster and be sold immediately to earn money.

Jasper Emmanuel Y. Arcalas

Foreign buyers eyeing PHL, but vague reopening a drag

By Ma. Stella F. Arnaldo

F

@akosistellaBM Special to the BusinessMirror

OREIGN tourists continue to be interested in visiting the Philippines, but the topmost question on their mind is, when is it going to reopen to inbound travel?

This was apparent in Monday’s Philippines country presentation before international tourism stakeholders and travel buyers on the first day of the World Travel Market in London, being held virtually for the first time, until November 11.

In the open forum following her presentation, Tourism Promotions Board Chief Operating Officer Ma. Anthonette C. Velasco-Allones explained the country’s setup in laying the health and safety standards, which starts at the national level, with the Inter-Agency Task Force on Emerging Infectious Diseases (IATF-EID), and local government units (LGUs) implementing their own “varying protocols. It depends on the reality on the ground, and

these realities include the actual capacity of the locality in terms of the health system and the Covid situation. We are blessed that a lot of our islands have remained Covid-free.”

While the Philippine government has already allowed domestic tourism to help in the economic recovery, Allones could not give a timeframe when the country would reopen, when asked by overseas travel buyers.

“We have remained, as most countries have been, closed, or we have restricted travel from foreign visitors as I speak to you. Now, when can we expect to open tourism not just for UK visitors but for other foreign visitors from the countries from where we have traditionally welcomed guests—it’s a question that I won’t be able to answer. To my mind, this really requires the collaborative and collective decision of the countries within the region, meaning Southeast Asia. And of course beyond this, looking at the timeline, I think this has to do with the question of whether there’s a vaccine available, or the readiness of the destinations to also receive visitors right now.”

She noted that the Philippines has also been exploring the creation of travel bubbles and travel

corridors with certain countries.

“So direct flights that will bring tourists from the point of origin to the point of destination in the Philippines is something that we are very quite positive about, and we are optimistic that this would be doable given the success that we’ve seen so far within the country in terms of managing the Covid situation in the different [tourism destination].”

Allones also briefed participants in the country session the different visitor limits in newly reopened tourism destinations, i.e., 500 per day in Baguio City, and over 2,000 in Boracay Island, as well as the use by LGUs of different digital platforms to upload health declaration forms QR codes, as well as the Travel Philippines app developed by the TPB. Asked whether it was even practical to sell the Philippines to foreign travel buyers, when government could not assure when it reopens to inbound tourists, the TPB chief told the BusinessMirror, “I wish I really have the answer to that question. That’s why I made sure the deck I presented was focused on sustaining the interest to travel and also truthfully situation them on our status.”

She expressed optimism that instead of appearing disorganized to foreign tourists, “the local protocols, while varying, point to an indication that we are organized because we even have granular specificity in terms of the various aspects.” At Monday’s ministers meeting, Tourism Secretary Bernadette Romulo Puyat said among the barriers to international travel is the high cost of insurance premiums and the RTPCR test. (See, “Tourism ministers, travel CEOs push for antigen testing,” in the BusinessMirror, No-

Senators air misgivings over Malampaya Chevron buy-in

S

ENATORS aired misgivings on Tuesday over potential violations of the law in Udenna’s purchase of the shares of Chevron Corp. in the consortium that runs the Malampaya gas field in Palawan.

At the Senate Energy Committee hearing on Resolution 533 to look into the Malampaya Deep Water Gas-to-Power-Project, Senator Sherwin Gatchalian, panel chairman, noted there was no prior approval by the Department of Energy (DOE) of the purchase

by Udenna of 45 percent shares of Chevron in the Malampaya gas project.

Gatchalian was referring to the March 11, 2020 buy in deal by Davao-based businessman Dennis Uy’s Udenna of the Chevron shares amounting to $565 million.

T he Senate panel was told t h at t he DOE w a s re por t ed ly infor med only on October 28,2020, after the “ done deal ” even as it was supposed to have been submitted for pr ior scr utiny by t he DOE to assess the “technica l capabilit y” of Udenna to enter Ma lampaya.

Energy Assistant Secretary Leonido Pulido, however, explained they saw no violation in the sale of Chevron shares, adding there was no issue involving the actual operations of Malampaya, as Shell will run the

gas project.

He added that the DOE is also evaluating the capability of Udenna, which is said to be entering into such an energy project for the first time, prompting Senator Imee Marcos to ask if this is “incomplete” and could then be considered as not a done deal yet.

DOE officials, however, explained that the deal to buy in shares could not be considered incomplete, but added it is “voidable,” indicating the contract could be voided if the DOE does not approve the sale.

In turn, Senator Panfilo Lacson wanted to know the DOE back-up plan if the sale of shares collapses and a case is brought to the Supreme Court. Lacson likewise asked about the option to acquire the Chevron shares by the state’s Philippine National Oil Co. The PNOC, however, told the Senate panel that “technically and financially” they were not ready to take over the Malampaya gas project even as Udenna affirmed the legitimacy of their transaction.

Apart from Udenna, senators were told that among those reported to be interested in Malampaya shares were San Miguel Corporation and the PXP Energy Corporation of businessman Manuel V. Pangilinan.

Butch Fernandez

vember 9, 2020.)

At this year’s WTM 2020, the Department of Tourism and its marketing arm, the TPB have the Philippine exhibit online, showcasing destinations such as Palawan, Boracay, Bohol, the Cordilleras, Iloilo, and Manila to foreign buyers. Thirty local stakeholders, which have been conducting B2B meetings online with foreign buyers, have joined this year’s WTM. Among them are: Annset Holidays Inc., Baron Travel Corp., Bohol Beach Club, CTPH Tour Philippines, Discovery Hospitality, El Nido Resorts, Hello PH! Tourism Inc., Intas Destinations Management Inc., Movenpick Resort and Spa Boracay, Amorita Resort and Funny Lion, Travelexperts Inc., Travelite Travel and Tours, Kapwa Travel and Tours Inc., and Blue Horizons Travel and Tours Inc. The WTM is the leading global travel and trade exhibition, normally held in London, but now in virtual mode due to Covid-19.

Meanwhile, 7,200 hotels, resorts and other accommodation establishments located under different community quarantine qualifications, received their certificate of authority to operate (CAO) or provisional CAO from the DOT. In a news statement, Romulo Puyat said, these certificates “adds to guests’ confidence, knowing that these establishments have been inspected and are compliant with our protocols that follow globally recognized health and safety standards. We are happy to see the numbers go up as more tourism destinations reopen for domestic travelers.” (Visit www. philippines.travel/accreditation for the full list of tourism enterprises with COAs.)

Seipi revises exports dip projection to just 5%

S

EMICONDUCTOR makers have upgraded their export projections for this year to a decline of just 5 percent, as they continue to suffer from increased operating costs due to Covid-19.

In a statement on Tuesday, the Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi) adjusted their estimates upward in a recent board meeting.

As such, Seipi’s export forecast for this year is now just a contraction of 5 percent, from an earlier 15 percent, which was a pessimistic outlook given the pandemic’s impact both on local and international supply chains.

However, Seipi said it retained a negative outlook for this year on continuing increases in operating costs brought about by difficulty to get workers to site and transfer of supplies and raw materials.

“We have upgraded our industry projection for 2020 from 15-percent contraction to 5 percent due to Covid and higher cost of operations, including shuttle and logistics,” the group said.

For next year, Seipi is banking on a favorable result in discussions to lift fiscal incentives, as well as the manufacture of vaccine, to deliver a 7 percent improvement in export figures.

“Our 2021 forecast is [a growth of ] 7 percent, assuming favorable CREATE [bill] outcome and availability of vaccine,” Seipi added. Exports of electronic parts and semiconductors make up more than half of the country’s export pie. Last year shipments reached $43.32 billion, accounting for at least 61 percent of all of the Philippine exports that period.

Hong Kong, the United States, China, Japan and Singapore were the largest importers of electronic parts made in the Philippines. Elijah Felice E. Rosales

Companies BusinessMirror

www.businessmirror.com.ph

Bloomberry incurs net loss due to closure of casinos

B

By VG Cabuag

@villygc

loomberry Resorts Corp., the operator of Solaire Resort and Casino, said it incurred a net loss of P2.5 billion in January to September, a reversal of last year’s profit of P3.9 billion, as its casinos were shuttered during the lockdown.

Solaire continued to operate at a limited dry-run as allowed by the authorities. The dry-run involves only long-stay hotel guests and select invitees.

Gross gaming revenue (GGR) at Solaire was P4.4 billion during the

third quarter, a 74-percent decrease from P17.1 billion in the same period last year. GGR was further affected by the return to modified enhanced community quarantine from August 4 to August 19, which resulted in the closure of its mass gaming floor.

Consolidated net revenue was at P3.2 billion, a 76-percent drop from last year's figure.

“Our third quarter results reflect the difficult business environment brought about by the pandemic, which has negatively impacted international travel and overall demand for leisure and gaming entertainment services. In the near term, we hope to see a recovery as domestic quarantine restrictions are eased further,” Enrique K. Razon Jr., the company's chairman and CEO, said.

Solaire's gross gaming revenue in nine months was at P17.3 billion, 62 percent lower than last year's figure.

Solaire’s VIP, mass table and electronic gaming machines all dropped by at least 50 percent for the ninemonth period.

Its gaming floor was closed on March 16 after the government

placed the National Capital Region under enhanced community quarantine to control the spread of Covid-19.

“Despite the challenges we face, Bloomberry remains committed to ensuring the health and safety of our team members and guests. Solaire’s safety protocols have been enhanced with the latest technologies while the sanitation of the casino, rooms, dining areas and public spaces are non-stop; we go the extra mile and provide regular RT-PCR tests to our team members and make the same available to guests," Razon said.

“With these investments— which have reached over P300 million—we hope to maintain our market leadership as well as become the tourism industry’s gold standard of hygiene and sanitation.”

Wednesday, November 11, 2020

Dito approves terms of deal with Udenna L ISTED holdings company Dito CME Holdings Corp. has approved the terms for the acquisition of the issued and outstanding common shares of Udenna Communications Media and Entertainment (CME) Holdings Corp. to gain an indirect interest in Dito Telecommunity Corp.

The transaction, essentially a share-swap exercise with Udenna Corp., involves 11.2 billion shares of Dito CME that are priced between P6 to P6.90 apiece.

Udenna CME is the corporate vehicle that intends to hold Udenna Corp.'s shares in its telecommunications business. Currently, Udenna CME owns approximately 58 percent of the shares of Dito Holdings Corporation, and Dito Holdings Corporation plans to acquire Udenna Corporation's stake in Dito Telecommunity Corporation, subject to execution of the relevant deeds of assignment. “Once Dito Holdings Corporation acquires Udenna Corp.’s stake in Dito Telecommunity, Dito CME Holdings Corp. shall execute the relevant transfer documents to acquire 100 percent of Udenna CME at the aforementioned consideration,” a disclosure read. The transaction is subject to the completion of Dito Holdings Corp.’s acquisition of Udenna Corp.'s stake in Dito Telecommunity.

“This is one step of our plan of realizing Dito CME’s ownership of Dito Telecommunity, through Udenna CME and Dito Holdings Corp. Dito CME will end up as the beneficial owner of the Udenna Group’s equity in-

Calista model house, PHirst Park Homes Pandi BusinessMirror file photo

business expansion into our highmargin segments,” he said.

The company’s high-margin businesses posted combined contributions of 25 percent or P1.98 billion of its total revenues, 35 percent higher than P1.46 billion last year.

Out of the company’s net income, both segments saw a spike in

combined contributions to 66 percent at 723 million versus 38 percent in the same period last year.

The higher contributions of Phirst Park, its unit for horizontal developments, and leasing further improved the company’s gross profit margin at 37 percent for the period of January to September, compared to 36 percent last year.

This month, Phirst Park will launch its newest project in Magalang, Pampanga. The 10-hectare Pampanga project, which will initially offer more than 500 house and lot units, will be its second community in the north after Pandi, Bulacan and the latest of seven projects after Tanza, Cavite; Lipa and Nasugbu in Batangas; and San Pablo and Calamba in Laguna.

As of September, the company has launched 8,251 units in 97 hectares and sold 6,645 units valued at P10.59 billion.

For the company’s in-city vertical developments, CPG is targeting the completion of more than 2,000 condominium units by the second quarter next year. This number covers 500 units at the Residences at Commonwealth in Quezon City by the end of the year as well as 1,600 units at the Residences at Azure North in San Fernando, Pampanga, until April 2021. VG Cabuag

AirAsia settles Private sector, NGOs urged to join 70% of refund body in fighting hunger in PHL requests

L

ow-cost carrier AirAsia said it has resolved 158,324 cases of refund requests, which were either converted to credit accounts or refunded in complete payments.

The company said this translates to 70 percent of the total 205,141 refund cases that the carrier has received since January 2020.

The remaining 30 percent or 46,817 cases are still “in progress” due to the sheer volume of requests, mostly lodged during the lockdown period.

“We understand that the pandemic has also affected the lives of our guests and the delays in processing refunds can be very unsettling, especially during these challenging times. For this, we sincerely apologize,” AirAsia Philippines Spokesperson Steve Dailisan said.

“AirAsia has developed additional digital solutions including same-day credit accounts to enhance its customer support channels which include simplifying steps for requesting assistance. The whole AirAsia Allstars family is working double time, not only to sustain the viability of the company and our almost 2,000 hopeful employees, but most importantly, for our flying public.”

Asia’s largest low-cost carrier said it has been consistently talking to different local government units and offices to update the public of the changing travel restrictions and regulations while keeping the promise of flying passengers safely home. Recto L. Mercene

A

body that aims to eradicate hunger among the poor has asked the private sector and nongovernment organizations (NGOs) to join efforts to banish hunger in the Philippines.

“Hunger persists as a complex, multidimensional problem which we face as a nation. This movement calls on all organizations and each and every Filipino to help our fellow Filipinos. Lahat kasali, lahat kasalo.

Everyone must be involved and everyone must contribute so everyone will be able to partake of a meal so we can end hunger together,” Task Force Zero Hunger chairman Cabinet Secretary Karlo Nograles said.

At the moment, firms such as Coca-Cola Philippines, Johnson and Johnson Philippines Inc., Metrobank, Dole, Golden Arches Development Corp. and San Miguel Corp. were the initial members of the group called Pilipinas Kontra Gutom from the private sector.

Each of the said firms already have their own programs to reach out to the needy, but they pledged to support the said task force by helping produce or distribute at least 100,000 meals for the needy.

Nograles said they will also populate the group with some of the

This October 2, 2010, file photo shows children jostling each other to get free porridge at the Baseco Compound in Port Area, Manila. AP/Pat Roque

NGOs and that they are currently in talks with Gawad Kalinga and Kabisig ng Kalahi Inc. The task force also called on organizations, companies and groups in the country to support the programs of the group, including a project for farmers and food producers; malnutrition advocacy for children as well as pregnant and lactating mothers; assistance through meal donations during a crisis, among others. These support the roadmap to achieving zero hunger and the key result areas outlined in the National Food Policy.

Alarmed over the spike in the number of hunger incidents in previous months, the government said

last month that will look at further reopening the economy amid the Covid-19 pandemic.

During his presentation to President Duterte and members of the Cabinet on Monday, National Economic and Development Authority (Neda) Acting Secretary Karl Kendrick Chua reported the effects of lockdown to the people.

“There was an increase in the number of hungry and malnourishment among the children. Because of this, he [Chua] urged the entire government to open up the economy and the importance of addressing the lack of transportation,” Presidential Spokesman Harry Roque said. VG Cabuag

terests in Dito Telecommunity, excluding those under Chelsea Logistics and Infrastructure Holdings Corp.,” Dito CME President Eric R. Alberto said.

He noted that this exercise gives Dito CME “various options to infuse additional capital to Dito Telecommunity, especially since the telecommunications business is capital intensive.”

“We want to deliver on the expectations of our shareholders and the investing public, thus we don’t want to make promises that we can’t keep. Rest assured that we are working hard to execute on our plans as best we can. Our principal and immediate mission is to ensure the commercial launch of Dito Telecommunity by March next year,” Dito Telecommunity Chairman and CEO Dennis A. Uy said.

Dito Telecommunity is officially the third telco player in the Philippines. It won the public bidding for the third telco license in 2018. It plans to launch its commercial operations in March 2020. Its two largest shareholders are the Udenna Group and China Telecom, a Chinese state-owned enterprise.

The telco committed to spend P150 billion in its maiden year to set up its network. The figure is both for the build and the operational costs.

Dito’s five-year commitment entails a P257-billion investment that will result in an 84-percent nationwide coverage with a minimum Internet speed of 55 Mbps. Lorenz S. Marasigan

Eagle Cement profit declines on low sales

CPG registers flat income in Jan-Sept C E entury Properties Group Inc. (CPG) on Tuesday said its net income of P1.1 billion in January to September was flat compared with last year, as its affordable development and leasing segments supported its operations during the lockdown.

The company’s revenues, however, were still down for the period at P8.23 billion, a 15-percent decline from last year's P9.79 billion.

Ponciano S. Carreon Jr., the company's CFO and head for investor relations, said that despite a dip in revenues, the company’s results for the period are at “better-than-expected levels,” reflecting the well-timed mitigating measures that it had put in place to avert unfavorable business impacts given the present situation.

“CPG is well-positioned to take on the business challenges in this new normal and navigate through this period while we plan for new launches and continue with our

B1

agle Cement Corp. said its income in January to September fell 42 percent to P2.7 billion from last year's P4.71 billion.

Net sales slid 35 percent for the 9-month period to P10 billion from P15.3 billion last year, as the strong start in 2020 was disrupted by the implementation of lockdown in the wake of the Covid-19 pandemic that began in mid-March this year.

For the third quarter alone, the company said it recorded flat income at P1.4 billion, but sales still fell 6 percent year-on-year to P4.1 billion.

Gross profit for the quarter declined by 14 percent to P1.8 billion.

“The resumption of major infrastructure projects and retail segment boosted sales. We are optimistic that fourth-quarter results will be better as more sectors of the economy are reopened,” Paul Ang, the company's president and CEO, said.

Eagle Cement is scheduled to complete by the first quarter of 2021 its new mill in Bulacan that will have a capacity of 1.5 metric tons and boost total annual cement output to 8.6 million metric tons. This production capacity is expected to support Eagle Cement’s upcoming projects as most construction operations resume by next year, the company said. In August, Ang said the company’s financial position as of end-June will withstand any external adversities amid the crisis.

“Our balance sheet remains strong and well-capitalized and the company is well-positioned to take advantage of a rebound in the construction industry. We continue to expand our production capacity despite the pandemic, underscoring our confidence in the economy’s ability to recover once quarantine restrictions are further eased.” VG Cabuag

Adidas: Pandemic will weigh on earnings

A

didas AG became one of the first consumer-goods companies in Europe to warn that renewed lockdowns will weigh on its earnings again and bring a swift end to a recent sales rebound.

The shoemaker’s revenue is no longer on track for growth in the fourth quarter, the German sportswear maker said, predicting a low- to mid-single-digit percentage decline. A number of company stores have already closed in recent weeks amid a resurgence of coronavirus cases while stricter social distancing guidelines are slowing customer traffic in brick-and-mortar shops in Europe.

The prospect of further restrictions could make the guidance out-of-date, as the forecast assumes that 90 percent of stores remain open. Currently the figure is 92 percent, Chief Executive Officer Kasper Rorsted said on a call with journalists. In Europe, 40 percent of stores are already closed. The stock fell as much as 6.7 percent Tuesday, erasing most of Monday’s surge.

For now, Adidas is looking to control what it can amid the whipsawing swings of the pandemic.

It’s focused on cutting costs, promoting e-commerce and shoring up liquidity with a series of bond sales and a 1.5 billion-euro ($1.8 billion) syndicated-loan facility through 2025. That allowed the company to replace a German governmentbacked package Adidas took on this spring.

Rorsted declined to comment on reports that the company is conducting an internal review on whether to sell the Reebok brand. He said he had no regrets about his Reebok strategy up until now, which has returned the long-suffering brand to profitability and slight growth in recent years. Bloomberg News

B2

Companies BusinessMirror

Wednesday, November 11, 2020

PSE STOCK QUOTATIONS

November 10, 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 PBCOM PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG IREMIT NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

44.6 95.4 80.95 24.3 10.12 43.15 16.88 28 52.3 96 17.8 104.6 61.5 0.82 27.5 3.41 1.13 0.6 160.1 2020

44.75 95.5 81 24.4 10.16 43.2 17.2 28.2 53.05 100.9 17.84 104.9 61.8 0.9 28.1 3.55 1.17 0.61 162 2030

44.25 96.05 79.6 23.95 10.18 43.1 16.86 28.05 53 96 17.52 105 60.25 0.82 28 3.55 1.16 0.61 158 2000

44.75 99 82 24.5 10.24 43.9 17 28.5 53.5 100 17.8 108.5 61.5 0.9 28.1 3.56 1.16 0.61 168.9 2020

44.1 95.5 79.6 23.95 10.04 42.6 16.86 27.9 52.05 96 17.52 104.4 60.1 0.82 27.5 3.55 1.16 0.58 158 2000

44.6 95.5 81 24.4 10.12 43.15 17 28.2 52.1 96 17.8 104.9 61.5 0.9 28.1 3.56 1.16 0.61 162 2020

13000 9481200 4883780 151500 983200 7166800 5300 886200 1510 130 135200 1770230 29280 10000 41400 10000 32000 445000 9170 1285

575360 914135579.5 396008928.5 3679250 9,981,790( 308897400 90058 24929900 79932.5 12880 2397536 186094486 1780152.5 8600 1162910 35560 37120 268340 1487831 2570300

151085 166007682.5 94958115.0004 239120 1,837,796.0002) -58786265 85000 -10290835 -1028582 15174906 -169875 980700 -30500 1830000

INDUSTRIAL AC ENERGY 4.11 4.12 4.15 4.16 4.06 4.11 12916000 53110000 ALSONS CONS 1.45 1.46 1.38 1.45 1.37 1.45 105223000 149419120 ABOITIZ POWER 27.5 27.8 28.5 28.6 27.5 27.5 4099600 113711320 0.218 0.221 0.214 0.226 0.214 0.216 2510000 545420 BASIC ENERGY 28.9 29 29.4 29.5 28.7 29 2592600 75782015 FIRST GEN 64.8 64.9 66.5 66.5 64.75 64.8 93160 6071833.5 FIRST PHIL HLDG MERALCO 309.4 310 310 313 304 310 453900 140726728 MANILA WATER 14.02 14.1 14 14.22 14 14.02 4997100 70299690 3.19 3.2 3.18 3.2 3.18 3.2 2034000 6497070 PETRON 3.44 3.5 3.5 3.5 3.5 3.5 31000 108500 PETROENERGY PHX PETROLEUM 13 13.12 13.1 13.12 13 13.12 124200 1620362 PILIPINAS SHELL 16.78 16.86 16.6 16.88 16.38 16.78 1019900 17005912 SPC POWER 10.82 10.84 11 11 10.8 10.84 382900 4168510 AGRINURTURE 8.1 8.18 8.08 8.2 8 8.1 228800 1852823 2.9 2.95 2.97 2.97 2.9 2.95 896000 2627510 AXELUM 70.35 74.9 70.15 70.15 70.15 70.15 40 2806 BOGO MEDELLIN CNTRL AZUCARERA 16 16.26 15.1 16.6 15.1 16 110000 1748874 CENTURY FOOD 17.24 17.3 17.5 17.56 17.3 17.3 8408400 145574840 DEL MONTE 5.13 5.15 5.14 5.15 5.03 5.15 18800 95103 6.83 6.85 6.69 6.91 6.69 6.83 5324200 36341574 DNL INDUS 10 10.06 9.88 10.08 9.88 10.06 2371100 23743520 EMPERADOR 63.85 64.05 64 64.55 63.8 63.85 266040 17020939.5 SMC FOODANDBEV ALLIANCE SELECT 0.63 0.65 0.63 0.66 0.63 0.63 421000 271770 FRUITAS HLDG 1.37 1.38 1.37 1.43 1.35 1.37 17181000 23641330 48.5 49 50.1 50.1 48 49 90650 4444007.5 GINEBRA 200.2 200.4 198.5 201.8 196 200.2 2113830 421466222 JOLLIBEE 36.25 38 36.05 38 36.05 38 1600 58850 LIBERTY FLOUR MACAY HLDG 7.62 7.89 7.91 7.91 7.54 7.6 3300 25385 MAXS GROUP 6.75 6.84 6.6 6.9 6.6 6.84 2982900 20092275 MG HLDG 0.145 0.147 0.145 0.145 0.145 0.145 20000 2900 7.76 7.77 7.75 7.81 7.6 7.76 681300 5270718 SHAKEYS PIZZA 1.2 1.21 1.22 1.22 1.19 1.2 1334000 1602670 ROXAS AND CO RFM CORP 4.7 4.78 4.76 4.78 4.7 4.7 12000 56940 ROXAS HLDG 1.86 1.9 1.86 1.91 1.85 1.85 57000 106950 SWIFT FOODS 0.116 0.117 0.116 0.116 0.116 0.116 400000 46400 146.8 148.5 144.9 152.5 144.9 148.5 1818040 269446213 UNIV ROBINA 0.82 0.83 0.85 0.85 0.81 0.83 8184000 6761790 VITARICH 2.22 2.3 2.31 2.31 2.31 2.31 200000 462000 VICTORIAS CONCRETE A 51.7 52.95 52.95 52.95 52.95 52.95 10 529.5 CEMEX HLDG 1.59 1.6 1.64 1.64 1.57 1.59 27825000 44372710 4.33 4.53 4.5 4.5 4.33 4.33 37000 165650 DAVINCI CAPITAL EAGLE CEMENT 16.04 16.06 15.8 16.1 15.8 16.04 5412900 86930710 7.49 7.5 7.48 7.55 7.43 7.5 679700 5096356 EEI CORP HOLCIM 5.98 6 5.89 6.1 5.78 6 6893000 41041507 MEGAWIDE 7.41 7.44 7.34 7.64 7.34 7.44 17455700 131330805 PHINMA 8.3 8.31 8.3 8.31 8.3 8.31 10400 86391 0.77 0.78 0.77 0.78 0.76 0.77 232000 179140 TKC METALS VULCAN INDL 0.78 0.79 0.82 0.82 0.78 0.79 998000 795990 CROWN ASIA 1.97 2.02 1.95 2.04 1.95 2.02 36000 71080 EUROMED 1.95 1.98 2 2.06 1.92 1.96 1940000 3847900 LMG CORP 4.31 4.42 4.42 4.42 4.42 4.42 3000 13260 4.3 4.4 4.39 4.4 4.39 4.4 3000 13180 MABUHAY VINYL 4.29 4.35 4.35 4.35 4.14 4.35 34000 144200 PRYCE CORP CONCEPCION 21.3 21.4 21.4 21.45 21.4 21.4 329300 7047240 GREENERGY 2.6 2.61 2.63 2.63 2.57 2.61 6705000 17417220 INTEGRATED MICR 7.15 7.2 7.5 7.5 7.15 7.15 1555600 11465976 1.03 1.04 1.05 1.06 0.99 1.04 1314000 1354990 IONICS 1.62 1.63 1.65 1.65 1.6 1.63 1801000 2925300 SFA SEMICON 6.1 6.11 5.77 6.1 5.61 6.1 9798000 57474281 CIRTEK HLDG

-7527080 -13120 9016375 4360 20772405 -5059515.5 -372064 2016078 389760 -26240 -3511954 10900 -146700 137020 15100 8881514 23409291 -7039172 -11984989 366230 -3990964.5 58498006 10351363 2028899 -13920 116482849 -209180 -1216060 -80252232 102570 -12319380 -21452441 3120 -2200 -8780 -429920 892350 -2885989 207850 -3240 1945169

HOLDING & FRIMS ABACORE CAPITAL 0.495 0.5 0.495 0.51 0.49 0.495 4580000 2277800 ASIABEST GROUP 8.2 8.49 8.9 8.9 8 8.2 69200 562817 AYALA CORP 822 840 809 842 809 840 869400 720298835 48.7 48.9 48 48.9 47.95 48.9 1707700 82854930 ABOITIZ EQUITY 8.41 8.44 8.27 8.47 8.2 8.44 9851400 82837585 ALLIANCE GLOBAL 2.79 2.8 2.83 2.83 2.75 2.8 3765000 10506240 AYALA LAND LOG ANSCOR 6.33 6.4 6.6 6.6 6.4 6.4 4800 30980 ANGLO PHIL HLDG 0.65 0.66 0.65 0.66 0.65 0.66 220000 143030 0.9 0.92 0.94 0.95 0.9 0.92 7368000 6728800 ATN HLDG A ATN HLDG B 0.93 0.96 0.97 0.97 0.92 0.96 119000 110760 5.37 5.39 5.4 5.4 5.37 5.37 2478900 13316596 COSCO CAPITAL DMCI HLDG 5.17 5.18 5 5.22 4.97 5.17 15507000 79641870 FILINVEST DEV 9.25 9.35 9.3 9.35 9.25 9.25 35000 325500 GT CAPITAL 529.5 530 511 530 511 529.5 798930 420393790 3.4 3.45 3.4 3.45 3.35 3.4 90000 305900 HOUSE OF INV 73 74 70.4 74 70.4 74 4597220 333949584.5 JG SUMMIT LODESTAR 0.8 0.82 0.83 0.85 0.8 0.82 505000 411540 LOPEZ HLDG 2.7 2.72 2.71 2.74 2.69 2.7 3804000 10278170 LT GROUP 12.16 12.2 12.1 12.52 11.96 12.16 9873900 120043236 0.49 0.51 0.5 0.51 0.495 0.51 52000 26060 MABUHAY HLDG MJC INVESTMENTS 1.78 1.88 1.78 1.78 1.77 1.78 22000 39120 METRO PAC INV 4.27 4.29 4.25 4.3 4.2 4.29 48855000 207936400 PRIME MEDIA 0.81 0.82 0.81 0.82 0.81 0.81 64000 51860 SOLID GROUP 1.02 1.09 1.07 1.07 1.02 1.02 102000 104390 173.1 200 175 185 172.5 173 130 22700 SYNERGY GRID SM INVESTMENTS 1098 1100 1025 1100 1025 1100 1351220 1436681710 106 108.7 105.1 109 105.1 106 641620 68630056 SAN MIGUEL CORP SOC RESOURCES 0.72 0.74 0.75 0.75 0.73 0.74 53000 39210 TOP FRONTIER 123.1 129.3 125.1 129.9 125 125 4440 562707 WELLEX INDUS 0.222 0.229 0.23 0.23 0.221 0.229 1270000 286760 0.143 0.147 0.144 0.147 0.144 0.147 110000 15870 ZEUS HLDG

-342500 65750 2994415 31996345 3047994 1699050 24020 -2623393 8131240 -93650 191212340 -269050 136398996.5 -5675090 -81828218 21432080 89760 458703670 18557833 -

PROPERTY ARTHALAND CORP 0.57 0.58 0.58 0.58 0.56 0.58 6176000 3517310 AYALA LAND 36.8 37.75 35.15 37.75 35.15 37.75 33791300 1230890010 ARANETA PROP 1.06 1.07 1.1 1.1 1.05 1.09 91000 98090 25.9 25.95 25.85 25.9 25.5 25.9 2350900 60712265 AREIT RT 1.54 1.55 1.53 1.55 1.53 1.54 386000 594050 BELLE CORP 0.82 0.83 0.82 0.84 0.82 0.83 1437000 1190090 A BROWN CITYLAND DEVT 0.8 0.82 0.82 0.85 0.82 0.82 182000 151040 CROWN EQUITIES 0.142 0.144 0.14 0.144 0.14 0.144 10420000 1471200 4.73 4.75 4.75 4.78 4.73 4.75 414000 1966600 CEB LANDMASTERS 0.38 0.385 0.365 0.385 0.365 0.38 15180000 5705100 CENTURY PROP 0.38 0.39 0.38 0.39 0.38 0.39 90000 34600 CYBER BAY DOUBLEDRAGON 14 14.02 14 14.1 13.98 14.02 955200 13409436 DM WENCESLAO 5.4 5.45 5.39 5.45 5.3 5.44 315700 1708630 EMPIRE EAST 0.28 0.29 0.295 0.295 0.285 0.29 2750000 786800 1.04 1.05 1.04 1.06 1.04 1.05 40853000 42869220 FILINVEST LAND 0.81 0.82 0.82 0.82 0.79 0.81 2384000 1931890 GLOBAL ESTATE 8990 HLDG 8 8.1 7.95 8 7.9 8 83500 666590 PHIL INFRADEV 1.62 1.63 1.6 1.65 1.6 1.62 7205000 11647910 MEGAWORLD 3.41 3.45 3.3 3.45 3.28 3.45 54959000 185731600 0.43 0.435 0.42 0.44 0.41 0.43 146310000 61922900 MRC ALLIED 0.37 0.38 0.38 0.38 0.37 0.37 230000 86500 PHIL ESTATES PRIMEX CORP 1.15 1.16 1.15 1.16 1.13 1.16 521000 596400 ROBINSONS LAND 16.8 16.86 17 17.1 16.52 16.8 7222200 121824348 PHIL REALTY 0.255 0.26 0.265 0.265 0.255 0.26 600000 154500 1.53 1.54 1.51 1.54 1.51 1.54 22000 33540 ROCKWELL SHANG PROP 2.68 2.72 2.7 2.72 2.67 2.68 160000 430580 1.87 1.92 1.9 1.92 1.88 1.92 41000 77960 STA LUCIA LAND SM PRIME HLDG 38.05 38.3 36.1 38.6 36.1 38.3 24672800 939376325 VISTAMALLS 4.16 4.29 4.18 4.29 4.13 4.16 137000 575620 SUNTRUST HOME 1.29 1.32 1.29 1.33 1.27 1.29 8376000 10885530 3.81 3.82 3.71 3.85 3.7 3.82 54544000 204811020 VISTA LAND

214639.9997 484275560 -24161220 -36750 639480 -4730 22350 -8050076 -910828 -123849.9999 17765150 -1296970 97227490 -161100 29811324 126190 427266530 -730 7680 4661210

SERVICES ABS CBN 10.94 10.96 10.9 10.98 10.9 10.94 261700 2864120 GMA NETWORK 5.07 5.08 5.07 5.12 5.06 5.07 308400 1566300 MANILA BULLETIN 0.405 0.41 0.41 0.41 0.405 0.405 70000 28550 11.1 11.3 11 11.2 11 11.2 1500 16760 MLA BRDCASTING GLOBE TELECOM 2030 2070 2100 2102 2020 2030 109925 225455290 1419 1425 1407 1436 1407 1425 174215 247524165 PLDT APOLLO GLOBAL 0.051 0.052 0.052 0.053 0.051 0.052 9580000 492270 CONVERGE 14.86 14.88 14.84 14.98 14.82 14.86 4946300 73638988 4.17 4.19 4.58 4.59 4.15 4.19 678000 2903300 DFNN INC 1.35 1.46 1.44 1.44 1.38 1.38 19000 26350 IMPERIAL ISLAND INFO 0.104 0.105 0.102 0.105 0.102 0.105 5030000 522180 JACKSTONES 1.63 1.69 1.6 1.69 1.6 1.69 12000 19740 NOW CORP 4.39 4.4 4.35 4.46 4.3 4.39 10992000 48250410 TRANSPACIFIC BR 0.255 0.265 0.27 0.27 0.25 0.26 11140000 2918050 3 3.03 3.06 3.06 2.95 3.03 928000 2783940 PHILWEB 8.9 9 9.01 9.2 8.9 9 122000 1100637 2GO GROUP ASIAN TERMINALS 15.36 15.98 15.94 15.94 15.34 15.34 2300 36482 CHELSEA 6.3 6.31 5.33 6.49 5.33 6.3 65562700 398500889 CEBU AIR 44.65 44.75 44.5 45.5 42.7 44.75 4094100 179704465 128 128.5 125.1 129 125.1 128 2246260 287668008 INTL CONTAINER 15.2 15.56 15.16 15.56 15.16 15.2 6200 96000 LBC EXPRESS 0.99 1.03 0.99 1.03 0.98 1.03 153000 151040 LORENZO SHIPPNG MACROASIA 6.59 6.6 6.53 7.02 6.53 6.59 20349500 136678251 METROALLIANCE A 1.95 1.96 1.95 2.02 1.92 1.95 1101000 2155410 1.92 1.99 2 2 2 2 5000 10000 METROALLIANCE B PAL HLDG 7.29 7.3 7.63 7.68 7.16 7.29 557900 4147504 1.39 1.4 1.4 1.42 1.37 1.39 3621000 5040120 HARBOR STAR ACESITE HOTEL 1.45 1.55 1.42 1.56 1.41 1.56 24000 35080 BOULEVARD HLDG 0.028 0.029 0.028 0.029 0.027 0.028 69400000 1942500 WATERFRONT 0.63 0.64 0.68 0.68 0.61 0.63 20138000 12932720 6.5 7 6.99 6.99 6.99 6.99 1000 6990 CENTRO ESCOLAR STI HLDG 0.36 0.365 0.355 0.365 0.355 0.365 4890000 1765100 BERJAYA 4.2 4.21 4.21 4.35 4 4.21 962000 4003110 BLOOMBERRY 8.4 8.6 8.2 8.65 8.12 8.6 14640800 123566215 PACIFIC ONLINE 1.9 1.94 1.95 1.95 1.88 1.91 256000 489430 1.61 1.62 1.6 1.62 1.57 1.61 338000 540040 LEISURE AND RES 2.15 2.49 2.34 2.49 2.3 2.49 53000 123720 MANILA JOCKEY PH RESORTS GRP 2.23 2.24 2.26 2.29 2.19 2.24 33653000 75248670 PREMIUM LEISURE 0.375 0.38 0.395 0.395 0.37 0.375 46260000 17542850 PHIL RACING 6.7 7.05 7.24 7.24 7.1 7.1 1300 9398 7.75 7.82 7.71 7.9 7.71 7.82 3354800 26185294 ALLHOME 1.49 1.5 1.52 1.52 1.48 1.5 2685000 4007590 METRO RETAIL 40.95 41 41.8 42.2 40.9 41 4817700 197963265 PUREGOLD ROBINSONS RTL 64.95 65 65 66.05 64.55 64.95 410560 26687421 PHIL SEVEN CORP 110.5 111 113.8 113.8 110 111 870 97117 SSI GROUP 1.59 1.6 1.63 1.63 1.55 1.59 9068000 14403250 15.78 15.8 15.8 15.88 15.72 15.78 2963700 46828016 WILCON DEPOT 0.365 0.37 0.37 0.38 0.37 0.37 4790000 1779450 APC GROUP EASYCALL 7.06 7.13 7 7.14 6.97 7.13 33700 237156 GOLDEN BRIA 380 388 388 388 380 380 1800 689600 PAXYS 2.1 2.19 2.19 2.19 2.19 2.19 1000 2190 4.34 4.49 4.2 4.58 4.2 4.49 149000 647680 SBS PHIL CORP

-103664700 59869860 21540 3947172 -46900 76060 -671940.0002 39000 33070 225260 25213400 119602017 23340 3524553 13373 509620 -54250 4290 25795733 31400 883029.9997 -3271300 11395942 15000 -1235130 -11870717.5 -13270 1086170 16946420 25900 -225880 -109200

MINING & OIL ATOK 9.66 9.96 9.63 9.99 9.63 9.97 79400 769037 APEX MINING 1.93 1.94 1.91 1.95 1.88 1.93 13567000 26069250 1009550 0.0011 0.0012 0.0011 0.0012 0.0011 0.0012 972000000 1072300 50600 ABRA MINING 4.8 4.83 4.78 4.83 4.6 4.8 672000 3198060 -131440 ATLAS MINING 3.06 3.13 3.14 3.18 3.03 3.15 322000 989190 BENGUET A BENGUET B 3.01 3.1 3.1 3.1 3.1 3.1 14000 43400 COAL ASIA HLDG 0.255 0.265 0.255 0.265 0.255 0.265 240000 61650 8.08 8.18 8.15 8.19 7.97 8.18 28400 228608 DIZON MINES FERRONICKEL 1.49 1.5 1.52 1.55 1.46 1.5 11872000 17837660 1246310 0.24 0.243 0.245 0.245 0.239 0.242 1070000 256850 148800 GEOGRACE LEPANTO A 0.162 0.163 0.161 0.164 0.155 0.163 78260000 12520150 LEPANTO B 0.162 0.163 0.164 0.164 0.157 0.162 3060000 494120 -9420 MANILA MINING A 0.0099 0.01 0.01 0.011 0.0099 0.01 29300000 302910 0.01 0.012 0.01 0.012 0.01 0.01 25500000 255600 2000 MANILA MINING B 1.02 1.03 1.06 1.06 1.02 1.03 4968000 5163840 20800 MARCVENTURES NIHAO 2.62 2.64 2.69 2.69 2.6 2.63 392000 1032000 -140390 NICKEL ASIA 4.38 4.39 4.33 4.45 4.33 4.38 13518000 59212370 22050790 OMICO CORP 0.315 0.335 0.32 0.335 0.315 0.335 340000 109100 0.69 0.71 0.7 0.72 0.69 0.71 434000 302070 ORNTL PENINSULA PX MINING 5.58 5.59 5.37 5.6 5.3 5.59 2879500 15833154 169035 11.28 11.3 11 11.4 10.96 11.28 3852000 43120974 -62086 SEMIRARA MINING UNITED PARAGON 0.0051 0.0053 0.0051 0.0054 0.0051 0.0052 17000000 88600 ACE ENEXOR 6.33 6.4 6.48 6.48 6.33 6.33 131600 843750 0.0097 0.0099 0.0099 0.0099 0.0098 0.0099 20000000 196700 ORNTL PETROL A PHILODRILL 0.0086 0.0087 0.0085 0.0085 0.0085 0.0085 2000000 17000 PXP ENERGY 12.34 12.36 12.4 12.4 12.1 12.34 1358900 16676574 1047460

PREFFERED HOUSE PREF A 100.5 101.3 100.5 101.3 100.5 101.3 2700 271430 AC PREF B1 510 519.5 510 510 510 510 10000 5100000 ALCO PREF B 100 103 90.05 90.05 90.05 90.05 10000 900500 507 510 510 510 507 510 3860 1968450 AC PREF B2R DD PREF 100.9 101 102 102 100.7 101 34100 3441200 FGEN PREF G 110 110.5 110 110 108.6 108.6 20000 2199314 GLO PREF P 501 517.5 508 508 501 501 10000 5021920 918820 GTCAP PREF A 1001 1049 1002 1002 1000 1001 2705 2706475 1030 1038 1030 1038 1030 1030 1760 1824790 GTCAP PREF B MWIDE PREF 101.3 101.5 101.3 101.3 101.3 101.3 310 31403 PNX PREF 3A 100 101.8 100.4 101.9 100 101.9 11660 1174895 PNX PREF 3B 102.5 104.9 104.9 104.9 102.5 104.9 1150 118571 26225 PNX PREF 4 1002 1006 1002 1002 1002 1002 1305 1307610 PCOR PREF 3A 1060 1066 1065 1065 1065 1065 10015 10665975 1090 1106 1100 1107 1100 1106 1500 1658730 PCOR PREF 3B SMC PREF 2C 78 78.25 78 78.25 78 78.25 20780 1622383.5 SMC PREF 2E 76 76.5 76 76 76 76 240 18240 SMC PREF 2F 78 78.2 78.2 78.2 78 78 125950 9824300 -39100 SMC PREF 2G 75.9 76.6 76 76 76 76 31850 2420600 76.75 76.95 76.95 76.95 76.95 76.95 1000 76950 SMC PREF 2H SMC PREF 2I 76.8 78 78 78 76.75 78 9500 740375 SMC PREF 2J 76 76.4 76.5 76.5 76.4 76.4 4540 346859

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 10.7 10.8 10.62 10.74 10.62 10.74 24200 259644 GMA HLDG PDR 4.91 5 4.9 5 4.9 5 191000 937000 -2500

WARRANTS LR WARRANT 0.82 0.85 0.85 0.87 0.81 0.81 80000 66760

SMALL & MEDIUM ENTERPRISES ALTUS PROP 13.02 13.12 13 13.5 12.8 13.12 645600 8530332 359206 ITALPINAS 3.02 3.03 3.05 3.05 2.94 3.03 4753000 14248920 -1052120 KEPWEALTH 5.5 5.55 5.4 5.55 5.4 5.5 81000 447175 2.2 2.61 2.16 2.16 2.16 2.16 1000 2160 MAKATI FINANCE MERRYMART 4.12 4.13 4.14 4.18 4.06 4.12 26274000 107975210 771550

EXHANGE TRADE FUNDS

FIRST METRO ETF 104 105 103.9 105 101.5 105 109720 11390568 420175

www.businessmirror.com.ph

DMCI 9-month income dips as pandemic weakens units

E

By VG Cabuag

@villygc

ngineering conglomerate DMCI Holdings Inc. on Tuesday said its income in January to September fell 58 percent to P3.91 billion from last year’s P9.3 billion on weak contributions from its integrated energy, construction and water businesses.

Revenues fell 33 percent to P43.91 million from last year’s P65.88 billion, the company said in its report.

A chunk of the 9-month income came in during the third quarter at P1.87 billion, down by a third from last year’s P2.82 billion.

“Among our businesses, Semirara Mining and DMCI (the construction arm) were hit hardest by the

Covid-19 pandemic. We saw sharp drops in demand and prices for both coal and electricity because of the economic slowdown,” DMCI Holdings Chairman and President Isidro A. Consunji said.

“Construction earnings deteriorated because of lower productivity and extraordinary expenses related to the coronavirus.”

Real estate arm DMCI Homes

accounted for more than half of the consolidated profits as its thirdquarter contributions surged 70 percent year-on-year to P1 billion.

Excluding P592 million in losses from sales cancellations for a DMCI Homes project, core net income declined by 52 percent to P4.5 billion from P9.3 billion. Consolidated revenues during the same period contracted 33 percent to P43.9 billion from P65.9 billion last year.

Core income contributions from Semirara Mining and Power Corp. plunged 64 percent to P1.7 billion from P4.7 billion last year primarily due to anemic market conditions and the imposition of coal import quotas in China last August.

DMCI Homes contributed P1.1 billion to core income, 40 percent lower from P1.8 billion last year because of lower revenues due to the imposition of lockdowns which slowed down construction productivity.

D.M. Consunji Inc. booked a net

loss of P97 million from P664 million because of expenses related to covid-19, lower construction accomplishments due to the lockdowns and higher costs due to right-of-way issues for infrastructure projects.

DMCI Power posted an 18-percent growth in earnings contributions to P403 million from P341 million on the back of higher electricity sales and upward tariff adjustment for its Aborlan power plant.

Strong China nickel demand coupled with a 41-percent jump in production and the prevailing Indonesian nickel ore export ban allowed DMCI Mining to boost its income contributions by 190 percent to P252 million from P87 million last year.

Contributions from affiliate Maynilad Water Services Inc. fell 22 percent to P1.2 billion from P1.6 billion owing to lower commercial sales and average effective tariff, aggravated by higher amortization and depreciation expenses.

GERI income plunges in Jan-Sept

P

roperty developer GlobalEstate Resorts Inc. (GERI), a unit of Andrew Tan’s property development group, said on Tuesday its income plunged 42 percent during the nine months of the year to P897.59 million from last year’s P1.55 billion as its sales declined.

Revenues fell 35 percent to P3.85 billion from P5.91 billion last year.

Real estate sales reached P2.94 billion mainly from its development in Aklan, Iloilo, Batangas, Southwoods in Laguna, Las Pinas and the sale of condominium units.

Rental income registered a decline of 22 percent to P443.3 million from P570.7 million last year as its mall operations in Southwoods were temporarily closed.

Hotel operations were also down by 75 percent to just P166.9 million from P665.3 million last

year to due to the closures of tourism-related businesses during the lockdown.

For the July to September quarter alone, the company’s income fell by a much deeper rate of 70 percent to P169.24 million from last year’s P569.38 million. Revenues for the three-month period were cut in half to P943.39 million from last year’s P1.82 billion.

“We remain optimistic that the strong demand for properties outside of Metro Manila will continue, and our brand is perfectly positioned to help prospective buyers realize their aspirations for a place they can call their own in key locations that highlight the abundance and beauty of the natural environment,” Monica T. Salomon, the company’s president, said.

The company said it had reser-

ICTSI connects terminals to blockchain platform

By Lorenz S. Marasigan @lorenzmarasigan

I

nternational Container Terminal Services Inc. (ICTSI) has now signed its 31 terminals into a blockchain platform called TradeLens to gain access to information about cargo movements, which will allow its ports, cargo owners, and carriers to create more efficient asset plans for their operations.

Brian Hibbert, who sits as vice president at the global port operator, explained that the platform, which was developed by IBM and Maersk, will provide his group greater capacity for rapid innovation and service improvement.

“We are now testing the system and transferring information about loading and discharge of cargo, berthing of vessels to the blockchain platform. After complete integration of the system, we will be able to optimize work with regulatory authorities, improve our terminals’ visibility to what is coming to them as well as receive updates from the sea carriers online,” he said.

There are about 175 organizations that are included in the TradeLens platform. Through the ecosystem, stakeholders are able to process near real-time data from over 600 ports. To date, it has tracked 30 million container ship-

ments, 1.5 billion events and roughly 13 million published documents.

“The broadening geographic scope of the platform is bolstered by the addition of ICTSI and provides new opportunities for TradeLens participants as the ecosystem continues to expand rapidly. We are excited to welcome ICTSI and eagerly await the creation of new ways of working for shippers and consignees that indirectly utilize their services,” said Thomas Sproat, TradeLens Director of Network Development.

He explained that the platform also enables cargo owners and carriers to send associated trade documents to “permissioned parties,” using blockchain technology to reduce the processing time of traditional paper documents, making it faster and easier to issue bills of lading for cargo, sanitary certificates, invoices for payment and other types of documentation.

ICTSI, owned by billionaire Enrique K. Razon, operates and manages ports in 19 countries.

The company recorded a flattish net income in January to September, booking $182.6 million in net income attributable to equity holders from the $184.9 million.

Its revenue from port operations stood at $1.1 billion, also flat from the year prior, while it maintained lower cash operating expenses at $331.6 million.

vation sales worth P4.1 billion for its various residential projects in the third quarter, slightly lower than last year’s P4.2 billion, but a 14-percent jump from P3.6 billion during the second quarter when the country was on strict lockdown due to Covid-19.

GERI said it is launching commercial lots for boutique hotels in its 300-hectare Hamptons Caliraya in Cavinti, Laguna. Called Lakefront

mutual funds

Esplanade, the development will offer select 18 lots ranging from 450 square meters to 900 square meters and with a total projected sales value of almost half a billion pesos.

“Our focus is how we can further boost revenues to at least mitigate the impact of the pandemic to our full-year revenues. And we are still optimistic that we are on-track with our revised targets,” Salomon said. VG Cabuag November 10, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 216.45 -16.53% -9.52% -2.97% -14.05% ATRAM Alpha Opportunity Fund, Inc. -a 1.1412 -24.61% -11.36% -1.97% -17.42% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.9549 -24.86% -13.52% -5.13% -19.66% Climbs Share Capital Equity Investment Fund Corp. -a 0.7484 -20.58% -9.65% n.a. -16.66% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7209 -17.81% n.a. n.a.

-15.12% First Metro Save and Learn Equity Fund,Inc. -a 4.6671 -15.09% -7.81% -3.25% -12.41% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.7285 -17.6% -9.07% n.a.

-14.66% MBG Equity Investment Fund, Inc. -a 90.65 -20.06% n.a. n.a.

-12.18% PAMI Equity Index Fund, Inc. -a 43.9644 -17.06% -7.88% -1.57% -14.27% Philam Strategic Growth Fund, Inc. -a 465.41 -15.34% -7.5% -2.05% -12.64% Philequity Alpha One Fund, Inc. -a,d,5 1.0173 n.a. n.a. n.a.

-1.24% Philequity Dividend Yield Fund, Inc. -a 1.0976 -17.52% -7.96% -1.74% -14.71% Philequity Fund, Inc. -a 32.5079 -17.02% -7.44% -1.16% -14.22% Philequity MSCI Philippine Index Fund, Inc. -a 0.8668 -17.56% n.a. n.a. -14.86% Philequity PSE Index Fund Inc. -a 4.4922 -16.69% -7.37% -0.86% -14% Philippine Stock Index Fund Corp. -a

751.45 -16.53% -7.27% -0.97% -13.82% Soldivo Strategic Growth Fund, Inc. -a 0.6754 -25.51% -11.31% -5.09% -20.67% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.4087 -21.74% -9.29% -2.67% -19.02% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8606 -16.76% -7.56% -1.06% -14.01% United Fund, Inc. -a 3.1117 -17.38% -6.91% -0.76% -14.82% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 100.9735 -16.35% -6.96% -0.18% -13.66% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b

$1.1338 12.93% 0.82% 4.36% 10.25% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5804 19.65% 8.47% n.a.

14.63% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.6057 0.45% -4.73% -1.88% 2.75% ATRAM Philippine Balanced Fund, Inc. -a 2.1685 -5.05% -4.02% -0.34% -0.58% First Metro Save and Learn Balanced Fund Inc. -a 2.5342 -5.36% -2.87% -1.78% -3.7% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1921 -19.42% n.a. n.a.

-15.93% NCM Mutual Fund of the Phils., Inc. -a 1.9143 -3.39% -1.14% 1.13% -2.41% PAMI Horizon Fund, Inc. -a 3.663 -4.78% -2.24% 0.23% -3.33% Philam Fund, Inc. -a 16.3935 -4.76% -2.33% 0.17% -3.34% Solidaritas Fund, Inc. -a 2.0261 -3.34% 0.03% -4.52% -6.69% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4403 -12.73% -4.79% -1.15% -10.95% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9858 -4.76% n.a. n.a.

-2.94% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.9029 -11.9% n.a. n.a.

-9.38% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8843 -13.47% n.a. n.a. -10.96% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8459 -15.35% -5.83% -2.05% -13.22% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03914 2.78% 2.71% 1.98% 2.46% PAMI Asia Balanced Fund, Inc. -b $1.0986 8.12% 1.51% 8.56% 3.83% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2846 12.76% 6.07% 6.26% 9.56% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1857 6.85% 3.27% n.a.

5.05% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 369.31 3.78% 3.2% 2.69% 3.18% ATRAM Corporate Bond Fund, Inc. -a 1.8949 -1.52% -0.04% -0.16% -0.37% Cocolife Fixed Income Fund, Inc. -a 3.2071 3.55% 4.66% 4.88% 2.86% Ekklesia Mutual Fund Inc. -a 2.289 3.24% 2.77% 2.24% 2.95% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4458 4.21% 3.36% 2% 3.68% Philam Bond Fund, Inc. -a 4.6241 6.49% 2.81% 5.74% 4.35% Philam Managed Income Fund, Inc. -a,6 1.3137 5.34% 4.37% 2.5% 4.54% Philequity Peso Bond Fund, Inc. -a 3.9638 5.54% 4.28% 2.64% 4.64% Soldivo Bond Fund, Inc. -a 1.0355 8.34% 3.81% 2.25% 7.38% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1814 4.14% 4.61% 3.13% 3.44% Sun Life Prosperity GS Fund, Inc. -a 1.7419 3.25% 3.94% 2.54% 2.4% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $480.78 3.14% 2.61% 2.87% 2.65% ALFM Euro Bond Fund, Inc. -a Є218.07 -0.73% 0.68% 1.18% -0.78% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2562 4.45% 3.45% 2.76% 4.06% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0265 2.71% 1.96% 1.75% 2.71% PAMI Global Bond Fund, Inc -b $1.0912 -0.25% 0.28% 0.92% -0.22% Philam Dollar Bond Fund, Inc. -a $2.519 5.45% 3.94% 3.53% 4.81% Philequity Dollar Income Fund Inc. -a $0.0619347 2.84% 2.51% 2.22% 2.71% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2148 2.05% 2.18% 2.59% 1.25% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.43 3.42% 3.33% 2.54% 2.86% First Metro Save and Learn Money Market Fund, Inc. -a 1.0464 1.86% n.a. n.a.

1.96% Sun Life Prosperity Money Market Fund, Inc. -a 1.2933 2.72% 3% 2.61% 2.24% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0511 1.58% 1.69% n.a.

1.23% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0472 n.a. n.a. n.a. n.a.

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.96 n.a. n.a. n.a.

-3.03%

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."

www.businessmirror.com.ph

Entrepreneur

E-commerce opens new biz space for Pinoy entreps

By Rizal Raoul S. Reyes @brownindio Contributor

A

mid the Covid-19 pandemic, e-commerce is opening more opportunities for Filipinos to do business, notably for micro, small and medium enterprises (MSMEs), allowing them to take control of their livelihood, according to the panelists of a recently-concluded Philippine ecommerce webinar.

The webinar entitled “Challenges and Opportunities: Changes in e-Commerce Business Behavior in the Post-Covid-19 Era,” was organized by Ninj​a Van Philippines in partnership with GCash and Shopee Philippines. Each of the panelist provided valuable insights in shopping platform, payment, and logistics to the table, giving a comprehensive scenario on the future of e-commerce landscape in the country.

Martin Yu, associate director of Shopee Philippines, pointed out that brands and MSMEs as well are going into ecommerce to cater to the new consumer behavior shaped by the pandemic.

Shopee, Yu said, shifted to methods to the changes in the environment.

“We experienced a 60 percent increase year-on-year to 18,000 sellers in the second quarter of 2020 in the region,” Yu pointed out in the webinar.

“We are also accelerating our efforts to get MSMEs on board by educating them on the advantages of going digital,” he added.

Yu affirmed e-commerce activity has expected seen rapid growth since the onset of the pandemic. “At Shopee, we harness this growth by ramping up seller education initiatives to ensure that MSMEs are equipped with the tools to grow their businesses,” Yu said.

To boost seller education, Shopee offers three services namely Seller Support Package, Seller Center, and Shopee University, where sellers can find in-depth information on different ways to help their businesses grow, as well as other assistance programs they may take part in.

Frederic Levy, the second panelist and the chief commercial officer of GCash, said their transactions increase by up to 1,000 percent for their relevant services and on track to hit a whopping P1-trillion in annual gross value. Levy emphasized that the latter figure surpasses values from the past three years combined.“A significantly large number of people are clearly using GCash, especially from an MSME perspective—to help receive cashless payments which is more convenient and safe during this pandemic,” Levy said.

“We are positioning G-Cash as the premiere e-wallet in the country.

Levy said the role of GCash became more prominent during the pandemic by supporting people build their livelihood, especially when they lost their jobs, after the lockdown. “They faced a drop, or loss of income and were forced to put up small businesses on the online platform, build a platform as smooth and fast as possible,” Levy pointed out.

Martin Cu, country head of Ninja Van Philippines, closed off the interactive session with insights from the logistics industry. “The biggest opportunity we’ve seen at Ninja Van Philippines is to serve a fast-growing client base,”Cu said.“We’ve witnessed twice as many sign-ups from micro and small online businesses during the course of the pandemic.”

During the pandemic, Ninja Van Philippines, launched two services directed to online sellers looking to boost their business operations. As cash flow proved to be one of the main struggles of e-commerce players during the pandemic. Ninja Van launched its product COD Advance, which allows businesses to receive their cash-on-delivery payments on the next working day.

Ninja Van Philippines also introduced Ninja Direct, a platform that allows online sellers to source products from different countries.

Moreover, Ninja Van partnered with Puregold during the first months of the pandemic for delivery of groceries to customers’ homes.

Cu said MSMEs will be using the digital platform beyond the pandemic underscoring the transition to digital commerce is going to be a systemic behavior.

BusinessMirror

Editor: Vittorio V. Vitug • Wednesday, November 11, 2020 B3

Aboitiz Group supports UNGC call for MSME resilience amid Covid-19

T

he Aboitiz Group and the private sector have heeded the call of the United Nations Global Compact (UNGC) to mobilize support for micro, small and medium enterprises (MSMEs) worldwide amid the Covid-19 pandemic by helping achieve 10 key industry goals in 10 years.

The UNGC is considered the world’s largest corporate sustainability initiative, a commitment of the private sector to do good business through Ten Principles and to align their corporate strategy to the achievement of the UN Sustainable Development Goals (SDGs).

“While Covid-19 has created an immense negative impact on societies and economies around the world, it also afforded countries like the Philippines an opportunity to accelerate progress toward collaborative solutions to the development issues the virus has created or exacerbated,” DJ Sta. Ana, Aboitiz Equity Ventures

Inc. Chief Corporate External Relations Officer, shared with participants at the UNGC Annual Sustainability Summit, a high-level sustainability meeting between business leaders and government ministers.

Held last November 5, the summit (with the theme “Uniting Business for MSME Recovery and Resilience”) culminated in the “10-Year, 10-Point Business Ambition for SDGs in the Philippines [10 in 10],” a joint commitment to take action toward supporting MSMEs. The Aboitiz Group was part of the “prosperity” expert group meeting presentation, where MSME financ-

ing and government stimulus, supply/value chain, business continuity management, diversification and market access, and digital transformation were discussed.

“In support of the country’s move toward digital transformation, we stand ready to collaborate with partners in strengthening industrial policies; infrastructure development and establishment of an innovation ecosystem; development of a skills and re-tooling strategy for human resources; supporting curriculum development; facilitating MSME access to finance and technologies; and creating awareness,” Sta. Ana added.

The 10-in-10 Business Ambitions encompass five priority areas: “Chains” (supply and value chains), “Community” (the important role of human capital and skills development), “Competitiveness” (adopting innovative approaches), “Clean” (decoupling environmental degradation from economic growth), and “Collaboration” (no one should be left behind in progress).

“While the world has made great strides in achieving some of the 17 SDGs, progress on others has however stalled or even reversed. With the SDGs and the 10 principles of the UNGC as our guide, I believe it

Supply chain management strategies seen propelling business growth

C

ompanies, especially the micro, small and medium enterprises (MSMEs), are advised to implement their own supply chain management (SCM) strategies, including the use of digital transformation, to propel their businesses to new heights.

“We need to deliver products and services on the right time, on the right price, and on the right place—these are the top objectives of supply chain management,” Cris John Garcia, trustee at Philippine Institute for Supply Management, said in a webinar.

“I believe as a consumer, as a customer, no one will be happy if we will receive our orders after the time we need them. There are many products and services that are wasted if these are not delivered on time,” he said.

Garcia identified digital transformation as the most important SCM strategy that businesses, whether multinationals, or MSMEs, implement especially this coronavirus pandemic lockdowns. “It is a long-ago strategy, but I guess the pandemic has taught us that the best time to do this digital transformation for your supply chain is actually now, today, not tomorrow, but yesterday,” he said. “Not all of us have prepared for a lockdown but I guess those who were able to prepare for a lockdown especially in the digital world were able to succeed in this pandemic.”

Garcia said some companies that reported positive earnings results in the second and third quarters this year were those that digitally transformed before the coronavirus lockdown.

“Whether you are from the goods, manufacturing sector, or if you are from the services sector, there is always the right digital

transformation for you,” he added. “You don’t have to own a very high-end or high tech web site. Sometimes, all you need to do is start-up a Facebook page to be able to reach more consumers, to more customers, to more clients.”

Garcia further said digital transformation does not only involve moving to an online platform but also looking at automating processes and documentation in the workplace. “I think, when we reduce carbon footprint, when we reduce papers, we reduce cost. When we automate a process, we cut costs. When we automate an existing procedure, we reduce cost,” he said. As companies automate the processes, Garcia said they reduce headcount and can reallocate some of them to other work in the business thus, become productive rather than doing manual jobs.

“And I think that also calls for sustainability. If we are paperless, if we are simple, if we are lean in terms of process, we are more sustainable. If we are more lean in terms of organization, operating cost will be cheaper, and [repetitive] human errors will be eliminated,” he said.

Garcia said the next and the most common supply chain strategy is distribution and reach, underscoring the importance for MSMEs that their products and services reach their customers. “When one product is present in the farthest place [in the Philippines], that would mean that they have the best supply chain practices,” he added.

“To be able to win consumers, to be able to win new customers, to be able to win new clients, you should have wider distribution, [and] wider reach.” Garcia also cited the importance of outsourcing and co-manufacturing. “In

business, we just have to focus on the core or what we do and outsource things that are not part of our core business. For MSMEs, I always say that outsource parts of the business that are not your expertise,” he said, adding that implementing this strategy will enable them to generate savings.

Garcia said another SCM strategy is effective partnership and alliances, also called coopetition and cooperation. “Nowadays, it is not bad to collaborate with our competitors because I think it’s now a strategy to reduce cost, it’s now a strategy to widen our reach, to be able to reach more far flung places and it is proven to be effective,” he said.

“Gone are the days that one truck carries one kind of product. It’s more effective, transportation is cheaper if one truck carries many products even from different competing companies… It’s a ‘win-win’ solution that you can do as well for your business, whether you are an MSME, or you are a transport or a logistics provider,” he added. Garcia further identified horizontal and vertical approaches as another supply chain strategies that firms can implement to boost their businesses. Horizontal integration pertains to the strategy wherein a business would expand its operation by acquiring its competitors through mergers and acquisition, he said.

“Horizontal integration empowers the business to gain economies of scale and market power. As we integrate businesses, our opportunity to be more profitable increases,” Garcia said. Under the vertical approach in the supply chain, on the other hand, firms offer their customers a wide range of services or products, he added.

Facebook’s virtual digital summit provides insights, resources to support biz recovery

F

acebook will hold its first-ever digital summit in the Philippines, with the theme: “Forward Together.”

The summit will cover 20 topics, including the future of commerce, emerging trends in the age of social video and inspiration from small businesses who are pivoting in the new normal.

Virtual sessions are available for free on the Facebook Summit Philippines web site, starting November 11 until December 9, 2020.

The summit will feature sessions with global thought leaders, including Facebook COO Sheryl Sandberg, who will deliver a welcome address and share a sneak peek into upcoming features that will enhance business and community connections;

Facebook Vice President of Business Marketing and Chief Creative Officer Mark D’Arcy, who will talk about the responsibility of marketers and their impact to online communities; and popular content creator Nuseir Yassin aka Nas Daily, who will talk about his experience in connecting with a digital community of 25 million followers across 197 countries.

“We recognize that the challenges

businesses are facing now may continue to evolve, as the situation remains fluid and uncertain. In the first Facebook Summit Philippines, we will shine a light on Filipino resilience, share insights and emerging trends on digital commerce, and provide tools and resources that will help Filipino businesses and communities move forward together in the new normal and beyond,” said Facebook Philippines Country Director John Rubio.

To learn more and attend the Facebook Summit Philippines 2020, visit: https:// forwardtogether.fb.com

is possible to recover better together and build more resilient small enterprises. I look forward to not just continuing, but accelerating these efforts with our networks and participating businesses in the Philippines,” said Sandra Ojiambo, UNGC Chief Executive Officer (CEO) and Executive Director.

Last September, Aboitiz Group President and CEO Sabin M. Aboitiz joined over 1,000 CEOs from more than 100 countries in signing the UNGC Statement for Renewed Global Cooperation, urging further collaboration with the public and private sectors in the face of the ongoing Covid-19 pandemic.

Further, the Aboitiz Group earlier reaffirmed its commitment to operate its businesses with a sustainability mindset that upholds best practices in environmental management, social responsibility, and good governance while ensuring long-term financial growth and business capability.

With the group’s involvement in critical sectors such as energy, banking, food, real estate, infrastructure, and construction, Aboitiz’s commitment to sustainability is at the core of its business operations.

Logistics firm puts local products and small enterprises on spotlight

By Roderick L. Abad

Contributor

T

@rodrik_28

O empower homegrown enterprises in these trying times, J&T Express has launched a new campaign aimed at putting local online sellers affected by the ongoing coronavirus disease 2019 (Covid-19) pandemic on the spotlight.

Since Metro Manila and other parts of the country have been put on lockdowns per the government’s counter measure against the rapid spread of the virulent illness, the Department of Trade and Industry has seen a spike in the number of registered online businesses nationwide.

In fact, web-based businesses grew to more than 75,000 in September, from 1,700 in March as people leveraged on the Internet for their livelihood.

While local entrepreneurs shift to online channels, some continue to face logistical challenges for their businesses—most of which revolve around the area on how they can deliver their goods fast, easily, safely and hassle-free amid limited mobility.

In view of this, J&T Express has kicked off its online initiative called “#CertifiedLokalista: Gawang Pinoy, Panalo ‘Yan,” which seeks to back up locally made products, promote small businesses, as well as empower local entrepreneurs to succeed online via a testimonial type competition.

The contest is open to all local online sellers aged 20 years old and above. The participant must have originally built his or her online business. Resellers, on the other hand, are not qualified to join.

To participate, eligible participants must first register through this link: bit.ly/jntlfcertifiedlokalista. Then, they will be asked to send their Lokalista story, which talks about the Pinoy-made products they offer.

“We have seen how Filipinos, especially during this pandemic, explore their interests and push the limits of their creativity and resourcefulness by turning their passion into entrepreneurial endeavors,” said Zoe Chi, vice president of J&T Express Philippines.

“Through our #CertifiedLokalista, we want entrepreneurs to realize a more practical and efficient operation, as well as to inspire local sellers to grow and express their online business,” she added.

Winning small businesses will be featured in videos to be shared on social media. Successful participants will, likewise, get a chance to bring home a total of P20,000 worth of free delivery services that they can use to deliver their products to their customers all over the country.

They will be offered to join the VIP platform. The online sellers will enjoy exclusive perks, such as discounts in all the services provided by J&T Express, access to dashboard, free pick up services, and a lot more.

The leader of e-commerce delivery in Southeast Asia has always been dedicated to helping local online enterprises expand by serving as a delivery partner that provides quality services at affordable rates.

Also, it vows to ensure the safety of products through its real-time tracking, as well as to give insurance and other safety precautions, especially during the ensuing Covid-19 crisis.

J&T Express, to date, has over 500 branches all throughout the Philippines.

B4

Banking&Finance BusinessMirror

Wednesday, November 11, 2020

Solon seeks expansion of crop insurer’s reach

W

small farmers and fishermen.

Under the bill, the PCIC is mandated to insure properties and facilities of the government used in agriculture-fishery-forestry projects, including reinsurance coverage underwritten by private and government insurance companies.

The measure also mandates the extension of reinsurance coverage to weather index-based insurance and reinsurance for palay and corn crops, high-value commercial crops, livestock, aquaculture and fishery products, agroforestry crops and forest plantations.

Garin said a strengthened PCIC can further protect the interest of farmers and fishermen by providing them insurance protection against losses, thus, helping stabilize the income of agricultural producers and promoting the flow of credit in the countryside.

The Department of Agriculture, PCIC’s parent agency, estimated damage brought about by the typhoons Quinta and Rolly has reached P7.6 billion as of November 9.

“Agricultural insurance is a goverment program that provides insurance protection to agricultural producers against loss of their crops, livestock and agricultural assets on account of natural calamities, plant pests and disease or other perils. The PCIC is directly responsible for its implementation,” she added.

The bill is pending with the Committee on Government Enterprises and Privatization since September 14. Jovee Marie N. Dela Cruz

ith the onslaught of typhoons Quinta and Rolly leaving workers in the agricultural sector in a quandary, a partylist lawmaker is pushing for the passage of a bill increasing the authorized capital stock of the Philippine Crop Insurance Corp. (PCIC) to P10 billion.

In House Bill (HB) 7627, AAMBISOWA Party-list Rep. Sharon S. Garin said her proposal intends to expand the insurance coverage of PCIC and allows it to engage in index-based insurance and reinsurance policies, repealing for the purpose Presidential Decre (PD) 1467 or the Charter of the PCIC, as amended, and the Republic Act 8175 or the Revised Charter of the PCIC of 1995.

According to Garin, her bill seeks to strengthen the financial and organizational capacity of the PCIC by increasing its authorized capital stock from the current P2 billion to P10 billion.

Another key provision in the bill also allows PCIC to extend life and accident insurance coverage for farmers, fishermen and their dependents.

Garin said increasing PCIC’s capital stock will help mobilize the assistance granted to small farmers and fishermen “and cater to their needs more effectively.”

The bill also said a state reserve fund for catastrophic losses in the amount of P500 million shall be created exclusively to answer for the proportion of all losses in excess of risk premium under the corporation’s crop insurance program for

Treasury raises additional ₧5B via tap facility auction

T

By Bernadette D. Nicolas

@BNicolasBM

he Bureau of the Treasury raised an additional P5 billion during its tap facility auction of 364-day Treasury bills (T-bills) last Monday.

This is on top of the P24 billion in T-bills with 91-day, 182-day and 364day tenors that the Treasury awarded on the same day.

Total tenders during the tap facility auction for the 364-day T-bills reached P6.97 billion, way more than the P5billion offer.

The tap facility auction was opened to all 11 government securities dealersmarket makers.

The security, which is set to mature on November 11, 2021, had an average rate of 1.745 percent during the earlier auction on Monday. This average rate was lower by 1.4 basis points compared to the previous average rate at 1.759 percent.

The Treasury has so far sold P29 billion in T-bills this week.

For this month, the government is aiming to borrow P140 billion from the local debt market through auctioning off debt papers. This was the same level it programmed to borrow last month.

On top of this, the Treasury is also targeting to raise as much as P6 billion

from its 1-year Premyo-bonds offering; set to formally launch on November 11.

The offer period for the Premyo Bonds this year is scheduled to last for a month until December 11.

Of the P6 billion, De Leon said they are aiming to raise P3 billion in new money and another P3 billion through the switch tender offer, wherein existing bondholders of last year’s one-year Premyo Bonds would be able to swap their maturing holdings to the new 1-year Premyo Bonds.

Those who will avail the switch tender offer would still be able to qualify for December 18 raffle and quarterly raffle next year for the second Premyo Bonds.

Investors in Premyo Bonds may do so via over-the-counter bank transaction, the online BTr website, a Bonds.PH app and also through another new app, which the Treasury has yet to unveil.

Last year, the government generated P4.961 billion from the maiden sale of Premyo bonds.

Insurer enters market for cancer treatment hedgers

P

ru Life UK is now offering an investment-linked life insurance plan with extensive critical illness coverage to help Filipinos cope with high treatment costs associated with all forms of cancer.

According to a Philippine Statistics Authority study released in 2019, cancer is one of the leading causes of death in the Philippines. Diagnosis of this critical illness also entails significant medical costs depending on the type and duration of treatment.

According to Pru Life UK Senior Vice President and Chief Customer

Marketing Officer Allan M. Tumbaga, their product “protects every Filipino against the risk of bearing heavy financial burdens caused by cancer.”

“Everyone deserves peace of mind when it comes to their health, so that they can focus more on saving up to achieve their personal and family life goals,” Tumbaga said. The life insurer’s product it calls “PRUHealth Prime” has a 20-year pay premium term, is issuable to the life insured aged 0-60 and offers coverage until age 85.

The product’s death benefit amounts to 100 percent of the sum as-

sured, less any early-stage cancer benefit payout, with an early-stage cancer benefit that advances 50 percent of the sum assured or P3.75 million, whichever is lower, the company said. It also comes with a late-stage cancer benefit amounting to 100 percent of the sum assured, plus the fund value less any early-stage cancer claim, it added. The plan also features a hospital benefit that is activated upon admission due to early or late-stage cancer diagnosis, with twice the amount payable upon admission to an Intensive Care Unit, the firm said.

RCBC’s 9-month net income dropped 11.3% to ₧4 billion

By Tyrone Jasper C. Piad @Tyronepiad

R

izal Commercial Banking Corp. (RCBC) reported that its net income in the first nine months dropped by 11.3 percent to P4 billion from P4.5 billion year-on-year.

On Tuesday, the Yuchengcoled bank also said its current provisioning level, despite having lower coverage compared to that of last year, is enough to cover the potential credit losses amid the pandemic-induced economic slump.

Shares in RCBC climbed by 2.30 percent, or 40 centavos, to close at P17.80 each amid the 5.23-percent surge for the benchmark index on Tuesday.

RCBC Treasurer Horacio E. Cebrero 3rd explained in an online media briefing on Tuesday that the bank is “confident” with its existing loanloss buffer.

As of end-September, the bank recorded provisions for nonperforming loans (NPL) amounting to P7.22 billion, which is 38.6 percent higher than last year’s P5.21 billion.

This, as its loan portfolio— net of interbank loans—rose by 8.6 percent year-on-year to P445.23 billion in the first nine months.

Looking at the NPL coverage ratio, however, it declined to 65.8 percent in the first nine

months of 2020 from last year’s 78.7 percent.

Net NPL ratio, meanwhile, stood at 3.8 percent in the January-September period, which is greater than 2 percent in the previous year.

“Based on the calculations we made and on the views that we have in our portfolio, which is rather relatively strong, this level of provisioning is just maximizing the efficiency of the funds that we have in the balance sheet,” he told reporters.

RCBC Corporate Planning Head Ma. Christina P. Alvarez added that the bank has been reviewing its borrowings portfolio since the beginning of the pandemic and extending credit relief to temper the rise of bad loans.

Alvarez is also optimistic that the NPL ratio will improve in the coming months because of bank initiatives.

“However, these ratios are expected to improve in the fourth quarter given the bank’s Covid Assistance Recovery Enhancement program,” she said.

“We have focused collection efforts and improved provisions.”

On the other hand, Alvarez attributed the profit plunge to the increasing provisions for potential credit losses.

“While core income is doing well, the bank is booking higher provisions this year given the uncertainty and outlook in

www.businessmirror.com.ph

the operating environment,” she added.

The Yuchengco-led bank sustained its core income growth as gross revenues inched up by 6 percent to P29.4 billion.

Net interest income surged by 20 percent to P19.7 billion in the first nine months because of lower funding costs and better margins. Nine-month non-interest income, meanwhile, slid by 14.6 percent to P9.7 billion as RCBC waived some banking service fees.

The listed bank saw its deposit liabilities surge by 17.1 percent to P496.83 billion as of end-September from P424.18 billion a year ago for the same period. The growth was supported by improvement in demand, savings, and time deposits.

As of end-September, bank assets stood at P731 billion.

Capitalization for the period reached P99.49 billion, translating to capital adequacy ratio and common equity tier 1 of 15.8 percent and 12.4 percent, respectively.

“While the bank remains at a relatively healthy position, we have yet to see the full impact of this pandemic,” RCBC President and CEO Eugene S. Acevedo said in a statement.

“We continue to strengthen our balance sheet in order to soften further impact in the coming months.”

The minimum coverage is P500,000 with a maximum limit of P3 million in the unfortunate event of death and a diagnosis with late-stage cancer for juveniles and P15 million for adults.

It also has a maximum limit of P1.5 million in the case of a diagnosis with early-stage cancer for juveniles and P3.75 million for adults.

The product’s investment component can be allocated to a superior selection of funds managed by Eastspring Investments Inc., an asset manager in Asia under the Prudential Group. Bernadette D. Nicolas

Media group awards another PHL bank, for forex trading

A

division of global media group Euromoney Institutional Investor PLC awarded another bank, this time for foreign exchange (FX) trading.

In a statement, Security Bank Corp. said it was named as the leading FX trading provider in the Philippines, beating some of the largest local and international banks in the country in terms of rank.

The bank said it advanced to the top from third place in 2019.

“This citation comes from the release of the financial magazine’s highly anticipated 42nd Annual Foreign Exchange Survey, the most comprehensive quantitative and qualitative annual study available on the FX markets,” the bank said in a statement. “Over 1,500 clients voted on which banks offer the best foreign exchange trading services in Asia Pacific.”

Security Bank said its FX service, which is housed under the its Treasury Group, offers various FX and hedging services such as FX spot, forwards, & options.

These services have long catered to the needs of various clients, ranging from top conglomerates, local corporates to business and retail clients, the bank said.

Jim Yap, Senior Vice President and head for Treasury Sales, was quoted in a statement as saying that he attributes the success of Security Bank’s FX service to the strong connection it has built with its clients.

“We are honored by this global citation. The main contributing factor to this is the strong relationships that we have built with our clients and partners,” Yap said. “Our FX Team works closely with each client to understand their needs and appropriately offer solutions based on their goals and objectives.”

Security Bank is the seventh largest private domestic universal bank in the Philippines by total assets at P740.4 billion as of June 30. The bank has been operating for 69 years since it was established in 1951.

Security Bank has a total of 307 branches and 811 ATMs to-date.

The prize bond float received wide participation among small savers and overseas Filipino workers, with its offer of cash and other rewards on top of income from a safe investment. For a

minimum investment of only P500, investors had a chance to win up to P1 million every quarter as well as non-cash rewards in the form of condo units, and a house and lot.

Image BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Wednesday, November 11, 2020

Protect your vision while working from home

Due to the pandemic, millions of people all over the world are working from home, which means longer hours in front of computers. Add to that the frequent use of smartphones and other devices for entertainment and other purposes. While all that may be necessary, this may be harmful to your eyes.

For starters, staring at a screen reduces a person’s blink rate, which is key to moistening the eyes and keeping it comfortable. Also, overexposure to blue light, which is the light emitted from digital screens, may pose some eye-related health risks. It has been shown that excessive blue light can increase eye strain, cause headaches and blurry vision, interrupt sleep cycles, affect hormones, and potentially do serious damage to long-term eye health. Fortunately, there are different types of lenses that can address different vision problems.

Essilor, the world leader in ophthalmic optics, offers a specially designed lens that filters harmful blue light hat comes not only from the sun but also televisions, computer screens and cell phones. Essilor Crizal lenses can act as a shield and block harmful blue light. More than just helping you relax your vision, the lenses can also provide protection against reflection, scratches, smudges, dust, water, UV, and other enemies of clear vision.

Additionally, increased screen time can directly affect a person’s visual acuity and range of sight. If you are already in your early 40s, you may also find yourself struggling to see a relatively distant object sharply after staring at your computer screen. Essilor can also help you with this problem with its Varilux progressive lenses that can give you superior vision and smooth transition at any distance.

With Varilux lenses, there is no need to switch between glasses because you can simply instantly focus in any situation. It can also suit your active lifestyle and let you enjoy total comfort at any task.

As a way to help you maintain a healthy vision, Essilor is offering the Multi-Pair Promo where you can buy one pair of Essilor lenses and get a second pair at 50-percent off until December 31 (bit.ly/3pmvIIO).

Top athletic apparel brand opens at The Shang

A classic brand best known for its timeless athletic apparel, Champion is Shangri-La Plaza’s newest store on the block.

Established in 1919, the American brand offers a full line of hoodies and sweatshirts, tees, track pants, baseball caps, jersey shorts, and other basic athletic wear for men, women and kids. Each piece comes with the recognizable red, white and blue C logo, or the word “Champion.” Some pieces are made in Reverse Weave fabric that maintains the shape of the clothing and prevents it from shrinking, ensuring it stays in the wardrobe for a long time.

Celebrities and fashion influencers—from Jennifer Lopez, Chance the Rapper, and Rihanna, to Hailey Baldwin Bieber and Selena Gomez—have been seen wearing Champion pieces on their Instagram and on the streets.

Brands like Champion, which is loved by multiple generations, perfectly fit within Shang’s retail mix of wellestablished and emerging brands. “We’re very optimistic about opening a store in Shang. Like Champion, Shang also has that multigenerational appeal, allowing us to reach our target markets,” says Managing Director Cheryl Lao-Lee. “At our Shang store, we promise that all our customers will get to shop for themselves and for their loved ones with our racks and aisles of all-time Champion classics and newest offerings.”

As a responsible retail company, Champion has also committed to be socially responsible and more sustainable.

It has launched a sustainable streetwear collection, called Re:Bound, which features pieces made from recycled Reverse Weave fabric that’s usually discarded during production.

More information about the leisure destination can be found at www.facebook.com/shangrilaplazaofficial.

Finding work amid the pandemic E

VERY time I drive to work, I see more and more businesses closing shop. It especially disheartens me when I see old businesses forced to let go of their employees. Times have been hard and there are some businesses which have been unable to weather the economic turmoil caused by the pandemic. While some valiantly try to keep their business running, they have had to keep things lean to survive.

If you are one of those who were let go by your employer, it becomes especially difficult to find new work given the current economic downturn.

But instead of looking back at what happened and what you could have done better, try to take the time to breathe and look for what you can actually do.

Circumstances like these do not last but the next steps you take now can make a lot of difference in finding the next organization that will take you as part of their team. They say fortune favors the prepared so instead of letting opportunities pass you, take the time to prepare for the next chapter in your professional career.

If you absolutely need to have work to pay off the bills, do not be afraid to take on a temporary job.

While it may not be your first choice, your need to survive is far more urgent than your career right now. If there is an opportunity, take on temporary work which can pay the bills and, at the same time, provide you an opportunity to learn new and transferable skills that can be useful to any industry.

For companies which take in new hires, pursue them for the experience if it is worth the experience. And

if by chance you do enjoy working there and want to pursue a career in that industry, you now have the skills required for a more permanent role.

If there is no urgency in looking for new work, upskill. There is now a proliferation of learning and development organizations offering online classes since mass gatherings are dissuaded. Look for courses which focus on transferable soft skills like communication, adopting a digital mindset, flexibility, adaptability, problem-solving and decision-making, project management, or any other skills which cuts across industries. This will help you later in highlighting your qualifications when you update your résumé.

Now would also be a good time to outline your prospects and requirements for a new job. Given that working from home is fast becoming a viable option for many organizations, you might like to filter your job search for an organization which allows a work-from-home setup. You might also like to think about whether you want to stay in the industry you are currently in, or if you want to venture into a new one. List also the work you are willing to be involved in, and even the skills needed for the role you want to take on. It may not be necessary that you find a step-up position.

Sometimes it is better to find work in the same role but in a better organization.

So before applying for a job, know more about the company by going through their web site, reading any news about them in other sites, or even knowing more about their company culture through their social-media pages. You can know more about the company culture from write-ups about the company, as well as from people who currently work in the organization or from those who have left. This health crisis has shown the kind of leaders organizations have by how they have treated their employees during the pandemic. Make sure you find out because how they deal with their employees during difficult times shows how much they value their employees.

Keep in touch with your network, especially your digital one. Since you cannot go door to door looking for a new job, the next best thing is to activate your

online network. Keep in touch with friends and family and ask for references. Do not give openended suggestions by telling them to give you a heads-up if there is an opening in their company.

Rather, go through their company’s web site and look for departments in their organization which are closely related to where you want to join. Then ask your contact in the organization to introduce you to someone they know in that department. Your contact is more likely to help you than just by telling them to alert you for any openings.

Once you have identified the industries you want to join and the skills needed, update your résumé to focus more on transferable skills. Highlight soft skills more than technical skills. Technical skills can be learned through study and training. But your attitude and behavior will determine how much you will apply what you have learned. Organizations are finding out more and more that when it comes to productivity and efficiency, knowing how to do it is vastly different from having the willingness to do it.

So make sure you highlight how your soft skills have helped you contribute significantly to your previous company’s growth.

And since there is a growing trend to have virtual interviews, familiarize yourself with web conference calls. If you can find one, practice with a trusted friend who has experience with interviewing people.

Make sure your environment is free from clutter or distractions like used clothes, or an unmade bed. Find a space that is well-lit and has a neutral background (or you can use a solid color virtual background) so the interviewer can focus on you. Practice looking directly into the camera to make “eye contact” with the interviewer and keep your gestures close to your body as big gestures can appear bigger on video. Since the interview is done online, you have the added advantage of preparing notes in advance to highlight what is written in your résumé.

Finding new work may be a daunting task but you need to start somewhere. You may have lost your job but you have not lost your knowledge nor your skills.

Use them to discern how you can pick yourself up to find better opportunities for you and your family. n

Covid’s foggy glasses spawn lasik surgery revival

By Bailey Lipschultz Bloomberg News Lasik eye surgery is making a comeback.

After months of face masks fogging up their glasses and contacts drying out from all the extra Zoom meetings while working from home, people are fed up and are boosting demand for the corrective surgery that had waned in popularity over the past decade.

During the Covid-19 pandemic, consumers have cut back on activities, like overseas travel and entertainment, and for many that has left a big pot of cash to be spent elsewhere. A lot of that has been poured into home improvement and buying cars. And now consumers are shifting to upgrading themselves with procedures like Lasik and its

starting price tag of about $4,500.

In Los Angeles, Dr. Neda Shamie, an opthalmic surgeon, has seen a 30-percent jump in Lasik procedures at her practice, the Maloney Shamie Vision Institute. It’s being driven by younger adults, with the average age of a patient falling to 34 years old, a seven-year drop from the early 2000s, she said. Her group did an informal survey of other big eye-care practices around the country, and they reported similar gains.

“People have budgets set aside for travel and are converting their travel budget into selfimprovement,” Shamie said. And our patients are “telling us the glasses-mask conundrum is real.”

Lasik’s revival is part of an industry-wide boom in elective procedures during the pandemic.

Quarantines and social-distancing caused weight

gain and more self-consciousness with all the time on video chats. That’s led to spikes in Botox injections, breast implants and repairing droopy eyelids for the group of Americans who haven’t suffered financially during the Covid-triggered recession.

People who are working remotely are also more confident to go under the knife because they can recover at home, according to Jared Holz, a health strategist at Jefferies. “You could get a lot of these procedures done without anybody you work with knowing about it,” Holz said. “Before, it was almost taboo to have to take some time off to get these elective procedures done.”

Lasik, which uses lasers to reshape the front of the eye and often improves vision to better than 20/20, has an advantage over other procedures

because it has a minimal recovery period. Following a brief consultation, a patient could have surgery the same day and better vision within a few hours, Dr. Shamie said. After a post-surgery nap to let the eyes rest and heal, the patient can return to their regular routine and work the next day, she said.

Like many Americans during the pandemic, Dana Johnson, who had worn glasses since she was six-years-old, had extra cash on hand as plans for travel and entertainment options evaporated.

“Due to not being able to eat out or vacation, I had what I felt like was a good amount of money saved to put down,” the 25-year-old nurse in Nashville, Tennessee, said in an interview. She had the procedure in late September. “Cost-wise, I will never have to pay for contacts or eye exams again, so in five to 10 years I’ll have it paid for.’’

B5

B6 Wednesday, November 11, 2020

Taiwan Excellence Award winners showcased their innovative products

AT TAIWAN EXCELLENCE AWARD RITES, FROM LEFT: Barry Tsai, Sales Manager, Sheh Kai Precision Co., Ltd.; Simon Wang, Executive Vice President, Taitra; Kevin Wang, International Sales representative, Tronco Electric Machinery

T

HE Taiwan External Trade Development Council (TAITRA), Taiwan’s foremost trade promotion organization, recently hosted its successful “Taiwan Excellence Building Material and Fastener” webinar in Taipei, Taiwan, where it unveiled the latest industry innovations in the building material and fastener industries.

It provided global participants composed of more than 200 buyers and media from around the world a closer look at Taiwan’s top brands and their innovative building material and fastener products that help improve user quality and safety.

These brands included King Slide Works Co., Ltd., Tronco Electric Machinery, Inc., Sheh Kai Precision Co., Ltd. and Sheh Fung Screw Co., Ltd. Simon Wang, executive vice president of TAITRA, said the brands are all ramping up production and actively seeking global, collaborative opportunities with buyers as well as other product manufacturers.

King Slide Works Co., Ltd., a building material products manufacturer specializing in slide tracks, presented three revolutionary safety designs for home furniture. The company is the second-largest server rail brand in the world and holds more than 1,000 product patents. King Slide recently

made a large investment in R&D to infiltrate the kitchen and furniture slide rail markets.

King Slide pioneered three innovative designs, such as “Ever-Active Push-Open Design,” “Vibration Safety Design (VSD)” and “Switchable Push-Open Design,” from which the product “Simlead Safety Drawer System with Push Open, Soft-Closing and VSD” was selected as the Taiwan Excellence Silver Award in 2019.

Sheh Kai Precision Co., Ltd. specializes in high-end construction fasteners such as bi-metal screws, and ultimate performance bi-metal and carbon steel screw anchors.

Sheh Kai presented a comparison between screw anchors and expansion anchors, demonstrating the high-quality of their products available to buyers. Its concrete screw anchor won the Taiwan Excellence Award 2017 and features high ductility within the load bearing area of the fastener, and lowers the sensitivity of a fastener to be damaged by becoming brittle due to hydrogen as well as corrosion.

Tronco Electric Machinery, Inc., presented an intelligent automatic door system that marries systematic integration and mechanical design. With a reputation for expertise in high-performance motor applications, Tronco’s door systems assure customers of safe and secure operation

within a variety of settings. The SW30 series of Automatic Swing Door System incorporates microprocessor servo controllers that bring the benefit of precision door position control and smooth noise-free operation. It is also a green electric system with highefficiency power supply units. Its stand-by power consumption goes below 0.5W, offering a superior energy, cost-effective automatic door solution.

Sheh Fung Screw Co. is an affiliated enterprise to Sheh Kai, and a fastener brand that is synonymous with quality and safety for the user. Sheh Fung has developed an exclusive, superior corrosion-resistant coating for its fasteners and offers customization for different uses. Sheh Fung’s Timber Construction Screws has the characteristic and function for easier user handling and saves more time with their patent design that helps reduce screw torque and the risk of splitting wood.

Bolstered by the country’s IT technology and complete supply chain, Taiwan's hand tool industry has an export value of more than US$3.79 billion, placing Taiwan among the top three in the world in 2019. Within the fastener industry, Taiwan ranks among the top four globally with an export value of more than US$4 billion.

To access the Taiwan Excellence Building Material and Fastener Webinar event page, click here:https:// events.taiwanexcellence.org/building_ material_fastener/ To access the Taiwan Excellence Building Material and Fastener Webinar YouTube link, click here: https://www. youtube.com/watch?v=nWlINkrUv1I&feat ure=youtu.be.

The symbol of Taiwan Excellence was initiated by the Ministry of Economic Affairs of Taiwan in 1992 and is recognized by over 100 countries around the world. Visit www.taiwanexcellence.org for more information.

P&G Blood Health Forum brings together leading health experts on iron deficiency anemia issue

S

OUTHEAST Asia and Africa continue to report the highest prevalence rates of anemia, accounting for 85 % of global reported cases The ‘P&G Blood Health Forum’ drew over 2,500 participants from 7 countries across Asia’s healthcare sector, including 300 from the Philippines, to exchange scientific research and clinical insights on effective approaches and tools in fighting anemia, which continues to be a public health challenge Today, approximately 2.3 billion people suffer from anemia, with an estimated one in two attributed to iron deficiency anemia (IDA) and experiencing symptoms like frequent tiredness, dizziness, paleness, impaired immunity, thus impacting their quality of life and productivity. Southeast Asia and Africa continue to report the highest prevalence rates of anemia, accounting for 85 percent of global reported cases.

Drawing upon relevant, recent research exploring the potential role of red blood cell dynamics and iron homeostasis in the clinical presentation of COVID-19, the forum offered insights into physiological and clinical considerations for patient management in the new normal.

Renowned speakers included:

PROF. Dr. Zulfiqar A. Bhutta, Robert Harding Inaugural Chair in Global Child Health, Hospital for Sick Children and Co-Director of the SickKids Centre for Global Child Health (Canada) Dr. Michael Low, Consultant Haematologist, Monash Medical Centre (Australia) Prof. Dr. Michael B. Zimmermann, Professor of Human Nutrition at the Department of Health Sciences and Technology, ETH Zürich (Switzerland) Aalok Agrawal, Senior Vice President, P&G Health - Asia Pacific, Middle East and Africa, said, “Anemia continues to be a public health issue around the world today, with some of the highest prevalence rates in Southeast Asia and Africa.

Dr. Bhutta stated, “Despite sufficient evidence as to the burden and epidemiology of anemia and iron deficiency among children and women of reproductive age in various parts of the world,

progress in terms of mitigation strategies remains slow and is associated with significant loss in human capital. These challenges have been made worse by the COVID-19 pandemic and its myriad economic consequences. Addressing these systematically through improved diagnostic measures and appropriate interventions should become a global priority”.

“The full potential of several of the linked sustainable development goals for nutrition, health and learning (SDGs 2, 3 and 4) cannot be realized without addressing iron deficiency anemia at scale, especially among the marginalized and ultra-poor populations of the world”, Dr. Bhutta added.

As part of this initiative, P&G Health also announced a strategic partnership with the ‘Asia & Oceania Federation of Obstetrics & Gynecology’ (AOFOG) whom it will be collaborating with on future professional and public health initiatives. This includes a series of ‘Blood Health Forum’ virtual sessions covering topics designed to educate, raise awareness and ultimately support better patient outcomes.

Professor Kazunori Ochiai, President – AOFOG stated, “We are pleased to collaborate with P&G Health for the ‘Blood Health Forum’ which is an excellent platform to bring together the collective scientific

knowledge and practice insights from around the world, and across Asia towards addressing the challenges of Iron-Deficiency Anemia and its impact on patient lives, especially in women.”

According to Dr. Reynaldo De-Castro (Assistant Professor - College of Medicine, De la Salle University; Head - Hemoglobinopathy Unit, Institute of Human Genetics; Head - Thalassemia Working Group, Philippine Society of Hematology and Consultant - Hematology Cancer Unit, Phil Children's Medical Center and Lung Center), “Iron deficiency anemia is the most common micronutrient deficiency in the country affecting a significant number of infants (56.6%), pregnant women (50.7%), lactating women (45.7%) and children 6-12 years old (35.5%). Significant decrease in the prevalence rate of IDA has happened for the past 6 years as shown by the WHO country data in 2016, with the Philippines ranking 173rd out of 183 countries in women ages 15-49 years old, and ranking 153rd out of 183 countries on the prevalence of IDA in children less than 5 years of age2.”

The 2020 P&G Blood Health Forum marks the second edition of P&G Health’s International Convention on Iron Deficiency and Anemia, as part of P&G Health’s continued aim to empower consumers to live longer, healthier and more vibrant lives.

HOWLOWEEN DRIVE-THRU AT SM CITY BF PARAÑAQE. Fur babies dressed in delightful and creative Halloween costumes during the country’s first ever Howloween Pet Drive-Thru Trick or Treat held recently at SM City BF Paranaque. During the event, they took part in the drive-through pet blessing, received treats from well-known pet brands as well as a Halloween loot bag filled with goodies and treats as their pasalubong for kids and other family members at home. Photo shows Gina Evangelista with her adorable fur babies, Peanuts, in a COVID-inspired costume, and Freya, as Strawberry Shortcake

World Bank pushes development of Philippine digital infrastructure

D

IGITAL transformation and development of the country’s digital infrastructure will make government services more efficient and prevent corruption, according to a new World Bank report.

In the Philippine Digital Economy Report 2020, the World Bank, in coordination with National Economic Development Authority, assessed the state of the digital economy in the Philippines and prescribed policy recommendations to increase digital adoption, decrease the digital divide and address the new normal brought by the COVID-19 pandemic.

The report, launched on October 25, shows that the government can effectively use digital technology to empower its constituents and deliver services, if institutions that guarantee accountability are established and strengthened.

Using digital technologies will improve the monitoring of government workers and government-funded organizations that deliver services and help curtail absenteeism, operational inefficiencies, and corruption, it says.

“Digital technologies can also improve electoral accountability, help uncover election fraud, and reduce election-related violence.

Automation in business regulations, citizen feedback systems, and procurement systems also reduce the risk of corruption and poor services,” the World Bank report states.

The report also points out that the Philippines performed worse than regional peers in government’s digital adoption.

Among the country’s weaknesses were, “the fragmentation of human resources management information system (HRMIS) and government payroll across line ministries; the disconnect of online portals such as the e-custom portal to other government systems; the limitations of e-procurement systems from allowing online transactions; and the inability in the budget system to dynamically query from line ministries or financial management information systems (FMIS)”.

Some of the Philippines’ existing paperbased systems impose a commensurate drag on the government score, it says.

To improve digital infrastructure and connectivity, the report recommends greater private sector participation to invest in the Philippine digital infrastructure.

Globe president and CEO Ernest Cu said during the launch of the study that he agrees with the recommended key reforms

and policy measures to help the Philippines leverage digitalization for economic and social resilience, especially in the face of the COVID-19 pandemic.

Cu said that download speeds for fixed broadband have been improving partially due to increased capital expenditures and network improvements by telecom companies.

He cited the August 2020 OpenSignal report showing “a substantial 80.9-percent increase in download speeds and 4G availability, rising 19.5 percentage points from 63.75 percent to 83 percent over a period of 2.5 years.”

The Open Signal report showed that mobile 4G availability in the Philippines has been increasing for at least two and half years and nearing the global average of 86.8 percent.

Independent think tank Stratbase ADR Institute president Prof. Dindo Manhit said in a statement that the government should create an empowering policy and regulatory agenda to extensively expand access to broadband services to all Filipinos.

“Harnessing the expertise and resources of the private sector will greatly accelerate the pace of operationalizing these technologies that we must now rely on because of the health and economic crisis,” he said.

“The digital transformation of the government bureaucracy will have a gamechanging impact that will have systemic benefits that will go way beyond the pandemic crisis,” Manhit said.

MERALCO WORKS ROUND-THE-CLOCK TO RESTORE POWER IN TYPHOON-HIT AREAS. Meralco crews worked continuously to clear the debris and restore electric service in areas badly hit by two successive typhoons that recently hit the country. Typhoon Quinta, a category-3 typhoon that brought strong winds and rains from October 23 to October 27. It wad followed by Super Typhoon Rolly, reported to be a category-5 typhoon and considered the world’s strongest typhoon so far this year. As of November 4, Meralco said it has fully restored the electric service of all its customers affected by the said typhoons. Meralco is committed 24/7 to respond to power outages caused by natural calamities such as these even with the threat of the COVID-19 pandemic.

BusinessMirror

Editor: Tet Andolong

Wednesday, November 11, 2020 B7

Filipinos contributing to growth of Ohmyhome

By Rizal Raoul S. Reyes

F

@brownindio

ilipinos have played a key role in the growth of Singaporean proptech Ohmyhome. In fact, two Filipinos are members of the 10-man elite group of professionals who helped it grow to its lofty position.

As Ohmyhome grew, more Filipinos joined the team, working hard to help and sharing their talent to help the company achieve its vision: building better lives through better housing journeys.

As Southeast Asia’s leading proper t y tec h nolog y company, Ohmyhome cont inues to achieve remarkable success starting in Singapore and Malaysia with over 5,000 property transactions and an impressive 99-percent customer satisfaction rating.

With Ohmyhome setting up operations in the Philippines, the company expects the PH group to replicate the achievements in Malaysia and Singapore through the same collaborative efforts to enhance Ohmyhome’s reputation for fast and efficient property transactions.

R honda Wong , Ohmyhome chief executive officer, speaks highly of the company’s work force of more than 80 employees working in Singapore, Malaysia, and the Philippines offices. “When we build a product or design a service, all team members from the three different countries function towards making that service work,” Rhonda explained in a press statement.

Rhonda’s sister and cofound-

er Race Wong, Ohmyhome chief product officer, said teamwork is an important part of Ohmyhone’s success.

“It doesn’t matter where a team member is based. We regard each other as family so we have a tight relationship. With the region’s quarantine measures still in place, our people work from home most of the time using online communication tools,” she said.

Rhonda and Race are especially pleased that their hardworking and dedicated team feels a strong sense of ownership at Ohmyhome.

The siblings say they run the team like their own family. “In fact, we spend more time with our teammates than with our own kids,” Race pointed out.

Although it offers a broad range of services, Rhonda and Race do not consider 80 a large group, which means that most members are focused on individual job functions. “We do not need to hire more people because we believe that a small but proficient team empowers everyone to see meaning in their job and produce meaningful results,” Race explained.

Ohmyhome’s core team currently has 25 Filipinos who work in its Philippine office in Quezon City. But back in 2017, they only

Singaporean proptech firm Ohmyhome in Singapore, Malaysia and the Philippines

Filipinos have played an important role in the growth of Ohmyhome

had four comprising the technical team. Race and Rhonda recalled how the tiny crew had to camp in Internet cafés and hotel lobbies.

“Our office was not ready, then, because the process of renting one and acquiring Internet service took longer than expected. It was quite tough for the team back then, but looking back, those were

pretty fun times.”

T he Ohmyhome Philippine team, however, quick ly grew.

Within two years, it had to move to an office with enough space to accommodate the company’s sales and operations people. With everything falling into place, Ohmyhome was in the run-up to its official launch in the Philippines.

Rhonda and Race now disclose that Ohmyhome’s technical group that launched the app in the Philippines belonged to the same core team that launched it from day 1 in Singapore and in Malaysia in 2019.

“Therefore,” Rhonda said, “they are experienced in the data and research required to adapt Ohmyhome’s platform to the Philippine real-estate market. Initial preparations only took three months and the actual engineering work took another three months.”

Rhonda revealed there are a number of Ohmyhome Filipino employees who had worked in local real-estate industry and this has helped the proptech firm in handling challenges such as unreliable agents, a lack of transparency, slow feedback and decentralized property services, problems the Philippines share with other countries in Southeast Asia.

The entry of Ohmyhome is a welcome development as it can help Filipino property owners

through its platform to sell or rent out their own properties. The traditional system is quite cumbersome. Usually, an owner will check with their friends or network for prospective buyers. Ohmyhome seeks to address through its unique hybrid model that combines a doit-yourself (DIY) platform and professional agency services that can assist clients in their entire housing journey.

To address these issues, the Oh myhome Ph i l ippi ne tea m made numerous modifications to the platform and customized it to suit the Philippine market.

For instance, real-estate jargon or terminology was localized for clearer communications. Project or property information in listings was tweaked for the local property market. Content and other data were also amended for a seamless user experience for the Filipino property transactor.

Moreover, Ohmyhome PH also pointed out that they are different from existing property portals that functions as a marketplace for agents to sell properties in the country. At Ohmyhome, Philippine properties are listed by developers, homeowners, and in-house agents to ensure quality listings.

“We have created a new experience of property transactions,” Rhonda explained. “Our unique business model provides a fullstack solution for our customers— from search, post, agent services, mortgage, conveyancing, legal, renovations to movers and other property-related services.”

“While the technology is ready,” Rhonda and Race Wong said, “we will be rolling out our services—in phases—in the next nine months.

Filipinos will soon enjoy the efficient and reliable seamless service Ohmyhome provides.”

Valenzuela extends payment of delinquent real property tax interest

By Roderick L. Abad

V

ALENZUELA’S 8th City Council has enacted Ordinance 807, Series of 2020 to give an additional extension for the taxpayers to comply with their tax obligations until the first half of next year.

The so-called Real Property Tax Amnesty on Interest of Delinquent Real Property Tax grants a relief to all owners of delinquent real property for all classifications by condoning the interests due from November 3 to June 30, 2021.

The amount of interest of the third quarter of 2020 and below will be condoned within the pe-

riod of the amnesty. Likewise, the amount under this tax relief may be settled in full or in installment.

The local government unit (LGU) of Va lenzuela enacted beforehand Ordinance 677 and 689, Series of 2020 to temporarily postpone real property tax payment deadlines during the enhanced community quarantine period.

This was in compliance with Republic Act 11469, otherwise known as the Bayanihan to Heal As One Act, specifically initiating to prolong the target date of payment of taxes, fees and charges.

Nevertheless, the period of extension given was not sufficient for the taxpayers to settle their

real property tax obligations.

There were discoveries, declarations and assessments that were not received by the taxpayers because Notices of Assessment were either received after payments were made and/or at a later date because of the limited manpower/ skeleton work force of the delivery service. This also became a factor that caused additional interest from the principal tax due.

T hrough Ordinance 807, a grant of tax relief to certain delinquent real property taxpayers would not only encourage settlement of unpaid real property taxes but also accelerates collection.

Those who want to avail of the tax amnesty or relief under this

order must pay their real property tax due to the Office of the City Treasurer.

The ordinance, however, excludes amnesty or relief to delinquent real property which have been levied and subjected to public auction sale for non-payment of real property taxes, real properties subject of pending cases and/ or litigation and all properties pending expropriation.

All persons allowed to avail of tax relief are given until June 30 of next year, within which to avail of the amnesty by paying all their unpaid taxes due on real property taxes in whole or in installment basis on or before the deadline, sans any extension.

Torre Lorenzo to fund college scholarships for kin of fallen soldiers with AFPEBSO

T

orre Lorenzo Development Corp. recently turned over the first tranche of its education sponsorship fund to the Armed Forces of the Philippines Education Benefit System Office (AFPEBSO).

Under the agreement signed in 2019, TLDC will fund scholarships over a 10-year period for collegeaged beneficiaries of military servicemen and women who were killed in action. The P10-million scholarship fund covers full tuition and miscellaneous fees for grantees, to be given yearly for the entire program donation.

“Torre Lorenzo shares the AF-

PEBSO’s commitment to education, which has the transformative power to uplift lives and communities,” noted TLDC CEO Tomas Lorenzo, underscoring that despite the pandemic, the company’s sustainability commitments to its communities remain a priority.

In receiving the check donation, AFPEBSO Deputy Chief of Staff Rear Admiral Erick Kagaoan thanked the company for its continued partnership.

“This donation is surely a big help in the operationalization of our education programs, marami po kayong buhay na mababago,” he added.

Philippine Navy Rear Admiral Erick Kagaoan Committee Chairman of the Armed Forces of the Philippines Education Benefit System (AFPEBS) Morale, Welfare, and Recreational Facilities and Other Businesslike Instrumentalities receives the first tranche of donation from Torre Lorenzo Development Corp. (TLDC) Security Manager Gervie de Vera at a ceremonial turnover held in Camp General Emilio Aguinaldo, Quezon City.

Invest in Ready for Occupancy housing at Bria Homes in Magalang, Pampanga

W

hen a global pandemic wreaks havoc in our lives, when we feel threatened by a deadly but unseen enemy, we naturally seek stability and security where we are sure to find it—at home, with our loved ones. Thus, we hastily retreat into the safety of our homes, a place that we regard as a buffer between us and the chaotic world outside.

Filipinos, who are especially known to be protective of their families, will attest to this.

Although quarantine restrictions compel us to stay home, there’s really nowhere else we’d rather be. Our homes shelter us, calm our fears, ease our anxieties, give us peace, and empower us to hurdle the challenges engendered by a severe health crisis.

Once again, the home is reclaiming its status as the center of every Filipino family’s life. With the distractions of modern living—shopping malls, entertainment and leisure hubs, the night scene—losing their allure, Filipinos are realigning their priorities.

Instead of spending their hard-earned money on superficial pursuits, a great majority of them now aspire to invest in affordable house and lot packages located in safe and secure residential communities.

This emerging market is what’s driving top housing developer Bria Homes (www.

bria.com.ph), to build more projects and make home ownership a reality for all Filipinos. With more than 50 projects already in place across progressive towns and cities in the Philippines, a Bria home is now considered their “home of choice,” not only for their aesthetically designed houses but also for their wholesome and serene communities.

For prospective buyers in Central Luzon looking for a quick and easy way to move into brand-new houses, there’s Bria Homes in Magalang, Pampanga. Touting proximity to both Mabalacat, Pampanga, and Concepcion, Tarlac.

It is also just 35 minutes away from Clark Freeport and Special Economic Zone which is the center of business, tourism, entertainment and gaming centers of Central Luzon. Bria Homes Magalang currently offers affordable Ready for Occupancy (RFO) house and lot packages.

Purchasing an RFO house in Bria Homes Magalang has distinct advantages. Once the paperwork is done and payments are made, one can immediately move into it. Bria Homes Magalang’s modern amenities like the multipurpose hall, covered basketball court, and the landscaped garden are already in place, as are the security features like the perimeter fence, guarded entrance and exit, and 24/7 CCTV coverage. Reni Salvador

Sports

TABUENA IN HARNESS F

ORMER Order of Merit winner Miguel Tabuena couldn’t wait to get going for the Philippine Golf Tour (PGT) restart—so do the rest of the men of the tour—guaranteeing a spirited chase for top honors when the first of two PGT tournaments in the new normal in Covid-19 times gets going on November 17 at Riviera’s Couples course in Silang, Cavite.

Never mind if the pros have been out of competitive play the last eight months due to the global health crisis as majority, if not all, stayed in game shape by being creative while self-isolating, and some pushed themselves at various ranges as swing coaches.

“I’ve tried my best to stay in shape and prepare physically and mentally for the resumption of the tour. I hope the work that I have put pays off,” said the 26-year-old Tabuena, who lorded it over the PGT field in 2015 before moving overseas to campaign, rejoining the local circuit in between breaks.

B

By Josef Ramos

ARANGAY Ginebra San Miguel’s do-it-all Earl Scottie Thompson has drawn his calendar inside the Clark bubble that has a last day set on December 13—precisely the day Game Seven of the Philippine Basketball Association Philippine Cup Finals will be played, if needed.

“As a team, since we’re here, our goal is to stay until the very last day before we go home from the bubble—or until we win the crown,” the former University of Perpetual Help System Dalta star told BusinessMirror on Tuesday.

The Philippine Cup schedule covers all of 77 days from the first time the first teams set foot in the bubble last September 28 up to the playdate for Game Seven in the race-to-four Finals.

Thompson and the Gin Kings closed out their elimination round campaign on a high

But he has committed to play in the two bubble tournaments marking the resumption of the local circuit with the same resolve that has marked his rise to fame and anchored his 11 victories since he broke into the pro ranks in 2011.

“My goal is always to win,” he said.

“Many times I have come up short but that’s always the goal [win].

“I know I’ve prepared well and been responsible with my body and game despite the long break, so I know I’m in good condition.”

But he expects to encounter stiff opposition, stressing that “we are all raring to play and hungry to win.”

“I hope to play well and I’m praying for a good bubble experience for all of us,” said Tabuena.

The Games and Amusements Board and the Inter-Agency Task Force on the Management of Emerging Infectious Diseases have given the organizing Pilipinas Golf Tournaments Inc. the go-signal to resume

operations after the PGTI cut short its Q-School in March because of the outbreak.

The other PGT tournament, put up by the International Container Terminal Services Inc., will be held December 8 to 11 at the Langer’s course, also at Riviera, simultaneous with the Ladies PGT under strict health and safety guidelines, that includes mandatory RT-PCR swab tests and Standard Q Covid-19 Ag (Antigen) test and daily temperature checks. The Bayleaf Hotel in General Trias, Cavite, is the official hotel. For details, visit www.pgt.ph.

“I know the PGTI is doing its best and taking all the necessary measures to make sure the players and everyone involved are safe,” he said.

“And it’s up to us to follow those protocols and make it a successful bubble.”

Despite the long layoff, Tabuena believes the pros are excited and have kept themselves in form in anticipation of the Tour resumption.

“It’s been a long eight months of no

T

tournaments. We have all tried our best to stay in shape and make sure we are tournamentready,” Tabuena said.

“I’m looking forward to competing and seeing the other guys. I’m sure everyone wants to get a few games before the end of the year.

“I think all the players, men and ladies, just want to get a few tournaments in before the holidays. It has been a tough year for everyone and this will be a good way to sort of end the year on a higher note for us golfers,” he added.

B8

| Wednesday, November 11, 2020 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Didal shifts to competition mode, winds up 2nd behind Australian in online event MIGUEL TABUENA is ready to rumble as the Philippine Golf Tour restarts its season.

‘No one wants to go home early–Thompson note on Monday by crushing Terrafirma, 102-80, enough to secure themselves the No. 1 spot for the first twice-to-beat advantage in the quarterfinals with an 8-3 win-loss record.

“We didn’t expect this twice-to-beat bonus, but we need to be more solid in our defense and execute our offense very well in upcoming playoff,” added Thompson, who almost established a triple-double of 13 points, 11 rebounds and nine assists in that victory against the Terrafirma.

But the 6-foot-1 Thompson said they would still treat each coming game a mustwin and avoid thinking of the privilege they have in the playoffs.

The 27-year-old Thompson was in top

shape when he entered the bubble, showing no signs of rust from the seven months of Covid-19 pandemic lull. He has been prolific for Coach Tim Cone’s system and emerged as the best rebounding guard in the bubble with 8.8 boards in 11 games.

“I focused on skills training and some extra work at home during the lockdown.

That way I kept my timing in the actual games,” said Thompson, who credited his personal training coach and his BF Homes Parañaque City neighbor Joph Cleopas of jhoopsbasketball for keeping him in good condition.

Besides rebounding, the Padada (Davao del Sur) native is averaging 11.4 points and

Arum tells Casimero to be patient on fight with Inoue OP Rank chief Bob Arum brushed off John Riel Casimero’s taunt saying he just couldn’t afford to hold a unification fight between the reigning Filipino World Boxing Organization (WBO) bantamweight champion and Japanese unified titleholder Naoya Inoue during the Covid-19 pandemic.

“So who is going to pay for it without the [live] gates? I cannot afford that fight—

BusinessMirror

Casimero and Inoue—inside the bubble, I just can’t [pay for it],” Arum, who turns 89 on December 8, told BusinessMirror in a phone interview on Tuesday from his Las Vegas home.

Arum said he couldn’t waste money for a big unification bout in a bubble.

“They really need spectators who would watch [live] and pay for the fight at the MGM Grand in Las Vegas to get good revenues,” he said.

“I can’t keep doing these fights during the pandemic where I can’t get spectators although MGM wants to do the next Inoue fight,” Arum added. “They want to do it to bring in tourists and wealthy gamblers from Japan, but can’t do that while pandemic is on.”

Arum said the 31-year-old Casimero (30-4 winloss record with 21 knockouts) should be patient because he was already asked by Inoue’s camp to

6.3 assists also in 11 games.

The Gin Kings are also benefitting from a two-day rest after completing the eliminations.

“We have a couple of days to recover our legs, so we will take advantage of that. We don’t know who we will play yet, so we will monitor the games and try to figure out who is our most likely the opponent and start preparing video of them for the team,” Cone said.

DO-IT-ALL Earl Scottie Thompson has his sights set on the Finals.

get the Japanese an opponent next year.

Inoue holds both the International Boxing Federation (IBF) and World Boxing Association (WBA) bantamweight belts.

Casimero, who beat challenger Duke Micah last September 26 via third round technical knockout in Connecticut, has been taunting Inoue (20-0 with 17 knockouts) and Arum, and even dragged fellow Filipino IBF super flyweight champion Jerwin Ancajas in a socialmedia post last Monday.

But Arum, an international promoter

for six decades, doesn’t get affected any form of criticism.

“It happens all the time, I don’t pay attention, and nobody else pay attention,” said Arum, adding it was the pandemic that cancelled that fight last April 25 in Mandalay Bay in Las Vegas and not them.

“That’s unfortunate, but you know he should be patient. When Inoue fights next year, Casimero is right there. They already mentioned Casimero and I think he will be next,” he said. Josef Ramos

M

By Annie Abad

ARGIELYN DIDAL has started making herself competition-ready by joining an online tournament where she finished second and making full use of a skate park made specially for her in Cebu.

Didal finished second to Australia’s Julia Bruecker in the virtual Poseiden Global Game of Skate competition held last Friday and drew 16 other participants from across Europe, Africa, America and Asia.

That second-place finish, however, was modest enough for the Indonesia 2018 Asian Games gold medalist (street) who preferred to train at home in her native Lahug and most recently, retooling her skills at the Busay skatepark Red Bull built exclusively for her and the national team.

“This is the first time she competed again,” Didal’s Coach Dani Bautista told BusinessMirror. “But she’s back in the park now that the quarantines are relaxed.”

Didal’s last competition was the 30th Southeast Asian Games where she won golds in street and game of skate.

“She is doing well at the skatepark where she trains regularly with her national teammates,” Bautista said. “Just the usual skating, so when something comes around, she can be ready.”

Qualifiers for the postponed Tokyo Olympics where skateboarding is making its debut were shuttered by the Covid-19 pandemic. Olympic organizers and the world skateboarding body also has yet to announce the schedule and venue for the qualifiers.

“There is still no official announcement on any of the qualifiers from World Skate yet, But of course, we are looking forward to it,” Bautista said.

Didal, 21, submitted a video of her routine from inside her home in Lahug which she built out of the multi-million incentives she got for her Asian Games and SEA Games gold medals.

She beat Venezuela’s Maria Arias Yepez and Australian Chloe Covell on her way to the finals, while Bruecker defeated Boipelo Awuah of South Africa and Cecely Todacheenie of New Mexico.

Interestingly, the video grab of her routine shows her home was specifically designed in such a way that she could skate indoors. Annie Abad

Araneta hails successful PFL, PFF bubble season

U

NITED City Football Club didn’t cap its successful run with a victory following a 1-2 loss to Kaya Football Club at the close of the Philippine Football League (PFL) on Monday night, but just the same, the team had all the more reason to celebrate—and so did the Philippine Football Federation (PFF).

PFF President Mariano “Nonong” Araneta Jr. lauded the success of the bubble environment put up by the PFL organizers in coordination with the football federation at the world-class PFF Training Centre in Carmona, Cavite.

“The PFL season was not only football’s success but for the the entire sports community as we saw hope amid the Covid-19 crisis that the world is facing right,” Araneta said.

The PFL pushed its season last October 28 and up to Monday night, all 12 days in the bubble yielded negative contamination to the virus.

“In this challenging times, people turn to sports for hope and inspiration.

With the staging of the PFL season, we were able to contribute on that aspect,” Araneta said.

PFF secretary general, Atty. Ed Gastanes said the PFF and the league made sure that all the players, officials and staff were in their best health while inside the bubble.

“The health and safety of everyone was the main priority in the conduct of the league,” Gastanes said.

United City, whose core is composed of stalwarts from the disbanded Ceres-Negros team, opened its campaign with a 1-0 squeaker over the Azkals Development Team (ADT), followed by a win over Mendiola (6-0), a rout of Maharlika-Manila (10-0) and another one-sided result over Stallion-Laguna (7-1).

But Kaya foiled United City’s bid to top the tournament unbeaten with Kenshiro Daniels connecting in the 15th minute from an Eric Giganto cross and Carlyle Mitchell scoring in the

UNITED City Football Club formally claims the Philippine Football League crown.

Cone’s ‘Big Picture’ theory THAT’S ALL

AL MENDOZA | alsol47@yahoo.com

WHAT is game-fixing again?

It is the act of shaping a game into having a result that suits one’s personal interest.

A win or a loss can be a fixed game, depending on the will of the fixer.

In a basketball match for example, the game may normally be fixed either through the player or the referee, or the coach.

The fixed game has many faces.

Examples are the winning margin, points a player has to score, fouls a referee has to slap a key player, and playing time a coach will give his stars to consume.

Game-fixing is bad per se because it deprives the public of the natural course of a contest.

But in some instances, a coach can fix a game and he comes out of it clean as a sheet.

The fixing process is so complex that oftentimes, the spectators normally could not usually detect it.

Until Tim Cone, of all people, uncorked

38th minute on a corner kick from Daniels.

Mike Ott gave United City its lone goal in the 83rd minute courtesy of a Bienvenido Marañon pass.

United City and Kaya will represent the Philippines in the Asian Football Confederation Champions League that kicks off in February.

Araneta was on hand to personally award the trophies, including the Golden Ball to United City skipper Stephen Schrock, the Golden Boot to Marañon and the Golden Glove to Anthony Pinthus.

The unique season closed out with ADT beating Stallion-Laguna, 2-0, and Mendiola defeating Maharlika-Manila, also 2-0. Annie Abad

one himself last weekend, spoiling our fans’ Sunday Suspense Theater.

So crudely done it was that even nonbasketball devotees readily saw through Cone’s con artistry.

Cone benched his stars willfully, soaked his bench unabashedly and mocked the gods of the game with impunity.

Cone’s men were like sacrificial lambs for the Passover, slaughtered haplessly by the Beermen as fans, cursing the heavens, watched helplessly.

Cone confessed to the malfeasance and has apologized profusely.

I forgive him because God commands that we forgive not just once, not just 77 times, but 7 million times.

The current Philippine Cup format is loophole-laden because the leader can use a game to choose its quarterfinal opponent.

Cone knows that. Everybody does.

“I was looking at the bigger picture,” said Cone in his oblique way of justifying his misdeed.

The following is his statement he gave to Spin.ph.

“Our thoughts going into SMB game: 1. If we lose both of our last two games, we’re not assured of Top 4 finish. 2. We had to make a decision. If we fall behind early, we’re going to rest guys that were banged up: Stan, Jap, LA, JD. We weren’t going to risk losing two games trying to fight back in one game.

Playing 5 games in 7 days was a real concern.

3. Being down 17 at the half, I said we would observe our starters in the first few minutes and determine if we would stay with them or go with the second group. It was the second group with Scottie that brought us back to within 3 pts. 4. Ultimately, our guys didn’t show up for SMB and that was disappointing and unacceptable. They know that. But that’s also on me. I didn’t prepare them well...4. It’s always on me to see the Big Picture. Hopefully, I’m doing that. I truly apologize to the fans if what we did was construed differently.”

Forgive, fellas. Cone convincing.

THAT’S IT Despite a blistering final-round, 9-under-par 63, Yuka Saso settled for second in the Toto Classic in Japan last weekend won

by South Korean Jihai Shin (66). It was a strong comeback for Saso, who missed the cut the week before after winning her first leg in the Tour.