BusinessMirror April 05, 2021

WITH LONGER ECQ, BIZ SEEKS FASTER ‘AYUDA’

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n Monday, April 5, 2021 Vol. 16 No. 173

P25.00 nationwide | 2 sections 16 pages |

₧808.4B in ODA-funded projects got OK in 2020

By Cai U. Ordinario

T

Even the deadliest virus can’t stop a family tradition among Filipino Christians. Here, a small family in Metro Manila, ready with alcohol, face mask and social distancing, observe their yearly “pabasa” but with abundant caution and heeding health protocols. In second photo, residents contemplate pandemic life in the shadow of a humble cross, prior to Easter Sunday’s resurrection. Pope Francis, marking the first Easter mass in the Philippines 500 years ago, has gushed at how Filipinos enrich their “feast of faith” and generously share it with the world. Related story on A8. BERNARD TESTA

T

By Tyrone Jasper C. Piad

@Tyronepiad

HE private sector called on the government to ensure the speedy rollout of relief for the marginalized sector, along with aid to the labor force, with the extension of the enhanced community quarantine (ECQ) measure in the National Capital Region (NCR) and nearby provinces.

Legislative-Executive Development Advisory Council (Ledac) Private Sector Representative George T. Barcelon, in an interview with the BusinessMirror, said the stricter

lockdown protocol that constrains mobility results in job loss, affecting source of income and household consumption.

COSTS, DELAYS CUT PHL BANANA EXPORTERS’ PROFIT

By Jasper Emmanuel Y. Arcalas

P

@jearcalas

HILIPPINE banana exporters are reeling from rising shipping costs and shipment delays, which they estimate may slash the country’s profit from the prized yellow-fruit by at least 15 percent.

Pilipino Banana Growers and Exporters Association (PBGEA) said the rising shipping costs, brought about by the global shipping problem due to Covid-19-induced problems, is further “eroding” the “already tight margins” of exporters

in all markets. PBGEA Chairman Alberto F. Bacani told the BusinessMirror their shipping costs have increased by 15 percent to 20 percent compared to last year’s average quotations.

For example, Bacani said the cost of shipping a container of bananas to Saudi Arabia has increased to $3,000 from the usual $2,600 quotation.

Due to this, Bacani noted that profits by the industry this year would be slashed by double-digit rates. “You can assume by the same amount of the increase in shipping costs—about 15 percent

reduction,” Bacani, who is also the President & CEO of Unifrutti Tropical Philippines Inc., told the BusinessMirror.

“With market prices generally staying the same year-on-year, the rise in shipping costs have eroded the already tight margins of banana exporters in all markets,” Bacani added.

Worse, the rise in costs is coupled by shipping delays from Davao to the Middle East, with shipments arriving within 30 to 33 days—from the usual average of 25 days, Bacani said.

Continued on A4

HE Duterte administration approved a total of P808.44 billion worth of projects in 2020, according to data obtained from the National Economic and Development Authority (Neda).

Based on the data, the Neda Board’s approval covered 17 projects which were mainly submitted for Official Development Assistance (ODA) funding.

The big-ticket projects approved in 2020 were the P189.53-billion Panay-Guimaras-Negros Island Bridges Project; P175.66-billion Bataan-Cavite Interlink Bridge (BCIB) Project; and P81.69-billion Beneficiary FIRST! (Fast, Innovative, and Responsive Service Transformation) or Covid-19 Emergency Social Protection Project (ESPP).

Other projects included the P76.4-billion Cebu-Mactan Bridge (4th Bridge) and Coastal Road Construction Project and the P57.07 billion Mass Rapid Transit (MRT) 4 Project.

The Neda Board also granted the request for a three-year extension of loan validity of ODA-component of LRT Line 1 South Extension Project which amounts to P64.915 billion.

This is a locally-funded project.

The data also showed that as of February 2021, two projects worth P20.18 billion were approved by the Investment Coordination Committee (ICC).

The first is the Philippines Seismic Risk Reduction and Resilience Project worth P15.09 billion. The Neda Board has approved the project this year.

Continued on A2

PESO exchange rates n US 48.4660

@caiordinario

n japan 0.4392 n UK 66.5874 n HK 6.2337 n CHINA 7.3742 n singapore 35.9593 n australia 36.8099 n EU 56.7925 n SAUDI arabia 12.9232

Continued on A4

Source: BSP (March 31, 2021)

News

BusinessMirror

A2 Monday, April 5, 2021

www.businessmirror.com.ph

Red Cross, mayors in NCR eye isolation sites in schools T

By Claudeth Mocon-Ciriaco | Correspondent

HE Philippine Red Cross (PRC) and Metro Manila mayors have agreed to set up isolation centers in public and private schools in the metropolis as bed capacity of big hospitals in Metro Manila for Covid-19 patients has already reached the “high-risk” level.

“We can be more effective if we can work together for the same purpose,” said Senator Richard J. Gordon, PRC chairman and CEO, after his virtual meeting with Metropolitan Manila Development Authority Chairman Benjamin “Benhur” Abalos Jr., the Metro Manila Council (MMC),

and several PRC officials where they agreed to remove infected persons from their homes.

The move, Gordon said, aims to stop the spread of Covid especially in multi-generation households, where working adults live with their parents and the elderly who are most vulnerable, with some suc-

cumbing to the disease.

Abalos and the mayors committed to work with the PRC on the project as concerns over an impending “collapse” of the health-care system were fueled by numerous reports of people unable to find hospitals to admit them; or even isolation facilities for the mildly infected.

As part of PRC’s humanitarian efforts, Gordon proposed to partner with the MMC in setting up isolation facilities in public and private schools under the jurisdiction of the different local government units.

The PRC proposed to: provide ambulances to transport patients to these facilities; set up isolation beds; provide supplementary hot meals; set up shower rooms for their daily hygiene needs; ensure daily

monitoring of their condition; and provide ambulance to transport to hospitals patients who, while in isolation, develop moderate to severe symptoms.

On the other hand, LGUs are expected to: coordinate the operations of these facilities with the barangay leadership in the zonal areas; assign security personnel for the orderly operations of the facility; provide regular nutritious meals; provide at least one local counterpart to man the area; ensure daily monitoring of their household contacts for possible infection (care of contact tracing assistance); and coordinate with local government hospital for the immediate confinement of patients transferred from these isolation facilities.

DOH, DPWH RUSHING MODULAR TENTS FOR NCR HOSPITALS

By Claudeth Mocon-Ciriaco Correspondent

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OLLOWING the reported increased occupancy rates in National Capital Region (NCR) hospitals, the Department of Health (DOH) on Sunday said it was fast-tracking the delivery and set up of modular tents in hospitals across Metro Manila.

This effort, the DOH said, is being done together with the World Health Organization (WHO) and Unicef.

Health Undersecretary Maria Rosario Vergeire also said the Rizal Memorial Coliseum and the Ninoy Aquino Stadium have already reopened to accept mild and moderate patients while the Quezon Institute (QI) will be opened today (April 5).

These three facilities had been closed after cases started to decrease.

The Rizal Coliseum can accommodate 97 patients, the Ninoy Aquino Stadium 127 beds, and QI 112 beds.

According to DOH, eight NCR

hospitals have requested the setting up of modular tents: Jose R. Reyes Memorial Medical Center (JRRMMC) at the Quezon Institute (QI), Jose N. Rodriguez Memorial Hospital and Sanitarium (Tala), Amang Rodriguez Memorial Medical Center, Tondo Medical Center, National Center for Mental Health, Lung Center of the Philippines (LCP), National Kidney and Transplant Institute, and San Lazaro Hospital.

Additionally, the WHO has commit-

ted to provide four tents to be used as LGU-based triage areas. The MMDA has coordinated with LGUs for the allocation and setup of the said tents.

The DOH, with help from the Department of Public Works and Highways (DPWH), also facilitated the creation of extensions for Level 3 hospitals which include the 44-bed modular hospital at Tala which began its operations last week, 44-bed modular hospital at LCP which started operating last January, and the 110-bed capacity off-site modular extension of JRRMMC at QI expected to open on April 8, among others.

“Despite the government’s efforts to expand hospital capacities, the public is called on to first coordinate with their Barangay Health Emergency Response Teams (BHERTs) before going to hospitals upon symptom presentation so they may be assessed and referred to the appropriate facility for the appropriate level of care. The public is also called on to utilize the teleconsultation services of their respective LGUs or use the free teleconsultation services of DOH through its partners for non-urgent medical needs to avoid overcrowding in hospitals and ensure that all critical patient needs are attended to,” the DOH said.

Meanwhile, the DOH, through treatment czar Health Undersecretary Leopoldo Vega, is also intensifying its efforts to augment health-care workers (HCWs) in NCR. An initial 42 volunteer HCWs from other regions with low Covid-19 cases are scheduled to be deployed in select NCR DOH hospitals within the week, while more volunteers from Visayas and Mindanao are expected to be deployed over the next weeks.

The Armed Forces of the Philippines and Philippine National Police Medical Reserve Forces have been tapped to man reactivated Temporary Treatment and Monitoring Facilities where mild and asymptomatic Covid-19 cases are transferred.

The DOH, together with DPWH Secretary Mark Villar are finalizing negotiations with hotels to cater to HCWs and hospital employees in need of quarantine and isolation facilities, with three hotels expected to be utilized within the week.

Claudeth Mocon-Ciriaco

WITH LONGER ECQ, BIZ SEEKS FASTER ‘AYUDA’ Continued from A1

On Saturday evening, the government announced the extension of ECQ for “NRC plus”—Metro Manila, Cavite, Rizal, Laguna and Bulacan— for one more week or until April 11, as more Covid-19 cases are logged in the country.

“Definitely, the government must be prepared to have a facility, a transfer of much-needed ayuda (subsidies) to the marginalized. I think that is very important,” Barcelon said.

This can help the severely affected sector, he explained, which includes people who lost their jobs due to pandemic-induced lockdown protocols. According to the Philippine Statistics Authority, the unemployment rate climbed to 8.8 percent in February from 8.7 percent a month earlier.

Barcelon stressed that the distribution of so-called ayuda should be “properly planned” and without “leakage.”

“The sooner they release it, the better it is,” Barcelon said.

Last week, the government said it was aiming to tap the P23-billion unused fund under the Bayanihan to Recover as One Act to benefit 22.9-million lowincome individuals with the imposition of ECQ. Malacañang said the aid may either be distributed through cash or in-kind.

For the part of the business, Barcelon said the sector “cannot expect much from the government.” Still, if there is anything the administration can do to help entrepreneurs, the Ledac representative said this should be channeled to their employees.

He likened the proposed employee relief to the Department of Labor and Employment’s (DOLE) Covid Adjustment Measures Program (CAMP).

CAMP is among the financial support programs of DOLE which aims to help private firms that transitioned to flexible work arrangements or forced to temporary closure amid the pandemic. Each recipient is provided one-time P5,000 cash aid.

agement, Ortiz-Luis said that the government could have laid out a more efficient plan rather than imposing yet again stricter lockdown protocols. “[The government] sort of abdicated in their role of information gathering [to think tank group] OCTA,” he pointed out. The OCTA Research Team has been providing data about the pandemic.

He slammed the Department of Health for “lack of foresight” and “lack of ability on information dissemination.” Ortiz-Luis said that better crisis management could have avoided the overwhelming rate of hospital occupancies amid rising cases.

The ECOP head also asked to suspend the Data Privacy Act and allow the names of the people who tested positive for Covid-19 be revealed. This way, only the infected people—especially if there are only a few in a barangay—are confined while the rest may be able to go outside, he said.

Being proactive

“We have to bite the bullet and stay under ECQ,” Barcelon said, noting the soaring Covid-19 cases.

But this does not mean that the country should just wait for a “natural occurrence” of the number of cases going down, he added.

For one thing, he said that enforcement of health protocols—such as wearing masks and social distancing— should be strictly enforced as some barangay may have been laxed recently.

This is seen to better mitigate the rising Covid-19 cases instead of contact tracing, Barcelon explained.

MAP’s Mantaring, meanwhile, said that the government should take this opportunity to strengthen contact tracing, testing, isolation and treatment capabilities.

“Quarantine centers should be reactivated, and some upgraded to treatment facilities for the milder to moderate cases as hospitals are overwhelmed,”she added.

Struggling

Working together

Management Association of the Philippines (MAP) National Issues Committee Chairperson Rizalina Mantaring, in a mobile message to the BusinessM irror, said that both the micro, small and medium enterprises and large businesses are struggling amid the pandemic.

“After a year of lockdowns, poverty and hunger have increased, our people desperately need aid and we hope the government can reallocate funds to distribute quickly to those most in need,” she added.

MAP earlier urged the government not to extend the ECQ as this is only seen to harm the business sector without relief measures in place.

The Philippine Chamber of Commerce and Industry (PCCI) said that the InterAgency Task Force should also consult with the business groups for feedback.

“For businesses, we are bleeding. We hope the economy to open up soon,” PCCI Chair Alegria Sibal Limjoco told the BusinessMirror.

The German-Philippine Chamber of Commerce and Industry Inc. (GPCCI) said the companies, national government and local government units should work together to curb the rising cases, including in strict implementation of health protocols.

“The clear objective must be to reopen the economy as fast as possible in [NCR plus],” GPCCI President Stefan Schmitz told the BusinessMirror, echoing PCCI sentiment.

“Besides this, all stakeholders need to push the vaccine campaign in the next weeks and months,” Schmitz added.

Mantaring and Limjoco also stressed the need for a quicker vaccination program rollout.

Meanwhile, GPCCI Executive Director Martin Henkelmann said that more legislation should be pushed to inject confidence in the economy, which can help the recovery.

“We hope for further positive legislative impulses, e.g. through the reform of the Public Service Act and the Retail Trade Act, as well as through cutting more red tape,” he said.

Information gathering The extension of ECQ could have been avoided if the government had better information gathering, Employers Confederation of the Philippines (ECOP) President Sergio R. Ortiz-Luis Jr. told this newspaper.

Ortiz-Luis, who also heads the Philippine Exporters Confederation Inc., said that the country would have saved billions—in economic loss arising from another ECQ and spending on subsidies—if the government channeled funds to strengthening data collection and projection about the Covid-19 situation.

With better information man-

NG subsidy to GOCCs dips 27.8% in February Continued from A8

Leading the top recipients of subsidies among GOCCs is the National Irrigation Administration (NIA) with P4.99 billion, equivalent to nearly 66 percent of the total subsidies released for the month of February this year.

Following NIA is the Bases Conversion and Development Authority with P720 million, Small Business Corporation (P300 million), Philippine Heart Center (P296 million), National Kidney and Transplant Institute (P213 million) and Philippine

Children’s Medical Center (P209 million).

The national government provides subsidies to state-run firms to fund operations not covered by the corporate revenues or to finance specific programs or projects.

Last year, the national government spent a total of P230.42 billion in subsidies to GOCCs, the highest since 1986 when the government started collecting data. The Philippine Health Insurance Corporation cornered the biggest allocation during the pandemic year, receiving P62.4 billion or 27 percent of the total subsidies released during the period.

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The Nation BusinessMirror

PHL takes lead in Asean intellectual property grp

By Tyrone Jasper C. Piad @TyronePiad

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HE Philippines is now taking the lead of Association of Southeast Asian Nations’ (Asean) Working Group on Intellectual Property Cooperation after the Intellectual Property Office of the Philippines (IPOPHL) Director General Rowel S. Barba assumed chairmanship.

In a statement over the weekend, the IPOPHL said that Barba took on the role last March 25 during a virtual turnover ceremony of the working group.

The working group is aimed at fulfilling Asean’s 2025 goal of boosting economic prosperity through IP across the region.

Barba, in his acceptance speech, said he is aiming to complete immediately the remaining deliverables under the Asean IP Rights Action Plan 2016 to 2025. He hopes to do this by allowing more cooperation activities within the region and with Asean dialogue partners.

“As I assume the chairmanship on behalf of the Philippines, I will be working with my team in IPOPHL and with the Asean Secretariat to develop mechanisms that will fasttrack the realization of our 10-yearroad map,” he said.

The IPOPHL said that about 82 percent of the plan is either ongoing or completed.

Barba also intends to further the

coordination and collaboration in the bloc for easier communication and resolution of potential concerns. In addition, he also wants to modernize the processes via digital transformation, which is seen to improve efficiency and delivery of service.

“We call on our fellow AWGIPC members to renew your commitment, intensify your cooperation with everyone, the Asean Secretariat and our partners, and to continue the support that we have been giving each other in the last four years,” he added.

IPOPHL said the group has yet to work on the possibilities of crafting unified regional systems for trademark, patents and industrial designs.

The group also eyes to develop regional databases to consolidate the network of genetic resources and traditional knowledge (GRTK) and of copyright information.

AWGIPC intends to strengthen financial management to continue improving the services of memberIP offices.

It is set to develop an information exchange for online enforcement, in addition to Asean guidelines on IP rights enforcement against online infringement.

Currently, IPOPHL also sits as chair of the Asean Network of IP Enforcement Experts (Aniee). It is a sub-group of AWGIPC tasked with the implementation of IP enforcement activities under the Action Plan.

Editor: Vittorio V. Vitug • Monday, April 5, 2021 A3

Over 630k OFWs displaced, 0.5M returned, DOLE bares

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By Samuel P. Medenilla

@sam_medenilla

VER 630,000 overseas Filipino workers (OFW) were displaced as the economy slid into a crawl, according to the Department of Labor and Employment (DOLE).

Citing the report from the Overseas Workers Welfare Administration (OW WA), Labor Secretary Silvestre H. Bello III said a total of 502,581 of the said OFW are now back in the country.

Another 49,698 are still waiting for

their repatriation, while the remaining 75,297 opted to stay in their host country based from the separate report of the International Labor Affairs Bureau (Ilab).

Last month, OWWA Administrator Hans Leo J. Cacdac said they are antici-

pating another 80,000 OFWs to 100,000 OFWs will be coming home this year.

Aside from affecting the employment of 627,576 workers, Ilab Director Alice Q. Visperas also reported the pandemic infected 17,495 OFWs as of Sunday.

“Of this figure, 10,155 recovered with 938 deaths,” Visperas said.

This was higher compared to the 16,406 OFWs, who tested positive for Covid-19 and were registered by the Department of Foreign Affairs (DFA) as of April 4, 2021.

Other aid

ASIDE from repatriation services, the government also provided other assistance to OFWs affected by the lockdown measures against Covid-19.

Among those displaced and infect-

ed because of the pandemic, Bello said 497,122 received a cash aid worth P5.043 billion through their “Abot Kamay Ang Pagtulong for OFWs,” or Akap, program.

TheAkapisaone-timecashassistance of $200 or P10,000 for each qualified affected and/or displaced OFW. The OWWA was also able to distribute $1.93 million in cash assistance separate from AKAP to 9,667 OFW Covid patients.

For its part, DOLE released US$2.6 million in medical and food aid to 124,945 OFWs abroad through its Philippine Overseas Labor Offices (Polo).

“Our government will not renege on its commitment to provide the needed assistance to our OFWs,” Bello said.

“We will continue to assist them for as long as it takes.”

Comelec suspends voter registration in NCR plus

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OLLOWING the extension of the lockdown in the National Capital Region (NCR) and its surrounding provinces this week, the Commission on Elections (Comelec) also prolonged the suspension of its voter registration in the said areas.

In his Twitter account, Comelec Spokesman James B. Jimenez announced there will be no voter registration in NCR plus, which includes Metro Manila, Laguna, Cavite, Rizal

and Bulacan this week.

However, the poll official said voter registration for the rest of the country will proceed normally from Monday to Thursday, from 8 a.m. to 3 p.m.

Last week, Comelec announced it will temporarily halt its voter registration in the NCR plus from March 29 to April 2 after the government place the area under enhanced community quarantine (ECQ) and as part

of the nationwide commemoration of the Holy Week.

President Rodrigo R. Duterte last Saturday approved the recommendation of the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) to extend the ECQ in NCR plus from April 5 to 11 to slowdown the increase in the number of new novel coronavirus disease (Covid-19) cases daily.

Malacañang said the government

will decide whether to extend or remove ECQ for NCR plus depending on the number of the infections and health-care utilization in the said area by end of the week.

As of March 25, Comelec said it already recorded 2.4 million of its expected 4 million newly registered voter for the 2021 National and Local Elections. The deadline for voter registration for the upcoming polls is on September 3. Samuel P. Medenilla

Agriculture/Commodities

A4 Monday, April 5, 2021 • Editor: Jennifer A. Ng

BusinessMirror

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‘Cut agri insurance tax to spur farm growth’ T

HE government should reduce the tax on nonlife and agriculture insurance premium to encourage the private sector to offer such insurance products, which will help expand farming activities, according to an agricultural finance expert.

Dr. Jaime Aristotle Alip said the tax on nonlife insurance products, including crop insurance, should be cut to 2 percent, or the current rate imposed on life insurance products.

Taxes collected on nonlife insurance products reach as much as 27 percent.

Alip said during a webinar on microinsurance hosted by the Southeast Asian Regional Center for Graduate Study and Research in Agriculture (SEARCA) that cutting the tax on insurance premium will significantly raise the number of private insurance offerings.

“If you want private sector participation, you must level the playing field. You should lower non-life premium tax [including tax for crop or agriculture insurance]. I think there will be many private sector players [if tax is reduced],” he said.

SEARCA held the virtual forum “Agricultural Investment Risks:

ALIP

Empowering Smallholder Farmers through Micro-Insurance” as part of its thrust toward Accelerating Transformation Through Agricultural Innovation (ATTAIN).

Alip said government does need to subsidize agri insurance because the regime will be market-driven.

“It will be the law of numbers and the law of efficiency [that will work]. The gap must be addressed.

Lawmakers should make nonlife insurance affordable.”

Alip, a Ramon Magsaysay awardee (2008), said microinsurance plays a significant role in boosting private

sector investment in microfinancing or in extending loans to small farmers.

Once there is insurance or a guarantee program for farmers’ loans, banks are automatically willing to lend even to small farmers, Alip said.

CARD pays insurance claims fast —precisely because there has already been a predeposited insurance premium for the disaster, calamity, or typhoon.

“Within 8 hours we’ll pay. If there’s an issue [problems] involved, in 48 hours we will pay. The speed of payment shows how serious you are. Microinsurance should be be-

A fifth of food-output growth has been lost to climate change

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LIMATE change has been holding back food production for decades, with a new study showing that about 21 percent of growth for agricultural output was lost since the 1960s.

T hat’s equa l to losing the last seven years of productivity growth, according to research led

by Cornell University and published in the journal Nature Climate Change. The study was funded by a unit of the United States Department of Agriculture.

The revelation comes as the United Nations’ World Food Programme warns of a “looming catastrophe” with about 34 million people globally on the brink of famine. The group has cited climate change as a major factor contributing to the sharp increase in hunger around the world. Food inflation is also on the rise as farmers deal with the impact of extreme weather at a time of robust demand.

This is the first study to look at how climate change has historically affected agricultural production on a global scale, using econometrics and climate models to figure out how much of the sector’s total productivity has been affected, across crops

and livestock.

The loss of productivity comes even as billions has been poured into improving agricultural production through the development of new seeds, sophisticated farm machinery and other technological advances.

“Even though globally agriculture is more productive, that greater productivity on average doesn’t translate into more climate resilience,” said Ariel Ortiz-Bobea, an author of the paper and associate professor at Cornell’s Charles H. Dyson School of Applied Economics and Management.

The damages to productivity growth aren’t evenly spread across regions. Warmer areas—especially those in the tropics—are more detrimentally affected. Ortiz-Bobea said that coincides with many countries where agriculture makes up a bigger share of the economy.

He was also warned that current research into improving production may not enough consider the pace of climate change.

“I worry that we’re breeding or preparing ourselves for the climate we’re in now, not what is coming up in the next couple of decades.”

Bloomberg News

continued from a8

Locsin weighs in

ALSO on Sunday, Foreign Affairs Secretary Teodoro L. Locsin Jr., who had earlier filed a diplomatic protest over the Chinese boats’ swarming presence in Julian Felipe Reef, weighed in and said military might was not the issue, but consistently asserting one’s right.

Replying to a tweet by former presidential aide Edwin Lacierda that China continues to repeat its claim that the South China Sea belongs to them, Locsin said: “China can say what it wants, Philippines will do what it must to keep what’s hers by right. Irrelevant whether we possess commensurate military power to meet the challenge; we will not yield but die—or trigger World War 3. Not a bad outcome; living is overrated.

Honor is all.”

Locsin, who had just flown in from a three-day trip to China for a meeting with three Asean counterparts and Chinese Foreign Minister Wang Yi, negated suspicion, however, that the recent donations of Chinese-made Sinovac Covid-19 vaccines donated to the Philippines were in exchange for the continued occupation

by China of reefs and atolls that are part of the country’s

exclusive economic zone (EEZ) in the WPS. “There is not even the faintest suggestion from China that the vaccines it generously provides has an exchange in mind be it sovereignty or concession; it is just,” Locsin tweeted.

“Wang Yi said, what good neighbors do for each other.

Chinese not cheap. It is help extended; no submission expected,” he added.

Another netizen noted that the situation is a “catch-22 situation since we need vaccines which we can’t get from the West that China has been providing us.” Locsin, who had actively campaigned since May 2020 for a diverse source of vaccine supply from all countries producing them—the US, Russia, China, United Kingdom—had lamented that developed countries have cornered the supply of Covid-19 vaccines only for their own citizens, and at the expense of poorer countries.

is not because of lack of access to resources. It is the lack of control over resources,” he said.

“After 10 years, we put up the first microfinance institution in the country, the CARD Bank, owned by its members. We completely turned banking system upside down.”

CARD Bank cut all bureaucracy in lending. It releases loans just two days from application and does not require collateral from borrowers.

Instead of requiring small borrowers’ financial projections or feasibility studies and numerous documents, it just requires a onepage form for loan application.

Now it has spin-off companies engaged in lending in both rural areas and urban areas.

It has the CARD MBA (mutual benefit association) owned by members and a nonlife insurance business linked with Pioneer Group.

“All policies, all regulations within the standard of the Insurance Commission, are implemented by the owners. What is our value proposition for these companies? Since they own it, we have a very small premium,” he said.

Overhead cost of the company

is only 1 to 2 percent while some insurance companies incur 40 to 60 percent.

CARD now has 3,482 offices in 85 provinces covering 1,577 municipalities and cities and 40,440 barangays.

As of January 2021, it has served 7.43 million clients; insured 27.219 million individuals; has outstanding loan of P30.77 billion; savings of P28 billion; operational efficiency, 117.1 percent; financial sufficiency, 114.89 percent, number of stockholders, 120,252.

It accounts for 20 percent of the entire microfinance industry in the country.

It has extended 14,761 scholarships; 9,783 graduate scholarships; and 4.693 million with access to its health services.

It accounts for around 80 percent of the entire insured Filipinos. Those it insures are mostly in the poverty level who are given the chance to bounce back economically in times of difficulty and loss.

Its repayment rate before the pandemic was 99.9 percent. It faltered a bit due to the pandemic and is now recovering in repayment rate to a more stable 93 percent to 95 percent.

₧808.4B in ODA-funded projects got OK in 2020 continued from a1

However, the other project is the change in scope and cost for the Philippines’s Covid-19 Emergency Response project worth P5.09 billion.

The project, per Neda documents, was approved by the ICC in 2020 but the additional $300-million financing could be approved in December 2021.

ODA dependence

‘China ships in reef betray designs on WPS features’ “The Philippines’s claims stand on solid ground, while China’s do not. China should respect Philippine sovereignty over the Kalayaan Islands, and its sovereign rights over its Exclusive Economic Zone as defined by Unclos and affirmed by the arbitral award,” the defense chief added.

Lorenzana asked China to stop being a trouble maker and source of discord in the South China Sea. “As a party to the DOC [Declaration of Conduct], China should refrain from conducting activities that disturb regional and international peace and security,” he said.

lievable. It should just be like a deposit when there’s a claim. You pay it right away,” he said.

Insurance or a loan guarantee is critically important in financing the marginalized farmers, in enabling them to get out of poverty. If farms are paid right away, they will be able to re-invest in agriculture again after natural disasters strike their farms.

“Insurance is an important safety net so that the poor will not slide back to poverty. If we’re able to pay farmers right away, their loyalty and affinity to insurance will be there,” he said.

Because of digitization, CARD accelerated its payment systems.

It now pays t h rough mobi le means (celfone).

With the Covid-19 pandemic’s lockdowns, its clients do not need to go to its offices. They can make pay ments, deposit, and withdraw online.

CARD was put up in December 1986. It has grown into a group of 23 mutually reinforcing institutions (MRI).

“My vision was for a bank owned and managed by the poor. I believe the reason why poor people are poor

THE Philippines continues to rely on foreign aid to finance infrastructure and non-infrastructure projects, Neda data showed.

A total of 73 projects worth P2.026 trillion approved by the Duterte administration between 2016 and 2021 are funded by ODA. The Neda documents showed a total of 91 projects worth over P3 tril-

lion were approved by the current administration.

Based on the data, the government approved the most number of ODA projects in 2018, when a total of 22 projects worth P117.43 billion were greenlighted.

However, in terms of ODA cost, the government approved the most in 2017, with ODA approvals reaching P951.2 billion and covering 17 ODA approvals.

The major approval in that year is also the largest ODA project in the country, the P356.97-billion Metro Manila Subway Project Phase 1.

The 25.3-kilometer subway will run from Mindanao Avenue in Quezon City to FTI in Taguig, then to Naia.

Project components include civil works; electromechanical, signaling, and telecommunica-

tions systems; station facilities; depot facilities; land acquisition; and procurement of rolling stock.

Data obtained by the BusinessMirror from the Neda last year showed the total ODA received by the country reached $26.21 billion as of June 2020. This is composed of $24.6 billion worth of loans and $1.61 billion.

The country received the most ODA funding from Japan, Asian Development Bank, World Bank, Asian Infrastructure Investment Bank (AIIB) and Korea.

ODA from Japan amounted to $10.1 billion or 38.53 percent of the total; ADB, $7.07 billion or 26.98 percent; World Bank, $4.98 billion or 18.98 percent; AIIB, $957.6 million or 3.65 percent; and Korea, $679.65 million or 2.59 percent.

Costs, delays cut PHL banana exporters’ profit Transit delays

BACANI explained that the transit delay was caused by the “continued spillover effect from the port congestions in China and Singapore that started at the end of 2020.”

The congestion, Bacani pointed out, caused feeder vessels to miss scheduled connecting dates with the intended mother vessels in Singapore and Shekou.

“This congestion has affected all shipping lines from Davao since all of them rely on the same feeder vessel service from Davao offered by CMA and RCL, meaning all banana exporters from Davao are equally affected by the delayed transit time,” he said.

Bacani pointed out that the increase in freight costs have affected “all banana exporters,” including Latin American producers, not just Philippine exporters.

Battle for China

HOWEVER, the increase in freight costs has put the Philippines in a tighter corner against its rising Vietnamese and Cambodian competitors in securing market share in the growing Chinese market.

“Vietnam and Cambodia, given their proximity to China, are the last affected by these increased freight costs, making their bananas even cheaper now versus Philippine bananas compared to last year,” Bacani said.

Bacani explained that the entry of Vietnam and Cambodia into the Chinese banana market in the past two years took a substantial chunk of the Philippines’s market share in the East Asian market due to their cheaper value.

He noted, though, that Philippine bananas still boast superior quality and taste compared to those being shipped by Vietnam and Cambodia. Bananas exported

by Cambodia and Vietnam to China are lower by $1.5 to $2 per box compared to Philippine exports.

“Previously, both of these countries composed only about 10 percent of banana imports into China with the Philippines comprising 90 percent. However, starting last year and up to now, they have increased to 40 percent of the imported banana volume into China, eroding Philippine market share,” he said.

Bacani has also sounded the alarm that the rate of decline of the country’s banana exports, both in terms of value and volume, is “definitely alarming.” He added, “As an industry we ended 2020 with less volume compared to 2016 which was an extreme El Niño Year, and there was no El Niño last year.”

The country’s banana exports in January plummeted by 51 percent to 186,419.019 metric tons (MT), from last year’s 384,151.173 MT, latest Philippine Statistics Authority (PSA) trade data showed.

PSA data analyzed by the BusinessMirror showed that the latest figure is the steepest decline in January banana shipments since 2006.

Data from the agency also showed the value of banana exports in January fell by 47 percent to $84.659 million, from $159.454 million recorded a year ago.

Japan remained the top destination of Philippine bananas in terms of value while China was the top export market in terms of volume.

continued from a1

The country’s banana exports to China reached 71,386.846 MT, 32 percent lower than the 105,514.553 MT shipped to the East Asian country last January 2020.

Value of banana exports to China dropped by nearly 30 percent to $30.406 million, from $43.307 million last year.

PSA data also showed that banana exports to Japan in January plunged by 41 percent to 63,476.882 MT, from 106,985.011 MT; while value of shipments declined by 39.7 percent year-on-year to $32.372 million.

The volume of bananas exported to Saudi Arabia, one of the country’s key markets in the Middle East, fell 61 percent to 10,564.715 MT, while value of shipments in January declined by 65.2 percent to $3.294 million.

Banana exports last year declined by almost a fifth to a 2-year low of 3.595 million MT as shipments across all key markets contracted due to weak domestic production.

PSA trade data analyzed by the BusinessMirror showed that total banana exports last year was 808,000 MT, or 18.35 percent, lower than the record-high 4.403 MMT posted in 2019.

Export receipts from banana shipments in 2020 declined by 20.6 percent to $1.552 billion from $1.953 billion. Due to the doubledigit reduction in value, bananas dropped to sixth spot in the list of the top export products of the Philippines, according to PSA data.

“The biggest factor [in the decline of our exports] is the loss of hectarage due to the spread of Panama Disease, especially among small growers,” Bacani said.

The World BusinessMirror

Editor: Angel R. Calso

Monday, April 5, 2021

A5

cuts growth forecast as new Italy enters 3-day Easter lockdown France nationwide Covid lockdown starts amid snags in Covid-19 vaccination F OME—Italy entered a three-

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day nationwide coronavirus lockdown on Saturday to deter Easter travel and get-togethers even as the countrys variant-fueled spike in new infections began to wane.

The government had announced last month that it would place all regions into the strictest “red zone” lockdown over the Easter weekend to limit the chances of contagion, taking the same precautions it enforced over Christmas and New Year’s.

Travel between regions and visits to relatives were being limited through Monday. Nonessential shops were closed and restaurants and bars were only open for take-out.

“People are tired, but they are aware that protecting health is essential in these times,” said Maj. Fabio Palletta, a Carabinieri military police officer manning a checkpoint in Rome on Saturday, one of many set up around the country this weekend to ensure people on the roads were authorized to travel.

The Interior Ministry also ordered up extra foot police patrols to break up large gatherings in squares and parks, which over Easter are usually packed with picnic-goers.

“I’m glad they are doing checks.

It means something is working in this whole mess,” said Amato Monatanari, who was pulled over for a check in Rome.

Italy, where Europe's outbreak

began, has recorded more than 110,000 Covid-19 dead, more than any other European country but Britain. Another 21,000 infections were reported on Saturday in Italy, along with 376 dead.

An estimated 87 percent of Italy's newest cases have been traced to the highly contagious variant first detected in Britain. But the Health Ministry reported Friday that for the second week in a row, new cases had "slightly diminished."

But because Italian hospitals in most regions are still well over their Covid-19 capacity in both intensive care units and other wards, the ministry concluded that new infections were still “too high...to allow any reduction in current restrictive measures.”

Italians, however, are upset over the country’s stumbling vaccination campaign, which despite having promised to prioritize older people has left many of Italy's eldest, most vulnerable people behind while teachers, police officers and other professional workers get their jabs.

The Lombardy region, Italy's biggest, has suffered more Covid-19 infections and deaths than any

Italian Army officers patrol Rome's central Piazza del Popolo on Saturday, April 3, 2021. Italy went into lockdown on Easter weekend in its effort to battle the Covid-19 pandemic. AP Photo/Gregorio Borgia

other but still has had a faltering vaccination campaign, earning a personal visit this week from Italy's new virus czar, Gen. Francesco Figliuolo.

“There are things that aren't going well,” Figliuolo said. “We’ll note them, and then we'll fix them together.”

More than three months into Italy's nationwide vaccination campaign, Lombardy this week opened a new centralized appointment portal after its previous system sent some elderly people hundreds of kilometers (miles) from home to get a jab and left others unable to get an appointment.

Lombardy's embattled regional governor, Attilio Fontana, acknowledged “some difficulties” but insisted that they hadn't impacted the overall vaccination campaign.

He said the criticism of the regional

effort was “nauseating.”

Italy has administered 10.8 million vaccines nationwide, though only 3.3 million of the country’s 60 million people have received both doses. Lombardy, which counts one sixth of the population and has long prided itself on its health care system, has administered 1.7 million doses.

On Saturday in Sicily, a church opened its doors temporarily to become a pop-up vaccination center.

“For those who are Christians celebrating Easter, today means above all to be a good and honest citizens,” said the Rev. Michele Viviano, parish priest of the Salesian parish of Don Bosco in San Gregorio di Catania, Sicily.

“This means also cooperating with the immunization campaign, participating in it and organizing it,” he said. AP

Taiwan steps up investigation into deadly high-speed train accident leave Taiwan.

There were more than 490 passengers and four train employees on board. Among the dead are the train driver and assistant driver, an American national and a French national.

Half-mast

Rescue workers remove a part of the derailed train near Taroko Gorge in Hualien, Taiwan on Saturday, April 3, 2021.

The train partially derailed in eastern Taiwan on Friday after colliding with an unmanned vehicle that had rolled down a hill, killing and injuring dozens. AP Photo/Chiang Ying-ying

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aiwan stepped up investigations into its deadliest train accident in seven decades, which killed 51 people and injured more than 100.

P r e l i m i n a r y a s s e s s m e nt s showed a crane truck rolled down from a position above the rail line which the passing train was on, according to the Transportation Safety Board. The collision caused the first five carriages of the eightcoach Taroko Express to derail and pile up inside the narrow, singletrack tunnel in Hualien County,

about 125 kilometers (78 miles) from Taipei.

Rescue efforts continued for a second day, and authorities believe that two of the cars still in the tunnel may hold the remains of additional victims, the Central News Agency reported, citing the National Fire Agency.

Investigators suspect that the truck driver, who wasn’t in the vehicle when the crash took place, didn’t engage the hand brake when he parked at a work site on a hill next to the tunnel, the Taipei Times

reported. The possibility that the brake had a mechanical failure is also being investigated, the Taiwan Railways Administration said in a statement on Saturday.

The truck driver was delivered to the Hualien prosecutor’s office after interrogation on Saturday, where he requested to be released on bail, according to an Apple Daily report. A court granted him bail of NT$500,000 ($17,500) and the prosecutor is seeking to appeal the decision, Apple said, adding that he isn’t permitted to

Flags in Taiwan were lowered to half-mast for three days from Saturday, and countries from the US and China have offered condolences. Taiwan President Tsai Ing-wen thanked the international community for its concern Saturday after visiting survivors at several hospitals in Hualien, according to a release from her office.

Forty-one people remained hospitalized as of 6 p.m. local time Saturday. Tsai also visited the Hualien municipal mortuary, where she consoled family members of those who died and promised them government assistance.

As of Saturday afternoon, the rail authority said it had removed the two carriages outside the tunnel. The government hopes to resume operations on the line sooner than an initial estimate of seven days, the Central News Agency reported, citing Transportation Minister Lin Chia-lung. Bloomberg News

UK: AstraZeneca vaccine benefits outweigh risks despite 7 deaths

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ONDON—Britain's medicines regulator is urging people to continue taking the AstraZeneca coronavirus vaccine, despite revealing that seven people in the UK have died from rare blood clots after getting the jab.

The Medicines and Healthcare Regulatory Agency, or MHRA, said it wasn't clear if the shots are causing the clots, and that its “rigorous review into the UK reports of rare and specific types of blood clots is ongoing.”

Though the agency said late Friday that seven people had died as a result of developing blood clots, it didn't disclose any information about their ages or health conditions.

In total, MHRA said it had identified 30 cases of rare blood clot events out of 18.1

million AstraZeneca doses administered up to and including March 24. The risk associated with this type of blood clot is “very small,” it added.

“The benefits of Covid-19 vaccine AstraZeneca in preventing Covid-19 infection and its complications continue to outweigh any risks and the public should continue to get their vaccine when invited to do so,” said Dr. June Raine, the agency's chief executive.

Concerns over the AstraZeneca vaccine have already prompted some countries including Canada, France, Germany and the Netherlands to restrict its use to older people.

The UK, which has rolled out coronavirus vaccines faster than other European nations, is particularly reliant on the AstraZeneca

vaccine, which was developed by scientists at the University of Oxford. It has also been using the vaccine developed by Pfizer-BioNTech, of which the agency has not seen any reported blood clot events.

Figures on Saturday showed that the UK has given a first dose of vaccine to 31.4 million people, or around 46 percent of its population, a much higher rate than the rest of Europe. Delivering second doses is the priority for April, with 5.2 million people now having received two jabs.

The relative success of the country's vaccination program has been credited for helping to sharply reduce new coronavirus infections in the UK after a winter surge, paving the way for a modest easing of lock-

down restrictions on gatherings.

On Saturday, the UK recorded another 3,423 infections, slightly up on the previous day‘s six-month low of 3,402. It also recorded only 10 coronavirus-related deaths, its lowest daily total since early September.

Despite the improved coronavirus backdrop, the UK has recorded Europe‘s highest Covid-related death toll, with over 126,500 deaths.

In France, which has restricted use of the AstraZeneca vaccine to people over 55, the family of a 38-year-old woman who died after suffering post-vaccination blood clots in the brain filed a criminal complaint in Toulouse on Saturday seeking a manslaughter investigation. AP

rance’s economy will rebound less than previously expected this year due to the latest four-week nationwide lockdown aimed at halting a surge in coronavirus cases.

French Finance Minister Bruno Le Maire cut the country’s 2021 GDP growth forecast to 5 percent from 6 percent, following an 8.1 percent contraction last year. A Bloomberg survey in March showed economists were expecting the economy to expand 5.7 percent.

“Closing education establishments and 150,000 stores is essential to slow the spread of the virus, but these measures will have an impact on the French economy,” Le Maire told Le Journal du Dimanche newspaper in an interview published on Sunday.

“This estimate is both sincere and cautious.”

President Emmanuel Macron sought to avoid a third nationwide lockdown to protect the economy but was forced last week to announce tighter restrictions across the country. More contagious, deadlier variants have accelerated the spread of the virus, and

the vaccination campaign is yet to have a significant impact after getting off to a slow start.

Schools still closed

The new lockdown came into force on Saturday night after a week that saw more than 200,000 new coronavirus cases and as close to 5,500 patients are in intensive care. As well as stores closing, schools will remain shut for three weeks including the holiday period.

Le Maire said government assistance to businesses impacted by the lockdown would cost around 11 billion euros ($12.9 billion) in April.

ECB Governing Council member and Bank of France Governor Francois Villeroy de Galhau has urged the European Union to implement a joint recovery fund urgently to help countries cope with the impact of Covid-19.

Le Maire echoed the call, saying Europe must not delay. France was due to receive 5 billion euros from the 750 billion-euro fund in July but this was now unlikely, the finance minister said.

Bloomberg News

Facebook data on more than 500M accounts found online

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EW YORK—Details from more than 500 million Facebook users have been found available on a web site for hackers.

The information appears to be several years old, but it is another example of the vast amount of information collected by Facebook and other social media sites, and the limits to how secure that information is.

The availability of the data set was first reported by Business Insider. According to that publication, it has information from 106 countries including phone numbers, Facebook IDs, full names, locations, birthdates, and e-mail addresses.

Facebook has been grappling with data security issues for years.

In 2018, the social media giant dis-

abled a feature that allowed users to search for one another via phone number following revelations that the political firm Cambridge Analytica had accessed information on up to 87 million Facebook users without their knowledge or consent.

In December 2019, a Ukrainian security researcher reported finding a database with the names, phone numbers and unique user IDs of more than 267 million Facebook users—nearly all US-based—on the open Internet. It is unclear if the current data dump is related to this database.

“This is old data that was previously reported on in 2019,” the Menlo Park, California-based company said in a statement. “We found and fixed this issue in August 2019.” AP

Pope urges hope amid ‘darkness’ of Covid pandemic in Easter vigil

Pope Francis celebrates the Easter Vigil in a nearly empty St. Peter's Basilica as coronavirus pandemic restrictions stay in place for a second year running, at the Vatican on Saturday, April 3, 2021.

Remo Casilli/Pool photo via AP

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OME—Pope Francis urged his coronavirus-weary flock to not lose hope even through the continued “dark months” of the pandemic as he celebrated a scaledback Easter vigil service in St. Peter's Basilica on Saturday.

Due to social-distancing norms, only about 200 masked people were allowed to attend the service, which marks the period between Christ's crucifixion and his joyous resurrection on Easter Sunday.

For the second year in a row, the Vatican cut out the traditional sacrament of baptism for a handful of adults to limit the chance of contagion. Usually a long, late-night ritual, this year's vigil service also started earlier than usual to respect Italy’s 10 p.m. Covid-19 curfew.

But the service began in the dramatic way it always does, with the pope lighting a single candle in the darkened basilica and then sharing its flame with others until the pews slowly begin to twinkle and the basilica's lights are turned on.

In his homily, Francis said Easter offers a message of hope and new starts.

“In these dark months of the pandemic, let us listen to the risen Lord as he invites us to begin anew and never lose hope,” he said.

“It is always possible to begin anew, because there is a new life that God can awaken in us in spite of all our failures.”

Francis, who again eschewed a facemask, limped considerably through the service, in a sign that he is suffering through a prolonged bout of sciatica nerve pain.

On Sunday, Francis is to preside over Easter Mass before a similarly small group of faithful and deliver his traditional “Urbi et Orbi” blessing “to the city and the world.” Usually the Easter Mass and blessing is celebrated before tens of thousands of people in a flower-decked St. Peter's Square.

But this year Francis will celebrate the service in the basilica and deliver the blessing from the altar, to prevent crowds from forming in the piazza. AP

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Monday, April 5, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

The Myanmar problem

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S President Theodore Roosevelt wrote in a letter in 1900, “I have always been fond of the West African proverb: ‘Speak softly and carry a big stick; you will go far.’” He reiterated that idea on at least two occasions and “big stick diplomacy” became the foundation of Roosevelt’s foreign policy.

The concept was that the US would back its diplomacy with the unmentioned threat of its military. The “big stick” was an extension of “gunboat diplomacy” used since the mid-19th century when, for example, the British dispatched a Royal Navy squadron to blockade the Greek port of Piraeus in retaliation for the assault of a British subject.

Henry Kissinger, during his tenure as US Secretary of State, summed up both concepts as: “An aircraft carrier is 100,000 tons of diplomacy.”

Since World War ll, “big sticks” have become less and less effective.

The first cause was the post-war bipolarization of the superpowers US and USSR. But even that waned over time, as the proxy wars in Vietnam and Afghanistan were both lost by the “big stick.” The Korean War was a stalemate.

The second cause is nuclear weapons. Nine countries currently have nuclear weapons: the US, UK, Russia, France, China, India, Pakistan, Israel and North Korea. The definition of “big stick” has changed.

Thirdly, since the last 70 years has been one of the most peaceful times in human history based on casualties of war, the mindset is that diplomacy works almost perfectly until it doesn’t.

Russia invaded eastern Ukraine and annexed Crimea in March 2014. Over 100 nations and countless international organizations condemned Russia. But the statement from Israel sums it all. “Israel hopes the crisis in Ukraine will be handled through diplomatic means and will be resolved peacefully.” In other words, “We will not lift a military finger against Russia.”

On February 1st, the Myanmar military took over the government on the grounds that there was massive election fraud. That was followed by equally massive “virtue signaling” condemnation from around the globe. There have been calls for intervention from the United Nations to Asean (Association of Southeast Asian Nations).

However, the UN can only deploy its peacekeepers with “consent of the parties” and is designed for cross-border conflicts, not domestic situations. The Asean “Treaty of Amity and Cooperation in Southeast Asia of 1976” states specifically: “The right of every State to lead its national existence free from external interference.”

Yet Thailand’s former foreign affairs secretary Sihasak Phuangketkeow said about the treaty: “It certainly needs reinterpretation. The crisis should no longer be seen as internal affairs of a member country.” Likewise, the Philippine Secretary of Foreign Affairs, Teodoro Locsin Jr., said: “No intervention; just wise counsel and distancing if ignored because Asean principle of noninterference in others’ domestic affairs cannot be used to conceal crimes against humanity; that would be tantamount to Asean complicity and consent.”

The fact that at least 550 people have been killed by Myanmar’s military is an abomination. Yet it took Vietnam invading Cambodia in 1978 to overthrow the Pol Pot government responsible for the death of almost a quarter of all Cambodians. Asean’s policy then was that Vietnam’s intervention was illegal and unjust. Asean stuck to its claim of the illegality of Vietnam’s presence.

Attitudes evolve, as they should when situations change. But where does Asean go if and when the death toll climbs to 1,000, 2,000 or 20,000?

Social considerations in job creation

ore than 4 million people are unemployed in the Philippines at this time, and it’s a huge problem especially because the world is in the midst of an economic struggle due to the pandemic. As governments try to reconstruct their respective economies, job creation needs to be at the heart of all the efforts.

The Philippine government must make sure that affected workers are able to find decent jobs, and that their rights are respected as the world transitions into new ways of working and doing things. It is largely a matter of policy setting to make sure sectors are regulated and good governance in the areas of technology and digital innovations remains on top of the agenda.

As we are thrust into a series of crippling quarantine periods, industries have tried to stay alive by shifting a significant part of their operations to the digital platform.

Those who are not able to join this move are left behind, including many of our workers—those working in the informal sector, migrant workers, workers who belong to manual industries, and those who couldn’t diversify or upskill, for one reason or another. Our people need to weather this storm on top of all the loss, death, illness, and fear.

organize themselves, which is a basic right, among others. Productivity is increased and businesses are being nursed toward recovery, sometimes at the expense of the workers.

The Philippine government must make sure that affected workers are able to find decent jobs, and that their rights are respected as the world transitions into new ways of working and doing things. It is largely a matter of policy setting to make sure sectors are regulated and good governance in the areas of technology and digital innovations remains on

Atty. Jose Ferdinand M. Rojas II

RISING SUN

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While technological innovations may be a boon for some sectors like the health care and digital industries, it can’t be denied that these also affect some workers negatively as they render some jobs unnecessary.

In this light, there must be greater effort to consciously use technology in the creation of new occupations in all sectors.

Aside from these, the current work setup opens the door to poor working conditions like the blurring of boundaries, pervasive surveillance, loss of workers’ opportunity to

‘Lugaw’ and deliveries dissected

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Thomas M. Orbos

STREET TALK

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oing viral last week was the “lugaw” incident at a barangay checkpoint where one lady tanod official lectured a hapless food deliveryman on what are considered “essential” food items. The incident became the talk of the town, meriting even the attention of Malacañang, in virtual unison on how this pinoy porridge is very much an essential comfort food for us Filipinos. The incident, however, should also lead our attention to the plight of our delivery service men that has now become a part of our daily lives in the Covid world we are in.

We are now seeing tremendous growth in the delivery business simply because most of us are staying home, with an estimated 300 percent increase on deliveries since the pandemic started. From grocery items to food orders, Filipinos have steadily shifted to making their purchases online. Hence, we will see the demand for more deliverymen to be employed in this industry. And the work pay of a deliveryman is not bad. For making 12 to 15 deliveries per day, a deliveryman makes roughly around P20,000 month— and can make more depending on how many hours he can devote on the road. This makes a good pivot employment alternative, given the increasing loss of jobs in the other traditional industries.

However, the life of a delivery-

man is not without risks and dangers. Road accidents involving deliveries have increased over these past months. And such accidents, given the structural nature of motorcycles or bicycles, are seldom minor with most of them either serious or fatal. Risk of exposure to the elements, most especially to Covid infection, is also real. And there are those remote incidents of cancellation of orders where deliverymen are then charged for such cancellations. On the other hand, consumers complain of non-deliveries and incidents of crime with the perpetrators pretending to be deliverymen.

And the lugaw incident seems to be not the first one and definitely not the last, with tanods, policemen and other enforcers on the road, unsure of regulations to apply to our two-

We may have all expressed our outcry at that lugaw incident, and rightly so. But it should not end in that apology by the barangay officials. It should lead government in rethinking the delivery sector of our society; a sector that we do not seem to notice as they go by whizzing through our roads, but nevertheless literally our lifeline of food and other essentials into our homes in this time of the pandemic.

wheeled transport workers. And as this means of livelihood will remain and continue to grow, it should then be high time for the government to come out with policies to regulate as well as protect all stakeholders in this delivery chain.

To accelerate this, an inter-agency type of effort is needed to oversee this and professionalize this industry. From how it is now, it will most likely include concerns that can be addressed by the transport, health and trade departments. But given the lugaw experience, it merits the inclusion of the local governments as well. The second need would be the writing up of a governing instrument, a sort of a “magna carta” that would protect as well as regulate the profession. Training and corresponding certification would be required leading to a minimum set of standards on the quality of de-

top of the agenda.

Efforts must also include the improvement of Internet connectivity as the move toward a digital economy is, expectedly, disastrous for people who lack access to reliable and affordable Internet connection. This does not only affect workers, but also students and teachers, the people needing health or medical services, and so many others.

To address the problem, we need alternative infrastructure providers, changes in policy, an effective communication campaign, new models of investment or financing vehicles, and the availability of opportunities for workers to learn, upskill or reskill, as well as education campaigns for the public.

Finally, in designing new technological systems and creating public policies, the affected sectors must always be involved. An inclusive process will lead to a better design, greater efficiencies, and bigger benefits for the public.

And now is the time to study our options and to act, before the unemployment figure swells to an unmanageable level.

livery service. Such dispensation of service would then be monitored and enforced with those failing to do so as being reprimanded or worse suspended or blacklisted. Having this in place would then justify enhancing compensation and other benefits for those rendering deliveries. Primary would be health benefits to include coverage for illnesses such as Covid infection, which they may have gotten in their line of duty, or equally important, accident insurance for any job-related accidents on the road.

Also important is the protection of their commissions that should not be at the whim of the service companies.

It may also be good if the government can allocate or come out with a financing program specially geared to address the purchase or upgrade of their two-wheeled vehicles.

We may have all expressed our outcry at that lugaw incident, and rightly so. But it should not end in that apology by the barangay officials. It should lead government in rethinking the delivery sector of our society; a sector that we do not seem to notice as they go by whizzing through our roads, but nevertheless literally our lifeline of food and other essentials into our homes in this time of the pandemic.

Thomas “Tim” Orbos is currently a transport policy advisor for an international organization and worked in government on transport and urban development matters. He is an alumnus of Georgetown University and the MIT Sloan School of Management. He can be reached via e-mail—tmo45@ georgetown.edu /thomas_orbos@sloan.mit.edu

Opinion BusinessMirror

www.businessmirror.com.ph

Necessary pirates in the fight against Covid Siegfred Bueno Mison, Esq.

THE PATRIOT

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any of us grew up with Combantrin—de-worming cure back in the seventies. With just one dose, Combantrin would get rid of a wide variety of worms, and almost instantly, the erstwhile host of parasites would have his appetite as well as his health restored. Parasites may be too discomfiting a topic for a Monday such as today, but at the height of a pandemic, and midway through seemingly futile efforts at combating an intractable disease, we inevitably find ourselves chatting about worms—and an anti-parasitic drug for animals called Ivermectin. Talk about the animal version of Combantrin.

Last week’s congressional inquiry initiated by the House Committee on Health was abuzz with both advocates and detractors of this medicine.

It came about following numerous accounts of an anti-parasitic drug for animals, which is being administered to humans infected with (and are cautious not to be stricken with) Covid-19. In short, Ivermectin is being prescribed and used both as a medical treatment and as prophylaxis for Covid. Interestingly, its proponents are doctors, most of whom are pulmonary and ICU specialists. The more famous local advocate, Dr. Allan Landrito, attests to a 99 percent efficacy rate of this medicine, having compounded and prescribed the drug to approximately 8,000 patients all of whom reportedly recovered and felt well soon after taking it. He was joined in various Zoom webinars by Dr. Benigno Agbayani Jr. of the Concerned Doctors and Citizens of the Philippines.

Championing Ivermectin in the global sphere is Dr. Pierre Kory of the Mt. Sinai Beth Israel Medical Center in New York. He leads the Front Line Covid-19 Critical Care Alliance (FLCCC), organized in March 2020 by “highly published, world renowned Critical Care physician/ scholars—with the academic support of allied physicians from around the world—to research and develop lifesaving protocols for the prevention and treatment of Covid-19 in all stages of illness.”

In October last year, they added Ivermectin as a “core medication” in the prevention and treatment of Covid-19. Dr. Kory supports Dr. Landrito, making full mention of studies made in various countries proving that Ivermectin is an effective prophylaxis for the virus.

However, these valiant physicians, and a host of many other advocates, face a legal roadblock. Dr. Eric Domingo, the Director General

of the local Food and Drug Administration (FDA) pounded the gavel of refusal, stating that while other countries sell oral Ivermectin tablets for humans, “no such product [for the treatment of any viral infection] is registered locally.”

Probably irked by this declaration, Dr. Landrito was heard addressing the FDA head with a query: “Dr. Domingo, nakalimutan mo na yatang doctor ka?” Our Department of Health likewise maintains a diffident stance. This apparent deadlock is what Dr. Agbayani bewails—emphasizing that “science is not like law,” the former “evolves.” Echoing the statements of Dr. Agbayani in a group interview, are doctors and responsible individuals who know their job well and will choose saving their patients over following the law as it is “the highest ethics in medicine.” The same lamentation is shared by Congressman Mike Defensor who cannot understand the excruciatingly lethargic pace of the local approving department anent the vaccines in general, and Ivermectin in particular. Fellow lawmakers Rodante Marcoleta and Virgilio Lacson criticized the bureaucracy for thwarting the availability of a possible cure amid a public health emergency.

With the rollout of the vaccines taking a snail stride, the grim truth haunts our frontliners no end. The AFP Medical Center is at 140 percent capacity. The scenario is replicated everywhere, at every other hospital where patients are “housed” either at tents or inside the ambulance vehicles, waiting for a hospital bed or a slot at the ER to be vacated.

Reflecting this depressing reality is a celebrity in the music industry

(Ms. Claire de la Fuente) who had to spend days WAITING at a hospital tent just to get admitted until she could no longer breathe and succumbed to death, with not even a chance to receive medical attention.

Hospitals are full, the doctors’ and nurses’ hands (and feet) near dead with unending medical emergencies to attend to, and the vaccines, even when administered, cannot offer immediate relief to save the day. And yet here is a drug, costing P32 a capsule, to be taken once a day for five days by an infected patient, which is readily available but is unfortunately placed beyond people’s legal reach.

On this note, Dr. Kory could not be any clearer when he stated before the US Senate Committee hearing in December 2020 that “Ivermectin and the components in the I-Mask+ Protocol could save hundreds of thousands of people around the globe who do not have to die while they await the widespread distribution of the vaccines.”

And so the clock ticks, critically ill people flood the ICUs, and the debate continues. The World Health Organization demands more substantial data for Ivermectin. But the fearless doctors have proffered supportive evidence gathered from over 20 studies, with over 10 of them randomized controlled trials, per the FLCCC—a level of confirmation higher than that of another drug (Remdesivir).

A question now begs to be asked, according to Dr. Kory: What other proof is necessary?

More than this controversial medicine, I believe the aforenamed doctors deserve approbation. Not because they wish so, taking note of the fact that they do not stand to earn at

Monday, April 5, 2021

all with the possible approval of the drug distribution. Rather, it is on account of the fact that they constitute the breed of individuals called the New Pirates, defined as “passionate people with a sense of purpose.” Lest I be misconstrued, I only resonate the clever and pertinent statement of Zero Dean (author, photographer, CG artist and filmmaker) when he pronounced that when we speak of pirates, we do not talk about rogues in the high seas but about “a completely new generation of individuals—maximizers of potential.” Pirates as described by Mr. Dean, are “captains of their ship. They take responsibility for their own lives.”

Exemplifying this trait would be Dr. Landrito who remarked that he is willing to get jailed for his staunch advocacy on Ivermectin. Additional characteristics of the new pirates are: they live with integrity, are compassionate, optimistic in their outlook, and are undeterred by stormy seas, among others.

These doctors-proponents bear the good news of a cure. Their integrity in their field (having hands-on experiences with Covid-19 patients in and out of the hospitals), and their passion for their work in general (saving lives) very well speak for themselves. Most often, the bearer IS THE EVIDENCE. The government’s requirement, therefore, for more proof on Ivermectin can be taken as a further unnecessary questioning when the evidence is already right in its face, with a host of successful recipients, all alive and testifying to how the said anti-parasitic drug saved their precious lives.

This reminds me of a similar questioning propounded by the apostle

Dialysis and Covid-19: Challenges and opportunities at the NKTI

By Romina A. Danguilan, MD

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ovid-19 is a global pandemic that brought health-care institutions to their knees as they grappled with this highly infectious disease. The National Kidney and Transplant Institute (NKTI) as the tertiary referral center for kidney disease diagnosis and management in the Philippines faced this challenge head-on, knowing that patients with kidney disease, patients on dialysis and transplant patients would continue to come.

NKTI early policy decisions

One of the first major policy decisions of top Management at the start of enhance community quarantine was to expand the Emergency Room facilities to accommodate about 100 Covid-19 suspects or confirmed patients, while areas of the main hospital were retrofitted to accept a highly infectious and deadly disease. The ER Covid Complex as it was called, was composed of 21 tents for various types of Covid-suspects or confirmed patients, dialysis facilities, treatment areas, a satellite operating room and isolation tents. It spanned over 5,000 square meters of parking lots and areas adjacent to the ER. This required a major recalibration of hospital operations, limiting hospital admissions to Covid-19 negative patients with renal emergencies only and re-assigning majority of the hospital staff to the ER.

The dialysis crisis

AT the start of the lockdown due to Covid-19, the provision of dialysis services was a major crisis in itself, as the Institute accepted hundreds of displaced patients on maintenance hemodialysis (HD) from other hospitals or from free-standing dialysis centers, who were diagnosed with Covid-19 but could no longer dialyze in their own dialysis centers.

The reasons are varied, such as closure of the facility itself or a lack of sufficient dialysis nurses to support cohorting a Covid-19 shift. Dialysis centers located in malls or buildings were ordered to shut down when even just one patient or health-care worker (HCW) was found to be Covid-19 positive. In addition, dialysis personnel also developed Covid-19 leading to a lack of adequate personnel to run these dialysis centers. The lack of personal protective equipment for dialysis center staff also led to a lot of resignations for fear of contracting the disease. Health-care institutions were

unprepared for this infectious scourge.

The lack of dialysis capacity as a result of the pandemic was a problem of the entire region, and NKTI’s response required an immediate expansion of its dialysis services considering that dialysis is the patient’s lifeline. Without maintenance dialysis, patients with ESRD would die. Many patients went to the NKTI’s ER, after being rejected by many hospitals and freestanding dialysis centers, already severely ill, uremic and congested, from missing weeks of dialysis sessions because of this problem.

Immediate expansion of dialysis services

IN order to accommodate all these patients, we immediately called on our dialysis provider to set up 3 tents configured to provide HD with an additional 16 HD machines, in the NKTI’s ER Covid Complex, running 24-hour shifts. Water lines were connected to these tents running hundred of meters from our main water line, and exhaust fans and air conditioning installed to make these tents pass infection control standards, and to make the treatment as comfortable as possible with the limitations of the set-up. Patients were so grateful to the NKTI for accepting them and saving their lives.

In addition to setting up these additional HD areas, safety guidelines for their use were put in place such as wiping down all equipment with disinfectant and ultraviolet light exposure of the area between shifts. These procedures caused delays of about 1 hour between treatments for proper disinfection. It also gave time for the HCWs to rest due to the extreme heat and humidity from wearing hazmats despite the air-conditioning. A no reuse dialyzer policy was also instituted due to the possible transmission of the disease during the flushing procedure of used dialyzers. The safety of the HD technicians was prioritized.

Both the patients’ and HCWs’ safety were paramount when delivering services by providing a donning and doffing area with a Safety Officer. In addition, plastic separators were also placed between patients as an additional safety maneuver to prevent Covid-19 transmission among the personnel and patients, as exposure would last several hours.

In order to accommodate all the patients who required dialysis, treatment sessions were shortened and sessions reduced to 2 times a week. This allowed us to treat more patients running almost 24 hours a day everyday. These protocols were made into guidelines in the NKTI’s Manual of Operations for the Covid-19 Crisis. These guidelines were shared with nephrologists running HD Centers all over the country.

fore able to continuously serve these HD patients who were transitioning back to their own HD Centers.

During this period, NKTI had several HD Units running simultaneously: 3 HD tents at the ER Covid Complex with 16 HD machines, the chronic HD Unit with 46 machines, and the in-patient HD facility with 16 HD machines. Not once did any of these Units close even if some personnel were absent. The Nursing Leaders augmented the HD staff immediately from a complement of skilled HD nurses in the medical wards. This program is part of a continuous year round rotation of nurses to the various specialty areas, including the HD and PD Units. The entire HD Nursing Staff has our admiration and gratitude for their dedication, courage and resiliency during this pandemic.

Granular breakdown of the dialysis patients

Dialysis private partners step-up their response

The NKTI usually initiates about 100 new patients on dialysis each month.

Thus, aside from providing services to displaced HD patients, those who reached end stage kidney failure continued to be accommodated for dialysis initiation. At the peak of the pandemic the Institute dialyzed about 80 patients daily at the ER Covid Complex; 80 percent on HD and 20 percent on peritoneal dialysis (PD). In addition, some patients with Covid-19 suffered from acute kidney injury due to this devastating disease and dialysis would be required temporarily while the kidneys recovered function. All of these patients were accommodated at the NKTI. This life-saving therapy was not denied to anyone who needed it. It is noteworthy that majority (92 percent) of the HD patients coming to the ER were not from NKTI but were from other HD facilities.

Another challenge was that patients recently admitted with Covid-19 needed a temporary HD facility during their quarantine period before they were allowed to rejoin the chronic HD patients. This was likewise needed for patients who still remained Covid-19 positive on RT-PCR testing even after hospital discharge.

The NKTI’s HD Annex for patients on maintenance HD requires one Covid negative swab for re-acceptance. To address this concern several HD shifts of the in-patient HD Unit (HD Main) were utilized to accommodate these patients temporarily. We were there-

The NKTI’s HD private partner quickly responded to all the Institute’s needs, providing the additional 16 HD machines, portable water treatment equipment and a crude tank for source water in the ER Covid Complex tents, recognizing the essential role the NKTI plays in the country in the provision of this therapy. We require that our private partners are ready at all times to provide dialysis augmentation during disease outbreaks.

This policy was incorporated into the 5-year PPP contract for HD, as a result of our past experience in dealing with leptospirosis surges where as many as 20 new patients are admitted daily, all of whom require temporary dialysis.

The Institute’s PD partner likewise offered more PD cycler machines used to remove more fluid in the Covid-19 patient and agreed to immediately increase deliveries of PD solutions for the more than 700 patients on chronic PD. They facilitated deliveries despite the transportation lockdown and often-inadequate warehouse personnel to attend to these deliveries. The NKTI was able to get approval from PHIC to give one month’s supply of PD solutions for patient’s enrolled in the PHIC Z-PD benefit instead of the usual 2-week supply. This was done to limit patient’s travel to the NKTI that became extremely difficult especially for patients coming from distant cities or provinces during the strict quarantine periods.

Peritoneal Dialysis as another option for ESRD patients

Another innovation to address the need to augment dialysis capacity was to initiate new patients on PD rather than HD. PD is a dialysis treatment performed at home. Thus patients would not need to travel to an HD center and be exposed to both patients and HD personnel since dialysis was performed safely in their own homes.

Patients on maintenance PD who developed Covid-19 continued therapy in the ER Covid Complex. New patients, however, required surgical placement of a PD catheter that had to be performed in a sterile environment. During this early period the hospital’s main Operating Room (OR) was reserved for Covid-19 negative patients only.

Thus a satellite OR was built by the Institute’s general services group from the ground up, in a record time of five days, behind the ER Covid complex, for this special procedure. The NKTI was therefore able to provide this alternative life-saving treatment for patients being initiated on dialysis or for those on HD who wanted to convert to PD.

Transitioning dialysis from tents to the ER main building

By the middle of May 2020, the main hospital’s re-engineering was completed and the second floor wards were converted to a Covid-19 hot zone.

The tents at the ER Covid Complex were slowly dismantled and HD was transferred from the tents to the ER Extension with 12 machines. This area was likewise refurbished with water pipes for dialysis, patient separators and reconfigured with exhaust fans to achieve sufficient air exchanges.

Once all the tents were put away, this temporary HD area was closed and patients confined in the hot zones were accommodated in the main hospital HD facility (HD Main).

Navigating the NEW normal for dialysis in NKTI

The New Normal currently being implemented in the chronic HD Annex and Extension consists of an HD Triage where all patients need to pass before they are accepted for treatment.

Only Covid-19 negative patients or aysmptomatic patients are dialyzed in these units. Patients are required to wear masks and face shields at all times in the treatment areas while

A7

Philip of the New Testament times (John 14:8-11), when he asked Jesus, “Lord, show us the Father and that will be enough for us.” Jesus answered: “Don’t you know me, Philip, even after I have been among you such a long time? Anyone who has seen me has seen the Father. How can you say, ‘Show us the Father’?

Don’t you believe that I am in the Father, and that the Father is in me? The words I say to you I do not speak on my own authority. Rather, it is the Father, living in me, who is doing his work. Believe me when I say that I am in the Father and the Father is in me; or at least believe on the evidence of the works themselves.” Obviously, this follower of Christ requested, albeit pointlessly, for more evidence after hearing his Master say that He is the only Way to the Father in Heaven, and anyone who has seen Him has seen the Father (John 14: 6).

Parenthetically, these doctors, the new pirates and bearers of evidence, should be enough confirmation for the said cure. Just as spiritually speaking, Jesus IS enough proof to make us realize that because of what he did on the cross, His Father is our Father, and His God is our God. And no further evidence is necessary.

A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission.

For questions and comments, please e-mail me at sbmison@gmail.com.

HCWs wear masks, shields and isolation gowns at all times.

The HD Unit in the main hospital (HD Main) has been designated a Covid-19 “hot zone”, and patients are cohorted depending on their Covid-19 status, with Covid-19 positive patients dialyzed during the last shift. In-patients, out-patient Covid-19 positive patients and those awaiting completion of their quarantine period are all accommodated in HD Main. Adjacent to this area is the IMCU, also designated a hot zone, and rooms there are configured for dialysis.

HCWs working in HD Main and IMCU are suited in hazmats. With these SOPs patients can all be treated and HCWs can do their work in a safe environment.

Future of dialysis for Covid-19 patients

What does the future hold for HD in NKTI? We want to remain capable of dialyzing out-patient Covid-19 patients but separately from our inpatient dialysis unit. We also want to be ready to dialyze patients from NKTI as well as from other HD facilities as part of the NKTI’s service to the country. Thus, through Dr. Rose Liquete, our Executive Director’s efforts, linkages with DPWH and IATF were made so that a separate 20-station HD facility will be built at the Eden grounds, capable of dialyzing up to 80 patients daily. This will be built with no capital outlay from NKTI. Moreover, the provision of dialysis services for this particular unit was bidded out and our current dialysis private partner was awarded the contract for this special facility for 12 months.

In conclusion, the pandemic brought on a huge challenge for the NKTI to absorb a deluge of HD patients from the regions, which was addressed by an immediate expansion of the Institute’s HD capability. We continued to offer PD and initiate newly diagnosed ESRD patients on PD to decrease the burden on the health-care system since dialysis is performed safely by the patient at home. The NKTI was again able to meet the demands of this pandemic and strengthened its emergency response capability.

Dr. Romina A. Danguilan is the Head of the HD Unit of the National Kidney and Transplant Institute.

A8 Monday, April 5, 2021

NG subsidy to GOCCs dips 27.8% in February

By Bernadette D. Nicolas

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@BNicolasBM

HE government extended fewer subsidies to government-owned and -controlled corporations (GOCCs) in February compared to the same month a year ago.

The Bureau of the Treasury reported that subsidies released by the national government to GOCCs contracted by 27.8 percent to P7.57 billion from P10.488 billion in February last year.

For the first two months of the year, the government has so far disbursed P7.581 billion this year in GOCC subsidies, also down by 27.7 percent from P10.488 billion in the same period a year ago since there were no subsidies released in January 2020.

For February alone, bulk of the subsidies went to major nonfinancial government corporations at P5.164 billion while the remaining P2.4 billion was given to other government corporations.

Government financial institutions did not receive any subsidy during the month.

Continued on A2

‘China ships in reef betray designs on WPS features’

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By Rene Acosta @reneacostaBM & Recto Mercene @rectomercene

HE continued presence of China’s maritime militia vessels at the Julian Felipe Reef has exposed Beijing’s intention to occupy other features in the West Philippine Sea, Defense Secretary Delfin Lorenzana claimed on Sunday.

The National Task Force for the West Philippine Sea (NTF-WPS) had reported, based on the latest patrol of the military, that at least 44 Chinese vessels remain at the reef, with a bigger number having already dispersed and redeployed to other areas in the Kalayaan Island Group and WPS. “The continued presence of Chinese maritime militias in the area reveals their intent to further occupy features in the West Philippine Sea,” Lorenzana said in a statement on Sunday that was released by DND spokesman Arsenio Andolong.

“They have done this before at Panatag Shoal or Bajo de Masinloc and at Panganiban Reef, brazenly violating Philippine sovereignty

and sovereign rights under international law,” the defense chief added.

Lorenzana’s strongly worded statement was the latest in a weekend verbal exchange with the Chinese government over the swarming presence of Chinese vessels in the WPS, particularly at the Julian Felipe Reef where at least 220 ships have converged since March 7 before they dispersed to other areas three weeks later.

On Saturday, Lorenzana reiterated his demand for the Chinese government to pull out its maritime militias from the Julian Felipe and from other features in the WPS, saying “umalis na kayo diyan” [leave that place] in the vernacular.

“I am not a fool,” he said, to be-

lieve China’s claims that the fishermen were just taking shelter, citing weather reports noting no disturbance.

Responding to his call, the Chinese Embassy said it has taken note of Lorenzana’s “perplexing” statement on the fishing vessels around “Niu’e Jiao” in the South China Sea, which it said is “part of China’s Nansha Islands.”

“China is committed to safeguarding peace and stability in the waters and we hope that authorities concerned would make constructive efforts and avoid any unprofessional remarks which may further fan irrational emotions,” it also said.

The embassy’s statement insisting that Julian Felipe Reef is part of China’s Nansha Islands provoked a scathing rebuttal from Lorenzana on Sunday.

“The utter disregard by the Chinese Embassy in Manila of international law especially the Unclos to which China is a party is appalling.

Its nine-dash line claim is without any factual or legal basis. This, together with its so-called historical claim, was flatly and categorically rejected by the arbitral tribunal,” he said.

Continued on A4

POPE HAILS FILIPINOS’ FEAST OF FAITH’–FOR 500 YEARS

By Samuel P. Medenilla

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@sam_medenilla

OPE Francis on Sunday praised the ability of Filipinos to face numerous adversities, including the raging Covid-19 pandemic, and even deepen and strengthen their faith, in the last 500 years.

In his video message for the Quincentennial celebration of the arrival of Christianity in the country, the pontiff likened the belief of Filipinos in God to how Jesus Christ carried His cross with conviction before His crucifixion.

“How many difficult moments have you suffered? I think, especially, during these years of immediate preparation for the Jubilee: earthquakes, typhoons, volcanic eruptions and the Covid-19 pandemic,” Pope Francis said.

“But in spite of all the pain and devastation, you have known how to carry the cross and to continue walking. You have suffered much but also you have risen up one time after another. Continue working, reconstructing, helping one another like good Cyrenians,” he added, a reference to Simon of Cyrene who helped Jesus carry His cross part of the way to Calvary.

He remarked on how Christianity is deeply rooted within the Filipino family, just like how it was fostered by Mary and Joseph with the young Jesus Christ during their time in Nazareth.

Last, Pope Francis also discussed the role of Filipinos in spreading the faith

as what the Apostles of Jesus Christ did after Pentecost, when the Holy Spirit descended on them.

These three terms—the Cross, Nazareth, and Pentecost—Pope Francis said, are the three milestones in the country’s 500 years of Christianity.

Sharing the faith

He said he hopes Filipinos will continue to share such “gifts” of their faith with other nations.

“You are generous. You are bountiful.

You know how to celebrate the feast of faith. Don’t lose that even in the midst of difficulties,” Pope Francis said.

“I am a witness that you know how to transmit the faith, and you do it well, be it in your own country or abroad,” he added.

On Sunday, a total of 537 pre-identified pilgrimage parish churches, basilicas, and cathedrals simultaneously opened their “Jubilee Doors”to mark the official opening of the 2021 Jubilee Year.

Manila Apostolic Administrator Bishop Broderick Pabillo explained that during the 2021 Jubilee Year, people visiting the said sites will receive plenary indulgence.

“We invite everyone to go to church [during the celebration], confess, pray, and receive blessing from God. For the entire year, the [plenary] indulgence can be received in these jubilee churches,” Pabillo said during his homily on Sunday.

“Let us schedule our visits to these churches when the restrictions are relaxed,” Pabillo said.

www.businessmirror.com.ph

Companies BusinessMirror

Monday, April 5, 2021

B1

Regulator orders financing firms to register with AMLC

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By VG Cabuag

@villygc

he Securities and Exchange Commission (SEC) has required all financing and lending companies to register with the Anti-Money Laundering Council (AMLC) and to report suspicious transactions and comply with other rules and standards aimed at combating money laundering and terrorism financing in the country.

The agency released its SEC Memorandum Circular No. 4, Series of 2021 on March 30, which amended the SEC Guidelines on Anti-Money Laundering and Combating the Financing of Terrorism for SEC Covered Institutions (2018 AML/CFT Guidelines) and the 2020 Guidelines on the Submission and Monitoring

of the Money Laundering and Terrorist Prevention Program.

The amendment adds all financing and lending companies among the SEC-supervised covered persons, or those required to comply with the requirements and standards provided under the Anti-Money Laundering Act and the Terrorism Financing

Prevention and Suppression Act. Prior to the amendment, the SEC only required financing and lending companies with more than 40 percent foreign participation in their voting stocks and those with paidup capital of at least P10 million to comply with the two laws.

“The amendment aims to protect financing and lending companies from abuse and misuse by money launders and terrorists, and more importantly the integrity of the financial system, the overall economy and the people who would ultimately suffer from such illicit activities,” SEC Chairman Emilio B. Aquino said.

All financing and lending companies shall comply with all the requirements under the two laws to combat money laundering and they shall also have the duty to cooperate with the AMLC’s mandate and to protect their businesses from being used for money laundering.

All financing and lending companies must register in the online reporting system of the AMLC and submit proof of such registration to

the Anti-Money Laundering Division of the SEC Enforcement and Investor Protection Department within two months from the effective date of the newly issued memorandum circular.

The SEC also directs all financing and lending companies to formulate and implement a comprehensive and risk-based Money Laundering and Terrorist Financing Prevention Program. The program must be designed in accordance with the company’s corporate structure and risk profile, and should be duly approved by the company’s board of directors or by the country, regional or area head or its equivalent for the local branches of foreign financing and lending companies.

The memorandum circular shall take effect 15 days after its publication in two national newspapers of general circulation.

Firms that will fail to comply with the provisions of the newly issued memorandum circular face a fine of P10,000 to P1 million, plus up to P2,000 for each day of continuing violation.

Razon to ‘vigorously’ fight GGAM suit B

illionaire Enrique Razon K. Jr. said he would oppose the moves of US-based casino operator Global Gaming Asset Management Philippines (GGAM) to force his companies to give out the $296.6-million award that GGAM initially won in a Singapore arbitration tribunal.

Razon said the enforcement of that arbitral award is on appeal at the Singapore Court of Appeals.

This is in addition to a court case in the Regional Trial Court (RTC) of Makati City, which issued a writ of attachment and writ of preliminary injunction against the shares in Bloomberry Resorts Corp. that GGAM, the former operator of Solaire Resorts and Casino, was trying to sell while arbitration was pending.

GGAM’s action to lift the attachment and injunction issued by the RTC is even now pending in the Philippine Supreme Court, said Bloomberry Resorts Corp.

“Mr. Razon and the companies

associated with him will vigorously oppose this shameless GGAM forum shopping and attempt to enforce an arbitral award against those who are not a party to the arbitration.”

GGAM last week sued Razon and several companies associated with him in the United States District Court in the Southern District of New York. The suit is to enforce an arbitral award against two Philippine companies owned by Bloomberry.

“GGAM previously dragged Razon in a suit in Hong Kong against Deutsche Bank to compel the release of its shares in Bloomberry subject of the RTC attachment and injunction,” it said.

“GGAM had to ask the Hong Kong court to suspend the proceedings because of the subsisting Philippine court actions. GGAM had to pay the cost of Mr. Razon as the Hong Kong court considered GGAM’s implicating Mr. Razon there unwarranted.”

In September 2009, Bloomberry entered a management services

SEC revokes registration of Pigdeals

Cebu Pacific cancels several flights

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he Securities and Exchange Commission (SEC) has revoked the corporate registration of Pigdeals International Holdings Inc., a company that uses a Ponzilike scheme to obtain investments from the public in exchange for raising piglets.

The company promises to almost double investments in three months. Pigdeals offers investment packages worth P2,500 each, supposedly to cover the costs of raising and selling one piglet, with a promised net profit of 80 percent or P4,500 after 3 months.

In the course of its investigation, the SEC’s Enforcement and Investor Protection Department found that Pigdeals does not have the license to operate agricultural lands, animal farms, and ranches, among others, from the Bureau of Animal Industry.

Pigdeals has neither registered any securities nor applied for the necessary license to offer such securities for sale, the agency said.

The company’s scheme also involved securities, particularly an investment contract, in which a person invests his money in a common enterprise and is led to expect profits primarily from the efforts of others.

The SEC said Pigdeals employed a scheme similar to that of Organico Agribusiness Ventures Corp. whose corporate registration was revoked on November 5, 2019. VG Cabuag

agreement with GGAM for all the aspects of the operations of Solaire, which included the pre-opening preparations. As part of the agreement, GGAM was granted the option to purchase up to 921.18 million shares at a purchase price equivalent to P1 per share plus $15 million.

Fees per contract amounts to $100,000 per month for the technical assistance and $75,000 monthly for services related to the pre-opening operations. Its contract was for five years, with the option to extend by another five years.

Razon, however, fired GGAM in 2013 shortly after the opening of Solaire, accusing the Las Vegas-based firm of “just sitting on their laurels,” and allowing the billionaire’s management to do most of the leg work including bringing in VIP gamblers from Macau and China.

Razon went on to create his own team to operate Solaire, but GGAM took the billionaire to the Singapore arbitration tribunal.

In its 2016 decision, the Singapore court sided with GGAM and said it has not misled Razon into signing a management agreement to operate Solaire.

The court, in its partial award, also said there is no basis for Razon to challenge the ownership of GGAM on some 921.18 million shares in the company. GGAM acquired the said shares after it exercised its equity option rights to raise its stake in the Bloomberry to 8.7 percent.

The arbitration tribunal has since then issued its final award September 2019 in favor of GGAM and ordered monetary awards in favor of GGAM and a constructive remedy pertaining to the 921.18 million Bloomberry shares declared as owned by GGAM. The Razon camp, meanwhile, said only a Philippine court can order the enforcement of such award.

The tribunal, however, rejected the claim of GGAM that it was defamed by the heated statements of Razon against the firm. VG Cabuag

C

ebu Pac if ic (CEB) a nnounced over the weekend that it is canceling a number of flights following the oneweek extension of the enhanced community quarantine (ECQ ) in the areas covered by National Capital Region (NCR) Plus.

Due to the extension of the ECQ, only essential travel is allowed in and out of Metro Manila until April 11.

The airline said the following Cebu Pacific and Cebgo flights are canceled during this period:

The Inter-Agency Task Force has also approved the request of the local government of Western Visayas (Region 6) to temporarily suspend the acceptance of incoming passengers until April 10. As a result, the following flights are also cancelled: Affected passengers have been informed via contact details provided in the booking. They may select their prefer red option

through the Manage Booking portal on the Cebu Pacific website (http://bit.ly/CEBmanageflight) up to 30 days from date of departure: n Rebook—Rebook for travel within 90 days at no additional cost, following CEB’s permanent removal of change fees. Fare difference waived. n Travel Fund— Store t he amount in a virtual CEB wallet valid for 2 years and use this to either book a new flight or pay for add-ons (e.g. baggage allowance, seat selection, etc.) n Refund—Due to the high volume of requests, the airline said the process may take up to 7 months from date of request.

CEB said it will continue to operate all other domestic and international flights not included above. However, passengers who wish to postpone their travel during this time may also avail of the same options above on CEB’s Man-

age Booking portal.

Before going to the airport, the airline said passengers must c hec k t he rea l-t i me st at u s of f lights on its website: https:// b i t . l y/C E B F l i g h t S t a t u s C h e c k , along with travel requirements, safety protocols, and frequently asked questions (FAQs) via https:// bit.ly/CEBFlightReminders.

Passengers are advised to upd ate t heir contact deta i ls v ia http://bit.ly/CEBUpdateInfo to receive email notifications on flight reminders and updates.

“This is a developing situation.

We may adjust flights depending on government regulations.

We will provide updates as soon as more information becomes available,” CEB said.

“For other questions or concerns, passengers may send a message via Charlie the chatbot on the Cebu Pacific website, or through CEB’s official Facebook and Twitter accounts.”

MRT, LRT to dispatch fewer trains as workers undergo testing—DOTr

A Metro Rail Transit 3 (MRT3) maintenance crew member waves to signal the driver as they conduct test runs of newly overhauled train cars. BusinessMirror file photo

By Lorenz S. Marasigan @lorenzmarasigan

W

ith the mass testing of all railway personnel ongoing, the four railway lines in the country will operate on a “limited scale,” dispatching fewer trains due to lower personnel capacity.

Officials of the Department of Transportation (DOTr) said on Sunday that while the capacity per train set will remain at a maximum of 30 percent, the number of trains for all railway lines will be reduced starting Monday.

“Due to the increase in the number of cases of Covid-19, our response at the DOTr is to implement mass testing in all railway ops,” Transportation Undersecretary Timothy Batan said. “The capacity will remain, but what is different is the number of trains dispatched depending on the number of available personnel.”

From 24 train sets before the enhanced community quarantine (ECQ), the Light Rail Transit (LRT) Line 1 will operate with only 17 trains. The LRT Line 2 will retain its 5 trains, but it may be scaled down “depending on personnel availability.”

For the Metro Rail Transit (MRT) Line 3, a maximum of 10 trains will be operational, more than half of its 23-train max capacity before the ECQ in the National Capital Region (NCR) Plus bubble.

The Philippine National Railways, which will resume operations on Friday, will have at most 10 trains operational, just 2 train sets less than its maximum pre-ECQ operations.

The government started the mass testing of all railway personnel on March 29.

“We should not compromise the health, safety, and security of the traveling public and our working people. That is a non-negotiable position,” Transportation Secretary Arthur Tugade said.

Batan noted that to

augment the capacity of the train lines, the government will dispatch buses that run on certain routes.

“To serve authorized persons outside of their residences or APOR, we are working with the road sector to provide bus augmentation and modern jeepney augmentation for affected railway routes,” he said.

Tugade also reminded commuters to follow the stringent health protocols that are being enforced in all railway lines to help curb the spread of Covid-19. These include the wearing of protective gears, frequent disinfection, and the avoidance of eating, talking and making phone calls in public transport terminals and vehicles.

B2

Companies BusinessMirror

Monday, April 5, 2021

PSE STOCK QUOTATIONS

March 31, 2021

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

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

41.7 102 81.5 23.05 9.68 44.4 10.5 22.05 22.65 55.9 16.94 120.1 69.5 1.57 3.94 0.59 3.01 1.38 0.38 950 0.72 141.6

43 102.5 82 23.1 9.7 44.65 11 22.8 22.7 56.1 17.5 121 69.6 1.6 3.95 0.62 3.22 1.51 0.4 995 0.77 142.8

41.6 103.6 84.1 23.1 9.78 45.3 10.4 22.8 22.7 56.15 16.94 122 69.5 1.63 3.94 0.62 3.18 1.51 0.37 970 0.77 143.8

43.3 103.8 84.1 23.1 9.78 46.05 11 22.8 23 56.2 16.96 122 69.6 1.63 3.96 0.62 3.28 1.51 0.4 970 0.77 143.8

41.6 101.6 81.5 23 9.68 44.4 10.4 22.8 22.65 56 16.8 119.5 69.5 1.56 3.91 0.62 3.18 1.51 0.37 950 0.72 141

43.3 102 81.5 23.05 9.7 44.4 10.98 22.8 22.65 56.15 16.82 121 69.6 1.6 3.95 0.62 3.28 1.51 0.4 970 0.72 142.8

800 33,890 4,048,270 414,458,292 2,722,550 222,921,766.50 53,700 1,237,370 184,600 1,793,16 6,592,500 294,949,270 211,300 2,280,004 200 4,560 380,500 8,647,175 1,060 59,517.50 42,800 724,658 293,150 35,353,486 1,420 98,767 243,000 386,210 614,000 2,421,260 156,000 96,720 2,000 6,460 425,000 641,750 140,000 54,550 30 28,900 50,000 37,350 4,410 625,721

INDUSTRIAL

AC ENERGY ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHX PETROLEUM PILIPINAS SHELL SPC POWER VIVANT AGRINURTURE AXELUM CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT FRUITAS HLDG GINEBRA JOLLIBEE LIBERTY FLOUR MACAY HLDG MAXS GROUP MG HLDG SHAKEYS PIZZA ROXAS AND CO ROXAS HLDG SWIFT FOODS UNIV ROBINA VITARICH VICTORIAS CONCRETE A CONCRETE B CEMEX HLDG DAVINCI CAPITAL EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL CHEMPHIL CROWN ASIA EUROMED MABUHAY VINYL PRYCE CORP CONCEPCION GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG

6.94 1.24 23.5 0.86 29.85 69.8 272 16.08 3.05 3.7 11.16 20.45 10.42 13.76 7 3.46 12.92 18.2 9.14 7.07 10.18 59.05 0.61 1.4 50.8 176.9 32.2 7.23 5.79 0.335 7 1.01 1.4 0.139 132.3 0.82 2.25 55.2 58 1.13 2.82 10.9 7.26 5.65 6.3 12.22 1.15 2.03 151 1.85 2.08 4.56 5.18 20.8 3.73 10.4 1.09 5.62 1.28 6.27

6.95 1.27 23.75 0.87 30.1 71 273.4 16.1 3.06 3.8 11.28 20.5 10.46 14.46 7.08 3.48 13.5 18.48 9.16 7.1 10.2 59.85 0.64 1.43 50.95 177.7 32.8 7.85 5.89 0.34 7.08 1.03 1.46 0.14 133 0.83 2.3 57.05 62.95 1.14 2.85 11 7.48 5.7 6.35 12.28 1.17 2.05 192.9 1.86 2.1 4.58 5.5 21 3.75 10.54 1.11 5.89 1.3 6.28

6.95 1.25 23.85 0.87 29.65 71 276.2 16 3.07 3.7 11.4 20.3 10.46 14.88 6.95 3.5 13.3 17.9 9.17 7.25 10.32 60.5 0.61 1.41 50.25 176.9 32 7.87 5.71 0.305 7.06 1.03 1.43 0.138 134.5 0.83 2.25 55 65 1.14 2.9 11 7.41 5.6 6.4 12.26 1.17 2.05 151 1.95 2.12 4.49 5.18 21.2 3.8 10.44 1.1 5.94 1.28 6.25

7 1.26 24 0.91 30.1 71 277 16.2 3.07 3.7 11.48 20.5 10.5 14.88 7.1 3.52 13.6 18.48 9.17 7.29 10.32 60.5 0.64 1.43 51.4 178.1 33 7.87 5.9 0.36 7.08 1.03 1.43 0.142 134.8 0.84 2.25 65 75 1.16 2.94 11.2 7.6 5.74 6.4 12.28 1.17 2.07 151 1.95 2.33 4.58 5.18 21.2 3.84 10.6 1.11 5.95 1.3 6.35

6.9 1.24 23.5 0.85 29.65 69.7 272 15.9 3.03 3.7 11.06 20.3 10.4 13.76 6.92 3.46 13.3 17.84 9.1 7.02 10.08 58.75 0.61 1.37 50.25 176 32 7.16 5.71 0.3 7 1.01 1.43 0.138 131.1 0.81 2.25 55 58 1.12 2.76 10.9 7.15 5.5 6.26 12.22 1.14 2.03 151 1.86 2.07 4.49 5.18 20.8 3.69 10.32 1.09 5.94 1.28 6.2

6.94 1.24 23.5 0.86 30.1 69.8 272 16.08 3.06 3.7 11.28 20.5 10.46 14.46 7.09 3.48 13.5 18.48 9.14 7.07 10.2 59.05 0.64 1.43 50.95 176.9 32.8 7.85 5.78 0.335 7.08 1.03 1.43 0.14 133 0.82 2.25 55.2 63.75 1.14 2.82 10.9 7.26 5.7 6.35 12.28 1.17 2.03 151 1.86 2.1 4.58 5.18 20.8 3.75 10.54 1.11 5.94 1.3 6.27

7,368,400 903,000 2,584,800 116,978,000 373,300 44,490 250,040 4,504,500 576,000 3,000 95,500 552,400 156,100 3,600 534,500 3,297,000 5,400 2,352,900 42,800 1,729,900 442,700 49,820 186,000 6,353,000 91,380 424,690 400 3,200 143,200 36,180,000 15,700 2,515,000 2,000 15,970,000 1,437,790 1,396,000 50,000 4,670 9,100 2,542,000 3,361,000 60,500 86,700 249,400 297,200 66,100 350,000 2,885,000 100 1,446,000 2,190,000 15,000 2,100 7,300 16,657,000 443,300 72,000 15,000 84,000 2,656,200

-226,421,332 -146,675,410.50 -586,200 2 (856,806) -174,960,235 1,546,808 -3,215,525 -22,022 -21,437,080 34,104.00 1,630 -1,644,050 9,500 -15,840 482,862

51,218,533 1,125,760 60,880,645 103,811,920 11,206,795 3,115,908.50 68,620,006 72,484,932 1,757,650 11,100 1,081,932 11,287,500 1,626,260 50,644 3,722,585 11,504,900 72,796 43,080,608 390,528 12,322,830 4,511,720 2,946,405.50 116,110 8,892,220 4,665,192 75,156,564 13,060 24,887 825,598 12,301,300 110,684 2,559,570 2,860 2,243,790 190,887,613 1,145,900 112,500 264,302.50 577,770.50 2,891,500 9,506,230 664,780 628,392 1,410,591 1,881,573 810,164 402,480 5,908,800 15,100 2,708,880 4,825,620 67,620 10,878 152,960 62,793,530 4,625,452 79,330 89,200 108,400 16,603,613

1,469,475 -185,660 -23,002,430 39,490 1,590,650 -1,573,823 -5,578,098 -3,692,346 112,500 3,816,460 93,600 -30,394 -4,154,920 67,476 8,054,762.00 13,680.00 -5,532,820 -795,924 -1,721,226.50 110,400 2,042,030.50 4,889,110 -630,442 -1,109,100 105,880 -19,880 -38,109,533 -830 -1,242,520.00 87,010 21,800 -10,127 -166,929 -57,096 -457,560 -34,600 -625,120 280,950 51,500.00 -972,910 -793,914 -290,890.00

HOLDING & FRIMS ABACORE CAPITAL 1.12 1.13 1.17 1.18 1.1 1.12 22,587,000 25,586,230 ASIABEST GROUP 6.95 7.28 7.29 7.29 7.28 7.28 900 6,553 AYALA CORP 738.5 740 752 755 738 740 236,180 174,870,665 34.5 34.9 36 36 34.5 34.5 3,036,800 105,888,205 ABOITIZ EQUITY 10.58 10.64 10.7 10.7 10.54 10.64 819,000 8,706,508 ALLIANCE GLOBAL AYALA LAND LOG 3.05 3.06 2.95 3.09 2.92 3.06 2,438,000 7,346,680 ANSCOR 6.42 6.54 6.42 6.54 6.41 6.54 5,100 32,744 0.67 0.69 0.65 0.69 0.65 0.68 2,606,000 1,755,740 ANGLO PHIL HLDG 0.74 0.75 0.76 0.76 0.74 0.75 1,715,000 1,280,490 ATN HLDG A ATN HLDG B 0.75 0.78 0.74 0.8 0.74 0.75 265,000 197,660 COSCO CAPITAL 5.14 5.15 5.2 5.2 5.14 5.15 797,200 4,109,933 5.55 5.57 5.69 5.75 5.4 5.55 21,155,800 117,518,718 DMCI HLDG 8.1 8.67 8.12 8.67 8.08 8.67 23,400 189,725 FILINVEST DEV FORUM PACIFIC 0.245 0.25 0.25 0.25 0.238 0.25 600,000 148,800 GT CAPITAL 522 528 533.5 533.5 522 522 94,440 49,539,620 3.52 3.64 3.64 3.64 3.64 3.64 1,000 3,640 HOUSE OF INV JG SUMMIT 59.2 59.75 60.9 61.15 58.85 59.75 2,128,690 126,881,658.50 KEPPEL HLDG A 4.68 4.98 4.76 4.76 4.76 4.76 4,000 19,040 LODESTAR 1.01 1.02 1.02 1.05 1.01 1.01 4,302,000 4,413,290 3.33 3.36 3.35 3.38 3.33 3.33 287,000 959,800 LOPEZ HLDG 13.5 13.52 13.5 13.62 13.3 13.5 1,576,900 21,234,600 LT GROUP MABUHAY HLDG 0.47 0.49 0.47 0.48 0.47 0.47 750,000 352,700 METRO PAC INV 3.74 3.76 3.79 3.79 3.74 3.74 18,352,000 68,845,330 3.5 3.69 3.52 3.53 3.52 3.53 10,000 35,280 PACIFICA HLDG PRIME MEDIA 2.58 2.59 2.6 2.71 2.51 2.59 4,463,000 11,621,260 REPUBLIC GLASS 2.5 2.78 2.5 2.5 2.5 2.5 3,000 7,500 SOLID GROUP 1.23 1.25 1.25 1.25 1.25 1.25 85,000 106,250 SYNERGY GRID 331 345 340 345 333 345 170 57,410 960 970 972 972 960 960 405,350 390,224,595 SM INVESTMENTS 118.9 119 119.9 119.9 119 119 103,220 12,296,200 SAN MIGUEL CORP SOC RESOURCES 0.7 0.71 0.7 0.71 0.68 0.7 133,000 93,250 TOP FRONTIER 134.8 139.9 133.7 139.9 133.7 139.9 3,880 540,580 0.245 0.26 0.255 0.26 0.245 0.245 210,000 53,040 WELLEX INDUS ZEUS HLDG 0.197 0.206 0.197 0.209 0.197 0.197 630,000 127,510

517,900.00 -37,056,460 -40,198,390 -2,591,736 2,986,600 25,670 10,560 112,500 -3,070,436 -28,390,005 -155,650.00 -6,729,835 -46,548,621.50 41,200 -297,900 470,748 -1,012,330 -35,050 -122,714,450 -3,520,051 -48,132.00 -

PROPERTY ARTHALAND CORP 0.62 0.64 0.63 0.64 0.63 0.63 505,000 322,850 ANCHOR LAND 7.51 8.49 8.5 8.5 8.49 8.49 800 6,798 AYALA LAND 34.35 34.55 35.5 35.6 34.35 34.35 14,151,100 489,359,085 1.2 1.26 1.2 1.2 1.2 1.2 5,000 6,000 ARANETA PROP AREIT RT 34 34.1 33.8 34.3 33.8 34 690,700 23,563,170 BELLE CORP 1.47 1.5 1.47 1.51 1.47 1.47 741,000 1,096,450 A BROWN 0.87 0.88 0.86 0.88 0.86 0.88 340,000 294,750 0.93 0.95 0.91 1.02 0.86 0.95 13,185,000 12,679,360 CITYLAND DEVT 6.4 6.8 6.4 6.4 6.4 6.4 53,900 344,960 CEBU HLDG CEB LANDMASTERS 5.88 5.9 5.81 5.92 5.8 5.9 1,661,300 9,726,423 CENTURY PROP 0.38 0.385 0.38 0.385 0.375 0.38 5,890,000 2,232,800 0.315 0.33 0.33 0.33 0.315 0.33 1,400,000 460,250 CYBER BAY DOUBLEDRAGON 13.1 13.2 13.14 13.22 13.02 13.2 728,400 9,584,658 DDMP RT 2.15 2.16 2.15 2.17 2.11 2.15 76,441,000 163,911,190 DM WENCESLAO 6.9 6.91 6.92 6.92 6.9 6.9 13,400 92,590 0.275 0.28 0.28 0.28 0.275 0.28 290,000 80,250 EMPIRE EAST 0.097 0.102 0.103 0.105 0.096 0.097 4,780,000 475,270 EVER GOTESCO FILINVEST LAND 1.1 1.11 1.11 1.12 1.1 1.1 6,095,000 6,712,660 GLOBAL ESTATE 0.81 0.82 0.82 0.82 0.81 0.81 393,000 319,580 7.07 7.59 7.12 7.65 7 7.07 75,500 552,085 8990 HLDG 1.35 1.38 1.4 1.4 1.35 1.35 709,000 965,990 PHIL INFRADEV KEPPEL PROP 2.7 3 2.97 2.97 2.93 2.93 7,000 20,710 CITY AND LAND 2.24 2.25 1.67 2.34 1.67 2.25 47,777,000 98,609,190 3.58 3.59 3.67 3.67 3.56 3.58 15,462,000 55,407,520 MEGAWORLD 0.385 0.39 0.42 0.435 0.385 0.385 151,650,000 62,172,500 MRC ALLIED 0.62 0.63 0.55 0.71 0.52 0.63 232,794,000 151,554,820 PHIL ESTATES PRIMEX CORP 2.1 2.11 2.22 2.25 2.05 2.1 12,629,000 27,149,500 ROBINSONS LAND 17.78 17.88 17.88 17.96 17.7 17.88 554,100 9,890,414 0.255 0.265 0.25 0.265 0.25 0.265 110,000 28,250 PHIL REALTY ROCKWELL 1.57 1.6 1.58 1.63 1.51 1.57 2,254,000 3,584,600 SHANG PROP 2.72 2.73 2.72 2.72 2.7 2.72 104,000 281,990 STA LUCIA LAND 2.21 2.31 2.33 2.33 2.22 2.31 364,000 814,620 35 35.05 35.45 35.75 35 35 7,659,700 268,754,070 SM PRIME HLDG 3.75 3.8 3.8 3.8 3.8 3.8 4,000 15,200 VISTAMALLS SUNTRUST HOME 1.49 1.5 1.48 1.53 1.46 1.49 1,481,000 2,182,590 VISTA LAND 3.74 3.75 3.8 3.8 3.73 3.74 520,000 1,947,780

21,420 -191,680,615 -4,772,850.00 -4,420 -10,560 -452,820 86,073 45,500 -433,198 -15,995,020 -80,250 -4,049,390 7,070 -13,800 62,150 -26,475,000 -89,700 -206,450.00 2,797,030 -5,082,166 -886,920 8,160 445,000 -99,157,730 197,930 -587,560

SERVICES ABS CBN 10.88 10.9 11.26 11.26 10.86 10.9 400,600 4,385,852 GMA NETWORK 8.7 8.71 8.69 8.85 8.63 8.7 6,037,500 52,619,690 MLA BRDCASTING 9.82 11.5 11.48 11.48 11.48 11.48 4,600 52,808 1,880 1,894 1,929 1,929 1,880 1,880 62,840 118,968,695 GLOBE TELECOM 1,221 1,245 1,268 1,268 1,221 1,221 152,710 188,089,485 PLDT APOLLO GLOBAL 0.197 0.198 0.195 0.2 0.194 0.197 232,120,000 45,692,360 CONVERGE 18.68 18.7 19.12 19.12 18.7 18.7 7,003,300 131,545,302 3.65 3.74 3.63 3.74 3.61 3.65 182,000 662,230 DFNN INC 10.14 10.16 10.18 10.22 10.06 10.16 8,736,100 88,511,872 DITO CME HLDG IMPERIAL 1.65 1.79 1.7 1.7 1.7 1.7 7,000 11,900 JACKSTONES 1.98 2.05 1.95 2.08 1.95 2.08 71,000 142,790 2.63 2.67 2.66 2.71 2.6 2.67 1,123,000 2,965,170 NOW CORP 0.425 0.43 0.425 0.44 0.42 0.425 18,750,000 7,916,850 TRANSPACIFIC BR PHILWEB 2.81 2.85 2.88 2.88 2.78 2.85 825,000 2,318,370 2GO GROUP 8.42 8.5 8.5 8.5 8.4 8.5 40,500 342,194 15.16 15.5 15.5 15.5 15.5 15.5 200 3,100 ASIAN TERMINALS CHELSEA 3.19 3.25 3.22 3.28 3.17 3.28 831,000 2,655,390 CEBU AIR 45.05 45.1 45.1 45.1 44.6 45.05 329,900 14,802,840 INTL CONTAINER 121 121.9 121.4 122.1 121 121 2,826,970 342,633,982 0.95 1.05 1.07 1.07 0.97 1.06 9,000 8,920 LORENZO SHIPPNG MACROASIA 4.91 4.92 4.8 4.96 4.76 4.92 1,097,000 5,387,360 METROALLIANCE A 2.53 2.57 2.4 2.57 2.4 2.53 805,000 2,018,300 PAL HLDG 6.1 6.2 6.15 6.2 6.01 6.2 6,800 41,807 1.15 1.16 1.16 1.16 1.13 1.15 180,000 206,470 HARBOR STAR 1.62 1.67 1.52 1.74 1.52 1.67 400,000 662,030 ACESITE HOTEL BOULEVARD HLDG 0.081 0.083 0.084 0.084 0.08 0.083 144,190,000 11,780,200 DISCOVERY WORLD 3.95 3.97 4.16 4.16 3.9 3.95 582,000 2,288,880 WATERFRONT 0.58 0.59 0.59 0.61 0.56 0.59 28,318,000 16,630,180 6.61 7.33 6.61 6.61 6.61 6.61 200 1,322 CENTRO ESCOLAR IPEOPLE 6.69 7.85 7.89 7.89 6.69 6.69 11,200 85,442 STI HLDG 0.38 0.385 0.385 0.39 0.38 0.38 780,000 299,150 BERJAYA 4.42 4.6 4.6 4.6 4.6 4.6 1,000 4,600 6.85 6.96 6.8 6.96 6.8 6.96 1,964,400 13,533,647 BLOOMBERRY 2.04 2.08 2.06 2.1 2.03 2.04 249,000 510,330 PACIFIC ONLINE LEISURE AND RES 1.81 1.85 1.82 1.87 1.8 1.85 3,698,000 6,661,210 PH RESORTS GRP 2.07 2.08 2.02 2.12 2.01 2.08 3,854,000 8,036,210 0.385 0.39 0.39 0.39 0.385 0.385 1,110,000 428,300 PREMIUM LEISURE 6.1 6.5 6.1 6.6 6.1 6.5 2,800 17,730 PHIL RACING ALLHOME 7.73 8 7.7 8 7.7 8 42,200 334,609 METRO RETAIL 1.33 1.35 1.37 1.37 1.33 1.35 572,000 769,280 39.3 39.4 40.4 40.5 39 39.3 4,740,100 188,371,755 PUREGOLD 56.25 57.25 57 57.75 56.05 57.25 265,590 15,139,178 ROBINSONS RTL PHIL SEVEN CORP 91.5 92 92 92 91.5 92 62,670 5,765,390 SSI GROUP 1.2 1.21 1.22 1.23 1.2 1.21 657,000 792,630 17.18 17.8 17.46 17.8 17.08 17.8 1,542,900 27,192,176 WILCON DEPOT 0.4 0.405 0.39 0.4 0.39 0.4 330,000 131,300 APC GROUP EASYCALL 6.32 6.5 6.6 6.6 6.32 6.32 204,700 1,315,006 GOLDEN MV 447 448.2 449 449 449 449 20 8,980 2.06 2.07 2.08 2.08 2.03 2.06 16,555,000 34,031,530 PRMIERE HORIZON

-77,418,400 -114,567,810 -247,450 -4,054,250 -372,470 -1,946,700.00 -179,090 303,400 -33,600 -153,600 9,764,650 -118,075,751 890,500 -4,305 -51,250.00 603,310 -1,870.00 -439,731 20,600 -29,620 88,950.00 -3,850 1,550 -183,550 -45,429,040 5,416,835.50 -79,140 24,600 572,842 13,675 653,150.00

MINING & OIL ATOK 9.12 9.2 9 9.5 8.79 9.12 2,013,800 18,304,584 -25,480 APEX MINING 1.41 1.43 1.42 1.43 1.41 1.41 441,000 626,890 38,560 6.29 6.3 6.29 6.53 6.29 6.29 178,000 1,138,028 26,710 ATLAS MINING 2.35 2.72 2.55 2.72 2.55 2.72 5,000 12,920 BENGUET A COAL ASIA HLDG 0.28 0.295 0.285 0.285 0.28 0.28 120,000 34,150 CENTURY PEAK 2.75 2.8 2.7 2.8 2.7 2.8 222,000 605,400 586,350 8.8 9.49 9.16 9.49 8.6 9.49 27,100 233,882 DIZON MINES FERRONICKEL 2.41 2.42 2.48 2.48 2.38 2.41 2,046,000 4,927,910 -937,400 GEOGRACE 0.315 0.325 0.325 0.33 0.31 0.325 880,000 280,000 3,200 LEPANTO A 0.13 0.132 0.133 0.133 0.129 0.132 8,890,000 1,161,330 0.131 0.139 0.139 0.139 0.139 0.139 80,000 11,120 11,120 LEPANTO B 0.0096 0.0097 0.0097 0.0098 0.0097 0.0097 23,000,000 223,200 MANILA MINING A MANILA MINING B 0.0097 0.0099 0.0099 0.0099 0.0099 0.0099 2,000,000 19,800 19,800 MARCVENTURES 1.21 1.22 1.25 1.25 1.18 1.21 852,000 1,017,010 -18,050 2.19 2.24 2.29 2.29 2.18 2.24 55,000 121,680 NIHAO NICKEL ASIA 5.09 5.1 5.19 5.23 5.06 5.1 898,600 4,601,053 118,511 OMICO CORP 0.405 0.42 0.435 0.44 0.42 0.42 110,000 46,850 ORNTL PENINSULA 0.83 0.85 0.86 0.86 0.83 0.85 248,000 206,750 4.55 4.6 4.8 4.8 4.54 4.55 177,000 811,560 26,460 PX MINING 13.52 13.6 13.66 13.66 13.48 13.6 1,836,500 24,905,174 -2,497,474 SEMIRARA MINING UNITED PARAGON 0.0074 0.0075 0.0075 0.0078 0.0074 0.0075 96,000,000 734,100 ACE ENEXOR 22.6 22.85 23.1 23.1 22.2 22.85 217,600 4,962,100 120,630 0.012 0.013 0.013 0.013 0.012 0.012 135,100,000 1,651,300 ORNTL PETROL A ORNTL PETROL B 0.012 0.013 0.012 0.013 0.012 0.013 1,600,000 19,300 PHILODRILL 0.011 0.012 0.012 0.013 0.011 0.011 113,500,000 1,311,100 PXP ENERGY 8.56 8.57 8.59 8.68 8.56 8.56 118,700 1,019,690 -338,506

PREFFERED HOUSE PREF B 100.4 101 100.9 100.9 100.9 100.9 500 50,450 HOUSE PREF A 100 101 101 101 101 101 170 17,170 AC PREF B1 524 534 530 534 530 534 52,730 27,956,195 100.6 102.5 102 102 100.6 100.6 360 36,468 ALCO PREF B AC PREF B2R 526 530 531 531 527 530 26,820 14,214,490 CEB PREF 40.6 40.7 40.6 41 40.2 40.7 88,300 3,591,265 93,040 CPG PREF A 101.1 102.5 102.5 102.5 101.1 102.5 960 98,386 100.6 102.5 102.5 102.5 102.5 102.5 10 1,025 DD PREF GLO PREF P 502 504 503.5 503.5 503.5 503.5 3,000 1,510,500 GTCAP PREF B 1,030 1,041 1,030 1,030 1,030 1,030 1,000 1,030,000 MWIDE PREF 99.9 100 100 100 99.9 99.9 15,000 1,499,719 100 101 100 100 100 100 100 10,000 10,000 MWIDE PREF 2A 100 101 101 101 100 101 1,740 175,440 MWIDE PREF 2B PNX PREF 3B 100.4 104 101 104 100.2 104 55,040 5,551,951 10,400 PNX PREF 4 987.5 990 990 990 987.5 987.5 1,280 1,267,050 1,000 1,030 1,000 1,030 1,000 1,030 145 146,350 PCOR PREF 2B PCOR PREF 3A 1,100 1,119 1,115 1,115 1,115 1,115 830 925,450 PCOR PREF 3B 1,124 1,150 1,130 1,130 1,130 1,130 100 113,000 SFI PREF 1.66 1.89 1.75 1.75 1.75 1.75 1,000 1,750 77.8 79.5 77.8 77.8 77.75 77.8 123,130 9,579,114 SMC PREF 2C SMC PREF 2E 76 77.8 75.9 77 75.9 77 61,120 4,643,540 SMC PREF 2F 78.4 78.95 78.95 79 78.95 78.95 112,400 8,874,450 SMC PREF 2H 76.5 77.95 78 78 76.45 76.45 46,900 3,626,330 78.5 78.9 78.9 78.9 78.9 78.9 10 789 SMC PREF 2I SMC PREF 2K 75.7 76 75.65 76 75.65 76 1,740 131,890 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 10.34 10.96 10.5 10.5 10.34 10.34 222,800 2,329,268 -2,329,268 GMA HLDG PDR 8.34 8.35 8.36 8.39 8.3 8.34 1,200,000 10,025,489 5,589,310

WARRANTS LR WARRANT 2.01 2.02 2.02 2.25 1.96 2.01 31,953,000 67,429,450 72,740

SMALL & MEDIUM ENTERPRISES ALTUS PROP 19 19.4 19.4 19.5 18.7 19.4 97,900 1,848,356 112,732 ITALPINAS 2.45 2.48 2.42 2.49 2.39 2.48 326,000 801,260 -46,590 KEPWEALTH 5.12 5.32 5.37 5.37 5.06 5.32 30,500 157,519 5.43 5.44 5.02 5.45 4.99 5.44 32,479,700 169,863,961 -5,349,809 MERRYMART

EXHANGE TRADE FUNDS

FIRST METRO ETF 98.9 100 100.8 100.8 98.2 98.9 38,520 3,819,473 152,296

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DTI: CARS participants will meet production deadline

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By Tyrone Jasper C. Piad

@TyronePiad

he Department of Trade and Industry (DTI) expressed optimism that participants of the Comprehensive Automotive Resurgence Strategy (CARS) program will be able to hold up their end of the bargain with the eyed 3-year extension for production.

Trade Undersecretary Ceferino Rodolfo told the reporters in a recent interview that car manufacturers under the CARS program will be able to produce at least 200,000 units with another 3 years added to their production time.

Rodolfo earlier said an executive order (EO) covering such relief is targeted to be released by June. The 3-year extension proposal was a re-

quest previously lodged by the CARS participant as they struggled with their production amid the pandemic, the Trade official said.

“Initial naman nating discussions with them on this, mukhang kaya naman. Three years din naman ‘yung kanilang request [Based on our initial discussions with them, it appears they can meet the deadline; it was them who re-

STOCK-MARKET OUTLOOK Last week

Share prices closed lower last week, with the main index falling to the 6,400-point level on lackluster trading, as investors were in a holiday mood during Holy Week.

The benchmark Philippine Stock Exchange index (PSEi) fell 101.54 points to close at 6,443.09 points.

The main index only rose once during the 3-day trading week and was down on the remaining days of the first quarter.

Average daily trading for the week was at P5.88 billion. Foreign investors were slowly returning to the market and now comprise 42 percent of the trades. Foreigners were still net sellers at P2.14 billion.

All other subindices were down, with the exception of the Industrial index that climbed 18.97 points to close at 8,609.69 points. The broader All Shares index shed 43.50 to 3,924.29, the Financials index was down 27.81 to 1,373.83, the Holding Firms index declined 80.59 to 6,524.81, the Property index retreated 65.04 to 3,211.92, the Services index decreased 21.39 to 1,414.59 and the Mining and Oil index lost 157.01 to 8,476.93.

For the week, losers slightly edged gainers 116 to 112 and 19 shares were unchanged.

Top gainers were City and Land Developers Inc., Philippine Estates Corp., Cityland Development Corp., Metro Alliance Holdings and Equities Corp. A and B shares, GMA Network Inc. and Anchor Land Holdings Inc. Top losers were Benguet Corp. B shares, Discovery World Corp., ATN Holdings Inc. B, Crown Asia Chemicals Corp., Prime Media Holdings Inc. and Zeus Holdings Inc.

This week

Share prices may continue its fall this week as the government extends for another week the enhanced community quarantine (ECQ) status of Metro Manila and the nearby provinces of Laguna, Rizal, Cavite and Bulacan.

Analysts said the ECQ extension may further dampen investors’ appetite to trade.

“The economic team estimated that about P2.1 billion in income per day is lost during the stricter ECQ status, which does not bode well for corporate earnings and capital expenditure, and by extension, market sentiments,” broker 2TradeAsia said.

It will be another shortened trading week with April 9 a public holiday for the Araw ng Kagitingan celebration.

Physical trading at the Philippine Stock Exchange trading floor is also not allowed until further notice with the ECQ extension.

“As we open the second quarter, recognize that within the context of the markets and the pandemic, lockdowns are no longer novel. Recall strategies that have worked in the past year such as dividend plays, bargain-hunting blue chips, that yielded strong results, despite seemingly dire circumstances,” 2TradeAsia said.

It sees support for the main index at 6,200 to 6,400 points and resistance at 6,600 points.

Stock picks

Broker Regina Capital Development Corp. gave a buy rating on the shares of 8990 Holdings Inc. (HOUSE) as demand for low-cost housing will likely remain strong.

The company said it gave a fair value rating on the share at P9.70 apiece, which at its close last week of P7.07 gives a significant upside in the broker’s target price.

“Demand for affordable housing will likely remain strong, especially beginning 2021 when the economy starts to slowly reopen. As of nine months of 2020, it has unrealized sales stood at P5.6 billion, equivalent to 3,214 units.

Barring another Luzon-wide ECQ, it is highly likely that HOUSE will be able to sustain its sequential growth per quarter,” it said.

“The low interest rate environment coupled with increasing real estate prices outside the capital will prove to be beneficial for HOUSE at least until 2022.”

Meanwhile, the broker advised to trade the range on the stock of liquor firm Emperador Inc. (EMP) after its share price declined for two days last week, which signals a bullish reversal in the next trading sessions.

“EMP has been on a month-long sideways consolidation between P9.98 and 10.40. It may persist for several days before staging a possible breakout.

The stock has also been trading above the 260-day moving average for the past eight months,” it said.

Shares of Emperador closed last Wednesday at P10.20. VG Cabuag

quested a three year-extension],” Rodolfo said.

Toyota Motors Philippines Corp. and Mitsubishi Motors Philippines Corp. have enrolled models Mirage and Vios, respectively, in the incentives program, an initiative to boost local automotive production.

CARS program participants were initially given 6 years to manufacture at least 200,000 units and to produce body shells and large plastic parts.

In return, each enrolled model will be provided fiscal support of P9 billion. The program, which was signed in 2015, is given a total allocation of P27 billion.

Toyota and Mitsubishi, according to the data provided by DTI, have not yet met the half-way mark in their production.

Ma. Corazon H. Dichosa, Board of Investment executive director for industry development and services, said there are still 143,000 Mirage units and 128,000 Vios units yet to be produced.

Rodolfo earlier said while the EO extends the production period, the

mutual funds

volume requirements of the participants will remain the same.

In addition, it will also cover investments relating to model changes

by Toyota and Mitsubishi, but this will not need another budget allocation as long as the amount is within the fixed investment support.

The CARS participants, however, are yet to avail of the incentives, Rodolfo said.

The local dealer of Toyota, which accounted for 44.69 percent of the market share, saw its sales decline by 38.3 percent to 100,019 units last year, from 162,011 units in 2019.

Mitsubishi sales plunged to 37,366 units last year, which is 41.7 percent lower than 64,065 units sold in 2019. It comprised 16.7 percent of the total industry sales last year.

Total auto industry sales fell by 39 percent to 223,793 units last year from 369,941 units in 2019, according to the joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. and Truck Manufacturers Association.

March 31, 2021

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 210.04 22.02% -8.56% -3.83% -7.56% ATRAM Alpha Opportunity Fund, Inc. -a 1.289 51.63% -6.73% 1.5% -1.83% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.8779 23.82% -12.71% -6.01% -8.14% Climbs Share Capital Equity Investment Fund Corp. -a 0.7405 25.27% -8.15% n.a.

-7.89% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6647 10.8% n.a. n.a. -10.37% First Metro Save and Learn Equity Fund,Inc. -a 4.5885 22.71% -6.34% -2.69% -7.14% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6651 15.09% -10.21% -7.85% -12.46% MBG Equity Investment Fund, Inc. -a 95.77 45.02% -5.87% n.a. -6.05% PAMI Equity Index Fund, Inc. -a 43.127 27.13% -6.57% -2.58% -7.94% Philam Strategic Growth Fund, Inc. -a 451.8 22.97% -6.49% -3.1% -7.6% Philequity Alpha One Fund, Inc. -a,d,5 1.013 30.71% n.a. n.a.

-7.68% Philequity Dividend Yield Fund, Inc. -a 1.0966 24.32% -6.02% -2.01% -6.13% Philequity Fund, Inc. -a 32.2146 24.61% -6.22% -1.62% -7.35% Philequity MSCI Philippine Index Fund, Inc. -a 0.839 25.26% n.a. n.a.

-8.11% Philequity PSE Index Fund Inc. -a 4.4153 27.65% -6.16% -1.82% -7.85% Philippine Stock Index Fund Corp. -a 738.59 28.01% -6.05% -1.96% -7.87% Soldivo Strategic Growth Fund, Inc. -a 0.6658 23.57% -10.08% -5.52% -7.39% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.3414 22.22% -8.21% -3.34% -7.79% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8445 27.34% -6.39% -2.07% -7.98% United Fund, Inc. -a 3.1016 25.56% -5.42% -0.78% -6.55% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 99.1054 28.19% -5.84% -1.29% -7.86% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.2494 51.19% 3.71% 8.58% 3.87% 9.61% n.a. -0.08% Sun Life Prosperity World Voyager Fund, Inc. -a $1.6715 50.49% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.6239 15.08% -2.84% -1.5% -2.68% ATRAM Philippine Balanced Fund, Inc. -a 2.1568 17.06% -3% -0.68% -5.63% First Metro Save and Learn Balanced Fund Inc. -a 2.4969 13.77% -2.07% -1.46% -4.95% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1879 8.36% n.a. n.a. -5.39% NCM Mutual Fund of the Phils., Inc. -a 1.9008 10.88% -0.23% 0.59% -3.22% PAMI Horizon Fund, Inc. -a 3.5601 15.22% -1.68% -0.71% -6.02% Philam Fund, Inc. -a 15.9608 14.82% -1.54% -0.72% -5.76% Solidaritas Fund, Inc. -a 1.9993 14.21% -2.52% -0.49% -4.53% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3872 14.39% -4% -1.74% -5.21% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9498 15.23% n.a. n.a.

-7.12% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8716 20.92% n.a. n.a.

-8.18% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.856 22.16% n.a. n.a. -8.26% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8373 17.98% -4.91% -2.33% -5.68% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03808 0.74% 2.56% 1.38% -2.66% PAMI Asia Balanced Fund, Inc. -b $1.1222 28.78% 1.84% 4.99% -2.43% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.4965 36.29% 7.1% 8% -0.36% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1775 20.14% 3.39% n.a. -2.05% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 369.78 2.6% 3.08% 2.53% -0.35% ATRAM Corporate Bond Fund, Inc. -a 1.9075 -0.45% 0.71% 0.14% 0.38% Cocolife Fixed Income Fund, Inc. -a 3.217 2.27% 4.1% 4.52% 0.07% Ekklesia Mutual Fund Inc. -a 2.2423 0.33% 2.11% 1.49% -2.34% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4241 2.89% 3.07% 1.71% -1.19% Philam Bond Fund, Inc. -a 4.4452 2.18% 3.68% 1.66% -4.09% Philam Managed Income Fund, Inc. -a,6 1.315 4.98% 4.19% 2.59% -0.47% Philequity Peso Bond Fund, Inc. -a 3.9595 5.45% 4.4% 2.45% -1.04% Soldivo Bond Fund, Inc. -a 1.0226 6.8% 3.98% 1.84% -1.86% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1644 3.7% 4.61% 2.64% -1.3% Sun Life Prosperity GS Fund, Inc. -a 1.7269 2.01% 3.89% 1.98% -1.6% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $481.58 3.18% 2.87% 2.38% -0.47% ALFM Euro Bond Fund, Inc. -a Є219.46 2.57% 1.08% 1.18% 0.13% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1783 2.03% 1.77% 1.22% -7.97% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0257 1.18% 1.2% 0.88% -3.38% PAMI Global Bond Fund, Inc -b $1.0538 0.45% 0.28% -0.5% -3.56% Philam Dollar Bond Fund, Inc. -a $2.4555 5.46% 3.99% 2.12% -3.16% Philequity Dollar Income Fund Inc. -a $0.0625128 5.26% 3.22% 2.21% 0.31% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.0972 0.28% 1.79% 0.88% -3.92% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.84 2.45% 3.2% 2.53% 0.02% First Metro Save and Learn Money Market Fund, Inc. -a 1.0498 1.56% n.a. n.a.

0.16% Sun Life Prosperity Money Market Fund, Inc. -a 1.3008 2.1% 2.91% 2.58% 0.32% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0552 1.5% 1.76% n.a.

0.27% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.1916 n.a. n.a. n.a. 5.49% Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.98 13.95% n.a. n.a.

0% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU).

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

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

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

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

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Banking&Finance BusinessMirror

Lawmakers want investments included in Jr. HS curriculum

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O equip the young with the tool for long-term savings and long-term investment, lawmakers are pushing for the passage of a bill seeking to include a savings and investment subject in the junior high school curriculum.

AAMBIS-OWA Rep. Sharon S. Garin and Marikina Rep. Stella Luz A. Quimbo said they filed House Bill 9058, or the proposed “Savings and Investments Act of 2021,” to prepare young Filipinos prior to senior high school and college or university studies.

The authors said they also filed the bill to have an effective investor education program to encourage sustained retail participation in the capital markets and address the challenge of financial literacy in the Philippines.

The lawmakers noted they noted how criminals exploited the lockdown last year to perpetuate multiple types of scams ranging from pyramiding sales to complex investment scams involving cryptocurrencies and foreign exchange.

Indeed, the solons said the massive reach of social media and other online platforms in the country, coupled with a population easily swayed to place their trust in an entity illegally soliciting investments, has heightened the risk of investment scams victimizing the public.

“The low savings and financial literacy levels to identify tell-tale signs of investment scams underscore the need for a national response through financial literacy and education,” they said in their explanatory note.

The bill is set to promote investor education, investor protection and scam-proof the population and, enable the young population to understand the fundamental principles

of finance and investments as they chart their chosen strand and track for their senior high school years.

Under the bill, a relevant, comprehensive and globally-benchmarked national investor education program shall be integrated within the enhanced basic education program prescribed under the Enhanced Basic Education Act of 2013.

Citing the BSP 2019 Financial Inclusion (FI) Survey, the authors revealed that only half or 55 percent of Filipino adults know the effect of inflation on the prices of goods and services, while only a third or 33 percent of respondents correctly answered questions on interest rates.

They said the same percentage of respondents also admitted that they do not know how much their savings would be if the interest rate is guaranteed at 2 percent and compounded annually for five years.

Upon the enactment of the bill, a National Investor Education Program shall be established to foster financial inclusion for both existing and potential investors, and enable the development of financial markets through collaborations by the government with both public and private sector participants in the finance and investments industry.

Further, the savings and investment subject shall introduce, among others, the fundamentals of longterm financial planning, the suitability of financial products relative to one’s risk-reward profile, and an understanding of how different savings and investment products deliver returns.

The bill is pending with the Committee on Basic Education and Culture since March March 25, 2021.

Jovee Marie N. Dela Cruz

Reflation trade renewed as rate hike bets issued

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HE global reflation trade that fueled the biggest Treasury losses in decades got a boost from stronger-than-expected US jobs data, causing the market to price in an earlier start to Federal Reserve rate increases.

In a holiday-shortened session last Friday, the 10-year Treasury note’s yield climbed as much as 6 basis points to 1.73 percent before retreating to end around 1.72 percent. Shorter-maturity securities more closely linked to monetary policy expectations fared even worse, with the five-year note’s yield rising nearly 8 basis points to 0.979 percent, the highest level since February 2020. The two-year yield approached 0.19 percent, last seen in June.

“Rates will continue to move higher and should because job creation is coming to fruition as the economic reopening gains speed,” said Robert Daly, director of fixed income for Glenmede Investment Management in Philadelphia. “The 5-year and 7-year sectors are the most vulnerable,” and shorter-maturity yields “should start to move higher as well.”

Market reaction to the data was initially muted, but gathered pace over the course of the session, with two- and five-year yields near session highs at the 12 p.m. New York time close. With European bond markets and US stocks closed for Good Friday -- and bonds open only because of the economic data -- the extent to which the price action was exaggerated by sub-par liquidity remained unclear.

Strategists at TD Securities recommended buying 5-year notes, which at yields above 0.93 percent overprice the risk of a Fed rate increase, they said. It implies an expectation that the Fed will raise rates in January 2023, whereas they expect a rate increase in September 2024 as the central bank will likely complete tapering its asset

purchases first, a process likely to take nearly a year.

With intermediate maturities under the most pressure, the widely watched 5-year to 30-year spread flattened, falling below 142 basis points for the first time since March 9.

Fed Chairman Jerome Powell speaks on Thursday next week, and minutes of the most recent Fed meeting are due to be released Wednesday. The week also includes the release of purchasing managers’ indexes for the services sector, a key gauge of how the economy is recovering from the pandemic.

“I’d characterize it as a knee-jerk reaction to a strong headline number that will probably fade,” said Jim Caron, a bond portfolio manager at Morgan Stanley Investment Management. “It’s baked into the cake that we’re going to get about a million jobs a month for the next several months,” but with total employment still far below prepandemic levels, the March results are unlikely to alter the course of monetary policy.

The impact of the most recent fiscal stimulus measures, the progress of the US administration’s multi-trillion dollar infrastructure plans and the sustainability of increased inflation expectations will also be key to whether the Treasury selloff endures or extends.

Tre a su r y f ut u res volu mes surged immediately following the jobs report, although the market took some time to find a firm direction, with the 10-year yield f luctuating between small advances and declines before pushing upward.

The labor-market data showed an increase of 916,000 in US nonfarm payrolls, above the average estimate of 660,000. February figures were also revised up, while the unemployment rate dropped to 6 percent. Bloomberg News

Monday, April 5, 2021

B3

Central bank issues digital banking license to OFBank

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By Bernadette D. Nicolas

@BNicolasBM

HE Overseas Filipino Bank Inc. (OFBank) officially became the country’s first “branchlessdigital-only” bank after it secured a digital banking license from the Bangko Sentral ng Pilipinas (BSP).

According to the Department of Finance (DOF), the license was issued by the Monetary Board on March 25.

The OFBank, a wholly owned subsidiary of state-owned Land Bank of the Philippines (LandBank) Inc., commenced its banking operations in June last year using its then existing license to operate as a thrift bank, the DOF said.

A statement from the DOF called the issuance of the license a “milestone in the country’s banking’s history” that “not only fulfills President Duterte’s campaign pledge to create

a bank that caters to overseas Filipinos but will also help the Philippines leapfrog to the digital economy.”

According to the statement Duterte “wanted a bank that would be trailblazer in terms of modernizing and expanding the scope of the services it offers to them.”

The conversion of the OFBank into a digital bank is the first phase of the three-stage licensing framework of the BSP on the establishment of new digital banks, the DOF said.

Last January, the OFBank submitted a Letter of Intent to the

Supervisory and Policy Research Department of the BSP signifying its interest to be a duly-licensed digital bank. It then applied on February 1 for the conversion of its thrift bank license into a digital bank license.

The OFBank was launched virtually on June 29, 2020, as the country’s first branchless and digital-centric government bank.

It was in September 2017 when Duterte signed the Executive Order 44, paving the way for the creation of OFBank. The Philippine Postal Savings Bank Inc. (PPSB) was then acquired by LandBank and converted into OFBank.

The OFBank’s global digital reach spans 112 countries, with its clients able to access online the services of 763 merchants on-boarded in its mobile application.

These merchants include 124 utility and service companies, 186 educational institutions, 277 government agencies and local government units, 140 entities and 16 banks, credit card companies and insurance firms.

It also offers four digital products

and services that includes a “Digital onboarding system with artificial intelligence” (Dobsai), which allows the real-time opening of a mobile banking deposit account on supported handheld devices.

As of end-2020, a total of 19,887 the Dobsai accounts in the OFBank have been opened with an outstanding balance of P104.37 million.

Aside from deposit savings accounts, the OFBank’s digital services also include fund transfers, bills payments and applications for multi-purpose loans. As of December last year, the OFBank’s electronic banking inflows from 45,997 accounts had transactions amounting to a total of P467 million while outflows from 62,633 accounts hit P372.41 million.

For the “Premyo Bonds” second offering, a total of 3,517 transactions amounting to P40.72 million were made by OFBank clients. As for the 25th Retail Treasury Bond offering, 380 transactions valued at P8.27 million were recorded and these were all coursed through the bank’s mobile application.

BIR, contractor to settle stamp-printing fee hike

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HE Bureau of Internal Revenue (BIR), APO Production Inc. (APO) and the tobacco industry is set to meet today (Monday) to settle the issue on APO’s plan to increase the cost of each cigarette tax stamp, which was criticized by the Philippine Tobacco Institute (PTI) as “excessive.”

In a statement, PTI President Rodolfo F. Salanga argued that the industry wants a “reasonable” 2-centavo hike instead as it opposed APO’s plan to raise the cost of each cigarette tax stamp by eight centavos from the current 15 centavos to 23 centavos, citing that the printing cost for a tax stamp is only 11.37 centavos.

Salanga added that raising once again the cost of tax stamps is already too much to bear and would only further “bleed” the industry, which has already contributed immensely to the government through increased excise tax payments.

“The industry has been battered with annual excise tax increases and production volume is down by half from 120 billion sticks in 2012 to 60 billion sticks last year, thus, hitting us with another blow to raise the cost of the tax stamps, would be too much,” Salanga said.

The tobacco industry’s excise tax payments to the government already grew by 350 percent from P33 billion in 2012 to P148.5 billion in 2020, enabling the government to fund its development projects and the Uni-

versal Health Care, he added.

Salanga said they are standing pat on the 2-centavo hike, the same amount of the last increase back in 2018 from the initial 13 centavos in 2014.

He argued that the APO, at present, is already enjoying a 30-percent margin at the current cost of 15 centavos and this would even rise to a 102-percent net profit should the planned increase to 23 centavos push through.

The APO is a government-run printing office tapped by the BIR to run the Internal Revenue Stamps Integrated System (IRSIS) project or the security tax stamps on cigarettes. The project was rolled out in September 2014 to monitor the supply and sale of tobacco products and guarantee payment of excise taxes by manufacturers.

The PTI, on the other hand, is an association of local cigarette manufacturers, exporters and leaf suppliers in the tobacco industry.

Based on the BIR’s Revenue Regulations 6-2017, the price of the internal revenue stamps on imported and locally-manufactured cigarettes shall be paid by the importer or local manufacturer of cigarettes to the APO. Salanga earlier wrote a letter on March 15 to APO Chairman and Michael J. Dalumpines wherein he decried the increase as “unconscionable and excessive.”

The PTI stressed that the APO is not a revenue-generating government agency and its “monopoly” of producing the tax stamps is for regulatory purposes and not to raise revenues.

It has reiterated its request for APO to justify its planned increase which it merely claimed was due to the increase in the cost of paper and ink. However, the PTI said APO could not present the computation, documentation or any evidence to support and justify the printing cost increase.

The association also questioned the APO’s lack of public bidding when it reasoned out that the increase is due to higher cost of paper and ink.

Should this be the case, PTI said a public bidding must have been conducted as provided for by Republic Act 9184 or the Government Procurement Reform Act. Citing a research from its counsel, the PTI claimed “there was no evidence that APO conducted and awarded a public bid for the procurement of ink.”

“PTI, in numerous occasions requested for APO to present or cause the presentations of Contracts of Agreement relative to APO’s procurement of printing paper, procurement or lease of printing machines and equipment, and procurement of ink, if any,” but failed to do so despite repeated requests from the industry.

The tax stamp cost had been the

subject of meetings among APO, BIR, IRSIS Corp. and cigarette manufacturers. In one of those meetings, APO presented the actual cost of each tax stamp to be 11.37 centavos and hiking it to 23 centavos to be paid by manufacturers, the agency will gain net profit of 11.62 centavos.

The PTI has sent a series of letters to the BIR and APO, since December 2020 raising its concerns about the eight-centavo increase which it criticized to be “unreasonable and unjustified.” It requested the BIR to review APO’s move citing certain government processes were not complied with particularly the absence of a public bidding as provided for by law.

Furthermore, PTI said APO should not implement any increase without BIR issuing first a revenue regulation to adjust the price. The group cited Section 6 of Revenue Regulation 7-2014 (as amended by RR 6-2017) on the “Payment of the Price of Internal Revenue Stamps Escalation Provisions.” That section provides that “in case of occurrence of inflation, escalation and/or decrease in costs of raw materials and equipment to be used by APO, the BIR shall accordingly adjust the price of internal revenue stamps, subject to prior consultation with all concerned stakeholders and the issuance of the amendatory revenue regulations for the effective implementation thereof.” Bernadette D. Nicolas

$27-T challenge looms as Yen Libor-shift nears

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APAN is emerging as a key area of concern in the global migration away from the London interbank offered rate.

With just nine months until yen Libor is phased out, only a fraction of the roughly 3 quadrillion yen ($27 trillion) in derivatives pegged to the discredited benchmark have switched to alternative reference rates. A further $150 billion in cash products such as loans and floatingrate notes—many of which can’t be easily shifted to new benchmarks—aren’t due to mature until after Libor expires, Fitch Ratings says.

As the deadline nears, worries are mounting that the country could face a disorderly transition come year-end marred by technical problems, legal disputes and increased interbank rate volatility. Global regulators overseeing Libor’s end announced in March that they were considering the creation of a ‘synthetic’ yen rate as a stopgap measure to allow more so-called tough legacy contracts to roll off the books.

“The problem lies across the whole

spectrum,” said Willie Tanoto, director of financial institutions with Fitch Ratings in Singapore. “Things can still fall into place in time, it’s just that it leaves very little room for error.”

The Bank of Japan and the Financial Services Agency say they will monitor firms’ progress and take steps as needed.

Companies should work to cease issuing new loans and bonds referencing yen Libor by the end of June, and to significantly reduce the amount of such securities on their books by the end of September, according to a joint statement.

A representative for the BOJ-backed cross-industry committee on Japanese yen interest rate benchmarks declined to comment.

Japan, like the UK, the UK and others, has been racing against the clock to prepare for the demise of Libor, a bedrock of the financial system being phased out by global policy makers due to a lack of underlying trading and following a highprofile rigging scandal. Japan’s total exposure is limited compared with the $223 trillion pinned to its dollar equivalent,

where progress has been sluggish too.

Britain’s main Libor replacement has been around since 1997, as has the Tokyo overnight average rate, or TONA, while its UK equivalent was launched three years ago. Markets are still waiting for one of the main yen Libor alternatives to get started in April, less than nine months before the legacy benchmark expires. And in the UK, adoption of the Secured Overnight Financing Rate (SOFR) remains tepid with no term structure introduced yet.

While the UK late last year extended the retirement date of key dollar Libor tenors by 18 months, such a move has proven impractical in Japan due to a lack of support from the panel banks that help determine the rate. Decisions made by Japanese authorities in recent years have also added an extra layer of complexity to certain parts of the transition.

Unlike in the UK and UK, Japanese officials aren’t pushing market participants toward a single Libor alternative.

The decision to reform and keep alive the Libor-like Tokyo interbank offered rate,

or Tibor, may slow adoption of TONA, according to Fitch. TONA will be used mainly for derivatives while another benchmark, the Tokyo term risk-free rate, or TORF, will be employed for loans and bonds.

In fact, just 3.5 percent of yen risk in cleared over-the-counter and exchanged-traded interest-rate derivative transactions was pegged to Tona in February, according to data and analytics firm Clarus Financial Technology, among the lowest of the alternative rates it monitors.

“The Tona market is not ready to absorb the overall Libor exposure,” said Takeshi Iwaki, a director at Deloitte Japan, though he added that many remain optimistic that volumes will pick up in the coming months.

The lack of liquidity could also delay efforts to develop a Tona-based forwardlooking term structure that lets borrowers know their interest payments in advance, seen as critical to facilitating wider adoption, according to Fitch.

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A little recognition can Provide a big morale boost

By Shibeal O'Flaherty, Michael T. Sanders & Ashley Whillans

To answer this question, we conducted a series of studies in collaboration with the nonprofit group What Works for Children’s Social Care, examining the impact of light-touch, cost-effective interventions designed to promote the overall happiness of social workers. While many organizations have traditionally used monetary incentives to boost employee morale and performance, recent research suggests that symbolic awards—such as congratulatory cards, public recognition and certificates—can significantly increase workers' intrinsic motivation, performance and retention rates. As such, we were interested in measuring the impact of symbolic awards that demonstrate the organization’s appreciation and respect for employees without offering cash incentives.

While past studies have outlined some of the benefits of symbolic awards, most of the research on this topic has been conducted

in the private sector. Those results may thus not be fully applicable to the nonprofit and public sector organizations that employ many of the front-line workers most impacted by the pandemic. To better understand the effectiveness of symbolic recognition for public sector employees, we ran a study focusing on the impact of sending personalized letters of appreciation to social workers at home addresses. We randomly assigned half the social workers as recipients of letters from their direct managers, while the other half did not receive one.

The letters contained two sentences of positive feedback: The first sentence was selected from a menu of options such as “Your work has consistently had a positive impact on the children you work with” and “Your continued dedication and hard work make children and families in the region better off every day,” while the second sentence was written

WWW.FREEPIK.COM

A

s we enter the second year of the Covid-19 pandemic, frontline public sector workers such as health-care professionals, teachers and social workers are under more strain than ever. At the same time, organizations in every industry are being forced to downsize and restructure, meaning they have less cash in the bank to support an increasingly burned out work force. In these trying times, what can managers do to keep their employees motivated?

by the managers themselves. In this way, we ensured that the letters were reasonably standardized but still personalized.

What did we find? One month after this simple intervention, the social workers who received a letter reported feeling significantly more valued, recognized for their work and supported by their organization than those who didn’t receive a letter. The workers' well-being, sense of belonging and intrinsic motivation were also positively affected by the intervention.

Clearly, symbolic inter ventions can be effective. But to maximize their effect, it’s important to customize these efforts to your organization’s unique context.

Research suggests that there are a few key factors managers should consider when trying out low-cost symbolic awards:

The messenger

One of the most important considerations is who the award will come from. Management should consider where there might be current gaps in feedback — perhaps employees do not interact much with the beneficiaries of their work, or with senior leaders in their organizations — and

should prioritize notes of appreciation from these groups.

Timing

It is also important to think about when the symbolic gesture is likely to make the biggest impact. For employees whose daily workflows have become increasingly stressful and unpredictable during the pandemic, daily recognition of the impact of their work could well be effective, while in other environments daily feedback may start to feel forced and repetitive. Research suggests that recognizing your employees can be particularly effective at key temporal landmarks. For example, a thank-you note sent at the start of a new quarter can serve as a booster shot of motivation when employees need it most.

Make it public

Private feedback is appropriate in some situations, but public recognition—such as awarding certificates during a team meeting—can often be a cost-effective way to motivate the entire team.

Public recognition can feel more significant to the recipient, and it can boost motivation among all employees, including those who aren’t being recognized. In one

field experiment, when thank-you cards were publicly awarded to the three top performers in small work groups, researchers found that performance increased not just for those top three performers, but for all members of their group. Still, it’s important to consider both the positive and negative signals that public awards can send to employees: Another study found that recognizing employees publicly led to negative social comparisons that reduced performance among those who did not receive an award.

Details matter

YouR employees can tell the difference between a rushed job and genuine appreciation. To make sure your symbolic interventions are well-received, it is important to pay attention to the details. For example, in our studies, the letters of appreciation were signed in ink by a direct manager and mailed to employees’ homes. A blanket email would have been much less effective.

Start small

Instituting symbolic awards shouldn’t feel like a daunting task.

The whole point of such interventions is that they’re cost-effective,

Remote workers need small talk, too

By Jessica R. Methot, Allison S. Gabriel, Patrick Downes & Emily Rosado-Solomon

B

efore Covid-19 and social distancing, small talk was a daily workplace ritual for most of us. We exchanged hellos with colleagues on our way in from the parking lot, chatted about our weekends while waiting for meetings to begin and swapped stories about our families with our cube mates. Though these encounters probably lasted only minutes, they played a crucial role in making us feel emotionally connected at work.

Small talk is important to us in other ways, putting us at ease and helping us transition to more serious topics like negotiations and performance evaluations. The tidbits we learn about our colleagues build rapport and deepen trust. Research even suggests that chance encounters and spontaneous conversations with our co-workers can spark collaboration, improving our creativity, innovation and performance.

Many people say that small talk energizes them and makes them feel “seen.” As one employee of a mid-size accounting firm told us, “Your co-workers don’t necessarily need to know every detail of your life, but it certainly helps everyone feel like a real person.” No wonder so many of us are mourning the loss

of small talk during the pandemicdriven work-from-home boom.

Yet others are skeptical of small talk. They say it makes them anxious, spreads gossip, wastes time and is inauthentic and awkward.

Some even arrive at meetings exactly at the start time to avoid having to chitchat. This makes small talk a bit of a social paradox and raises the question: Is it ultimately more helpful or more hurtful to employees’ daily lives?

To resolve these views, we surveyed 151 full-time working adults three times a day for 15 consecutive workdays before the pandemic. We asked how much small talk they made at work each day and about their positive emotions (friendliness, pride and gratitude) and ability to focus. And each night they reported their levels of well-being and prosocial behaviors.

The results revealed that small talk was both uplifting and distracting. On days workers made more small talk than usual, they experienced more positive emotions and were less burned out. They were also more willing to go out of their way to help their colleagues. At the same time, they felt less focused on and less engaged in their work tasks, which limited their ability to assist others. However, we found that one group—people who were adept at reading others and adjusting their

conversations in response—were less likely to report feeling disrupted by small talk. We also saw that conversations didn’t have to be intimate or lengthy to deliver benefits. On the whole, it was clear to us that the positives of small talk outweighed the negatives and that those negatives could be managed.

As organizations consider their optimal post-pandemic remotework strategy, they’ll need practices to integrate small talk into their work ecosystems. Drawing on our research, we offer managers and employees the following advice:

Encourage new social rituals

Working from home has blurred the lines between people’s jobs and their personal lives, and without routines like daily commutes to divide them, many employees are struggling to shift gears between the two. Small talk can help people disengage from the “home” role and ease into a business mindset. That’s why it’s a good idea to build in time at the start of every meeting for members to greet one another, exchange pleasantries and ask playful questions. This can also set a positive tone for a meeting.

Other tactics include creating “virtual lounges” in Slack or Teamwork where teams can socialize. A recent Insead study of more than 500 professionals working remotely

across the world showed that the teams that were thriving in the new virtual environment were formally scheduling social gatherings involving quizzes, shared playlists, book recommendations and movie clubs.

Although this mandatory “fun” might have felt a little awkward at first, the teams that didn’t engage in such rituals struggled to adapt to the new normal and reported feeling less connected.

Re-create ‘casual collisions’

Some organizations have found creative ways to orchestrate informal virtual interactions among employees. There are companies like Spark Collaboration that help employers organize “office video-chat roulettes” that pair up employees who don’t already know each other for real-time social interactions.

Platforms like Airmeet set up virtual speed networking for employees.

One probable upside is that these exchanges, though less spontaneous, are more inclusive—giving everyone the opportunity to connect rather than leaving it to chance.

Stick to the script

Small talk should be polite, surface level and focused on neutral topics, like the weather, sports and TV shows. It should never devolve into gossip—especially about the company or other employees—

which breeds incivility, cynicism and distrust. Managers should also steer teams away from potentially controversial topics like religion, politics and romantic relationships.

Another thing to avoid is excessive self-disclosure: Sharing your deepest anxieties may be OK when you’re meeting a friend for coffee, but it’s not when you’re greeting an acquaintance. If someone asks, “How are you?” it’s ill-mannered to rant about your bad day. Nevertheless, the pandemic has made it commonplace to say things like “Hope you and your family are safe and well” and to acknowledge our feelings of worry and concern.

Emphasize the upside

Highlighting the ways small talk can boost employee happiness as well as the company’s bottom line can win over people who tend to self-isolate. Encourage employees to take charge of their own social health by building in daily social breaks. Although these might seem counterintuitive when you’re under deadline pressure, our research suggests that they are restorative and reduce burnout. New online apps, such as Water Cooler, allow employees to pick a time to chat with coworkers. Because the program sets a fixed window for conversations, it can prevent productive work time from being eaten up.

easy to implement and can go a long way. If you’re not sure where to start, try sending a short note to an employee expressing gratitude for his good performance or publicly recognizing his contributions in your next team meeting.

Ef fect ive sy mbol ic awa rd s must be designed with a specific workplace context in mind. What might be effective in one environment might not translate to other contexts. Furthermore, our research should not be misconstrued to suggest that symbolic awards could take the place of fair monetary compensation. In many cases, research has shown, financial incentives remain an effective motivator. But especially when budgets are strained, noncash rewards offer an appealing and effective alternative.

Moreover, even when funds are available, financial rewards can sometimes come at a cost to the organization’s culture. One study found that in some public sector organizations, merit bonuses actually reduced motivation and morale due to a widespread perception that the performance levels needed to earn the incentive were nearly impossible for many employees to achieve.

In contrast, our research suggests that simple interventions such as writing a thank-you note can make a real impact—without the potential downsides of cash rewards, and with little to no cost to the employer. During these exceptionally challenging times, a bit of appreciation can go a long way.

Shibeal O’ Flaherty is a PhD student in public policy at King’s College London. Michael T. Sanders is a reader (associate professor) in public policy at King’s College London. Ashley Whillans is an assistant professor in the negotiations, organizations, and markets unit at the Harvard Business School.

Employees can also ask themselves, “Have I been feeling more or less connected today?” “Whom can I reach out to if I need support?” and “What relationships are the most important to me?” Meanwhile, simple strategies like regular brief check-ins can do a lot to alleviate employees’ feelings of loneliness.

Though easy, this approach is extremely effective: Research shows that employees feel the greatest sense of belonging at work when their co-workers simply text or email to ask how they’re doing.

As we navigate endless Zoom meetings and new work/life challenges, let’s not underestimate the value of small talk. Just because we might be working remotely doesn’t mean that casual conversations are no longer important. In fact, they may be more important than ever to help us seize daily opportunities to connect across the virtual divide.

Jessica R. Methot is an associate professor at the School of Management and Labor Relations at Rutgers University. Allison S. Gabriel is an associate professor at the University of Arizona’s Eller College of Management.

Patrick Downes is an assistant professor at the Neeley School of Business at Texas Christian University. Emily Rosado-Solomon is an assistant professor at California State University, Long Beach.

www.businessmirror.com.ph

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BusinessMirror

Editor: Gerard S. Ramos

• Monday, April 5, 2021

B5

Menswear master Anthony Nocom takes on women

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NE of the country’s foremost menswear designers, Anthony Nocom, is wading into womenswear territory. It was no less than the formidable Tessie Sy-Coson, now vice chairman of SM Investments Corp. (SMIC), who persuaded him to take the plunge.

“In late 2017, Tessie Sy-Coson asked me to assist in the product development of The SM Store’s own Sleepwear line, specifically the higher-priced set made of charmeuse satin,” Nocom says. “I agreed to take on the task. It was a refreshing break from doing menswear, and as I have experience in merchandising, it gave me the opportunity to do womenswear, too.”

The Sleepwear category of the SM Woman label has been consistently enjoying brisk sales as the store provides an array of choices. Nocom was asked to work on a niche market, an “aspirational” line for women who want to feel sexy and luxurious. Hence, the use of satin fabric, which softly caresses your skin.

Another challenge was to entice women ages 20 to 35.

“I began by restyling, changing proportions, selecting the prints and colors for both young and mature women. Not only that, we must not forget ‘The Forgotten Woman,’ those customers who are fullfigured and want to feel sexy, too—at least in their own bedroom—and who can afford to splurge once they feel good in the clothes,” Nocom explains.

When athleisure and sleepwear became the “work-at-home’ clothing preferences in the lockdown, Nocom thought: Why not bring back the trend of ‘pajama’ and ‘lingerie’ dressing at home? With no events and parties to go to, why not make dressing at home different with caftans and loungewear?

“As it turned out, women have been looking for these types of clothing—loose and nothing hugging the body. They can wear pieces from the Loungewear line to go out to the grocery, see friends, entertain at home, wear it at a resort or their beach house. I knew

H&M SWINGS TO LOSS, AFFIRMS COMMITMENT TO CHINA MARKET STOCKHOLM—Low-cost fashion brand Hennes & Mauritz AB on Wednesday reported an expected loss in the first quarter. Meanwhile, the pandemic-hit Swedish company said it was committed to remaining in the Chinese market despite facing a boycott there because of its views of alleged use of forced labor to produce cotton in the country’s western region of Xinjiang.

The Stockholm-based company, the world’s second biggest fashion retailer that is known for the brand H&M, said Wednesday that it swung to a net loss of 1.07 billion Swedish kronor ($122 million) in the December to February period compared with a profit of 1.93 billion kronor a year earlier.

Sales decreased to 40.1 billion kronor from 54.9 billion as the company said that the resurgence of the Covid-19 pandemic had hit the company badly, leading to the temporary closure of up to 1,800 stores, or some 36 percent of all of its stores worldwide, during the quarter.

Similar to some other Western brands, Hennes & Mauritz has recently faced a backlash in China over the company’s continued ethical decision not to use cotton sourced from the Xinjiang region and allegedly produced by forced labor including minority groups such as the Uyghurs.

As a result, it has seen its H&M brand erased from major e-commerce sites in China and its store locations have vanished from some digital maps in moves considered retaliatory. The company said in a separate statement that “China is a very important market to us and our long-term commitment to the country remains strong” and that Hennes & Mauritz was doing all it can to manage challenges it was facing in China.

The fashion retailer stressed it was dedicated to regaining the trust and confidence of customers, colleagues, and business partners in the country.

“We want to be a responsible buyer, in China and elsewhere, and are now building forward-looking strategies and actively working on next steps with regards to material sourcing,” the company said.

The Chinese government has denied allegations of forced labor in Xinjiang, most recently last week.

Apart from H&M, the Swedish group also includes brands like COS, Monki, Weekday, Cheap Monday, & Other Stories, H&M Home, ARKET and Afound. AP

then that I did right by going into womenswear,” says Nocom, who also made this new creative venture his way of coping with the loss of a nephew (non-Covid) and his pet dog during the quarantine.

Two or three collections are manufactured every month, based on the fabric print or color sourced and the seasonal items.

Depending on the market demands, a collection varies on camisole top/shorts or pants set; pajama shorts or pants set; nightshirt, robe, camisole dress, caftan and loungewear. Seasonal items are bridal pieces like sleepwear, lingerie and robes. The fabric is mainly charmeuse satin annd Tencel (a new manmade blend and sustainable fabric), cotton/rayon, and challis cotton.

“In designing ready-to-wear, it’s more of my gut feel: what the customer needs and what I can offer to the market. I do not meet and know the customer unlike in made-to-order. As for the caftan/ loungewear, the inspiration comes from women I meet and their lifestyle,” Nocom shares. “The collections are available in select SM Stores and at www.thesmstore.com and www.shopsm.com.”

Nocom started his career at SM in 1981 as a layout artist of display cases at the selling floor. He worked on menswear house labels such as Newsmakers and Men’s Club then as a Men’s Jr. merchandiser for the Boutique Square (a store within a store retail concept of local and foreign designers’ RTW including shoes, bags, socks, small leathergoods, fashion accessories, etc.) and worked on the local RTW house label, Designer Lines.

In 1989, his eponymous label was launched.

“According to fashion insiders, my label is the only men’s ready-to-wear-line in the history of the local retail business. I introduced to the RTW market RTW fully lined tailor quality jackets/pants and a line of shirts, knitted tops, seasonal outer jackets, and walking shorts—a full line of wardrobe needs for men. It was at that time that Filipino men were coming to terms with dressing up and being aware of fashion. My fashion line does not call attention; it’s contemporary and not too trendy,” Nocom says.

So, why the shift to womenswear?

“I took the opportunity to work on womenswear because I want to try something different with my knowledge and exposure in retail merchandising.

Initially, I had to adjust. With menswear, it is shirt/ pants/jacket; in womenswear, there are more pieces— blouse, camisole, skirt/pants in different lengths, as well as the proportion of the garment,” explains

Nocom, a past president of the Fashion and Design Council of the Philippines and recently appointed by current president JC Buendia as the elite group’s press secretary. “I still love menswear, and I miss designing

for men. Now, if I have a fashion show, I can feature both, with the women’s collection in resortwear and sleepwear. And I would love to have a sleepwear line for men under my label.” ■

We tried TikTok-famous beauty products and here’s what we think

IN case you’re wondering where the young people are, they’re all on TikTok, a video sharing/social networking service. Being the mother of a zoomer (a person born between 1996 and the early mid-2000s), I am not unfamiliar with TikTok. Sometimes when I receive a PR package, my daughter would remark, “Oh, I saw that on TikTok.” So I decided to look through my stash to see what TikTokfamous products I have and test them if I hadn’t yet.

One of the most famous beauty products on TikTok is the Fresh Formula Sgt. At Arms Lightening Duo. This comes in a box that includes an underarm lightening cream and a deodorant spray. Fresh Formula’s CEO Nina Dizon-Cabrera is an Internet-famous personality. She has 1.5 million followers on TikTok, where she has shared her underarm whitening journey. I don’t have underarm discoloration or texture issues so I haven’t used the cream but the deo spray works against odor and there’s no itching or irritation after you use it. Both products contain niacinamide, witch hazel, green tea extract, sunflower oil and papaya extract. They are also free from parabens and triclosan, which is an ingredient banned for use in certain products by the US FDA because it can reportedly contribute to antibiotic resistance.

Slugging is a TikTok beauty trend that involves slathering your face with an occlusive like Vaseline Petroleum Jelly after applying your moisturizer. This is ideally done at night.

While I believe in this technique since petroleum jelly basically locks in moisture, I would never use it on my face. I wouldn’t mind using it on other parts of my body like the arms and elbows though. Slugging

is believed to have originated from Korea although my mom has been doing it for over 20 years, even in the summer. Aside from slugging potentially clogging your pores, I see no bad effect. However, imagine how your sheets would smell in this weather unless you change them everyday.

Anastasia Beverly Hills Brow Freeze is a relatively new product that’s perfect for the laminated brow look. Brow Freeze is a clear gel that you apply on your brows with a spoolie.

Since we barely do a full face of makeup, I use this alone and so far, I love it because it makes my brows look groomed even if they’re actually very unruly. It also lasts through hot and humid days. During times when I want a more polished look, I apply the Benefit Microfilling Brow Pen first and then follow that with Brow Freeze.

Physician’s Formula Butter Bronzer is a product that I have been using for years. I mostly use the lighter shade as a face powder. It’s a TikTok favorite because of its blendable formula and affordable price tag. Mostly, they use it as a contour powder. I’m not a fan of the bronzer’s strong scent though.

I’m always asked what a mask-proof lipstick is and my answer is always the Maybelline Super Stay Matte Lipstick. This lipstick stays put for 12 hours and it doesn’t really dry your lips. It’s famous on TikTok for this reason. True story: a friend was having a major operation a few years back and was asking what lipstick she could wear that would go the distance.

I sent her a tube of this and that’s what she used.

L’Oreal Paris Infallible Fresh Wear Foundation is TikTokfamous because it is convenient to use, has a

nice finish and is affordable. Some have even called it a dupe for the Make Up For Ever Matte Velvet Skin Blurring Powder Foundation; I don’t agree but Infallible is a pretty good product at its price point.

The Ordinary’s AHA 30 percent + BHA 2 percent Peeling Solution is known as “vampire’s blood” and “blood of my enemy” online. Because of its color, this solution became very popular on TikTok as creators could do a lot of things with it. Used once a week, this peeling solution helps clear pores and improve skin texture. What you should not do: apply the product directly on your skin from the bottle dropper like they do on TikTok. If this gets into your eyes, you’ll be in serious trouble. Also, it’s supposed to stay on your face for only 10 minutes and you aren’t supposed to use it more than once a week.

Bio-Oil Skin Care Oil was once popular for use when you wanted to get rid of stretch marks. TikTok creators love it because it helps with discoloration, scars and fine lines.

I’ve used Pears Transparent Soap since I was a child so I was initially perplexed as to why it trended on TikTok. Apparently, it was because of the soap brows trend. A creator used a used a spoolie brush and a bar of Pears Transparent Soap and the video got millions of views.

A PREVIEW of the upcoming SM Woman Sleepwear and Loungewear collection by Anthony Nocom

B6 Monday, April 5, 2021

MSU-Marawi campus is 2020 EnactusUnilever Topic Competition champion

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INDANAO State UniversityMarawi Campus (MSU) bested four other finalists at the recently concluded Unilever Topic Competition held virtually on March 27, 2021. The five finalists were selected from ten semifinalists after submission of a 77-second video.

The Enactus MSU team's project is N’ditarun Tano, a social enterprise that supports different youth sub-sector groups in Lanao del Sur by providing educational and other assistance through peace-building activities and social interventions. The project aims to preserve the Meranaw culture by promoting shirts with authentic Meranaw designs like langkit and okir, and further integrating Meranaw Pananaroon (Proverbs).

The four other finalists were University of Southeastern Philippines

PhilHealth issues statement to clarify ID Number ‘requirement’ for vaccination

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HILHEALTH issued the following statement to further clarify its earlier announcement that a PhilHealth ID Number (PIN) is required for all potential recipients for Covid-19 vaccines.

“This is to clarify that the PhilHealth ID Number (PIN) is just one of the unique identifiers that will be asked of the vaccinees according to 111.1.3.a-b of DOH Memorandum No. 2021-0099.

The earlier announcement did not mention that this is the only requirement to be able to avail of the Covid-19 vaccine.

This means that with or without PIN, members can be vaccinated as they have other identifiers such as their full name and

birth date, etc. and that they can present other valid IDs during registration time.

The previous announcement is intended to assist all Filipinos in securing their PhilHealth ID number as a way of supporting the overall vaccination program of the Government, and in ensuring that they will be able to avail of hospitalization benefits in case they will develop adverse events following immunization.”

Social entrepreneur and CEO Krie Lopez: Women deserve the privilege to fight for themselves of Davao City (1st Runner-Up), University of Luzon of Dagupan City (2nd Runner-Up), Holy Trinity College of General Santos City, and Lyceum of the Philippines University-Batangas.

“Working with Enactus Philippines continues to be an important opportunity for Unilever to help shape the leaders of tomorrow. We are grateful for the collaboration of over six years, and we look forward to helping build sustainable businesses that involve innovations that are proudly Filipino, powered by purpose, and world-class in execution,” shared Ed Sunico, Unilever Vice President for CommunicationsSoutheast Asia.

Enactus Philippines Chairman Jose P. Leviste, Jr., said that this topic competition encourages Enactus teams to work on new or existing projects in a way that creates holistic solutions

to improving people’s livelihoods, particularly during this COVID-19 pandemic.

Country Leader Atty. Leo G. Dominguez stated, “For the past six years, Enactus Philippines and Unilever have helped students from all over the country to create meaningful impact, which in turn, has helped countless lives and espoused the value of entrepreneurship in their partnercommunities.”

Through the collaboration between Enactus and Unilever, projects were initiated, established, and supported not only to spur and propagate ideas, but to give students real-life experience in dealing with concrete issues. The topic competition this year is a notch higher as it addresses issues related to the COVID-19 pandemic through entrepreneurship and innovation.

Richmonde offers seafood specials for Easter feast

CEO and founder Krie Lopez’

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ESSY Bessy started out as a vision to build an environment-conscious brand. From selling eco-friendly cleaning products online, CEO and founder Krie Lopez’ vision became a bigger mission – to grow an inclusive and sustainable social enterprise for women.

Having finished Management Engineering at the Ateneo de Manila University, Krie Lopez is no novice in social entrepreneurship, gaining experience as the former head of the corporate social responsibility program of a global food and retail brand. After leaving her corporate job, Krie bravely built her own social enterprise and in 2007, introduced Messy Bessy, which has become a popular home and personal care brand with natural, environmentally sustainable and innovative composition.

A modern-day CEO, Krie has built an environment of mutual growth and wellness, not just for her business, but more so, for her employees. She established their nonprofit HOUSE (Helping Ourselves Through Sustainable Enterprises) in 2015, in an effort

to replicate and scale the social program they have incubated in Messy Bessy. She explains, “That’s been the core of what we do. If you look at Messy Bessy, more than half of our workforce are working students. When you buy a Messy Bessy product, you’re feeding into that system that’s providing these young adults with employment and education.”

Messy Bessy goes deeper into the support process by connecting their employees to suitable and attainable future opportunities.

This is especially true for the disadvantaged women in their team. She adds, “We have family care programs that even go as far as engaging with their families. We also offer interventions in sexual health, psychosocial support and financial literacy.” Speaking about the women in her team, Krie acts as an enabler to further inspire and empower them. “These women deserve the privilege to fight for themselves”, she continues.

Krie further shares that the end-goal of Messy Bessy is to make their employees “selfreliant.” She says, “We take note of everything that we’ve learned along the way and identify what is really essential for our employees to be self-reliant. The big goal at the end of our program is for them to finish with a college diploma coupled with a rich work experience.”

The power of strong connections is also a crucial element for Messy Bessy. “Being a social enterprise, we are able to use our network, our connections to build and support the dreams of our employees. Over the years, we realized that so many in our community are willing to help. In fact, there are people from large multinationals who are always willing to roll up their sleeves to help us thrive.’

In celebration of Women’s Month, Krie was named as a “Master Builder” for PLDT Home’s #SheConnects campaign, a series of video masterclass of women masters. Learn from Krie Lopez and other amazing women by watching their exclusive videos on PLDT Home’s YouTube page here.

Media Wise wins for the business community

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EED your soul as you observe Lent with delectable offerings from Richmonde Hotels. Choose from an assortment of set meals featuring the ocean’s bounty and savor safely at home via curbside pickup or delivery. Richmonde Hotel Ortigas presents meatless platters good for the entire family. The Seafood Medley is a collection of complete meals packed in the innovative Hotbox, that can be shared by three to four persons. Choose from three flavorsome pairings: steamed Lapu-Lapu with kaylan leaves and rice (PhP 1,875), seafood kebab with Mexican rice (PhP 1,775), and baked seafood with risotto (PhP 1,525). These platters, that can be heated in an instant with the pull of the Hotbox’s string, are available for takeaway from 9am to 6pm, until April 4, 2021.

Eastwood Richmonde Hotel, on the other hand, features a unique “Soul Food” dish this Lenten season, complete with salad, dessert, drink, and a stuffed toy to brighten up your day. Order the red snapper with pistachio Bérnaise sauce and Spanish mussels wrapped in savory cabbage, and get a mesclun mix with

cranberry vinaigrette and sourdough croutons, the dessert of the day, a bottle of kombucha, and an Easter teddy bear, for only PhP 995. This set is available for pickup and delivery from 8am to 6pm, from now until April 3, 2021.

Bringing some of the freshest catch from the waters surrounding the city is Richmonde Hotel Iloilo with its “Sea to Table Easter Specials” available until April 1, 2021. The menu includes a variety of seafood fare Ilonggos can enjoy at Richmonde Iloilo’s The Granary or at home: steamed pompano with ginger soy (PhP 815), grilled tanigue steak with marinated tofu fried rice and grilled vegetables (PhP 750), Emperadorinfused garlic butter prawns (PhP 1,050), and Szechuan prawns (PhP 1,050).

On April 4, The Granary serves up a dinner feast of amazing Asian cuisine to celebrate Easter Sunday. This “Eggstraordinary Easter Buffet” features scrumptious dishes like lechon roll stuffed with tamarind and lemongrass, char sui short ribs, salmon aburi in miso yuzu glaze, nasi pandan wangi, and chicken tandoori. Relish unlimited servings of all-time favorites at the

buffet’s many stations—from tempura and other Japanese fare, to assorted freshly grilled meats and beef misono cooked a la minute. There’s even a halohalo station to cool you off after your hearty meal. The Easter dinner buffet is priced at PhP 1,150 per person, with 50% discount given to children 6 to 12 years old.

For the Lenten takeaway specials of Richmonde Hotel Ortigas and Eastwood Richmonde Hotel, one day lead time is required. To pre-order, call +632 8638 7777 or +63 917 859 7932 or email events@richmondeortigas. com for Richmonde Hotel Ortigas; and contact +632 8570 7777, +63 917 821 0333 or fb@eastwoodrichmonde.com for Eastwood Richmonde Hotel. To make a table reservation for Richmonde Hotel Iloilo’s The Granary, or to order for takeaway, call +6333 328 7888 or +63 917 563 3558.

Richmonde remains safe, following strict sanitation and hygiene standards and enforce stringent safety protocols in accordance with the guidelines by the local government, the IATF, DOT and DOH.

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LATINUM in the time of pandemic! Amidst a global economic slump, a good sign that business recovery is on its way is when a prestigious award is handed out for excellence in public relations (or business) communication—such as Public Relations Society of the Philippines’s (PRSP’s) Anvil Platinum Award, the most sought after of the Anvil trophies, given to Media Wise Communications in 2020.

On the way to the platinum last year, Media Wise actually also won in 2020 the Anvil Gold Award, the International Association of Business Communicators (IABC) Gold Quill Award of Merit, and the Philippine Quill Awards, all for the coffee-table book The Manila Jockey Club: The Front Runner. That rare feat was, in fact, a repeat of the harvest of awards that Media Wise reaped in 2019 for another coffee-table book, On the March: The

Jesuits in the Philippines Since the Restoration.

The Front Runner celebrates 150 years of local horse-racing history, nostalgia, and excitement as told through the story of the Manila Jockey Club. On the other hand, On the March recounts the Jesuits’ long apostolate in the country, including their daunting forays into the remotest corners of the archipelago to bring the Catholic faith to the masses.

Now, Media Wise opens the season this year with yet another triumph, this time at the 2021 Philippine Quill Awards for FINEX 50: Leading on to Wider Frontiers, a coffee-table book for the Financial Executives Institute of the Philippines, the country’s premier organization for top-tier finance executives. With some luck, and given the stout resilience the business community has shown so far, it looks like it is going to be a good year after all.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, April 5, 2021 B7

The coronavirus chronicles: Online schooling, its beginnings and top courses

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By Millie F. Dizon

Awards: STI wins at the Quill Awards for its innovative student programs

MANILA, PHILIPPINES—Committed to molding the next generation of Filipino leaders through its brand of holistic and real-life education, STI College was recognized at the 18th Philippine Quill Awards for its programs geared towards guiding and enriching the Filipino youth.

The International Association of Business Communicators (IABC) has announced the winners for each division in February with STI winning two awards under the Communication Management—Marketing, Advertising and Brand Communication category for STI SCOPE and STI Career Camp.

The STI SCOPE or Student’s Career Opportunity and Personal-

ity Evaluator is a program that equips students with the proper tools and knowledge to make informed decisions regarding their educational and professional paths.

On the other hand, the STI Career Camp is a series of immersive and career-based workshops that aims to address the communication gaps to better prepare today’s youth for senior high school, college and employment.

“It has always been a priority for us at STI to empower our students and the youth in general with the right information they would need in making crucial decisions for their education and career, especially during these uncertain times.

Through these programs, we were able to provide them with enough knowledge to choose wisely and confidently on the best path to take for their future,” said Aisa Q. Hipolito, STI VP for Academics.

As the education sector continues to face new challenges and changes, STI is committed to guiding the students on making the best choice for their career and to nurture

13. Learn to Code for the Web from University of Leeds. “Ever wonder what’s behind your favorite web sites and apps? Get to grips with the basics of coding from HTML, CSS, and Java Script.”

14. Understanding Medical Research: Your Facebook Friend is Wrong from Yale University. A timely one that answers an important question” “How can you tell if the bold headlines seen on social media are truly touting the next big thing or if the article is worth the paper it’s printed on.”

15. Write Your First Novel from Michigan State University. In case you want to unleash your inner author in 2021.

16. Project Management: Beyond the Basics from The Open University. “Build your existing project management knowledge and develop the skills to manage teams and deliver effective projects.”

WWW.FREEPIK.COM

PR Matters

T a time when millions of school children around the world are homebound and studying remotely, it’s a good time to look back at the beginnings of distance learning. And we will be surprised to know that while technology and the pandemic has made this seem like a modern concept, long-distance correspondence actually began in the mid 19th century when the US Postal service was developed.

According to an article in Visual Academy, this led to the development and implementation of what were called commercial “correspondence colleges” which were distributed by the US postal service between students and professors.

Since that time, a few significant advancements have shaped and pushed distance learning.

In 1873, the first official correspondence educational program, called the Society to Encourage Home Studies, was established in Boston, Massachusetts by Ana Eliot Tucker.

In 1953, the University of House made distance learning history when it began offering the first televised college classes on KHUT (today called Houston PBS), which was the first public television station in the United States.

After television, “the personal computer and personal web were the next major inventions to revolutionize distance education.” In 1989, the University of Phoenix became the first institution to launch a fully online collegiate institution that offered both bachelors and master’s degrees. In 1996, entrepreneurs Glen Jones and Bernand Luskin launched Jones International University, which became the first accredited and fully web-based university.

Since that time, distance learning has continued to grow in different directions.

As we can see, distance learning began with older students, it’s just that circumstances have brought younger students into the mix.

Fast forward to 2021, as Jessica Stillman writes in Inc.com, “millions of students around the world are being forced to study remotely.”

At the same time, she notes that “huge numbers of adults have found themselves stuck at home with time on their hands. No wonder online courses have been so popular this year.”

In fact, Class Central, a clearing house for information on on-

line courses. “saw traffic double since the pandemic began.” It also released a roundup of the most popular courses of the year.

Which classes are all these new students flocking to? Stillman lists them in her article “The 30 Most Popular Online Courses of 2020,” which include “Covid-19 related courses on topics like contract tracing and moving lessons online,” as well as some gems suited to entrepreneurs and other professionals looking to expand their skills and improve their lives.”

Here are the top 20, which PR pros may want to look into. Some come from universities like Harvard and Yale, others from big tech like Facebook and Google, others from companies like IBM, and even one on Chinese philosophy.

1. How to Learn Online from edX. “Learn essential strategies for successful online learning.”

2. Excel/VBA for Creative Problem Solving, Part 1 from University of Colorado Boulder. This course is “aimed at learners who are seeking to augment, expand, optimize, and increase the efficiency of the Excel spreadsheets by tapping into the

each student’s potential through the STI SCOPE, Career Camp, blended learning model, and student development programs.

The IABC Philippine Quill is the country’s most prestigious awards program in the field of business communication. For almost two decades now, it recognizes organizations that utilize excellent communication to achieve business goals and make a difference in society.

This year’s virtual award was held on March 25, 2021.

The STI SCOPE and the STI Career Camp also previously received recognitions last year here and abroad during the 55th Anvil Awards of the Public Relations Society of the Philippines, the Asia-Pacific Stevie, and the Asia-Pacific SABRE Awards where STI was the sole winner from the Philippines.

People: Iris Singapore appoints Arun Saha as Head of PR

SINGAPORE—Iris Singapore has appointed Arun Saha as its new

powerful programming, automation, and customization capabilities available with the Visual Basic for Applications [VBA],” explains the course description.

3. Crash Course of Python from Google. “This course is designed to teach you the foundations in order to write simple programs in Python using the most common structures.”

4. Finding Purpose and Meaning in Life: Living for What Matters Most from University of Michigan.

The course title pretty much says everything you need to know.

5. Everyday Excel, Part 1 University of Colorado Boulder. A more basic Excel class for learners “who want to learn Excel from the ground up.”

6. Exercising Leadership: Foundational Principles from Harvard University. “Mobilize people to tackle tough problems and build the capacity to thrive through the dangers of change.”

7. Introduction to Business Management from King’s College

Head of PR. In this role, she will lead the integrated agency’s PR function that manages Nespresso’s communications strategy and execution along with other accounts. She will also work closely with the leadership team to elevate brand awareness and reputation for the agency.

Saha joins Iris from Havas Group where she led the regional marketing and communication strategy for the network. In the course of her career, she has worked on a multitude of brands encompassing verticals such as technology, logistics, education in India and Singapore within PR agencies as well as in-house.

“PR is one of the key components of our integrated value-proposition and Arun brings a wealth of communications experience which will strengthen our offering. I am delighted to welcome her to our leadership group” said managing director, Andy Cairns.

“Iris presents a fresh and progressive approach to brand building and the opportunity to be a part of its success story is the change that

London. “Discover how to manage people, money, and information, and gain confidence and insight into your own management style.”

8. Computer Programming for Everyone from University of Leeds.

“Discover the art of computer programming and learn what code can do.”

9. Data Analytics for Decision Making: An Introduction to Using Excel from Bond University. Another opportunity to become and Excel master.

10. AI for Everyone: Master the Basics from IBM. “Learn what artificial intelligence [AI] is by understanding its applications and key concepts including machine learning, deep learning, and neutral networks.”

11. Introduction to Social Media Marketing from Facebook. “This course lays the foundation to social media marketing.”

12. Introduction to Data Science from IBM. “Learn about the world of data science first hand from real data scientists.”

I was looking for. I look forward to deepening brand engagement for Nespresso as well as leverage the agency’s multi-disciplinary strength to elevate the agency brand and grow the PR business,” added Arun Saha.

New Business: dentsu X India wins media duties for Roca Parryware

MUMBAI, INDIA—dentsu X India, the integrated media specialist from the house of dentsu international, has won the media account for Roca Bathroom Products Private Limited, also referred to as RBPPL or Roca Parryware.

As per the mandate, dentsu X will oversee media strategy, planning, and buying for the entire portfolio of both brands, Roca and Parryware.

The agency won the account following a media pitch.

Speaking on the association, KE Ranganathan, managing director, Roca Parryware said: “Our company is back to healthy double-digit revenue growth since October

17. Writing and Editing: Word Choice and Word Order from the University of Michigan. “This course will teach you how to use your written words to become more persuasive.”

18. Creating a Great User Experience for Mobile Apps from the University of Leeds.

19. Resilience Skills in a Time of Uncertainty from the University of Pennsylvania. Another timely offering.

20. The Path to Happiness: What Chinese Philosophy Teaches us about the Good Life. “Explore ancient Chinese philosophy, ethics, and political theory to challenge your assumptions of what it means to be happy, live a meaningful life, and change the world.”

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world.

Millie Dizon, the senior vice President for Marketing and Communications of SM, is the former local chairman.

We are devoting a special column each month to answer the reader’s questions about public relations.

Please send your comments and questions to askipraphil@gmail.com.

2020. Looking into the year ahead, there is huge optimism to sustain and grow even higher. To drive this growth momentum we are embarking on a focused brand campaign through mass media for our power brands—Roca and Parryware. While these two brands enjoy high brand recall among our customers, it is important for us to continue to stay on top-ofthe-mind and embed relevant brand attributes. With this agenda, we looked towards dentsu X for a solution. We were impressed by their understanding of our target audience and the bathroom space. Their proprietary tools and strategy will help us optimize each platform and enhance our reach.

We are excited to work with dentsu X and develop innovative new media plans.”

Speaking on the win, Divya Karani, chief executive officer, dentsu X added: “We are delighted to be the strategic media partners to Roca Parryware. We look forward to partnering them in scaling new heights.”

Sports BusinessMirror

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| Monday, April 5, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Nietes successful in return to ring after 28-month hiatus

New heroes for PHL sports

USTS and cobwebs from a two-year and four-month hiatus didn’t show at all as Donnie “Ahas” Nietes embarked on a comeback trail with a flourish, beating Colombian Pablo Carillo on Saturday (Sunday dawn in Manila) via unanimous decision at the Caesars Palace Bluewaters in Dubai.

The scorecards—99-91, 98-92, 96-95—all favored the former four-division champion who last fought in December 31, 2018, against Japanese World Boxing Organization (WBO) super flyweight champion Kazuto Ioka in Macau.

Nietes won that fight via split decision, went on a self-imposed hiatus after vacating the title in May 2019 to give compatriot and then No. 1 contender Aston Palicte a shot at the belt, before deciding to return to the ring in pandemic year 2020.

And he was well on course in his comeback.

“I am okay and I easily handled my opponent very well although I wasn’t in a hurry to finish him off,” Nietes told BusinessMirror hours after the fight.

“He was durable so I just decided to finish the entire 10 rounds.”

Proving he has a lot left in his tank at 38, the pride of Murcia (Negros Occidental) landed the most punches against Carillo—97-81 body shots and 39-21 jabs—enough to secure him the WBO international super flyweight belt.

“He hurt me slightly with body shots, jabs, we engaged in a head-butted, and he tried to get me with a lucky punch. But I was careful in my attacks,” Nietes said.

ON the eve of the 450th anniversary of the founding of the province of Laguna (July 28, 1571), this historic province received its new heroes to stand alongside Jose and Paciano Rizal, Ambrosio Bautista (a co-author of the Declaration of Philippine Independence), World War II General Vicente Lim and celebrities like Ariella Arida, Jane de Leon and Rico Blanco to name but a few of its famous sons and daughters.

The Laguna Heroes, named so aptly for this team in the Professional Chess Association of the Philippines (PCAP), won the league’s firstever championship by defeating the Camarines Soaring Eagles, 2-1, in Armageddon play in the finals of the All-Filipino Conference on Saturday.

The Heroes and Soaring Eagles won a game apiece in the finals to send the series to its penalty shootout, Armageddon. The former’s Grandmaster (GM) Banjo Barcenilla won while Camarines’s GM Mark Paragua also won their respective assignments. The result came down to Laguna’s AJ Literatus and Camarines’s Ellan Asuela. The latter looked like he was well on his way to a win and a championship but Literatus took advantage of a wrong move to snatch the win and title.

Now, the Laguna Heroes—led by its homegrown owner and playing coach Alfredo Paez, consultants Engineers Benjamin Dy and Jonathan Mamaril and David Nithyananthan and players Barcenilla, Gomez, Fide Masters Literatus and Efren Bagamasbad, Karen Enriquez, Vince Angelo Medina, Kimuel Aaron Lorenzo, and Arjie Bayangat—are champions.

It is especially sweet for Paez, Gomez, Medina, Lorenzo and Bayangat who all hail from Laguna.

The native sons have done good.

While the honor goes to Laguna, we must also offer salutations to valiant Camarines which conducted themselves with class and dignity all throughout the tournament and finals.

Even in defeat, this team showed class and professionalism.

Watching Asuela stand up in dismay after he knew that his mistake cost them the championship, his first words were to offer congratulations before a short and terse lament, “napakalaking sayang.”

I remember thinking, this would have been a nice victory for Paragua who lost his father recently and had to fly home for this.

But GM Mark, Ellan and the rest of the Soaring Eagles led by their team owner, Engineer Jojo Buenaventura, have nothing to be ashamed about as they went to the finals and fought the good fight.

They will be back.

I couldn’t help but feel proud for PCAP (it’s Commissioner Atty. Paul Elauria and chairman Michael Chua), it’s teams and supporters.

I played chess for recreation as a kid before football and baseball stole my heart. At six, I remember being transfixed by that match between Bobby Fischer and Boris Spassky. How could you not? It was big news in a world in the midst of the Cold War. I was proud too to when Eugene Torre became the first Filipino GM. And in 2007, I got to work on a project that led to a photo exhibit featuring Olympians. And that included Torre and GM Joey Antonio, our third GM. Noted photographer Bien Bautista took some amazing photos of the two.

Writing and following PCAP from its inception to the draft and the tournament proper, my heart swelled with pride for all the teams. Seeing more people follow it and then San Miguel coming in to sponsor the league was amazing.

Personally, I never wrote anything about chess before and I must say that I owe it to Games and Amusements Board chairman Baham Mitra for this. It was the gentleman from Palawan who called me told me to help PCAP get off the ground.

I didn’t even think twice. I said yes immediately. And I love and enjoy covering the league. Every single moment.

With basketball, boxing, football and volleyball all enjoying success as professional sports, it’s great to see chess given its due.

Seeing the reactions of people during the online matches of PCAP, it was exhilarating.

Watching the PCAP community on Saturday night talk and all in smiles following the finals...I felt proud and happy for all of them.

This wasn’t only something historic. It will do something for the sport in this country both in the short and long term. The way they empowered women, senior citizens, and homegrown players... incredible! Now people will look at the collegiate chess matches in a different light. Now, people will know the names of the players outside the Grandmasters. Now kids will take up the sport.

And that can only mean good things.

Watching all of that and reflecting last night, I had this thought...I am proud to be a Filipino.

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Nietes displayed superior boxing IQ and flashed pinpoint counter-punching skills to neutralize Carrillo’s desperate long punches.

The Filipino improved to 43-1-5 win-loss-draw (23 knockouts) while the Colombian dropped to 25-8-1 (16 knockouts).

With the convincing victory, Nietes stretched his goal to a world title rematch against Ioka within the year. He is also hoping to get a match with Srisaket Sur Rungvisai of Thailand or either Roman Gonzalez of Nicaragua or unified world champion Juan Francisco Estrada of Mexico.

If one of these fights pushes through, Nietes said he would reassess his future.

“I will wait for the decision of my promoter [MTK Global] on what to do next in my career,” he said.

The Dubai fight was held in a bubble—no fans—and was topped by Jamel Herring’s successful defense of the WBO super featherweight title via a sixth-round technical knockout win over Carl Frampton.

Nietes prides himself as the longestreigning Filipino world champion at seven years and three months (2007 to 2014), holding the WBO minimumweight, light flyweight and super flyweight and International Boxing Federation flyweight belts during that span. He surpassed the seven years and two months record of the late great Gabriel “Flash” Elorde.

He will fly back to Cebu with trainer Edmund Villamor on Tuesday. Josef Ramos

Saso falters with fat 77 in ANA Inspiration 3rd rd

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HAILAND’S Patty Tavatanakit opened a five-stroke lead on another hot and windy Saturday afternoon, but Filipina ace Yuka Saso tumbled with a 77 to crash out of contention at the ANA Inspiration in Rancho Mirage, California.

Tavatanakit all but crushed her challengers’ hopes with a striking combination of power and touch.

A stroke ahead after each of the first two rounds, the 21-year-old Thai shot a five-under 67 in 100-degree heat to reach 14-under 202 at Mission Hills in the first major championship of the year.

“I’m fine in the heat,” Tavatanakit said. “I grew up in this in Thailand.”

She matched the tournament 54-hole record set by Pernilla Lindberg in her 2018 victory. Dottie Pepper set the overall mark of 19 under in 1999.

Defending champion Mirim Lee and Ally Ewing were second at nine under in the event being played without spectators for the second time in seven months.

The 19-year-old Filipino-Japanese Saso fared miserably in the last five holes, failing to at least ride the momentum of sharing 12th spot entering the third round at four-under par.

Saso had a shot at three-under after 13 holes but a double-bogey at the par-threre 14th and bogeys at the 15th and 17th marred her round.

With that 40 on the backside, Saso dropped to 53rd place at one-over 253 with one round to go in her Ladies Professional Golf Association Tour debut this season.

The other Filipino, Bianca Pagdanganan, failed to make the halfway cut.

Tavatanakit crushed drives—hitting a 337-yarder on the par-five 11th—and was equally as effective on and around the greens.

“I’ve hit it the farthest I’ve ever hit here,” Tavatanakit said. “It’s a little strange to have a lob wedge in on the first hole.”

The former UCLA star is trying to become the sixth straight international winner in the tournament celebrating its 50th edition.

She won seven times in two seasons at UCLA and had three Symetra Tour victories in 2019.

“Keep on the pedal,” Tavatanakit said. “I play aggressive when I can be and you got to play smart golf. It’s a major championship. Pins are tough, tough conditions. You got to have the things you need to go out and execute and embrace all the challenges.”

She birdied the first three holes, holing a 20-footer on the par-4 third. With AP SASO

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2-CONFERENCE PBA SEASON THREATENED T

By Josef Ramos

HE Philippine Basketball Association (PBA) quashed an April 18 opening for the league’s 45th season following the extension of the enhanced community quarantine (ECQ) for at least another week.

And because Covid-19 infections remain in alarming levels everyday, the PBA isn’t keen on opening anytime soon.

“It’s too very difficult to open by April 18 because the players need to practice and at the same time, because of the current situation,” Ricky Vargas told BusinessMirror on Sunday, the end of the first week of the reimposition of ECQ in Metro Manila, Bulacan, Rizal, Laguna and Cavite.

The PBA targeted an April 18 opening under a modified bubble or closed circuit format— home-gym-home—over the full bubble environment and eyed the Ynares Sports Center in Antipolo City as a quarantined venue.

But because of the unabated virus infection

and the possibility that the ECQ could be implemented even longer, Vargas said securing approval from the Inter-Agency Task Force on the Management of Emerging Infectious Diseases looked far-fetched at the moment.

“What’s important is we get the vaccine to get us going for a fruitful season,” said Vargas, reiterating that the 45th season could complete its planned two conferences if the IATF approves a May opening for the league.

“I’m always worried any delay will extend the season [until early next year]. What important is to hold two conferences,” he stressed.

Vargas, who represents TNT Tropang Giga in the league, said that he will call a board

Heroes bring crown home to Laguna

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RANDMASTER Rogelio Barcenilla Jr. and FIDE Master Austin Literatus delivered when it mattered most as the Laguna Heroes beat the Camarines Soaring Eagles in the final of the Professional Chess Association of the Philippines (PCAP) All-Filipino Conference on Saturday night.

Many-time Olympian Barcenilla and Literatus won their respective matches for the Northern Division winners Heroes in the Armegeddon (tiebreak) over their Southern

Division counterparts to rule PCAP’s inaugural tournament that was played online.

Barcenilla and fellow GM John Paul Gomez gave the Heroes the upperhand, 14.5-6.5—in the first set, but the Eagles fought back behind GM Mark Paragua, 11.5-9.5, to send the duel to the Armageddon.

The Heroes had the chance to gain advantage in the tiebreak with a black-whiteblack option where two of their players handling black would only need a draw to win. But they chose white-black-white—where two white players would need to win at all cost to clinch the title—instead.

The pick almost backfired as Paragua

under PL 2020/21 PUBG APAC Region. They are ArkAngel Esports, TroubleMaku and Gamers Lounge.

In Dota 2, TNC Predator leads the roster with an all-Filipino team that includes new additions Marvin “Boomy” Rushton and Jun “Bok” Kanehara. They will be up against Neon Esports and Reckoning Esports.

Predator is also giving away up to P40,000 discount on select Predator laptops, desktops and monitors.

Matches will be broadcasted on Acer Predator’s Facebook and Twitch channels.

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LEVEN-YEAR-OLD Al Basher Buto bested older, more experienced opponents to rule the Luzon Leg of the Philippine Sports Commission (PSC)-National Chess Federation of the Philippines (NCFP) selection tournament recently.

Buto, 11, scored eight victories out of a possible nine—including an impressive finalround triumph over Janmyl Tisado—to rule the three-day event that was held online and lead the qualifiers to the semifinals slated May 11 to 13.

It was another victory for the age group internationalist, who is being groomed to be the next Wesley So. Buto’s other wins came at the expense of Jose Piro Caro, Joemel Narzabal, Marlon Constantino, Alfredo Balquin Jr., Juan Samson Guillermo Cantela, Jerish John Velarde and

Mark James Marcellana.

His only defeat in the tournament bankrolled by the PSC and sanctioned by the NCFP headed by Rep. Prospero “Butch” Butch Pichay came in the second round to Joseph Mendoza II. Tisado had a chance to nail the title with a draw but he failed to answer Buto’s fierce attacks and settled for second place with 7.5 points in the event that used a rapid time control of 15 minutes with a 10-second increment.

Nezil Ari Magnaye Merilles was third with 7.5 points while Mark James Marcellana, Ivan Travis Cu, Adrian Basilgo, Daniel John Lemi, Israel Landicho, Cedric Daniel Macato and Jan Darryl Bautista rounded up the top 10.

The Visayas Leg reels off April 13 to 15 while the Mindanao Leg is set from April 20 to 22. The grand finals are set from July 2 to 4.

Hundreds of French sports figures accused of sexual violence

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ARIS—A year-long, nationwide French effort to uncover and combat sexual violence in sports has identified more than 400 coaches, teachers and others suspected of abuse or covering it up.

Most of the victims were under 15, according to data released Friday by the sports ministry. The alleged abuse included sexual assault, harassment or other violence.

Sixty people have faced criminal proceedings, more than 100 have been temporarily or permanently removed from their

meeting this week with Commissioner Willie Marcial to address the situation.

League vice chairman Bobby Rosales of Terrafirma, meanwhile, said it would be improbable to complete two conferences if the league opens beyond May. A conference, he said, needs at least four months to complete.

“We are now facing a scheduling problem.

Beyond May, it’s hard to complete two conferences this year,” Rosales said in separate interview. “And we are also waiting for the approval of our request with the IATF to hold the games.”

All 12 teams stopped conducting noncontact drills since last month since the spike of virus cases in the Greater Manila Area. They haven’t held any scrimmages since February.

Vargas, however, refused to give up hope.

“We are hoping that the league could still hold two conferences this year,” he said. “Easter Sunday is all about renewed hope. There is still hope left for us and we will face this pandemic together. We can make it together.”

maneuvered the black pieces to a 25-move King’s Indian Defense triumph over Gomez on Board 1.

Barcenilla fought back with white on Board 3 and evened the score for the Heroes by dismantling untitled Mark Daluz in 55 moves of a Reversed Sicilian Defense, sending the championship to a decider between Literatus and Ellan Asuela on Board 2.

Literatus put his experience to work and despite playing black, forced the untitled Asuela to blunder with a king move in the latter part of the match. The Soaring Eagle was checkmated after the 43rd move of the Sicilian Defense game.

The Iloilo Kisela Knights defeated the San Juan Predators to take third place.

Miguel La Torre

Buto, 11, shows ‘em in selection tourney

Predator Grand Final up HE Asia-Pacific Predator League 2020/21 Grand Final reels off on Tuesday with four sub-tournaments—two each for Dota 2 and PlayersUnknown’s Battlegrounds (PUBG)— that would last for six days.

The qualifiers and organizations invited by Acer are expected to display their skills in the online-only tournament that offers a total prize of $400,000 pooled across qualifiers to the four sub-tournaments.

The winners will also receive the coveted APAC Predator League Shield and Acer Predator products.

Three teams will represent the Philippines

DONNIE NIETES lands a right straight on Pablo Carillo’s face during the 10th round of their fight in Dubai.

posts, and local investigations are under way into other cases, the ministry said.

The abuse reached across the country and across the whole sector, with accusations targeting a total of 48 sports federations.

Of those accused, 96 percent are men. Of the victims, 83 percent were women or girls, and 63 percent were under 15, the ministry said.

The fact-finding probe was launched in February 2020 after 10-time French skating champion Sarah Abitbol said in a book that she was raped by coach Gilles Beyer from 1990-

92, when she was a teen. Beyer was handed preliminary charges of sexual assault and the investigation is ongoing.

In the wake of Abitbol’s accusations, more skaters spoke out to denounce alleged sexual violence from coaches. The sports ministry set up a dedicated platform for athletes’ testimonies and conducted a year of hearings.

In its statement, the ministry called Abitbol’s testimony “a historic moment for French sport” that raised awareness and has pushed authorities to crack down on abuse. A new law on tougher

screening of sports educators, including volunteer coaches, went into effect Friday, and the French government and sports federations have pledged to respond faster and more effectively to reports of abuse.

Sports Minister Roxana Maracineanu has played a key role in raising awareness. In a recent interview with The Associated Press, the former swimming champion described her own experiences facing sexism, and said it’s time for French mindsets to change when it comes to women’s rights within the male-dominated sports world. AP

ASH RISES AGAIN

World No. 1 Ash Barty repeats as Miami Open champion after Bianca Andreescu retires in the second set of their final match, 6-3-4-0, on Saturday in Miami.

Andreescu limps through 11 more points before retiring, crying and shaking her head, handing her second successive Miami title. AP