BusinessMirror April 14, 2020

Moody’s: BSP to deliver another rate cut T

HE Bangko Sentral ng Pilipinas (BSP) is expected to again cut interest rates in April to boost the local economy amid the coronavirus 2019 (Covid-19) pandemic.

In its weekly highlights, Moody’s Analytics said the BSP is expected to shave off another 50 basis points from the country’s interest rates this month.

Reports showed the Monetary Board has already cut interest rates by 75 basis points this year. The overnight reverse repurchase rate is now at 3.25 percent.

“The central bank followed with guidance that the policy rate is likely to be reduced by 50 basis points in April,” Moody’s said. “[Last week] the government announced further support via a $527-million fiscal package.”

PUBLIC-UTILITY vehicle (PUV) drivers, out of work because of the suspension of all forms of public transportation due to the Luzon-wide lockdown, line the street leading to a Land Bank office in Quezon City to receive financial aid from the government. A total of 435,619 PUV drivers are set to receive financial support through the government’s social amelioration program. NONIE REYES

ROTARY CLUB OF MANILA JOURNALISM AWARDS

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By Cai U. Ordinario

In the Philippines, Moody’s said the enhanced community quarantine (ECQ), which covered the whole of Luzon island, will likely have a heavier toll on the economy.

It stressed that Luzon is home to 60 million people or 57 percent of the country’s population. It also accounts for about 70 percent of GDP.

Moody’s said many economies in the Asia-Pacific region have increased containment and set aside large stimulus packages to pump-prime the economy.

Singapore, for one, has allocated S$60 billion or 12 percent of its GDP. This, Moody’s said, is unprecedented and has exceeded the stimulus package Singapore had during the Global Financial Crisis 2008-2009.

Despite these containment measures and stimulus, Moody’s said trade-exposed

economies like Singapore remain threatened by weak global demand.

“Recession risks remain for the trade-exposed economy, with weak global demand and mass supply chain disruptions likely to continue for the second half of the year,” Moody’s said.

Last week, Finance Secretary Carlos G. Dominguez III said the economy could post zero growth to as low as a contraction of 1 percent this year due to Covid-19.

Previous contractions

THE Philippine economy is no stranger to these low levels of GDP growth rates.

The last time GDP contracted was in 1998 and 1991 when full-year GDP both contracted 0.6 percent. Prior to those years, the last time GDP contracted was in 1984 and 1985 at 7.3 percent.

In 1998 there was a severe El Niño and the tailend of the Asian Financial Crisis. In 1991 the economy suffered from the residual effects of the July 1990 earthquake and Mount Pinatubo’s eruption in June 1991.

The years 1984 and 1985 were the last two years of the Marcos administration. A few months after the end of 1985, in February 1986, the country had the world’s first bloodless revolution and saw a change in administration.

Initial estimates of the National Economic and Development Authority (Neda) said that given the simultaneous adverse effects on the supply and the demand side of the economy, a cumulative loss of P428.7 billion to P1.36 trillion in gross value added using current prices may be expected. This is equivalent

See “Moody’s,” A2

BusinessMirror A broader look at today’s business

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DATA CHAMPION

‘WIDER BUDGET DEFICIT WILL BOOST ECONOMY’ www.businessmirror.com.ph

n

Tuesday, April 14, 2020 Vol. 15 No. 187

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

SEN. Lawrence Christopher Go, Health Secretary Francisco Duque III, Manila Mayor Isko Moreno, BCDA President and CEO Vince Dizon and House Speaker Alan Peter Cayetano lead the inspection on Monday of “We Heal As One” centers at the Ninoy Aquino Stadium in Manila, which will serve as quarantine facilities for Covid-19 patients. ROY DOMINGO

A

By Jovee Marie N. Dela Cruz

N economist-lawmaker wants the government to widen its budget deficit up to nearly 8 percent of GDP as the government needs to implement fiscal programs to keep the economy afloat following the impact of Covid-19 pandemic.

In his 109-page Philippine National Stimulus Strategy report to be submitted to the Palace, House Committee on Ways and Means Chairman Joey Sarte Salceda said widening the budget deficit to 7.8 percent of GDP would result in a 1.3-percent growth for the economy this year, apparently averting the first contraction of the economy in 18 years.

Allowing for a wider budget deficit is also supported by a senior senator and former director general of the National Economic and Development Authority (Neda). In a text message to the BusinessMirror, Senate President Pro Tempore Ralph Recto said: “We can afford 10 percent GDP deficit for the next two to three years. But we have to act fast. Test, isolate, treat. Allow those who are immune and negative to start working. Slowly allow businesses to operate. Provide longterm interest free loans to MSME [medium small micro enterprises], and reduce taxes.”

A budget deficit occurs when expenditures exceed revenues.

However, Salceda said the government should maintain its focus on deficit spending until 2022 so that the government could quickly recover from the slump.

Citing his estimates, Salceda said the government needs to widen its budget deficit to 7.4 percent of GDP by 2021 and 5.2 percent of GDP by 2022. These would be way above the economic managers’ projections in December last year at 3.2 percent for the said years.

This, the lawmaker said, would result in economic growth of 4.5 percent and 6.0 percent of GDP, respectively.

Should the government decide to minimize its deficit this year, Salceda estimates that the economy would indeed contract by 0.3 percent this year even if they widen the budget to 5.8 percent of GDP. By 2021, he said a 5-percent deficit-to-GDP ratio would yield an economic growth of only 2.5 percent, while a 3.5-percent deficit-toGDP ratio would result in growth of 5.5 percent by 2022.

“Given the choice between spending measures and tax relief, spending is preferable,” he said.

“Spending can boost GDP, and therefore arrest the decline in revenue; tax cuts are hard to roll back,” Salceda added.

Special hearing

MEANWHILE, Speaker Alan Peter Cayetano said the lower chamber

PESO EXCHANGE RATES n US 50.6420

will hold a special hearing on Tuesday to tackle the fiscal stimulus plan to help the government deal with the impact of Covid-19.

In an FB live session, Cayetano said the House Economic Stimulus Response Package Cluster will lead the hearing, which will be conducted through a video conferencing platform.

“We will have a modified hearing with our economic stimulus cluster. The executives would talk first, then our three lawmakers, Rep. Joey Salceda, Rep. Sharon Garin and Rep. Stella Quimbo would present their proposals,” Cayetano said. Salceda is a co-chairman of the House Economic Stimulus Response Package Cluster.

Salceda is proposing a P169.9billion “Filipino Families First” stimulus plan to encourage families and businesses to comply with public health measures and to speed up economic recovery after the crisis.

He also proposed to President Duterte a P45-billion wage subsidy scheme to cover 5.98 million workers for small and medium enterprises, sole entrepreneurs and freelancers affected by the implementation of the six-week ECQ. Quimbo’s proposal, meanwhile, seeks to allocate P108 billion for a fiscal stimulus package to cushion the pandemic’s impact on the economy.

Under the proposed Economic Rescue Plan for Covid-19, the fiscal stimulus package shall be broken down as follows: P43 billion for assistance and promotion of the tourism sector, P15 billion for unemployment assistance, and P50 billion for assistance for business, particularly micro, small, and medium enterprises, which includes loan packages and subsidies.

With a report from Butch Fernandez

PHL PURSUING P8-B G2G RICE IMPORTS FOR STABLE SUPPLY

A WORKER, wearing a protective mask, carries sacks of rice at Muñoz Market in Quezon City. AP/AARON FAVILA

By Jasper Emmanuel Y. Arcalas

T

HE Philippines will push through with its P8-billion 300,000-metric ton rice importation via government-to-government (G2G) transaction to ensure the country has sufficient stockpile amid the Covid-19 pandemic.

Agriculture Secretary William D. Dar said the budget for the importation has been approved and will be handled by the Department of Trade and Industry’s Philippine

International Trading Corp. (PITC).

The idea for the G2G rice importation came from the DA and the National Food Authority (NFA), Dar added.

Trade Secretary Ramon M. Lopez said the budget for the rice importation is P8 billion, while details of the G2G transaction are still being finalized.

Dar said the DA and the NFA are providing technical advice to the PITC regarding the G2G importation since the NFA has been involved with rice importation, especially G2G, prior to

deregulation of the rice industry.

“The budget for the importation has been approved and has been given to DTI-PITC. They will lead the G2G arrangement. We had a meeting last week, PITC [is] now leading the G2G discussions,” Dar said in a virtual press conference on Monday.

According to Dar, there are various available rice suppliers in the world market today despite the reported export suspension by certain exporters like Vietnam.

“There’s a lot of supply. We have

See “Rice,” A2

n JAPAN 0.4670 n UK 63.1354 n HK 6.5320 n CHINA 7.1960 n SINGAPORE 35.8122 n AUSTRALIA 32.1678 n EU 55.4277 n SAUDI ARABIA 13.4722

Source: BSP (April 13, 2020)

News BusinessMirror

A2 Tuesday, April 14, 2020

www.businessmirror.com.ph

IATF backs lifting of deployment ban on health staff with contracts

F

By Samuel P. Medenilla

ILIPINO medical workers with already existing contracts may soon be allowed to work abroad.

In a statement, chief presidential legal counsel Salvador S. Panelo said the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) on Monday recommended the lifting of the deployment ban imposed by the Philippine Overseas Employment Administration (POEA) for 14 medical occupations.

Under the recommendation, he said “those [Filipino medical workers] with existing perfected employment contracts will be able to leave.”

Panelo said, “I also sent a memo to PRRD [President Rodrigo R. Duterte] recommending the lifting of the travel ban on health workers with perfected contracts.”

The IATF resolution is subject to the approval of the President.

However, Panelo claimed the resolution may as well be deemed approved since the President “has

not disapproved any recommendation made by the IATF.” POEA administrator Bernard P. Olalia declined comment on the matter for the meantime since there are “several provisions in the IATF resolution which are relevant and must be explained.”

Olalia told the BusinessMirror in an SMS, “We wait for the final language of the IATF reso [resolution].”

Large impact

ON April 2, 2020, the POEA governing board issued Resolution No. 9, series of 2020, temporarily suspending the deployment of OFWs under 14 medical occupations, including doctors and nurses, until the lifting of the national state of emergency due to the novel coronavirus disease (Covid-19).

In a radio interview on Monday, Olalia said the measure aims

HEALTH workers process specimens at a testing area at the Quezon Memorial Circle in Quezon City. About 150 people from the city took part in the pilot community-based testing for coronavirus disease Monday, April 13, according to the QC Health Department. NONIE REYES

to ease the shortage of health-care workers as well as protect OFWs, particularly those in the medical field, from the soaring Covid-19 cases abroad.

Citing data from the Department of Health (DOH), he said the country already has a shortage of around 290,000 medical workers.

“There are so many in the pipeline, especially those under the government-to-government

arrangement. If we allow them to leave, our health-care system will collapse,” Olalia said.

The move was heavily criticized by medical workers and even the Department of Foreign Affairs (DFA) for allegedly violating the right to travel of affected OFWs.

The Philippine Nursing Association (PNA) said its members, including those who are bound for abroad, are open to cooperate

with the government amid the Covid-19 crisis, but it stressed that proper compensation for medical workers should be given by the government.

Proper compensation

THE coalition of the country’s biggest labor groups on Monday demanded full-time employment for health-care workers who will be hired by the Department of Health

(DOH) in the ongoing fight against Covid-19.

Nagkaisa lauded the DOH’s announcement at the weekend that it will hire 857 health-care workers for deployment in its three Covid-19 referral hospitals.

It, however, expressed concern the workers will be employed on a temporary basis for the duration of the Covid-19 crisis.

“We, however, urge the DOH that these health workers be hired as part of the civil service not merely as on ‘contracts of service,’ which is a precarious working arrangement,” Nagkaisa chairman Sonny Matula said in a statement.

Nagkaisa asked that health workers who responded to the government’s initial appeal for volunteers be given priority for employment.

“Health workers who earlier volunteered themselves should be prioritized in the hiring and be upgraded as health workers with salaries, depending on their qualifications, equivalent to the salary grades (SG) of their functions, like [for] nurses, to SG [salary grade] 15 to 18 or doctors, SG 21 to 24,” Matula said.

Social distancing, ban on gatherings will be way of life after ECQ

S

TRICT social-distancing policy and other government measures against the novel coronavirus disease (Covid-19) are expected to persist beyond the enhanced community quarantine (ECQ) in Luzon and last for the next six months or even up to 2021.

This after the Department of Health (DOH) said in a press briefing on Monday that the vaccine for the pandemic disease is not expected to be completed anytime soon.

“It would take about, maybe, six to 12 months. Or maybe one year to a year-and-a-half before the vaccine [for Covid-19] being developed by other countries comes out [in the market],” Health Undersecretary Maria Rosario S. Vergeire said.

The World Health Organization (WHO) said three vaccine candidates for Covid-19 are already in the clinical trial phase or are being tested on humans, while 67 similar vaccines are in the pre-clinical phase.

Earlier, President Duterte said business operations and travel are unlikely to normalize even after the government lifts the ECQ in Luzon on April 30, 2020, until a vaccine for Covid-19 is discovered.

Back to basics

WITHOUT the vaccine, Vergeire said the government would rely on non-pharmaceutical measures which have “worked for other countries” in their own campaign against Covid-19, such as physical distancing, avoidance of mass gatherings and frequent washing of hands.

On Tuesday the DOH will be coordinating with local government units to start the mass testing for Covid-19.

Due to still limited testing facilities, Vergeire reiterated that the mass testing will still focus on those with a high risk of being infected by the virus, like those with severe Covid symptoms, the elderly, those who are pregnant and health-care workers.

The government and its accredited partner private medical

facilities have a daily testing capacity of less than 3,000.

She noted that once they reach the 8,000 tests per day for Covid samples, they will expand the coverage of the mass testing to also include “frontliners” who have no symptoms.

Interior Undersecretary Jonathan Malaya said those who will test positive for Covid but are asymptomatic will be made to stay in the 2,673 quarantine facilities nationwide that were set up by local government units, or the large quarantine centers prepared by the national government.

Data privacy

TO augment government contact tracing efforts for people who may need to undergo testing, the government earlier announced that it will make mandatory the “public disclosure of personal information” of Covid-positive patients.

Contact tracing is the process of looking for the people who have interacted with those infected by a disease like Covid-19.

Cabinet Secretary Karlo Nograles, however, clarified that the disclosed personal information, which can be used by the DOH and concerned agencies, will still be protected by the Data Privacy Act. However, he noted Covid-19 patients will be compelled to disclose to the government personal information especially concerning their disease.

“The information will only be used by the Department of Health to craft the right policies and action as well as utilize it for contact tracing,” Nograles said.

He said the DOH has been given by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases the “delicate task” of harmonizing the provisions of Republic Act 11332 or the Mandatory Reporting of Notifiable Diseases and RA 11332 or the Data Privacy Act in the guideline for the “public disclosure” policy.

Samuel P. Medenilla

VEGETABLE vendors wait for customers at Balintawak public market in Quezon City. The city government has ordered a stop to retail selling in the market after crowds were seen in the area, not practicing social distancing, at the weekend. NONIE REYES

Rice…

Continued from A1

a lot of suppliers. Even India is offering a G2G of 300,000 metric tons. Myanmar is still wide open,” he said.

Since the start of the year, about 600,000 MT of rice has been imported by the private sector, while 1.3 million MT could still enter the country with all the existing sanitary and phytosanitary import clearances (SPS-IC) issued by the Bureau of Plant Industry to eligible importers, Dar added.

Dar disclosed that about 400,000 MT of rice from Vietnam will arrive in the country this month following Hanoi’s assurance that it will honor existing supply contracts with Philippine importers.

“We received [Vietnam’s] letter last week. Being a good trading partner, the general tone of their letter is that they would be observing the contracts that have been signed earlier,” he said.

International Rice Research Institute

Agri-food Policy Platform head Jean Balié said world rice market “fundamentals are robust,” indicating “no reason to expect supply problems” in the short term amid the pandemic.

“The last rice harvests were good or even better than expected globally. Stocks are high and much higher than what they were in 2008 and 2011,” Balié said in an recent IRRI news statement.

Citing United States Department of Agriculture estimates, Balié added that harvests from China and India are in a good position “to cover several months of consumption.”

Hence, he added, “a shortage of rice is unlikely in the short run.”

However, Balié flagged mediumterm issues to watch out for, such as production shocks and massive demand surge that could trigger a global price crisis.

“In the medium term, any shock on production that could result in a lowerthan-expected harvest could trigger a price crisis. Likewise, a massive surge in demand fueled by panic buying and hoarding could also trigger a price rise in

the medium term,” he said.

“Decisions like limiting the flow of rice within and between countries, including export bans and other trade restrictions as well as excessive buying, can all precipitate a surge in rice price in spite of good market fundamentals,” he added.

Based on IRRI analysis, Balié said world rice prices could spike by at least 19 percent to as high as 52 percent if exporting countries, such as Vietnam, Cambodia and India, suspend shipments.

Under these scenarios the global price of Thailand 5-percent broken rice would increase to $525 per metric ton to about $671 metric ton.

But under a worst-case scenario, where exporters impose a ban on shipments coupled by higher imports by China, world rice prices could shoot to $817 metric per MT.

“In the worst-case scenario, rice price could spike well above the maximum level reached during the 2008 crisis,” he said.

“Therefore, price is the main variable that will determine if a rice crisis is looming or already under way,” he added.

Moody’s Continued from A1 to 2.1 percent to 6.6 percent of nominal GDP in 2020.

The bulk of the impact is due to the Luzon-wide enhanced community quarantine—P298 billion to P1.09 trillion, or 1.5 percent to 5.3 percent of GDP—and affects 61,000 to a million Filipinos.

This is followed by losses in the transport and tourism sector worth P77.5 billion—P156.9 billion or 0.4 percent to 0.8 percent of GDP, and affecting 33,800 to 56,600 Filipinos in the sector.

The list includes consumption losses worth P45.1 billion—P93.6 billion or 0.20.5 percent of GDP, and affects 16,50062,500 Filipinos in the sector.

Exports and remittances will also be affected with losses reaching P4.9 billion to P9.8 billion or 0.02-0.05 percent of GDP; and P3.9 billion-8.5 billion or 0.02-0.04 percent of GDP, respectively.

The Nation BusinessMirror

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Davao City to keep tabs on all incoming visitors through PIS

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

D

AVAO CITY—All persons coming into this city would be required to fill up personal information sheets (PIS) at the airport and border checkpoints to allow authorities a quick contact tracing in case of an infection, City Mayor Sara Duterte-Carpio said.

The move is part of a string of options the city and the Regional Task Force on Corona Virus Disease 2019 is taking ahead of the resumption of normal airport operations in the country, even as the city expressed its apprehension over the possible spread of the contagion amid reports of still uncontained transmission in Metro Manila.

The personal information data sheet is expected to be covered by a city ordinance and Duterte-Carpio said this would be tedious and to cause long queues but would be implemented still. This was already implemented last month in the three border checkpoints.

She said the city, as the central entry point for all air travelers to any destinations in the Davao region, would be likely compelled to open its airport once the national government would lift air travel. The mayor said the regional task force would exercise its option, though, to petition the national government to exempt the opening of the Davao airport.

The region has already posted encouraging trend in containing the spread of the Covid-19 infection, with a growing number of recoveries from infection, at 50, and a downtrend in admitted patients. The regional Department of Health (DOH) has reported no new cases in Covid-19 positive patients and no new deaths over the weekend.

The Southern Philippines Medical

Center (SPMC) has already conducted 1,908 sampling and testing of Covid-19 patients, which only turned out 103 positives, a slim 5.04 percent. Dr. Leopoldo Vega, SPMC chief of hospital, said 41 patients of the 74 admitted patients in the hospital and monitored centers, have recovered. Of 300 SPMC health personnel, 12 have been found positive but only two have remained admitted and the rest have been discharged, or still undergoing quarantine “but they have only mild symptoms.”

After the SPMC was granted independent status to conduct the test, it has conducted the second-highest testing in the laboratory second only to the Research Institute for Tropical Medicine, the main laboratory located in Muntinlupa, Rizal.

While the Davao region has accumulated a total of 1,066 suspected (formerly labeled persons under investigation) patients, only 90 turned positive and currently admitted at the SPMC and Davao Regional Medical Center in Tagum City, Davao del Norte.

Of the 23,625 suspected (or persons under monitoring) patients, 14,117 have been cleared, or 63 percent, Dr. Lenny Joy Rivera, assistant DOH director, said.

“We want a steady compliance of the protocols to avoid a surge in the infection,” Rivera said.

Duterte-Carpio said it would still be up to the doctors to make the decision on what to do next after the ECQ expires on Sunday.

Vega said they may recommend a gradual lifting of the stringent protocols if the trend of zero positives and admitted patients would continue.

“We have to maintain the basic and important things like physical distancing, avoid crowds and change your lifestyles now.”

Harry Roque is back as Palace spokesperson

By Samuel P. Medenilla @sam_medenilla

H

ARRY ROQUE has been reappointed by President Duterte as his spokesperson.

This was confirmed by Chief Legal Counsel Salvador S, Panelo in a news statement issued on Monday.

“The Palace confirms that President Rodrigo Roa Duterte has offered the position of Presidential spokesperson to Atty. Harry Roque who, in turn, has accepted the same,” Panelo said.

He said Duterte opted to bring back Roque to his Cabinet since he deemed the government needs

a “new tack in messaging” in the ongoing novel coronavirus disease (Covid-19) health crisis.

Prior to Roque’s reappointment, Panelo concurrently served as the spokesperson of President Duterte.

Panelo said he will now focus on giving legal advice to the President and issuing statements on the matter.

Roque served as presidential spokesperson from 2017 to 2018.

He resigned from his post when he decided to run as a senator in the 2019 midterm polls.

Months before the said election, he withdrew his Senate bid and instead became a nominee of Luntiang Pilipinas party-list.

As PHL nears 5,000 Covid-19 cases, DOH says over 35K tests were done

By Claudeth Mocon-Ciriaco Correspondent

T

HE Department of Health (DOH) on Monday reported over 35,000 Covid-19 tests conducted as the country nears the 5,000-mark of infected persons.

In a virtual press conference, Health Undersecretary Maria Rosario Vergeire said they already conducted 35,804 individual tests as of 6 p.m. of April 12. Of the number, 5,187 were positive cases while 30,585 yielded negative results.

Vergeire clarified that the number of cases in the individual tests is higher compared to the number of confirmed cases, “because the result of positive tests will still undergo validation and processing.”

T

HE Department of Foreign Affairs (DFA) on Monday said flag carrier Philippine Airlines (PAL) has been chartered by the Philippine Red Cross to ferry medical supplies from Changsha Airport, Hunan, China.

“PAL and Red Cross Philippines have just completed loading testing lab equipment and supplies and test kits for Covid-19. Now taxiing for depar-

ture back to Manila. All flight clearances secured by DFA PHL,” tweeted Foreign Affairs Secretary Teodoro Locsin Jr. The flight was confirmed by PAL spokesman Cielo Villaluna, who said, “chartered by Philippine Red Cross yesterday transported medical equipment and supplies from Changsha [capital of Hunan province] to Manila

She added: “We still have to conduct repeat tests for positive patients.

That is why we have a higher number of positive tests in the laboratory than our reported confirmed cases,” Vergeire said.

As of 4 p.m. April 13, the DOH reported 284 new cases (4,649-4,932) of Covid-19, bringing the total number of cases in the country to 4,932.

The DOH also reported the highest number of recoveries, at 45. This brings the total number of recoveries to 242.

Meanwhile, 18 deaths were reported, bringing the total number of deaths to 315.

Expanded testing

AS scheduled, Vergeire also announced that the Covid-19 expanded testing

will start on Tuesday (April 14).

She also said the number of referral hospitals has already increased to 75; these can accommodate a total of 3,194 Covid-19 patients.

Vergeire reiterated that priorities for testing include cases of those seriously ill and essential frontline personnel, among others.

Earlier, the DOH also announced that persons with Covid-19 symptoms but who remain untested will be called “suspect,” and those awaiting results are tagged “probable.”

Those patients with positive results from official testing laboratories will be considered “confirmed” cases.

Vergeire said that the new system is in line with global standards in reporting of Covid-19 cases.

Due to its expanded testing protocol, the DOH is optimistic that it can conduct 10,000 tests per day by end of April. There are currently 10 laboratories accredited and capable of testing patients nationwide.

These include the Medical City in Pasig City; St. Luke’s Medical Center in Quezon City; Bicol Public Health Laboratory in Legazpi City, Albay, Vicente Sotto Memorial Medical Center in Cebu City; Baguio General Hospital and Medical Center in Benguet; San Lazaro Hospital in Manila City; Southern Philippines Medical Center in Davao City; Lung Center of the Philippines in Quezon City; University of the Philippines’ National Institutes of Health in Manila; and Western Visayas Medical Center in Iloilo City.

PNP to boost govt’s contact tracing Oil companies raise fuel pump prices on Tuesday of Covid-19 patients and carriers

By Rene Acosta

@reneacostaBM

T

HE Philippine National Police (PNP) will assist the government in the contact tracing of people who may have been exposed to Covid-19 patients, or possible carriers of the deadly pathogen.

“The PNP is ready to help in the contact tracing as we are part of the IATF [Inter-Agency Task Force],” said PNP spokesman Brig. Gen. Bernard Banac, adding that this initiative had been done before by policemen.

Over the weekend, the IATF ordered the mandatory public disclosure of information regarding novel coronavirus carriers for the purpose of contact tracing by the government, still as part of the anti-Covid-19 effort.

The information include people to whom they had come into contact with, for the purpose of contact tracing that will be led by the Office of Civil Defense,

and with the PNP and other units as “enforcers.”

Banac said the PNP, through the Criminal Investigation and Detection Group, had carried out contact tracing, even before the pandemic wreaked havoc on the country, by tracing Chinese nationals who had come into the country.

“We have started this when Chinese tourists were reported to have possibly entered the country in January. The PNP was also asked by the DOH for its help in contact tracing the passengers of an airplane,” he said. National Task Force against Covid-19 chief implementer retired Gen. Carlito Galvez said the contact tracing and the targeted testing will be the government’s “game changer” in the battle against the pandemic.

“If we finish the large-scale testing in priority areas in NCR [National Capital Region] and other regions, then we will satisfy the implementation of our strategy,” he said, referring to the rapid testing that will go hand in hand with the contact tracing.

By Lenie Lectura

@llectura

F

UEL pump prices is expected to increase starting Tuesday, reflecting movements in the world oil market.

In separate advisories, oil companies said they will increase gasoline prices by P0.55 per liter and P0.15 per liter for diesel.

The price of kerosene, meanwhile, will go down

by P0.20 per liter.

The price adjustment of Pilipinas Shell, Phoenix Petroleum Corp., PTT Philippines, Total Philippines, Seaoil Philippines and Petro Gazz will take effect at 6 a.m. of Tuesday, April 14.

Other oil firms have yet to announce their price adjustment as of press time.

The price increase in gasoline and diesel for the week comes after six consecutive weeks of price reduction.

By Tuesday morning, kerosene prices would have been reduced by seven times.

DAR official hails ARBOs’ response in Covid-19 fight

By Jonathan L. Mayuga @jonlmayuga

T

HE Department of Agrarian Reform (DAR) in Cavite province has lauded agrarian reform beneficiaries’ organizations (ARBOs) for helping the government in the fight against the novel coronavirus disease 2019 (Covid-19).

In a news statement, DAR-Cavite Provincial Agrarian Reform Program Officer James Arthur T. Dubongco said through their own little ways, ARBOs are responding to calls by DAR

Philippine Red Cross charters PAL cargo flights to ferry medical supplies from China

A PHILIPPINE Airlines A320 loading tons of medical equipment from Hunan, China.

Editor: Vittorio V. Vitug • Tuesday, April 14, 2020 A3

aboard an Airbus 320.”

“Flight 2P9367 took off from Changsha Huanghua International Airport at 5:20 p.m. local time/ [April 12] carrying essential medical cargo requested by the Philippine Red Cross,” Villaluna said.

She added that two all-cargo flights are also expected to arrive from China later on Monday carrying medical supplies, aboard flights PR 335 Xiamen to Manila, and flight PR 337 Shanghai to Manila.

The PAL Group has been busy operating cargo charters since Day 1 of the enhanced community quarantine period. The carrier said it has cargo flights from China that airlifted needed medical supplies (personal protective equipment, face masks, medicines) while PAL cargo flights to Japan carry auto parts and electronics.

PAL said domestic cargo operations also fly medical supplies to various cities in the country, such as Cebu, Davao, Cagayan de Oro, Tacloban, Tagbilaran, among others. Recto Mercene

to help those in need, particularly those with limited, or no access, to food because of the prevailing enhanced community quarantine (ECQ) in the entire Luzon area.

He was referring to the Palangue AgrarianReformCooperative(PARC), which showed its commitment to sell and provide basic food necessities at a much lower price.

Aside from its vegetable crops, PARC also supplies rice to Cavite cooperatives and other nearby Luzon areas, and charges a very small interest for loans to support areas that, at the

moment, have no access or means to avail of their basic necessities due to ECQ, Dubongco said.

PARC Manager Joselito Tibayan said their store is open and ready to supply the people’s basic needs in Luzon and other parts of the country that are affected by the “partial lockdown” due to ECQ, to avert the spread of Covid-19.

So far, PARC has sold 500 kilograms of corn; 1,000 kgs of wheat; 1,000 kgs of tomatoes; 1,500 kgs of tobacco; 9,580 kgs of rice; 1,134 containers (20 liters per container) of potable

water; and 1,500 pieces of patola per week in various areas.

Tibayan said that the cooperative also has a water refilling station funded under the Village Level Farm Enterprise Development (VLFED) project of DAR. “The cooperative understands the people’s plight that most of them are unable to make money because of the quarantine period and Covid-19 scare, which has affected their livelihood situation. In response to their needs, we decided to reduce our profits during this crisis,” Tibayan said.

Morente vows uninterrupted BI service at Naia and other airports

By Joel R. San Juan @jrsanjuan1573

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HE Bureau of Immigration (BI) has assured that its skeletal force would continue serving Filipinos being repatriated from various parts of the world due to the Covid-19 outbreak.

Immigration Commissioner Jaime Morente said the agency’s skeletal work force at the Ninoy Aquino International Airport (Naia) continue to report in three shifts to process passengers of repatriation and sweeper flights.

“In the past few days there have been several special and chartered flights that fly in and out of Naia. We assure our stakeholders, especially the different airlines and foreign embassies that our men are always on hand to serve flights 24 hours a day,” Morente said.

The BI chief noted that

bulk of the special flights were chartered to ferry Filipinos, mostly overseas contract workers, who were stranded abroad, while there were also several sweeper flights chartered by the different embassies in the Philippines to ferry their citizens stranded due to the enhanced community quarantine (ECQ).

On Good Friday, over 1,400 Filipinos, all of them seafarers arrived at the Naia and were immediately processed by immigration officers after undergoing health inspection by the Bureau of Quarantine.

Last week, a sweeper flight

by Philippine Airlines flew out of the Naia to London with 290 British passengers on board.

He added PAL has notified BI that it will be flying three more sweeper flights this week to ferry stranded citizens of Canada and Australia back to

their homelands.

Based on the BI’s records, there were 140 flights arrived at the Naia from March 30 to April 8 carrying a total of 11,600 Filipino passengers and 581 foreigners.

On the other hand, there were 126 departure flights for the same period carrying a total of 5,831 foreigners and 1,728 Filipinos.

Morente then compared regular operations to current operations, but stated that he remained hopeful that the disease will be eliminated soon.

“This is a far cry from our regular operations, when we would often need to tap our reserve officers to service the influx of travelers during the Holy Week,” said Morente. “These are indeed different times, but our men remain dedicated to their duties as one of the frontliners in the fight against Covid-19,” he said.

Economy BusinessMirror

A4 Tuesday, April 14, 2020 • Editor: Vittorio V. Vitug

Soldiers transform idle camp land to farm lots for crop cultivation

By Rene Acosta

@reneacostaBM

A

PORTION of the military’s biggest camp in Southern Tagalog will be converted into a farmland as soldiers turn into farming to prevent a looming food crisis amid the novel coronavirus 2019 (Covid-19) pandemic, which has forced the declaration of a Luzon-wide enhanced community quarantine (ECQ) and confined even farmers to their homes.

The decision to convert at least 2 hectares of the land occupied by the Army’s 2nd Infantry Division (ID) in Tanay, Rizal, was made by Maj. Gen. Arnulfo Marcelo Burgos Jr. as his command’s contribution to the effort of averting a possible shortage of farm produce in Metro Manila and nearby provinces since farmers could not still go out of their homes to plant, or even tend to their crops.

Burgos, commander of the 2nd ID, said the farming project was a “three-pronged approach” designed to keep the people afloat during and even beyond the enforced quarantine period.

“First, the idle lands of vast military reservations which are to be developed will be put to good use while making sure that the soldiers will be performing their mandate to serve the people, this time in the field of food security,” he said.

Burgos said that through the program, his troops’ chances of being infected with Covid-19 will be lower because they would be exposed to sunlight, which is one of the recommended preventive tips by health experts against the Covid-19.

Burgos said that the project will also make his camp self-sustaining for its farm product needs.

The farming project will be undertaken by the 2nd ID in partnership with the DV Boer International Farms Corp., which has 20 farms located across Region 4A. Dexter Villamin, president and chief executive officer of DV Boer farms, said food security should be ensured in order that hunger and civil disobedience could be controlled as these are the problems that could possibly arise amid the measures that were implemented to stop the spread of the virus.

“If the situation drags on, people will be hungry and the government will have to deal with another problem,” Villamin said. “We feel that it is our social responsibility to avert such problem not only by providing products to serve as food but also to give our people a means of living while most of the industries are on shut down.”

Under the partnership, Villamin’s firm will provide technical assistance in livestock raising, crop production and food processing to the soldiers, while volunteers from the community and paramilitary forces will be tapped to augment the manpower of the private farms that will be converted into “quarantine farm camps,” which are projected to produce 32 tons of farm-fresh food in just eight to 10 months, 65 percent of which will be donated to the needy to serve as one of the local government units’ sources of relief for their constituents.

The group of farms will provide free board and lodging to the soldiers-trainees while they are being trained in actual food production until such time that they are ready to share the knowledge to their fellow soldiers.

“Filipinos, coming from a country that is primarily agricultural, have a natural skill for farming, on top of our innate resiliency.

What we are doing is merely going back to the basics, tapping our strengths and heritage to survive this very challenging phase of our lives,” Villamin said.

Meanwhile, in Nueva Ecija, the 91st Infantry Battalion (IB) under the 703rd Infantry Brigade is providing assistance to poor families, including former members of the New People’s Army through the “Adopt-a-Barangay-Program” amid the pandemic.

Among the beneficiaries were eight former rebels who received 40 broiler chicks and other supplies at the 91st IB headquarters in Barangay Calabuanan, Baler, and Aurora.

703rd Brigade commander Col. Andrew Costelo commended Col. Reandrew Rubio and his men for not only finding a way to provide food to the needy families amid the quarantine, but in supporting them in their livelihood program.

DOF chief unveils P35-B program to help MSMEs; no aid for middle class households

By Bernadette D. Nicolas @BNicolasBM

T

HE government may not hand out cash aid to middle class households for now but Finance Secretary Carlos G. Dominguez III said they are working on a P35-billion program for micro, small and medium enterprises (MSMEs).

Dominguez said in a television interview on Monday that it is unlikely that the government will be giving money to the middle class.

This, after Cavite Gov. Jonvic Remulla appealed to President Duterte to include those belonging to the middle class in the government’s social amelioration program intended for the poorest of the poor affected by the novel coronavirus 2019 (Covid-19).

“I doubt it at this point in time because when we define middle class… first of all, [are] those people who have regular jobs, those people who are working for the MSMEs definitely receive a cash support. And we believe that there would be around 3 and a half million people involved there, and the total cost will be between P35

By Ma. Stella F. Arnaldo Special to the BusinessMirror

T

RAVEL agencies are asking government for economic relief to remain afloat amid the Luzonwide enhanced community quarantine (ECQ) to contain the spread of the novel coronavirus disease (Covid-19).

In a letter to Tourism Secretary Bernadette Romulo Puyat dated March 30, Philippine Travel Agencies Association (PTAA) President Jose Ma. Renard Gregory B. Tuaño said, “Travel Agents belong to the micro, small and mediumscale enterprises and amid this Covid-19 outbreak, liquidity is our number one problem. At this juncture, we are anxious and greatly concerned for the near and immediate term on how to keep our business afloat with the continuing overhead expenses, but with little to zero sales coming in.”

In the short term, for the travel agencies to survive, the PTAA requested for subsidies for staff salaries “for us to maintain our employees and our businesses…until December 2020.” In Singapore, PTAA said, the government announced subsidies of staff salaries between 50 to 75 percent in the tourism sector.

The PTAA also asked for that employees and employer’s contribution to SSS, Pag-IBIG and PhilHealth be waived, “without prejudice to the benefits of the

By Michael Raeuber & Henry J. Schumacher

T

As the lockdown continues, many companies will close down, or fear for their economic survival. To back up those companies, structured crisis management is needed. It also requires that the central and local governments visibly start to initiate and implement systematic restructuring measures, so that everybody understands which tools play an important role in this process.

billion and P51 billion. So that part of the middle class they will receive support,” Dominguez said in an interview on CNN Philippines’s The Source.

In a separate statement issued on Monday, Dominguez said those belonging to the middle class who are part of small businesses are covered by the emergency subsidy package announced by the government in the form of wage subsidies amounting to at least P35 billion.

Moreover, he said, the government will also unveil an assistance package for the middle class employed or operating MSMEs, including a loan guarantee program for them.

Sought for clarification, Finance Assistant Secretary and spokesman Tony Lambino told the BusinessMirror the initial amount proposed for the program is P35 billion but this would be bigger because this would have other components other than wage subsidy.

“The program, with other components, might be approved over the next couple of days,” Lambino said in a message.

Dominguez also said in the interview that the needs of the middle class who

are regularly employed have also been initially addressed under Republic Act 11469, or the Bayanihan Law, through the grant of grace periods or extensions for them to pay their amortizations and other forms of loans.

“Those [provisions under the Bayanihan Law] are designed primarily for the middle class because it’s the middle class that has housing loans, it’s the middle class that have credit-card loans, etc.,” he said.

Asked whether the government can manage an extension of the Luzonwide enhanced community quarantine should it last until June, the country’s finance chief said: “We will make sure that there will be enough funds to support those decisions. We are watching this very carefully and we are moving very conservatively.”

To keep the economy afloat and help it bounce back quickly once Covid-19 pandemic is over, the government is working on raising additional funds by using fiscal and monetary tools and tapping concessional financing options from multilateral institutions.

Dominguez earlier said the government needs to borrow $5.7 billion

to finance government’s response for Covid-19.

He said they have so far outlined P1.17 trillion worth of fiscal, budgetary and monetary measures under its socioeconomic strategy against Covid-19, of which, a third, or around 1.6 percent of country’s gross domestic product (GDP), will go to emergency subsidies for poor and low-income households and other vulnerable groups bearing the brunt of the pandemic’s economic impact.

While the team headed by Dominguez is currently designing the government’s economic recovery plan, he said this will be fueled primarily by the Duterte administration’s flagship projects under the “Build, Build, Build” program as these project will continue and will not be downgraded.

Dominguez earlier said the government’s budget deficit would also widen to 5.3 percent of GDP from its earlier target of 3.2 percent of GDP. The country’s debt-to-GDP ratio would also rise to 47 percent of GDP from 41 percent previously, he added.

But Dominguez said the debt-toGDP ratio of the country is “still very low compared to our neighbors.”

Travel agencies appeal for govt relief amid mounting overhead, zero income

Manage change NOW–flatten both curves ODAY, the lockdown in Luzon should have been lifted. Business was preparing for this during the earlier part of April, excited to restart operations, offer employment, pay for work done, and avoid an economic disaster. This did not happen, and the lockdown will continue until April 30, eliminating more jobs and creating untold suffering.

www.businessmirror.com.ph

And those tools can be found both in government and the private sector.

It is understood that government resources will be well spent on primarily protecting doctors and nurses, and secondarily all those potentially at risk, the pre-conditioned and the old.

Let’s look at what the private sector needs to see right after Easter: Instead of looking at the daily

employees for the remainder for 2020.”

The group, likewise, requested government to waive to give discounts on office rentals “for a period of at least six months from the lifting of the ECQ, or up to December 2020.”

For another, PTAA urged a discount of 20 percent to 30 percent on utility bills (telecommunications, data, electricity and water) and that payment on these be deferred in 2021. “Outstanding balance to be paid in six monthly installments without interest.”

For the travel agencies to survive, the PTAA urged government banks extend soft loans “at a special low interest rate,” with a minimum of two years to pay; a moratorium outstanding bank loan and credit card billings until end of “December 2020 with balance to paid in installment in 2021 with zero additional interest rate or finance charges” as well was national and local corporate tax relief.

On the national level, the PTAA asked that the payment of corporate income tax due in 2019 be deferred to April 2021, while a “tax holiday” be extended for corporate income tax due this year. It also asked for tax holidays on value-added tax payments and withholding taxes from salaries and professional fees.

On the local level, the travel agencies group asked that payment on business permits be waived, while those paid up for “2020 be credited to 2021.”Also, it

numbers of people who have been attacked by the virus and how many have died, focus on the growing number of people who have survived. People need to understand that here and abroad 99 percent of the population is likely to survive, hopefully with jobs still available to feed all of them.

Government should be clear in word and deed that May 1 will be the day of lifting the lockdown —with certain restrictions kept in place, like “social distancing”; it will also be essential to set rules that will allow people to easily get to their jobs and back home.

Expand the virus testing not only in very substantial volumes for establishing the overall infection rate, but as well register those having developed immunity. The vast majority of all afflicted will get well and develop immunity; they are our future— already right now. Companies are encouraged to get involved in Antibody Testing of their staff; the IgM antibody in the person may indicate presence of the vi-

asked for the waiver of the municipal tax based on gross sales, with payment made for 2020 credited to 2021 as well.

The PTAA urged that airline penalty fees to all issued tickets for travel up to December 2020 be waived, regardless of point of origin and destination.

“Government, through the Department of Trade and Industry, Department of Finance, and Civil Aeronautics Board to write to IATA [International Air Transport Association] and get a guarantee that they will be responsible for all monies for refund. As such all monies due for refund payments are to be kept in the country to ensure funding and immediate payment.”

The PTAA, which boasts of 500 members, also recommended to the DOT secretary ways to promote the recovery of their sector. For one, the DOT can “promote and stimulate domestic tourism using the travel agents and tour operators on a country-wide caravan. This serves as an educational/familiarization trip for local travel agents and at the same time as a market stimulating activity encouraging local tourist to go domestic.”

It also suggested that DOT and its marketing arm, the Tourism Promotions Board subsidize the cost of PTAA’s travel tour expos for 2021 and 2022, and that they “encourage all r������������ egional/���� p��� rovincial tourism offices to participate” in the expos.

rus, while the IgG antibody may indicate the person’s recovery from the virus.

It is essential to understand that nobody can read the future; but we can forecast and plan, both government and the private sector, and more effectively if done jointly.

We have to establish which sectors will be affected shortterm, mid-term and long-term and develop support programs.

Decide now, jointly with the private sector, which sectors need support and when, as companies will have to decide whether to continue or exit doing business.

We know that small and medium enterprises are suffering badly and we should allow them to start the recovery already now.

It is clear that the logistics sector needs plenty of support so that basic goods for processing and manufacturing can enter the supply chain now; otherwise, there will be serious shortages of many products. Broken supply chains are disastrous for adequate delivery of all that’s need-

ed, resulting in endless domino effects and loss of many jobs in the end.

To make the supply chain work, companies need the green light for May 1 NOW and order raw materials and other essential supplies.

Involve the agricultural sector in the planning process: if the farmers cannot get their crops to market and factories, there will be nothing to distribute (and eat).

The crisis has exposed many weaknesses in the political and economic environments. We have to learn from them and convert them into strengths. It is important to understand that government (national and local), the private sector, academe and civil society have ideas, innovations and solutions to address the crises. Let’s get together and communicate!

After such constructive exchange right after Easter, it will be essential to engage in Change Management with focus on May 1 and beyond!

Austria and Denmark are

It asked the DOT “to make representation to [Department of Finance] for tax yield incentives to all DOT-accredited tourism enterprises such as, but not limited to hotels, resorts, transportation companies, restaurants, travel agents, tour operators and etc., so savings can be passed to the end-users.”

PTAA’s other recommendations to the DOT for the long-term recovery of the sector include:

Asking IATA to temporarily revert the payment cycle from the current weekly to monthly from now until end of 2021;

Urge airlines to reinstate standard agents commission to 9 percent of gross fare and to protect its accredited or authorized sales agents;

Ask credit card companies to partner with travel agents, instead of competing with them, “with their discriminatory promos that excludes travel agents as a sales channel;”

Appeal to various foreign embassies to renew unused visas due to travel cancellation in relation to the Covid-19 outbreak, without the need to pay another visa fee and submission of another set of documentary requirements, among others.

Aside from declining inbound tourists, many Filipinos have also decided to postpone their travels and vacations abroad due to Covid-19, resulting in the expiry of their short-term travel visas. among the first countries to plot the gradual unwinding of their lockdowns against the coronavirus epidemic, which started mid-March, same as here. Their experiences will also show the path ahead.

In conclusion, let’s join hands—government and the private sector—to flatten two curves: the curve for people getting ill by massive testing for illness and immunity and, even more important, the curve to bring business back to life by addressing impacts to the economy and consequently to jobs and wages. Both should be as flat as possible.

Failing to plan is planning to fail!

WE hope May 1 will be remembered as a turning point of recovery. The time for detailed planning and change management, however, is TODAY. Feedback is apprec iated; please contact us at Michael.

R aeuber@roya lc a rgo.com and Schumacher@eitsc.com

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

The World BusinessMirror

Weak global demand shrouds China’s trade recovery outlook

T

he contraction in China’s foreign trade is set to continue through the second quar ter, as global demand remains depressed by measures to curb the ongoing coronavirus outbreak.

Both exports and imports are forecast to have slumped 10 percent or more in March, with data due Tuesday expected to show a continuation of the declines seen in the first two months of the year. The outlook is grim too, with the World Trade Organization now saying that 2020 could see the worst collapse in international trade since the Great Depression.

China’s shipments plateaued in 2019 due to the trade war with the US and s l o w i n g g l o b a l g ro w t h , a n d t h e v i r u s outbreak then caused the weakest star t for any year since 2012 with expor ts dropping 17.2 percent from a year earlier in the first t wo months. Trading par tners like the US potentially face many more months of shutdowns before consumption and manufac turing can return to normal. “ I f C h i n a ’s m a j o r e x p o r t m a r k e t s including the EU and the US suffered in the second quarter due to the pandemic, it’s very likely that China’s exports will be hit hard during the period,” said Betty Wang, senior economist at Australia & New Zealand Banking Group in Hong Kong. “It won’t be surprising to see China’s exports fall year-onyear in double digits in the second quarter,” even if an increase in medicine -related shipments offsets the loss a little, she said.

Others echo her estimates. UBS economist Ning Zhang expects exports to decline by 20 percent between April and June, citing the coming recessions in the US, Europe, Japan, and some emerging economies. Macquarie Group Ltd.’s Larr y Hu thinks it’s cer tain that export growth could fall further in the second quarter and a 13-percent decline in the whole of 2020 is his base case.

The WTO’s optimistic scenario last week saw a 13-percent drop in the volume of international goods trade in 2020. The last such drop was in 2009, when trade volumes fell by 12 percent during the financial crisis.

Their pessimistic scenario sees the volume of global goods trade dropping by as much as 32 percent this year.

If that pessimistic case happens, Chinese exports could fall much more than 13 percent, according to Macquarie’s Hu. While much of the weakness in February’s data was due to China’s domestic measures to curb the initial outbreak, the irony is that companies are now getting back to work and nearing full capacity just as their overseas markets are closing.

A majority of Chinese expor ters had resumed over 70 percent of produc tion capacity by March 30, according to the Ministr y of Commerce, but factories are already seeing order cancellations.

Polic y-makers across the globe have rushed to introduce stimulus to help their economies over the shutdowns and social distancing to stop the spread of the virus, but there’s little sign of a peak in infections yet. In China, the State Council has ordered more measures to “stabilize trade” including building more cross-border e - commerce zones and moving the main trade fair online.

China’s economy is forecast to have contracted 6 percent in the first quarter from a year ago, the first time it has shrunk since the data started being released in 1992. It is forecast to rebound in the second quarter, but the strength of any rebound will partly depend on what happens with trade.

With the world facing its worst recession since the 1930s this year and half the member nations of the International Monetary Fund already seeking aid, there’s little prospect of the trade situation improving soon.

Bloomberg News

Fauci says ‘rolling reentry’ of U.S. economy possible in May

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ASHINGTON—New cases of the coronavirus are cer tain to arise when restrictions imposed to limit the spread of the virus are eased, said Dr. Anthony Fauci, the top infectious disease expert for the US. B u t Fa u c i s a i d o n S u n d ay t h at t h e economy in par ts of the countr y could have a “rolling reentr y ” as early as nex t month, provided health authorities can quickly identify and isolate people who will inevitably be infec ted. Fauci also said he “can’t guarantee” that it will be safe for Americans to vote in person on Elec tion Day, November 3.

When asked on CNN if earlier ac tion on social distancing and “stay at home” p o l i c i e s c o u l d h a ve s a ve d l i ve s, Fa u c i responded in par t: “It’s ver y difficult to go back and say that. I mean, obviously, you could logically say that if you had a process that was ongoing and you star ted mitigation earlier, you could have saved lives. Obviously, no one is going to deny that. But what goes into those kinds of decisions is complicated.”

President Donald Trump, who has been chafing at criticism that he didn’t do enough early on to fight the virus, later reposted a tweet that referenced Fauci’s comments and that said “Time to #FireFauci.” The president again pointed to his decision in late January to restrict travel from China, writing, “Sorry Fake News, it’s all on tape. I banned China long before people spoke up.”

Th e t we e t wa s o n e o f s e ve r a l t h at Trump posted on Sunday that defended his handling of the virus outbreak and blamed others for missteps.

Rather than flipping a switch to reopen the entire countr y, Fauci said a gradual process will be required based on the status of the pandemic in various parts of the US and the availability of rapid, widespread testing. Once the number of people who are seriously ill sharply declines, officials can begin to “think about a gradual reentry of some sor t of normality, some rolling reentry,” Fauci said.

In some places, he said, that might occur as soon as May. “We are hoping that, at the end of the month, we could look around and say, OK, is there any element here that we can safely and cautiously start pulling back on? If so, do it. If not, then just continue to

hunker down,” Fauci said.

Whenever restrictions ease, Fauci said, “we know that there will be people who will be getting infected. I mean, that is just reality. “ Social distancing guidelines from Trump are set to expire on April 30.

Trump is eager to restart the economy, which has stalled because most Americans are under orders to “stay at home” to help slow the virus’ spread.

But governors will have a lot to say about when to ease restric tions in their states, and the leaders of Mar yland and New Jersey indicated on Sunday that they are not likely to do so until widespread testing is available.

“The question is how fast we can get enough tests up to speed in order to help us get to the point where we are able to do all of those things,” Maryland Gov. Larry Hogan said. He said he has set no “artificial deadline.”

New Jersey Gov. Phil Murphy said the risks of reopening too soon are dangerously high. “And I fear, if we open up too early, and we have not sufficiently made that health recovery and cracked the back of this virus, that we could be pouring gasoline on the fire, even inadvertently,” Murphy said.

Increased testing would allow authorities to identify, isolate and trace t h e co nt a c t s o f p e o p l e w h o a re n e w l y infec ted, Fauci said.

Tr u m p c o n t i n u e s t o d e n y o n g o i n g p ro b l e m s w i t h t h e co ro n av i ru s te s t i n g that’s available, including shortages and long wait times for people to learn results.

He’s also resistant to the idea of more widespread testing, saying last week that “it’s unnecessary” and that “vast areas of our country don’t need this.”

Other scientists have echoed Fauci’s call for a gradual reopening, where restrictions can be ramped up or down.

D r. C h r i s to p h e r M u r ray, d i re c to r o f t h e U n i ve r s i t y of Washington institute that created widely cited projec tions of virus-related deaths, said studies show that lifting restric tions at the end of this month would lead to a rebound in the number of infections. Because states don’t really have the capability to deal with a big volume of new cases, he said, “by July or August we could be back in the same situation we are now.” AP

Tuesday, April 14, 2020

A5

Oil price war ends with Opec+ deal to cut output amid virus

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he world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to the devastating price war between Saudi Arabia and Russia.

After a weeklong marathon of bilateral calls and videoconferences of ministers from the Opec+ alliance and the Group of 20 nations, an agreement finally emerged to tackle the impact of the pandemic on oil demand.

Prices rose more than 4 percent to almost $33 a barrel in London after swinging wildly in the first few minutes of trading following the deal. Investors are trying to establish whether the cut will be enough to dent the massive glut that keeps growing as the virus shuts down the global economy.

The talks had almost fallen apart late last week—amid resistance from Mexico—but came back from the brink after a weekend of urgent diplomacy. President Donald Trump intervened, helping broker the final compromise.

“Unprecedented measures for unprecedented times,” said Ed Morse, a veteran oil watcher who is head of commodities research at Citigroup Inc. “Unprecedented in historical discussions of production cuts, the US played a critical role in brokering between Saudi Arabia and Russia for the new Opec+ accord.”

Opec+ will cut 9.7 million barrels a day—just below the initial proposal of 10 million.

“We have demonstrated that Opec+ is up and alive,” Saudi Energy Minister Prince Abdulaziz bin Salman told Bloomberg News in an interview minutes after the deal was done. “I’m more than happy with the deal.”

The accord caps a tumultuous month when Brent crude, the global benchmark, plunged to its lowest in nearly two decades, falling toward $20 a barrel. Earlier this year, it traded above $70 a barrel. Opec+ ministers had to race onto a video conference call on Easter Sunday, less than four hours before the oil market reopened, to close the deal.

Brent futures jumped 8 percent in the first seconds of trading on Monday in Asia before dropping more than 1 percent after a rapid reversal. But by 11:13 a.m. in Singapore they were up 4.5 percent again at $32.88 a barrel.

With the virus paralyzing air and ground travel, demand for gasoline, jet-fuel and diesel is collapsing.

That threatened the future of the US shale industry, the stability of oil-dependent states and squeezed the flow of petrodollars through an ailing global economy.

The US, Brazil and Canada will contribute another 3.7 million barrels on paper as their production declines and other G-20 states will contribute 1.3 million. Still, the G-20 numbers don’t represent real voluntary cuts, but rather reflect the impact that low prices have already had on output and would take months, perhaps more than a year, to come into effect.

“Opec+ started the fire, and it was their responsibility to put it out,” Jason Kenney, the premier of Alberta, Canada’s biggest oil-producing province, said in a Twitter post. “Many challenging months ahead with very low demand and

huge inventories, but at least now there is path to recovery.”

Mexico won a diplomatic victory as it will only cut 100,000 barrels— less than its pro-rated share, having blocked the deal since the plan was first revealed on Thursday. Now its future inside Opec+ is uncertain, as it’s expected to decide over the next two months whether to leave the alliance, delegates said.

The biggest winner appears to be Trump, who refused to actively cut American oil production and personally brokered the deal over phone calls with Mexican President Andres Manuel Lopez Obrador, Russian President Vladimir Putin and King Salman of Saudi Arabia.

“Perhaps what’s most remarkable about Saudi Arabia and Russia delivering one of the largest supply cuts ever is that the person who brought them back together and pressured hardest to cut was historically Opec’s harshest critic, President Trump,” said Jason Bordoff, a former White House official during the Obama administration and now at Columbia University.

Trump became the first American president to push for higher oil prices in more than 30 years, reversing his personal opposition to the cartel.

“I hated Opec. You want to know the truth? I hated it. Because it was a fix,” Trump told reporters at the White House last week. “But somewhere along the line that broke down and went the opposite way.”

‘Too little and too late’

The production restraints are set to last for about two years, though not at the same level as the initial two months. Copying the model adopted by central banks to taper off their bond buying, Opec will also reduce the size of the cuts over time. After June, the 10 million barrel cut will be tapered to 7.6 million a day until the end of the year, and then to 5.6 million through 2021 until April 2022.

Celebrating joy of Easter amid virus sorrow, Pope FRANCIS calls for global solidarity

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ATICAN CITY—Pope Francis called for global solidarity on Sunday to confront the “epochal challenge” posed by the coronavirus pandemic as he and Christians around the world celebrated the joy of Easter in unusually solitary and somber circumstances due to bans on public gatherings and stay-athome orders.

With most churches closed to their congregations and police checkpoints set up in Europe to enforce the restrictions, families that normally would attend morning church ser vices wearing their Easter best and then join friends and relatives for traditional meals generally stayed home.

People cut off from their faith communities and loved ones had the option of watching Easter ser vices on TV or online, or in a handful of cases attending drive-through ser vices with the windows of their vehicles rolled up. A few lucky Rome residents attended church from their balconies overlooking a church where a priest celebrated Mass on the roof.

“We feel close to each other despite this distance,” Luca Rosati, a Santa Emerenziana church parishioner said of the unusual open-air Easter service. “We can experience from here what we normally would experience inside the church, as a community.”

At J e r u s a l e m’s C h u rc h o f t h e H o l y Sepulchre, where many Christians believe Jesus was crucified and entombed, Archbishop Pierbattista Pizzaballa urged the faithful not to be discouraged.

“The message of Easter is that life, despite all, will prevail,” Pizzaballa said during a Mass attended by a few clerics while the streets of the surrounding Old City stood devoid of pilgrims and vendors.

At the Vatican, Francis celebrated Mass in a largely empty St. Peter’s Basilica. A handful of faithful sat one per pew, and the choir’s Kyrie hymn echoed off the marble floors.

Normally, fresh tulips and orchids would paint the promenade of St. Peter’s Square in a riot of color on Easter to underscore the day’s message of life and rebirth following Christ’s crucifixion.

This year, however, the cobblestoned piazza was bare and ringed by police barricades to block the tens of thousands who would normally flock there to hear the pope’s noontime “Urbi et Orbi” speech and blessing “to the city and the world.”

Francis instead stayed indoors, underscoring the solitude and sorrow of this Easter amid the pandemic that has infected more than 1.8 million people, including more than 112,000 who had died as of Sunday, according to a Johns Hopkins University tally.

In his address, Francis urged political leaders to provide hope and opportunity to the millions of people the worldwide crisis has made newly jobless. He appealed in particular to the European Union to step up to the “epochal challenge” posed by virus, which has ravaged Italy, Spain and other European countries.

“After the Second World War, this beloved continent was able to rise again, thanks to a concrete spirit of solidarity that enabled it to overcome the rivalries of the past,” Francis said. “This is not a time for self-centeredness because the challenge we are facing is shared by all, without distinguishing between persons.”

He urged the faithful to pray for the sick, the dead and the elderly confined alone.

And broadening his horizons, he called for sanctions relief, debt forgiveness and ceasefires to calm conflicts and financial crises around the globe.

The desolate scene of Francis’ Mass was repeated elsewhere in the world. In South Korea, where one virus outbreak was tied to a church sect, services were largely held online.

A small number of masked faithful attended a service at Seoul’s Yoido Full Gospel

Church, one of the biggest churches in South Korea. They were seated apart from each other, and choir members sang from behind face masks.

Across Africa, many Christians followed services broadcast on television and radio.

In Nigeria’s capital, a Catholic Mass was celebrated in Lagos’ empty cathedral, while Congo braced for a battle with both Covid-19 and an ongoing Ebola outbreak.

Because church gatherings were banned in Congo, Beni resident Jeannot Sikivahwa said he listened to a preacher on the radio deliver an Easter Sunday sermon about both Ebola and the coronavirus.

“He said that we must protect ourselves from these two epidemics plaguing us here in Beni,” Sikivahwa told The Associated Press.

“It’s my first time to have this holiday under such confinement.”

Since the Church of England shuttered its churches, the Anglican archbishop of Canterbury, Justin Welby, conducted an Easter service from his kitchen in London. The spiritual leader of 85 million Anglicans worldwide, Welby delivered his sermon in full robes behind a makeshift altar on his dining room table.

“Welcome to the kitchen of our home on Easter Day,” he said.

In Lebanon, home to the largest percent age of Christians in the Arab world, Cardinal Bechara Rai urged the faithful to abide by virus lockdown measures even as Lebanon endures its worst economic crisis in decades.

“We are praying so that Lebanese officials work together in the spirit of collaboration to revive Lebanon economically, financially and socially,” Rai said in an almost empty church in Bkerki, northeast of Beirut, the seat of the Maronite Church he heads.

The church would normally be packed with people marking Easter, including the Lebanese president, prime minister and parliament speaker. AP

The deal doesn’t take effect until May 1, leaving Opec+ countries, which have significantly increased production over the last month, able to continue flooding the market for nearly another three weeks.

Goldman Sachs Group Inc. called the cuts “too little and too late,” saying they’d only lead to an actual reduction of about 4.3 million barrels a day from first quarter levels. “Ultimately, this simply reflects that no voluntary cuts could be large enough to offset the 19 million barrels a day average April-May demand loss due to the coronavirus,” the bank’s analysts wrote in a report.

Under the terms, Saudi Arabia will cut its production just a fraction under 8.5 million barrels a day—its lowest level since 2011. The Opec+ deal measures the Saudi cut from a baseline of 11 million barrels a day, the same as Russia. But in reality the kingdom’s production will decline from a much higher level. In April, Saudi Arabia boosted output to a record 12.3 million barrels a day as part of its war with Russia for market share.

“We want to regain the stability of the oil market,” Prince Abdulaziz said.

With countries around the world extending their lockdowns, the death toll mounting in New York, and unemployment exploding in America, the oil market is now far more worried about consumption than supply. Opec itself acknowledged the challenge, with its chief warning ministers demand fundamentals were “horrifying.” In an internal presentation seen by Bloomberg News, Opec told ministers it expected global oil demand to plunge 20 million barrels a day in April.

“Demand is down by more than double the 9.7 million barrels-a-day cut agreed,” said Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd. “And with the issue with Mexico taking so long to sort, the credibility of the group has taken a hit.” Bloomberg News

World Bank sees plunge in Latin America, Caribbean economies

M

EXICO CITY—The new coronavirus pandemic could send economies tumbling by 4.6 percent this year across Latin America and the Caribbean, forcing governments to take ownership stakes in struggling major businesses, according to a World Bank report issued on Sunday.

The bank’s Latin America and Caribbean branch projected that gross domestic product for the region will fall by 4.6 percent before rebounding by 2.6 percent next year. Venezuela, which has already seen a dire economic plunge, was not included in the prediction.

That’s even more dramatic than the contraction of 1.8 percent to 4 percent projected earlier this month by the UN’s Economic Commission for Latin America and the Caribbean.

Th e d i s e a s e h a s s l a m m e d to u r i s m , demand for the region’s products and crucial remittances sent home by migrants in the US and elsewhere.

The bank said governments will need to rapidly ramp up existing social assistance programs while also supporting financial sector institutions and key sources of employment.

“To support jobs and firms, governments may need to take ownership stakes in strategically important firms. To avert a financial crisis, they may need to recapitalize banks and absorb nonperforming assets.”

Humberto López, the bank’s acting vice president for the region, said, “We need to help people face these enormous challenges and make sure that financial markets and employers can weather the storm. That means limiting the damage and laying the groundwork for recovery as fast as possible.”

The bank warned that aid for businesses must be seen as “transparent and professional” to maintain confidence and avoid the appearance of corruption. “This may also allow decision makers to take urgently needed measures without fearing prosecution in the future,” it said. AP

A6 Tuesday, April 14, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Leave no one behind

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he rapid spread of Covid-19 around the world has seen many countries enforce strict travel restrictions and close borders, which have stranded thousands of overseas Filipino workers (OFWs).

We commend the government’s decisiveness in bringing our OFWs home. We thank those involved in this nonstop, heroic—but risk-fraught—repatriation effort, in particular Secretary Teodoro L. Locsin Jr. and his people in the Department of Foreign Affairs (DFA), who pulled out all the stops to overcome difficulties posed by lockdowns, travel bans and airport closures.

The DFA ensured the safe and successful repatriation of Filipinos through close coordination and cooperation with its partner agencies—the Department of Health, the Bureau of Immigration, the Overseas Workers Welfare Administration and the Department of Transportation—as well as the private sector.

On Good Friday, 1,420 Filipino seafarers from 15 cruise ships were brought home in four chartered flights, from New Orleans, London, Miami and Frankfurt.

The BusinessMirror featured a story of the DFA welcoming 440 Filipino seafarers repatriated from a Norwegian Cruise Lines via a chartered flight from Florida.

“Four other incoming repatriation flights today. We’re not done yet,” said DFA Undersecretary Brigido “Dodo” Dulay.

The DFA said it “pays tribute to the courage and sacrifices of our OFWs all over the world as it brings home Filipino seafarers from Carnival cruise ships [Fantasy, Freedom, Glory, Legend and Valor] on Good Friday.”

Secretary Locsin also said the DFA is chartering flights for 37 Filipino missionaries in Ghana, Sierra Leone and Ivory Coast.

On Saturday, 246 seafarers from the United Kingdom arrived from the cruise ship MS Ventura, pushing the number of repatriated seafarers to 8,419, in addition to the 2,975 land-based workers the DFA has brought home. Another 208 seafarers from the MS Norwegian Jade arrived before midnight on Easter Sunday via Emirates Airlines Flight EK 334.

To date, the DFA has facilitated the return of 12,970 distressed OFWs. They will all go through the medical protocols required by the Department of Health. They will also undergo facility-based quarantine following the joint assessment of the DOH-Bureau of Quarantine and the Bureau of International Health Cooperation.

On top of its repatriation missions, the DFA has been caring for thousands of anxious Filipinos in pandemic-affected countries.

While consular protection and repatriation are the primary responsibility of the DFA, Secretary Locsin and his people have gone above and beyond the call of duty to come up with creative solutions to hurdle the increasing challenges due to the escalating number of travel restrictions being enforced across the globe as a result of the Covid-19 pandemic.

For instance, many ship operators are finding it difficult to send returning seafarers to their respective homes due to the scarcity of flights and the closing of borders.

The US Centers for Disease Control and Prevention recently announced an extension of its “no sail order” for all cruise ships by at least 100 days.

In response, Locsin backed the suggestion of Doris Magsaysay Ho (president and CEO of the Magsaysay Group, one of the largest conglomerates in the Philippines, which trains and deploys thousands of Filipinos for ships around the world) that cruise ships “should keep crews on board and sail to the ports of the crews’ closest destinations, there to disembark them and sail on to the next port.”

Ho’s suggestion had been carried out earlier when the P&O Australia and Carnival Lines announced that their cruise ships are leaving the Australian coastal waters by the middle of April to set sail to Manila “and bring back an estimated 2,500 Filipino seafarers.”

“The ship will wait for sister ships Sun Princess and Sea Princess to arrive at the rendezvous point and set sail together to join Explorer Pacific Aria and Pacific Dawn, which will also sail to Asia,” said travel consultant Manny Geslani. “P&O Australia is working with the governments of Indonesia and the Philippines and has sought approval for the return of their respective crew members to their home countries.”

The Carnival Spirit will load all the Filipino crew who will transfer from the Carnival Splendor using tender boats, and then sail to Manila, Cebu and Davao where the crew will sign off.

This “no one left behind” repatriation effort shows there are people in government who still truly care about our OFWs as people, not just as cash cows sending billions of dollars in remittances to help shore up the Philippine economy.

At a time when many citizens in foreign lands cannot go home without their government’s help, the DFA made it clear to Filipinos: We do not abandon our people. We will do everything to get you all home safely.

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O

ur greatest economic resource is our people, and it is important that we protect public health during this most challenging period in our lifetime to secure our economic future.

The health of the people, I believe, should come first before the economy. Right now, our best solution is the social distancing strategy adopted by many countries while we are waiting for a vaccine against Covid-19.

With a direct impact on the livelihood of millions of Filipino workers, the enhanced community quarantine in Luzon and its extension to April 30 would help avert a more serious problem. Studies by medical experts show that Covid-19 would have been more widespread if not for the Luzon-wide lockdown imposed by the government. We saw what is happening in the US, supposedly the nation with the most modern healthcare system, which is now reporting thousands of deaths.

To be pragmatic about it, the coronavirus outbreak in the Philippines would not just dissipate

by April 30 and would likely linger until the third quarter of 2020.

The National Task Force against Covid-19 said based on studies conducted by the University of the Philippines and John Hopkins University, the Philippines has not yet seen the peak of the virus spread.

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The government is implementing social distancing measures and lockdowns to prevent the epidemic from peaking until we are prepared to conduct mass testing, put up more hospital beds, acquire adequate medical equipment for our frontliners, and possibly develop a vaccine.

This is why we are converting sports stadiums, convention centers and hotels into temporary healthcare facilities. We are preparing for a situation where hospital beds would not be enough to accommodate infected individuals. We should continue to care for our people in temporary facilities that are equipped for their treatment.

Several foreign pharmaceutical companies, meanwhile, are now in a rush to develop a vaccine, which we hope will be available in a few months, not years.

There are reports that in Israel, a vaccine being developed by MIGAL (The Galilee Research Institute) can be made available in 90 days. If this is true, countries can start “ring vaccination” by June or July. Ring vaccination is the strategy of providing vaccines to the immediate contacts of

The new beginning John Mangun

OUTSIDE THE BOX

Eduardo A. Davad Nonilon G. Reyes

BusinessMirror is published daily by the Philippine Business Daily Mirror

MEMBER OF

Stay home today, work tomorrow

S

everal weeks have passed since the famous “Flattening of the Curve” became obvious. Hearts and families are still being broken by death but these are no longer front-page news.

The tragedy of the soldier who is “Killed in Action” even as the peace treaty is being announced takes their place. Life is not fair.

The world, our world, is not back to normal any more than what happened after the Baguio Earthquake or the Pinatubo Eruption. “Normal” does not simply wake up one morning and announces its arrival like a rich balikbayan relative walking out of the airport. We expect “Normal” to be just the same as when we saw him before “The Event,” but it does not work that way.

The “keyboard warriors” are still harping on what should have been done or could have been done by the government, the private sector, and even by “God.” But the rest of us are still trying to put our personal lives back together. After what seemed like months of being “locked down,” we are still trying to adjust to life on the outside as if we have been released from prison.

As we stay home and observe social distancing measures under the enhanced community quarantine, our doctors, nurses, medical technologists, ambulance staff and other medical workers are in the frontline in the fight against the pandemic. We thank and honor them for their sacrifice.

an infected individual, which proved effective in containing the spread of Ebola virus in West Africa in 2014 and 2015.

This is an extraordinary time that requires extraordinary efforts.

Never in history that people are required to stay at home for such a long time. We certainly will survive this pandemic, but this is imperiling the lives of the most vulnerable among us—the elderly, the sick and the most exposed such as our health-care personnel and other frontliners.

Our Filipino medical professionals are contributing their share across the world—delivering healthcare services here, and in Singapore, Japan, the Middle East, the United Kingdom, Germany, Australia, Canada and the United States.

As we stay home and observe social distancing measures under the enhanced community quarantine, our doctors, nurses, medical technologists, ambulance staff and other medical workers are in the frontline in the fight against the pandemic.

We thank and honor them for their sacrifice.

In the UK, television host Piers Morgan recognized the “outstanding care” of Filipino nurses for “saving

Did we learn anything as individuals and as a nation? We learned that our neighbors can be both our best friends and our worst enemies. We learned that when we are all on the same lifeboat it is critical that the strong and rich must help the weak and poor.

Handshakes and hugs are still rare, and if we are brave enough to venture into the recently opened shopping malls, we keep our distance from other people. Some of us are still wearing masks and carrying a bottle of alcohol. It is hard to be trusting. When we hear a person loudly coughing, our reaction is almost the same as the fearful feeling caused by a truck rumbling by after the earthquake.

In an effort to begin life again, we did buy that new refrigerator, which was on a big sale as both

people’s lives” and for “coming here and actually enriching our country and doing an amazing job.” More than 20,000 Filipino nurses are working in the UK alone.

Meanwhile, Germany is recruiting more Filipino nurses to augment their hospital frontliners who need to treat coronavirus patients.

In the Philippines, we need to take care of our health-care professionals by providing them shelter near hospitals so that they won’t have to walk from their homes when there is no public transportation.

Unfortunately, many of them already contracted the disease from their patients. There are reports that more than 250 doctors and nurses in the Philippines have contracted the disease and 12 of them died.

In recognition of their heroism, Filipinos paid tribute to the frontliners in the battle against Covid-19 on April 8, which marked “Araw ng Kagitingan.” We applauded our “realtime” heroes as our “simple gesture of gratitude” for their services.

For the meantime, let us stay home to stop the virus spread. Baguio City, for one, has shown that social distancing and contract tracing measures worked to contain the spread of the disease, as the “summer capital” reported zero new cases in more than 10 days.

I also agree with the Bangko Sentral ng Pilipinas that we need to ensure public health first, before restarting the economy. While our frontliners do their risky jobs to protect us, let us stay home today, and work tomorrow.

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

manufacturers and retailers try to get cash flow moving again. Some of the smaller stores in the mall will never reopen, and you no longer have to wait for a restaurant table even at lunch on a Saturday.

One thing that is obvious, and maybe even a little surprising, is that there is still noticeable “quietness” in the world. We can now clearly see the distant mountains, as pollution has not returned to “normal.” The nation’s education system is still trying to come back and there is a bit of reluctance in sending millions of students back to the classroom.

The business community is in the process of trying to fill up the black hole of revenues and profits that the enhanced community quarantine destroyed. For some, it will be a futile effort and many will sadly succumb to the devastation of the virus in 2021. Others were able to go into hibernation and will actually come back stronger than before.

See “Mangun,” A7

Opinion BusinessMirror

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Reminders for ITR filings during the ECQ

Filipinos will survive Covid-19 Manny F. Dooc

TELLTALES

Atty. Rodel C. Unciano

Tax Law for Business

H

ad it not been for the Covid-19 pandemic, I could imagine that most taxpayers, by now, would have been so busy doing their last-minute touches on their Annual Income Tax Returns (ITRs) to beat the original April 15 deadline. For those who, by option or some other reason, still have not commenced the preparation, well the pandemic has, ironically, come to your rescue. The deadline has been extended to May 30.

But despite the extended deadline, the Bureau of Internal Revenue (BIR) encourages taxpayers to file their ITR and pay the tax due thereon without waiting for the extended deadline.

There are, of course, good reasons to comply. Foremost of all, we have to take this as an opportunity for us to help the government in funding the much-needed measures against the effects of Covid-19. Early filing and payment will also help us avoid the last-minute rush later on. Indeed, it helps to pay our taxes now without waiting for the extended deadline. Anyway, tax is something that we cannot avoid. It is as certain as death, they say.

The following are few reminders and guidelines in your ITR filings and tax payments during the enhanced community quarantine (ECQ): Taxpayers who file their tax returns within the original deadline or prior to the extended deadline can amend their tax returns at any time on or before the extended due date. An amendment that will result to additional tax to be paid shall not be subject to corresponding penalties provided that the same is done not later than the extended deadline as provided under existing rules and regulations.

A taxpayer whose amended return will result to overpayment of taxes paid, can opt to carry over the overpaid tax as a credit against the tax due in the succeeding period’s tax return.

In the alternative, the taxpayer may file a claim for tax refund.

For those paying through the Electronic Filing and Payment System (eFPS) facility, the BIR reminds everyone that the facility automatically computes penalties for the late filing/payment of taxes due. Thus, taxpayers are advised to disregard the penalties computed by the system and pay only the basic tax due, provided that the payment is made on or before the extended deadline.

All Authorized Agent Banks

Mangun. . .

Continued from A6

The government is saying—as it should—that the worst is over. But that does not mean that the effects of the virus are over. Fortunately, the economic system is strong enough to have survived the worst. But now we have to eventually get out of survival mode and into “thrive mode”—and that is going to take time.

Did we learn anything as individuals and as a nation? We learned that

(AABs) shall accept payment of ITRs during the ECQ without the imposition of corresponding penalties.

Of course, any filing and payment beyond the extended deadline shall be subjected to the applicable penalties from the extended deadline until actually paid.

Taxpayers may file their ITRs using the eBIR Forms/eFPS facility and pay the corresponding taxes using online payment channels such as GCash, PayMaya, LandBank, Development Bank of the Philippines, Visa and Mastercard Credit Card.

All AABs are required to accept the payment of manually filed and outof-district returns from taxpayers enrolled in the eFPS in cases of the unavailability of the eFPS facility.

The AABs are required to accept payments made through checks and/or combination of cash and check(s) in the payment for single tax liability. They are required to accept the tax payments from taxpayers who are already within the bank’s premises by the close of the AAB banking hours.

In cases of any violation committed by the taxpayers in the filing of their tax returns and payments of internal revenue taxes, AABs are not required to impose penalties for such violations. It is the BIR which will be the one to impose whatever appropriate penalty incident to the said violation.

Let’s do our share by paying our correct taxes. Together, we can beat Covid-19.

The author is a partner of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@ bdblaw.com.ph or call 8403-2001 local 140.

our neighbors can be both our best friends and our worst enemies. We learned that when we are all on the same lifeboat it is critical that the strong and rich must help the weak and poor. Maybe the most important lesson is that in a world of some 200 countries, at the end of the day, every nation really is an island unto itself.

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

T

here is definitely no social distancing between Ying Ying and Le Le—two giant pandas that, for more than a decade, have been attracting crowds to the Hong Kong Zoo in Ocean Park. In a much awaited press conference befitting the announcement of the conception of a royal heir, the Executive Director of the Hong Kong Zoo, Michael Boos, like a proud father, gleefully declared: “The successful natural mating process today is extremely exciting for all of us, as the chance of pregnancy via natural mating is higher than by artificial insemination.” And who would not be thrilled when it took 10 years of efforts before the couple finally succeeded to mate naturally. Well, zoo officials should learn a thing or two in the process that Ying Ying and Le Le need a little privacy to do their thing together and certainly the closure of the zoo to prevent the spread of coronavirus made that happen. We should thank Covid-19 for playing cupid to the two lovers. I hope the zoo officials will not name the baby panda “Covid.” The “stay-at-home” order will result in a panda baby boom, which will be a blessing to animal lovers. I hope this will result in a “pandemic” that will reverse the dwindling population of pandas.

Incidentally, the world’s top rubber producer, Malaysia, warns of a looming condom shortage due to the closure of factories and disruption of the supply chain. Alarmed, the United Nations expressed concern about the dire consequences of a condom shortage. It would compromise family planning and exacerbate social and health problems as there will be more unintended pregnancies, teenage child-bearing, unsafe abortions and higher incidence of STDs. The Malaysian government

By Julian Lee

A

fter four days of high drama, low farce and long periods of tedium, the Opec+ group of countries, led by Saudi Arabia and Russia, finally agreed to a record cut in their oil production in response to the coronavirus-triggered collapse in demand. But the deal will come under pressure when the world becomes a more normal place again.

The drama was provided by Mexico refusing to accept its allotted cut.

The farce followed when the country’s oil minister left the virtual Opec+ meeting to hold separate talks with her

US and Canadian counterparts, while the other energy ministers agonized for hours, and then for days, over how to respond. The tedium? Well, that was just the bits in between. Mexico was asked to cut 400,000 barrels a day of production in the first phase of an Opec+ deal that would run for an unprecedented two years. It offered one-quarter of that, and from a slightly higher baseline than what was asked for.

An unlikely white knight appeared to ride to the group’s rescue on Friday in the form of US President Donald Trump. He proposed an arrangement with Mexico’s President Andres Manuel Lopez Obrador (known as AMLO) in which 250,000 barrels a day of the

should declare the manufacture of condom as an essential industry so that condom producers can ramp up production, otherwise the world may face another pandemic—population explosion and its related problems. nnn

Little has been mentioned about Cuba’s good deed of sending a team of doctors and nurses to Italy to extend assistance in its battle against coronavirus. It was reported that the team was dispatched upon the request of Lombardy, the most

devastated Italian region. Assisting calamity-stricken countries is not new to Cuba. A small communist country ruled by one party, Cuba has engaged in medical diplomacy since the communist government took over the country in 1959. Its “armies of white robes” made up of doctors and nurses go to countries around the world devastated by natural calamities and diseaseravaged places like Haiti and West Africa at the height of the cholera and Ebola epidemics. Cuban medical brigades were also sent earlier to several countries to fight the Covid-19 in Venezuela, Nicaragua, Grenada, Suriname and Jamaica.

Cuba, with the help of Russia, has developed over the years an effective health-care system that is more advanced than those of other developing countries, and has trained more competent medical professionals.

When one Cuban doctor was asked why he is undertaking the hazardous mission of going to a dreaded place like Italy, the volunteer doctor replied to Reuters: “He who says he is not afraid is a superhero, but we are not superheroes, we are revolutionary doctors.” It seems that the flame of Cuban revolution in 1959 under Comandante Fidel Castro has not died.

It is admirable that the Cubans who are the heirs of the movement that first broke out in 1953 when Castro and his ragtag army of guerillas were routed in 1953 when it launched a failed attack on the Moncada Barracks have not lost their idealism.

Castro was captured and tried for rebellion, together with his followers. Acting as his own counsel, he delivered a speech before the jury,

which was later on printed and titled, “History Will Absolve Me.” This document is now regarded as the scripture of the Cuban Revolution.

Addressing the court and the jury, Castro alluded to the earlier martyrs like Jose Marti who strongly advocated liberty for the Cubans and freedom from despotic rule and dubbed them “Apostle,” to wit: “It seemed that the Apostle would die during his Centennial. It seemed that his memory would be extinguished forever…

But he is alive. He has not died. His people are rebellious. His people are worthy. His people are faithful to his memory. There are Cubans who have fallen defending his doctrines. There are young men who in magnificent selflessness came to die beside his tomb, giving their blood and their lives so that he could keep on living in the hearts of his nation. Cuba, what would have become of you had you let your Apostle die?”

Young Cuban medical workers may perish in foreign shores combatting a health scourge ravaging hundreds of millions of people and devastating almost all countries in the world. They dauntingly go on a mission regardless of the political ideology of the country they rescue and the personal risks they confront.

I’m not fond of communist Cuba and its despotic leaders, but its medical brigades all over the world are true sons of the revolution who are worthy of their nation’s martyrs. They have kept the spirit of the Moncada Barracks attack and the flame of the 1959 revolution, which toppled the Batista regime, eternally kindling and burning. With the same resolve, Filipinos will survive Covid-19.

Asia-Pacific response to Covid-19 and climate emergency must build a resilient and sustainable future

By Armida Salsiah Alisjahbana

T

he unprecedented public health emergency triggered by the Covid-19 pandemic and its multifaceted impact on people’s lives around the world is taking a heavy toll on Asia and the Pacific.

Countries in our region are striving to mitigate the massive socioeconomic impact of the pandemic, which is also expected to affect the region’s economic health. In its annual Economic and Social Survey of Asia and the Pacific 2020 launched recently, the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) expects growth in Asia-Pacific developing economies to slow down significantly this year.

Bold investments to sustain the region’s physical and economic wellbeing are imperative. The Survey advises policy-makers to protect the economic health of the region with measures that support affected businesses and households and prevent economic contagion.

To tackle Covid-19 in developing Asia-Pacific countries, the Survey also calls for an estimated increase in health emergency spending by $880 million per year until 2030.

Fiscal support will be crucial in enhancing health responders’ ability to monitor the spread of the pandemic and caring for infected people. ESCAP is also calling on Asia-Pacific countries to consider setting up

The historic oil price truce won’t last Bloomberg Opinion

Tuesday, April 14, 2020 A7

“market-driven” decline in US output would be rebranded as “Mexican.”

But don’t be fooled: That wouldn’t have taken a single additional barrel of oil off the market beyond those that would disappear anyway because of the Covid-19-prompted collapse in demand. Eventually, after nearly four days of trying to persuade the Mexican government to budge, the Saudis and the Russians finally decided to cut their losses and swallow Mexico’s lack of genuine commitment. The alternative would have been to allow the commodity markets to open on Monday morning with the group still in disarray and to risk another big price slump.

In fairness, the Opec+ deal is his-

a regional health emergency preparedness fund.

The pandemic is also an opportunity for us to rethink our economic growth path that has come at a heavy cost to people and planet. According to the latest ESCAP assessment on implementing the 2030 Agenda for Sustainable Development, Asia and the Pacific is not on track to achieve any of the 17 Sustainable Development Goals (SDG) by 2030, with regression on several environmental goals.

This stands in stark contrast with the region’s impressive gains in material prosperity, which have been powered by intensive resource use.

We are currently paying the price amid a public health emergency in a region with 97 of the 100 most airpolluted cities in the world and five of the 10 countries most vulnerable to climate change. Economic policymaking is understandably focused on maximizing growth to reduce poverty and create jobs. Yet, we need to question this when the methods of growth undermine its sustainability over the long term.

The 2020 Survey is proposing a transition toward a growth path that ensures we bequeath a healthy planet to future generations. It is calling for a shift in the paradigm of production and consumption, which is at the core of all economic activities.

To bring about this fundamental

shift in the way we produce and consume, we need to adopt the motto of “no more business as usual” for all stakeholders in planetary well-being, namely governments, businesses and consumers. Policy-makers should not lose sight of a looming climate crisis, but rather design economic stimulus packages with social inclusion and environmental sustainability built into every decision.

The Survey identifies challenges and constraints to making this switch for each group of stakeholders. The good news is that it is possible to take on these challenges and align the goals of all stakeholders with the 2030 Agenda’s goal of sustainability.

In particular, the Survey urges governments in the region to embed sustainability in policy-making and implementation, transition out of fossil fuel dependency and support the greening of finance. The region continues to provide $240 billion worth of annual subsidies to fossil fuels while investments in renewables remain at $150 billion.

Businesses can integrate sustainability by factoring in environmental, social and governance aspects in investment analysis and decisions.

Carbon pricing will be a key tool to reduce emissions and mitigate climate-related risks. The region is already a leader in adopting the emerging sustainable business paradigms of the shared economy and

circular economy.

All of us as consumers must understand the importance of switching to sustainable lifestyles. This will begin with increasing awareness of the impact of consumer choices on people and planet. Governments will have to play a significant role in encouraging consumer choices through positive reinforcements, small suggestions and eco-labelling of products.

Integrating sustainability also requires international collaboration, given the interconnected world in which we live. Asia-Pacific governments need to coordinate their climate action, particularly the development of climate-related standards and policies. Having achieved so much, yet also at the risk of losing so much, the Asia-Pacific region stands at a pivotal moment in its development journey. The next phase of its economic transformation should be more sustainable, with cleaner production and less material-intensive lifestyles.

With headwinds to the region’s development journey strengthened by the Covid-19 pandemic, let us heed the United Nations Secretary General’s call to mobilize for a decade of action to build a sustainable and resilient future.

torically grand in its scope, given the size of the cuts and their duration, although it’s questionable how much value there is in setting targets two years hence, when so much remains uncertain. The 20 producers taking part will initially cut output by 9.7 million barrels a day, with all but Mexico reducing production by 23 percent for two months—May and June. As it stands now, Mexico’s cuts will end with the first phase of the deal, when it will presumably have to leave the Opec+ group. The reduction for the remaining 19 countries will taper to 7.7 million barrels a day until the end of the year, and then to 5.8 million barrels for another 16 months, until April

2022. Don’t be surprised if the headline numbers published by Opec+ are even bigger than these. There has been some suggestion that the official figure could be closer to 12.5 million barrels a day, but that would be achieved by raising the starting production numbers for Saudi Arabia, the United Arab Emirates and Kuwait, who have all boosted production this month, leaving their real targets unchanged. This is smoke and mirrors to try to make the cuts look even more substantial.

The deal raises some even bigger questions than Mexico. Russia, for example, is to cut its output by 2.5 million barrels a day over the next three weeks. Really? Igor Sechin, head of

state-controlled oil company Rosneft, was a fierce critic of Russia’s modest contribution to previous reductions. I can imagine how he’ll react when he’s told his company has to cut output by almost 1 million barrels a day by May 1.

The contribution from Friday’s meeting of G-20 energy ministers— which followed Thursday’s marathon Opec+ call—was, to put it mildly, underwhelming. India’s minister mentioned filling the country’s strategic oil reserve, but there were no concrete new offers from the group. With oil prices on the floor, building up reserves makes sense anyway, and China and India have already started. But storage space is limited.

Armida Salsiah Alisjahbana is the United Nations Under-Secretary General and Executive Secretary of ESCAP.

A8 Tuesday, April 14, 2020

Asset sale to raise funds amid Covid-19 premature–senators

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By Butch Fernandez

@butchfBM

ORE senators have weighed in on President Duterte’s proposal to sell, in a worst-case scenario, certain government assets in order to raise funds to fight the Covid-19 pandemic and provide for economic recovery of affected sectors, as well as plug the budget deficit.

Senate President Pro Tempore Ralph Recto raised concerns, however, that government may be disadvantaged by a rush sale.

“It is premature to sell government assets at this time. You do not sell when prices are low,” Recto said on Monday, adding: “Government has many tools in its arsenal. It can use both monetary policy and fiscal policy to save and create jobs.”

Sen. Joel Villanueva had a similar concern about selling as-

sets at the wrong time. “I think it should be the last resort. Government has other options to raise money to fund Covid. I prefer borrowing again from the BSP instead of selling the assets.

I fear we might get just bargain prices for them, most likely,” Villanueva said in a mix of English and Filipino.

In a text message to BusinessMirror, Recto, a former Neda director general, recommended that “government must prepare

an economic resiliency plan for the next two to three years.”

“We can afford 10-percent GDP deficit for the next two to three years. But we have to act fast. Test, isolate, treat. Allow those who are immune and negative to start working. Slowly allow businesses to operate. Provide long-term interest- free loans to MSME [micro, small and medium enterprises], and reduce taxes,” the Senate President Pro Tempore added.

Senate President Vicente Sotto III, meanwhile, was cool to the idea of asset sale, saying: “I don’t think he [Duterte] means it literally. For me, he is simply emphasizing that he will do whatever it takes to keep the Filipino healthy and safe.” The President had dangled the notion of asset sale in a late-night address to the nation last week, where he raised the possibility of government eventually running out of funds to help those impacted by the pandemic and the resulting lockdown.

Neither he nor his Cabinet has made any firm proposal to sell assets at this point.

Transparency

Sens. Panfilo Lacson and Ron-

ald “Bato” de la Rosa, responding to separate text queries from DW IZ on Monday, both stressed the need for complete transparency in any transaction in such sale.

De la Rosa referenced the serious questions raised about full details of the government’s sale of prime lands in Fort Bonifacio two decades ago, amid concern the proceeds did not all go to upgrading the Armed Forces.

“I am okay with that [sale of government assets] as long as there is complete transparency in every transaction, in order to avoid another failed promise of AFP modernization from the sale of Fort Bonifacio,” said De la Rosa.

For his part, Lacson said: “I agree with PRRD [President Duterte] that all options should be considered because what is at stake is our people as well as the country’s survival.”

Lacson and de la Rosa, both former National Police chiefs, aired their views a day after Minority Leader Franklin M. Drilon backed Duterte’s notion of disposing of government assets, if need be, given the need to raise trillions both to fund the fight against Covid-19 and help businesses impacted by the lockdown, especially MSMEs. Reacting to a suggestion to sell military golf courses to fund a P1-trillion stimulus package, Lacson said this is viable. However, he stressed author ities must ensure that “the physical security of military facilities will not be compromised if we cut the golf courses inside the military camps and sell them to private developers.”

Lacson added: “I am all for it as well as other out-of-the-box ideas. As I said earlier, these are extraordinary times that call for extraordinarymeasures, including quick and harsh punishments for gross incompetence but especially against those who steal and take advantage of public funds intended to save us from the

Covid-19 pandemic.”

W hile De la Rosa stressed transparency, Lacson called for quick and harsh punishments for gross incompetence, but especially against those who steal and take advantage of public funds intended to save us from the Covid-19 pandemic.

Earlier, Drilon had suggested over the weekend that President Duterte’s economic managers mount a “speedy review of State assets that could be sold off immediately to generate funds for Covid-19 crisis and counter the growing budget deficit due to the pandemic.”

In a statement, Drilon recalled that just last week the President himself indicated readiness to sell goverment properties’ citing the Cultural Center of the Philippines and the Philippine International Convention Center.

The Covid-19 crisis could be “turned into an opportunity to better utilize government assets.

Better utilization of these State assets is long overdue as a national policy,” said Drilon.

He noted, for instance, what he called “low-hanging fruits the government can immediately tap to provide the much-needed resources for our country to survive this pandemic.”

Apart from the examples cited

by Duterte such as the CCP and PICC, the Senate Minority Leader likewise listed the privatization of the gaming industry, projecting that this option “will generate funding for the government to provide more relief to affected Filipinos and, at the same time, manage the country’s growing budget deficit.”

Drilon recalled that during a Senate Committee on Finance’s hearing on the budget of the Department of Finance (DOF) last year, Finance Secretary Carlos Dominguez III himself admitted that privatizing the gaming industry will yield around P300 billion in additional revenues yearly.

DepEd’s Briones recovers from virus

E

DUC AT ION Sec re tary Leonor Magtolis Briones on Monday announced she has tested negative for coronavirus disease (Covid-19), days after announcing that she was infected.

“Good news! Early this morning, nag-text si Secretary Duque na ang test ko ay negative [I received a text message from Health Secretary Francisco T. Duque III that I tested negative for Covid-19],” the 79-year-old Briones, who could not contain her happiness, said during a television interview.

On April 8, 2020, Briones was informed by the Research Institute for Tropical Medicine (RITM) that she was positive for SARS-CoV-2, the causative agent of Covid-19.

She has since stayed home, under tight quarantine, and under constant medica l watch for her temperature, oxygen levels, among others.

Earlier on March 16, when she had herself tested after exposure to a person positive of the disease, Briones had tested negative. However, she underwent a second test because she was again exposed to an infected person.

“Last April 2, I had myself tested again after another Cabinet member announced that he was tested and declared positive. He and I attended an urgent and critical meeting of select Cabinet officials on March 23. My test result, as I said, was positive,” Briones lamented.

Briones was asymptomatic and her body temperature, which is taken three times a day, remains normal.

Following the negative test result, Briones said that she will be very careful and will not go out of the house.

Claudeth Mocon-Ciriaco

ADB provides $13.5-B soft loans, grants for DMCs’ fight vs Covid-19

By Cai U. Ordinario @caiordinario

T

HE Mani la-based A sian Development Bank (ADB) has provided an additional $13.5 billion in concessional lending and grants to its developing member-countries (DMCs) to combat the coronavirus 2019 (Covid-19) pandemic.

In a statement, ADB said this brings its total Covid-19 pandemic response to $20 billion. This includes the $6.5 billion which was already announced in March.

Last week, ADB said the pandemic will have a global impact of 2.3 percent to 4.8 percent of GDP. Regional growth is forecast to slow to 2.2 percent in 2020 from 5.2 percent last year.

“Our expanded and comprehensive package of assistance, made possible with the strong support of our Board, will be delivered more quickly, flexibly, and forcefully to the governments and the private sector in our developing membercountries to help them address the urgent challenges in tackling the pandemic and economic

downturn,” ADB President Masatsugu Asakawa said.

The new package includes the establishment of a Covid-19 Pandemic Response Option under ADB’s Countercyclical Support Facility.

Around $13 billion will be provided through the facility to help DMC governments mitigate impacts of the Covid-19 pandemic, particularly on the poor and the vulnerable.

ADB said grant resources will also continue to be deployed quickly for providing medical and personal protective equipment and supplies from expanded procurement sources.

Some $2 billion from the $20 billion package, ADB said, will be allocated to the private sector. Loans and guarantees will be provided to financial institutions to rejuvenate trade and supply chains.

ADB also said enhanced micro finance loans and guarantee support will be implemented alongside direct financing of companies responding to, or impacted by, Covid-19.

The facility, ADB said, aims to help liquidity-starved smalland medium-sized enterprises, including those run by female entrepreneurs.

“This pandemic threatens to severely set back economic, social, and development gains in Asia and the Pacific, reverse progress on poverty reduction, and throw economies into recession,” Asakawa said.

The response package includes a number of adjustments to policies and business processes that will allow ADB to respond more rapidly and flexibly to the crisis.

T hese include measures to streamline internal business processes, widen the eligibility and scope of various support facilities, and make the terms and conditions of lending more tailored.

All support under the expanded package will be provided in close collaboration with international organizations, including the International Monetary Fund; World Bank Group; World Health Organization, Unicef, and other UN agencies; and the broader global community.

www.businessmirror.com.ph

Companies BusinessMirror

Tuesday, April 14, 2020

B1

Firms grapple with buildup of fuel inventory amid ECQ

F

By Lenie Lectura

@llectura

or six consecutive weeks of oil price rollback, motorists should have filled up their gas tanks while oil companies should have recorded higher sales volume.

However, this was not the case.

An extended enhanced community quarantine (ECQ) brought about by the coronavirus disease 2019 (Covid-19) pandemic meant no land, air and sea travel for everyone, except for a few who were exempted by the government.

Gasoline prices were reduced by P12.70 per liter, diesel by P9.8 per liter and kerosene by P13.25 per liter.

These are the total price reduction for the past six weeks starting March 4 until April 7, when oil companies adjusted their prices every Tuesday. The price adjustment, they said, reflected movements in the world oil market.

No matter how frequent the oil price rollback occurred, there was still a slump in demand for petroleum products.

“Decreases in demand were seen for gasoline, diesel, fuel oil and LPG (liquefied petroleum gas) for the month of March 2020,” said Undersecretary Felix William Fuentebella of the Department of Energy (DOE) in an interview.

Fuentebella said gasoline and diesel are base fuels for transport, which have been most affected by the ECQ. He said the shipping, industrial and commercial sectors also recorded a decline in economic activity due to the ECQ. LPG, again for transport and for industrial or commercial purposes, was affected by the closing down of boilers and restaurants due to the ECQ.

to the temporary closure of some of its stations while some have decided to shorten business hours.

“As expected, there’s been a substantial decline in fuel demand due to the Luzon lockdown. This is particularly evident in retail and Jet-A1, which are understandable because of travel bans and restrictions.

Currently, some of our stations in Luzon are forced to close operations because of lower demand and manpower issues, while a number have reduced their operating hours,” said Petron Chairman Ramon S. Ang in an interview.

Nonetheless, Petron assured consumers of the continuous supply of its petroleum products, adding that it would make sure that there is enough fuel for vital industries. Ang said Petron’s entire supply chain is working overtime to ensure that enough products are produced at its Bataan refinery.

Petron provides nearly 30 percent of the country’s petroleum requirements through its 180,000 barrel-per-day Bataan refinery, 30 terminals, and over 2,400 stations nationwide.

“We are closely monitoring the situation and we may still adjust depending on the need while the lockdown is still in effect. Business is challenging but we have a responsibility to make sure that everyone’s fuel needs are met at this crucial time,” said Ang.

‘Challenging times’

Pilipinas Shell Petroleum Corp. and Phoenix Petroleum Corp. have been experiencing declining vol-

Petron Corp., the country’s largest oil refiner, said the situation has led

Shrinking volumes

umes for some weeks now.

“Shell is one of the few businesses allowed to continuously operate despite the ECQ to continuously provide the needed energy to support the fight against the Covid-19 pandemic. Though we remained open, our volume was significantly affected due to the slowdown in economic activity,” said Shell media manager Cesar Abaricia in an interview.

Phoenix Petroleum, meanwhile, noted a “big drop” in fuel demand across its network.

“Well, like in any other businesses and industries, the pandemic has likewise affected demand for fuel products. I don’t have figures now, but definitely a big drop since travel has been placed on hold so not much fuel purchases for those included in the lockdown,” said Phoenix Petroleum Senior Vice President for External Affairs Raymond Zorrilla.

He noted that personal and business travels have dramatically been reduced, particularly in Metro Manila. “Public and private transportation have been suspended, flights have been cancelled as well.

So, demand for jet fuel has been temporarily [affected]. The same holds true with the usual out of town trips particularly this summer season."

Sufficient supply

Shell, said Abaricia, will heed the DOE’s directive to oil firms to provide continuous and sufficient oil supply throughout the country.

“At this point, our focus is to continuously support the government’s call for uninterrupted supply of energy to fight the Covid-19 pandemic. Through our dealer network and foundations, Shell partners with organizations and businesses across the country to help distribute critical goods and to safely transport frontliners from their homes and back,” he added.

The DOE has already requested oil companies to submit a status report on stock levels at their depots.

Oil firms were also asked to report to the DOE any problems that they may encounter involving transportation of fuel supply to retail outlets or instances of fuel hoarding.

Based on the DOE’s recent assessment of the country’s oil inventory as of February 29, there is an estimated 2.7 billion liters of crude and oil products available, translating to about 45 days of fuel supply. It should also be noted that this level of fuel supply is above the Minimum Inventory Requirement being observed by the oil industry.

“During this most challenging time, it is imperative to ensure the continued supply of fuel products, especially in areas under quarantine. Having sufficient petroleum supply is vital, making it a critical concern amid this crisis,” said Energy Secretary Alfonso G. Cusi.

Proposals

Consumer advocate Laban Konsyumer Inc. (LKI) cited proposals that could provide a “win-win solution.”

LKI president Victor Dimagiba urged public and private sectors to urgently consider and pursue a fuel-stockpiling program. “This has been a vision in the past. The economic cost now is tempting. The technical and logistics matters have to be resolved."

Another proposal is a review on taxes. Dimagiba said the pricing of fuels versus excise taxes collected under the Tax Reform for Acceleration and Inclusion Law should be reviewed.

“The law provided a mechanism to suspend the collection when the prices of crude oil averages $80 for three consecutive months.

What about the other way around?

Taxation should be equitable and progressive as the fundamental law provides,” he said.

Dimagiba said industry stakeholders must act now to take advantage of low fuel prices.

“We should translate to the consumers' advantage the dampened demand and low prices of fuel,” he said.

Drive Manila’s grocery delivery app goes live

A

n app that offers grocery delivery service, which was developed with the support of the Department of Science and Technology (DOST) and the University of the Philippines Sustaining Collaboration in an Advanced Learning Environment (UPSCALE), was launched by Drive Manila.

Dubbed Drive Grocieries, the app is one of the innovations created by UPSCALE, an innovation hub formed by a partnership between DOSTPhilippine Council for Industry and Energy and Research and Development (DOST-PCIERD) and the University of the Philippines-Diliman.

Founded by Mike Miranda, Drive Groceries is a peer to peer app for online grocery deliveries.

“Customers order online through our web app. We are currently doing manual order taking and we match them with the closest local grocer from their area,” Miranda told the BusinessMirror in a recent email interview.

However, Miranda clarified that Drive Groceries is not an e-commerce store but provides transport and logistics services, namely buying

groceries (where it collects a service charge) and delivery of grocery items (where it collects a delivery fee).

Service fee for grocery receipt below P1,000 is 8 percent of the bill; 9 percent for receipt between P1,000 and P5,000; and 10 percent for receipt above P5,000.

Delivery fee for grocery receipt below P1,000 is P160; P300 for grocery receipt between P1,000 and P5,000; and P500 for grocery receipt above P5,000.

There is no minimum order amount. The app also supports the purchase of medicines.

Right now, Miranda said the web app where a client can order his groceries is still under construction but will soon be available.

Drive Groceries, he said, currently accepts cash payments or bank transfers. It will be able to accept credit cards by July.

The app is the third business venture of Drive Manila. Its other two businesses are car rentals and tours.

The company plans to expand the app to parcel deliveries and food deliveries in the near future.

Rizal Raoul S. Reyes

AboitizLand taps tech to entice homebuyers

R

eal estate developer AboitizLand Inc. said it is offering digital-based home buying options to their clients who want to accelerate the property buying process in the safety of their homes.

From property viewing to unit reservation, the company said everything can be accomplished through its digital platform, thereby reducing the need for face-to-face interaction.

“During these times, it’s truly Better at Home. We recognize the urgency of owning a house in a safe and secure neighborhood, which is why we intend to make the buying process easier and more attainable for our clients,” AboitizLand CEO and President David Rafael said in a statement.

He added that the company believes “everyone deserves a good home which will serve as his and his family’s sanctuary in the face of this pandemic.”

Interested buyers may view the company’s numerous projects through its sweeping 360 degree virtual tours, which are available on their website, www.aboitizland.com.

If they want to inspect the unit offerings, buyers may request for actual videos of the houses.

Home buyers may also consult with property specialists using popular and free video chat apps, who would be more than happy to give clients a comprehensive online

presentation, along with answers to any queries.

To book appointments, prospective buyers may schedule an online presentation through their developments’ Facebook page, or they may send an email request at aboitizland@ aboitiz.com. A dedicated staff will then get in touch within 24 hours to arrange for the online presentation.

Prospective buyers can also shoot questions to a virtual customer assistance agent via the Messenger box that pops up on the company website.

Once clients have decided on a purchase, they can easily make reservations without the need to get out of the safety of their current homes.

They just have to email scanned copies of the reservation agreement, include one scanned or photographed copy of a valid government ID, and proof of online payment of reservation fee.

The company’s many developments are located in suburban areas of emerging provinces, far from densely populated megacities yet accessible to and from urban centers nationwide.

The residential projects of the Aboitiz Group's subsidiary are also located in mixed-use township developments, so future dwellers are guaranteed a lifestyle surrounded by modern conveniences and employment options from nearby industrial zones, while still maintaining a sense of privacy.

NGCP distributes grocery items worth ₧500 million

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VEHICLES FOR FRONTLINERS PLDT Inc. donated 30 of its vehicles to the Armed Forces of the Philippines (AFP) for its use in anti-coronavirus disease 2019 operations. The vehicles include 14 Toyota Innova multi-purpose vehicles, 10 Toyota Avanza units, 4 Isuzu mini trucks, and 2 Isuzu Crosswind crossover utility vehicles. Sixteen of the vehicles were delivered last week and the balance are scheduled for delivery this week. Of the 30 vehicles, 17 have been assigned to the AFP health services—specifically the Health Service Command, the Office of the Surgeon General and the Military Treatment Facilities of the Army, Navy and Air Force. These units are providing health care support for troops that are deployed in checkpoints in Metro Manila and other parts of the country. CONTRIBUTED PHOTO

he National Grid Corporation of the Philippines (NGCP) said it has started the distribution of P500 million-worth of grocery items as part of its P1billion assistance to help the government’s coronavirus disease 2019 (Covid-19) relief and response efforts.

“We are very pleased to turnover these relief packs as we hope these will help sustain our partner communities given the extension of the Enhanced Community Quarantine. Distribution in select locations in Luzon, Visayas, and Mindanao will be made over the next weeks,” NGCP said.

The grid operator has pledged P1 billion to President Duterte last March 30. Half of the amount, it said, would come in the form of goods and medical equipment while the other half is earmarked for the procurement of other Covid-19 response measures, as may be determined by the Office of the President.

“NGCP’s pledge of medical equipment is also in the process of procurement. The much needed equipment

will be distributed to identified hospitals as soon as they arrive,” added the company.

The P1-billion donation is over and above NGCP's assistance, including a donation of personal protective equipment (PPE), face masks, meals, and other supplies for the frontline workers in the health industry and the Meals on Wheels program conducted to distribute hot meals to indigent members of the community.

NGCP’s technical partner, the State Grid Corporation of China (SGCC), also donated 500,000 face masks through the Philippine Red Cross. “We understand the importance of a collective, unified effort to combat this pandemic. NGCP assures its stakeholders that the company will continue to support the government in battling this global health emergency,” the company said.

NGCP is a Filipino-led, privately owned company in charge of operating, maintaining, and developing the country’s power grid, led by majority shareholders Henry Sy, Jr. and Robert Coyiuto, Jr. Lenie Lectura

B2

Companies BusinessMirror

Tuesday, April 14, 2020

PSE STOCK QUOTATIONS

April 13, 2020

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

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

45.1 98.5 58 19.9 7.61 37 8.65 16.04 21 40.7 17 102 53 15.5 2.5 0.86 0.28 615 0.65 169 1620 0.97

47.7 98.55 58.35 19.94 7.62 37.05 9 17.9 21.55 43.5 17.3 102.9 53.7 15.7 2.65 0.96 0.3 717.5 0.68 169.3 1655 1.09

47.7 100.8 58.1 20.4 7.6 37 8.65 16.02 20 43 17.5 107.2 53.9 15.4 2.89 0.95 0.265 695 0.65 169.3 1620 0.96

47.7 103.5 58.85 20.4 7.96 37.75 8.65 16.02 21.9 43 17.5 107.3 53.9 15.8 2.89 0.95 0.3 695 0.65 169.5 1655 1.09

47.7 98.4 57.7 19.76 7.6 36.8 8.65 16.02 20 43 17.3 102 52.85 15.4 2.75 0.94 0.265 615 0.65 169 1620 0.96

47.7 98.5 58 19.9 7.62 37 8.65 16.02 21 43 17.3 102 53.7 15.5 2.81 0.94 0.3 615 0.65 169 1655 1.09

100 7238320 1956590 486900 267700 3241800 600 200 647300 300 4200 886980 15810 7600 6000 2000 180000 140 162000 110 25 2000

4770 724364321 113935893 9,680,148( 2045026 120665535 5190 3204 13601480 12900 73270 92039939 838565.5 118950 16800 1890 50900 86960 105300 18607 40675 2050

-143702018 -43796281.5 2,749,333.9997) -1729858 -64684320 -2473090 -11746074 530 -

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 AGRINURTURE AXELUM BOGO MEDELLIN CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT FRUITAS HLDG GINEBRA JOLLIBEE MACAY HLDG MAXS GROUP PEPSI COLA SHAKEYS PIZZA ROXAS AND CO RFM CORP SWIFT FOODS UNIV ROBINA VITARICH CONCRETE A CEMEX HLDG EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE TKC METALS VULCAN INDL CROWN ASIA EUROMED MABUHAY VINYL CONCEPCION GREENERGY INTEGRATED MICR IONICS SFA SEMICON CIRTEK HLDG

2 0.93 27.5 0.167 17.26 52.1 267 10.88 2.82 2.31 10 18.08 7.93 6.89 2.5 73.4 14.14 3.4 5.4 7.97 55 0.5 1.37 31.8 134.9 5.3 5.06 1.8 5.36 1.41 4.4 0.109 122 0.78 48 1.05 7.45 5.39 11.64 6.6 0.68 0.59 1.83 2.15 3.12 22.05 0.78 4.46 0.96 0.81 5.85

2.01 0.99 27.55 0.171 17.9 52.2 268 10.94 2.83 2.5 10.18 18.2 7.95 6.92 2.51 86.9 14.22 3.8 5.42 7.98 55.5 0.52 1.38 31.95 135 5.8 5.09 1.81 5.37 1.42 4.54 0.11 125.8 0.79 54 1.06 7.49 5.4 11.98 6.64 0.7 0.62 1.91 2.16 3.29 25 0.8 4.49 0.99 0.87 5.86

2.02 1 27.5 0.166 17.3 52 266.2 10.58 2.6 2.63 10 18.06 7.77 6.98 2.56 86.95 14.3 3.4 5.15 7.98 55.45 0.52 1.35 32 121 5.3 4.69 1.78 5.2 1.37 4.51 0.109 123 0.77 48 1.05 7.55 5.4 12.16 6.37 0.71 0.6 1.9 1.9 3.3 25.15 0.76 4.47 0.96 0.8 5.99

2.02 1 27.95 0.171 17.9 52.5 267 11.1 2.83 2.63 10.18 18.3 7.95 7.04 2.62 86.95 14.3 3.7 5.58 7.98 58.5 0.52 1.41 32 136.1 5.3 5.3 1.81 5.62 1.45 4.55 0.109 126 0.8 48 1.06 7.55 5.64 12.2 6.96 0.71 0.65 1.91 2.15 3.3 25.15 0.8 4.6 1 0.88 6.1

1.97 0.99 27.25 0.166 17.06 51.5 258 10.58 2.59 2.49 9.8 18.02 7.77 6.75 2.5 86.95 14.02 3.4 5.1 7.9 55 0.5 1.35 31 121 5.3 4.69 1.72 5.2 1.37 4.51 0.109 119.6 0.77 48 1.03 7.45 5.35 11.6 6.34 0.7 0.57 1.9 1.9 3.11 25 0.76 4.47 0.95 0.76 5.83

2 0.99 27.55 0.171 17.9 52.1 267 10.88 2.82 2.5 10.18 18.08 7.95 6.92 2.51 86.95 14.14 3.4 5.4 7.98 55 0.52 1.38 31.95 135 5.3 5.06 1.81 5.36 1.42 4.54 0.109 125.8 0.79 48 1.05 7.49 5.4 12.2 6.6 0.7 0.59 1.91 2.15 3.11 25 0.8 4.47 0.99 0.81 5.86

4423000 19000 1091700 60000 797100 5290 309640 3597500 4400000 21000 43300 1496600 34600 255800 923000 60 58100 61000 3211600 4224000 410710 159000 15904000 52000 2592310 1900 6049000 658000 6158800 1263000 22000 390000 995830 2412000 100 3781000 461900 912900 177000 2269300 201000 896000 6000 4809000 21000 1600 308000 52000 412000 1067000 1331900

8806880 -280000 18850 29943845 -18019745 10010 13866120 -7013946 275266 -76144 81313492 7598534 39307264 -13084020 12128210 70750 53210 438000 27,052,202( 14,951,377.9996) 273540 1780698 -383395 2329520 -421660 5217 824320 309566 209020 -11100 17383908 2214331 33694122 -30538705 22980107.5 9928833 80030 21989520 994559.9997 1646030 338845204 -13735904 10070 30342640 -6442540 1163640 434320 33085673 -15684571 1773220 99600 -18130 42510 121935166 -16320302 1902180 4800 3940610 -2050400 3461946 -1348822 4,956,878( 1,292,982.9997) 2126652 -618196 14990036 1461844 141930 533650 1200 11410 9839660 130650 66970 40140 242290 -18960 233240 -17890 400660 -5700 860560 -176550 7937868 -291572

HOLDING & FRIMS ABACORE CAPITAL 0.52 0.53 0.52 0.53 0.51 0.52 1488000 773680 59280 5.62 5.87 5.85 5.85 5.53 5.85 3200 18507 ASIABEST GROUP AYALA CORP 508 509 502 524 502 508 604700 308595550 -20018955 ABOITIZ EQUITY 42.5 43.1 42.7 43.5 41.4 43.1 1217000 52140560 -34600650 6.76 6.8 6.8 6.99 6.73 6.76 5590800 38166115 15571326 ALLIANCE GLOBAL 1.49 1.5 1.51 1.51 1.49 1.49 1034000 1554290 150000 AYALA LAND LOG ANSCOR 5.93 6.1 5.93 5.93 5.93 5.93 1100 6523 0.51 0.52 0.54 0.54 0.51 0.52 93000 47700 ANGLO PHIL HLDG 0.435 0.445 0.455 0.455 0.43 0.43 2320000 1021050 ATN HLDG A 4.85 4.89 4.78 4.98 4.62 4.85 6478000 31,030,570( 25,928,839.9999) COSCO CAPITAL DMCI HLDG 4.15 4.16 4.08 4.17 4.05 4.15 4160000 17215430 -2512570 FILINVEST DEV 8.5 9 8.4 8.5 8.4 8.5 1600 13450 3.7 4.06 2.87 4.06 2.87 3.7 19000 67210 FJ PRINCE A GT CAPITAL 400 401 401 411 400 400 135800 54684836 2770930 HOUSE OF INV 3.61 3.82 3.8 3.82 3.8 3.82 77000 292860 -277660 53.7 53.95 54 55.4 53.2 53.7 1782440 95641875.5 -26031984 JG SUMMIT 0.455 0.47 0.43 0.49 0.43 0.455 140000 64200 LODESTAR LOPEZ HLDG 2.82 2.87 2.81 2.84 2.81 2.82 389000 1096710 -986900 LT GROUP 7.3 7.39 7.45 7.48 7.16 7.39 1120600 8206995 -2191874 0.45 0.485 0.46 0.48 0.455 0.455 130000 59500 MABUHAY HLDG 2.5 2.51 2.5 2.55 2.49 2.5 65914000 165638390 -62938880 METRO PAC INV PACIFICA HLDG 2.8 3.2 3.2 3.2 3.2 3.2 1000 3200 0.69 0.73 0.72 0.74 0.71 0.72 54000 39080 PRIME MEDIA 0.88 0.94 0.82 0.9 0.82 0.9 4000 3440 SOLID GROUP SYNERGY GRID 165.2 170 171 171.1 161 170 3100 524121 854 870 869 876.5 843.5 870 206530 177515120 -74251730 SM INVESTMENTS 94.9 94.95 95 97 94.5 94.95 258910 24726227.5 2004347.5 SAN MIGUEL CORP 0.6 0.67 0.61 0.67 0.6 0.67 21000 12740 SOC RESOURCES TOP FRONTIER 156 160 150 156 150 156 320 49560 -10860 WELLEX INDUS 0.177 0.208 0.208 0.208 0.19 0.208 30000 6060 0.126 0.131 0.132 0.132 0.125 0.125 570000 72860 ZEUS HLDG

PROPERTY ARTHALAND CORP 0.53 0.57 0.56 0.58 0.53 0.57 825000 450920 9 9.1 9 9 8.99 9 2100 18895 ANCHOR LAND AYALA LAND 32.95 33.45 32.3 33.45 31.95 33.45 7580800 246908070 ARANETA PROP 1.02 1.1 1.1 1.1 1.1 1.1 20000 22000 1.36 1.38 1.35 1.38 1.35 1.36 217000 296030 BELLE CORP 0.53 0.55 0.54 0.56 0.53 0.55 872000 472830 A BROWN CITYLAND DEVT 0.71 0.73 0.71 0.73 0.71 0.71 26000 18480 0.123 0.129 0.12 0.129 0.12 0.129 60000 7650 CROWN EQUITIES 3.78 3.8 3.8 3.8 3.7 3.8 713000 2679250 CEB LANDMASTERS 0.365 0.375 0.375 0.38 0.365 0.37 3980000 1482400 CENTURY PROP CYBER BAY 0.25 0.3 0.26 0.26 0.26 0.26 100000 26000 16 16.1 16.16 16.2 15.9 16.1 197300 3167220 DOUBLEDRAGON 6.82 6.9 6.9 6.9 6.71 6.82 22800 154209 DM WENCESLAO EMPIRE EAST 0.285 0.31 0.3 0.305 0.3 0.305 60000 18250 0.91 0.92 0.91 0.92 0.9 0.91 8402000 7626780 FILINVEST LAND 0.77 0.81 0.75 0.83 0.75 0.81 766000 598580 GLOBAL ESTATE 11.54 11.56 11.96 11.96 11.54 11.56 6600 76410 8990 HLDG PHIL INFRADEV 0.73 0.76 0.73 0.76 0.71 0.76 517000 379730 MEGAWORLD 2.77 2.8 2.72 2.8 2.69 2.8 35175000 97393100 0.143 0.145 0.148 0.148 0.141 0.145 5120000 746840 MRC ALLIED 0.345 0.37 0.32 0.32 0.32 0.32 10000 3200 PHIL ESTATES PRIMEX CORP 1.61 1.7 1.74 1.75 1.74 1.75 6000 10450 13.86 13.88 13.84 14.1 13.74 13.86 3121100 43194954 ROBINSONS LAND 1.5 1.53 1.5 1.5 1.49 1.5 25000 37450 ROCKWELL SHANG PROP 2.73 2.75 2.77 2.8 2.75 2.75 566000 1561950 STA LUCIA LAND 1.86 1.94 1.95 1.96 1.85 1.94 155000 296250 30 30.1 29.4 30.1 28.6 30.1 8455700 248980890 SM PRIME HLDG 3.45 3.57 3.5 3.59 3.5 3.5 38000 133690 VISTAMALLS SUNTRUST HOME 1.17 1.18 1.18 1.18 1.15 1.17 427000 495220 3.93 3.97 3.93 4 3.88 3.93 1314000 5154150 VISTA LAND

3951375 -4150 -6450 -437180 -3500 -588728 -1713260 720 -18735290 3200 -12218590 83100 -42772805 -2820930

SERVICES ABS CBN 17.1 17.16 16.86 17.28 16.86 17.1 93800 1602048 4.98 4.99 5 5 4.97 4.99 231500 1153445 GMA NETWORK GLOBE TELECOM 2200 2224 2200 2238 2160 2224 54465 120283590 PLDT 1122 1127 1103 1127 1090 1127 87210 97188790 0.037 0.04 0.04 0.04 0.038 0.038 5400000 205600 APOLLO GLOBAL 1.84 1.85 1.72 1.87 1.7 1.85 70016000 125817170 DITO CME HLDG ISLAND INFO 0.082 0.088 0.094 0.094 0.088 0.088 240000 21390 1.65 1.66 1.61 1.66 1.6 1.66 2007000 3282750 NOW CORP 0.16 0.163 0.164 0.164 0.159 0.163 520000 83100 TRANSPACIFIC BR 2.32 2.33 2.01 2.33 2.01 2.32 9563000 21294090 PHILWEB 2GO GROUP 5.85 5.89 5.93 6.14 5.85 5.89 86100 508920 ASIAN TERMINALS 15.18 16.88 17.38 17.38 17 17 1000 17304 2.72 2.73 2.6 2.72 2.55 2.72 1594000 4257780 CHELSEA CEBU AIR 49.55 49.95 48.05 50 48 49.6 181600 8930780 INTL CONTAINER 74.8 74.95 73.5 74.8 73.5 74.8 3279280 242928415.5 11.8 12.18 12.18 12.18 12.18 12.18 500 6090 LBC EXPRESS 4.43 4.45 4.27 4.51 4.27 4.45 3013000 13381030 MACROASIA METROALLIANCE A 1.4 1.41 1.38 1.48 1.36 1.4 771000 1083480 1.5 1.53 1.43 1.43 1.43 1.43 3000 4290 METROALLIANCE B 6.8 7 6.7 7 6.6 7 79200 545630 PAL HLDG 0.75 0.76 0.73 0.77 0.73 0.76 235000 176820 HARBOR STAR ACESITE HOTEL 1.15 1.27 1.28 1.28 1.28 1.28 7000 8960 0.027 0.029 0.028 0.028 0.027 0.028 700000 19400 BOULEVARD HLDG 0.4 0.41 0.41 0.41 0.385 0.4 440000 172150 WATERFRONT CENTRO ESCOLAR 6.01 6.5 6.5 6.5 6.5 6.5 1500 9750 0.38 0.385 0.38 0.385 0.38 0.385 1010000 388000 STI HLDG 2.3 2.41 2.29 2.48 2.29 2.41 103000 238180 BERJAYA 5.75 5.78 5.84 5.84 5.69 5.78 5457500 31310802 BLOOMBERRY PACIFIC ONLINE 1.58 1.74 1.75 1.75 1.75 1.75 11000 19250 1.37 1.39 1.39 1.39 1.37 1.37 312000 431680 LEISURE AND RES 1.76 2.1 2.1 2.2 2 2 94000 192800 MANILA JOCKEY 3.55 3.9 3.35 3.55 3.34 3.55 51000 171360 PH RESORTS GRP PREMIUM LEISURE 0.305 0.31 0.31 0.31 0.295 0.305 10850000 3253050 PHIL RACING 7.8 8.5 8.5 8.5 8.5 8.5 1000 8500 4.95 4.98 4.74 5.06 4.74 4.95 2215000 10941010 ALLHOME METRO RETAIL 1.51 1.52 1.46 1.55 1.46 1.51 2592000 3893700 PUREGOLD 43.9 44 42 44.5 41.7 44 4943400 215268535 60.2 61.5 61.5 62 59 61.5 143110 8675614 ROBINSONS RTL 134 135 135 135 130 132 680 89810 PHIL SEVEN CORP SSI GROUP 1.21 1.25 1.22 1.3 1.21 1.21 1767000 2190260 WILCON DEPOT 12.64 12.7 12.6 13 12.48 12.7 1117100 14182216 0.285 0.29 0.3 0.3 0.29 0.29 830000 241900 APC GROUP 4.86 5.01 5.9 5.9 4.8 4.85 11600 59257 EASYCALL GOLDEN BRIA 330 369 369 369 368 369 100 36890 2.13 2.29 2.13 2.13 2.13 2.13 3000 6390 PAXYS 0.2 0.212 0.2 0.212 0.197 0.212 2280000 460380 PRMIERE HORIZON

8313900 8577700 13233780 -24740 -22200 -111501 -76 -106900 -2789345 -9737912 -3636570 -300300 -9351447 8800 -857850 8500 1639880 -143580 62188195 -3468572.5 -10680 -1432370 6337234 -35700

MINING & OIL ATOK 10.86 10.94 10.86 10.86 10.84 10.86 5200 56468 APEX MINING 0.81 0.82 0.78 0.83 0.77 0.82 1938000 1570690 -77900 ABRA MINING 0.001 0.0011 0.0011 0.0011 0.001 0.0011 16000000 16700 1.78 1.86 1.75 1.87 1.75 1.87 8000 14120 ATLAS MINING 0.9 1.1 0.78 0.78 0.78 0.78 5000 3900 BENGUET A COAL ASIA HLDG 0.21 0.219 0.23 0.23 0.21 0.22 1150000 244560 2.55 2.63 2.62 2.63 2.55 2.55 384000 1005700 393000 CENTURY PEAK 6.35 6.55 6.16 6.5 6.16 6.5 13500 87140 DIZON MINES 0.74 0.75 0.66 0.74 0.66 0.74 4786000 3332990 -131100 FERRONICKEL GEOGRACE 0.189 0.198 0.2 0.2 0.19 0.19 20000 3900 0.075 0.076 0.073 0.075 0.073 0.074 830000 61080 LEPANTO A 0.56 0.57 0.55 0.57 0.54 0.56 79000 43650 MARCVENTURES NIHAO 0.92 0.95 0.91 0.95 0.91 0.91 185000 172360 1.65 1.66 1.64 1.67 1.64 1.66 6837000 11326310 -2296460 NICKEL ASIA 0.455 0.46 0.46 0.46 0.46 0.46 80000 36800 ORNTL PENINSULA 2.09 2.12 2.12 2.12 2.06 2.09 538000 1126880 -335950 PX MINING SEMIRARA MINING 12.14 12.2 11.8 12.2 11.8 12.2 675200 8183592 -1645502 UNITED PARAGON 0.004 0.0042 0.0041 0.0043 0.0041 0.0041 10000000 41300 5.23 5.24 5.1 5.23 5.07 5.23 17700 90227 -2092 ACE ENEXOR 0.0083 0.0088 0.0083 0.0083 0.0083 0.0083 43000000 356900 ORNTL PETROL A PHILODRILL 0.0082 0.0086 0.0082 0.0082 0.0082 0.0082 3000000 24600 3.9 3.95 3.85 4.04 3.85 3.9 788000 3111570 -36890 PXP ENERGY

PREFFERED HOUSE PREF A 95 97.9 95 95 93.8 93.8 1910 181438 AC PREF B1 496 506 506 506 506 506 20 10120 490 499 500 500 500 500 110 55000 AC PREF B2R 96.5 100 99.5 99.5 99.5 99.5 490 48755 CPG PREF A 97 97.5 97.5 97.5 96.5 97.5 29030 2830350 487450 DD PREF GLO PREF P 495 499.8 498 498 495 495 270 133800 950 985 950 985 950 985 2510 2384850 GTCAP PREF B 98.9 99.35 99.4 99.4 99.35 99.35 1340 133129.5 MWIDE PREF 98.5 98.85 98.9 98.9 98.9 98.9 1300 128570 PNX PREF 3A PNX PREF 3B 100.6 104 102.5 104 100.1 104 2500 251647 -2080 PNX PREF 4 995 996 996 996 996 996 190 189240 1010 1025 1006 1006 1006 1006 50 50300 PCOR PREF 3B SMC PREF 2C 76.2 76.4 76.2 76.4 76.2 76.4 2400 183010 73.75 74.9 73.8 74.9 73.8 74.9 2010 148349 SMC PREF 2D 73.85 75 75 75 75 75 10 750 SMC PREF 2E 74.9 75 75 75 74.7 75 24500 1834610 SMC PREF 2F SMC PREF 2H 74.25 74.95 74.25 74.25 74.25 74.25 100 7425 73.75 74.7 74.8 74.8 74.7 74.7 620 46351 -46351 SMC PREF 2I

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 15.7 16 17.9 17.9 15.8 15.8 36900 588230 320000 GMA HLDG PDR 4.84 4.89 4.89 4.89 4.89 4.89 12000 58680

WARRANTS LR WARRANT 0.84 0.88 0.82 0.88 0.82 0.88 62000 53960

SMALL & MEDIUM ENTERPRISES ITALPINAS 1.52 1.53 1.65 1.65 1.4 1.53 13035000 19399920 230860 KEPWEALTH 5.73 5.89 5.7 5.94 5.7 5.89 34400 199527 0.54 0.55 0.57 0.57 0.53 0.55 4443000 2440580 XURPAS

EXHANGE TRADE FUNDS

FIRST METRO ETF 85.3 85.75 85.2 85.75 84.5 85.3 27930 2380051.5 -8450

www.businessmirror.com.ph

AirAsia trims costs to ease impact of virus on business

A

By Lorenz S. Marasigan

@lorenzmarasigan

irAsia, the largest low-cost carrier in Southeast Asia, has implemented a cost-reduction initiative to minimize the impact of the coronavirus disease 2019 (Covid-19) on its operations.

However, the company maintained that it continues to pay members of its staff, who have agreed to a pay cut.

Tony Fernandes, the group’s bigwig, said his group may suffer financially from the virus, as 96 percent of its fleet have been grounded across Asean airports, including the Philippines.

“There’s no denying that our industry has been hit hard, and

we are no exception. This is possibly the biggest challenge we have ever had to face. We have no revenue coming in, 96 percent of our fleet is grounded and we still have significant ongoing financial commitments such as fuel suppliers and leasing agents,” he said.

Despite this, AirAsia continues to pay its employees, albeit lower than their usual salaries. Pay cuts are between 15 percent and 75

percent. AirAsia employs “tens of thousands” of airline workers.

“Allstars [AirAsia employees] from across the business have accepted temporary pay reductions of anywhere between 15 percent and 75 percent depending on seniority, to share the impact this is having on our business,” Fernandes said.

He added that cost-cutting initiatives are in place to ensure that AirAsia will continue to pepper the skies with its signature red planes.

“We are doing everything possible to reduce costs during this time so we can come back fighting as fast as possible and continue to be the world’s best low-cost carrier, enabling everyone the ability to fly with our great value and service,” Fernandes said.

At home, AirAsia Philippines has 24 grounded planes and all of its flights have been canceled so far.

“Our focus right now in operations is cargo and recovery flights,” David de Castro, AirAsia Philippines communications officer, said in a phone interview.

For now, affected customers may either get a refund from their booking requests or receive travel credits.

Fernandes encouraged guests to accept the travel credits as they are faster to process.

“More than 80 percent of you have accepted our credit offer and we truly appreciate this.

Please know that our policy is in line with many operators in the travel industry and reflects our focus on coming out the other side of this difficult period and flying with you again as soon as possible,” he said.

Travel credits are valid for a year and allows guests to rebook their f lights for an unlimited number of times.

Fruitas partners with Pan de Manila

By VG Cabuag @villygc

F

ood and beverage kiosk operator Fruitas Holdings Inc. on Monday said it is expanding its partnership with Pan de Manila, which now sells Fruitas fresh fruit juices in its stores.

“The partnership started just before the imposition of quarantine in Metro Manila,” the company said, referring to the enhanced community quarantine (ECQ) that is in effect in Luzon until the end of April.

Since then, Fruitas said its fresh fruit juices have been made available in more than 20 Pan de Manila stores in populated areas of Manila, Mandaluyong, Pasig and Quezon City.

Certain Pan de Manila stores in Cebu are also expected to carry Fruitas fresh fruit juices once quarantine in that area is also lifted. The parties aim to expand the partnership to over 100 Pan de Manila stores nationwide upon full rollout.

“We are extremely excited with our partnership with Pan de Manila as we are both aligned in our mission to serve fresh local products to Filipinos. We owe it to our customers, employees, partners, and

shareholders to ensure that more Filipinos gain the benefits from our healthy products even in the midst of the Covid-19 [coronavirus disease 2019] pandemic and as we emerge from it,” said Fruitas President and CEO Lester Yu. “This partnership is in line with the company's strategic initiative of diversifying distribution channels to grow its sales and profits. Fruitas and Pan de Manila will explore opportunities to offer more Fruitas products in Pan de Manila stores and realize further synergies between the two groups,” the company said.

Fruitas earlier expanded its Coco Delivery service, both in terms of product scope and geographical coverage, which it said was due to the tenfold increase in demand.

As of end-March, Fruitas has widened the products available through the delivery service from fresh coconut juice to include Jamaican Pattie, Tea-Rex milk tea, and selected Soy & Bean products like soy milk, taho and tofu.

Fruitas has also launched a delivery service to cover Metro Cebu. It will continue to onboard additional products on the service and will also explore partnerships.

Aboitiz donates medical gear for govt frontliners

T

he Aboitiz Group has donated much-needed medical equipment, protective gear, and other related items to government and military frontliners, as well as to government hospitals.

“As we continue to address the threat of Covid-19 [coronavirus disease 2019] nationwide, the Aboitiz Group will continue to ensure that our frontliners in various government agencies are able to perform their duties capably, competently. We sincerely hope that these donations will go a long way in helping them serve our communities amid the current crisis,” said Sabin M. Aboitiz, Aboitiz Group president and chief executive officer.

A total of 15,500 surgical masks, 1,500 surgical gloves, 20 tents, and four alcohol drums were donated to the Armed Forces of the Philippines, Philippine National Police, Bureau of Immigration, Philippine Ports Authority (PPA), Civil Aviation Authority of the Philippines, National Disaster Risk Reduction and Management Council, the Bureaus of

Customs and Quarantine, and the Departments of National Defense, Labor and Employment, Agriculture, Trade and Industry, Transportation, and Social Welfare and Development.

A total of 4,500 surgical masks and 1,500 surgical gloves were also turned over to the government-run Philippine General Hospital, Lung Center of the Philippines, and Dr. Jose N. Rodriguez Memorial Hospital.

The Philippine National Police General Hospital in Camp Crame, Quezon City, also received containers of alcohol, while Philippine National Police Regions 3 and 4A received personal protective equipment such as eye goggles and face masks as well as thermal scanners.

On top of this, the Aboitiz Group has also donated about P130 million to public and private campaigns nationwide.

These recent turnovers are part of the Aboitiz Group’s long-term efforts to help the government address the concerns of frontliners as well as the communities it serves amid the pandemic.

mutual funds

April 13, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 182.02 -31.34% -11.7% -8.88% -27.74% ATRAM Alpha Opportunity Fund, Inc. -a 0.899 -44.92% -14.68% -10.27% -34.95% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.4401 -40.93% -16.51% -11.49% -33.66% Climbs Share Capital Equity Investment Fund Corp. -a 0.6195 -34.84% n.a. n.a. -30.94% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6278 -27.9% n.a. n.a. -26.08% First Metro Save and Learn Equity Fund,Inc. -a 3.9659 -28.32% -9.09% -7.89% -25.57% First Metro Save and Learn Philippine Index Fund, Inc. -a,6 0.6165 -30.13% -13.04% n.a.

-27.78% MBG Equity Investment Fund, Inc. -a 69.71 -45.33% n.a. n.a. -32.54% PAMI Equity Index Fund, Inc. -a 36.4174 -30.5% -10.33% n.a. -28.99% Philam Strategic Growth Fund, Inc. -a 389.68 -28.67% -9.86% -8.13% -26.86% Philequity Alpha One Fund, Inc. -a,d,8 0.8131 n.a. n.a. n.a. -21.07% Philequity Dividend Yield Fund, Inc. -a 0.9334 -29.24% -9.65% -7.3% -27.47% Philequity Fund, Inc. -a 27.3718 -29.78% -9.01% -7.24% -27.77% Philequity MSCI Philippine Index Fund, Inc. -a,1 0.7166 -31.25% n.a. n.a. -29.61% Philequity PSE Index Fund Inc. -a 3.7069 -30.13% -9.8% -7.14% -29.03% Philippine Stock Index Fund Corp. -a 619.58 -30.04% -9.76% -7.36% -28.95% Soldivo Strategic Growth Fund, Inc. -a 0.562 -39.69% -13.96% -11.33% -33.99% Sun Life Prosperity Philippine Equity Fund, Inc. -a 2.8864 -33.56% -10.87% -8.43% -31.42% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7121 -30.06% -9.88% n.a. -28.85% United Fund, Inc. -a 2.6204 -29.86% -7.94% -6.23% -28.27% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 83.0673 -29.89% -9.28% -6.54% -28.97% ATRAM AsiaPlus Equity Fund, Inc. -b

$0.864 -17.45% -2.43% -3.88% -15.99% Sun Life Prosperity World Voyager Fund, Inc. -a $1.1505 -10.54% 1.58% n.a. -16.55% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.4445 -16.4% -6.21% -6.04% -7.57% ATRAM Philippine Balanced Fund, Inc. -a 1.9073 -17.85% -6.38% -4.4% -12.55% First Metro Save and Learn Balanced Fund Inc. -a 2.2725 -14.35% -3.7% -5.17% -13.64% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,5 0.1773 n.a. n.a. n.a.

-22.41% NCM Mutual Fund of the Phils., Inc. -a 1.7554 -8.63% -2.09% -2.49% -10.58% PAMI Horizon Fund, Inc. -a 3.2031 -13.1% -4.5% -4.35% -15.47% Philam Fund, Inc. -a 14.3759 -13.57% -4.55% -4.37% -15.24% Solidaritas Fund, Inc. -a 1.8063 -15.96% -5.15% -3.64% -15.03% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.0689 -20.57% -5.97% -5.16% -20.57% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d,2 0.865 -13.64% n.a. n.a. -14.84% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d,2 0.7642 -23.78% n.a. n.a.

-23.3% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d,2 0.7452 -25.54% n.a. n.a. -24.97% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7412 -24.74% -7.72% -7.31% -23.96% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03761 4.59% 2.02% 1.3% -1.62% PAMI Asia Balanced Fund, Inc. -a $0.8946 -11.07% -1.55% -2.53% -13.81% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.3883 -8.55% 1.17% 0.38% -13.36% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,7 $1.016 -6.36% -0.06% n.a.

-9.99% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 360.86 3.82% 2.85% 2.31% 0.86% ATRAM Corporate Bond Fund, Inc. -a 1.9205 2.05% 0.74% -0.35% 0.97% Cocolife Fixed Income Fund, Inc. -a 3.155 4.71% 5.13% 5.1% 1.24% Ekklesia Mutual Fund Inc. -a 2.242 3.95% 2.35% 1.88% 0.76% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.374 5.24% 2.46% 1.31% 0.63% Philam Bond Fund, Inc. -a 4.3815 8.93% 1.57% 0.2% 2.57% Philequity Peso Bond Fund, Inc. -a

3.8146 5.99% 3.11% 1.58% 0.7% Soldivo Bond Fund, Inc. -a 0.9765 6.37% 1.84% 0.44% 1.27% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.0787 6.87% 4.17% 2.47% 0.09% Sun Life Prosperity GS Fund, Inc. -a

1.7062 6.76% 3.76% 2.1% 0.3% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $466.59 2.79% 2.25% 2.36% -0.35% ALFM Euro Bond Fund, Inc. -a Є213.8 -1.02% 0.45% 0.52% -2.7% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1599 -0.51% 1.27% 1.41% -3.92% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0257 1.98% 1.06% -0.39% 1.04% PAMI Global Bond Fund, Inc -a $1.0374 -2.41% -0.96% -1.1% -5.28% Philam Dollar Bond Fund, Inc. -a $2.3617 4.72% 2.41% 1.97% -1.75% Philequity Dollar Income Fund Inc. -a $0.05925 1.99% 1.34% 1.3% -1.76% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1255 4.98% 1.99% 1.94% -1.57% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 126.91 3.78% 3.01% 2.27% 0.9% First Metro Save and Learn Money Market Fund, Inc. -a,3 1.0348 2.72% n.a. n.a.

0.83% Philam Managed Income Fund, Inc. -a 1.2593 5.38% 3.15% 1.69% 0.21% Sun Life Prosperity Money Market Fund, Inc. -a 1.2749 3.38% 2.97% 2.49% 0.81% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0401 1.67% n.a. n.a.

0.28% Feeder Fund Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,4 $0.88 n.a. n.a. n.a. -11.11% 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 January 3, 2019. 2 - Launch date is January 28, 2019. 3 - Launch date is February 1, 2019. 4 - Launch date is November 15, 2019.

5 - Launch date is September 28, 2019. 6 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.).

7 - Adjusted due to stock dividend issuance last October 9, 2019. 8 - Launch date is December 09, 2019.

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

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Govt makes full award of T-bills as rates decline

By Bernadette D. Nicolas @BNicolasBM

T

he Bureau of the Treasury (BTr) on Monday raised P20 billion as it fully awarded bids for Treasury bills (T-billls) on an auction marked by strong demand.

Total bids for all tenors of debt papers reached P50.6 billion, more than 2.5-times than the P20-billion offering.

To take advantage of the strong demand and lower rates for the 182day T-bills and 364 T-day T-bills, the BTr has also decided to open the tap facility for another P5 billion each for the said tenors.

National Treasurer Rosalia V. De Leon said the decline in the rates for both the 182-day T-bills and the 364-day T-bills as well as the rate for the 91-day T-bills settling within the acceptable range prompted them to fully award bids.

De Leon also attributed the strong onshore liquidity to maturing retail treasury bonds (RTBs) worth P120 billion as well as expectations monetary authorities will make good on its announcement of another cut in reserve requirement ratio (RRR) as well as on policy rate.

“Investors also now pricing in another policy rate cut as Bangko Sentral ng Pilipinas Governor [Benjamin E.] Diokno has likewise conveyed,” she said.

Investor sentimen and the expected rate cuts come at a time when the government is raising funds to cushion the impact of the coronavirus

disease 2019 (Covid-19) pandemic on the economy. Finance Secretary Carlos G. Dominguez III has said the government would have to borrow about $5.7 billion to ease the impact.

When foreign loans come in to support government’s Covid-19 response, De Leon also said they expect domestic borrowings to comprise 70 percent to 72 percent of the borrowing mix. The government previously set the borrowing mix for this year at 75:25 in favor of local sources.

“We target between 70 percent to 72 percent for domestic borrowings as we see market players now participating as liquidity gets addition infusion from RRR cuts and large redemption of RTBs,” she added.

The 91-day T-bills fetched an average auction rate of 3.471 percent, higher by 5.8 basis points from the previous auction rate of 3.413 percent. Tenders for the security reached P15.48 billion, higher than the P10billion offering.

For the 182-day T-bills, the debt papers capped an average rate of 3.409 percent, sliding by 14.4 basis points from 3.553 percent in the previous auction. Bids amounted to P16.19 billion, more than three times the P5-billion offering.

Like the average rate for the 182-day T-bills, the average rate for the 364-day T-bills also declined. It settled at 3.685 percent, lower by 16.0 basis points from 3.845 percent previously.

Total tenders for the longer-term security reached P18.98 billion, way above the P5-billion offering.

DA eyes rechanneling WB loan from agri-modernization project

By Jasper Emmanuel Y. Arcalas

T

@jearcalas

he Department of Agriculture (DA) seeks to rechannel a loan intended to fund farm modernization for projects that would ensure ample food supply as government tries to fix an economy debilitated by the coronavirus disease 2019 (Covid-19) pandemic.

Agriculture Secretary William D. Dar said they are now in talks with the World Bank (WB) to convert the $380-million (about P19 billion) loan intended for the Philippine Rural Development Project (PRDP) to fund DA’s enhanced food production program it calls “Alpas,”or “break free from,” Covid-19. The DA has said this program requires P31 billion.

The DA said “Alpas” will boost and sustain the country’s food supply during the implementation of the Luzon-wide enhanced community quarantine (ECQ) that began last March 17.

The DA said “Alpas” has already secured P8.5 billion for the rice-resiliency project component, which aims to produce more rice and increase the country’s sufficiency level from 87 percent to 93 percent.

Dar said the remaining P21.5 billion funding is still awaiting approval from the national government. Their request is already on the queue among other agencies seeking a share in government’s recovery stimulus package.

“We are not just banking on the money coming from the national government; we are in talks with funding institutions like World Bank

Another bank deploys service ‘on wheels’ in Metro Manila

B

DO Unibank Inc. followed other banks in making its bank services accessible in select areas in Metro Manila given limited operations amid the enhanced community quarantine due to the coronavirus disease 2019 (Covid-19) pandemic.

The Sy-led bank said it has rolledout roving automated teller machine (ATM) mobile, or “ATM on Wheels,” which it said is available from 11 a.m. to 6 p.m. and accepts local and international cards.

The bank’s “ATM on Wheels” follows two other banks that said they have deployed their respective “Bank on Wheels.”

BDO’s version allows transactions including balance inquiry, cash withdrawal, cash advance, BDO cash card reload, prepaid mobile reload, fund transfer, donation, activation of online banking enrolment and third-party fund transfer and pin change.

BDO recently deployed ATM on Wheels in Anonas in Quezon City, Bagbaguin in Caloocan and Pasig City.

The mobile is set to visit Camarin, Caloocan on April 13 to April 15 and in Novaliches on April 16 to April 18.

BDO said their mobile ATM would be located in areas where BDO branches are closed or in areas where there are no nearby ATMs.

BDO is currently running with skeletal workforce arrangement, limited operations and shortened working hours amid the lock down to minimize the exposure of its employees to the virus.

In line with practice of social distancing, BDO told its customers that bill payments should be accomplished through online banking and ATMs. Cash pickup of remittances are also suspended at the moment, with bank noting that “only remittances to BDO Unibank accounts are accepted.”

There’s an automatic rollover of investment maturities, the bank added.

The listed bank also warned

customers of individuals pretending to be BDO employees to acquire account information.

BDO emphasized that the public should not give their user ID and password and debit or credit card number, among others, to these criminals. “Legitimate BDO employees will never ask for this information,” it added.

Driven by robust core recurring income, the listed bank saw its net profits surge by 35.17 percent to P44.2 billion last year from P32.7 billion in 2018.

BDO shares ended flat at P98.50 apiece on Monday amid the 1.82-percent hike for the main index.

Tyrone Jasper C. Piad

Amid pandemic, Security Bank sees healthy capital

S

ecurity Bank Corp. has maintained robust capitalization amid the Luzon-wide enhanced community quarantine (ECQ) due to coronavirus disease 2019 (Covid-19) pandemic, discounting fund-raising capital activities in the meantime.

“Our bank is well capitalized and liquid,” Security Bank President Sanjiv Vohra told the BusinessMirror.

When asked if the bank was sketching fund-raising plans via equity or bond market, Vohra responded: “Not at this time. Security Bank continues to be among the country’s best capitalized private domestic universal banks.”

“Once markets stabilize, we can reconsider our options,” he added.

A s of end-December 2019,

Security Bank’s common equity tier 1 ratio stood at 16.9 percent, which was better than its position at 16.4 percent in 2018. Total capital adequacy ratio (CAR), meanwhile, registered at 17.9 percent for the same period, lower from year-earlier 18.7 percent.

Common equity tier 1 ratio measures a bank’s core equity while CAR indicates capital sufficiency to protect depositors’ money.

Vohra said that it’s still “too early” to evaluate the financial impact of the lockdown and pandemic given the uncertainties. The Luzon-wide lock down was ordered by the government mid-March and will be lifted

by April 30.

“The best we can do is put together

Tuesday, April 14, 2020 B3

all our resources to vigilantly monitor the rapidly changing environments and constantly reassess as government protocols are updated,” he said.

The listed bank has activated its business continuity plan since, adjusting operations to meet client needs amid pandemic.

Recently, the bank’s board of directors approved the issuance of up to P50-billion worth of long-term negotiable certificates of deposit. It has yet to receive monetary authority approval.

Security Bank saw its net income surge by 17 percent to P10.1 billion last year on the back of robust revenue growth driven by core business earnings.

The bank has encouraged customers to transact through its fully integrated e-banking service amid the pandemic. Among the digital platform’s offered services are buying mobile load credits, bill payment and fund transfers.

Security Bank also said that customers could set up eSecure Online Savings account with a minimum amount of P500 and maintaining balance of P5,000 to begin earning interest.

“Amid the restrictions in movement to mitigate the risk of Covid-19, Security Bank is here to provide your banking needs, ensuring you a better banking experience during this tough time,” the bank said. Tyrone Jasper C. Piad

and Asian Development Bank,” Dar said in an online news briefing on Monday. The Agriculture Secretary added the DA already has $280 million from World Bank. “[This] will have an additional $100 million, making it $380 million.”

Dar said the DA “will reprogram and refocus the funds to be used for PRDP for quick disbursement.”

“This is one of the funding sources for the remaining P21.5 billion,” he added.

Dar said the talks with the WB had “advanced” with the Department of Finance already submitting the details and activities to be considered by the Washington-based lender under Alpas, or also known as the “Plant, plant, plant” program.

The DA chief expressed hopes “a quick decision” would be made this April.

“May is our action month. It is the planting time for rice and other commodities,” Dar said.

Under the proposed program, the DA will allocate P7 billion to double the National Food Authority’s procurement capacity to increase the agency’s buffer stock to at least 30 days.

The DA will spend P1 billion to “upscale” its market linkage and distribution project.

The DA will also bankroll the following components under the PPP program: P1-billion integrated livestock and corn resiliency project; P1-billion Expanded Small Ruminants and Poultry Project; P300-million corn for food project; P1-billion coconut-based diversification project; P500-million urban agriculture project; P1-billion gulayan [vegetable] project; P1-billion fisheries resiliency project; P3-billion expanded financial assistance to farmers; P3-billion expanded insurance coverage for farmers; P3billion social amelioration program; and P200-million strategic communications project.

The PRDP is a 6-year project designed to establish the government platform for a modern, climatesmart and market-oriented agriculture-fishery sector. PRDP said within the six years, it is expected to see at least a 5-percent increase in annual real farm incomes of PRDP in household beneficiaries and a 30-percent increase in income for targeted beneficiaries of enterprise development.

Likewise, the PRDP is expected to result to a 7-percent increase in value of annual marketed output and a 20-percent increase in number of farmers and fishers with improved access to DA services.

Moody’s: Default rate rises to 3.5% in March

T

he amount of unpaid and written off outstanding borrowings increased in March as the pandemic-induced financial turmoil continues to weigh on the economy, Moody’s Investor Service noted in a recent report.

The debt watcher noted that global speculative-grade default rate registered at 3.5 percent last month, higher from 3.2 percent in February and 2.1 percent a year ago for the same period.

Among the 13 Moody’s-rated corporate issuers defaulted in March, the credit rating firm noted that most came from petroleum and mining sectors.

Moody’s recorded 28 defaults in the first quarter, five of which were in Asia. Bulk or 20 were based in North America, while the remaining came from Europe and Latin America.

Most of the defaults year-to-date were from the retail industry, the debt watcher added.

Following this, Moody’s set its baseline forecast of global default rate to reach 10.6 percent by yearend and increase further to 11.3 percent to March next year as recessions in large economies loom amid the pandemic.

“The coronavirus emerged as a pandemic, spreading more widely and rapidly than previously expect-

ed, posing a substantial threat to the global economy,” the credit rating agency said.

Apart from this, Moody’s also considered the plummeting oil prices and falling asset prices in equity and fixed income markets on the default rate forecast.

With lockdowns imposed across the globe, Moody’s said that the slowdown in consumption and business disruptions would cut profits and prompt layoff, which could then lead to “sharp rise” in defaults.

The pandemic has “caused a faster-than-usual increase in the unemployment rate and has created severe and extensive credit shocks across many sectors and regions,” it added.

Its baseline forecast assumes that the second quarter will post weakest economic activities, but a recovery is seen after as the pandemic eases.

“The easing of social distancing restrictions and the considerable stimulus provided by global central banks and governments will alleviate some of the economic shock in the first half and support a recovery once the virus is contained,” Moody’s said.

In the next 12 months, the debt watcher is expecting that highest default rates will be coming from hotel, gaming and leisure segment given its high exposure to economic slump due to pandemic. Tyrone Jasper C. Piad

Moves by guardians of global economy key to fate of emerging markets’ rally

W

hether emerging markets extend last week’s across-theboard gains will likely depend on what the so-called guardians of the global economy do to save them from the worst of the coronavirus.

But even if the International Monetary Fund and Group-of-20 offer help this week to address what former IMF chief economist, Maury Obstfeld, described as the greatest global crisis of the postwar period, the risks to the rally are manifold. Traders are bracing for one of the worst first-quarter earnings seasons in living memory as well as data showing a slump in Chinese economic output.

“While we expect a recovery of flows to emerging markets in the second half of 2020, we do not believe that the pickup will be strong enough to bring

about a return to 2019 levels,” economists at the Washington-based Institute of International Finance, including Robin Brooks and Elina Ribakova, wrote in a note. “We expect many countries to turn to multilateral support in coming months due to external financing stress and a lack of policy space to support their economies.”

Ethiopia’s Prime Minister Abiy Ahmed said in a Bloomberg Opinion piece that Africa needs emergency fiscal stimulus worth $100 billion, in addition to the IMF’s already planned $50 billion of regular support, to tackle the Covid-19 crisis.

The weekend’s OPEC+ agreement has been a source of some solace in Asia trading, although the bounce so far in oil prices has been modest. China’s

The fate of emerging markets struggling against a pandemic’s impact would rely on the moves of the International Monetary Fund and Group-of-20. Photo by Marcelo Endelli/Getty Images

consensus-smashing money supply and credit numbers over the weekend, are also somewhat encouraging as the numbers indicate that the authorities are prepared to use sizable non-price or quantitative tools despite a relatively meager rate-cut response.

Emerging-market stocks and localcurrency bonds had their best weekly performance in four years in the five days through Friday, while developing-nation currencies had their biggest weekly gain since June. The US Federal Reserve helped by announcing an extra $2.3 trillion of liquidity on Thursday.

Still, the prospect of debt defaults, unsustainable stimulus efforts and unbridled infection rates in the world’s most vulnerable economies has left

many investors on the sidelines. Emerging-market equity funds recorded their eighth consecutive weekly outflow in early April despite attractive valuations, according to EPFR Global.

Indonesia’s central bank meets on Tuesday, and the consensus is there will be a further 25 basis-point rate cut.

However, if the rupiah remains under pressure, the decision to loosen policy may be deferred.

The Reserve Bank of India is scheduled to release on Monday the minutes for its emergency meeting on March 27.

The monetary authority reduced the benchmark repurchase rate by 75 basis points to 4.40 percent and announced steps to boost liquidity in a stimulus worth 3.2 percent of gross domestic product. Bloomberg News

B4

Art

BusinessMirror

Tuesday, April 14, 2020

www.businessmirror.com.ph

Today’s Horoscope

â?ś RESTORED

in colonial revival style, the sevenstory prewar mansion at the Palacio de Memoria estate is called The Palacio.

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Abigail Breslin, 24; Sarah Michelle Gellar, 43; Adrien Brody, 47; Brad Garrett, 60.

â?ˇ THE Red

HAPPY BIRTHDAY: A clear head and conscience will be crucial this year if you don’t want to miss an opportunity. Refuse to let others interfere in your plans.

Reject emotional meddling, and carry on without conflict. Call the shots instead of being drawn into someone’s melodrama. Make life about you, what you want to accomplish and what makes you happy. Your lucky numbers are 6, 14, 22, 25, 34, 38, 46.

Room brims with Italian and Venetian pieces from the 17th and 18th century.

â?¸ INSPIRED by

elegant Parisian interior is The Grey Room, also called the Ladies’ Tea Room.

â?ś

â?ˇ

ARIES (March 21-April 19): Stick with it until you reach your goal, and you’ll prove you have what it takes to be a leader. Discipline and dedication will help you win favors and respect.

Set your sights on what you desire, and you won’t be disappointed. ★★

â?¸

TAURUS (April 20-May 20): Don’t let a hectic schedule deprive you of the things you want to do. Free up time to enjoy the people and pastimes that make you happy. Life is too short to miss out on what matters. ★★★★★

GEMINI (May 21-June 20): Experience different lifestyles. An online cultural event will offer knowledge, education or information that will encourage growth, understanding and insight into how to use your skills masterfully. Make your efforts count.

Do your best, and bring out the best in others. ★★★

CANCER (June 21-July 22): Tighten your purse strings and refuse to let anyone talk you into spending on something you don’t need.

Concentrate on making positive changes, not on people and things you don’t like. Revise outdated agreements and relationships that lack balance. ★★★

THE Los Tamaraos Ballroom, The Palacio’s main ballroom, named in honor of the Los Tamaraos Polo Club of the 1930s. The space features original neoclassical arches and columns, together with a festive Art Deco terrazzo floor designed by National Artist for Architecture Juan Nakpil.

A virtual tour into a historic, artistic past at Palacio de Memoria CIRCLES JT NISAY

jtnisay@gmail.com

R

ESTORED prewar mansion and cultural destination Palacio de Memoria has stood at the same 95 Roxas Boulevard address since the 1930s, watching cars drive past by along with the years. The property has adapted to the times, and as the world deals with the current pandemic-imposed stay-at-home reality, it adapts once more.

Home to period artworks previously accessible only through by-appointment tours, Palacio de Memoria has announced that its rich collection of Euro-Filipino paintings, sculptures, art displays, and historical pieces can now be viewed online through a virtual tour of the estate at its web site (www. palaciodememoria.com). “With most of us being isolated from the outside world, we hope that Palacio de Memoria’s virtual tour will give people respite during these uncertain times,�

said Palacio de Memoria General Manager Camille Lhuillier. “We also wish to keep them productive as they learn and get a glimpse of a significant time in our history that was once Manila’s prime.�

Not much is known about the original owners and architect of the estate. Anecdotal reports cited on the mansion’s web site claim that the once-seaside property was originally commissioned by Antonio Melian y Pavia, third Count of Peracamps, for his bride Margarita Zóbel de Ayala.

Information about the property’s designer is even more scarce, other than the Art Deco terrazzo flooring of fascinating tinikling motif in the main ballroom being credited to National Artist for Architecture Juan F. Nakpil.

In World War II, the property somehow withstood the Battle of Manila, and was subsequently acquired by a physician and surgeon named Dr. Francisco Villaroman. The doctor’s family grew and with it, the mansion. He topped the two-story building with five additional floors, each with its own kitchen and accessed through staircases and an elevator. On the upper floors was a clinic, a morgue, and a therapeutic pool. The mansion was passed on to generations of Villaromans. In the early 2000s, however, the property was purchased by the Lhuillier family.

The mansion and its grounds have undergone massive rehabilitation over the last three years to serve as home to the family-managed auction house, Casa de Memoria. The mansion is also open as an arts

and events space, as well venue to the objets d’art and furniture concern Rue Angelique.

The development of Palacio de Memoria was guided by art curator and interior designer Miguel Rosales. He ensured that the building maintain much of the original homestead, including the terrazzo floors that ante-date the Villaroman purchase.

Elsewhere, dark wood panelings were removed, walls knocked down, and the rooms reconfigured.

All this and the rest of the estate can be viewed through the virtual tour. It begins with an aerial, outdoor view of the estate, framing the restored prewar mansion in all its glory. The tour leads to the first floor that shows the Los Tamaraos Ballroom and its Murano chandelier, as well as the aforementioned Nakpil terrazzo floor.

Virtual guests have the option to choose where to go. They can proceed to the showroom of Casa de Memoria at the third floor of the mansion, or outside the building and into the Mosphil Lounge, a passenger plane that that was refitted as a lounge for special occasions. Another choice is to visit the new ecclesiastical museum that also serves as a chapel for intimate weddings and religious gatherings.

As stated on the web site, “Palacio de Memoria is a place that holds centuries worth of history.â€? “The Palacio showcases the best of Filipino and European cultural heritage. [It] harkens to a time where Manila and the Philippines was the true Pearl of the Orient.â€? â–

LEO (July 23-Aug. 22): Don’t make an unnecessary change. Do what you can to finish what you start instead of starting something new. Health, fitness and personal growth should be priorities. A physical relationship will flourish if you offer positive input. Romance is encouraged. ★★★

VIRGO (Aug. 23-Sept. 22): Pay attention to detail, and leave nothing to chance or in the hands of someone who isn’t capable. Don’t let the changes someone makes disrupt your plans.

Take care of your health, and improve your quality of life. ★★★★★

LIBRA (Sept. 23-Oct. 22): Take control. If you leave things up to someone who doesn’t share your sentiments, you will be disappointed or miss out on an opportunity. High energy, intelligence and going the extra mile will help you gain respect and discourage someone from taking advantage of you. ★★

SCORPIO (Oct. 23-Nov. 21): Take a look around you and consider what you can do to make your life more comfortable and convenient. Avoid getting into a discussion with someone you know doesn’t see things your way. Look for the positive in every situation you face. ★★★★

SAGITTARIUS (Nov. 22-Dec. 21): Play by the rules and regulations in order to avoid interference. A change at home will lead to new possibilities that can alter the dynamics of a relationship or help you turn something you enjoy doing into a profitable project. ★★★

CAPRICORN (Dec. 22-Jan. 19): Don’t fight a personal change that takes place. You’ll end up being the one who benefits if you sit back and let things unfold naturally. Refuse to let an innocent situation turn into an overblown drama. ★★★

AQUARIUS (Jan. 20-Feb. 18): Dig in and get things done. You’ll feel so much better when everything is in its place and you can sit back and relax. Spend time updating your appearance or making arrangements with someone you love. ★★★

PISCES (Feb. 19-March 20): Group endeavors will shed light on what’s possible.

A change to the way you do a job may be necessary if what you are doing isn’t practical. Consider the constructive criticism offered. ★★★★ BIRTHDAY BABY: You are unique, aggressive and forthright.

You are pioneering and dynamic.

‘shrinking dimensions’ BY WILLIAM EISENBERG The Universal Crossword/Edited by David Steinberg

ACROSS 1 Collectibles in albums 7 Navy’s football rival 11 ASCAP alternative 14 “You’ve got to see this!�

15 Bog fuel 16 Ginny Weasley’s brother 17 What has sugar on top?

19 Glass of This American Life 20 Yew, say 21 #MeToo and Progressive 22 Once again 23 Common romantic situation in telenovelas 27 Silent communication syst.

30 Catch in the act 31 Held on to 32 Spot to saute something 35 Candidates’ metrics 39 Gigantic 40 Hobby store purchase 42 Like an undiluted drink 43 Magazine focused on AfricanAmerican culture 45 Japanese chicken style 48 Poet’s foot

51 Sign of a natural leader?

52 “___ my last e-mail...�

53 Place to grab a tabloid 58 Part in a movie 59 Measure in a French bread recipe?

60 Do autumn yard work 64 Nickname for a young Darth Vader 65 Part of a succinct summary 68 Cat doc 69 Israeli airline 70 Scottish boy 71 Ophthalmologist’s organ 72 Award for snowboarder Chloe Kim 73 Soccer shoes DOWN 1 Like a rabbit’s fur 2 Norse god who wields Mjolnir 3 Shaving cream additive 4 Poser?

5 Ruin, as a balloon 6 It’s usually gray on a rainy day 7 In pieces 8 Comment 9 Williams who played Arya Stark 10 Since Jan. 1 11 Take along

12 13 18 22 24 25 26 27 28 29 33 34 36 37 38 41 44 46 47 49 50 53 54 55 56

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Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Tuesday, April 14, 2020

B5

Celeb chefs unite to feed hungry, help bleeding restaurants ANDREA BOCELLI

Bocelli: It’s not a concert for coronavirus, it’s a prayer NEW YORK—Andrea Bocelli sang at the Duomo of Milan on Easter Sunday sending a message of love and hope to the world during the coronavirus pandemic, but the Italian tenor said it’s not a concert. Instead, he called it a “prayer.”

“I received this invitation by the mayor of Milan and by the authorities of the church and of course I answered yes. I’m very happy to do this,” he said.

“Also, it’s not a performance. It’s not a concert. It’s only a prayer.”

“I went there to pray, and I’d like to think that everyone who listened to me sing prayed with me,” he said. Accompanied by organist Emanuele Vianelli, Bocelli sang at the historic cathedral for an audience of none because the Duomo, like most public places, are closed because of the spreading coronavirus. The performance, though, aired live on Bocelli’s YouTube channel at 1 pm Eastern.

He crafted and arranged a special set for the event, which included holy song, like “Ave Maria” and “Sancta Maria.”

“I chose some of the most beautiful pieces of sacred artists,” Bocelli said in a phone interview from his home in Forte dei Marmi, a seaside town in northern Tuscany. In total, Italy has more than 135,00 confirmed cases and over 16,500 deaths from the Covid-19 outbreak. The European country is in its fifth week of a nationwide lockdown.

In addition to singing, the Grammy-nominated international star has been giving back and assisting communities through his The Andrea Bocelli Foundation, which started a GoFundMe fundraiser to help hospitals buy necessary equipment.

“The house is the headquarter of the foundation and we are working very hard to fulfill the goal of the foundation,” said Bocelli, who said he wanted to thank the health care workers on the front lines as well as those doing good deeds from their homes.

“We’re trying raise the money and deliver all tools needed for this crisis.” AP

Globe Studios via .giff teams up with local filmmakers, enthusiasts to raise funds for daily wage film workers

IN light of the extension of the enhanced community quarantine (ECQ) in Luzon, the Philippine film industry along with many other local businesses continue to be impacted as normal operations and services are put on hold. Given this unfortunate reality, telecoms giant Globe is continuing its efforts to help frontliners and daily wage earners who have been affected by these developments through a new unique collaborative effort with film artists.

Globe Studios via .giff festival of new cinema has teamed up with Lockdown Cinema Club, a coalition of independent Filipino filmmakers who wish to reach and help their colleagues amid the Covid-19 pandemic, to raise funds for daily wage film industry workers in the country. Workers affected by the crisis include crew members, electricians, caretakers, camera men, artists, post-production assistants, and everyone who is vital in creating a film. The majority of them are freelancers, and are compensated on a per project basis.

To raise funds, directors, writers, producers, cinematographers, production designers, production managers, film editors and film students will showcase their best works online and for free via wwwgiff.ph/ watch/. Film enthusiasts and audiences from all walks of life can visit the page to stream, enjoy their favorite films, and take part in raising funds through donations via GCash—all while staying connected, inspired and #SafeAtHome.

As of April 7, the initiative has extended aid to over 1,000 film workers. Through the combined efforts of .giff, Lockdown Cinema Club and local film aficionados, the goal is to raise P3,000,000 in the succeeding weeks of the extended ECQ. Everyone is invited to watch all they want through the .giff site and give what they can via the GCash QR code found within the same page. More information is available at www.facebook.com/globestudiosph.

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By Kelli Kennedy The Associated Press

ORT LAUDERDALE, Florida—When Jose Andres first came to New York City, the wide-eyed sailor in the Spanish navy docked on West 30th Street full of ambition. Decades later, the award-winning chef has an upscale food hall on that very street and will serve 40,000 meals this week across the city where he built his dreams, and which is now the US epicenter of the coronavirus.

Andres, whose restaurants in the United States include The Bazaar, Jaleo and the two Michelinstarred Somni, founded World Central Kitchen in 2010. It has served over 15 million meals worldwide after hurricanes, wildfires and other disasters.

Since the pandemic, his organization has served more than 750,000 meals from Miami and Los Angeles to Little Rock, Arkansas, and Fairfax, Virginia. It works out of places like libraries, food trucks and shuttered restaurants, feeding 125 hospitals, students in school lunch programs, and even quarantined cruise ship passengers.

Andres has amassed an A-list network around the world, relying on celebrity chef pals including Rachael Ray, Guy Fieri and Marcus Samuelsson to feed the hungry and buoy the humble restaurant kitchens across America where many started their careers.

“I’m in debt to America.... That’s the best I can give to America because America gave me a home.

America gave me opportunity,” Andres told The Associated Press in a recent phone interview.

In New York City, he set up a cafe to serve the Mount Sinai field hospital in Central Park. In Harlem, he’s using Chopped TV judge Samuelsson’s Red Rooster restaurant to feed families.

Samuelsson’s Miami restaurant hasn’t opened to the public yet, but instead of leaving it empty, he turned it over to World Central Kitchen. They are serving sandwiches and salads there to laid-off hospitality workers, homeless residents and Uber drivers.

Even in crisis, these top chefs aren’t serving bland porridge. Recent meals at senior centers in Washington, D.C., included creamy tomato pasta with spring vegetables, and cilantro rice bowls with spiced chickpeas and spinach topped with citrus vinaigrette and crispy tortillas.

Andres was among the first to close his restaurants, hoping to create a blueprint for chefs around the world on how to use their restaurants and employ workers while feeding the hungry.

“This operation is growing every day,” he said. “We want to put America to work in the process of feeding America.”

In California, Fieri is on standby, ready with a 48-foot-long (15-meter-long) rescue kitchen and support team. “Guy is ready to go,” Andres said. “This is like war. You need to have troops ready for action.”

Fieri compared his longtime friendship with Andres and other famous chefs to “playing in a band.”

“When you hang out with generous, philanthropist warlords like Jose Andres, all you want to do is go bigger, go better,” said Fieri, who cooked alongside Andres during last year’s California wildfires.

In the early days of the outbreak, Fieri, the TV host of Diners, Drive-Ins and Dives, also wanted to do more. He bought $50,000 in gift cards to support local restaurants. He sent dozens of personalized videos to CEOs from big food companies seeking donations.

His Restaurant Employee Relief Fund quickly

Chef Jose Andres, (right) and Nate Mook discuss meal distribution to first responders in Washington, D.C. Andres, whose 30-plus restaurants in the US include The Bazaar, Jaleo and the two Michelin-starred Somni, founded World Central Kitchen in 2010, serving over 15 million meals worldwide after hurricanes, wildfires and other disasters.

Since the coronavirus pandemic, his organization has served more than 750,000 meals. AP

raised $10 million, with a goal of raising $100 million, to offer $500 grants for laid-off workers. The first checks were handed out last week.

“As diners, we’re always the ones asking restaurants for help.... We ask the servers to take special care of our tables, the bartenders to listen to our stories and the bussers to clean up our messes,” Fieri said. He described the program as “a big warm blanket, as if to say, ‘Hey, we got you. It’s our turn to help you for once.’”

Ray announced a $4 million donation on Tuesday from her two charities. Half will go to feeding and nutritional programs, including World Central Kitchen. The other half will support animal rescue, feeding and veterinary programs.

“We are not a disaster relief fund by origin or desire but that’s what we’ve become quite frankly in the last couple of years,” she told the AP in a phone

interview.

Andres’ organization is one of the largest recipients. “He’s just there around the clock all over the planet and I love Jose. I’m so devoted to him,” Ray said from her home in upstate New York.

In Minnesota, Chef Andrew Zimmern was among the first there to shutter his restaurants, fearing for his workers’ safety. Next, he cobbled together the Independent Restaurant Coalition, hiring lobbyists to be a voice in Washington for restaurants, especially mom-and-pop ones. He noted that such restaurants are many people’s first jobs, as teens, and are top employers of single moms and those transitioning from prison.

“We can’t fail. [Restaurants] have to be open and ready to welcome their workers back,” said Zimmern.

“If we can’t do that, it will be an economic and humanitarian cultural catastrophe.” n

GMA Artist Center launches Project RICE Up GMA Artist Center (GMAAC) talents join forces to extend support to Filipino families whose livelihoods have been greatly affected by the Covid-19 pandemic through “Project RICE Up.” Project RICE Up, a fund-raising drive by various GMAAC stars together with the GMA Kapuso Foundation (GMAKF), aims to help Filipinos who lost their sources of income due to the implementation of enhanced community quarantine in Luzon and lockdowns in other parts of the country.

As of April 8, GMAAC has already raised funds for 225 sacks of rice that will be distributed to families in need by GMAKF. Some of the artists who took part in the initiative are actresses Heart Evangelista and Klea Pineda, and comedians Betong Sumaya and Chariz Solomon.

“During this situation we are in, we are also facing another rising issue and that is hunger. This is why I’m reaching out to all of you, mga Kapuso, to support the RICE Up project. Marami tayong matutulungan and all our help will really go a long way,” said Heart.

“It’s time to give back dahil sila naman ang numero unong sumuporta sa mga shows namin. And now is the perfect time to show our support for them ngayon na sila naman ang nangangailangan,” echoed Klea.

Betong highlighted the importance of bayanihan during these times: “Ibang krisis po ang kinakaharap natin at ibang krisis po ang gutom. Kaya ako po ay nanawagan sa lahat ng alliance nating mga Kapuso. Magsama-sama po tayong suportahan ang the RICE Up project.”

Chariz added, “Nasa ating mga nanay ’yung duty ng pagdi-decide kung anong next na uulamin at hindi ko ma-imagine ’yung wala akong iluluto or ipapakain sa aking pamilya. Kaya nag-participate kami sa project na ito ng GMA para hindi natin maparamdam kahit kanino at wala pong makaramdam ng gutom.”

To uphold GMA’s commitment to mission of “Serbisyong Totoo” and spread the message of hope in these distressing times, GMAAC also has an ongoing online concert and fundraising campaign #HealingHearts. More information on donations can be found at https://ticket2me.net/e/5683.

HEART EVANGELISTA

B6 Tuesday, April 14, 2020

Hyundai Asia Resources, Inc. extends warranty coverage for customers

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YUNDAI Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, said it will extend the coverage of all Hyundai passenger car

owners whose warranties lapsed within the Enhanced Community Quarantine (ECQ) period until May 31, 2020.

Hyundai vehicle owners currently enjoy an industry-first 5-year UNLImited mileage warranty.

“The well-being and safety of our employees and customers are our highest priority. We understand that our customers have no access to vehicle servicing during these extraordinary times. We wish to set their minds at ease by extending their warranty coverage,” HARI President and CEO Ma. Fe Perez-Agudo said.

Worldwide, Hyundai Motor Company has extended the warranty coverage of an estimated 1.2 million vehicles.

In a related development, the company said it was mobilizing support for our front liners with an initial donation of 2,500 personal protective equipment (PPEs) to a leading public hospital. This will be followed by the distribution of PPEs to other public health facilities, and schools and churches where front liners are housed.

“We are closely monitoring COVID developments and we are one with the nation in fighting this epidemic. We are in awe and are grateful to our medical workers who are tirelessly working to protect and care for all their patients. Mabuhay kayo,” Ms. Agudo said.

“Stay home, stay safe, and stay together,” she ended.

Save the Children Philippines calls on local officials to stop cruel, degrading treatment of children violating curfew

Ground zero hospitals receive hundreds of millions in Covid-19 assistance from PhilHealth

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AVE the Children Philippines is calling on local officials to adhere to laws on proper treatment of children and youth who violate curfew guidelines under the Enhanced Community Quarantine to prevent the spread of COVID-19.

Atty. Alberto Muyot, Chief Executive Officer of Save the Children Philippines, expressed grave concern on the reports of cruel and degrading treatment of minors who were arrested for violating the government’s emergency measures to fight the spread of COVID-19.

“Children’s right to protection from all forms of violence should be a priority,” said Atty. Muyot. “Likewise, the rights of LGBTIQ+ should be respected at all times.”

In Pampanga, a 15-year old boy was arrested last Sunday, along with three LGBTIQ+ individuals for violating curfew guidelines. The minor was made to witness a sexy dance and kissing of the LGBTQI+ individuals as punishment.

Four boys and four girls were also arrested in Binondo, Manila last March 19 for violating curfew. Local officials forcibly cut the hair of seven of the children while the one who resisted was stripped naked and ordered to walk home.

Local officials also placed five young people inside a dog cage last March 20 in Sta. Cruz town in Laguna Province

TOYOTA MAKATI CERTIFIED UNDER ISO 45001: 2018. Toyota Makati, Inc. (TMI) is the first automotive dealer nationwide to receive an ISO 45001:2018 certification for its compliance to global standards for management systems in occupational health and safety. As Toyota puts high priority in providing a safe and healthy work environment for its team members, compliance to such standards will guide TMI in the prevention and mitigation of work-related injuries and diseases. Aside from ISO 45001:2018, TMI is also certified under ISO 14001:2015 for environmental management systems. TMI president Jose Ariel Arias (left) receives the ISO 45001:2018 certificate from Socotech Certification International operations director Gilmore Rivera during an awarding ceremony held in Makati City.

Photo shows a boy wearing his mask as a protection against coronavirus pandemic. Photo by Lei Tapang/Save the Children

for violating curfew rules. In Cavite, two children were also locked in a coffin last March 26 as punishment for violating curfew rules.

“We call on all local government officials to adhere to the Joint Memorandum Circular 2020-001 issued by the Department of Interior and Local Government and the Council for the Welfare of Children that clearly defined the procedure in handling children who are caught violating the ECQ guidelines,” he added.

The circular mandates that no penalty

shall be imposed on children who are caught violating the ECQ, instead they should be brought to their residence or the barangay official at the nearest barangay hall to be released to the custody of their parents. It is in line with Section Republic Act 9344 or the Juvenile Justice and Welfare Act. Save the Children Philippines believes that local officials have the duty to implement curfew guidelines as part of the Enhanced Community Quarantine but these measures should be in accordance with applicable laws protecting the rights of children.

TATE Health Insurer, PhilHealth, reported that, to date, a total of P4.1 billion have now been approved and are currently being released to various hospitals with Covid-19 cases.

Through this, PhilHealth assures that hospitals are provided with needed funds to cover the costs of treating Covid-19 patients who are currently admitted or to be admitted. Likewise, this will allow financial liquidity in hospitals to procure the much needed testing kits, medicines, personal protective equipment, and other medical supplies.

In Ground Zero, the National Capital Region (NCR) having the most number of cases recorded, big hospitals have now received financial help such as the UP-Philippine General Hospital for a total of P263.3 million; East Avenue Medical Center for P134 million; and Jose R. Reyes Memorial Medical Center with P106.5 million, among others. Meanwhile, for immediate release are funds for Quirino Memorial Medical Center for P150 million; St. Luke’s Medical Center for P146 million; The Medical City for P141 million; St. Luke’s Global City for P117 million; and Makati Medical Center for P104 million. NCR hospitals are due to receive a total of P 5.3 billion.

In other regions, Eastern Visayas Regional Medical Center in Tacloban has received P150 million, while

Bicol Medical Center in Bicol and Lucena United Doctors Hospital in Lucena received P119.3 million and P46.8 million, respectively. The Southern Philippines Medical Center (SPMC) in Davao City will receive P 325 million.

The Agency said that it is now processing the fund transfer to National Kidney and Transplant Institute for P179 million; Baguio General Hospital for P165 million; Northern Mindanao Medical Center for P128 million; and Dr Paulino Garcia Memorial Research and Medical Center for P121 million.

PhilHealth has called anew on other hospitals to submit their documents for immediate processing.

Employees of PhilHealth are now working double time to ensure that said financial aid is released to more hospitals within 5 working days upon receipt of requests.

The Agency also expressed gratitude to the hospitals who complied with the policy that patients should no longer be billed for the full cost of treatment due to Covid-19. The Corporation likewise acknowledged the assistance it received from the Philippine Charity Sweepstakes Office (PCSO) for providing P425 million to the anti-Covid 19 healthcare fund. With this, PhilHealth assures that the only thing Filipinos should worry about when needing hospitalization due to this pandemic, is to recover fully.

eBET donates 9,800 PPE suits to Makati Medical Center

SSS extends the deadline of contribution payments until June 1

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HE Social Security System (SSS) on Friday announced that it is extending the deadline for the payment of monthly contributions of its members and employers until June 1, 2020 SSS President and Chief Executive Officer Aurora C. Ignacio said that SSS had extended the payment deadline for SSS contributions. SSS made this decision after the President placed the entire country under a state of calamity due to the coronavirus disease 2019 (COVID-19).

"For self-employed, voluntary, and non-working spouse members, they can pay their SSS contributions for the applicable months of January, February and March 2020, or the first quarter of 2020 until June 1, 2020. On the other hand, regular and household employers have until June 1, 2020 to pay for their employee's contributions from February to April May 2020 without incurring any penalties," Ignacio said.

Employers with approved installment proposals under the Contribution Penalty Condonation Program must deposit their post-dated checks due in February, March, April, and May 2020 on June 1, 2020.

Ignacio added that contributions paid retroactively by self-employed, voluntary, and non-working spouse members will not be used as eligibility for any benefit claim if the payment date falls within or after the semester of contingency.

The Social Security Commission (SSC), the highest policy-making body of the

SSS, revised the deadline for the payment of contributions for the said applicable months in response to the restraint in the movement of the public, limited operations of some banks and skeletal workforces in SSS branches.

"As we all know, the entire country was placed on community quarantine and enhanced community quarantine to limit the movement of the general public.

We recognize the difficulty encountered by our members and employers in paying SSS contributions since tellering services in SSS branches are temporarily suspended, and some banks are implementing limited operations. Thus, we have decided to extend the payment deadlines for SSS contributions for the mutual protection of our members and personnel," Ignacio explained.

Ignacio also reminded employers that the payment deadline for the applicable months after April 2020 should again follow the regular payment schedule.

For self-employed, voluntary, and nonworking spouse members, the payment deadline for the applicable months or quarters after March 2020 shall follow the regular payment schedule.

Likewise, SSS urged members and employers to use alternative online and mobile payment facilities in paying SSS contributions. For individual paying members, they can pay their contributions using the Bayad Center mobile app, Moneygment through

My.SSS and PayMaya through the SSS Mobile App. On the other hand, members can pay their contributions using the internet banking facility of the Security Bank as long as they have an existing deposit account with the bank.

Meanwhile, regular and household employers can pay SSS contributions through the following bank web facilities: BPI Bizlink, Security Bank Corporation DigiBanker, and UnionBank OneHUB. Employers can also pay their SSS obligations using the eGov BancNet Online. The online payment facility includes the following banks: Asia United Bank, Bank of Commerce, China Bank, CTBC Bank, Metropolitan Bank, and Trust Company, MUFG Bank, Philippine Bank of Communication, Rizal Commercial Banking Corporation, Robinsons Bank and Standard Chartered. Employers must have an existing account with any of these banks to use their online services.

"We urged the public to follow the instruction of the national government and stay at home until the quarantine period is over. Don't worry about the deadlines of your contribution payments. Payment schedules have been extended for you and your family's safety, " Ignacio said.

SSS added that the extension of contribution payment deadlines is part of SSS' assistance package to help members and pensioners affected by the health crisis brought by COVID-19

From L-R (Dr Martha Isabelle Muñoz, Alvin Takeda, Dr Ramon Reyles (Chairman, Department of Obstetrics and Gynaecology), Jessibel Panganiban (Ambassador of eBET), Dr Mae Syki-Young, Dr Saturnino Javier (Medical Director, Interim Co-CEO of MMC), Irynn Eng (Representative from eBET) and Dr. Maureen Laranang.

E

BET, a leading supplier of mobile i-Gaming in Asia donated 9,800 Personal Protective Equipment suits (PPE) to Makati Medical Center (MMC) on April 3, 2020. This initiative was organized as part of eBET’s ongoing Corporate Social Responsibility and in response to the call of health workers for protection against the highly-infectious coronavirus disease.

MMC has 882 doctors and 2000 employees including health workers who are playing a key role in the fight against COVID-19. It is one of the hospitals that has experienced a surge of patients since the start of the pandemic in the country. In a radio interview on DZMM on March 31, 2020, MMC medical director Saturnino Javier revealed that MMC has released a quarter (or 93 of 103) of its COVID-19 patients who have recovered from the virus. eBET’s CEO Evan Spytma said, “We applaud and appreciate the brave efforts of the health workers in our community. eBET is honored to donate 9,800 PPE suits to Makati Medical Center. We hope that these protective

personal equipment (PPE) will enable our health workers to perform their duties with a sense of security.”

The 9,800 PPE suits are expected to keep the doctors and other frontliners of Makati Medical Center protected while treating patients who are infected with the coronavirus and other highly infectious diseases. As of April 7, 2020, 21 doctors including Philippine Pediatric Society president Sally Gatchalian, anesthesiologist Gregorio Macasaet III, pathologist Helen Tudtud, pediatric transplant surgeon Leandro Resurreccion III, oncologist Rose Pulido, emergency doctor Mary Grace Lim and cardiologist and internist Raul Jara, have passed away due to COVID-19.

“PPE will help our doctors and nurses to protect themselves from getting exposed and infected from COVID-19. At the same time, it also protects the patient.

We need to be safe to be able to perform our duty better,” said MMC Dr. Mae Syki-Young who was present at the turnover of the PPE suits.

Sports BusinessMirror

mirror_sports@yahoo.com.ph / Editor: Jun Lomibao

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USSIAN Sports Minister Oleg Matytsin said the nation is ready to host international sports tournaments, including Olympic qualifiers that have been postponed due to the Covid-19 crisis.

Matytsin welcomed tournaments being moved to Russia when they would otherwise be canceled or postponed indefinitely and highlighted the Olympic qualification events that have been affected in many Olympic sports including basketball and boxing.

Major events postponed so far include the Tokyo 2020 Olympics, that will now take place in 2021 and the UEFA European Football Championships that is also set next year.

Matytsin, who is also the International University Sports Federation (FISU) president, said Russia is ready to support the sporting world.

“Russia will be ready and we have forwarded our proposals to Russian national sports federations for them to get in touch with the international federations to offer them assistance with the canceled tournaments, particularly with the qualifying tournaments for the 2021 Olympics,” Matytsin said.

“Russia is ready to extend a helping hand to organize sports tournaments in our country,” he added.

Russia’s death rate and confirmed cases rate has been increasing day-on-day in relation to Covid-19, with there being more then 11,900 confirmed cases of infection and 94 deaths.

Gymnasts born in 2005, meanwhile, will be eligible to compete at the postponed Tokyo 2020 Olympic Games after the International Gymnastics Federation (FIG) amended its regulations for the event.

Under FIG rules, gymnasts must be at least 16 years of age, or turning 16 within the calendar

year, to participate at major senior-level events including the Olympics.

Those athletes born in 2005 would have been ineligible for Tokyo 2020 had the Games taken place as planned this year, but will now be able to compete at the rearranged event, providing they qualify and are selected.

The decision to allow those gymnasts to take part at the Games, postponed because of the coronavirus pandemic, was among those made by the FIG Executive Committee at its latest meeting this week.

The FIG also confirmed it plans to reschedule World Cups and continental events which form part of its Olympic qualification process.

A host of gymnastics events had been canceled or postponed in response to the Covid-19 virus, which has infected at least 1.6 million people and killed more than 96,000 worldwide.

The International Olympic Committee (IOC) has already confirmed athletes who had qualified for the Games will keep their spots for the event next year.

Almost 75 percent of the 324 gymnastics quotas for Tokyo 2020 have been allocated, the FIG said in a statement.

“The FIG intends to work in close cooperation with the hosting national federations and the continental unions to find new dates once the pandemic has been contained and governmental restrictions are lifted,” the FIG added.

The FIG said it would make a decision on whether its Congress, scheduled to take place in Antalya in October, can go ahead as planned in the middle of next month or in June.

Japan’s Morinari Watanabe, a member of the IOC, is up for reelection at the Congress after completing his first four-year term at the helm of the worldwide body. Insidethegames

Tuesday, April 14, 2020

B7

RUSSIA READY TO HOST

OLYMPIC QUALIFIERS GYMNASTS must be at least 16 years of age, or turning 16 within the calendar year, to participate at major senior-level events including the Olympics.

Bach cancels visit to Tokyo

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OLYMPICS chief Thomas Bach is supposed to inspect Games preparations.

NTERNATIONAL Olympic Committee (IOC) President Thomas Bach’s planned visit to Japan next month was canceled because of the coronavirus pandemic.

Bach was due to travel to the country to inspect preparations for the Tokyo 2020 Olympic Games, postponed until 2021 in response to the Covid-19 outbreak.

The German also scheduled a trip to Hiroshima, decimated by the world’s first atomic bomb in 1945, to coincide with a leg of the Torch Relay in the city.

The Tokyo 2020 Torch Relay had been due to start on March 26 but was suspended after the Games were delayed by a year amid spiralling international concern over the pandemic.

A spokesman for the IOC said Bach’s visit was canceled owing to travel restrictions put in place by the Japanese government to curb the spread of the virus, which has infected more than 6,000 people in the Olympic and Paralympic host city.

Japan has banned entry to the country to anyone who has visited the majority of European nations, including Switzerland, in the last 14 days.

Japanese Prime Minister Shinzō Abe last week declared a state of emergency in Tokyo and six other prefectures following a sharp spike in cases in the country. Insidethegames

Swiss prosecutors intend to drop one case against Blatter

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ENEVA—In a legal victory for former Fifa President Sepp Blatter, federal prosecutors in Switzerland plan to drop one of two cases open against him for suspected criminal mismanagement.

The Swiss attorney general’s office on Saturday confirmed reports they intend to close an investigation into how Blatter and soccer governing body Fifa awarded World Cup broadcast rights in the Caribbean in 2005.

The decision is the latest example in recent weeks of the Swiss Fifa cases stalling, while the separate and cooperating American investigation sparked back into life with new indictments and fresh allegations of World Cup bid bribery.

The criminal proceeding against Blatter was opened four-and-a-half years ago and helped remove him from the presidential office he held for more than 17 years. He is serving a six-year Fifa ban from soccer.

A second criminal proceeding against Blatter—for a $2 million payment he authorized to Fifa Vice President Michel Platini in 2011 for uncontracted salary—remains open, the Swiss prosecution office said.

Prosecutors said in a statement they could not give a timetable for formally terminating the Caribbean investigation.

The investigation was opened in September 2015 after a Swiss broadcaster published a 10-yearold Fifa contract awarding the Caribbean Football Union (CFU) regional broadcast rights to the 2010 and 2014 World Cups for a combined $600,000.

The CFU was controlled by Jack Warner, the now disgraced former Fifa vice president. The rights were sold to a Jamaica-based broadcaster for a profit reportedly close to $20 million.

The document appeared to bolster Warner’s claim in 2011, after he left Fifa while implicated in bribing voters to oppose Blatter, that Fifa

British Cycling donates drinks bottles to health service workers

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RITISH Cycling donated 800 of the national team’s drinks bottles to National Health Service (NHS) workers in the United Kingdom.

The bottles, which were distributed over weekend, will go to NHS workers in Hull and York to help them during the coronavirus pandemic.

Water fountains were removed from some hospitals as a result of the pandemic leading to many staff—who are often spending hours wearing full personal protective equipment in intensive care units—struggling to stay hydrated.

The bottle donation campaign was run by Matt Porter, owner of cycling events company Sportive HQ, and in addition to further bottle donations from other companies and teams, his fund-raising page has now raised over £1,000.

All funds raised will be used to purchase more bottles, with an initial target of £5,000.

“We’re delighted to be able to get behind this campaign alongside our partners HSBC UK and SiS, and provide vital support to the NHS workers who are fighting tirelessly to keep us safe at this time,” said British Cycling’s Head of Commercial Partnerships Nick Hayes. “On behalf of everybody at British Cycling I’d like to thank them for their incredible work.”

The British Cycling leadership team, meanwhile, agreed to take a 10-percent pay cut to manage the financial impact of the ongoing coronavirus pandemic.

British Cycling Chief Executive Julie Harrington announced the news in a statement which outlined the measures the organization are taking.

The leadership team is set to take the pay cut in May and June.

Around 90 members of staff have also been furloughed for April and May, with British Cycling offering such staff financial advice and access to

awarded him cheap World Cup rights in exchange for helping Blatter win presidential elections.

Swiss prosecutors said in 2015 “this contract was unfavorable for Fifa” and suspected Blatter of acting against the world soccer body’s interest.

Fifa later claimed it had a 50-50 profit share with the CFU for the subsequent rights sale.

The Caribbean deal for the 2014 tournament was terminated in 2011 after Warner’s resignation from Fifa. He was banned for life in 2015 after being indicted by the US Department of Justice, and has since fought extradition from Trinidad and Tobago.

American and Swiss prosecutors unsealed their separate but cooperating investigations in May 2015 when several Fifa officials were arrested in hotels in Zurich two days before Blatter won re-election.

In the past month, Swiss investigations have hit problems while in the US, which has

learning and development tools.

The organization are expecting to lose around £4 million ($5 million) due to the pandemic.

“The Covid-19 virus means every section of society is facing an unprecedented challenge, and sport is no different,” Harrington said. “For British Cycling, it meant suspending all our sanctioned activity,

including the events registered with us.”

Despite the measures put in place, Harrington confirmed British Cycling’s commitment to its employees, athletes, officials, volunteers and spectators.

“Employees who are being furloughed are among those we will rely on to ensure our sport can return with strength and, while they cannot work for British Cycling during this period, they

are still part of our team,” she said.

Pandemic measures were also announced by the International Cycling Union, which warned of a considerable loss of earnings for the organization.

This follows the postponement of the Tokyo 2020 Olympic and Paralympic Games to next year, as well as the cancellation of numerous cycling events. Insidethegames

seen dozens of guilty pleas and convictions, prosecutors published an updated indictment Monday that included further implicating Warner in taking bribes for his vote in World Cup hosting contests. AP

TRACK WORLDS RESET FOR JULY 2022

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THE bottles, distributed over weekend, will go to health workers to help them during the coronavirus pandemic.

SEPP BLATTER is serving a six-year Fifa ban from soccer. AP

HE first major domino tipped in the wake of the Olympic postponement on Wednesday when track leaders rescheduled next year’s world championships for July 2022, setting up a busy summer for a sport that would normally be taking a breather.

The new dates for the event in Eugene, Oregon: July 15 to 24, 2022.

Track worlds are one of the largest global sporting events this side of the Olympics, drawing around 1,800 athletes from more than 200 countries. But unlike the International Olympic Committee, which postponed its centerpiece event by exactly 52 weeks due to the coronavirus pandemic, World Athletics had to pick dates to coordinate with other events already on the 2022 calendar.

It chose a spot 49 weeks after the original dates of August 6 to 15, 2021, which are now dates that overlap with the end of the rescheduled Tokyo Games.

The Commonwealth Games, which draws athletes from more than 70 countries in a wide array of sports, were already scheduled for July 27 to August 7 and the European track championships were previously set for August 15 to 21.

“This will be a bonanza for athletics fans around the world,” World Athletics President Sebastian Coe said.

It will mark the first outdoor world championships held in the United States, with one of the country’s smattering of track

hotbeds—Eugene—playing host in a newly renovated and enlarged Hayward Field. The stadium will get its first major test run at Olympic trials, which will now be held in 2021 on a date still to be determined.

The 2022 worlds will be the first to be held in an even-numbered year. They had been held in odd-numbered years since they started in 1983.

In addition to packing the 2022 schedule, the delay sets up track and field for a long stretch of yearly major events: the Olympics in 2021, worlds in 2022, then again in 2023 in Budapest, followed by the Paris Olympics in 2024 and another world championship at a site to be determined in 2025.

“It would offer athletics center stage at a very public point of the year,” Coe said in an interview last month. “So let’s look at it from a slightly optimistic way of being able to punch our sport into the homes of many more people over a four-year consecutive cycle.”

Track is one of 33 sports on the Summer Olympics schedule that will have its own 2021 slate of events affected by the new dates for Tokyo.

Swimming is still looking into other dates for an event scheduled from July 16 to August 1, 2021. The International Gymnastics Federation still plans to hold its 2021 world championships in October. The Olympics and world championships have occasionally been held in the same year in the past, including 1992 and 1996. AP

Sports BusinessMirror

B8 Tuesday, April 14, 2020

mirror_sports@yahoo.com.ph / Editor: Jun Lomibao

Goalkeeper moonlights as children’s book author

Vote to skip Moscow Games still ‘horrible’ 40 years later

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ENVER—By the time the news filtered to him, Edwin Moses had already left a promising engineering job to focus on a full-time career on the track.

He was lucky. He already had an Olympic gold medal hanging on his wall.

Hundreds of other American athletes would never get their chance.

They were part of the 1980 US Olympic team—the team that never made it to the Moscow Games after President Jimmy Carter spearheaded a now-infamous first-of-its-kind decision to boycott the Olympics.

The full board of the US Olympic Committee (USOC) rubber-stamped Carter’s decision 40 years ago Sunday—April 12, 1980.

“I’d walked away from my career to get ready for the 1980 Olympics, and all was moot,” Moses told The Associated Press by phone. “So, it was horrible. For me, and for everyone.”

Moses said by the time the USOC’s unwieldy delegation of nearly 2,400 people met at the Antlers Hotel in Colorado Springs, Colorado, on a Saturday morning in April, with Vice President Walter Mondale in attendance, it was all but a done deal that the US team would not be traveling to Moscow.

Carter had begun the push in late 1979, with the Soviet Union pressing a military campaign into Afghanistan.

In his 2010 memoir, Carter called it “one of my most difficult decisions.” Maybe more telling, as former USOC Spokesman Mike Moran wrote in a recap of the events leading to the boycott, was an exchange the late 1984 Olympic champion wrestler Jeff Blatnick had with Carter on a plane many years later.

“I go, ‘President Carter, I have met you before, I am an Olympian,’” Moran said in his retelling of Blatnick’s story. “He looks at me and says, ‘Were you on the 1980 hockey team?’ I say, ‘No sir, I’m a wrestler, on the summer team.’ He says, ‘Oh, that was a bad decision, I’m sorry.’”

Forty years later, there is virtually no debate about that conclusion. And the lingering irony of this year’s Games postponed by a year because of the coronavirus pandemic isn’t lost on Moses.

“As an athlete, you lose one of your cat’s nine lives,” he said.

There will be a handful of could’ve-been 2020 Olympians who will not make it to 2021, because of age, injury or a changed qualifying procedure.

Of the 466 US athletes who had qualified for Moscow in 1980, 219 would never get to another Olympics, Moran wrote.

Most of those who did would compete in 1984 against a less-than-full field. The Soviets and a number of Eastern Bloc countries boycotted the Los Angeles Games in a tit-for-tat retribution to the US move four years earlier.

Moses romped to a victory at the LA Coliseum in 1984, and he almost certainly would’ve won had the Soviets been there, too.

He was the world-record holder and in the middle of a string of 107 straight victories in finals at 400 meters. AP

EDWIN MOSES: It was horrible—for me and for everyone. AP

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MEMORIES GIVE WAY TO REALITY

TIGER WOODS hugs his family after winning the Masters in Augusta in April 14 last year. AP

By Doug Ferguson

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The Associated Press

IGER WOODS walked off the 18th green as a Masters champion for the fifth time, a major champion for the 15th time, and the sensation was unlike anything he had ever felt.

More memorable than any shot—the 8-iron that trickled by the hole at the 16th was the decisive blow—was the purposeful stride toward his son, grabbing Charlie with both arms, lifting the boy and turning from side to side.

His mother was next. His daughter. His loyal support staff. And then a lineup of players outside the clubhouse, some of them in green jackets. They had been upstairs in the locker room reserved for champions, yet they shared a feeling with the entire golf world.

Memories gave way to reality.

“That’s going to be in people’s minds forever,” Rickie Fowler said last month, just two days before the Masters was postponed because of the Covid-19 pandemic.

Was it his biggest win?

It would be hard to rate that over his first Masters title in 1997, a “hello, world” moment not tied to advertising. Woods set 20 records that signaled the arrival of a brand of dominance never seen in golf.

The most historical?

His 2001 victory at Augusta gave him a sweep of the four majors in a span of 294 days.

He stands alone there.

This was no less significant because of what it meant—to Woods, to his sport, to peers who grew up idolizing him and to a worldwide audience that had reason to believe it might never happen again.

“I had just an amazing amount of e-mails and texts that were flowing in,” Woods said in a conference call leading up to the Masters. “But I was more surprised by the amount of videos of people watching the Masters and seeing their reaction when I hit the shot on 16 or when I made the putt, whether it was on airplanes or in airports or restaurants.

“The amount of emotion that people were

showing, that’s what blew my mind.”

That’s what made this Masters different from his other four, this major different from the other 14.

Adam Scott doesn’t usually stick around when he’s finished with a major. One exception was in 2006 after the US Open at Winged Foot when he was headed for the airport and turned around when close friend Geoff Ogilvy emerged the winner.

He finished Sunday at Augusta National about the time all hell broke loose at Amen Corner.

“You got a sense, as he was kind of taking the lead on the back nine, that something special could be happening,” Scott said. “There was a lot of guys watching in the champion’s locker room and I stayed and watched. You don’t often get that group of people together very often. You just had that sense it’s a significant moment in the sport again.”

Gary Woodland wasn’t about to miss it.

“I don’t usually watch much golf,” he said.

“I had my family there. I was flying out Sunday afternoon. I played early that day, and we

pushed the flight back. I wanted to watch that.”

The only mystery is where it leads.

Woods was never the same the rest of the major season. He played nine holes of practice at Bethpage Black and missed the cut in the Professional Golfers Association (PGA) Championship. He was never a factor at the US Open at Pebble Beach, site of his 15-shot victory, as untouchable as any of his records. He missed the cut at the British Open.

Woods had another knee surgery to repair minor cartilage damage. And then he won again, this time in Japan, to tie the PGA Tour’s victory record with No. 82.

In only two starts this year, in chilly California weather, he didn’t look like the Masters champion. His back felt stiff and he skipped three tournaments he ordinarily plays. And now golf is shut down, which Woods said has given him time for his 44-year-old body to feel stronger.

He had caddie Joe LaCava come down a month after the Masters to watch the final round together. Woods has watched that Masters

plenty of times, and he taped a segment with Jim Nantz for perspective unlike any other for CBS to show it again Sunday to fill the void of not having the Masters this April.

Each time Woods won a major—even the first of his 15—it was one major closer to the 18 won by Jack Nicklaus. This one was different.

This was more about satisfaction and redemption than a thirst for more.

Woods said his kids once looked at him as the “YouTube” golfer because they never saw him at his best.

They were at Carnoustie in the summer of 2018 when he had the lead briefly in the final round of the British Open. They were with him at Augusta National, and that meant as much as the green jacket he wore—the jacket, he said, they fought over who could wear it on the flight home.

“It’s been incredible for myself and my family to be a part of this, and for me to be the current Masters champion, it’s crazy that somehow it all came together for one week,” he said.

“One magical week.”

ORTLAND, Oregon—Jeff Attinella is unique in that he’s the only Major League Soccer (MLS) goalkeeper who can also say he’s a children’s book author, a side job that has helped earn him the nickname “Dadtinella” from the Portland Timbers faithful.

He’s already written five books for kids, and has even launched a publishing company.

“I had the idea to write these books because I just love storytelling, in all forms,” he said. “It’s inspiring when people figure out a way to tell a story in their own unique way, or when people tell the story about how they got where they are—I just love storytelling.”

While Major League Soccer is on hold because of the coronavirus pandemic, Attinella has been embracing his super dad role, in a major way. He and wife Kendall recently welcomed a son to their family.

Attinella’s foray into writing came shortly after the birth of his first child, daughter Remy Rose, in 2016. An avid sports fan, he started thinking up a Dr. Seuss-style story about the Chicago Cubs winning the World Series.

“I was just fooling around on my iPhone in the notes section and came up with a nursery rhyme for my favorite sports team,” he said.

He showed his father-in-law his work and together the family founded a publishing company, It Had To Be Told. The end result was Attinella’s first book, The Curse Ends: The Story of the 2016 Chicago Cubs.

Since then, he’s added four more books: Cleveland Wins a Championship: The story of the 2016 Cavaliers, Greatest Ever: The Story of a Coach, a Quarterback and a Comeback, and The Great Space Race: The Story of How America Put a Man on the Moon. His latest is, Roll Crimson Roll: The Story of College Football’s Greatest Dynasty.

Attinella often takes his stories on the road to Portland schools. During social distancing for the coronavirus, he’s offering free downloads for parents who are suddenly homeschooling.

“I just thought that by making these books available to families—their kids might not be in school, or their families are really missing sports—hopefully it’s a good way to create something a little bit different, maybe spark up a conversation about their favorite sports moments or just give kids without school and kids without sports something to look to.”

Attinella, 30, came to the Timbers in 2017 and has made 46 appearances with the team.

But last year his season ended early when he had surgery on his right shoulder. Steve Clark took over in goal in the meantime.

Recovery from surgery complete, Attinella was looking forward to getting back on the field this season. The Timbers had played just two games when the season was suspended by the league on March 12.

During the uncertainty that has followed, Attinella’s family enjoyed at least one bright spot: Connor Curtiss was born.

“We actually ended up having a very good experience, all things considered. But the worry and fear leading up to it was definitely real.

That was tough to deal with, just a lot of the unknowns,” Attinella said. “You’re always scared when you’re having a newborn.

But this was a very different type of scare.” AP

DOWN SYNDROME SYNCHRO TEAM AIMS FOR PARALYMPICS

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Arianna Sacripante trains with her teammates at the Acquaniene swimming center in Rome in February. AP

OME—Under a bright Roman sun, Arianna Sacripante holds her arms out wide, tilts her head back and points her eyes toward the clear blue sky.

The synchronized swimming routine performed on the terrace of Sacripante’s home—with her mother improvising as coach and choreographer—is a shining example of perseverance during the coronavirus pandemic.

Sacripante and her teammates with Down syndrome have met the yearlong postponement of their performance after the Tokyo Olympics just as they’ve met every other challenge in their lives: with the will to overcome it.

The “Progetto Filippide” team, which comes under the umbrella of the Italian Swimming Federation, has the goal of achieving inclusion in the Paralympics program.

“When I see them in the water, the first thing that I think of is how sports can erase a disability,” said Sabrina Bernabei, the team’s coach. “The rules are the same and they just want to show what they

are able to do. It’s unbelievable what they can pull out and how they can perform.”

Bernabei added that sometimes she doesn’t understand “if I am the one teaching them or they are teaching something to me.”

The team is planning to perform at the Para Artistic Swimming Festival & International Friendly Games, which is held between the Olympics and Paralympics. Due to the postponement, the performance will now likely be held in 2021. Synchronized swimming is not yet a Paralympic sport and the festival is the primary showcase for becoming part of the program.

There are currently 22 sports in the Summer Paralympics program.

The Associated Press has been following the Filippide team’s progress since before the coronavirus pandemic hit Italy—which prompted a nationwide lockdown that included closing swimming pools. That’s why the synchro team has been training individually at home. AP

Attinella